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what is the growth rate in the balance of long-term debt during 2012? | Background: ['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 .']
Data Table:
----------------------------------------
• ( dollar amounts in millions ), 12/31/2011, net new business, net acquired, market /fx app ( dep ), 12/31/2012
• equity, $ 419651, $ 52973, $ 3517, $ 58507, $ 534648
• fixed income, 153802, 28785, 3026, 7239, 192852
• multi-asset class, 562, 178, 78, 51, 869
• alternatives, 19341, 3232, 701, 1064, 24338
• long-term, $ 593356, $ 85168, $ 7322, $ 66861, $ 752707
----------------------------------------
Additional Information: ['.'] | 0.26856 | BLK/2012/page_33.pdf-4 | ['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 .'] | ['.'] | ----------------------------------------
• ( dollar amounts in millions ), 12/31/2011, net new business, net acquired, market /fx app ( dep ), 12/31/2012
• equity, $ 419651, $ 52973, $ 3517, $ 58507, $ 534648
• fixed income, 153802, 28785, 3026, 7239, 192852
• multi-asset class, 562, 178, 78, 51, 869
• alternatives, 19341, 3232, 701, 1064, 24338
• long-term, $ 593356, $ 85168, $ 7322, $ 66861, $ 752707
---------------------------------------- | subtract(752707, 593356), divide(#0, 593356) | 0.26856 |
what was the percentage cumulative 5-year total stockholder return for cadence design systems inc . for the period ending 12/29/2018? | Pre-text: ['part ii .', 'item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock is traded on the nasdaq global select market under the symbol cdns .', 'as of february 2 , 2019 , we had 523 registered stockholders and approximately 56000 beneficial owners of our common stock .', 'stockholder return performance graph the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index , the s&p 500 index and the s&p 500 information technology index .', 'the graph assumes that the value of the investment in our common stock and in each index on december 28 , 2013 ( including reinvestment of dividends ) was $ 100 and tracks it each year thereafter on the last day of our fiscal year through december 29 , 2018 and , for each index , on the last day of the calendar year .', 'comparison of 5 year cumulative total return* among cadence design systems , inc. , the nasdaq composite index , the s&p 500 index and the s&p 500 information technology index 12/29/181/2/16 12/30/1712/28/13 12/31/161/3/15 *$ 100 invested on 12/28/13 in stock or index , including reinvestment of dividends .', 'fiscal year ending december 29 .', 'copyright a9 2019 standard & poor 2019s , a division of s&p global .', 'all rights reserved .', 'nasdaq compositecadence design systems , inc .', 's&p 500 s&p 500 information technology .']
Data Table:
****************************************
Row 1: , 12/28/2013, 1/3/2015, 1/2/2016, 12/31/2016, 12/30/2017, 12/29/2018
Row 2: cadence design systems inc ., $ 100.00, $ 135.18, $ 149.39, $ 181.05, $ 300.22, $ 311.13
Row 3: nasdaq composite, 100.00, 112.60, 113.64, 133.19, 172.11, 165.84
Row 4: s&p 500, 100.00, 110.28, 109.54, 129.05, 157.22, 150.33
Row 5: s&p 500 information technology, 100.00, 115.49, 121.08, 144.85, 201.10, 200.52
****************************************
Additional Information: ['the stock price performance included in this graph is not necessarily indicative of future stock price performance. .'] | 2.1113 | CDNS/2018/page_31.pdf-4 | ['part ii .', 'item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock is traded on the nasdaq global select market under the symbol cdns .', 'as of february 2 , 2019 , we had 523 registered stockholders and approximately 56000 beneficial owners of our common stock .', 'stockholder return performance graph the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index , the s&p 500 index and the s&p 500 information technology index .', 'the graph assumes that the value of the investment in our common stock and in each index on december 28 , 2013 ( including reinvestment of dividends ) was $ 100 and tracks it each year thereafter on the last day of our fiscal year through december 29 , 2018 and , for each index , on the last day of the calendar year .', 'comparison of 5 year cumulative total return* among cadence design systems , inc. , the nasdaq composite index , the s&p 500 index and the s&p 500 information technology index 12/29/181/2/16 12/30/1712/28/13 12/31/161/3/15 *$ 100 invested on 12/28/13 in stock or index , including reinvestment of dividends .', 'fiscal year ending december 29 .', 'copyright a9 2019 standard & poor 2019s , a division of s&p global .', 'all rights reserved .', 'nasdaq compositecadence design systems , inc .', 's&p 500 s&p 500 information technology .'] | ['the stock price performance included in this graph is not necessarily indicative of future stock price performance. .'] | ****************************************
Row 1: , 12/28/2013, 1/3/2015, 1/2/2016, 12/31/2016, 12/30/2017, 12/29/2018
Row 2: cadence design systems inc ., $ 100.00, $ 135.18, $ 149.39, $ 181.05, $ 300.22, $ 311.13
Row 3: nasdaq composite, 100.00, 112.60, 113.64, 133.19, 172.11, 165.84
Row 4: s&p 500, 100.00, 110.28, 109.54, 129.05, 157.22, 150.33
Row 5: s&p 500 information technology, 100.00, 115.49, 121.08, 144.85, 201.10, 200.52
**************************************** | subtract(311.13, const_100), divide(#0, const_100) | 2.1113 |
what was the percentage cumulative return for lkq corporation for the five years ended 12/31/2016? | Background: ['comparison of cumulative return among lkq corporation , the nasdaq stock market ( u.s. ) index and the peer group .']
Table:
****************************************
Row 1: , 12/31/2011, 12/31/2012, 12/31/2013, 12/31/2014, 12/31/2015, 12/31/2016
Row 2: lkq corporation, $ 100, $ 140, $ 219, $ 187, $ 197, $ 204
Row 3: s&p 500 index, $ 100, $ 113, $ 147, $ 164, $ 163, $ 178
Row 4: peer group, $ 100, $ 111, $ 140, $ 177, $ 188, $ 217
****************************************
Additional Information: ['this stock performance information is "furnished" and shall not be deemed to be "soliciting material" or subject to rule 14a , shall not be deemed "filed" for purposes of section 18 of the securities exchange act of 1934 or otherwise subject to the liabilities of that section , and shall not be deemed incorporated by reference in any filing under the securities act of 1933 or the securities exchange act of 1934 , whether made before or after the date of this report and irrespective of any general incorporation by reference language in any such filing , except to the extent that it specifically incorporates the information by reference .', 'information about our common stock that may be issued under our equity compensation plans as of december 31 , 2016 included in part iii , item 12 of this annual report on form 10-k is incorporated herein by reference. .'] | 1.04 | LKQ/2016/page_26.pdf-1 | ['comparison of cumulative return among lkq corporation , the nasdaq stock market ( u.s. ) index and the peer group .'] | ['this stock performance information is "furnished" and shall not be deemed to be "soliciting material" or subject to rule 14a , shall not be deemed "filed" for purposes of section 18 of the securities exchange act of 1934 or otherwise subject to the liabilities of that section , and shall not be deemed incorporated by reference in any filing under the securities act of 1933 or the securities exchange act of 1934 , whether made before or after the date of this report and irrespective of any general incorporation by reference language in any such filing , except to the extent that it specifically incorporates the information by reference .', 'information about our common stock that may be issued under our equity compensation plans as of december 31 , 2016 included in part iii , item 12 of this annual report on form 10-k is incorporated herein by reference. .'] | ****************************************
Row 1: , 12/31/2011, 12/31/2012, 12/31/2013, 12/31/2014, 12/31/2015, 12/31/2016
Row 2: lkq corporation, $ 100, $ 140, $ 219, $ 187, $ 197, $ 204
Row 3: s&p 500 index, $ 100, $ 113, $ 147, $ 164, $ 163, $ 178
Row 4: peer group, $ 100, $ 111, $ 140, $ 177, $ 188, $ 217
**************************************** | subtract(204, 100), divide(#0, 100) | 1.04 |
what was the percent of the increase in the performance of s&p 500 index from 2009 to 2010 | Background: ['6feb201418202649 performance graph the table below compares the cumulative total shareholder return on our common stock with the cumulative total return of ( i ) the standard & poor 2019s 500 composite stock index ( 2018 2018s&p 500 index 2019 2019 ) , ( ii ) the standard & poor 2019s industrials index ( 2018 2018s&p industrials index 2019 2019 ) and ( iii ) the standard & poor 2019s consumer durables & apparel index ( 2018 2018s&p consumer durables & apparel index 2019 2019 ) , from december 31 , 2008 through december 31 , 2013 , when the closing price of our common stock was $ 22.77 .', 'the graph assumes investments of $ 100 on december 31 , 2008 in our common stock and in each of the three indices and the reinvestment of dividends .', '$ 350.00 $ 300.00 $ 250.00 $ 200.00 $ 150.00 $ 100.00 $ 50.00 performance graph .']
########
Tabular Data:
, 2009, 2010, 2011, 2012, 2013
masco, $ 128.21, $ 120.32, $ 102.45, $ 165.80, $ 229.59
s&p 500 index, $ 125.92, $ 144.58, $ 147.60, $ 171.04, $ 225.85
s&p industrials index, $ 120.19, $ 151.89, $ 150.97, $ 173.87, $ 243.73
s&p consumer durables & apparel index, $ 136.29, $ 177.91, $ 191.64, $ 232.84, $ 316.28
########
Post-table: ['in july 2007 , our board of directors authorized the purchase of up to 50 million shares of our common stock in open-market transactions or otherwise .', 'at december 31 , 2013 , we had remaining authorization to repurchase up to 22.6 million shares .', 'during the first quarter of 2013 , we repurchased and retired 1.7 million shares of our common stock , for cash aggregating $ 35 million to offset the dilutive impact of the 2013 grant of 1.7 million shares of long-term stock awards .', 'we have not purchased any shares since march 2013. .'] | 0.00912 | MAS/2013/page_27.pdf-4 | ['6feb201418202649 performance graph the table below compares the cumulative total shareholder return on our common stock with the cumulative total return of ( i ) the standard & poor 2019s 500 composite stock index ( 2018 2018s&p 500 index 2019 2019 ) , ( ii ) the standard & poor 2019s industrials index ( 2018 2018s&p industrials index 2019 2019 ) and ( iii ) the standard & poor 2019s consumer durables & apparel index ( 2018 2018s&p consumer durables & apparel index 2019 2019 ) , from december 31 , 2008 through december 31 , 2013 , when the closing price of our common stock was $ 22.77 .', 'the graph assumes investments of $ 100 on december 31 , 2008 in our common stock and in each of the three indices and the reinvestment of dividends .', '$ 350.00 $ 300.00 $ 250.00 $ 200.00 $ 150.00 $ 100.00 $ 50.00 performance graph .'] | ['in july 2007 , our board of directors authorized the purchase of up to 50 million shares of our common stock in open-market transactions or otherwise .', 'at december 31 , 2013 , we had remaining authorization to repurchase up to 22.6 million shares .', 'during the first quarter of 2013 , we repurchased and retired 1.7 million shares of our common stock , for cash aggregating $ 35 million to offset the dilutive impact of the 2013 grant of 1.7 million shares of long-term stock awards .', 'we have not purchased any shares since march 2013. .'] | , 2009, 2010, 2011, 2012, 2013
masco, $ 128.21, $ 120.32, $ 102.45, $ 165.80, $ 229.59
s&p 500 index, $ 125.92, $ 144.58, $ 147.60, $ 171.04, $ 225.85
s&p industrials index, $ 120.19, $ 151.89, $ 150.97, $ 173.87, $ 243.73
s&p consumer durables & apparel index, $ 136.29, $ 177.91, $ 191.64, $ 232.84, $ 316.28 | divide(144.58, 125.92), divide(#0, 125.92) | 0.00912 |
what portion of the equity compensation plan approved by security holders remains available for future issuance? | Context: ['equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31 , 2018 .', 'equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( a ) ( b ) ( c ) equity compensation plans approved by security holders 399165 $ 0.00 3995600 equity compensation plans not approved by security holders ( 2 ) 2014 2014 2014 .']
####
Data Table:
****************************************
plan category | number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-average exercise price of outstanding optionswarrants and rights | number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )
----------|----------|----------|----------
equity compensation plans approved by security holders | 399165 | $ 0.00 | 3995600
equity compensation plans not approved by security holders ( 2 ) | 2014 | 2014 | 2014
total | 399165 | $ 0.00 | 3995600
****************************************
####
Follow-up: ['( 1 ) includes grants made under the huntington ingalls industries , inc .', '2012 long-term incentive stock plan ( the "2012 plan" ) , which was approved by our stockholders on may 2 , 2012 , and the huntington ingalls industries , inc .', '2011 long-term incentive stock plan ( the "2011 plan" ) , which was approved by the sole stockholder of hii prior to its spin-off from northrop grumman corporation .', 'of these shares , 27123 were stock rights granted under the 2011 plan .', 'in addition , this number includes 31697 stock rights , 5051 restricted stock rights , and 335293 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement .', '( 2 ) there are no awards made under plans not approved by security holders .', 'item 13 .', 'certain relationships and related transactions , and director independence information as to certain relationships and related transactions and director independence will be incorporated herein by reference to the proxy statement for our 2019 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year .', 'item 14 .', 'principal accountant fees and services information as to principal accountant fees and services will be incorporated herein by reference to the proxy statement for our 2019 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year. .'] | 0.90917 | HII/2018/page_124.pdf-2 | ['equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31 , 2018 .', 'equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( a ) ( b ) ( c ) equity compensation plans approved by security holders 399165 $ 0.00 3995600 equity compensation plans not approved by security holders ( 2 ) 2014 2014 2014 .'] | ['( 1 ) includes grants made under the huntington ingalls industries , inc .', '2012 long-term incentive stock plan ( the "2012 plan" ) , which was approved by our stockholders on may 2 , 2012 , and the huntington ingalls industries , inc .', '2011 long-term incentive stock plan ( the "2011 plan" ) , which was approved by the sole stockholder of hii prior to its spin-off from northrop grumman corporation .', 'of these shares , 27123 were stock rights granted under the 2011 plan .', 'in addition , this number includes 31697 stock rights , 5051 restricted stock rights , and 335293 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement .', '( 2 ) there are no awards made under plans not approved by security holders .', 'item 13 .', 'certain relationships and related transactions , and director independence information as to certain relationships and related transactions and director independence will be incorporated herein by reference to the proxy statement for our 2019 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year .', 'item 14 .', 'principal accountant fees and services information as to principal accountant fees and services will be incorporated herein by reference to the proxy statement for our 2019 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year. .'] | ****************************************
plan category | number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-average exercise price of outstanding optionswarrants and rights | number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )
----------|----------|----------|----------
equity compensation plans approved by security holders | 399165 | $ 0.00 | 3995600
equity compensation plans not approved by security holders ( 2 ) | 2014 | 2014 | 2014
total | 399165 | $ 0.00 | 3995600
**************************************** | add(399165, 3995600), divide(3995600, #0) | 0.90917 |
what was the percentage change in the allowance for loan losses from 2007 to 2008? | Background: ['18 .', 'allowance for credit losses .']
Data Table:
========================================
in millions of dollars | 2009 | 2008 ( 1 ) | 2007 ( 1 )
allowance for loan losses at beginning of year | $ 29616 | $ 16117 | $ 8940
gross credit losses | -32784 ( 32784 ) | -20760 ( 20760 ) | -11864 ( 11864 )
gross recoveries | 2043 | 1749 | 1938
net credit ( losses ) recoveries ( ncls ) | $ -30741 ( 30741 ) | $ -19011 ( 19011 ) | $ -9926 ( 9926 )
ncls | $ 30741 | $ 19011 | $ 9926
net reserve builds ( releases ) | 5741 | 11297 | 6550
net specific reserve builds ( releases ) | 2278 | 3366 | 356
total provision for credit losses | $ 38760 | $ 33674 | $ 16832
other net ( 2 ) | -1602 ( 1602 ) | -1164 ( 1164 ) | 271
allowance for loan losses at end of year | $ 36033 | $ 29616 | $ 16117
allowance for credit losses on unfunded lending commitments at beginning of year ( 3 ) | $ 887 | $ 1250 | $ 1100
provision for unfunded lending commitments | 244 | -363 ( 363 ) | 150
allowance for credit losses on unfunded lending commitments at end of year ( 3 ) | $ 1157 | $ 887 | $ 1250
total allowance for loans leases and unfunded lending commitments | $ 37190 | $ 30503 | $ 17367
========================================
Additional Information: ['( 1 ) reclassified to conform to the current period 2019s presentation .', '( 2 ) 2009 primarily includes reductions to the loan loss reserve of approximately $ 543 million related to securitizations , approximately $ 402 million related to the sale or transfers to held-for-sale of u.s .', 'real estate lending loans , and $ 562 million related to the transfer of the u.k .', 'cards portfolio to held-for-sale .', '2008 primarily includes reductions to the loan loss reserve of approximately $ 800 million related to fx translation , $ 102 million related to securitizations , $ 244 million for the sale of the german retail banking operation , $ 156 million for the sale of citicapital , partially offset by additions of $ 106 million related to the cuscatl e1n and bank of overseas chinese acquisitions .', '2007 primarily includes reductions to the loan loss reserve of $ 475 million related to securitizations and transfers to loans held-for-sale , and reductions of $ 83 million related to the transfer of the u.k .', 'citifinancial portfolio to held-for-sale , offset by additions of $ 610 million related to the acquisitions of egg , nikko cordial , grupo cuscatl e1n and grupo financiero uno .', '( 3 ) represents additional credit loss reserves for unfunded corporate lending commitments and letters of credit recorded in other liabilities on the consolidated balance sheet. .'] | 0.8028 | C/2009/page_195.pdf-2 | ['18 .', 'allowance for credit losses .'] | ['( 1 ) reclassified to conform to the current period 2019s presentation .', '( 2 ) 2009 primarily includes reductions to the loan loss reserve of approximately $ 543 million related to securitizations , approximately $ 402 million related to the sale or transfers to held-for-sale of u.s .', 'real estate lending loans , and $ 562 million related to the transfer of the u.k .', 'cards portfolio to held-for-sale .', '2008 primarily includes reductions to the loan loss reserve of approximately $ 800 million related to fx translation , $ 102 million related to securitizations , $ 244 million for the sale of the german retail banking operation , $ 156 million for the sale of citicapital , partially offset by additions of $ 106 million related to the cuscatl e1n and bank of overseas chinese acquisitions .', '2007 primarily includes reductions to the loan loss reserve of $ 475 million related to securitizations and transfers to loans held-for-sale , and reductions of $ 83 million related to the transfer of the u.k .', 'citifinancial portfolio to held-for-sale , offset by additions of $ 610 million related to the acquisitions of egg , nikko cordial , grupo cuscatl e1n and grupo financiero uno .', '( 3 ) represents additional credit loss reserves for unfunded corporate lending commitments and letters of credit recorded in other liabilities on the consolidated balance sheet. .'] | ========================================
in millions of dollars | 2009 | 2008 ( 1 ) | 2007 ( 1 )
allowance for loan losses at beginning of year | $ 29616 | $ 16117 | $ 8940
gross credit losses | -32784 ( 32784 ) | -20760 ( 20760 ) | -11864 ( 11864 )
gross recoveries | 2043 | 1749 | 1938
net credit ( losses ) recoveries ( ncls ) | $ -30741 ( 30741 ) | $ -19011 ( 19011 ) | $ -9926 ( 9926 )
ncls | $ 30741 | $ 19011 | $ 9926
net reserve builds ( releases ) | 5741 | 11297 | 6550
net specific reserve builds ( releases ) | 2278 | 3366 | 356
total provision for credit losses | $ 38760 | $ 33674 | $ 16832
other net ( 2 ) | -1602 ( 1602 ) | -1164 ( 1164 ) | 271
allowance for loan losses at end of year | $ 36033 | $ 29616 | $ 16117
allowance for credit losses on unfunded lending commitments at beginning of year ( 3 ) | $ 887 | $ 1250 | $ 1100
provision for unfunded lending commitments | 244 | -363 ( 363 ) | 150
allowance for credit losses on unfunded lending commitments at end of year ( 3 ) | $ 1157 | $ 887 | $ 1250
total allowance for loans leases and unfunded lending commitments | $ 37190 | $ 30503 | $ 17367
======================================== | subtract(16117, 8940), divide(#0, 8940) | 0.8028 |
in december 2013 what was the ratio of the estimated risk-weighted assets under basel iii advanced approach to the estimated tier 1 common under basel iii rules | Background: ['management 2019s discussion and analysis 164 jpmorgan chase & co./2013 annual report firm ) is required to hold more than the additional 2.5% ( 2.5 % ) of tier 1 common .', 'in addition , basel iii establishes a 6.5% ( 6.5 % ) tier i common equity standard for the definition of 201cwell capitalized 201d under the prompt corrective action ( 201cpca 201d ) requirements of the fdic improvement act ( 201cfdicia 201d ) .', 'the tier i common equity standard is effective from the first quarter of 2015 .', 'the following chart presents the basel iii minimum risk-based capital ratios during the transitional periods and on a fully phased-in basis .', 'the chart also includes management 2019s target for the firm 2019s tier 1 common ratio .', 'it is the firm 2019s current expectation that its basel iii tier 1 common ratio will exceed the regulatory minimums , both during the transition period and upon full implementation in 2019 and thereafter .', 'the firm estimates that its tier 1 common ratio under the basel iii advanced approach on a fully phased-in basis would be 9.5% ( 9.5 % ) as of december 31 , 2013 , achieving management 2019s previously stated objectives .', 'the tier 1 common ratio as calculated under the basel iii standardized approach is estimated at 9.4% ( 9.4 % ) as of december 31 , 2013 .', 'the tier 1 common ratio under both basel i and basel iii are non-gaap financial measures .', 'however , such measures are used by bank regulators , investors and analysts to assess the firm 2019s capital position and to compare the firm 2019s capital to that of other financial services companies .', 'the following table presents a comparison of the firm 2019s tier 1 common under basel i rules to its estimated tier 1 common under the advanced approach of the basel iii rules , along with the firm 2019s estimated risk-weighted assets .', 'key differences in the calculation of rwa between basel i and basel iii advanced approach include : ( 1 ) basel iii credit risk rwa is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters , whereas basel i rwa is based on fixed supervisory risk- weightings which vary only by counterparty type and asset class ; and ( 2 ) basel iii includes rwa for operational risk , whereas basel i does not .', 'operational risk capital takes into consideration operational losses in the quarter following the period in which those losses were realized , and the calculation generally incorporates such losses irrespective of whether the issues or business activity giving rise to the losses have been remediated or reduced .', 'the firm 2019s operational risk capital model continues to be refined in conjunction with the firm 2019s basel iii advanced approach parallel run .', 'as a result of model enhancements in 2013 , as well as taking into consideration the legal expenses incurred by the firm in 2013 , the firm 2019s operational risk capital increased substantially in 2013 over 2012 .', 'tier 1 common under basel iii includes additional adjustments and deductions not included in basel i tier 1 common , such as the inclusion of accumulated other comprehensive income ( 201caoci 201d ) related to afs securities and defined benefit pension and other postretirement employee benefit ( 201copeb 201d ) plans .', 'december 31 , 2013 ( in millions , except ratios ) .']
######
Tabular Data:
========================================
• tier 1 common under basel i rules, $ 148887
• adjustments related to aoci for afs securities and defined benefit pension and opeb plans, 1474
• add back of basel i deductions ( a ), 1780
• deduction for deferred tax asset related to net operating loss and foreign tax credit carryforwards, -741 ( 741 )
• all other adjustments, -198 ( 198 )
• estimated tier 1 common under basel iii rules, $ 151202
• estimated risk-weighted assets under basel iii advanced approach ( b ), $ 1590873
• estimated tier 1 common ratio under basel iii advanced approach ( c ), 9.5% ( 9.5 % )
========================================
######
Post-table: ['estimated risk-weighted assets under basel iii advanced approach ( b ) $ 1590873 estimated tier 1 common ratio under basel iii advanced approach ( c ) 9.5% ( 9.5 % ) ( a ) certain exposures , which are deducted from capital under basel i , are risked-weighted under basel iii. .'] | 10.52151 | JPM/2013/page_158.pdf-1 | ['management 2019s discussion and analysis 164 jpmorgan chase & co./2013 annual report firm ) is required to hold more than the additional 2.5% ( 2.5 % ) of tier 1 common .', 'in addition , basel iii establishes a 6.5% ( 6.5 % ) tier i common equity standard for the definition of 201cwell capitalized 201d under the prompt corrective action ( 201cpca 201d ) requirements of the fdic improvement act ( 201cfdicia 201d ) .', 'the tier i common equity standard is effective from the first quarter of 2015 .', 'the following chart presents the basel iii minimum risk-based capital ratios during the transitional periods and on a fully phased-in basis .', 'the chart also includes management 2019s target for the firm 2019s tier 1 common ratio .', 'it is the firm 2019s current expectation that its basel iii tier 1 common ratio will exceed the regulatory minimums , both during the transition period and upon full implementation in 2019 and thereafter .', 'the firm estimates that its tier 1 common ratio under the basel iii advanced approach on a fully phased-in basis would be 9.5% ( 9.5 % ) as of december 31 , 2013 , achieving management 2019s previously stated objectives .', 'the tier 1 common ratio as calculated under the basel iii standardized approach is estimated at 9.4% ( 9.4 % ) as of december 31 , 2013 .', 'the tier 1 common ratio under both basel i and basel iii are non-gaap financial measures .', 'however , such measures are used by bank regulators , investors and analysts to assess the firm 2019s capital position and to compare the firm 2019s capital to that of other financial services companies .', 'the following table presents a comparison of the firm 2019s tier 1 common under basel i rules to its estimated tier 1 common under the advanced approach of the basel iii rules , along with the firm 2019s estimated risk-weighted assets .', 'key differences in the calculation of rwa between basel i and basel iii advanced approach include : ( 1 ) basel iii credit risk rwa is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters , whereas basel i rwa is based on fixed supervisory risk- weightings which vary only by counterparty type and asset class ; and ( 2 ) basel iii includes rwa for operational risk , whereas basel i does not .', 'operational risk capital takes into consideration operational losses in the quarter following the period in which those losses were realized , and the calculation generally incorporates such losses irrespective of whether the issues or business activity giving rise to the losses have been remediated or reduced .', 'the firm 2019s operational risk capital model continues to be refined in conjunction with the firm 2019s basel iii advanced approach parallel run .', 'as a result of model enhancements in 2013 , as well as taking into consideration the legal expenses incurred by the firm in 2013 , the firm 2019s operational risk capital increased substantially in 2013 over 2012 .', 'tier 1 common under basel iii includes additional adjustments and deductions not included in basel i tier 1 common , such as the inclusion of accumulated other comprehensive income ( 201caoci 201d ) related to afs securities and defined benefit pension and other postretirement employee benefit ( 201copeb 201d ) plans .', 'december 31 , 2013 ( in millions , except ratios ) .'] | ['estimated risk-weighted assets under basel iii advanced approach ( b ) $ 1590873 estimated tier 1 common ratio under basel iii advanced approach ( c ) 9.5% ( 9.5 % ) ( a ) certain exposures , which are deducted from capital under basel i , are risked-weighted under basel iii. .'] | ========================================
• tier 1 common under basel i rules, $ 148887
• adjustments related to aoci for afs securities and defined benefit pension and opeb plans, 1474
• add back of basel i deductions ( a ), 1780
• deduction for deferred tax asset related to net operating loss and foreign tax credit carryforwards, -741 ( 741 )
• all other adjustments, -198 ( 198 )
• estimated tier 1 common under basel iii rules, $ 151202
• estimated risk-weighted assets under basel iii advanced approach ( b ), $ 1590873
• estimated tier 1 common ratio under basel iii advanced approach ( c ), 9.5% ( 9.5 % )
======================================== | divide(1590873, 151202) | 10.52151 |
what was the ratio of the fair value of derivative receivables reported on the consolidated balance sheets at december 31 , 2018 and 2017 . | Background: ['jpmorgan chase & co./2018 form 10-k 117 lending-related commitments the firm uses lending-related financial instruments , such as commitments ( including revolving credit facilities ) and guarantees , to address the financing needs of its clients .', 'the contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or the firm fulfill its obligations under these guarantees , and the clients subsequently fail to perform according to the terms of these contracts .', 'most of these commitments and guarantees are refinanced , extended , cancelled , or expire without being drawn upon or a default occurring .', 'in the firm 2019s view , the total contractual amount of these wholesale lending-related commitments is not representative of the firm 2019s expected future credit exposure or funding requirements .', 'for further information on wholesale lending-related commitments , refer to note 27 .', 'clearing services the firm provides clearing services for clients entering into certain securities and derivative contracts .', 'through the provision of these services the firm is exposed to the risk of non-performance by its clients and may be required to share in losses incurred by ccps .', 'where possible , the firm seeks to mitigate its credit risk to its clients through the collection of adequate margin at inception and throughout the life of the transactions and can also cease provision of clearing services if clients do not adhere to their obligations under the clearing agreement .', 'for further discussion of clearing services , refer to note 27 .', 'derivative contracts derivatives enable clients and counterparties to manage risks including credit risk and risks arising from fluctuations in interest rates , foreign exchange , equities , and commodities .', 'the firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities , including the counterparty credit risk arising from derivative receivables .', 'the firm also uses derivative instruments to manage its own credit and other market risk exposure .', 'the nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the firm is exposed .', 'for otc derivatives the firm is exposed to the credit risk of the derivative counterparty .', 'for exchange-traded derivatives ( 201cetd 201d ) , such as futures and options , and 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives , the firm is generally exposed to the credit risk of the relevant ccp .', 'where possible , the firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements .', 'for a further discussion of derivative contracts , counterparties and settlement types , refer to note 5 .', 'the following table summarizes the net derivative receivables for the periods presented .', 'derivative receivables .']
##
Table:
========================================
december 31 ( in millions ), 2018, 2017
total net of cash collateral, $ 54213, $ 56523
liquid securities and other cash collateral held against derivative receivables ( a ), -15322 ( 15322 ), -16108 ( 16108 )
total net of all collateral, $ 38891, $ 40415
========================================
##
Post-table: ['( a ) includes collateral related to derivative instruments where appropriate legal opinions have not been either sought or obtained with respect to master netting agreements .', 'the fair value of derivative receivables reported on the consolidated balance sheets were $ 54.2 billion and $ 56.5 billion at december 31 , 2018 and 2017 , respectively .', 'derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and cash collateral held by the firm .', 'however , in management 2019s view , the appropriate measure of current credit risk should also take into consideration additional liquid securities ( primarily u.s .', 'government and agency securities and other group of seven nations ( 201cg7 201d ) government securities ) and other cash collateral held by the firm aggregating $ 15.3 billion and $ 16.1 billion at december 31 , 2018 and 2017 , respectively , that may be used as security when the fair value of the client 2019s exposure is in the firm 2019s favor .', 'in addition to the collateral described in the preceding paragraph , the firm also holds additional collateral ( primarily cash , g7 government securities , other liquid government-agency and guaranteed securities , and corporate debt and equity securities ) delivered by clients at the initiation of transactions , as well as collateral related to contracts that have a non-daily call frequency and collateral that the firm has agreed to return but has not yet settled as of the reporting date .', 'although this collateral does not reduce the balances and is not included in the table above , it is available as security against potential exposure that could arise should the fair value of the client 2019s derivative contracts move in the firm 2019s favor .', 'the derivative receivables fair value , net of all collateral , also does not include other credit enhancements , such as letters of credit .', 'for additional information on the firm 2019s use of collateral agreements , refer to note 5 .', 'while useful as a current view of credit exposure , the net fair value of the derivative receivables does not capture the potential future variability of that credit exposure .', 'to capture the potential future variability of credit exposure , the firm calculates , on a client-by-client basis , three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d ) , and average exposure ( 201cavg 201d ) .', 'these measures all incorporate netting and collateral benefits , where applicable .', 'peak represents a conservative measure of potential exposure to a counterparty calculated in a manner that is broadly equivalent to a 97.5% ( 97.5 % ) confidence level over the life of the transaction .', 'peak is the primary measure used by the firm for setting of credit limits for derivative contracts , senior management reporting and derivatives exposure management .', 'dre exposure is a measure that expresses the risk of derivative exposure on a basis intended to be .'] | 0.95929 | JPM/2018/page_149.pdf-3 | ['jpmorgan chase & co./2018 form 10-k 117 lending-related commitments the firm uses lending-related financial instruments , such as commitments ( including revolving credit facilities ) and guarantees , to address the financing needs of its clients .', 'the contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or the firm fulfill its obligations under these guarantees , and the clients subsequently fail to perform according to the terms of these contracts .', 'most of these commitments and guarantees are refinanced , extended , cancelled , or expire without being drawn upon or a default occurring .', 'in the firm 2019s view , the total contractual amount of these wholesale lending-related commitments is not representative of the firm 2019s expected future credit exposure or funding requirements .', 'for further information on wholesale lending-related commitments , refer to note 27 .', 'clearing services the firm provides clearing services for clients entering into certain securities and derivative contracts .', 'through the provision of these services the firm is exposed to the risk of non-performance by its clients and may be required to share in losses incurred by ccps .', 'where possible , the firm seeks to mitigate its credit risk to its clients through the collection of adequate margin at inception and throughout the life of the transactions and can also cease provision of clearing services if clients do not adhere to their obligations under the clearing agreement .', 'for further discussion of clearing services , refer to note 27 .', 'derivative contracts derivatives enable clients and counterparties to manage risks including credit risk and risks arising from fluctuations in interest rates , foreign exchange , equities , and commodities .', 'the firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities , including the counterparty credit risk arising from derivative receivables .', 'the firm also uses derivative instruments to manage its own credit and other market risk exposure .', 'the nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the firm is exposed .', 'for otc derivatives the firm is exposed to the credit risk of the derivative counterparty .', 'for exchange-traded derivatives ( 201cetd 201d ) , such as futures and options , and 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives , the firm is generally exposed to the credit risk of the relevant ccp .', 'where possible , the firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements .', 'for a further discussion of derivative contracts , counterparties and settlement types , refer to note 5 .', 'the following table summarizes the net derivative receivables for the periods presented .', 'derivative receivables .'] | ['( a ) includes collateral related to derivative instruments where appropriate legal opinions have not been either sought or obtained with respect to master netting agreements .', 'the fair value of derivative receivables reported on the consolidated balance sheets were $ 54.2 billion and $ 56.5 billion at december 31 , 2018 and 2017 , respectively .', 'derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and cash collateral held by the firm .', 'however , in management 2019s view , the appropriate measure of current credit risk should also take into consideration additional liquid securities ( primarily u.s .', 'government and agency securities and other group of seven nations ( 201cg7 201d ) government securities ) and other cash collateral held by the firm aggregating $ 15.3 billion and $ 16.1 billion at december 31 , 2018 and 2017 , respectively , that may be used as security when the fair value of the client 2019s exposure is in the firm 2019s favor .', 'in addition to the collateral described in the preceding paragraph , the firm also holds additional collateral ( primarily cash , g7 government securities , other liquid government-agency and guaranteed securities , and corporate debt and equity securities ) delivered by clients at the initiation of transactions , as well as collateral related to contracts that have a non-daily call frequency and collateral that the firm has agreed to return but has not yet settled as of the reporting date .', 'although this collateral does not reduce the balances and is not included in the table above , it is available as security against potential exposure that could arise should the fair value of the client 2019s derivative contracts move in the firm 2019s favor .', 'the derivative receivables fair value , net of all collateral , also does not include other credit enhancements , such as letters of credit .', 'for additional information on the firm 2019s use of collateral agreements , refer to note 5 .', 'while useful as a current view of credit exposure , the net fair value of the derivative receivables does not capture the potential future variability of that credit exposure .', 'to capture the potential future variability of credit exposure , the firm calculates , on a client-by-client basis , three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d ) , and average exposure ( 201cavg 201d ) .', 'these measures all incorporate netting and collateral benefits , where applicable .', 'peak represents a conservative measure of potential exposure to a counterparty calculated in a manner that is broadly equivalent to a 97.5% ( 97.5 % ) confidence level over the life of the transaction .', 'peak is the primary measure used by the firm for setting of credit limits for derivative contracts , senior management reporting and derivatives exposure management .', 'dre exposure is a measure that expresses the risk of derivative exposure on a basis intended to be .'] | ========================================
december 31 ( in millions ), 2018, 2017
total net of cash collateral, $ 54213, $ 56523
liquid securities and other cash collateral held against derivative receivables ( a ), -15322 ( 15322 ), -16108 ( 16108 )
total net of all collateral, $ 38891, $ 40415
======================================== | divide(54.2, 56.5) | 0.95929 |
what was the percent change in average grant datefair value per share from the beginning of the year to the end of the year? | Background: ['2018 emerson annual report | 51 as of september 30 , 2018 , 1874750 shares awarded primarily in 2016 were outstanding , contingent on the company achieving its performance objectives through 2018 .', 'the objectives for these shares were met at the 97 percent level at the end of 2018 and 1818508 shares will be distributed in early 2019 .', 'additionally , the rights to receive a maximum of 2261700 and 2375313 common shares were awarded in 2018 and 2017 , respectively , under the new performance shares program , and are outstanding and contingent upon the company achieving its performance objectives through 2020 and 2019 , respectively .', 'incentive shares plans also include restricted stock awards which involve distribution of common stock to key management employees subject to cliff vesting at the end of service periods ranging from three to ten years .', 'the fair value of restricted stock awards is determined based on the average of the high and low market prices of the company 2019s common stock on the date of grant , with compensation expense recognized ratably over the applicable service period .', 'in 2018 , 310000 shares of restricted stock vested as a result of participants fulfilling the applicable service requirements .', 'consequently , 167837 shares were issued while 142163 shares were withheld for income taxes in accordance with minimum withholding requirements .', 'as of september 30 , 2018 , there were 1276200 shares of unvested restricted stock outstanding .', 'the total fair value of shares distributed under incentive shares plans was $ 20 , $ 245 and $ 11 , respectively , in 2018 , 2017 and 2016 , of which $ 9 , $ 101 and $ 4 was paid in cash , primarily for tax withholding .', 'as of september 30 , 2018 , 10.3 million shares remained available for award under incentive shares plans .', 'changes in shares outstanding but not yet earned under incentive shares plans during the year ended september 30 , 2018 follow ( shares in thousands ; assumes 100 percent payout of unvested awards ) : average grant date shares fair value per share .']
##
Data Table:
----------------------------------------
• , shares, average grant datefair value per share
• beginning of year, 4999, $ 50.33
• granted, 2295, $ 63.79
• earned/vested, -310 ( 310 ), $ 51.27
• canceled, -86 ( 86 ), $ 56.53
• end of year, 6898, $ 54.69
----------------------------------------
##
Additional Information: ['total compensation expense for stock options and incentive shares was $ 216 , $ 115 and $ 159 for 2018 , 2017 and 2016 , respectively , of which $ 5 and $ 14 was included in discontinued operations for 2017 and 2016 , respectively .', 'the increase in expense for 2018 reflects an increase in the company 2019s stock price and progress toward achieving its performance objectives .', 'the decrease in expense for 2017 reflects the impact of changes in the stock price .', 'income tax benefits recognized in the income statement for these compensation arrangements during 2018 , 2017 and 2016 were $ 42 , $ 33 and $ 45 , respectively .', 'as of september 30 , 2018 , total unrecognized compensation expense related to unvested shares awarded under these plans was $ 182 , which is expected to be recognized over a weighted-average period of 1.1 years .', 'in addition to the employee stock option and incentive shares plans , in 2018 the company awarded 12228 shares of restricted stock and 2038 restricted stock units under the restricted stock plan for non-management directors .', 'as of september 30 , 2018 , 159965 shares were available for issuance under this plan .', '( 16 ) common and preferred stock at september 30 , 2018 , 37.0 million shares of common stock were reserved for issuance under the company 2019s stock-based compensation plans .', 'during 2018 , 15.1 million common shares were purchased and 2.6 million treasury shares were reissued .', 'in 2017 , 6.6 million common shares were purchased and 5.5 million treasury shares were reissued .', 'at september 30 , 2018 and 2017 , the company had 5.4 million shares of $ 2.50 par value preferred stock authorized , with none issued. .'] | 0.08663 | EMR/2018/page_55.pdf-3 | ['2018 emerson annual report | 51 as of september 30 , 2018 , 1874750 shares awarded primarily in 2016 were outstanding , contingent on the company achieving its performance objectives through 2018 .', 'the objectives for these shares were met at the 97 percent level at the end of 2018 and 1818508 shares will be distributed in early 2019 .', 'additionally , the rights to receive a maximum of 2261700 and 2375313 common shares were awarded in 2018 and 2017 , respectively , under the new performance shares program , and are outstanding and contingent upon the company achieving its performance objectives through 2020 and 2019 , respectively .', 'incentive shares plans also include restricted stock awards which involve distribution of common stock to key management employees subject to cliff vesting at the end of service periods ranging from three to ten years .', 'the fair value of restricted stock awards is determined based on the average of the high and low market prices of the company 2019s common stock on the date of grant , with compensation expense recognized ratably over the applicable service period .', 'in 2018 , 310000 shares of restricted stock vested as a result of participants fulfilling the applicable service requirements .', 'consequently , 167837 shares were issued while 142163 shares were withheld for income taxes in accordance with minimum withholding requirements .', 'as of september 30 , 2018 , there were 1276200 shares of unvested restricted stock outstanding .', 'the total fair value of shares distributed under incentive shares plans was $ 20 , $ 245 and $ 11 , respectively , in 2018 , 2017 and 2016 , of which $ 9 , $ 101 and $ 4 was paid in cash , primarily for tax withholding .', 'as of september 30 , 2018 , 10.3 million shares remained available for award under incentive shares plans .', 'changes in shares outstanding but not yet earned under incentive shares plans during the year ended september 30 , 2018 follow ( shares in thousands ; assumes 100 percent payout of unvested awards ) : average grant date shares fair value per share .'] | ['total compensation expense for stock options and incentive shares was $ 216 , $ 115 and $ 159 for 2018 , 2017 and 2016 , respectively , of which $ 5 and $ 14 was included in discontinued operations for 2017 and 2016 , respectively .', 'the increase in expense for 2018 reflects an increase in the company 2019s stock price and progress toward achieving its performance objectives .', 'the decrease in expense for 2017 reflects the impact of changes in the stock price .', 'income tax benefits recognized in the income statement for these compensation arrangements during 2018 , 2017 and 2016 were $ 42 , $ 33 and $ 45 , respectively .', 'as of september 30 , 2018 , total unrecognized compensation expense related to unvested shares awarded under these plans was $ 182 , which is expected to be recognized over a weighted-average period of 1.1 years .', 'in addition to the employee stock option and incentive shares plans , in 2018 the company awarded 12228 shares of restricted stock and 2038 restricted stock units under the restricted stock plan for non-management directors .', 'as of september 30 , 2018 , 159965 shares were available for issuance under this plan .', '( 16 ) common and preferred stock at september 30 , 2018 , 37.0 million shares of common stock were reserved for issuance under the company 2019s stock-based compensation plans .', 'during 2018 , 15.1 million common shares were purchased and 2.6 million treasury shares were reissued .', 'in 2017 , 6.6 million common shares were purchased and 5.5 million treasury shares were reissued .', 'at september 30 , 2018 and 2017 , the company had 5.4 million shares of $ 2.50 par value preferred stock authorized , with none issued. .'] | ----------------------------------------
• , shares, average grant datefair value per share
• beginning of year, 4999, $ 50.33
• granted, 2295, $ 63.79
• earned/vested, -310 ( 310 ), $ 51.27
• canceled, -86 ( 86 ), $ 56.53
• end of year, 6898, $ 54.69
---------------------------------------- | subtract(54.69, 50.33), divide(#0, 50.33) | 0.08663 |
what was the growth rate in the account balance 2015 | Background: ['the following tables present a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs ( level 3 ) for 2015 and 2014 , respectively: .']
Data Table:
----------------------------------------
• , level 3
• balance as of january 1 2015, $ 127
• actual return on assets, 12
• purchases issuances and settlements net, -3 ( 3 )
• balance as of december 31 2015, $ 136
----------------------------------------
Follow-up: ['purchases , issuances and settlements , net .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '76 balance as of december 31 , 2014 .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ 127 the company 2019s other postretirement benefit plans are partially funded and the assets are held under various trusts .', 'the investments and risk mitigation strategies for the plans are tailored specifically for each trust .', 'in setting new strategic asset mixes , consideration is given to the likelihood that the selected asset allocation will effectively fund the projected plan liabilities and the risk tolerance of the company .', 'the company periodically updates the long-term , strategic asset allocations and uses various analytics to determine the optimal asset allocation .', 'considerations include plan liability characteristics , liquidity characteristics , funding requirements , expected rates of return and the distribution of returns .', 'in june 2012 , the company implemented a de-risking strategy for the medical bargaining trust within the plan to minimize volatility .', 'as part of the de-risking strategy , the company revised the asset allocations to increase the matching characteristics of assets relative to liabilities .', 'the initial de-risking asset allocation for the plan was 60% ( 60 % ) return-generating assets and 40% ( 40 % ) liability-driven assets .', 'the investment strategies and policies for the plan reflect a balance of liability driven and return-generating considerations .', 'the objective of minimizing the volatility of assets relative to liabilities is addressed primarily through asset 2014liability matching , asset diversification and hedging .', 'the fixed income target asset allocation matches the bond-like and long-dated nature of the postretirement liabilities .', 'assets are broadly diversified within asset classes to achieve risk-adjusted returns that in total lower asset volatility relative to the liabilities .', 'the company assesses the investment strategy regularly to ensure actual allocations are in line with target allocations as appropriate .', 'strategies to address the goal of ensuring sufficient assets to pay benefits include target allocations to a broad array of asset classes and , within asset classes strategies are employed to provide adequate returns , diversification and liquidity .', 'the assets of the company 2019s other trusts , within the other postretirement benefit plans , have been primarily invested in equities and fixed income funds .', 'the assets under the various other postretirement benefit trusts are invested differently based on the assets and liabilities of each trust .', 'the obligations of the other postretirement benefit plans are dominated by obligations for the medical bargaining trust .', 'thirty-nine percent and four percent of the total postretirement plan benefit obligations are related to the medical non-bargaining and life insurance trusts , respectively .', 'because expected benefit payments related to the benefit obligations are so far into the future , and the size of the medical non-bargaining and life insurance trusts 2019 obligations are large compared to each trusts 2019 assets , the investment strategy is to allocate a significant portion of the assets 2019 investment to equities , which the company believes will provide the highest long-term return and improve the funding ratio .', 'the company engages third party investment managers for all invested assets .', 'managers are not permitted to invest outside of the asset class ( e.g .', 'fixed income , equity , alternatives ) or strategy for which they have been appointed .', 'investment management agreements and recurring performance and attribution analysis are used as tools to ensure investment managers invest solely within the investment strategy they have been provided .', 'futures and options may be used to adjust portfolio duration to align with a plan 2019s targeted investment policy. .'] | 0.07087 | AWK/2015/page_127.pdf-4 | ['the following tables present a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs ( level 3 ) for 2015 and 2014 , respectively: .'] | ['purchases , issuances and settlements , net .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '76 balance as of december 31 , 2014 .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ 127 the company 2019s other postretirement benefit plans are partially funded and the assets are held under various trusts .', 'the investments and risk mitigation strategies for the plans are tailored specifically for each trust .', 'in setting new strategic asset mixes , consideration is given to the likelihood that the selected asset allocation will effectively fund the projected plan liabilities and the risk tolerance of the company .', 'the company periodically updates the long-term , strategic asset allocations and uses various analytics to determine the optimal asset allocation .', 'considerations include plan liability characteristics , liquidity characteristics , funding requirements , expected rates of return and the distribution of returns .', 'in june 2012 , the company implemented a de-risking strategy for the medical bargaining trust within the plan to minimize volatility .', 'as part of the de-risking strategy , the company revised the asset allocations to increase the matching characteristics of assets relative to liabilities .', 'the initial de-risking asset allocation for the plan was 60% ( 60 % ) return-generating assets and 40% ( 40 % ) liability-driven assets .', 'the investment strategies and policies for the plan reflect a balance of liability driven and return-generating considerations .', 'the objective of minimizing the volatility of assets relative to liabilities is addressed primarily through asset 2014liability matching , asset diversification and hedging .', 'the fixed income target asset allocation matches the bond-like and long-dated nature of the postretirement liabilities .', 'assets are broadly diversified within asset classes to achieve risk-adjusted returns that in total lower asset volatility relative to the liabilities .', 'the company assesses the investment strategy regularly to ensure actual allocations are in line with target allocations as appropriate .', 'strategies to address the goal of ensuring sufficient assets to pay benefits include target allocations to a broad array of asset classes and , within asset classes strategies are employed to provide adequate returns , diversification and liquidity .', 'the assets of the company 2019s other trusts , within the other postretirement benefit plans , have been primarily invested in equities and fixed income funds .', 'the assets under the various other postretirement benefit trusts are invested differently based on the assets and liabilities of each trust .', 'the obligations of the other postretirement benefit plans are dominated by obligations for the medical bargaining trust .', 'thirty-nine percent and four percent of the total postretirement plan benefit obligations are related to the medical non-bargaining and life insurance trusts , respectively .', 'because expected benefit payments related to the benefit obligations are so far into the future , and the size of the medical non-bargaining and life insurance trusts 2019 obligations are large compared to each trusts 2019 assets , the investment strategy is to allocate a significant portion of the assets 2019 investment to equities , which the company believes will provide the highest long-term return and improve the funding ratio .', 'the company engages third party investment managers for all invested assets .', 'managers are not permitted to invest outside of the asset class ( e.g .', 'fixed income , equity , alternatives ) or strategy for which they have been appointed .', 'investment management agreements and recurring performance and attribution analysis are used as tools to ensure investment managers invest solely within the investment strategy they have been provided .', 'futures and options may be used to adjust portfolio duration to align with a plan 2019s targeted investment policy. .'] | ----------------------------------------
• , level 3
• balance as of january 1 2015, $ 127
• actual return on assets, 12
• purchases issuances and settlements net, -3 ( 3 )
• balance as of december 31 2015, $ 136
---------------------------------------- | add(12, -3), divide(#0, 127) | 0.07087 |
what are the implicit interest costs for the 2018 lease payments , in thousands? | Background: ['entergy corporation and subsidiaries notes to financial statements liability to $ 60 million , and recorded the $ 2.7 million difference as a credit to interest expense .', 'the $ 60 million remaining liability was eliminated upon payment of the cash portion of the purchase price .', 'as of december 31 , 2016 , entergy louisiana , in connection with the waterford 3 lease obligation , had a future minimum lease payment ( reflecting an interest rate of 8.09% ( 8.09 % ) ) of $ 57.5 million , including $ 2.3 million in interest , due january 2017 that is recorded as long-term debt .', 'in february 2017 the leases were terminated and the leased assets were conveyed to entergy louisiana .', 'grand gulf lease obligations in 1988 , in two separate but substantially identical transactions , system energy sold and leased back undivided ownership interests in grand gulf for the aggregate sum of $ 500 million .', 'the initial term of the leases expired in july 2015 .', 'system energy renewed the leases for fair market value with renewal terms expiring in july 2036 .', 'at the end of the new lease renewal terms , system energy has the option to repurchase the leased interests in grand gulf or renew the leases at fair market value .', 'in the event that system energy does not renew or purchase the interests , system energy would surrender such interests and their associated entitlement of grand gulf 2019s capacity and energy .', 'system energy is required to report the sale-leaseback as a financing transaction in its financial statements .', 'for financial reporting purposes , system energy expenses the interest portion of the lease obligation and the plant depreciation .', 'however , operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes .', 'consistent with a recommendation contained in a ferc audit report , system energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis , resulting in a zero net balance for the regulatory asset at the end of the lease term .', 'the amount was a net regulatory liability of $ 55.6 million and $ 55.6 million as of december 31 , 2016 and 2015 , respectively .', 'as of december 31 , 2016 , system energy , in connection with the grand gulf sale and leaseback transactions , had future minimum lease payments ( reflecting an implicit rate of 5.13% ( 5.13 % ) ) that are recorded as long-term debt , as follows : amount ( in thousands ) .']
Table:
Row 1: , amount ( in thousands )
Row 2: 2017, $ 17188
Row 3: 2018, 17188
Row 4: 2019, 17188
Row 5: 2020, 17188
Row 6: 2021, 17188
Row 7: years thereafter, 257812
Row 8: total, 343752
Row 9: less : amount representing interest, 309393
Row 10: present value of net minimum lease payments, $ 34359
Additional Information: ['.'] | 881.7444 | ETR/2016/page_175.pdf-1 | ['entergy corporation and subsidiaries notes to financial statements liability to $ 60 million , and recorded the $ 2.7 million difference as a credit to interest expense .', 'the $ 60 million remaining liability was eliminated upon payment of the cash portion of the purchase price .', 'as of december 31 , 2016 , entergy louisiana , in connection with the waterford 3 lease obligation , had a future minimum lease payment ( reflecting an interest rate of 8.09% ( 8.09 % ) ) of $ 57.5 million , including $ 2.3 million in interest , due january 2017 that is recorded as long-term debt .', 'in february 2017 the leases were terminated and the leased assets were conveyed to entergy louisiana .', 'grand gulf lease obligations in 1988 , in two separate but substantially identical transactions , system energy sold and leased back undivided ownership interests in grand gulf for the aggregate sum of $ 500 million .', 'the initial term of the leases expired in july 2015 .', 'system energy renewed the leases for fair market value with renewal terms expiring in july 2036 .', 'at the end of the new lease renewal terms , system energy has the option to repurchase the leased interests in grand gulf or renew the leases at fair market value .', 'in the event that system energy does not renew or purchase the interests , system energy would surrender such interests and their associated entitlement of grand gulf 2019s capacity and energy .', 'system energy is required to report the sale-leaseback as a financing transaction in its financial statements .', 'for financial reporting purposes , system energy expenses the interest portion of the lease obligation and the plant depreciation .', 'however , operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes .', 'consistent with a recommendation contained in a ferc audit report , system energy initially recorded as a net regulatory asset the difference between the recovery of the lease payments and the amounts expensed for interest and depreciation and continues to record this difference as a regulatory asset or liability on an ongoing basis , resulting in a zero net balance for the regulatory asset at the end of the lease term .', 'the amount was a net regulatory liability of $ 55.6 million and $ 55.6 million as of december 31 , 2016 and 2015 , respectively .', 'as of december 31 , 2016 , system energy , in connection with the grand gulf sale and leaseback transactions , had future minimum lease payments ( reflecting an implicit rate of 5.13% ( 5.13 % ) ) that are recorded as long-term debt , as follows : amount ( in thousands ) .'] | ['.'] | Row 1: , amount ( in thousands )
Row 2: 2017, $ 17188
Row 3: 2018, 17188
Row 4: 2019, 17188
Row 5: 2020, 17188
Row 6: 2021, 17188
Row 7: years thereafter, 257812
Row 8: total, 343752
Row 9: less : amount representing interest, 309393
Row 10: present value of net minimum lease payments, $ 34359 | divide(5.13, const_100), multiply(#0, 17188) | 881.7444 |
what percentage of total other liabilities and accrued expenses in 2014 are due to compensation and benefits? | Background: ['notes to consolidated financial statements the apex trusts and the 2012 trusts are delaware statutory trusts sponsored by the firm and wholly-owned finance subsidiaries of the firm for regulatory and legal purposes but are not consolidated for accounting purposes .', 'the firm has covenanted in favor of the holders of group inc . 2019s 6.345% ( 6.345 % ) junior subordinated debt due february 15 , 2034 , that , subject to certain exceptions , the firm will not redeem or purchase the capital securities issued by the apex trusts or shares of group inc . 2019s series e or series f preferred stock prior to specified dates in 2022 for a price that exceeds a maximum amount determined by reference to the net cash proceeds that the firm has received from the sale of qualifying securities .', 'junior subordinated debt issued in connection with trust preferred securities .', 'group inc .', 'issued $ 2.84 billion of junior subordinated debt in 2004 to goldman sachs capital i ( trust ) , a delaware statutory trust .', 'the trust issued $ 2.75 billion of guaranteed preferred beneficial interests ( trust preferred securities ) to third parties and $ 85 million of common beneficial interests to group inc .', 'and used the proceeds from the issuances to purchase the junior subordinated debt from group inc .', 'during the second quarter of 2014 , the firm purchased $ 1.22 billion ( par amount ) of trust preferred securities and delivered these securities , along with $ 37.6 million of common beneficial interests , to the trust in the third quarter of 2014 in exchange for a corresponding par amount of the junior subordinated debt .', 'following the exchange , these trust preferred securities , common beneficial interests and junior subordinated debt were extinguished and the firm recognized a gain of $ 289 million ( $ 270 million of which was recorded at extinguishment in the third quarter of 2014 ) , which is included in 201cmarket making 201d in the consolidated statements of earnings .', 'subsequent to this exchange , during the second half of 2014 , the firm purchased $ 214 million ( par amount ) of trust preferred securities and delivered these securities , along with $ 6.6 million of common beneficial interests , to the trust in february 2015 in exchange for a corresponding par amount of the junior subordinated debt .', 'the trust is a wholly-owned finance subsidiary of the firm for regulatory and legal purposes but is not consolidated for accounting purposes .', 'the firm pays interest semi-annually on the junior subordinated debt at an annual rate of 6.345% ( 6.345 % ) and the debt matures on february 15 , 2034 .', 'the coupon rate and the payment dates applicable to the beneficial interests are the same as the interest rate and payment dates for the junior subordinated debt .', 'the firm has the right , from time to time , to defer payment of interest on the junior subordinated debt , and therefore cause payment on the trust 2019s preferred beneficial interests to be deferred , in each case up to ten consecutive semi-annual periods .', 'during any such deferral period , the firm will not be permitted to , among other things , pay dividends on or make certain repurchases of its common stock .', 'the trust is not permitted to pay any distributions on the common beneficial interests held by group inc .', 'unless all dividends payable on the preferred beneficial interests have been paid in full .', 'note 17 .', 'other liabilities and accrued expenses the table below presents other liabilities and accrued expenses by type. .']
------
Tabular Data:
----------------------------------------
$ in millions, as of december 2014, as of december 2013
compensation and benefits, $ 8368, $ 7874
noncontrolling interests1, 404, 326
income tax-related liabilities, 1533, 1974
employee interests in consolidated funds, 176, 210
subordinated liabilities issued by consolidated vies, 843, 477
accrued expenses and other, 4751, 5183
total, $ 16075, $ 16044
----------------------------------------
------
Post-table: ['1 .', 'primarily relates to consolidated investment funds .', 'goldman sachs 2014 annual report 163 .'] | 0.52056 | GS/2014/page_165.pdf-4 | ['notes to consolidated financial statements the apex trusts and the 2012 trusts are delaware statutory trusts sponsored by the firm and wholly-owned finance subsidiaries of the firm for regulatory and legal purposes but are not consolidated for accounting purposes .', 'the firm has covenanted in favor of the holders of group inc . 2019s 6.345% ( 6.345 % ) junior subordinated debt due february 15 , 2034 , that , subject to certain exceptions , the firm will not redeem or purchase the capital securities issued by the apex trusts or shares of group inc . 2019s series e or series f preferred stock prior to specified dates in 2022 for a price that exceeds a maximum amount determined by reference to the net cash proceeds that the firm has received from the sale of qualifying securities .', 'junior subordinated debt issued in connection with trust preferred securities .', 'group inc .', 'issued $ 2.84 billion of junior subordinated debt in 2004 to goldman sachs capital i ( trust ) , a delaware statutory trust .', 'the trust issued $ 2.75 billion of guaranteed preferred beneficial interests ( trust preferred securities ) to third parties and $ 85 million of common beneficial interests to group inc .', 'and used the proceeds from the issuances to purchase the junior subordinated debt from group inc .', 'during the second quarter of 2014 , the firm purchased $ 1.22 billion ( par amount ) of trust preferred securities and delivered these securities , along with $ 37.6 million of common beneficial interests , to the trust in the third quarter of 2014 in exchange for a corresponding par amount of the junior subordinated debt .', 'following the exchange , these trust preferred securities , common beneficial interests and junior subordinated debt were extinguished and the firm recognized a gain of $ 289 million ( $ 270 million of which was recorded at extinguishment in the third quarter of 2014 ) , which is included in 201cmarket making 201d in the consolidated statements of earnings .', 'subsequent to this exchange , during the second half of 2014 , the firm purchased $ 214 million ( par amount ) of trust preferred securities and delivered these securities , along with $ 6.6 million of common beneficial interests , to the trust in february 2015 in exchange for a corresponding par amount of the junior subordinated debt .', 'the trust is a wholly-owned finance subsidiary of the firm for regulatory and legal purposes but is not consolidated for accounting purposes .', 'the firm pays interest semi-annually on the junior subordinated debt at an annual rate of 6.345% ( 6.345 % ) and the debt matures on february 15 , 2034 .', 'the coupon rate and the payment dates applicable to the beneficial interests are the same as the interest rate and payment dates for the junior subordinated debt .', 'the firm has the right , from time to time , to defer payment of interest on the junior subordinated debt , and therefore cause payment on the trust 2019s preferred beneficial interests to be deferred , in each case up to ten consecutive semi-annual periods .', 'during any such deferral period , the firm will not be permitted to , among other things , pay dividends on or make certain repurchases of its common stock .', 'the trust is not permitted to pay any distributions on the common beneficial interests held by group inc .', 'unless all dividends payable on the preferred beneficial interests have been paid in full .', 'note 17 .', 'other liabilities and accrued expenses the table below presents other liabilities and accrued expenses by type. .'] | ['1 .', 'primarily relates to consolidated investment funds .', 'goldman sachs 2014 annual report 163 .'] | ----------------------------------------
$ in millions, as of december 2014, as of december 2013
compensation and benefits, $ 8368, $ 7874
noncontrolling interests1, 404, 326
income tax-related liabilities, 1533, 1974
employee interests in consolidated funds, 176, 210
subordinated liabilities issued by consolidated vies, 843, 477
accrued expenses and other, 4751, 5183
total, $ 16075, $ 16044
---------------------------------------- | divide(8368, 16075) | 0.52056 |
what is the annual interest expense related to the 3.00% ( 3.00 % ) convertible notes , in millions? | Context: ['proceeds from the sale of equity securities .', 'from time to time , we raise funds through public offerings of our equity securities .', 'in addition , we receive proceeds from sales of our equity securities pursuant to our stock option and stock purchase plans .', 'for the year ended december 31 , 2004 , we received approximately $ 40.6 million in proceeds from sales of shares of our class a common stock and the common stock of atc mexico pursuant to our stock option and stock purchase plans .', 'financing activities during the year ended december 31 , 2004 , we took several actions to increase our financial flexibility and reduce our interest costs .', 'new credit facility .', 'in may 2004 , we refinanced our previous credit facility with a new $ 1.1 billion senior secured credit facility .', 'at closing , we received $ 685.5 million of net proceeds from the borrowings under the new facility , after deducting related expenses and fees , approximately $ 670.0 million of which we used to repay principal and interest under the previous credit facility .', 'we used the remaining net proceeds of $ 15.5 million for general corporate purposes , including the repurchase of other outstanding debt securities .', 'the new credit facility consists of the following : 2022 $ 400.0 million in undrawn revolving loan commitments , against which approximately $ 19.3 million of undrawn letters of credit were outstanding at december 31 , 2004 , maturing on february 28 , 2011 ; 2022 a $ 300.0 million term loan a , which is fully drawn , maturing on february 28 , 2011 ; and 2022 a $ 398.0 million term loan b , which is fully drawn , maturing on august 31 , 2011 .', 'the new credit facility extends the previous credit facility maturity dates from 2007 to 2011 for a majority of the borrowings outstanding , subject to earlier maturity upon the occurrence of certain events described below , and allows us to use credit facility borrowings and internally generated funds to repurchase other indebtedness without additional lender approval .', 'the new credit facility is guaranteed by us and is secured by a pledge of substantially all of our assets .', 'the maturity date for term loan a and any outstanding revolving loans will be accelerated to august 15 , 2008 , and the maturity date for term loan b will be accelerated to october 31 , 2008 , if ( 1 ) on or prior to august 1 , 2008 , our 93 20448% ( 20448 % ) senior notes have not been ( a ) refinanced with parent company indebtedness having a maturity date of february 28 , 2012 or later or with loans under the new credit facility , or ( b ) repaid , prepaid , redeemed , repurchased or otherwise retired , and ( 2 ) our consolidated leverage ratio ( total parent company debt to annualized operating cash flow ) at june 30 , 2008 is greater than 4.50 to 1.00 .', 'if this were to occur , the payments due in 2008 for term loan a and term loan b would be $ 225.0 million and $ 386.0 million , respectively .', 'note offerings .', 'during 2004 , we raised approximately $ 1.1 billion in net proceeds from the sale of debt securities through institutional private placements as follows ( in millions ) : debt security date of offering principal amount approximate net proceeds .']
----------
Table:
****************************************
debt security | date of offering | principal amount | approximate net proceeds
----------|----------|----------|----------
7.50% ( 7.50 % ) senior notes due 2012 | february 2004 | $ 225.0 | $ 221.7
3.00% ( 3.00 % ) convertible notes due august 15 2012 | august 2004 | 345.0 | 335.9
7.125% ( 7.125 % ) senior notes due 2012 | october 2004 | 300.0 | 292.8
7.125% ( 7.125 % ) senior notes due 2012 | december 2004 | 200.0 | 199.8
total | | $ 1070.0 | $ 1050.2
****************************************
----------
Post-table: ['2022 7.50% ( 7.50 % ) senior notes offering .', 'in february 2004 , we sold $ 225.0 million principal amount of our 7.50% ( 7.50 % ) senior notes due 2012 through an institutional private placement .', 'the 7.50% ( 7.50 % ) senior notes mature on may 1 , 2012 , and interest is payable semiannually in arrears on may 1 and november 1 of each year. .'] | 10.35 | AMT/2004/page_46.pdf-2 | ['proceeds from the sale of equity securities .', 'from time to time , we raise funds through public offerings of our equity securities .', 'in addition , we receive proceeds from sales of our equity securities pursuant to our stock option and stock purchase plans .', 'for the year ended december 31 , 2004 , we received approximately $ 40.6 million in proceeds from sales of shares of our class a common stock and the common stock of atc mexico pursuant to our stock option and stock purchase plans .', 'financing activities during the year ended december 31 , 2004 , we took several actions to increase our financial flexibility and reduce our interest costs .', 'new credit facility .', 'in may 2004 , we refinanced our previous credit facility with a new $ 1.1 billion senior secured credit facility .', 'at closing , we received $ 685.5 million of net proceeds from the borrowings under the new facility , after deducting related expenses and fees , approximately $ 670.0 million of which we used to repay principal and interest under the previous credit facility .', 'we used the remaining net proceeds of $ 15.5 million for general corporate purposes , including the repurchase of other outstanding debt securities .', 'the new credit facility consists of the following : 2022 $ 400.0 million in undrawn revolving loan commitments , against which approximately $ 19.3 million of undrawn letters of credit were outstanding at december 31 , 2004 , maturing on february 28 , 2011 ; 2022 a $ 300.0 million term loan a , which is fully drawn , maturing on february 28 , 2011 ; and 2022 a $ 398.0 million term loan b , which is fully drawn , maturing on august 31 , 2011 .', 'the new credit facility extends the previous credit facility maturity dates from 2007 to 2011 for a majority of the borrowings outstanding , subject to earlier maturity upon the occurrence of certain events described below , and allows us to use credit facility borrowings and internally generated funds to repurchase other indebtedness without additional lender approval .', 'the new credit facility is guaranteed by us and is secured by a pledge of substantially all of our assets .', 'the maturity date for term loan a and any outstanding revolving loans will be accelerated to august 15 , 2008 , and the maturity date for term loan b will be accelerated to october 31 , 2008 , if ( 1 ) on or prior to august 1 , 2008 , our 93 20448% ( 20448 % ) senior notes have not been ( a ) refinanced with parent company indebtedness having a maturity date of february 28 , 2012 or later or with loans under the new credit facility , or ( b ) repaid , prepaid , redeemed , repurchased or otherwise retired , and ( 2 ) our consolidated leverage ratio ( total parent company debt to annualized operating cash flow ) at june 30 , 2008 is greater than 4.50 to 1.00 .', 'if this were to occur , the payments due in 2008 for term loan a and term loan b would be $ 225.0 million and $ 386.0 million , respectively .', 'note offerings .', 'during 2004 , we raised approximately $ 1.1 billion in net proceeds from the sale of debt securities through institutional private placements as follows ( in millions ) : debt security date of offering principal amount approximate net proceeds .'] | ['2022 7.50% ( 7.50 % ) senior notes offering .', 'in february 2004 , we sold $ 225.0 million principal amount of our 7.50% ( 7.50 % ) senior notes due 2012 through an institutional private placement .', 'the 7.50% ( 7.50 % ) senior notes mature on may 1 , 2012 , and interest is payable semiannually in arrears on may 1 and november 1 of each year. .'] | ****************************************
debt security | date of offering | principal amount | approximate net proceeds
----------|----------|----------|----------
7.50% ( 7.50 % ) senior notes due 2012 | february 2004 | $ 225.0 | $ 221.7
3.00% ( 3.00 % ) convertible notes due august 15 2012 | august 2004 | 345.0 | 335.9
7.125% ( 7.125 % ) senior notes due 2012 | october 2004 | 300.0 | 292.8
7.125% ( 7.125 % ) senior notes due 2012 | december 2004 | 200.0 | 199.8
total | | $ 1070.0 | $ 1050.2
**************************************** | multiply(345.0, 3.00%) | 10.35 |
what percentage of obligations are due in greater than 5 years? | Pre-text: ['hollyfrontier corporation notes to consolidated financial statements continued .']
Tabular Data:
----------------------------------------
( in thousands )
2018 $ 148716
2019 132547
2020 119639
2021 107400
2022 102884
thereafter 857454
total $ 1468640
----------------------------------------
Post-table: ['transportation and storage costs incurred under these agreements totaled $ 140.5 million , $ 135.1 million and $ 137.7 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'these amounts do not include contractual commitments under our long-term transportation agreements with hep , as all transactions with hep are eliminated in these consolidated financial statements .', 'we have a crude oil supply contract that requires the supplier to deliver a specified volume of crude oil or pay a shortfall fee for the difference in the actual barrels delivered to us less the specified barrels per the supply contract .', 'for the contract year ended august 31 , 2017 , the actual number of barrels delivered to us was substantially less than the specified barrels , and we recorded a reduction to cost of goods sold and accumulated a shortfall fee receivable of $ 26.0 million during this period .', 'in september 2017 , the supplier notified us they are disputing the shortfall fee owed and in october 2017 notified us of their demand for arbitration .', 'we offset the receivable with payments of invoices for deliveries of crude oil received subsequent to august 31 , 2017 , which is permitted under the supply contract .', 'we believe the disputes and claims made by the supplier are without merit .', 'in march , 2006 , a subsidiary of ours sold the assets of montana refining company under an asset purchase agreement ( 201capa 201d ) .', 'calumet montana refining llc , the current owner of the assets , has submitted requests for reimbursement of approximately $ 20.0 million pursuant to contractual indemnity provisions under the apa for various costs incurred , as well as additional claims related to environmental matters .', 'we have rejected most of the claims for payment , and this matter is scheduled for arbitration beginning in july 2018 .', 'we have accrued the costs we believe are owed pursuant to the apa , and we estimate that any reasonably possible losses beyond the amounts accrued are not material .', 'note 20 : segment information effective fourth quarter of 2017 , we revised our reportable segments to align with certain changes in how our chief operating decision maker manages and allocates resources to our business .', 'accordingly , our tulsa refineries 2019 lubricants operations , previously reported in the refining segment , are now combined with the operations of our petro-canada lubricants business ( acquired february 1 , 2017 ) and reported in the lubricants and specialty products segment .', 'our prior period segment information has been retrospectively adjusted to reflect our current segment presentation .', 'our operations are organized into three reportable segments , refining , lubricants and specialty products and hep .', 'our operations that are not included in the refining , lubricants and specialty products and hep segments are included in corporate and other .', 'intersegment transactions are eliminated in our consolidated financial statements and are included in eliminations .', 'corporate and other and eliminations are aggregated and presented under corporate , other and eliminations column .', 'the refining segment represents the operations of the el dorado , tulsa , navajo , cheyenne and woods cross refineries and hfc asphalt ( aggregated as a reportable segment ) .', 'refining activities involve the purchase and refining of crude oil and wholesale and branded marketing of refined products , such as gasoline , diesel fuel and jet fuel .', 'these petroleum products are primarily marketed in the mid-continent , southwest and rocky mountain regions of the united states .', 'hfc asphalt operates various asphalt terminals in arizona , new mexico and oklahoma. .'] | 0.58384 | HFC/2017/page_103.pdf-1 | ['hollyfrontier corporation notes to consolidated financial statements continued .'] | ['transportation and storage costs incurred under these agreements totaled $ 140.5 million , $ 135.1 million and $ 137.7 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'these amounts do not include contractual commitments under our long-term transportation agreements with hep , as all transactions with hep are eliminated in these consolidated financial statements .', 'we have a crude oil supply contract that requires the supplier to deliver a specified volume of crude oil or pay a shortfall fee for the difference in the actual barrels delivered to us less the specified barrels per the supply contract .', 'for the contract year ended august 31 , 2017 , the actual number of barrels delivered to us was substantially less than the specified barrels , and we recorded a reduction to cost of goods sold and accumulated a shortfall fee receivable of $ 26.0 million during this period .', 'in september 2017 , the supplier notified us they are disputing the shortfall fee owed and in october 2017 notified us of their demand for arbitration .', 'we offset the receivable with payments of invoices for deliveries of crude oil received subsequent to august 31 , 2017 , which is permitted under the supply contract .', 'we believe the disputes and claims made by the supplier are without merit .', 'in march , 2006 , a subsidiary of ours sold the assets of montana refining company under an asset purchase agreement ( 201capa 201d ) .', 'calumet montana refining llc , the current owner of the assets , has submitted requests for reimbursement of approximately $ 20.0 million pursuant to contractual indemnity provisions under the apa for various costs incurred , as well as additional claims related to environmental matters .', 'we have rejected most of the claims for payment , and this matter is scheduled for arbitration beginning in july 2018 .', 'we have accrued the costs we believe are owed pursuant to the apa , and we estimate that any reasonably possible losses beyond the amounts accrued are not material .', 'note 20 : segment information effective fourth quarter of 2017 , we revised our reportable segments to align with certain changes in how our chief operating decision maker manages and allocates resources to our business .', 'accordingly , our tulsa refineries 2019 lubricants operations , previously reported in the refining segment , are now combined with the operations of our petro-canada lubricants business ( acquired february 1 , 2017 ) and reported in the lubricants and specialty products segment .', 'our prior period segment information has been retrospectively adjusted to reflect our current segment presentation .', 'our operations are organized into three reportable segments , refining , lubricants and specialty products and hep .', 'our operations that are not included in the refining , lubricants and specialty products and hep segments are included in corporate and other .', 'intersegment transactions are eliminated in our consolidated financial statements and are included in eliminations .', 'corporate and other and eliminations are aggregated and presented under corporate , other and eliminations column .', 'the refining segment represents the operations of the el dorado , tulsa , navajo , cheyenne and woods cross refineries and hfc asphalt ( aggregated as a reportable segment ) .', 'refining activities involve the purchase and refining of crude oil and wholesale and branded marketing of refined products , such as gasoline , diesel fuel and jet fuel .', 'these petroleum products are primarily marketed in the mid-continent , southwest and rocky mountain regions of the united states .', 'hfc asphalt operates various asphalt terminals in arizona , new mexico and oklahoma. .'] | ----------------------------------------
( in thousands )
2018 $ 148716
2019 132547
2020 119639
2021 107400
2022 102884
thereafter 857454
total $ 1468640
---------------------------------------- | divide(857454, 1468640) | 0.58384 |
what was the change in the net sales from 2007 to 2008 | Background: ['the following unaudited pro forma information for the years ended december 31 , 2008 and 2007 pres- ents the results of operations of international paper as if the cbpr and central lewmar acquisitions , and the luiz antonio asset exchange , had occurred on january 1 , 2007 .', 'this pro forma information does not purport to represent international paper 2019s actual results of operations if the transactions described above would have occurred on january 1 , 2007 , nor is it necessarily indicative of future results .', 'in millions , except per share amounts 2008 2007 .']
######
Data Table:
========================================
Row 1: in millions except per share amounts, 2008, 2007
Row 2: net sales, $ 27920, $ 27489
Row 3: earnings ( loss ) from continuingoperations, -1348 ( 1348 ), 1083
Row 4: net earnings ( loss ) ( 1 ), -1361 ( 1361 ), 1052
Row 5: earnings ( loss ) from continuingoperations per common share, -3.20 ( 3.20 ), 2.50
Row 6: net earnings ( loss ) per common share ( 1 ), -3.23 ( 3.23 ), 2.43
========================================
######
Post-table: ['earnings ( loss ) from continuing operations per common share ( 3.20 ) 2.50 net earnings ( loss ) per common share ( 1 ) ( 3.23 ) 2.43 ( 1 ) attributable to international paper company common share- holders .', 'joint ventures in october 2007 , international paper and ilim holding s.a .', 'announced the completion of the formation of a 50:50 joint venture to operate in russia as ilim group .', 'to form the joint venture , international paper purchased 50% ( 50 % ) of ilim holding s.a .', '( ilim ) for approx- imately $ 620 million , including $ 545 million in cash and $ 75 million of notes payable , and contributed an additional $ 21 million in 2008 .', 'the company 2019s investment in ilim totaled approximately $ 465 mil- lion at december 31 , 2009 , which is approximately $ 190 million higher than the company 2019s share of the underlying net assets of ilim .', 'this basis difference primarily consists of the estimated fair value write-up of ilim plant , property and equipment of $ 150 million that is being amortized as a reduction of reported net income over the estimated remaining useful lives of the related assets , goodwill of $ 90 million and other basis differences of $ 50 million , including deferred taxes .', 'a key element of the proposed joint venture strategy is a long-term investment program in which the joint venture will invest , through cash from operations and additional borrowings by the joint venture , approximately $ 1.5 billion in ilim 2019s three mills over approximately five years .', 'this planned investment in the russian pulp and paper industry will be used to upgrade equipment , increase production capacity and allow for new high-value uncoated paper , pulp and corrugated packaging product development .', 'this capital expansion strategy is expected to be ini- tiated in the second half of 2010 , subject to ilim obtaining financing sufficient to fund the project .', 'note 7 businesses held for sale , divestitures and impairments discontinued operations 2008 : during the fourth quarter of 2008 , the com- pany recorded pre-tax gains of $ 9 million ( $ 5 million after taxes ) for adjustments to reserves associated with the sale of discontinued operations .', 'during the first quarter of 2008 , the company recorded a pre-tax charge of $ 25 million ( $ 16 million after taxes ) related to the final settlement of a post- closing adjustment to the purchase price received by the company for the sale of its beverage packaging business , and a $ 3 million charge before taxes ( $ 2 million after taxes ) for 2008 operating losses related to certain wood products facilities .', '2007 : during the fourth quarter of 2007 , the com- pany recorded a pre-tax charge of $ 9 million ( $ 6 mil- lion after taxes ) and a pre-tax credit of $ 4 million ( $ 3 million after taxes ) relating to adjustments to esti- mated losses on the sales of its beverage packaging and wood products businesses , respectively .', 'addi- tionally , during the fourth quarter , a $ 4 million pre-tax charge ( $ 3 million after taxes ) was recorded for additional taxes associated with the sale of the company 2019s former weldwood of canada limited business .', 'during the third quarter of 2007 , the company com- pleted the sale of the remainder of its non-u.s .', 'beverage packaging business .', 'during the second quarter of 2007 , the company recorded pre-tax charges of $ 6 million ( $ 4 million after taxes ) and $ 5 million ( $ 3 million after taxes ) relating to adjustments to estimated losses on the sales of its wood products and beverage packaging businesses , respectively .', 'during the first quarter of 2007 , the company recorded pre-tax credits of $ 21 million ( $ 9 million after taxes ) and $ 6 million ( $ 4 million after taxes ) relating to the sales of its wood products and kraft papers businesses , respectively .', 'in addition , a $ 15 million pre-tax charge ( $ 39 million after taxes ) was recorded for adjustments to the loss on the com- pletion of the sale of most of the beverage packaging business .', 'finally , a pre-tax credit of approximately $ 10 million ( $ 6 million after taxes ) was recorded for refunds received from the canadian government of .'] | 431.0 | IP/2009/page_78.pdf-2 | ['the following unaudited pro forma information for the years ended december 31 , 2008 and 2007 pres- ents the results of operations of international paper as if the cbpr and central lewmar acquisitions , and the luiz antonio asset exchange , had occurred on january 1 , 2007 .', 'this pro forma information does not purport to represent international paper 2019s actual results of operations if the transactions described above would have occurred on january 1 , 2007 , nor is it necessarily indicative of future results .', 'in millions , except per share amounts 2008 2007 .'] | ['earnings ( loss ) from continuing operations per common share ( 3.20 ) 2.50 net earnings ( loss ) per common share ( 1 ) ( 3.23 ) 2.43 ( 1 ) attributable to international paper company common share- holders .', 'joint ventures in october 2007 , international paper and ilim holding s.a .', 'announced the completion of the formation of a 50:50 joint venture to operate in russia as ilim group .', 'to form the joint venture , international paper purchased 50% ( 50 % ) of ilim holding s.a .', '( ilim ) for approx- imately $ 620 million , including $ 545 million in cash and $ 75 million of notes payable , and contributed an additional $ 21 million in 2008 .', 'the company 2019s investment in ilim totaled approximately $ 465 mil- lion at december 31 , 2009 , which is approximately $ 190 million higher than the company 2019s share of the underlying net assets of ilim .', 'this basis difference primarily consists of the estimated fair value write-up of ilim plant , property and equipment of $ 150 million that is being amortized as a reduction of reported net income over the estimated remaining useful lives of the related assets , goodwill of $ 90 million and other basis differences of $ 50 million , including deferred taxes .', 'a key element of the proposed joint venture strategy is a long-term investment program in which the joint venture will invest , through cash from operations and additional borrowings by the joint venture , approximately $ 1.5 billion in ilim 2019s three mills over approximately five years .', 'this planned investment in the russian pulp and paper industry will be used to upgrade equipment , increase production capacity and allow for new high-value uncoated paper , pulp and corrugated packaging product development .', 'this capital expansion strategy is expected to be ini- tiated in the second half of 2010 , subject to ilim obtaining financing sufficient to fund the project .', 'note 7 businesses held for sale , divestitures and impairments discontinued operations 2008 : during the fourth quarter of 2008 , the com- pany recorded pre-tax gains of $ 9 million ( $ 5 million after taxes ) for adjustments to reserves associated with the sale of discontinued operations .', 'during the first quarter of 2008 , the company recorded a pre-tax charge of $ 25 million ( $ 16 million after taxes ) related to the final settlement of a post- closing adjustment to the purchase price received by the company for the sale of its beverage packaging business , and a $ 3 million charge before taxes ( $ 2 million after taxes ) for 2008 operating losses related to certain wood products facilities .', '2007 : during the fourth quarter of 2007 , the com- pany recorded a pre-tax charge of $ 9 million ( $ 6 mil- lion after taxes ) and a pre-tax credit of $ 4 million ( $ 3 million after taxes ) relating to adjustments to esti- mated losses on the sales of its beverage packaging and wood products businesses , respectively .', 'addi- tionally , during the fourth quarter , a $ 4 million pre-tax charge ( $ 3 million after taxes ) was recorded for additional taxes associated with the sale of the company 2019s former weldwood of canada limited business .', 'during the third quarter of 2007 , the company com- pleted the sale of the remainder of its non-u.s .', 'beverage packaging business .', 'during the second quarter of 2007 , the company recorded pre-tax charges of $ 6 million ( $ 4 million after taxes ) and $ 5 million ( $ 3 million after taxes ) relating to adjustments to estimated losses on the sales of its wood products and beverage packaging businesses , respectively .', 'during the first quarter of 2007 , the company recorded pre-tax credits of $ 21 million ( $ 9 million after taxes ) and $ 6 million ( $ 4 million after taxes ) relating to the sales of its wood products and kraft papers businesses , respectively .', 'in addition , a $ 15 million pre-tax charge ( $ 39 million after taxes ) was recorded for adjustments to the loss on the com- pletion of the sale of most of the beverage packaging business .', 'finally , a pre-tax credit of approximately $ 10 million ( $ 6 million after taxes ) was recorded for refunds received from the canadian government of .'] | ========================================
Row 1: in millions except per share amounts, 2008, 2007
Row 2: net sales, $ 27920, $ 27489
Row 3: earnings ( loss ) from continuingoperations, -1348 ( 1348 ), 1083
Row 4: net earnings ( loss ) ( 1 ), -1361 ( 1361 ), 1052
Row 5: earnings ( loss ) from continuingoperations per common share, -3.20 ( 3.20 ), 2.50
Row 6: net earnings ( loss ) per common share ( 1 ), -3.23 ( 3.23 ), 2.43
======================================== | subtract(27920, 27489) | 431.0 |
what percentage of total net revenues institutional client services segment in 2013 were made up of equities client execution? | Background: ['management 2019s discussion and analysis institutional client services our institutional client services segment is comprised of : fixed income , currency and commodities client execution .', 'includes client execution activities related to making markets in interest rate products , credit products , mortgages , currencies and commodities .', 'we generate market-making revenues in these activities in three ways : 2030 in large , highly liquid markets ( such as markets for u.s .', 'treasury bills or certain mortgage pass-through certificates ) , we execute a high volume of transactions for our clients for modest spreads and fees .', '2030 in less liquid markets ( such as mid-cap corporate bonds , growth market currencies or certain non-agency mortgage-backed securities ) , we execute transactions for our clients for spreads and fees that are generally somewhat larger .', '2030 we also structure and execute transactions involving customized or tailor-made products that address our clients 2019 risk exposures , investment objectives or other complex needs ( such as a jet fuel hedge for an airline ) .', 'given the focus on the mortgage market , our mortgage activities are further described below .', 'our activities in mortgages include commercial mortgage- related securities , loans and derivatives , residential mortgage-related securities , loans and derivatives ( including u.s .', 'government agency-issued collateralized mortgage obligations , other prime , subprime and alt-a securities and loans ) , and other asset-backed securities , loans and derivatives .', 'we buy , hold and sell long and short mortgage positions , primarily for market making for our clients .', 'our inventory therefore changes based on client demands and is generally held for short-term periods .', 'see notes 18 and 27 to the consolidated financial statements for information about exposure to mortgage repurchase requests , mortgage rescissions and mortgage-related litigation .', 'equities .', 'includes client execution activities related to making markets in equity products and commissions and fees from executing and clearing institutional client transactions on major stock , options and futures exchanges worldwide , as well as over-the-counter transactions .', 'equities also includes our securities services business , which provides financing , securities lending and other prime brokerage services to institutional clients , including hedge funds , mutual funds , pension funds and foundations , and generates revenues primarily in the form of interest rate spreads or fees .', 'the table below presents the operating results of our institutional client services segment. .']
Table:
----------------------------------------
in millions year ended december 2013 year ended december 2012 year ended december 2011
fixed income currency and commodities client execution $ 8651 $ 9914 $ 9018
equities client execution1 2594 3171 3031
commissions and fees 3103 3053 3633
securities services 1373 1986 1598
total equities 7070 8210 8262
total net revenues 15721 18124 17280
operating expenses 11782 12480 12837
pre-tax earnings $ 3939 $ 5644 $ 4443
----------------------------------------
Post-table: ['1 .', 'in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business .', 'net revenues related to the americas reinsurance business were $ 317 million for 2013 , $ 1.08 billion for 2012 and $ 880 million for 2011 .', 'see note 12 to the consolidated financial statements for further information about this sale .', '2013 versus 2012 .', 'net revenues in institutional client services were $ 15.72 billion for 2013 , 13% ( 13 % ) lower than 2012 .', 'net revenues in fixed income , currency and commodities client execution were $ 8.65 billion for 2013 , 13% ( 13 % ) lower than 2012 , reflecting significantly lower net revenues in interest rate products compared with a solid 2012 , and significantly lower net revenues in mortgages compared with a strong 2012 .', 'the decrease in interest rate products and mortgages primarily reflected the impact of a more challenging environment and lower activity levels compared with 2012 .', 'in addition , net revenues in currencies were slightly lower , while net revenues in credit products and commodities were essentially unchanged compared with 2012 .', 'in december 2013 , we completed the sale of a majority stake in our european insurance business and recognized a gain of $ 211 million .', '50 goldman sachs 2013 annual report .'] | 0.165 | GS/2013/page_52.pdf-1 | ['management 2019s discussion and analysis institutional client services our institutional client services segment is comprised of : fixed income , currency and commodities client execution .', 'includes client execution activities related to making markets in interest rate products , credit products , mortgages , currencies and commodities .', 'we generate market-making revenues in these activities in three ways : 2030 in large , highly liquid markets ( such as markets for u.s .', 'treasury bills or certain mortgage pass-through certificates ) , we execute a high volume of transactions for our clients for modest spreads and fees .', '2030 in less liquid markets ( such as mid-cap corporate bonds , growth market currencies or certain non-agency mortgage-backed securities ) , we execute transactions for our clients for spreads and fees that are generally somewhat larger .', '2030 we also structure and execute transactions involving customized or tailor-made products that address our clients 2019 risk exposures , investment objectives or other complex needs ( such as a jet fuel hedge for an airline ) .', 'given the focus on the mortgage market , our mortgage activities are further described below .', 'our activities in mortgages include commercial mortgage- related securities , loans and derivatives , residential mortgage-related securities , loans and derivatives ( including u.s .', 'government agency-issued collateralized mortgage obligations , other prime , subprime and alt-a securities and loans ) , and other asset-backed securities , loans and derivatives .', 'we buy , hold and sell long and short mortgage positions , primarily for market making for our clients .', 'our inventory therefore changes based on client demands and is generally held for short-term periods .', 'see notes 18 and 27 to the consolidated financial statements for information about exposure to mortgage repurchase requests , mortgage rescissions and mortgage-related litigation .', 'equities .', 'includes client execution activities related to making markets in equity products and commissions and fees from executing and clearing institutional client transactions on major stock , options and futures exchanges worldwide , as well as over-the-counter transactions .', 'equities also includes our securities services business , which provides financing , securities lending and other prime brokerage services to institutional clients , including hedge funds , mutual funds , pension funds and foundations , and generates revenues primarily in the form of interest rate spreads or fees .', 'the table below presents the operating results of our institutional client services segment. .'] | ['1 .', 'in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business .', 'net revenues related to the americas reinsurance business were $ 317 million for 2013 , $ 1.08 billion for 2012 and $ 880 million for 2011 .', 'see note 12 to the consolidated financial statements for further information about this sale .', '2013 versus 2012 .', 'net revenues in institutional client services were $ 15.72 billion for 2013 , 13% ( 13 % ) lower than 2012 .', 'net revenues in fixed income , currency and commodities client execution were $ 8.65 billion for 2013 , 13% ( 13 % ) lower than 2012 , reflecting significantly lower net revenues in interest rate products compared with a solid 2012 , and significantly lower net revenues in mortgages compared with a strong 2012 .', 'the decrease in interest rate products and mortgages primarily reflected the impact of a more challenging environment and lower activity levels compared with 2012 .', 'in addition , net revenues in currencies were slightly lower , while net revenues in credit products and commodities were essentially unchanged compared with 2012 .', 'in december 2013 , we completed the sale of a majority stake in our european insurance business and recognized a gain of $ 211 million .', '50 goldman sachs 2013 annual report .'] | ----------------------------------------
in millions year ended december 2013 year ended december 2012 year ended december 2011
fixed income currency and commodities client execution $ 8651 $ 9914 $ 9018
equities client execution1 2594 3171 3031
commissions and fees 3103 3053 3633
securities services 1373 1986 1598
total equities 7070 8210 8262
total net revenues 15721 18124 17280
operating expenses 11782 12480 12837
pre-tax earnings $ 3939 $ 5644 $ 4443
---------------------------------------- | divide(2594, 15721) | 0.165 |
as of december 31 , 2005 what was the ratio of the annual maturities on long-term debt in 2006 to 2007 | Pre-text: ['during 2005 , we amended our $ 1.0 billion unsecured revolving credit facility to extend its maturity date from march 27 , 2008 to march 27 , 2010 , and reduce the effective interest rate to libor plus 1.0% ( 1.0 % ) and the commitment fee to 0.2% ( 0.2 % ) of the undrawn portion of the facility at december 31 , 2005 .', 'in addition , in 2005 , we entered into two $ 100.0 million unsecured term loans , due 2010 , at an effective interest rate of libor plus 0.8% ( 0.8 % ) at december 31 , 2005 .', 'during 2004 , we entered into an eight-year , $ 225.0 million unse- cured term loan , at libor plus 1.75% ( 1.75 % ) , which was amended in 2005 to reduce the effective interest rate to libor plus 1.0% ( 1.0 % ) at december 31 , 2005 .', 'the liquid yield option 2122 notes and the zero coupon convertible notes are unsecured zero coupon bonds with yields to maturity of 4.875% ( 4.875 % ) and 4.75% ( 4.75 % ) , respectively , due 2021 .', 'each liquid yield option 2122 note and zero coupon convertible note was issued at a price of $ 381.63 and $ 391.06 , respectively , and will have a principal amount at maturity of $ 1000 .', 'each liquid yield option 2122 note and zero coupon convertible note is convertible at the option of the holder into 11.7152 and 15.6675 shares of common stock , respec- tively , if the market price of our common stock reaches certain lev- els .', 'these conditions were met at december 31 , 2005 and 2004 for the zero coupon convertible notes and at december 31 , 2004 for the liquid yield option 2122 notes .', 'since february 2 , 2005 , we have the right to redeem the liquid yield option 2122 notes and commencing on may 18 , 2006 , we will have the right to redeem the zero coupon con- vertible notes at their accreted values for cash as a whole at any time , or from time to time in part .', 'holders may require us to pur- chase any outstanding liquid yield option 2122 notes at their accreted value on february 2 , 2011 and any outstanding zero coupon con- vertible notes at their accreted value on may 18 , 2009 and may 18 , 2014 .', 'we may choose to pay the purchase price in cash or common stock or a combination thereof .', 'during 2005 , holders of our liquid yield option 2122 notes and zero coupon convertible notes converted approximately $ 10.4 million and $ 285.0 million , respectively , of the accreted value of these notes into approximately 0.3 million and 9.4 million shares , respec- tively , of our common stock and cash for fractional shares .', 'in addi- tion , we called for redemption $ 182.3 million of the accreted bal- ance of outstanding liquid yield option 2122 notes .', 'most holders of the liquid yield option 2122 notes elected to convert into shares of our common stock , rather than redeem for cash , resulting in the issuance of approximately 4.5 million shares .', 'during 2005 , we prepaid a total of $ 297.0 million on a term loan secured by a certain celebrity ship and on a variable rate unsecured term loan .', 'in 1996 , we entered into a $ 264.0 million capital lease to finance splendour of the seas and in 1995 we entered into a $ 260.0 million capital lease to finance legend of the seas .', 'during 2005 , we paid $ 335.8 million in connection with the exercise of purchase options on these capital lease obligations .', 'under certain of our agreements , the contractual interest rate and commitment fee vary with our debt rating .', 'the unsecured senior notes and senior debentures are not redeemable prior to maturity .', 'our debt agreements contain covenants that require us , among other things , to maintain minimum net worth and fixed charge cov- erage ratio and limit our debt to capital ratio .', 'we are in compliance with all covenants as of december 31 , 2005 .', 'following is a schedule of annual maturities on long-term debt as of december 31 , 2005 for each of the next five years ( in thousands ) : .']
Table:
****************************************
2006, $ 600883
2007, 329493
2008, 245257
2009 ( 1 ), 361449
2010, 687376
****************************************
Follow-up: ['1 the $ 137.9 million accreted value of the zero coupon convertible notes at december 31 , 2005 is included in year 2009 .', 'the holders of our zero coupon convertible notes may require us to purchase any notes outstanding at an accreted value of $ 161.7 mil- lion on may 18 , 2009 .', 'this accreted value was calculated based on the number of notes outstanding at december 31 , 2005 .', 'we may choose to pay any amounts in cash or common stock or a combination thereof .', 'note 6 .', 'shareholders 2019 equity on september 25 , 2005 , we announced that we and an investment bank had finalized a forward sale agreement relating to an asr transaction .', 'as part of the asr transaction , we purchased 5.5 million shares of our common stock from the investment bank at an initial price of $ 45.40 per share .', 'total consideration paid to repurchase such shares , including commissions and other fees , was approxi- mately $ 249.1 million and was recorded in shareholders 2019 equity as a component of treasury stock .', 'the forward sale contract matured in february 2006 .', 'during the term of the forward sale contract , the investment bank purchased shares of our common stock in the open market to settle its obliga- tion related to the shares borrowed from third parties and sold to us .', 'upon settlement of the contract , we received 218089 additional shares of our common stock .', 'these incremental shares will be recorded in shareholders 2019 equity as a component of treasury stock in the first quarter of 2006 .', 'our employee stock purchase plan ( 201cespp 201d ) , which has been in effect since january 1 , 1994 , facilitates the purchase by employees of up to 800000 shares of common stock .', 'offerings to employees are made on a quarterly basis .', 'subject to certain limitations , the pur- chase price for each share of common stock is equal to 90% ( 90 % ) of the average of the market prices of the common stock as reported on the new york stock exchange on the first business day of the pur- chase period and the last business day of each month of the pur- chase period .', 'shares of common stock of 14476 , 13281 and 21280 38 royal caribbean cruises ltd .', 'notes to the consolidated financial statements ( continued ) .'] | 1.82366 | RCL/2005/page_40.pdf-3 | ['during 2005 , we amended our $ 1.0 billion unsecured revolving credit facility to extend its maturity date from march 27 , 2008 to march 27 , 2010 , and reduce the effective interest rate to libor plus 1.0% ( 1.0 % ) and the commitment fee to 0.2% ( 0.2 % ) of the undrawn portion of the facility at december 31 , 2005 .', 'in addition , in 2005 , we entered into two $ 100.0 million unsecured term loans , due 2010 , at an effective interest rate of libor plus 0.8% ( 0.8 % ) at december 31 , 2005 .', 'during 2004 , we entered into an eight-year , $ 225.0 million unse- cured term loan , at libor plus 1.75% ( 1.75 % ) , which was amended in 2005 to reduce the effective interest rate to libor plus 1.0% ( 1.0 % ) at december 31 , 2005 .', 'the liquid yield option 2122 notes and the zero coupon convertible notes are unsecured zero coupon bonds with yields to maturity of 4.875% ( 4.875 % ) and 4.75% ( 4.75 % ) , respectively , due 2021 .', 'each liquid yield option 2122 note and zero coupon convertible note was issued at a price of $ 381.63 and $ 391.06 , respectively , and will have a principal amount at maturity of $ 1000 .', 'each liquid yield option 2122 note and zero coupon convertible note is convertible at the option of the holder into 11.7152 and 15.6675 shares of common stock , respec- tively , if the market price of our common stock reaches certain lev- els .', 'these conditions were met at december 31 , 2005 and 2004 for the zero coupon convertible notes and at december 31 , 2004 for the liquid yield option 2122 notes .', 'since february 2 , 2005 , we have the right to redeem the liquid yield option 2122 notes and commencing on may 18 , 2006 , we will have the right to redeem the zero coupon con- vertible notes at their accreted values for cash as a whole at any time , or from time to time in part .', 'holders may require us to pur- chase any outstanding liquid yield option 2122 notes at their accreted value on february 2 , 2011 and any outstanding zero coupon con- vertible notes at their accreted value on may 18 , 2009 and may 18 , 2014 .', 'we may choose to pay the purchase price in cash or common stock or a combination thereof .', 'during 2005 , holders of our liquid yield option 2122 notes and zero coupon convertible notes converted approximately $ 10.4 million and $ 285.0 million , respectively , of the accreted value of these notes into approximately 0.3 million and 9.4 million shares , respec- tively , of our common stock and cash for fractional shares .', 'in addi- tion , we called for redemption $ 182.3 million of the accreted bal- ance of outstanding liquid yield option 2122 notes .', 'most holders of the liquid yield option 2122 notes elected to convert into shares of our common stock , rather than redeem for cash , resulting in the issuance of approximately 4.5 million shares .', 'during 2005 , we prepaid a total of $ 297.0 million on a term loan secured by a certain celebrity ship and on a variable rate unsecured term loan .', 'in 1996 , we entered into a $ 264.0 million capital lease to finance splendour of the seas and in 1995 we entered into a $ 260.0 million capital lease to finance legend of the seas .', 'during 2005 , we paid $ 335.8 million in connection with the exercise of purchase options on these capital lease obligations .', 'under certain of our agreements , the contractual interest rate and commitment fee vary with our debt rating .', 'the unsecured senior notes and senior debentures are not redeemable prior to maturity .', 'our debt agreements contain covenants that require us , among other things , to maintain minimum net worth and fixed charge cov- erage ratio and limit our debt to capital ratio .', 'we are in compliance with all covenants as of december 31 , 2005 .', 'following is a schedule of annual maturities on long-term debt as of december 31 , 2005 for each of the next five years ( in thousands ) : .'] | ['1 the $ 137.9 million accreted value of the zero coupon convertible notes at december 31 , 2005 is included in year 2009 .', 'the holders of our zero coupon convertible notes may require us to purchase any notes outstanding at an accreted value of $ 161.7 mil- lion on may 18 , 2009 .', 'this accreted value was calculated based on the number of notes outstanding at december 31 , 2005 .', 'we may choose to pay any amounts in cash or common stock or a combination thereof .', 'note 6 .', 'shareholders 2019 equity on september 25 , 2005 , we announced that we and an investment bank had finalized a forward sale agreement relating to an asr transaction .', 'as part of the asr transaction , we purchased 5.5 million shares of our common stock from the investment bank at an initial price of $ 45.40 per share .', 'total consideration paid to repurchase such shares , including commissions and other fees , was approxi- mately $ 249.1 million and was recorded in shareholders 2019 equity as a component of treasury stock .', 'the forward sale contract matured in february 2006 .', 'during the term of the forward sale contract , the investment bank purchased shares of our common stock in the open market to settle its obliga- tion related to the shares borrowed from third parties and sold to us .', 'upon settlement of the contract , we received 218089 additional shares of our common stock .', 'these incremental shares will be recorded in shareholders 2019 equity as a component of treasury stock in the first quarter of 2006 .', 'our employee stock purchase plan ( 201cespp 201d ) , which has been in effect since january 1 , 1994 , facilitates the purchase by employees of up to 800000 shares of common stock .', 'offerings to employees are made on a quarterly basis .', 'subject to certain limitations , the pur- chase price for each share of common stock is equal to 90% ( 90 % ) of the average of the market prices of the common stock as reported on the new york stock exchange on the first business day of the pur- chase period and the last business day of each month of the pur- chase period .', 'shares of common stock of 14476 , 13281 and 21280 38 royal caribbean cruises ltd .', 'notes to the consolidated financial statements ( continued ) .'] | ****************************************
2006, $ 600883
2007, 329493
2008, 245257
2009 ( 1 ), 361449
2010, 687376
**************************************** | divide(600883, 329493) | 1.82366 |
in a slight recession of the overall market , what percentage did the stock price of global payments change? | Background: ['stock performance graph the following line-graph presentation compares our cumulative shareholder returns with the standard & poor 2019s information technology index and the standard & poor 2019s 500 stock index for the past five years .', 'the line graph assumes the investment of $ 100 in our common stock , the standard & poor 2019s information technology index , and the standard & poor 2019s 500 stock index on may 31 , 2003 and assumes reinvestment of all dividends .', 'comparison of 5 year cumulative total return* among global payments inc. , the s&p 500 index and the s&p information technology index 5/03 5/04 5/05 5/06 5/07 5/08 global payments inc .', 's&p 500 s&p information technology * $ 100 invested on 5/31/03 in stock or index-including reinvestment of dividends .', 'fiscal year ending may 31 .', 'global payments s&p 500 information technology .']
----
Tabular Data:
========================================
• , global payments, s&p 500, s&p information technology
• may 31 2003, $ 100.00, $ 100.00, $ 100.00
• may 31 2004, 137.75, 118.33, 121.98
• may 31 2005, 205.20, 128.07, 123.08
• may 31 2006, 276.37, 139.14, 123.99
• may 31 2007, 238.04, 170.85, 152.54
• may 31 2008, 281.27, 159.41, 156.43
========================================
----
Post-table: ['issuer purchases of equity securities in fiscal 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 have repurchased 2.3 million shares of our common stock .', 'this authorization has no expiration date and may be suspended or terminated at any time .', 'repurchased shares will be retired but will be available for future issuance. .'] | 43.23 | GPN/2008/page_39.pdf-1 | ['stock performance graph the following line-graph presentation compares our cumulative shareholder returns with the standard & poor 2019s information technology index and the standard & poor 2019s 500 stock index for the past five years .', 'the line graph assumes the investment of $ 100 in our common stock , the standard & poor 2019s information technology index , and the standard & poor 2019s 500 stock index on may 31 , 2003 and assumes reinvestment of all dividends .', 'comparison of 5 year cumulative total return* among global payments inc. , the s&p 500 index and the s&p information technology index 5/03 5/04 5/05 5/06 5/07 5/08 global payments inc .', 's&p 500 s&p information technology * $ 100 invested on 5/31/03 in stock or index-including reinvestment of dividends .', 'fiscal year ending may 31 .', 'global payments s&p 500 information technology .'] | ['issuer purchases of equity securities in fiscal 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 have repurchased 2.3 million shares of our common stock .', 'this authorization has no expiration date and may be suspended or terminated at any time .', 'repurchased shares will be retired but will be available for future issuance. .'] | ========================================
• , global payments, s&p 500, s&p information technology
• may 31 2003, $ 100.00, $ 100.00, $ 100.00
• may 31 2004, 137.75, 118.33, 121.98
• may 31 2005, 205.20, 128.07, 123.08
• may 31 2006, 276.37, 139.14, 123.99
• may 31 2007, 238.04, 170.85, 152.54
• may 31 2008, 281.27, 159.41, 156.43
======================================== | subtract(281.27, 238.04) | 43.23 |
what is the percentage change in the unamortized debt issuance costs associated with its credit facilities from 2016 to 2017? | Pre-text: ['as of december 31 , 2017 , the company had gross state income tax credit carry-forwards of approximately $ 20 million , which expire from 2018 through 2020 .', 'a deferred tax asset of approximately $ 16 million ( net of federal benefit ) has been established related to these state income tax credit carry-forwards , with a valuation allowance of $ 7 million against such deferred tax asset as of december 31 , 2017 .', 'the company had a gross state net operating loss carry-forward of $ 39 million , which expires in 2027 .', 'a deferred tax asset of approximately $ 3 million ( net of federal benefit ) has been established for the net operating loss carry-forward , with a full valuation allowance as of december 31 , 2017 .', 'other state and foreign net operating loss carry-forwards are separately and cumulatively immaterial to the company 2019s deferred tax balances and expire between 2026 and 2036 .', '14 .', 'debt long-term debt consisted of the following: .']
######
Tabular Data:
Row 1: ( $ in millions ), december 31 2017, december 31 2016
Row 2: senior notes due december 15 2021 5.000% ( 5.000 % ), 2014, 600
Row 3: senior notes due november 15 2025 5.000% ( 5.000 % ), 600, 600
Row 4: senior notes due december 1 2027 3.483% ( 3.483 % ), 600, 2014
Row 5: mississippi economic development revenue bonds due may 1 2024 7.81% ( 7.81 % ), 84, 84
Row 6: gulf opportunity zone industrial development revenue bonds due december 1 2028 4.55% ( 4.55 % ), 21, 21
Row 7: less unamortized debt issuance costs, -26 ( 26 ), -27 ( 27 )
Row 8: total long-term debt, 1279, 1278
######
Post-table: ['credit facility - in november 2017 , the company terminated its second amended and restated credit agreement and entered into a new credit agreement ( the "credit facility" ) with third-party lenders .', 'the credit facility includes a revolving credit facility of $ 1250 million , which may be drawn upon during a period of five years from november 22 , 2017 .', 'the revolving credit facility includes a letter of credit subfacility of $ 500 million .', 'the revolving credit facility has a variable interest rate on outstanding borrowings based on the london interbank offered rate ( "libor" ) plus a spread based upon the company\'s credit rating , which may vary between 1.125% ( 1.125 % ) and 1.500% ( 1.500 % ) .', 'the revolving credit facility also has a commitment fee rate on the unutilized balance based on the company 2019s leverage ratio .', 'the commitment fee rate as of december 31 , 2017 was 0.25% ( 0.25 % ) and may vary between 0.20% ( 0.20 % ) and 0.30% ( 0.30 % ) .', 'the credit facility contains customary affirmative and negative covenants , as well as a financial covenant based on a maximum total leverage ratio .', "each of the company's existing and future material wholly owned domestic subsidiaries , except those that are specifically designated as unrestricted subsidiaries , are and will be guarantors under the credit facility .", 'in july 2015 , the company used cash on hand to repay all amounts outstanding under a prior credit facility , including $ 345 million in principal amount of outstanding term loans .', 'as of december 31 , 2017 , $ 15 million in letters of credit were issued but undrawn , and the remaining $ 1235 million of the revolving credit facility was unutilized .', 'the company had unamortized debt issuance costs associated with its credit facilities of $ 11 million and $ 8 million as of december 31 , 2017 and 2016 , respectively .', "senior notes - in december 2017 , the company issued $ 600 million aggregate principal amount of unregistered 3.483% ( 3.483 % ) senior notes with registration rights due december 2027 , the net proceeds of which were used to repurchase the company's 5.000% ( 5.000 % ) senior notes due in 2021 in connection with the 2017 redemption described below .", "in november 2015 , the company issued $ 600 million aggregate principal amount of unregistered 5.000% ( 5.000 % ) senior notes due november 2025 , the net proceeds of which were used to repurchase the company's 7.125% ( 7.125 % ) senior notes due in 2021 in connection with the 2015 tender offer and redemption described below .", "interest on the company's senior notes is payable semi-annually .", 'the terms of the 5.000% ( 5.000 % ) and 3.483% ( 3.483 % ) senior notes limit the company 2019s ability and the ability of certain of its subsidiaries to create liens , enter into sale and leaseback transactions , sell assets , and effect consolidations or mergers .', 'the company had unamortized debt issuance costs associated with the senior notes of $ 15 million and $ 19 million as of december 31 , 2017 and 2016 , respectively. .'] | 0.375 | HII/2017/page_104.pdf-2 | ['as of december 31 , 2017 , the company had gross state income tax credit carry-forwards of approximately $ 20 million , which expire from 2018 through 2020 .', 'a deferred tax asset of approximately $ 16 million ( net of federal benefit ) has been established related to these state income tax credit carry-forwards , with a valuation allowance of $ 7 million against such deferred tax asset as of december 31 , 2017 .', 'the company had a gross state net operating loss carry-forward of $ 39 million , which expires in 2027 .', 'a deferred tax asset of approximately $ 3 million ( net of federal benefit ) has been established for the net operating loss carry-forward , with a full valuation allowance as of december 31 , 2017 .', 'other state and foreign net operating loss carry-forwards are separately and cumulatively immaterial to the company 2019s deferred tax balances and expire between 2026 and 2036 .', '14 .', 'debt long-term debt consisted of the following: .'] | ['credit facility - in november 2017 , the company terminated its second amended and restated credit agreement and entered into a new credit agreement ( the "credit facility" ) with third-party lenders .', 'the credit facility includes a revolving credit facility of $ 1250 million , which may be drawn upon during a period of five years from november 22 , 2017 .', 'the revolving credit facility includes a letter of credit subfacility of $ 500 million .', 'the revolving credit facility has a variable interest rate on outstanding borrowings based on the london interbank offered rate ( "libor" ) plus a spread based upon the company\'s credit rating , which may vary between 1.125% ( 1.125 % ) and 1.500% ( 1.500 % ) .', 'the revolving credit facility also has a commitment fee rate on the unutilized balance based on the company 2019s leverage ratio .', 'the commitment fee rate as of december 31 , 2017 was 0.25% ( 0.25 % ) and may vary between 0.20% ( 0.20 % ) and 0.30% ( 0.30 % ) .', 'the credit facility contains customary affirmative and negative covenants , as well as a financial covenant based on a maximum total leverage ratio .', "each of the company's existing and future material wholly owned domestic subsidiaries , except those that are specifically designated as unrestricted subsidiaries , are and will be guarantors under the credit facility .", 'in july 2015 , the company used cash on hand to repay all amounts outstanding under a prior credit facility , including $ 345 million in principal amount of outstanding term loans .', 'as of december 31 , 2017 , $ 15 million in letters of credit were issued but undrawn , and the remaining $ 1235 million of the revolving credit facility was unutilized .', 'the company had unamortized debt issuance costs associated with its credit facilities of $ 11 million and $ 8 million as of december 31 , 2017 and 2016 , respectively .', "senior notes - in december 2017 , the company issued $ 600 million aggregate principal amount of unregistered 3.483% ( 3.483 % ) senior notes with registration rights due december 2027 , the net proceeds of which were used to repurchase the company's 5.000% ( 5.000 % ) senior notes due in 2021 in connection with the 2017 redemption described below .", "in november 2015 , the company issued $ 600 million aggregate principal amount of unregistered 5.000% ( 5.000 % ) senior notes due november 2025 , the net proceeds of which were used to repurchase the company's 7.125% ( 7.125 % ) senior notes due in 2021 in connection with the 2015 tender offer and redemption described below .", "interest on the company's senior notes is payable semi-annually .", 'the terms of the 5.000% ( 5.000 % ) and 3.483% ( 3.483 % ) senior notes limit the company 2019s ability and the ability of certain of its subsidiaries to create liens , enter into sale and leaseback transactions , sell assets , and effect consolidations or mergers .', 'the company had unamortized debt issuance costs associated with the senior notes of $ 15 million and $ 19 million as of december 31 , 2017 and 2016 , respectively. .'] | Row 1: ( $ in millions ), december 31 2017, december 31 2016
Row 2: senior notes due december 15 2021 5.000% ( 5.000 % ), 2014, 600
Row 3: senior notes due november 15 2025 5.000% ( 5.000 % ), 600, 600
Row 4: senior notes due december 1 2027 3.483% ( 3.483 % ), 600, 2014
Row 5: mississippi economic development revenue bonds due may 1 2024 7.81% ( 7.81 % ), 84, 84
Row 6: gulf opportunity zone industrial development revenue bonds due december 1 2028 4.55% ( 4.55 % ), 21, 21
Row 7: less unamortized debt issuance costs, -26 ( 26 ), -27 ( 27 )
Row 8: total long-term debt, 1279, 1278 | subtract(11, 8), divide(#0, 8) | 0.375 |
what were the greatest health plan contributions in thousands? | Context: ['112 / sl green realty corp .', '2017 annual report 20 .', 'commitments and contingencies legal proceedings as of december a031 , 2017 , the company and the operating partnership were not involved in any material litigation nor , to management 2019s knowledge , was any material litigation threat- ened against us or our portfolio which if adversely determined could have a material adverse impact on us .', 'environmental matters our management believes that the properties are in compliance in all material respects with applicable federal , state and local ordinances and regulations regarding environmental issues .', 'management is not aware of any environmental liability that it believes would have a materially adverse impact on our financial position , results of operations or cash flows .', 'management is unaware of any instances in which it would incur significant envi- ronmental cost if any of our properties were sold .', 'employment agreements we have entered into employment agreements with certain exec- utives , which expire between december a02018 and february a02020 .', 'the minimum cash-based compensation , including base sal- ary and guaranteed bonus payments , associated with these employment agreements total $ 5.4 a0million for 2018 .', 'in addition these employment agreements provide for deferred compen- sation awards based on our stock price and which were valued at $ 1.6 a0million on the grant date .', 'the value of these awards may change based on fluctuations in our stock price .', 'insurance we maintain 201call-risk 201d property and rental value coverage ( includ- ing coverage regarding the perils of flood , earthquake and terrorism , excluding nuclear , biological , chemical , and radiological terrorism ( 201cnbcr 201d ) ) , within three property insurance programs and liability insurance .', 'separate property and liability coverage may be purchased on a stand-alone basis for certain assets , such as the development of one vanderbilt .', 'additionally , our captive insurance company , belmont insurance company , or belmont , pro- vides coverage for nbcr terrorist acts above a specified trigger , although if belmont is required to pay a claim under our insur- ance policies , we would ultimately record the loss to the extent of belmont 2019s required payment .', 'however , there is no assurance that in the future we will be able to procure coverage at a reasonable cost .', 'further , if we experience losses that are uninsured or that exceed policy limits , we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those plan trustees adopted a rehabilitation plan consistent with this requirement .', 'no surcharges have been paid to the pension plan as of december a031 , 2017 .', 'for the pension plan years ended june a030 , 2017 , 2016 , and 2015 , the plan received contributions from employers totaling $ 257.8 a0million , $ 249.5 a0million , and $ 221.9 a0million .', 'our contributions to the pension plan represent less than 5.0% ( 5.0 % ) of total contributions to the plan .', 'the health plan was established under the terms of collective bargaining agreements between the union , the realty advisory board on labor relations , inc .', 'and certain other employees .', 'the health plan provides health and other benefits to eligible participants employed in the building service industry who are covered under collective bargaining agreements , or other writ- ten agreements , with the union .', 'the health plan is administered by a board of trustees with equal representation by the employ- ers and the union and operates under employer identification number a013-2928869 .', 'the health plan receives contributions in accordance with collective bargaining agreements or participa- tion agreements .', 'generally , these agreements provide that the employers contribute to the health plan at a fixed rate on behalf of each covered employee .', 'for the health plan years ended , june a030 , 2017 , 2016 , and 2015 , the plan received contributions from employers totaling $ 1.3 a0billion , $ 1.2 a0billion and $ 1.1 a0billion , respectively .', 'our contributions to the health plan represent less than 5.0% ( 5.0 % ) of total contributions to the plan .', 'contributions we made to the multi-employer plans for the years ended december a031 , 2017 , 2016 and 2015 are included in the table below ( in thousands ) : .']
--
Table:
Row 1: benefit plan, 2017, 2016, 2015
Row 2: pension plan, $ 3856, $ 3979, $ 2732
Row 3: health plan, 11426, 11530, 8736
Row 4: other plans, 1463, 1583, 5716
Row 5: total plan contributions, $ 16745, $ 17092, $ 17184
--
Post-table: ['401 ( k ) plan in august a01997 , we implemented a 401 ( k ) a0savings/retirement plan , or the 401 ( k ) a0plan , to cover eligible employees of ours , and any designated affiliate .', 'the 401 ( k ) a0plan permits eligible employees to defer up to 15% ( 15 % ) of their annual compensation , subject to certain limitations imposed by the code .', 'the employees 2019 elective deferrals are immediately vested and non-forfeitable upon contribution to the 401 ( k ) a0plan .', 'during a02003 , we amended our 401 ( k ) a0plan to pro- vide for discretionary matching contributions only .', 'for 2017 , 2016 and 2015 , a matching contribution equal to 50% ( 50 % ) of the first 6% ( 6 % ) of annual compensation was made .', 'for the year ended december a031 , 2017 , we made a matching contribution of $ 728782 .', 'for the years ended december a031 , 2016 and 2015 , we made matching contribu- tions of $ 566000 and $ 550000 , respectively. .'] | 11530.0 | SLG/2017/page_114.pdf-5 | ['112 / sl green realty corp .', '2017 annual report 20 .', 'commitments and contingencies legal proceedings as of december a031 , 2017 , the company and the operating partnership were not involved in any material litigation nor , to management 2019s knowledge , was any material litigation threat- ened against us or our portfolio which if adversely determined could have a material adverse impact on us .', 'environmental matters our management believes that the properties are in compliance in all material respects with applicable federal , state and local ordinances and regulations regarding environmental issues .', 'management is not aware of any environmental liability that it believes would have a materially adverse impact on our financial position , results of operations or cash flows .', 'management is unaware of any instances in which it would incur significant envi- ronmental cost if any of our properties were sold .', 'employment agreements we have entered into employment agreements with certain exec- utives , which expire between december a02018 and february a02020 .', 'the minimum cash-based compensation , including base sal- ary and guaranteed bonus payments , associated with these employment agreements total $ 5.4 a0million for 2018 .', 'in addition these employment agreements provide for deferred compen- sation awards based on our stock price and which were valued at $ 1.6 a0million on the grant date .', 'the value of these awards may change based on fluctuations in our stock price .', 'insurance we maintain 201call-risk 201d property and rental value coverage ( includ- ing coverage regarding the perils of flood , earthquake and terrorism , excluding nuclear , biological , chemical , and radiological terrorism ( 201cnbcr 201d ) ) , within three property insurance programs and liability insurance .', 'separate property and liability coverage may be purchased on a stand-alone basis for certain assets , such as the development of one vanderbilt .', 'additionally , our captive insurance company , belmont insurance company , or belmont , pro- vides coverage for nbcr terrorist acts above a specified trigger , although if belmont is required to pay a claim under our insur- ance policies , we would ultimately record the loss to the extent of belmont 2019s required payment .', 'however , there is no assurance that in the future we will be able to procure coverage at a reasonable cost .', 'further , if we experience losses that are uninsured or that exceed policy limits , we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those plan trustees adopted a rehabilitation plan consistent with this requirement .', 'no surcharges have been paid to the pension plan as of december a031 , 2017 .', 'for the pension plan years ended june a030 , 2017 , 2016 , and 2015 , the plan received contributions from employers totaling $ 257.8 a0million , $ 249.5 a0million , and $ 221.9 a0million .', 'our contributions to the pension plan represent less than 5.0% ( 5.0 % ) of total contributions to the plan .', 'the health plan was established under the terms of collective bargaining agreements between the union , the realty advisory board on labor relations , inc .', 'and certain other employees .', 'the health plan provides health and other benefits to eligible participants employed in the building service industry who are covered under collective bargaining agreements , or other writ- ten agreements , with the union .', 'the health plan is administered by a board of trustees with equal representation by the employ- ers and the union and operates under employer identification number a013-2928869 .', 'the health plan receives contributions in accordance with collective bargaining agreements or participa- tion agreements .', 'generally , these agreements provide that the employers contribute to the health plan at a fixed rate on behalf of each covered employee .', 'for the health plan years ended , june a030 , 2017 , 2016 , and 2015 , the plan received contributions from employers totaling $ 1.3 a0billion , $ 1.2 a0billion and $ 1.1 a0billion , respectively .', 'our contributions to the health plan represent less than 5.0% ( 5.0 % ) of total contributions to the plan .', 'contributions we made to the multi-employer plans for the years ended december a031 , 2017 , 2016 and 2015 are included in the table below ( in thousands ) : .'] | ['401 ( k ) plan in august a01997 , we implemented a 401 ( k ) a0savings/retirement plan , or the 401 ( k ) a0plan , to cover eligible employees of ours , and any designated affiliate .', 'the 401 ( k ) a0plan permits eligible employees to defer up to 15% ( 15 % ) of their annual compensation , subject to certain limitations imposed by the code .', 'the employees 2019 elective deferrals are immediately vested and non-forfeitable upon contribution to the 401 ( k ) a0plan .', 'during a02003 , we amended our 401 ( k ) a0plan to pro- vide for discretionary matching contributions only .', 'for 2017 , 2016 and 2015 , a matching contribution equal to 50% ( 50 % ) of the first 6% ( 6 % ) of annual compensation was made .', 'for the year ended december a031 , 2017 , we made a matching contribution of $ 728782 .', 'for the years ended december a031 , 2016 and 2015 , we made matching contribu- tions of $ 566000 and $ 550000 , respectively. .'] | Row 1: benefit plan, 2017, 2016, 2015
Row 2: pension plan, $ 3856, $ 3979, $ 2732
Row 3: health plan, 11426, 11530, 8736
Row 4: other plans, 1463, 1583, 5716
Row 5: total plan contributions, $ 16745, $ 17092, $ 17184 | table_max(health plan, none) | 11530.0 |
what was the percentage change in proportional free cash flow between 2013 and 2014? | Context: ['proportional free cash flow ( a non-gaap measure ) we define proportional free cash flow as cash flows from operating activities less maintenance capital expenditures ( including non-recoverable environmental capital expenditures ) , adjusted for the estimated impact of noncontrolling interests .', 'the proportionate share of cash flows and related adjustments attributable to noncontrolling interests in our subsidiaries comprise the proportional adjustment factor presented in the reconciliation below .', "upon the company's adoption of the accounting guidance for service concession arrangements effective january 1 , 2015 , capital expenditures related to service concession assets that would have been classified as investing activities on the consolidated statement of cash flows are now classified as operating activities .", 'see note 1 2014general and summary of significant accounting policies of this form 10-k for further information on the adoption of this guidance .', 'beginning in the quarter ended march 31 , 2015 , the company changed the definition of proportional free cash flow to exclude the cash flows for capital expenditures related to service concession assets that are now classified within net cash provided by operating activities on the consolidated statement of cash flows .', 'the proportional adjustment factor for these capital expenditures is presented in the reconciliation below .', 'we also exclude environmental capital expenditures that are expected to be recovered through regulatory , contractual or other mechanisms .', "an example of recoverable environmental capital expenditures is ipl's investment in mats-related environmental upgrades that are recovered through a tracker .", 'see item 1 . 2014us sbu 2014ipl 2014environmental matters for details of these investments .', 'the gaap measure most comparable to proportional free cash flow is cash flows from operating activities .', 'we believe that proportional free cash flow better reflects the underlying business performance of the company , as it measures the cash generated by the business , after the funding of maintenance capital expenditures , that may be available for investing or repaying debt or other purposes .', 'factors in this determination include the impact of noncontrolling interests , where aes consolidates the results of a subsidiary that is not wholly-owned by the company .', 'the presentation of free cash flow has material limitations .', 'proportional free cash flow should not be construed as an alternative to cash from operating activities , which is determined in accordance with gaap .', 'proportional free cash flow does not represent our cash flow available for discretionary payments because it excludes certain payments that are required or to which we have committed , such as debt service requirements and dividend payments .', 'our definition of proportional free cash flow may not be comparable to similarly titled measures presented by other companies .', 'calculation of proportional free cash flow ( in millions ) 2015 2014 2013 2015/2014change 2014/2013 change .']
--
Data Table:
calculation of proportional free cash flow ( in millions ) | 2015 | 2014 | 2013 | 2015/2014 change | 2014/2013 change
----------|----------|----------|----------|----------|----------
net cash provided by operating activities | $ 2134 | $ 1791 | $ 2715 | $ 343 | $ -924 ( 924 )
add : capital expenditures related to service concession assets ( 1 ) | 165 | 2014 | 2014 | 165 | 2014
adjusted operating cash flow | 2299 | 1791 | 2715 | 508 | -924 ( 924 )
less : proportional adjustment factor on operating cash activities ( 2 ) ( 3 ) | -558 ( 558 ) | -359 ( 359 ) | -834 ( 834 ) | -199 ( 199 ) | 475
proportional adjusted operating cash flow | 1741 | 1432 | 1881 | 309 | -449 ( 449 )
less : proportional maintenance capital expenditures net of reinsurance proceeds ( 2 ) | -449 ( 449 ) | -485 ( 485 ) | -535 ( 535 ) | 36 | 50
less : proportional non-recoverable environmental capital expenditures ( 2 ) ( 4 ) | -51 ( 51 ) | -56 ( 56 ) | -75 ( 75 ) | 5 | 19
proportional free cash flow | $ 1241 | $ 891 | $ 1271 | $ 350 | $ -380 ( 380 )
--
Additional Information: ['( 1 ) service concession asset expenditures excluded from proportional free cash flow non-gaap metric .', '( 2 ) the proportional adjustment factor , proportional maintenance capital expenditures ( net of reinsurance proceeds ) and proportional non-recoverable environmental capital expenditures are calculated by multiplying the percentage owned by noncontrolling interests for each entity by its corresponding consolidated cash flow metric and are totaled to the resulting figures .', 'for example , parent company a owns 20% ( 20 % ) of subsidiary company b , a consolidated subsidiary .', 'thus , subsidiary company b has an 80% ( 80 % ) noncontrolling interest .', 'assuming a consolidated net cash flow from operating activities of $ 100 from subsidiary b , the proportional adjustment factor for subsidiary b would equal $ 80 ( or $ 100 x 80% ( 80 % ) ) .', 'the company calculates the proportional adjustment factor for each consolidated business in this manner and then sums these amounts to determine the total proportional adjustment factor used in the reconciliation .', "the proportional adjustment factor may differ from the proportion of income attributable to noncontrolling interests as a result of ( a ) non-cash items which impact income but not cash and ( b ) aes' ownership interest in the subsidiary where such items occur .", '( 3 ) includes proportional adjustment amount for service concession asset expenditures of $ 84 million for the year ended december 31 , 2015 .', 'the company adopted service concession accounting effective january 1 , 2015 .', "( 4 ) excludes ipl's proportional recoverable environmental capital expenditures of $ 205 million , $ 163 million and $ 110 million for the years december 31 , 2015 , 2014 and 2013 , respectively. ."] | -0.29898 | AES/2015/page_117.pdf-1 | ['proportional free cash flow ( a non-gaap measure ) we define proportional free cash flow as cash flows from operating activities less maintenance capital expenditures ( including non-recoverable environmental capital expenditures ) , adjusted for the estimated impact of noncontrolling interests .', 'the proportionate share of cash flows and related adjustments attributable to noncontrolling interests in our subsidiaries comprise the proportional adjustment factor presented in the reconciliation below .', "upon the company's adoption of the accounting guidance for service concession arrangements effective january 1 , 2015 , capital expenditures related to service concession assets that would have been classified as investing activities on the consolidated statement of cash flows are now classified as operating activities .", 'see note 1 2014general and summary of significant accounting policies of this form 10-k for further information on the adoption of this guidance .', 'beginning in the quarter ended march 31 , 2015 , the company changed the definition of proportional free cash flow to exclude the cash flows for capital expenditures related to service concession assets that are now classified within net cash provided by operating activities on the consolidated statement of cash flows .', 'the proportional adjustment factor for these capital expenditures is presented in the reconciliation below .', 'we also exclude environmental capital expenditures that are expected to be recovered through regulatory , contractual or other mechanisms .', "an example of recoverable environmental capital expenditures is ipl's investment in mats-related environmental upgrades that are recovered through a tracker .", 'see item 1 . 2014us sbu 2014ipl 2014environmental matters for details of these investments .', 'the gaap measure most comparable to proportional free cash flow is cash flows from operating activities .', 'we believe that proportional free cash flow better reflects the underlying business performance of the company , as it measures the cash generated by the business , after the funding of maintenance capital expenditures , that may be available for investing or repaying debt or other purposes .', 'factors in this determination include the impact of noncontrolling interests , where aes consolidates the results of a subsidiary that is not wholly-owned by the company .', 'the presentation of free cash flow has material limitations .', 'proportional free cash flow should not be construed as an alternative to cash from operating activities , which is determined in accordance with gaap .', 'proportional free cash flow does not represent our cash flow available for discretionary payments because it excludes certain payments that are required or to which we have committed , such as debt service requirements and dividend payments .', 'our definition of proportional free cash flow may not be comparable to similarly titled measures presented by other companies .', 'calculation of proportional free cash flow ( in millions ) 2015 2014 2013 2015/2014change 2014/2013 change .'] | ['( 1 ) service concession asset expenditures excluded from proportional free cash flow non-gaap metric .', '( 2 ) the proportional adjustment factor , proportional maintenance capital expenditures ( net of reinsurance proceeds ) and proportional non-recoverable environmental capital expenditures are calculated by multiplying the percentage owned by noncontrolling interests for each entity by its corresponding consolidated cash flow metric and are totaled to the resulting figures .', 'for example , parent company a owns 20% ( 20 % ) of subsidiary company b , a consolidated subsidiary .', 'thus , subsidiary company b has an 80% ( 80 % ) noncontrolling interest .', 'assuming a consolidated net cash flow from operating activities of $ 100 from subsidiary b , the proportional adjustment factor for subsidiary b would equal $ 80 ( or $ 100 x 80% ( 80 % ) ) .', 'the company calculates the proportional adjustment factor for each consolidated business in this manner and then sums these amounts to determine the total proportional adjustment factor used in the reconciliation .', "the proportional adjustment factor may differ from the proportion of income attributable to noncontrolling interests as a result of ( a ) non-cash items which impact income but not cash and ( b ) aes' ownership interest in the subsidiary where such items occur .", '( 3 ) includes proportional adjustment amount for service concession asset expenditures of $ 84 million for the year ended december 31 , 2015 .', 'the company adopted service concession accounting effective january 1 , 2015 .', "( 4 ) excludes ipl's proportional recoverable environmental capital expenditures of $ 205 million , $ 163 million and $ 110 million for the years december 31 , 2015 , 2014 and 2013 , respectively. ."] | calculation of proportional free cash flow ( in millions ) | 2015 | 2014 | 2013 | 2015/2014 change | 2014/2013 change
----------|----------|----------|----------|----------|----------
net cash provided by operating activities | $ 2134 | $ 1791 | $ 2715 | $ 343 | $ -924 ( 924 )
add : capital expenditures related to service concession assets ( 1 ) | 165 | 2014 | 2014 | 165 | 2014
adjusted operating cash flow | 2299 | 1791 | 2715 | 508 | -924 ( 924 )
less : proportional adjustment factor on operating cash activities ( 2 ) ( 3 ) | -558 ( 558 ) | -359 ( 359 ) | -834 ( 834 ) | -199 ( 199 ) | 475
proportional adjusted operating cash flow | 1741 | 1432 | 1881 | 309 | -449 ( 449 )
less : proportional maintenance capital expenditures net of reinsurance proceeds ( 2 ) | -449 ( 449 ) | -485 ( 485 ) | -535 ( 535 ) | 36 | 50
less : proportional non-recoverable environmental capital expenditures ( 2 ) ( 4 ) | -51 ( 51 ) | -56 ( 56 ) | -75 ( 75 ) | 5 | 19
proportional free cash flow | $ 1241 | $ 891 | $ 1271 | $ 350 | $ -380 ( 380 ) | divide(-380, 1271) | -0.29898 |
what was the increase in long-term debt between 2004 and 2005 in thousands? | Background: ['american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the term of the economic rights agreement is seventy years ; however , tv azteca has the right to purchase , at fair market value , the economic rights from the company at any time during the last fifty years of the agreement .', 'should tv azteca elect to purchase the economic rights ( in whole or in part ) , it would also be obligated to repay a proportional amount of the loan discussed above at the time of such election .', 'the company 2019s obligation to pay tv azteca $ 1.5 million annually would also be reduced proportionally .', 'the company has accounted for the annual payment of $ 1.5 million as a capital lease ( initially recording an asset and a corresponding liability of approximately $ 18.6 million ) .', 'the capital lease asset and the discount on the note , which aggregate approximately $ 30.2 million , represent the cost to acquire the economic rights and are being amortized over the seventy-year life of the economic rights agreement .', 'on a quarterly basis , the company assesses the recoverability of its note receivable from tv azteca .', 'as of december 31 , 2005 and 2004 , the company has assessed the recoverability of the note receivable from tv azteca and concluded that no adjustment to its carrying value is required .', 'an executive officer and former director of the company served as a director of tv azteca from december 1999 to february 2006 .', 'as of december 31 , 2005 and 2004 , the company also had other long-term notes receivable outstanding of approximately $ 11.1 million and $ 11.2 million , respectively .', '7 .', 'financing arrangements outstanding amounts under the company 2019s long-term financing arrangements consisted of the following as of december 31 , ( in thousands ) : .']
--------
Table:
****************************************
2005 2004
american tower credit facility $ 793000 $ 698000
spectrasite credit facility 700000
senior subordinated notes 400000 400000
senior subordinated discount notes net of discount and warrant valuation 160252 303755
senior notes net of discount and premium 726754 1001817
convertible notes net of discount 773058 830056
notes payable and capital leases 60365 59986
total 3613429 3293614
less current portion of other long-term obligations -162153 ( 162153 ) -138386 ( 138386 )
long-term debt $ 3451276 $ 3155228
****************************************
--------
Follow-up: ['new credit facilities 2014in october 2005 , the company refinanced the two existing credit facilities of its principal operating subsidiaries .', 'the company replaced the existing american tower $ 1.1 billion senior secured credit facility with a new $ 1.3 billion senior secured credit facility and replaced the existing spectrasite $ 900.0 million senior secured credit facility with a new $ 1.15 billion senior secured credit facility .', 'as a result of the repayment of the previous credit facilities , the company recorded a net loss on retirement of long-term obligations of $ 9.8 million in the fourth quarter of 2005. .'] | 296048.0 | AMT/2005/page_85.pdf-1 | ['american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the term of the economic rights agreement is seventy years ; however , tv azteca has the right to purchase , at fair market value , the economic rights from the company at any time during the last fifty years of the agreement .', 'should tv azteca elect to purchase the economic rights ( in whole or in part ) , it would also be obligated to repay a proportional amount of the loan discussed above at the time of such election .', 'the company 2019s obligation to pay tv azteca $ 1.5 million annually would also be reduced proportionally .', 'the company has accounted for the annual payment of $ 1.5 million as a capital lease ( initially recording an asset and a corresponding liability of approximately $ 18.6 million ) .', 'the capital lease asset and the discount on the note , which aggregate approximately $ 30.2 million , represent the cost to acquire the economic rights and are being amortized over the seventy-year life of the economic rights agreement .', 'on a quarterly basis , the company assesses the recoverability of its note receivable from tv azteca .', 'as of december 31 , 2005 and 2004 , the company has assessed the recoverability of the note receivable from tv azteca and concluded that no adjustment to its carrying value is required .', 'an executive officer and former director of the company served as a director of tv azteca from december 1999 to february 2006 .', 'as of december 31 , 2005 and 2004 , the company also had other long-term notes receivable outstanding of approximately $ 11.1 million and $ 11.2 million , respectively .', '7 .', 'financing arrangements outstanding amounts under the company 2019s long-term financing arrangements consisted of the following as of december 31 , ( in thousands ) : .'] | ['new credit facilities 2014in october 2005 , the company refinanced the two existing credit facilities of its principal operating subsidiaries .', 'the company replaced the existing american tower $ 1.1 billion senior secured credit facility with a new $ 1.3 billion senior secured credit facility and replaced the existing spectrasite $ 900.0 million senior secured credit facility with a new $ 1.15 billion senior secured credit facility .', 'as a result of the repayment of the previous credit facilities , the company recorded a net loss on retirement of long-term obligations of $ 9.8 million in the fourth quarter of 2005. .'] | ****************************************
2005 2004
american tower credit facility $ 793000 $ 698000
spectrasite credit facility 700000
senior subordinated notes 400000 400000
senior subordinated discount notes net of discount and warrant valuation 160252 303755
senior notes net of discount and premium 726754 1001817
convertible notes net of discount 773058 830056
notes payable and capital leases 60365 59986
total 3613429 3293614
less current portion of other long-term obligations -162153 ( 162153 ) -138386 ( 138386 )
long-term debt $ 3451276 $ 3155228
**************************************** | subtract(3451276, 3155228) | 296048.0 |
in 2007 what was the percent of the total number of shares purchased after 11/24/07 | Background: ['part ii item 5 : market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities motorola 2019s common stock is listed on the new york and chicago stock exchanges .', 'the number of stockholders of record of motorola common stock on january 31 , 2008 was 79907 .', 'information regarding securities authorized for issuance under equity compensation plans is incorporated by reference to the information under the caption 201cequity compensation plan information 201d of motorola 2019s proxy statement for the 2008 annual meeting of stockholders .', 'the remainder of the response to this item incorporates by reference note 16 , 201cquarterly and other financial data ( unaudited ) 201d of the notes to consolidated financial statements appearing under 201citem 8 : financial statements and supplementary data 201d .', 'the following table provides information with respect to acquisitions by the company of shares of its common stock during the quarter ended december 31 , 2007 .', 'issuer purchases of equity securities period ( a ) total number of shares purchased ( 1 ) ( 2 ) ( b ) average price paid per share ( 1 ) ( 3 ) ( c ) total number of shares purchased as part of publicly announced plans or programs ( 2 ) ( d ) maximum number ( or approximate dollar value ) of shares that may yet be purchased under the plans or programs ( 2 ) .']
########
Data Table:
period | ( a ) total number of shares purchased ( 1 ) ( 2 ) | ( b ) average price paid per share ( 1 ) ( 3 ) | ( c ) total number of shares purchased as part of publicly announced plans or programs ( 2 ) | ( d ) maximum number ( or approximate dollar value ) of shares that may yet be purchased under the plans or programs ( 2 )
9/30/07 to 10/26/07 | 2972951 | $ 18.84 | 2964225 | $ 4267375081
10/27/07 to 11/23/07 | 5709917 | $ 17.23 | 5706600 | $ 4169061854
11/24/07 to 12/31/07 | 25064045 | $ 16.04 | 25064045 | $ 3767061887
total | 33746913 | $ 16.49 | 33734870 |
########
Post-table: ['( 1 ) in addition to purchases under the 2006 stock repurchase program ( as defined below ) , included in this column are transactions under the company 2019s equity compensation plans involving the delivery to the company of 12043 shares of motorola common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock granted to company employees .', '( 2 ) through actions taken on july 24 , 2006 and march 21 , 2007 , the board of directors has authorized the company to repurchase an aggregate amount of up to $ 7.5 billion of its outstanding shares of common stock over a period ending in june 2009 , subject to market conditions ( the 201c2006 stock repurchase program 201d ) .', '( 3 ) average price paid per share of common stock repurchased under the 2006 stock repurchase program is execution price , excluding commissions paid to brokers. .'] | 0.74271 | MSI/2007/page_42.pdf-1 | ['part ii item 5 : market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities motorola 2019s common stock is listed on the new york and chicago stock exchanges .', 'the number of stockholders of record of motorola common stock on january 31 , 2008 was 79907 .', 'information regarding securities authorized for issuance under equity compensation plans is incorporated by reference to the information under the caption 201cequity compensation plan information 201d of motorola 2019s proxy statement for the 2008 annual meeting of stockholders .', 'the remainder of the response to this item incorporates by reference note 16 , 201cquarterly and other financial data ( unaudited ) 201d of the notes to consolidated financial statements appearing under 201citem 8 : financial statements and supplementary data 201d .', 'the following table provides information with respect to acquisitions by the company of shares of its common stock during the quarter ended december 31 , 2007 .', 'issuer purchases of equity securities period ( a ) total number of shares purchased ( 1 ) ( 2 ) ( b ) average price paid per share ( 1 ) ( 3 ) ( c ) total number of shares purchased as part of publicly announced plans or programs ( 2 ) ( d ) maximum number ( or approximate dollar value ) of shares that may yet be purchased under the plans or programs ( 2 ) .'] | ['( 1 ) in addition to purchases under the 2006 stock repurchase program ( as defined below ) , included in this column are transactions under the company 2019s equity compensation plans involving the delivery to the company of 12043 shares of motorola common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock granted to company employees .', '( 2 ) through actions taken on july 24 , 2006 and march 21 , 2007 , the board of directors has authorized the company to repurchase an aggregate amount of up to $ 7.5 billion of its outstanding shares of common stock over a period ending in june 2009 , subject to market conditions ( the 201c2006 stock repurchase program 201d ) .', '( 3 ) average price paid per share of common stock repurchased under the 2006 stock repurchase program is execution price , excluding commissions paid to brokers. .'] | period | ( a ) total number of shares purchased ( 1 ) ( 2 ) | ( b ) average price paid per share ( 1 ) ( 3 ) | ( c ) total number of shares purchased as part of publicly announced plans or programs ( 2 ) | ( d ) maximum number ( or approximate dollar value ) of shares that may yet be purchased under the plans or programs ( 2 )
9/30/07 to 10/26/07 | 2972951 | $ 18.84 | 2964225 | $ 4267375081
10/27/07 to 11/23/07 | 5709917 | $ 17.23 | 5706600 | $ 4169061854
11/24/07 to 12/31/07 | 25064045 | $ 16.04 | 25064045 | $ 3767061887
total | 33746913 | $ 16.49 | 33734870 | | divide(25064045, 33746913) | 0.74271 |
what is the ratio of perfomance shares as a percent of the total number of granted shares? | Context: ['in 2017 , the company granted 440076 shares of restricted class a common stock and 7568 shares of restricted stock units .', 'restricted common stock and restricted stock units generally have a vesting period of two to four years .', 'the fair value related to these grants was $ 58.7 million , which is recognized as compensation expense on an accelerated basis over the vesting period .', 'dividends are accrued on restricted class a common stock and restricted stock units and are paid once the restricted stock vests .', 'in 2017 , the company also granted 203298 performance shares .', 'the fair value related to these grants was $ 25.3 million , which is recognized as compensation expense on an accelerated and straight-lined basis over the vesting period .', 'the vesting of these shares is contingent on meeting stated performance or market conditions .', 'the following table summarizes restricted stock , restricted stock units , and performance shares activity for 2017 : number of shares weighted average grant date fair value .']
--------
Tabular Data:
----------------------------------------
• , number of shares, weightedaveragegrant datefair value
• outstanding at december 31 2016, 1820578, $ 98
• granted, 650942, 129
• vested, -510590 ( 510590 ), 87
• cancelled, -401699 ( 401699 ), 95
• outstanding at december 31 2017, 1559231, 116
----------------------------------------
--------
Post-table: ['the total fair value of restricted stock , restricted stock units , and performance shares that vested during 2017 , 2016 and 2015 was $ 66.0 million , $ 59.8 million and $ 43.3 million , respectively .', 'under the espp , eligible employees may acquire shares of class a common stock using after-tax payroll deductions made during consecutive offering periods of approximately six months in duration .', 'shares are purchased at the end of each offering period at a price of 90% ( 90 % ) of the closing price of the class a common stock as reported on the nasdaq global select market .', 'compensation expense is recognized on the dates of purchase for the discount from the closing price .', 'in 2017 , 2016 and 2015 , a total of 19936 , 19858 and 19756 shares , respectively , of class a common stock were issued to participating employees .', 'these shares are subject to a six-month holding period .', 'annual expense of $ 0.3 million for the purchase discount was recognized in 2017 , and $ 0.2 million was recognized in both 2016 and 2015 .', 'non-executive directors receive an annual award of class a common stock with a value equal to $ 100000 .', 'non-executive directors may also elect to receive some or all of the cash portion of their annual stipend , up to $ 60000 , in shares of stock based on the closing price at the date of distribution .', 'as a result , 19736 shares , 26439 shares and 25853 shares of class a common stock were issued to non-executive directors during 2017 , 2016 and 2015 , respectively .', 'these shares are not subject to any vesting restrictions .', 'expense of $ 2.5 million , $ 2.4 million and $ 2.5 million related to these stock-based payments was recognized for the years ended december 31 , 2017 , 2016 and 2015 , respectively. .'] | 0.31231 | CME/2017/page_99.pdf-1 | ['in 2017 , the company granted 440076 shares of restricted class a common stock and 7568 shares of restricted stock units .', 'restricted common stock and restricted stock units generally have a vesting period of two to four years .', 'the fair value related to these grants was $ 58.7 million , which is recognized as compensation expense on an accelerated basis over the vesting period .', 'dividends are accrued on restricted class a common stock and restricted stock units and are paid once the restricted stock vests .', 'in 2017 , the company also granted 203298 performance shares .', 'the fair value related to these grants was $ 25.3 million , which is recognized as compensation expense on an accelerated and straight-lined basis over the vesting period .', 'the vesting of these shares is contingent on meeting stated performance or market conditions .', 'the following table summarizes restricted stock , restricted stock units , and performance shares activity for 2017 : number of shares weighted average grant date fair value .'] | ['the total fair value of restricted stock , restricted stock units , and performance shares that vested during 2017 , 2016 and 2015 was $ 66.0 million , $ 59.8 million and $ 43.3 million , respectively .', 'under the espp , eligible employees may acquire shares of class a common stock using after-tax payroll deductions made during consecutive offering periods of approximately six months in duration .', 'shares are purchased at the end of each offering period at a price of 90% ( 90 % ) of the closing price of the class a common stock as reported on the nasdaq global select market .', 'compensation expense is recognized on the dates of purchase for the discount from the closing price .', 'in 2017 , 2016 and 2015 , a total of 19936 , 19858 and 19756 shares , respectively , of class a common stock were issued to participating employees .', 'these shares are subject to a six-month holding period .', 'annual expense of $ 0.3 million for the purchase discount was recognized in 2017 , and $ 0.2 million was recognized in both 2016 and 2015 .', 'non-executive directors receive an annual award of class a common stock with a value equal to $ 100000 .', 'non-executive directors may also elect to receive some or all of the cash portion of their annual stipend , up to $ 60000 , in shares of stock based on the closing price at the date of distribution .', 'as a result , 19736 shares , 26439 shares and 25853 shares of class a common stock were issued to non-executive directors during 2017 , 2016 and 2015 , respectively .', 'these shares are not subject to any vesting restrictions .', 'expense of $ 2.5 million , $ 2.4 million and $ 2.5 million related to these stock-based payments was recognized for the years ended december 31 , 2017 , 2016 and 2015 , respectively. .'] | ----------------------------------------
• , number of shares, weightedaveragegrant datefair value
• outstanding at december 31 2016, 1820578, $ 98
• granted, 650942, 129
• vested, -510590 ( 510590 ), 87
• cancelled, -401699 ( 401699 ), 95
• outstanding at december 31 2017, 1559231, 116
---------------------------------------- | divide(203298, 650942) | 0.31231 |
what is the roi of an investment in nasdaq composite index from march 2010 to march 2013? | Pre-text: ['performance graph the following graph compares the yearly change in the cumulative total stockholder return for our last five full fiscal years , based upon the market price of our common stock , with the cumulative total return on a nasdaq composite index ( u.s .', 'companies ) and a peer group , the nasdaq medical equipment-sic code 3840-3849 index , which is comprised of medical equipment companies , for that period .', 'the performance graph assumes the investment of $ 100 on march 31 , 2010 in our common stock , the nasdaq composite index ( u.s .', 'companies ) and the peer group index , and the reinvestment of any and all dividends. .']
--
Table:
========================================
| 3/31/2010 | 3/31/2011 | 3/31/2012 | 3/31/2013 | 3/31/2014 | 3/31/2015
abiomed inc | 100 | 140.79 | 215.02 | 180.91 | 252.33 | 693.60
nasdaq composite index | 100 | 115.98 | 128.93 | 136.26 | 175.11 | 204.38
nasdaq medical equipment sic code 3840-3849 | 100 | 108.31 | 115.05 | 105.56 | 123.18 | 118.95
========================================
--
Post-table: ['this graph is not 201csoliciting material 201d under regulation 14a or 14c of the rules promulgated under the securities exchange act of 1934 , is not deemed filed with the securities and exchange commission and is not to be incorporated by reference in any of our filings under the securities act of 1933 , as amended , or the exchange act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing .', 'transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038 , is our stock transfer agent. .'] | 0.3626 | ABMD/2015/page_53.pdf-4 | ['performance graph the following graph compares the yearly change in the cumulative total stockholder return for our last five full fiscal years , based upon the market price of our common stock , with the cumulative total return on a nasdaq composite index ( u.s .', 'companies ) and a peer group , the nasdaq medical equipment-sic code 3840-3849 index , which is comprised of medical equipment companies , for that period .', 'the performance graph assumes the investment of $ 100 on march 31 , 2010 in our common stock , the nasdaq composite index ( u.s .', 'companies ) and the peer group index , and the reinvestment of any and all dividends. .'] | ['this graph is not 201csoliciting material 201d under regulation 14a or 14c of the rules promulgated under the securities exchange act of 1934 , is not deemed filed with the securities and exchange commission and is not to be incorporated by reference in any of our filings under the securities act of 1933 , as amended , or the exchange act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing .', 'transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038 , is our stock transfer agent. .'] | ========================================
| 3/31/2010 | 3/31/2011 | 3/31/2012 | 3/31/2013 | 3/31/2014 | 3/31/2015
abiomed inc | 100 | 140.79 | 215.02 | 180.91 | 252.33 | 693.60
nasdaq composite index | 100 | 115.98 | 128.93 | 136.26 | 175.11 | 204.38
nasdaq medical equipment sic code 3840-3849 | 100 | 108.31 | 115.05 | 105.56 | 123.18 | 118.95
======================================== | subtract(136.26, 100), divide(#0, 100) | 0.3626 |
what percent did the realized and unrealized losses effect the assets as of 2008? | Background: ['a wholly-owned subsidiary of the company is a registered life insurance company that maintains separate account assets , representing segregated funds held for purposes of funding individual and group pension contracts , and equal and offsetting separate account liabilities .', 'at decem - ber 31 , 2008 and 2007 , the level 3 separate account assets were approximately $ 4 and $ 12 , respectively .', 'the changes in level 3 assets primarily relate to purchases , sales and gains/ ( losses ) .', 'the net investment income and net gains and losses attributable to separate account assets accrue directly to the contract owner and are not reported as non-operating income ( expense ) on the consolidated statements of income .', 'level 3 assets , which includes equity method investments or consolidated investments of real estate funds , private equity funds and funds of private equity funds are valued based upon valuations received from internal as well as third party fund managers .', 'fair valuations at the underlying funds are based on a combination of methods which may include third-party independent appraisals and discounted cash flow techniques .', 'direct investments in private equity companies held by funds of private equity funds are valued based on an assessment of each under - lying investment , incorporating evaluation of additional significant third party financing , changes in valuations of comparable peer companies and the business environment of the companies , among other factors .', 'see note 2 for further detail on the fair value policies by the underlying funds .', 'changes in level 3 assets measured at fair value on a recurring basis for the year ended december 31 , 2008 .']
------
Table:
----------------------------------------
| investments | other assets
december 31 2007 | $ 1240 | $ 2014
realized and unrealized gains / ( losses ) net | -409 ( 409 ) | -16 ( 16 )
purchases sales other settlements and issuances net | 11 | 2
net transfers in and/or out of level 3 | -29 ( 29 ) | 78
december 31 2008 | $ 813 | $ 64
total net ( losses ) for the period included in earnings attributable to the change in unrealized gains or ( losses ) relating to assets stillheld at the reporting date | $ -366 ( 366 ) | $ -17 ( 17 )
----------------------------------------
------
Additional Information: ['total net ( losses ) for the period included in earnings attributable to the change in unrealized gains or ( losses ) relating to assets still held at the reporting date $ ( 366 ) $ ( 17 ) realized and unrealized gains and losses recorded for level 3 assets are reported in non-operating income ( expense ) on the consolidated statements of income .', 'non-controlling interest expense is recorded for consoli- dated investments to reflect the portion of gains and losses not attributable to the company .', 'the company transfers assets in and/or out of level 3 as significant inputs , including performance attributes , used for the fair value measurement become observable .', '6 .', 'variable interest entities in the normal course of business , the company is the manager of various types of sponsored investment vehicles , including collateralized debt obligations and sponsored investment funds , that may be considered vies .', 'the company receives management fees or other incen- tive related fees for its services and may from time to time own equity or debt securities or enter into derivatives with the vehicles , each of which are considered variable inter- ests .', 'the company engages in these variable interests principally to address client needs through the launch of such investment vehicles .', 'the vies are primarily financed via capital contributed by equity and debt holders .', 'the company 2019s involvement in financing the operations of the vies is limited to its equity interests , unfunded capital commitments for certain sponsored investment funds and its capital support agreements for two enhanced cash funds .', 'the primary beneficiary of a vie is the party that absorbs a majority of the entity 2019s expected losses , receives a major - ity of the entity 2019s expected residual returns or both as a result of holding variable interests .', 'in order to determine whether the company is the primary beneficiary of a vie , management must make significant estimates and assumptions of probable future cash flows and assign probabilities to different cash flow scenarios .', 'assumptions made in such analyses include , but are not limited to , market prices of securities , market interest rates , poten- tial credit defaults on individual securities or default rates on a portfolio of securities , gain realization , liquidity or marketability of certain securities , discount rates and the probability of certain other outcomes .', 'vies in which blackrock is the primary beneficiary at december 31 , 2008 , the company was the primary beneficiary of three vies , which resulted in consolidation of three sponsored investment funds ( including two cash management funds and one private equity fund of funds ) .', 'creditors of the vies do not have recourse to the credit of the company .', 'during 2008 , the company determined it became the primary beneficiary of two enhanced cash management funds as a result of concluding that under various cash 177528_txt_59_96:layout 1 3/26/09 10:32 pm page 73 .'] | 0.3347 | BLK/2008/page_75.pdf-2 | ['a wholly-owned subsidiary of the company is a registered life insurance company that maintains separate account assets , representing segregated funds held for purposes of funding individual and group pension contracts , and equal and offsetting separate account liabilities .', 'at decem - ber 31 , 2008 and 2007 , the level 3 separate account assets were approximately $ 4 and $ 12 , respectively .', 'the changes in level 3 assets primarily relate to purchases , sales and gains/ ( losses ) .', 'the net investment income and net gains and losses attributable to separate account assets accrue directly to the contract owner and are not reported as non-operating income ( expense ) on the consolidated statements of income .', 'level 3 assets , which includes equity method investments or consolidated investments of real estate funds , private equity funds and funds of private equity funds are valued based upon valuations received from internal as well as third party fund managers .', 'fair valuations at the underlying funds are based on a combination of methods which may include third-party independent appraisals and discounted cash flow techniques .', 'direct investments in private equity companies held by funds of private equity funds are valued based on an assessment of each under - lying investment , incorporating evaluation of additional significant third party financing , changes in valuations of comparable peer companies and the business environment of the companies , among other factors .', 'see note 2 for further detail on the fair value policies by the underlying funds .', 'changes in level 3 assets measured at fair value on a recurring basis for the year ended december 31 , 2008 .'] | ['total net ( losses ) for the period included in earnings attributable to the change in unrealized gains or ( losses ) relating to assets still held at the reporting date $ ( 366 ) $ ( 17 ) realized and unrealized gains and losses recorded for level 3 assets are reported in non-operating income ( expense ) on the consolidated statements of income .', 'non-controlling interest expense is recorded for consoli- dated investments to reflect the portion of gains and losses not attributable to the company .', 'the company transfers assets in and/or out of level 3 as significant inputs , including performance attributes , used for the fair value measurement become observable .', '6 .', 'variable interest entities in the normal course of business , the company is the manager of various types of sponsored investment vehicles , including collateralized debt obligations and sponsored investment funds , that may be considered vies .', 'the company receives management fees or other incen- tive related fees for its services and may from time to time own equity or debt securities or enter into derivatives with the vehicles , each of which are considered variable inter- ests .', 'the company engages in these variable interests principally to address client needs through the launch of such investment vehicles .', 'the vies are primarily financed via capital contributed by equity and debt holders .', 'the company 2019s involvement in financing the operations of the vies is limited to its equity interests , unfunded capital commitments for certain sponsored investment funds and its capital support agreements for two enhanced cash funds .', 'the primary beneficiary of a vie is the party that absorbs a majority of the entity 2019s expected losses , receives a major - ity of the entity 2019s expected residual returns or both as a result of holding variable interests .', 'in order to determine whether the company is the primary beneficiary of a vie , management must make significant estimates and assumptions of probable future cash flows and assign probabilities to different cash flow scenarios .', 'assumptions made in such analyses include , but are not limited to , market prices of securities , market interest rates , poten- tial credit defaults on individual securities or default rates on a portfolio of securities , gain realization , liquidity or marketability of certain securities , discount rates and the probability of certain other outcomes .', 'vies in which blackrock is the primary beneficiary at december 31 , 2008 , the company was the primary beneficiary of three vies , which resulted in consolidation of three sponsored investment funds ( including two cash management funds and one private equity fund of funds ) .', 'creditors of the vies do not have recourse to the credit of the company .', 'during 2008 , the company determined it became the primary beneficiary of two enhanced cash management funds as a result of concluding that under various cash 177528_txt_59_96:layout 1 3/26/09 10:32 pm page 73 .'] | ----------------------------------------
| investments | other assets
december 31 2007 | $ 1240 | $ 2014
realized and unrealized gains / ( losses ) net | -409 ( 409 ) | -16 ( 16 )
purchases sales other settlements and issuances net | 11 | 2
net transfers in and/or out of level 3 | -29 ( 29 ) | 78
december 31 2008 | $ 813 | $ 64
total net ( losses ) for the period included in earnings attributable to the change in unrealized gains or ( losses ) relating to assets stillheld at the reporting date | $ -366 ( 366 ) | $ -17 ( 17 )
---------------------------------------- | add(409, 813), divide(409, #0) | 0.3347 |
what were total operating expenses in 2018? | Pre-text: ['the following table shows annual aircraft fuel consumption and costs , including taxes , for our mainline and regional operations for 2018 , 2017 and 2016 ( gallons and aircraft fuel expense in millions ) .', 'year gallons average price per gallon aircraft fuel expense percent of total operating expenses .']
Tabular Data:
year gallons average priceper gallon aircraft fuelexpense percent of totaloperating expenses
2018 4447 $ 2.23 $ 9896 23.6% ( 23.6 % )
2017 4352 1.73 7510 19.6% ( 19.6 % )
2016 4347 1.42 6180 17.6% ( 17.6 % )
Post-table: ['as of december 31 , 2018 , we did not have any fuel hedging contracts outstanding to hedge our fuel consumption .', 'as such , and assuming we do not enter into any future transactions to hedge our fuel consumption , we will continue to be fully exposed to fluctuations in fuel prices .', 'our current policy is not to enter into transactions to hedge our fuel consumption , although we review that policy from time to time based on market conditions and other factors .', 'fuel prices have fluctuated substantially over the past several years .', 'we cannot predict the future availability , price volatility or cost of aircraft fuel .', 'natural disasters ( including hurricanes or similar events in the u.s .', 'southeast and on the gulf coast where a significant portion of domestic refining capacity is located ) , political disruptions or wars involving oil-producing countries , economic sanctions imposed against oil-producing countries or specific industry participants , changes in fuel-related governmental policy , the strength of the u.s .', 'dollar against foreign currencies , changes in the cost to transport or store petroleum products , changes in access to petroleum product pipelines and terminals , speculation in the energy futures markets , changes in aircraft fuel production capacity , environmental concerns and other unpredictable events may result in fuel supply shortages , distribution challenges , additional fuel price volatility and cost increases in the future .', 'see part i , item 1a .', 'risk factors 2013 201cour business is very dependent on the price and availability of aircraft fuel .', 'continued periods of high volatility in fuel costs , increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on our operating results and liquidity . 201d seasonality and other factors due to the greater demand for air travel during the summer months , revenues in the airline industry in the second and third quarters of the year tend to be greater than revenues in the first and fourth quarters of the year .', 'general economic conditions , fears of terrorism or war , fare initiatives , fluctuations in fuel prices , labor actions , weather , natural disasters , outbreaks of disease and other factors could impact this seasonal pattern .', 'therefore , our quarterly results of operations are not necessarily indicative of operating results for the entire year , and historical operating results in a quarterly or annual period are not necessarily indicative of future operating results .', 'domestic and global regulatory landscape general airlines are subject to extensive domestic and international regulatory requirements .', 'domestically , the dot and the federal aviation administration ( faa ) exercise significant regulatory authority over air carriers .', 'the dot , among other things , oversees domestic and international codeshare agreements , international route authorities , competition and consumer protection matters such as advertising , denied boarding compensation and baggage liability .', 'the antitrust division of the department of justice ( doj ) , along with the dot in certain instances , have jurisdiction over airline antitrust matters. .'] | 41932.20339 | AAL/2018/page_13.pdf-1 | ['the following table shows annual aircraft fuel consumption and costs , including taxes , for our mainline and regional operations for 2018 , 2017 and 2016 ( gallons and aircraft fuel expense in millions ) .', 'year gallons average price per gallon aircraft fuel expense percent of total operating expenses .'] | ['as of december 31 , 2018 , we did not have any fuel hedging contracts outstanding to hedge our fuel consumption .', 'as such , and assuming we do not enter into any future transactions to hedge our fuel consumption , we will continue to be fully exposed to fluctuations in fuel prices .', 'our current policy is not to enter into transactions to hedge our fuel consumption , although we review that policy from time to time based on market conditions and other factors .', 'fuel prices have fluctuated substantially over the past several years .', 'we cannot predict the future availability , price volatility or cost of aircraft fuel .', 'natural disasters ( including hurricanes or similar events in the u.s .', 'southeast and on the gulf coast where a significant portion of domestic refining capacity is located ) , political disruptions or wars involving oil-producing countries , economic sanctions imposed against oil-producing countries or specific industry participants , changes in fuel-related governmental policy , the strength of the u.s .', 'dollar against foreign currencies , changes in the cost to transport or store petroleum products , changes in access to petroleum product pipelines and terminals , speculation in the energy futures markets , changes in aircraft fuel production capacity , environmental concerns and other unpredictable events may result in fuel supply shortages , distribution challenges , additional fuel price volatility and cost increases in the future .', 'see part i , item 1a .', 'risk factors 2013 201cour business is very dependent on the price and availability of aircraft fuel .', 'continued periods of high volatility in fuel costs , increased fuel prices or significant disruptions in the supply of aircraft fuel could have a significant negative impact on our operating results and liquidity . 201d seasonality and other factors due to the greater demand for air travel during the summer months , revenues in the airline industry in the second and third quarters of the year tend to be greater than revenues in the first and fourth quarters of the year .', 'general economic conditions , fears of terrorism or war , fare initiatives , fluctuations in fuel prices , labor actions , weather , natural disasters , outbreaks of disease and other factors could impact this seasonal pattern .', 'therefore , our quarterly results of operations are not necessarily indicative of operating results for the entire year , and historical operating results in a quarterly or annual period are not necessarily indicative of future operating results .', 'domestic and global regulatory landscape general airlines are subject to extensive domestic and international regulatory requirements .', 'domestically , the dot and the federal aviation administration ( faa ) exercise significant regulatory authority over air carriers .', 'the dot , among other things , oversees domestic and international codeshare agreements , international route authorities , competition and consumer protection matters such as advertising , denied boarding compensation and baggage liability .', 'the antitrust division of the department of justice ( doj ) , along with the dot in certain instances , have jurisdiction over airline antitrust matters. .'] | year gallons average priceper gallon aircraft fuelexpense percent of totaloperating expenses
2018 4447 $ 2.23 $ 9896 23.6% ( 23.6 % )
2017 4352 1.73 7510 19.6% ( 19.6 % )
2016 4347 1.42 6180 17.6% ( 17.6 % ) | divide(9896, 23.6%) | 41932.20339 |
what was the change in net sales for the discontinued operations related to the former glass segment from 2016 to 2017 in millions? | Pre-text: ['2018 ppg annual report and form 10-k 59 other acquisitions in 2018 , 2017 , and 2016 , the company completed several smaller business acquisitions .', 'the total consideration paid for these acquisitions , net of cash acquired , debt assumed and other post closing adjustments , was $ 108 million , $ 74 million and $ 43 million , respectively .', 'in january 2018 , ppg acquired procoatings , a leading architectural paint and coatings wholesaler located in the netherlands .', 'procoatings , established in 2001 , distributes a large portfolio of well-known professional paint brands through its network of 23 multi-brand stores .', 'the company employs nearly 100 people .', 'the results of this business since the date of acquisition have been reported within the architectural coatings americas and asia pacific business within the performance coatings reportable segment .', 'in january 2017 , ppg acquired certain assets of automotive refinish coatings company futian xinshi ( 201cfutian 201d ) , based in the guangdong province of china .', 'futian distributes its products in china through a network of more than 200 distributors .', 'in january 2017 , ppg completed the acquisition of deutek s.a. , a leading romanian paint and architectural coatings manufacturer , from the emerging europe accession fund .', 'deutek , established in 1993 , manufactures and markets a large portfolio of well-known professional and consumer paint brands , including oskar and danke! .', 'the company 2019s products are sold in more than 120 do-it-yourself stores and 3500 independent retail outlets in romania .', "divestitures glass segment in 2017 , ppg completed a multi-year strategic shift in the company's business portfolio , resulting in the exit of all glass operations which consisted of the global fiber glass business , ppg's ownership interest in two asian fiber glass joint ventures and the flat glass business .", 'accordingly , the results of operations , including the gains on the divestitures , and cash flows have been recast as discontinued operations for all periods presented .', 'ppg now has two reportable business segments .', 'the net sales and income from discontinued operations related to the former glass segment for the three years ended december 31 , 2018 , 2017 , and 2016 were as follows: .']
--
Table:
----------------------------------------
( $ in millions ), 2018, 2017, 2016
net sales, $ 2014, $ 217, $ 908
income from operations, $ 21, $ 30, $ 111
net gains on the divestitures of businesses, 2014, 343, 421
income tax expense, 5, 140, 202
income from discontinued operations net of tax, $ 16, $ 233, $ 330
----------------------------------------
--
Additional Information: ['during 2018 , ppg released $ 13 million of previously recorded accruals and contingencies established in conjunction with the divestitures of businesses within the former glass segment as a result of completed actions , new information and updated estimates .', 'also during 2018 , ppg made a final payment of $ 20 million to vitro s.a.b .', 'de c.v related to the transfer of certain pension obligations upon the sale of the former flat glass business .', 'north american fiber glass business on september 1 , 2017 , ppg completed the sale of its north american fiber glass business to nippon electric glass co .', 'ltd .', '( 201cneg 201d ) .', 'cash proceeds from the sale were $ 541 million , resulting in a pre-tax gain of $ 343 million , net of certain accruals and contingencies established in conjunction with the divestiture .', 'ppg 2019s fiber glass operations included manufacturing facilities in chester , south carolina , and lexington and shelby , north carolina ; and administrative and research-and-development operations in shelby and in harmar , pennsylvania , near pittsburgh .', 'the business , which employed more than 1000 people and had net sales of approximately $ 350 million in 2016 , supplies the transportation , energy , infrastructure and consumer markets .', 'flat glass business in october 2016 , ppg completed the sale of its flat glass manufacturing and glass coatings operations to vitro s.a.b .', 'de c.v .', 'ppg received approximately $ 740 million in cash proceeds and recorded a pre-tax gain of $ 421 million on the sale .', 'under the terms of the agreement , ppg divested its entire flat glass manufacturing and glass coatings operations , including production sites located in fresno , california ; salem , oregon ; carlisle , pennsylvania ; and wichita falls , texas ; four distribution/fabrication facilities located across canada ; and a research-and-development center located in harmar , pennsylvania .', 'ppg 2019s flat glass business included approximately 1200 employees .', 'the business manufactures glass that is fabricated into products used primarily in commercial and residential construction .', 'notes to the consolidated financial statements .'] | -691.0 | PPG/2018/page_61.pdf-3 | ['2018 ppg annual report and form 10-k 59 other acquisitions in 2018 , 2017 , and 2016 , the company completed several smaller business acquisitions .', 'the total consideration paid for these acquisitions , net of cash acquired , debt assumed and other post closing adjustments , was $ 108 million , $ 74 million and $ 43 million , respectively .', 'in january 2018 , ppg acquired procoatings , a leading architectural paint and coatings wholesaler located in the netherlands .', 'procoatings , established in 2001 , distributes a large portfolio of well-known professional paint brands through its network of 23 multi-brand stores .', 'the company employs nearly 100 people .', 'the results of this business since the date of acquisition have been reported within the architectural coatings americas and asia pacific business within the performance coatings reportable segment .', 'in january 2017 , ppg acquired certain assets of automotive refinish coatings company futian xinshi ( 201cfutian 201d ) , based in the guangdong province of china .', 'futian distributes its products in china through a network of more than 200 distributors .', 'in january 2017 , ppg completed the acquisition of deutek s.a. , a leading romanian paint and architectural coatings manufacturer , from the emerging europe accession fund .', 'deutek , established in 1993 , manufactures and markets a large portfolio of well-known professional and consumer paint brands , including oskar and danke! .', 'the company 2019s products are sold in more than 120 do-it-yourself stores and 3500 independent retail outlets in romania .', "divestitures glass segment in 2017 , ppg completed a multi-year strategic shift in the company's business portfolio , resulting in the exit of all glass operations which consisted of the global fiber glass business , ppg's ownership interest in two asian fiber glass joint ventures and the flat glass business .", 'accordingly , the results of operations , including the gains on the divestitures , and cash flows have been recast as discontinued operations for all periods presented .', 'ppg now has two reportable business segments .', 'the net sales and income from discontinued operations related to the former glass segment for the three years ended december 31 , 2018 , 2017 , and 2016 were as follows: .'] | ['during 2018 , ppg released $ 13 million of previously recorded accruals and contingencies established in conjunction with the divestitures of businesses within the former glass segment as a result of completed actions , new information and updated estimates .', 'also during 2018 , ppg made a final payment of $ 20 million to vitro s.a.b .', 'de c.v related to the transfer of certain pension obligations upon the sale of the former flat glass business .', 'north american fiber glass business on september 1 , 2017 , ppg completed the sale of its north american fiber glass business to nippon electric glass co .', 'ltd .', '( 201cneg 201d ) .', 'cash proceeds from the sale were $ 541 million , resulting in a pre-tax gain of $ 343 million , net of certain accruals and contingencies established in conjunction with the divestiture .', 'ppg 2019s fiber glass operations included manufacturing facilities in chester , south carolina , and lexington and shelby , north carolina ; and administrative and research-and-development operations in shelby and in harmar , pennsylvania , near pittsburgh .', 'the business , which employed more than 1000 people and had net sales of approximately $ 350 million in 2016 , supplies the transportation , energy , infrastructure and consumer markets .', 'flat glass business in october 2016 , ppg completed the sale of its flat glass manufacturing and glass coatings operations to vitro s.a.b .', 'de c.v .', 'ppg received approximately $ 740 million in cash proceeds and recorded a pre-tax gain of $ 421 million on the sale .', 'under the terms of the agreement , ppg divested its entire flat glass manufacturing and glass coatings operations , including production sites located in fresno , california ; salem , oregon ; carlisle , pennsylvania ; and wichita falls , texas ; four distribution/fabrication facilities located across canada ; and a research-and-development center located in harmar , pennsylvania .', 'ppg 2019s flat glass business included approximately 1200 employees .', 'the business manufactures glass that is fabricated into products used primarily in commercial and residential construction .', 'notes to the consolidated financial statements .'] | ----------------------------------------
( $ in millions ), 2018, 2017, 2016
net sales, $ 2014, $ 217, $ 908
income from operations, $ 21, $ 30, $ 111
net gains on the divestitures of businesses, 2014, 343, 421
income tax expense, 5, 140, 202
income from discontinued operations net of tax, $ 16, $ 233, $ 330
---------------------------------------- | subtract(217, 908) | -691.0 |
what are the total pre-tax catastrophe losses in the last five years?\\n | Pre-text: ['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 contract specific reinsurance but before cessions under corporate reinsurance programs , were as follows: .']
##
Tabular Data:
----------------------------------------
• calendar year:, pre-tax catastrophe losses
• ( dollars in millions ),
• 2016, $ 301.2
• 2015, 53.8
• 2014, 56.3
• 2013, 194.0
• 2012, 410.0
----------------------------------------
##
Follow-up: ['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. .'] | 1015.3 | RE/2016/page_40.pdf-1 | ['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 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 ),
• 2016, $ 301.2
• 2015, 53.8
• 2014, 56.3
• 2013, 194.0
• 2012, 410.0
---------------------------------------- | add(301.2, 53.8), add(#0, 56.3), add(#1, 194.0), add(#2, 410.0) | 1015.3 |
what percentage of future minimum rental payments are due in 2019? | Pre-text: ['the goldman sachs group , inc .', 'and subsidiaries notes to consolidated financial statements commercial lending .', 'the firm 2019s commercial lending commitments are extended to investment-grade and non-investment-grade corporate borrowers .', 'commitments to investment-grade corporate borrowers are principally used for operating liquidity and general corporate purposes .', 'the firm also extends lending commitments in connection with contingent acquisition financing and other types of corporate lending , as well as commercial real estate financing .', 'commitments that are extended for contingent acquisition financing are often intended to be short-term in nature , as borrowers often seek to replace them with other funding sources .', 'sumitomo mitsui financial group , inc .', '( smfg ) provides the firm with credit loss protection on certain approved loan commitments ( primarily investment-grade commercial lending commitments ) .', 'the notional amount of such loan commitments was $ 25.70 billion and $ 26.88 billion as of december 2017 and december 2016 , respectively .', 'the credit loss protection on loan commitments provided by smfg is generally limited to 95% ( 95 % ) of the first loss the firm realizes on such commitments , up to a maximum of approximately $ 950 million .', 'in addition , subject to the satisfaction of certain conditions , upon the firm 2019s request , smfg will provide protection for 70% ( 70 % ) of additional losses on such commitments , up to a maximum of $ 1.13 billion , of which $ 550 million and $ 768 million of protection had been provided as of december 2017 and december 2016 , respectively .', 'the firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg .', 'these instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity , or credit default swaps that reference a market index .', 'warehouse financing .', 'the firm provides financing to clients who warehouse financial assets .', 'these arrangements are secured by the warehoused assets , primarily consisting of retail and corporate loans .', 'contingent and forward starting collateralized agreements / forward starting collateralized financings contingent and forward starting collateralized agreements includes resale and securities borrowing agreements , and forward starting collateralized financings includes repurchase and secured lending agreements that settle at a future date , generally within three business days .', 'the firm also enters into commitments to provide contingent financing to its clients and counterparties through resale agreements .', 'the firm 2019s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused .', 'letters of credit the firm has commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements .', 'investment commitments investment commitments includes commitments to invest in private equity , real estate and other assets directly and through funds that the firm raises and manages .', 'investment commitments included $ 2.09 billion and $ 2.10 billion as of december 2017 and december 2016 , respectively , related to commitments to invest in funds managed by the firm .', 'if these commitments are called , they would be funded at market value on the date of investment .', 'leases the firm has contractual obligations under long-term noncancelable lease agreements for office space expiring on various dates through 2069 .', 'certain agreements are subject to periodic escalation provisions for increases in real estate taxes and other charges .', 'the table below presents future minimum rental payments , net of minimum sublease rentals .', '$ in millions december 2017 .']
----------
Tabular Data:
----------------------------------------
$ in millions | as of december 2017
2018 | $ 299
2019 | 282
2020 | 262
2021 | 205
2022 | 145
2023 - thereafter | 771
total | $ 1964
----------------------------------------
----------
Follow-up: ['rent charged to operating expenses was $ 273 million for 2017 , $ 244 million for 2016 and $ 249 million for 2015 .', 'goldman sachs 2017 form 10-k 163 .'] | 0.14358 | GS/2017/page_176.pdf-3 | ['the goldman sachs group , inc .', 'and subsidiaries notes to consolidated financial statements commercial lending .', 'the firm 2019s commercial lending commitments are extended to investment-grade and non-investment-grade corporate borrowers .', 'commitments to investment-grade corporate borrowers are principally used for operating liquidity and general corporate purposes .', 'the firm also extends lending commitments in connection with contingent acquisition financing and other types of corporate lending , as well as commercial real estate financing .', 'commitments that are extended for contingent acquisition financing are often intended to be short-term in nature , as borrowers often seek to replace them with other funding sources .', 'sumitomo mitsui financial group , inc .', '( smfg ) provides the firm with credit loss protection on certain approved loan commitments ( primarily investment-grade commercial lending commitments ) .', 'the notional amount of such loan commitments was $ 25.70 billion and $ 26.88 billion as of december 2017 and december 2016 , respectively .', 'the credit loss protection on loan commitments provided by smfg is generally limited to 95% ( 95 % ) of the first loss the firm realizes on such commitments , up to a maximum of approximately $ 950 million .', 'in addition , subject to the satisfaction of certain conditions , upon the firm 2019s request , smfg will provide protection for 70% ( 70 % ) of additional losses on such commitments , up to a maximum of $ 1.13 billion , of which $ 550 million and $ 768 million of protection had been provided as of december 2017 and december 2016 , respectively .', 'the firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg .', 'these instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity , or credit default swaps that reference a market index .', 'warehouse financing .', 'the firm provides financing to clients who warehouse financial assets .', 'these arrangements are secured by the warehoused assets , primarily consisting of retail and corporate loans .', 'contingent and forward starting collateralized agreements / forward starting collateralized financings contingent and forward starting collateralized agreements includes resale and securities borrowing agreements , and forward starting collateralized financings includes repurchase and secured lending agreements that settle at a future date , generally within three business days .', 'the firm also enters into commitments to provide contingent financing to its clients and counterparties through resale agreements .', 'the firm 2019s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused .', 'letters of credit the firm has commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements .', 'investment commitments investment commitments includes commitments to invest in private equity , real estate and other assets directly and through funds that the firm raises and manages .', 'investment commitments included $ 2.09 billion and $ 2.10 billion as of december 2017 and december 2016 , respectively , related to commitments to invest in funds managed by the firm .', 'if these commitments are called , they would be funded at market value on the date of investment .', 'leases the firm has contractual obligations under long-term noncancelable lease agreements for office space expiring on various dates through 2069 .', 'certain agreements are subject to periodic escalation provisions for increases in real estate taxes and other charges .', 'the table below presents future minimum rental payments , net of minimum sublease rentals .', '$ in millions december 2017 .'] | ['rent charged to operating expenses was $ 273 million for 2017 , $ 244 million for 2016 and $ 249 million for 2015 .', 'goldman sachs 2017 form 10-k 163 .'] | ----------------------------------------
$ in millions | as of december 2017
2018 | $ 299
2019 | 282
2020 | 262
2021 | 205
2022 | 145
2023 - thereafter | 771
total | $ 1964
---------------------------------------- | divide(282, 1964) | 0.14358 |
how much higher was net revenue in 2017 than in 2016 ? ( in millions ) | Context: ['entergy louisiana , llc and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 305.7 million primarily due to the effect of the enactment of the tax cuts and jobs act , in december 2017 , which resulted in a decrease of $ 182.6 million in net income in 2017 , and the effect of a settlement with the irs related to the 2010-2011 irs audit , which resulted in a $ 136.1 million reduction of income tax expense in 2016 .', 'also contributing to the decrease in net income were higher other operation and maintenance expenses .', 'the decrease was partially offset by higher net revenue and higher other income .', 'see note 3 to the financial statements for discussion of the effects of the tax cuts and jobs act and the irs audit .', '2016 compared to 2015 net income increased $ 175.4 million primarily due to the effect of a settlement with the irs related to the 2010-2011 irs audit , which resulted in a $ 136.1 million reduction of income tax expense in 2016 .', 'also contributing to the increase were lower other operation and maintenance expenses , higher net revenue , and higher other income .', 'the increase was partially offset by higher depreciation and amortization expenses , higher interest expense , and higher nuclear refueling outage expenses .', 'see note 3 to the financial statements for discussion of the irs audit .', 'net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) .', 'following is an analysis of the change in net revenue comparing 2017 to 2016 .', 'amount ( in millions ) .']
--------
Table:
========================================
Row 1: , amount ( in millions )
Row 2: 2016 net revenue, $ 2438.4
Row 3: regulatory credit resulting from reduction of thefederal corporate income tax rate, 55.5
Row 4: retail electric price, 42.8
Row 5: louisiana act 55 financing savings obligation, 17.2
Row 6: volume/weather, -12.4 ( 12.4 )
Row 7: other, 19.0
Row 8: 2017 net revenue, $ 2560.5
========================================
--------
Additional Information: ['the regulatory credit resulting from reduction of the federal corporate income tax rate variance is due to the reduction of the vidalia purchased power agreement regulatory liability by $ 30.5 million and the reduction of the louisiana act 55 financing savings obligation regulatory liabilities by $ 25 million as a result of the enactment of the tax cuts and jobs act , in december 2017 , which lowered the federal corporate income tax rate from 35% ( 35 % ) to 21% ( 21 % ) .', 'the effects of the tax cuts and jobs act are discussed further in note 3 to the financial statements. .'] | 122.1 | ETR/2017/page_342.pdf-2 | ['entergy louisiana , llc and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 305.7 million primarily due to the effect of the enactment of the tax cuts and jobs act , in december 2017 , which resulted in a decrease of $ 182.6 million in net income in 2017 , and the effect of a settlement with the irs related to the 2010-2011 irs audit , which resulted in a $ 136.1 million reduction of income tax expense in 2016 .', 'also contributing to the decrease in net income were higher other operation and maintenance expenses .', 'the decrease was partially offset by higher net revenue and higher other income .', 'see note 3 to the financial statements for discussion of the effects of the tax cuts and jobs act and the irs audit .', '2016 compared to 2015 net income increased $ 175.4 million primarily due to the effect of a settlement with the irs related to the 2010-2011 irs audit , which resulted in a $ 136.1 million reduction of income tax expense in 2016 .', 'also contributing to the increase were lower other operation and maintenance expenses , higher net revenue , and higher other income .', 'the increase was partially offset by higher depreciation and amortization expenses , higher interest expense , and higher nuclear refueling outage expenses .', 'see note 3 to the financial statements for discussion of the irs audit .', 'net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) .', 'following is an analysis of the change in net revenue comparing 2017 to 2016 .', 'amount ( in millions ) .'] | ['the regulatory credit resulting from reduction of the federal corporate income tax rate variance is due to the reduction of the vidalia purchased power agreement regulatory liability by $ 30.5 million and the reduction of the louisiana act 55 financing savings obligation regulatory liabilities by $ 25 million as a result of the enactment of the tax cuts and jobs act , in december 2017 , which lowered the federal corporate income tax rate from 35% ( 35 % ) to 21% ( 21 % ) .', 'the effects of the tax cuts and jobs act are discussed further in note 3 to the financial statements. .'] | ========================================
Row 1: , amount ( in millions )
Row 2: 2016 net revenue, $ 2438.4
Row 3: regulatory credit resulting from reduction of thefederal corporate income tax rate, 55.5
Row 4: retail electric price, 42.8
Row 5: louisiana act 55 financing savings obligation, 17.2
Row 6: volume/weather, -12.4 ( 12.4 )
Row 7: other, 19.0
Row 8: 2017 net revenue, $ 2560.5
======================================== | subtract(2560.5, 2438.4) | 122.1 |
what is the debt-to-asset ratio in 2012? | Context: ['management 2019s discussion and analysis business-specific limits .', 'the firmwide finance committee sets asset and liability limits for each business and aged inventory limits for certain financial instruments as a disincentive to hold inventory over longer periods of time .', 'these limits are set at levels which are close to actual operating levels in order to ensure prompt escalation and discussion among business managers and managers in our independent control and support functions on a routine basis .', 'the firmwide finance committee reviews and approves balance sheet limits on a quarterly basis and may also approve changes in limits on an ad hoc basis in response to changing business needs or market conditions .', 'monitoring of key metrics .', 'we monitor key balance sheet metrics daily both by business and on a consolidated basis , including asset and liability size and composition , aged inventory , limit utilization , risk measures and capital usage .', 'we allocate assets to businesses and review and analyze movements resulting from new business activity as well as market fluctuations .', 'scenario analyses .', 'we conduct scenario analyses to determine how we would manage the size and composition of our balance sheet and maintain appropriate funding , liquidity and capital positions in a variety of situations : 2030 these scenarios cover short-term and long-term time horizons using various macro-economic and firm-specific assumptions .', 'we use these analyses to assist us in developing longer-term funding plans , including the level of unsecured debt issuances , the size of our secured funding program and the amount and composition of our equity capital .', 'we also consider any potential future constraints , such as limits on our ability to grow our asset base in the absence of appropriate funding .', '2030 through our internal capital adequacy assessment process ( icaap ) , ccar , the stress tests we are required to conduct under the dodd-frank act , and our resolution and recovery planning , we further analyze how we would manage our balance sheet and risks through the duration of a severe crisis and we develop plans to access funding , generate liquidity , and/or redeploy or issue equity capital , as appropriate .', '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 a summary of this balance sheet allocation. .']
------
Table:
Row 1: in millions, as of december 2012, as of december 2011
Row 2: excess liquidity ( global core excess ), $ 174622, $ 171581
Row 3: other cash, 6839, 7888
Row 4: excess liquidity and cash, 181461, 179469
Row 5: secured client financing, 229442, 283707
Row 6: inventory, 318323, 273640
Row 7: secured financing agreements, 76277, 71103
Row 8: receivables, 36273, 35769
Row 9: institutional client services, 430873, 380512
Row 10: icbc1, 2082, 4713
Row 11: equity ( excluding icbc ), 21267, 23041
Row 12: debt, 25386, 23311
Row 13: receivables and other, 8421, 5320
Row 14: investing & lending, 57156, 56385
Row 15: total inventory and related assets, 488029, 436897
Row 16: otherassets2, 39623, 23152
Row 17: total assets, $ 938555, $ 923225
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Post-table: ['1 .', 'in january 2013 , we sold approximately 45% ( 45 % ) of our ordinary shares of icbc .', '2 .', 'includes assets related to our reinsurance business classified as held for sale as of december 2012 .', 'see note 12 to the consolidated financial statements for further information .', '62 goldman sachs 2012 annual report .'] | 0.02705 | GS/2012/page_64.pdf-1 | ['management 2019s discussion and analysis business-specific limits .', 'the firmwide finance committee sets asset and liability limits for each business and aged inventory limits for certain financial instruments as a disincentive to hold inventory over longer periods of time .', 'these limits are set at levels which are close to actual operating levels in order to ensure prompt escalation and discussion among business managers and managers in our independent control and support functions on a routine basis .', 'the firmwide finance committee reviews and approves balance sheet limits on a quarterly basis and may also approve changes in limits on an ad hoc basis in response to changing business needs or market conditions .', 'monitoring of key metrics .', 'we monitor key balance sheet metrics daily both by business and on a consolidated basis , including asset and liability size and composition , aged inventory , limit utilization , risk measures and capital usage .', 'we allocate assets to businesses and review and analyze movements resulting from new business activity as well as market fluctuations .', 'scenario analyses .', 'we conduct scenario analyses to determine how we would manage the size and composition of our balance sheet and maintain appropriate funding , liquidity and capital positions in a variety of situations : 2030 these scenarios cover short-term and long-term time horizons using various macro-economic and firm-specific assumptions .', 'we use these analyses to assist us in developing longer-term funding plans , including the level of unsecured debt issuances , the size of our secured funding program and the amount and composition of our equity capital .', 'we also consider any potential future constraints , such as limits on our ability to grow our asset base in the absence of appropriate funding .', '2030 through our internal capital adequacy assessment process ( icaap ) , ccar , the stress tests we are required to conduct under the dodd-frank act , and our resolution and recovery planning , we further analyze how we would manage our balance sheet and risks through the duration of a severe crisis and we develop plans to access funding , generate liquidity , and/or redeploy or issue equity capital , as appropriate .', '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 a summary of this balance sheet allocation. .'] | ['1 .', 'in january 2013 , we sold approximately 45% ( 45 % ) of our ordinary shares of icbc .', '2 .', 'includes assets related to our reinsurance business classified as held for sale as of december 2012 .', 'see note 12 to the consolidated financial statements for further information .', '62 goldman sachs 2012 annual report .'] | Row 1: in millions, as of december 2012, as of december 2011
Row 2: excess liquidity ( global core excess ), $ 174622, $ 171581
Row 3: other cash, 6839, 7888
Row 4: excess liquidity and cash, 181461, 179469
Row 5: secured client financing, 229442, 283707
Row 6: inventory, 318323, 273640
Row 7: secured financing agreements, 76277, 71103
Row 8: receivables, 36273, 35769
Row 9: institutional client services, 430873, 380512
Row 10: icbc1, 2082, 4713
Row 11: equity ( excluding icbc ), 21267, 23041
Row 12: debt, 25386, 23311
Row 13: receivables and other, 8421, 5320
Row 14: investing & lending, 57156, 56385
Row 15: total inventory and related assets, 488029, 436897
Row 16: otherassets2, 39623, 23152
Row 17: total assets, $ 938555, $ 923225 | divide(25386, 938555) | 0.02705 |
as of december 312018 what was the total number of number of securities of the equity compensation plans approved by security holders | Pre-text: ['equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31 , 2018 .', 'equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( a ) ( b ) ( c ) equity compensation plans approved by security holders 399165 $ 0.00 3995600 equity compensation plans not approved by security holders ( 2 ) 2014 2014 2014 .']
------
Data Table:
Row 1: plan category, number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b ), weighted-average exercise price of outstanding optionswarrants and rights, number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )
Row 2: equity compensation plans approved by security holders, 399165, $ 0.00, 3995600
Row 3: equity compensation plans not approved by security holders ( 2 ), 2014, 2014, 2014
Row 4: total, 399165, $ 0.00, 3995600
------
Post-table: ['( 1 ) includes grants made under the huntington ingalls industries , inc .', '2012 long-term incentive stock plan ( the "2012 plan" ) , which was approved by our stockholders on may 2 , 2012 , and the huntington ingalls industries , inc .', '2011 long-term incentive stock plan ( the "2011 plan" ) , which was approved by the sole stockholder of hii prior to its spin-off from northrop grumman corporation .', 'of these shares , 27123 were stock rights granted under the 2011 plan .', 'in addition , this number includes 31697 stock rights , 5051 restricted stock rights , and 335293 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement .', '( 2 ) there are no awards made under plans not approved by security holders .', 'item 13 .', 'certain relationships and related transactions , and director independence information as to certain relationships and related transactions and director independence will be incorporated herein by reference to the proxy statement for our 2019 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year .', 'item 14 .', 'principal accountant fees and services information as to principal accountant fees and services will be incorporated herein by reference to the proxy statement for our 2019 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year. .'] | 4394765.0 | HII/2018/page_124.pdf-1 | ['equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31 , 2018 .', 'equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( a ) ( b ) ( c ) equity compensation plans approved by security holders 399165 $ 0.00 3995600 equity compensation plans not approved by security holders ( 2 ) 2014 2014 2014 .'] | ['( 1 ) includes grants made under the huntington ingalls industries , inc .', '2012 long-term incentive stock plan ( the "2012 plan" ) , which was approved by our stockholders on may 2 , 2012 , and the huntington ingalls industries , inc .', '2011 long-term incentive stock plan ( the "2011 plan" ) , which was approved by the sole stockholder of hii prior to its spin-off from northrop grumman corporation .', 'of these shares , 27123 were stock rights granted under the 2011 plan .', 'in addition , this number includes 31697 stock rights , 5051 restricted stock rights , and 335293 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement .', '( 2 ) there are no awards made under plans not approved by security holders .', 'item 13 .', 'certain relationships and related transactions , and director independence information as to certain relationships and related transactions and director independence will be incorporated herein by reference to the proxy statement for our 2019 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year .', 'item 14 .', 'principal accountant fees and services information as to principal accountant fees and services will be incorporated herein by reference to the proxy statement for our 2019 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year. .'] | Row 1: plan category, number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b ), weighted-average exercise price of outstanding optionswarrants and rights, number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )
Row 2: equity compensation plans approved by security holders, 399165, $ 0.00, 3995600
Row 3: equity compensation plans not approved by security holders ( 2 ), 2014, 2014, 2014
Row 4: total, 399165, $ 0.00, 3995600 | add(399165, 3995600) | 4394765.0 |
what is the percentage change in the weighted-average discount rate for non-u.s . pension plans from 2014 to 2015? | Background: ['the selection and disclosure of our critical accounting estimates have been discussed with our audit committee .', 'the following is a discussion of the more significant assumptions , estimates , accounting policies and methods used in the preparation of our consolidated financial statements : 2022 revenue recognition - we recognize revenue when persuasive evidence of an arrangement exists , delivery of product has occurred , the sales price is fixed or determinable and collectability is reasonably assured .', 'for our company , this means that revenue is recognized when title and risk of loss is transferred to our customers .', "title transfers to our customers upon shipment or upon receipt at the customer's location as determined by the sales terms for each transaction .", 'the company estimates the cost of sales returns based on historical experience , and these estimates are normally immaterial .', '2022 goodwill and non-amortizable intangible assets valuation - we test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review .', 'we perform our annual impairment analysis in the first quarter of each year .', 'while the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists , the company elects to perform the quantitative assessment for our annual impairment analysis .', 'the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value .', 'if the carrying value exceeds the fair value , goodwill or a non-amortizable intangible asset is considered impaired .', 'to determine the fair value of goodwill , we primarily use a discounted cash flow model , supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry .', 'at december 31 , 2015 , the carrying value of our goodwill was $ 7.4 billion , which is related to ten reporting units , each of which is comprised of a group of markets with similar economic characteristics .', 'the estimated fair value of our ten reporting units exceeded the carrying value as of december 31 , 2015 .', 'to determine the fair value of non-amortizable intangible assets , we primarily use a discounted cash flow model applying the relief-from-royalty method .', 'we concluded that the fair value of our non-amortizable intangible assets exceeded the carrying value , and any reasonable movement in the assumptions would not result in an impairment .', 'these discounted cash flow models include management assumptions relevant for forecasting operating cash flows , which are subject to changes in business conditions , such as volumes and prices , costs to produce , discount rates and estimated capital needs .', 'management considers historical experience and all available information at the time the fair values are estimated , and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use .', 'since the march 28 , 2008 , spin-off from altria , we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets .', '2022 marketing and advertising costs - we incur certain costs to support our products through programs which include advertising , marketing , consumer engagement and trade promotions .', 'the costs of our advertising and marketing programs are expensed in accordance with u.s .', 'gaap .', 'recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program .', 'for volume-based incentives provided to customers , management continually assesses and estimates , by customer , the likelihood of the customer achieving the specified targets and records the reduction of revenue as the sales are made .', 'for other trade promotions , management relies on estimated utilization rates that have been developed from historical experience .', 'changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position , results of operations or operating cash flows .', 'we have not made any material changes in the accounting methodology used to estimate our marketing programs during the past three years .', '2022 employee benefit plans - as discussed in item 8 , note 13 .', 'benefit plans to our consolidated financial statements , we provide a range of benefits to our employees and retired employees , including pensions , postretirement health care and postemployment benefits ( primarily severance ) .', 'we record annual amounts relating to these plans based on calculations specified by u.s .', 'gaap .', 'these calculations include various actuarial assumptions , such as discount rates , assumed rates of return on plan assets , compensation increases , mortality , turnover rates and health care cost trend rates .', 'we review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so .', 'as permitted by u.s .', 'gaap , any effect of the modifications is generally amortized over future periods .', 'we believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries .', 'weighted-average discount rate assumptions for pensions and postretirement plans are as follows: .']
--
Data Table:
========================================
• , 2015, 2014
• u.s . pension plans, 4.30% ( 4.30 % ), 3.95% ( 3.95 % )
• non-u.s . pension plans, 1.68% ( 1.68 % ), 1.92% ( 1.92 % )
• postretirement plans, 4.45% ( 4.45 % ), 4.20% ( 4.20 % )
========================================
--
Follow-up: ['we anticipate that assumption changes , coupled with decreased amortization of deferred losses , will decrease 2016 pre-tax u.s .', 'and non- u.s .', 'pension and postretirement expense to approximately $ 209 million as compared with approximately $ 240 million in 2015 , excluding .'] | -0.125 | PM/2015/page_38.pdf-2 | ['the selection and disclosure of our critical accounting estimates have been discussed with our audit committee .', 'the following is a discussion of the more significant assumptions , estimates , accounting policies and methods used in the preparation of our consolidated financial statements : 2022 revenue recognition - we recognize revenue when persuasive evidence of an arrangement exists , delivery of product has occurred , the sales price is fixed or determinable and collectability is reasonably assured .', 'for our company , this means that revenue is recognized when title and risk of loss is transferred to our customers .', "title transfers to our customers upon shipment or upon receipt at the customer's location as determined by the sales terms for each transaction .", 'the company estimates the cost of sales returns based on historical experience , and these estimates are normally immaterial .', '2022 goodwill and non-amortizable intangible assets valuation - we test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review .', 'we perform our annual impairment analysis in the first quarter of each year .', 'while the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists , the company elects to perform the quantitative assessment for our annual impairment analysis .', 'the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value .', 'if the carrying value exceeds the fair value , goodwill or a non-amortizable intangible asset is considered impaired .', 'to determine the fair value of goodwill , we primarily use a discounted cash flow model , supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry .', 'at december 31 , 2015 , the carrying value of our goodwill was $ 7.4 billion , which is related to ten reporting units , each of which is comprised of a group of markets with similar economic characteristics .', 'the estimated fair value of our ten reporting units exceeded the carrying value as of december 31 , 2015 .', 'to determine the fair value of non-amortizable intangible assets , we primarily use a discounted cash flow model applying the relief-from-royalty method .', 'we concluded that the fair value of our non-amortizable intangible assets exceeded the carrying value , and any reasonable movement in the assumptions would not result in an impairment .', 'these discounted cash flow models include management assumptions relevant for forecasting operating cash flows , which are subject to changes in business conditions , such as volumes and prices , costs to produce , discount rates and estimated capital needs .', 'management considers historical experience and all available information at the time the fair values are estimated , and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use .', 'since the march 28 , 2008 , spin-off from altria , we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets .', '2022 marketing and advertising costs - we incur certain costs to support our products through programs which include advertising , marketing , consumer engagement and trade promotions .', 'the costs of our advertising and marketing programs are expensed in accordance with u.s .', 'gaap .', 'recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program .', 'for volume-based incentives provided to customers , management continually assesses and estimates , by customer , the likelihood of the customer achieving the specified targets and records the reduction of revenue as the sales are made .', 'for other trade promotions , management relies on estimated utilization rates that have been developed from historical experience .', 'changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position , results of operations or operating cash flows .', 'we have not made any material changes in the accounting methodology used to estimate our marketing programs during the past three years .', '2022 employee benefit plans - as discussed in item 8 , note 13 .', 'benefit plans to our consolidated financial statements , we provide a range of benefits to our employees and retired employees , including pensions , postretirement health care and postemployment benefits ( primarily severance ) .', 'we record annual amounts relating to these plans based on calculations specified by u.s .', 'gaap .', 'these calculations include various actuarial assumptions , such as discount rates , assumed rates of return on plan assets , compensation increases , mortality , turnover rates and health care cost trend rates .', 'we review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so .', 'as permitted by u.s .', 'gaap , any effect of the modifications is generally amortized over future periods .', 'we believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries .', 'weighted-average discount rate assumptions for pensions and postretirement plans are as follows: .'] | ['we anticipate that assumption changes , coupled with decreased amortization of deferred losses , will decrease 2016 pre-tax u.s .', 'and non- u.s .', 'pension and postretirement expense to approximately $ 209 million as compared with approximately $ 240 million in 2015 , excluding .'] | ========================================
• , 2015, 2014
• u.s . pension plans, 4.30% ( 4.30 % ), 3.95% ( 3.95 % )
• non-u.s . pension plans, 1.68% ( 1.68 % ), 1.92% ( 1.92 % )
• postretirement plans, 4.45% ( 4.45 % ), 4.20% ( 4.20 % )
======================================== | subtract(1.68, 1.92), divide(#0, 1.92) | -0.125 |
what was the percent of the total stock based compensation in 2006 for employee retention | Background: ['stock-based compensation 2013 we have several stock-based compensation plans under which employees and non-employee directors receive stock options , nonvested retention shares , and nonvested stock units .', 'we refer to the nonvested shares and stock units collectively as 201cretention awards 201d .', 'we issue treasury shares to cover option exercises and stock unit vestings , while new shares are issued when retention shares vest .', 'we adopted fasb statement no .', '123 ( r ) , share-based payment ( fas 123 ( r ) ) , on january 1 , 2006 .', 'fas 123 ( r ) requires us to measure and recognize compensation expense for all stock-based awards made to employees and directors , including stock options .', 'compensation expense is based on the calculated fair value of the awards as measured at the grant date and is expensed ratably over the service period of the awards ( generally the vesting period ) .', 'the fair value of retention awards is the stock price on the date of grant , while the fair value of stock options is determined by using the black-scholes option pricing model .', 'we elected to use the modified prospective transition method as permitted by fas 123 ( r ) and did not restate financial results for prior periods .', 'we did not make an adjustment for the cumulative effect of these estimated forfeitures , as the impact was not material .', 'as a result of the adoption of fas 123 ( r ) , we recognized expense for stock options in 2006 , in addition to retention awards , which were expensed prior to 2006 .', 'stock-based compensation expense for the year ended december 31 , 2006 was $ 22 million , after tax , or $ 0.08 per basic and diluted share .', 'this includes $ 9 million for stock options and $ 13 million for retention awards for 2006 .', 'before taxes , stock-based compensation expense included $ 14 million for stock options and $ 21 million for retention awards for 2006 .', 'we recorded $ 29 million of excess tax benefits as an inflow of financing activities in the consolidated statement of cash flows for the year ended december 31 , 2006 .', 'prior to the adoption of fas 123 ( r ) , we applied the recognition and measurement principles of accounting principles board opinion no .', '25 , accounting for stock issued to employees , and related interpretations .', 'no stock- based employee compensation expense related to stock option grants was reflected in net income , as all options granted under those plans had a grant price equal to the market value of our common stock on the date of grant .', 'stock-based compensation expense related to retention shares , stock units , and other incentive plans was reflected in net income .', 'the following table details the effect on net income and earnings per share had compensation expense for all of our stock-based awards , including stock options , been recorded in the years ended december 31 , 2005 and 2004 based on the fair value method under fasb statement no .', '123 , accounting for stock-based compensation .', 'pro forma stock-based compensation expense year ended december 31 , millions of dollars , except per share amounts 2005 2004 .']
########
Table:
****************************************
pro forma stock-based compensation expense | pro forma stock-based compensation expense |
----------|----------|----------
millions of dollars except per share amounts | 2005 | 2004
net income as reported | $ 1026 | $ 604
stock-based employee compensation expense reported in net income net of tax | 13 | 13
total stock-based employee compensation expense determined under fair value 2013based method for allawards net of tax [a] | -50 ( 50 ) | -35 ( 35 )
pro forma net income | $ 989 | $ 582
earnings per share 2013 basic as reported | $ 3.89 | $ 2.33
earnings per share 2013 basic pro forma | $ 3.75 | $ 2.25
earnings per share 2013 diluted as reported | $ 3.85 | $ 2.30
earnings per share 2013 diluted pro forma | $ 3.71 | $ 2.22
****************************************
########
Post-table: ['[a] stock options for executives granted in 2003 and 2002 included a reload feature .', 'this reload feature allowed executives to exercise their options using shares of union pacific corporation common stock that they already owned and obtain a new grant of options in the amount of the shares used for exercise plus any shares withheld for tax purposes .', 'the reload feature of these option grants could only be exercised if the .'] | 0.59091 | UNP/2006/page_55.pdf-1 | ['stock-based compensation 2013 we have several stock-based compensation plans under which employees and non-employee directors receive stock options , nonvested retention shares , and nonvested stock units .', 'we refer to the nonvested shares and stock units collectively as 201cretention awards 201d .', 'we issue treasury shares to cover option exercises and stock unit vestings , while new shares are issued when retention shares vest .', 'we adopted fasb statement no .', '123 ( r ) , share-based payment ( fas 123 ( r ) ) , on january 1 , 2006 .', 'fas 123 ( r ) requires us to measure and recognize compensation expense for all stock-based awards made to employees and directors , including stock options .', 'compensation expense is based on the calculated fair value of the awards as measured at the grant date and is expensed ratably over the service period of the awards ( generally the vesting period ) .', 'the fair value of retention awards is the stock price on the date of grant , while the fair value of stock options is determined by using the black-scholes option pricing model .', 'we elected to use the modified prospective transition method as permitted by fas 123 ( r ) and did not restate financial results for prior periods .', 'we did not make an adjustment for the cumulative effect of these estimated forfeitures , as the impact was not material .', 'as a result of the adoption of fas 123 ( r ) , we recognized expense for stock options in 2006 , in addition to retention awards , which were expensed prior to 2006 .', 'stock-based compensation expense for the year ended december 31 , 2006 was $ 22 million , after tax , or $ 0.08 per basic and diluted share .', 'this includes $ 9 million for stock options and $ 13 million for retention awards for 2006 .', 'before taxes , stock-based compensation expense included $ 14 million for stock options and $ 21 million for retention awards for 2006 .', 'we recorded $ 29 million of excess tax benefits as an inflow of financing activities in the consolidated statement of cash flows for the year ended december 31 , 2006 .', 'prior to the adoption of fas 123 ( r ) , we applied the recognition and measurement principles of accounting principles board opinion no .', '25 , accounting for stock issued to employees , and related interpretations .', 'no stock- based employee compensation expense related to stock option grants was reflected in net income , as all options granted under those plans had a grant price equal to the market value of our common stock on the date of grant .', 'stock-based compensation expense related to retention shares , stock units , and other incentive plans was reflected in net income .', 'the following table details the effect on net income and earnings per share had compensation expense for all of our stock-based awards , including stock options , been recorded in the years ended december 31 , 2005 and 2004 based on the fair value method under fasb statement no .', '123 , accounting for stock-based compensation .', 'pro forma stock-based compensation expense year ended december 31 , millions of dollars , except per share amounts 2005 2004 .'] | ['[a] stock options for executives granted in 2003 and 2002 included a reload feature .', 'this reload feature allowed executives to exercise their options using shares of union pacific corporation common stock that they already owned and obtain a new grant of options in the amount of the shares used for exercise plus any shares withheld for tax purposes .', 'the reload feature of these option grants could only be exercised if the .'] | ****************************************
pro forma stock-based compensation expense | pro forma stock-based compensation expense |
----------|----------|----------
millions of dollars except per share amounts | 2005 | 2004
net income as reported | $ 1026 | $ 604
stock-based employee compensation expense reported in net income net of tax | 13 | 13
total stock-based employee compensation expense determined under fair value 2013based method for allawards net of tax [a] | -50 ( 50 ) | -35 ( 35 )
pro forma net income | $ 989 | $ 582
earnings per share 2013 basic as reported | $ 3.89 | $ 2.33
earnings per share 2013 basic pro forma | $ 3.75 | $ 2.25
earnings per share 2013 diluted as reported | $ 3.85 | $ 2.30
earnings per share 2013 diluted pro forma | $ 3.71 | $ 2.22
**************************************** | divide(13, 22) | 0.59091 |
what is the estimated percentual increase observed in the class a common stock during the years 2009 and 2010? | Background: ['interest rate derivatives .', 'in connection with the issuance of floating rate debt in august and october 2008 , the company entered into three interest rate swap contracts , designated as cash flow hedges , for purposes of hedging against a change in interest payments due to fluctuations in the underlying benchmark rate .', 'in december 2010 , the company approved a plan to refinance the term loan in january 2011 resulting in an $ 8.6 million loss on derivative instruments as a result of ineffectiveness on the associated interest rate swap contract .', 'to mitigate counterparty credit risk , the interest rate swap contracts required collateralization by both counterparties for the swaps 2019 aggregate net fair value during their respective terms .', 'collateral was maintained in the form of cash and adjusted on a daily basis .', 'in february 2010 , the company entered into a forward starting interest rate swap contract , designated as a cash flow hedge , for purposes of hedging against a change in interest payments due to fluctuations in the underlying benchmark rate between the date of the swap and the forecasted issuance of fixed rate debt in march 2010 .', 'the swap was highly effective .', 'foreign currency derivatives .', 'in connection with its purchase of bm&fbovespa stock in february 2008 , cme group purchased a put option to hedge against changes in the fair value of bm&fbovespa stock resulting from foreign currency rate fluctuations between the u.s .', 'dollar and the brazilian real ( brl ) beyond the option 2019s exercise price .', 'lehman brothers special financing inc .', '( lbsf ) was the sole counterparty to this option contract .', 'on september 15 , 2008 , lehman brothers holdings inc .', '( lehman ) filed for protection under chapter 11 of the united states bankruptcy code .', 'the bankruptcy filing of lehman was an event of default that gave the company the right to immediately terminate the put option agreement with lbsf .', 'in march 2010 , the company recognized a $ 6.0 million gain on derivative instruments as a result of a settlement from the lehman bankruptcy proceedings .', '21 .', 'capital stock shares outstanding .', 'the following table presents information regarding capital stock: .']
Table:
****************************************
( in thousands ) | december 31 , 2010 | december 31 , 2009
----------|----------|----------
shares authorized | 1000000 | 1000000
class a common stock | 66847 | 66511
class b-1 common stock | 0.6 | 0.6
class b-2 common stock | 0.8 | 0.8
class b-3 common stock | 1.3 | 1.3
class b-4 common stock | 0.4 | 0.4
****************************************
Post-table: ['cme group has no shares of preferred stock issued and outstanding .', 'associated trading rights .', 'members of cme , cbot , nymex and comex own or lease trading rights which entitle them to access the trading floors , discounts on trading fees and the right to vote on certain exchange matters as provided for by the rules of the particular exchange and cme group 2019s or the subsidiaries 2019 organizational documents .', 'each class of cme group class b common stock is associated with a membership in a specific division for trading at cme .', 'a cme trading right is a separate asset that is not part of or evidenced by the associated share of class b common stock of cme group .', 'the class b common stock of cme group is intended only to ensure that the class b shareholders of cme group retain rights with respect to representation on the board of directors and approval rights with respect to the core rights described below .', 'trading rights at cbot are evidenced by class b memberships in cbot , at nymex by class a memberships in nymex and at comex by comex division memberships in comex .', 'members of the cbot , nymex and comex exchanges do not have any rights to elect members of the board of directors and are not entitled to receive dividends or other distributions on their memberships .', 'the company is , however , required to have at least 10 cbot directors ( as defined by its bylaws ) until its 2012 annual meeting. .'] | 0.00505 | CME/2010/page_109.pdf-3 | ['interest rate derivatives .', 'in connection with the issuance of floating rate debt in august and october 2008 , the company entered into three interest rate swap contracts , designated as cash flow hedges , for purposes of hedging against a change in interest payments due to fluctuations in the underlying benchmark rate .', 'in december 2010 , the company approved a plan to refinance the term loan in january 2011 resulting in an $ 8.6 million loss on derivative instruments as a result of ineffectiveness on the associated interest rate swap contract .', 'to mitigate counterparty credit risk , the interest rate swap contracts required collateralization by both counterparties for the swaps 2019 aggregate net fair value during their respective terms .', 'collateral was maintained in the form of cash and adjusted on a daily basis .', 'in february 2010 , the company entered into a forward starting interest rate swap contract , designated as a cash flow hedge , for purposes of hedging against a change in interest payments due to fluctuations in the underlying benchmark rate between the date of the swap and the forecasted issuance of fixed rate debt in march 2010 .', 'the swap was highly effective .', 'foreign currency derivatives .', 'in connection with its purchase of bm&fbovespa stock in february 2008 , cme group purchased a put option to hedge against changes in the fair value of bm&fbovespa stock resulting from foreign currency rate fluctuations between the u.s .', 'dollar and the brazilian real ( brl ) beyond the option 2019s exercise price .', 'lehman brothers special financing inc .', '( lbsf ) was the sole counterparty to this option contract .', 'on september 15 , 2008 , lehman brothers holdings inc .', '( lehman ) filed for protection under chapter 11 of the united states bankruptcy code .', 'the bankruptcy filing of lehman was an event of default that gave the company the right to immediately terminate the put option agreement with lbsf .', 'in march 2010 , the company recognized a $ 6.0 million gain on derivative instruments as a result of a settlement from the lehman bankruptcy proceedings .', '21 .', 'capital stock shares outstanding .', 'the following table presents information regarding capital stock: .'] | ['cme group has no shares of preferred stock issued and outstanding .', 'associated trading rights .', 'members of cme , cbot , nymex and comex own or lease trading rights which entitle them to access the trading floors , discounts on trading fees and the right to vote on certain exchange matters as provided for by the rules of the particular exchange and cme group 2019s or the subsidiaries 2019 organizational documents .', 'each class of cme group class b common stock is associated with a membership in a specific division for trading at cme .', 'a cme trading right is a separate asset that is not part of or evidenced by the associated share of class b common stock of cme group .', 'the class b common stock of cme group is intended only to ensure that the class b shareholders of cme group retain rights with respect to representation on the board of directors and approval rights with respect to the core rights described below .', 'trading rights at cbot are evidenced by class b memberships in cbot , at nymex by class a memberships in nymex and at comex by comex division memberships in comex .', 'members of the cbot , nymex and comex exchanges do not have any rights to elect members of the board of directors and are not entitled to receive dividends or other distributions on their memberships .', 'the company is , however , required to have at least 10 cbot directors ( as defined by its bylaws ) until its 2012 annual meeting. .'] | ****************************************
( in thousands ) | december 31 , 2010 | december 31 , 2009
----------|----------|----------
shares authorized | 1000000 | 1000000
class a common stock | 66847 | 66511
class b-1 common stock | 0.6 | 0.6
class b-2 common stock | 0.8 | 0.8
class b-3 common stock | 1.3 | 1.3
class b-4 common stock | 0.4 | 0.4
**************************************** | divide(66847, 66511), subtract(#0, const_1) | 0.00505 |
what is the storm damage cost as a percentage of 2002 net revenue? | Pre-text: ['entergy arkansas , inc .', "management's financial discussion and analysis fuel and purchased power expenses increased primarily due to increased recovery of deferred fuel and purchased power costs primarily due to an increase in april 2004 in the energy cost recovery rider and the true-ups to the 2003 and 2002 energy cost recovery rider filings .", 'other regulatory credits decreased primarily due to the over-recovery of grand gulf costs due to an increase in the grand gulf rider effective january 2004 .', "2003 compared to 2002 net revenue , which is entergy arkansas' measure of gross margin , consists of operating revenues net of : 1 ) fuel , fuel-related , and purchased power expenses and 2 ) other regulatory credits .", 'following is an analysis of the change in net revenue comparing 2003 to 2002. .']
--------
Table:
Row 1: , ( in millions )
Row 2: 2002 net revenue, $ 1095.9
Row 3: march 2002 settlement agreement, -154.0 ( 154.0 )
Row 4: volume/weather, -7.7 ( 7.7 )
Row 5: asset retirement obligation, 30.1
Row 6: net wholesale revenue, 16.6
Row 7: deferred fuel cost revisions, 10.2
Row 8: other, 7.6
Row 9: 2003 net revenue, $ 998.7
--------
Additional Information: ['the march 2002 settlement agreement resolved a request for recovery of ice storm costs incurred in december 2000 with an offset of those costs for funds contributed to pay for future stranded costs .', 'a 1997 settlement provided for the collection of earnings in excess of an 11% ( 11 % ) return on equity in a transition cost account ( tca ) to offset stranded costs if retail open access were implemented .', 'in mid- and late december 2000 , two separate ice storms left 226000 and 212500 entergy arkansas customers , respectively , without electric power in its service area .', 'entergy arkansas filed a proposal to recover costs plus carrying charges associated with power restoration caused by the ice storms .', "entergy arkansas' final storm damage cost determination reflected costs of approximately $ 195 million .", 'the apsc approved a settlement agreement submitted in march 2002 by entergy arkansas , the apsc staff , and the arkansas attorney general .', 'in the march 2002 settlement , the parties agreed that $ 153 million of the ice storm costs would be classified as incremental ice storm expenses that can be offset against the tca on a rate class basis , and any excess of ice storm costs over the amount available in the tca would be deferred and amortized over 30 years , although such excess costs were not allowed to be included as a separate component of rate base .', 'the allocated ice storm expenses exceeded the available tca funds by $ 15.8 million which was recorded as a regulatory asset in june 2002 .', "in accordance with the settlement agreement and following the apsc's approval of the 2001 earnings review related to the tca , entergy arkansas filed to return $ 18.1 million of the tca to certain large general service class customers that paid more into the tca than their allocation of storm costs .", 'the apsc approved the return of funds to the large general service customer class in the form of refund checks in august 2002 .', 'as part of the implementation of the march 2002 settlement agreement provisions , the tca procedure ceased with the 2001 earnings evaluation .', 'of the remaining ice storm costs , $ 32.2 million was addressed through established ratemaking procedures , including $ 22.2 million classified as capital additions , while $ 3.8 million of the ice storm costs was not recovered through rates .', 'the effect on net income of the march 2002 settlement agreement and 2001 earnings review was a $ 2.2 million increase in 2003 , because the decrease in net revenue was offset by the decrease in operation and maintenance expenses discussed below. .'] | 0.17794 | ETR/2004/page_160.pdf-2 | ['entergy arkansas , inc .', "management's financial discussion and analysis fuel and purchased power expenses increased primarily due to increased recovery of deferred fuel and purchased power costs primarily due to an increase in april 2004 in the energy cost recovery rider and the true-ups to the 2003 and 2002 energy cost recovery rider filings .", 'other regulatory credits decreased primarily due to the over-recovery of grand gulf costs due to an increase in the grand gulf rider effective january 2004 .', "2003 compared to 2002 net revenue , which is entergy arkansas' measure of gross margin , consists of operating revenues net of : 1 ) fuel , fuel-related , and purchased power expenses and 2 ) other regulatory credits .", 'following is an analysis of the change in net revenue comparing 2003 to 2002. .'] | ['the march 2002 settlement agreement resolved a request for recovery of ice storm costs incurred in december 2000 with an offset of those costs for funds contributed to pay for future stranded costs .', 'a 1997 settlement provided for the collection of earnings in excess of an 11% ( 11 % ) return on equity in a transition cost account ( tca ) to offset stranded costs if retail open access were implemented .', 'in mid- and late december 2000 , two separate ice storms left 226000 and 212500 entergy arkansas customers , respectively , without electric power in its service area .', 'entergy arkansas filed a proposal to recover costs plus carrying charges associated with power restoration caused by the ice storms .', "entergy arkansas' final storm damage cost determination reflected costs of approximately $ 195 million .", 'the apsc approved a settlement agreement submitted in march 2002 by entergy arkansas , the apsc staff , and the arkansas attorney general .', 'in the march 2002 settlement , the parties agreed that $ 153 million of the ice storm costs would be classified as incremental ice storm expenses that can be offset against the tca on a rate class basis , and any excess of ice storm costs over the amount available in the tca would be deferred and amortized over 30 years , although such excess costs were not allowed to be included as a separate component of rate base .', 'the allocated ice storm expenses exceeded the available tca funds by $ 15.8 million which was recorded as a regulatory asset in june 2002 .', "in accordance with the settlement agreement and following the apsc's approval of the 2001 earnings review related to the tca , entergy arkansas filed to return $ 18.1 million of the tca to certain large general service class customers that paid more into the tca than their allocation of storm costs .", 'the apsc approved the return of funds to the large general service customer class in the form of refund checks in august 2002 .', 'as part of the implementation of the march 2002 settlement agreement provisions , the tca procedure ceased with the 2001 earnings evaluation .', 'of the remaining ice storm costs , $ 32.2 million was addressed through established ratemaking procedures , including $ 22.2 million classified as capital additions , while $ 3.8 million of the ice storm costs was not recovered through rates .', 'the effect on net income of the march 2002 settlement agreement and 2001 earnings review was a $ 2.2 million increase in 2003 , because the decrease in net revenue was offset by the decrease in operation and maintenance expenses discussed below. .'] | Row 1: , ( in millions )
Row 2: 2002 net revenue, $ 1095.9
Row 3: march 2002 settlement agreement, -154.0 ( 154.0 )
Row 4: volume/weather, -7.7 ( 7.7 )
Row 5: asset retirement obligation, 30.1
Row 6: net wholesale revenue, 16.6
Row 7: deferred fuel cost revisions, 10.2
Row 8: other, 7.6
Row 9: 2003 net revenue, $ 998.7 | divide(195, 1095.9) | 0.17794 |
what was the percentage change in the net sales from 2012 to 2013 | Background: ['is&gs 2019 operating profit decreased $ 60 million , or 8% ( 8 % ) , for 2014 compared to 2013 .', 'the decrease was primarily attributable to the activities mentioned above for sales , lower risk retirements and reserves recorded on an international program , partially offset by severance recoveries related to the restructuring announced in november 2013 of approximately $ 20 million for 2014 .', 'adjustments not related to volume , including net profit booking rate adjustments , were approximately $ 30 million lower for 2014 compared to 2013 .', '2013 compared to 2012 is&gs 2019 net sales decreased $ 479 million , or 5% ( 5 % ) , for 2013 compared to 2012 .', 'the decrease was attributable to lower net sales of about $ 495 million due to decreased volume on various programs ( command and control programs for classified customers , ngi and eram programs ) ; and approximately $ 320 million due to the completion of certain programs ( such as total information processing support services , the transportation worker identification credential and the outsourcing desktop initiative for nasa ) .', 'the decrease was partially offset by higher net sales of about $ 340 million due to the start-up of certain programs ( such as the disa gsm-o and the national science foundation antarctic support ) .', 'is&gs 2019 operating profit decreased $ 49 million , or 6% ( 6 % ) , for 2013 compared to 2012 .', 'the decrease was primarily attributable to lower operating profit of about $ 55 million due to certain programs nearing the end of their life cycles , partially offset by higher operating profit of approximately $ 15 million due to the start-up of certain programs .', 'adjustments not related to volume , including net profit booking rate adjustments and other matters , were comparable for 2013 compared to 2012 .', 'backlog backlog increased in 2014 compared to 2013 primarily due to several multi-year international awards and various u.s .', 'multi-year extensions .', 'this increase was partially offset by declining activities on various direct warfighter support and command and control programs impacted by defense budget reductions .', 'backlog decreased in 2013 compared to 2012 primarily due to lower orders on several programs ( such as eram and ngi ) , higher sales on certain programs ( the national science foundation antarctic support and the disa gsm-o ) and declining activities on several smaller programs primarily due to the continued downturn in federal information technology budgets .', 'trends we expect is&gs 2019 net sales to decline in 2015 in the low to mid single digit percentage range as compared to 2014 , primarily driven by the continued downturn in federal information technology budgets , an increasingly competitive environment , including the disaggregation of existing contracts , and new contract award delays , partially offset by increased sales resulting from acquisitions that occurred during the year .', 'operating profit is expected to decline in the low double digit percentage range in 2015 primarily driven by volume and an increase in intangible amortization from 2014 acquisition activity , resulting in 2015 margins that are lower than 2014 results .', 'missiles and fire control our mfc business segment provides air and missile defense systems ; tactical missiles and air-to-ground precision strike weapon systems ; logistics and other technical services ; fire control systems ; mission operations support , readiness , engineering support and integration services ; and manned and unmanned ground vehicles .', 'mfc 2019s major programs include pac-3 , thaad , multiple launch rocket system , hellfire , jassm , javelin , apache , sniper ae , low altitude navigation and targeting infrared for night ( lantirn ae ) and sof clss .', 'mfc 2019s operating results included the following ( in millions ) : .']
Table:
, 2014, 2013, 2012
net sales, $ 7680, $ 7757, $ 7457
operating profit, 1358, 1431, 1256
operating margins, 17.7% ( 17.7 % ), 18.4% ( 18.4 % ), 16.8% ( 16.8 % )
backlog at year-end, $ 13600, $ 15000, $ 14700
Follow-up: ['2014 compared to 2013 mfc 2019s net sales for 2014 decreased $ 77 million , or 1% ( 1 % ) , compared to 2013 .', 'the decrease was primarily attributable to lower net sales of approximately $ 385 million for technical services programs due to decreased volume reflecting market pressures ; and about $ 115 million for tactical missile programs due to fewer deliveries ( primarily high mobility artillery .'] | 0.04023 | LMT/2014/page_47.pdf-1 | ['is&gs 2019 operating profit decreased $ 60 million , or 8% ( 8 % ) , for 2014 compared to 2013 .', 'the decrease was primarily attributable to the activities mentioned above for sales , lower risk retirements and reserves recorded on an international program , partially offset by severance recoveries related to the restructuring announced in november 2013 of approximately $ 20 million for 2014 .', 'adjustments not related to volume , including net profit booking rate adjustments , were approximately $ 30 million lower for 2014 compared to 2013 .', '2013 compared to 2012 is&gs 2019 net sales decreased $ 479 million , or 5% ( 5 % ) , for 2013 compared to 2012 .', 'the decrease was attributable to lower net sales of about $ 495 million due to decreased volume on various programs ( command and control programs for classified customers , ngi and eram programs ) ; and approximately $ 320 million due to the completion of certain programs ( such as total information processing support services , the transportation worker identification credential and the outsourcing desktop initiative for nasa ) .', 'the decrease was partially offset by higher net sales of about $ 340 million due to the start-up of certain programs ( such as the disa gsm-o and the national science foundation antarctic support ) .', 'is&gs 2019 operating profit decreased $ 49 million , or 6% ( 6 % ) , for 2013 compared to 2012 .', 'the decrease was primarily attributable to lower operating profit of about $ 55 million due to certain programs nearing the end of their life cycles , partially offset by higher operating profit of approximately $ 15 million due to the start-up of certain programs .', 'adjustments not related to volume , including net profit booking rate adjustments and other matters , were comparable for 2013 compared to 2012 .', 'backlog backlog increased in 2014 compared to 2013 primarily due to several multi-year international awards and various u.s .', 'multi-year extensions .', 'this increase was partially offset by declining activities on various direct warfighter support and command and control programs impacted by defense budget reductions .', 'backlog decreased in 2013 compared to 2012 primarily due to lower orders on several programs ( such as eram and ngi ) , higher sales on certain programs ( the national science foundation antarctic support and the disa gsm-o ) and declining activities on several smaller programs primarily due to the continued downturn in federal information technology budgets .', 'trends we expect is&gs 2019 net sales to decline in 2015 in the low to mid single digit percentage range as compared to 2014 , primarily driven by the continued downturn in federal information technology budgets , an increasingly competitive environment , including the disaggregation of existing contracts , and new contract award delays , partially offset by increased sales resulting from acquisitions that occurred during the year .', 'operating profit is expected to decline in the low double digit percentage range in 2015 primarily driven by volume and an increase in intangible amortization from 2014 acquisition activity , resulting in 2015 margins that are lower than 2014 results .', 'missiles and fire control our mfc business segment provides air and missile defense systems ; tactical missiles and air-to-ground precision strike weapon systems ; logistics and other technical services ; fire control systems ; mission operations support , readiness , engineering support and integration services ; and manned and unmanned ground vehicles .', 'mfc 2019s major programs include pac-3 , thaad , multiple launch rocket system , hellfire , jassm , javelin , apache , sniper ae , low altitude navigation and targeting infrared for night ( lantirn ae ) and sof clss .', 'mfc 2019s operating results included the following ( in millions ) : .'] | ['2014 compared to 2013 mfc 2019s net sales for 2014 decreased $ 77 million , or 1% ( 1 % ) , compared to 2013 .', 'the decrease was primarily attributable to lower net sales of approximately $ 385 million for technical services programs due to decreased volume reflecting market pressures ; and about $ 115 million for tactical missile programs due to fewer deliveries ( primarily high mobility artillery .'] | , 2014, 2013, 2012
net sales, $ 7680, $ 7757, $ 7457
operating profit, 1358, 1431, 1256
operating margins, 17.7% ( 17.7 % ), 18.4% ( 18.4 % ), 16.8% ( 16.8 % )
backlog at year-end, $ 13600, $ 15000, $ 14700 | subtract(7757, 7457), divide(#0, 7457) | 0.04023 |
as of december 2012 what is the ratio of the square footage in alpharetta , georgia to jersey city new jersey | Pre-text: ['we may not be able to generate sufficient cash to service all of our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness , which may not be successful .', 'our ability to make scheduled payments on or to refinance our debt obligations depends on our financial condition , operating performance and our ability to receive dividend payments from our subsidiaries , which is subject to prevailing economic and competitive conditions , regulatory approval and certain financial , business and other factors beyond our control .', 'we may not be able to maintain a level of cash flows from operating activities sufficient to permit us to pay the principal and interest on our indebtedness .', 'if our cash flows and capital resources are insufficient to fund our debt service obligations , we may be forced to reduce or delay investments and capital expenditures , or to sell assets , seek additional capital or restructure or refinance our indebtedness .', 'these alternative measures may not be successful and may not permit us to meet our scheduled debt service obligations .', 'in addition , the terms of existing or future debt instruments may restrict us from adopting some of these alternatives .', 'our ability to restructure or refinance our debt will depend on the condition of the capital markets and our financial condition at such time .', 'any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants , which could further restrict our business operations .', 'in addition , any failure to make payments of interest and principal on our outstanding indebtedness on a timely basis would likely result in a reduction of our credit rating , which could harm our ability to incur additional indebtedness .', 'if our cash flows and available cash are insufficient to meet our debt service obligations , we could face substantial liquidity problems and might be required to dispose of material assets or operations to meet our debt service and other obligations .', 'we may not be able to consummate those dispositions or to obtain the proceeds that we could realize from them , and these proceeds may not be adequate to meet any debt service obligations then due .', 'item 1b .', 'unresolved staff comments item 2 .', 'properties a summary of our significant locations at december 31 , 2012 is shown in the following table .', 'all facilities are leased , except for 165000 square feet of our office in alpharetta , georgia .', 'square footage amounts are net of space that has been sublet or part of a facility restructuring. .']
##
Tabular Data:
----------------------------------------
location | approximate square footage
alpharetta georgia | 254000
jersey city new jersey | 107000
arlington virginia | 102000
menlo park california | 91000
sandy utah | 66000
new york new york | 39000
chicago illinois | 25000
----------------------------------------
##
Post-table: ['all of our facilities are used by either our trading and investing or balance sheet management segments , in addition to the corporate/other category .', 'all other leased facilities with space of less than 25000 square feet are not listed by location .', 'in addition to the significant facilities above , we also lease all 30 e*trade branches , ranging in space from approximately 2500 to 8000 square feet .', 'we believe our facilities space is adequate to meet our needs in 2013. .'] | 2.37383 | ETFC/2012/page_24.pdf-2 | ['we may not be able to generate sufficient cash to service all of our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness , which may not be successful .', 'our ability to make scheduled payments on or to refinance our debt obligations depends on our financial condition , operating performance and our ability to receive dividend payments from our subsidiaries , which is subject to prevailing economic and competitive conditions , regulatory approval and certain financial , business and other factors beyond our control .', 'we may not be able to maintain a level of cash flows from operating activities sufficient to permit us to pay the principal and interest on our indebtedness .', 'if our cash flows and capital resources are insufficient to fund our debt service obligations , we may be forced to reduce or delay investments and capital expenditures , or to sell assets , seek additional capital or restructure or refinance our indebtedness .', 'these alternative measures may not be successful and may not permit us to meet our scheduled debt service obligations .', 'in addition , the terms of existing or future debt instruments may restrict us from adopting some of these alternatives .', 'our ability to restructure or refinance our debt will depend on the condition of the capital markets and our financial condition at such time .', 'any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants , which could further restrict our business operations .', 'in addition , any failure to make payments of interest and principal on our outstanding indebtedness on a timely basis would likely result in a reduction of our credit rating , which could harm our ability to incur additional indebtedness .', 'if our cash flows and available cash are insufficient to meet our debt service obligations , we could face substantial liquidity problems and might be required to dispose of material assets or operations to meet our debt service and other obligations .', 'we may not be able to consummate those dispositions or to obtain the proceeds that we could realize from them , and these proceeds may not be adequate to meet any debt service obligations then due .', 'item 1b .', 'unresolved staff comments item 2 .', 'properties a summary of our significant locations at december 31 , 2012 is shown in the following table .', 'all facilities are leased , except for 165000 square feet of our office in alpharetta , georgia .', 'square footage amounts are net of space that has been sublet or part of a facility restructuring. .'] | ['all of our facilities are used by either our trading and investing or balance sheet management segments , in addition to the corporate/other category .', 'all other leased facilities with space of less than 25000 square feet are not listed by location .', 'in addition to the significant facilities above , we also lease all 30 e*trade branches , ranging in space from approximately 2500 to 8000 square feet .', 'we believe our facilities space is adequate to meet our needs in 2013. .'] | ----------------------------------------
location | approximate square footage
alpharetta georgia | 254000
jersey city new jersey | 107000
arlington virginia | 102000
menlo park california | 91000
sandy utah | 66000
new york new york | 39000
chicago illinois | 25000
---------------------------------------- | divide(254000, 107000) | 2.37383 |
what is the average payment volume per transaction for visa inc? | Context: ['based on payments volume , total volume , number of transactions and number of cards in circulation , visa is the largest retail electronic payments network in the world .', 'the following chart compares our network with those of our major general-purpose payment network competitors for calendar year 2009 : company payments volume volume transactions cards ( billions ) ( billions ) ( billions ) ( millions ) visa inc. ( 1 ) .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ 2793 $ 4423 62.2 1808 .']
--
Table:
company | payments volume ( billions ) | total volume ( billions ) | total transactions ( billions ) | cards ( millions )
visainc. ( 1 ) | $ 2793 | $ 4423 | 62.2 | 1808
mastercard | 1852 | 2454 | 32.1 | 966
american express | 613 | 620 | 5.1 | 88
discover | 100 | 109 | 1.7 | 54
jcb | 75 | 83 | 0.8 | 61
diners club | 25 | 26 | 0.2 | 7
--
Post-table: ['( 1 ) visa inc .', 'figures as reported on form 8-k filed with the sec on february 3 and april 28 , 2010 , respectively .', 'visa figures represent total volume , payments volume and cash volume , and the number of payments transactions , cash transactions , accounts and cards for products carrying the visa , visa electron and interlink brands .', 'card counts include plus proprietary cards .', 'payments volume represents the aggregate dollar amount of purchases made with cards carrying the visa , visa electron and interlink brands for the relevant period .', 'total volume represents payments volume plus cash volume .', 'the data presented is reported quarterly by visa 2019s clients on their operating certificates and is subject to verification by visa .', 'on occasion , clients may update previously submitted information .', 'sources : mastercard , american express , jcb and diners club data sourced from the nilson report issue 946 ( april 2010 ) .', 'includes all consumer and commercial credit , debit and prepaid cards .', 'currency figures are in u.s .', 'dollars .', 'mastercard excludes maestro and cirrus figures .', 'american express includes figures for third party issuers .', 'jcb figures are for april 2008 through march 2009 and include third party issuers .', 'transactions are estimates .', 'diners club figures are for the 12 months ended november 30 , 2009 .', 'discover data sourced from the nilson report issue 942 ( february 2010 ) 2014u.s .', 'data only and includes business from third party issuers .', 'for more information on the concentration of our operating revenues and other financial information , see note 15 2014enterprise-wide disclosures and concentration of business to our consolidated financial statements included in item 8 of this report .', 'working capital requirements payments settlement due from and due to issuing and acquiring clients generally represents our most consistent and substantial liquidity requirement , arising primarily from the payments settlement of certain credit and debit transactions and the timing of payments settlement between financial institution clients with settlement currencies other than the u.s .', 'dollar .', 'these settlement receivables and payables generally remain outstanding for one to two business days , consistent with standard market conventions for domestic transactions and foreign currency transactions .', 'we maintain working capital sufficient to enable uninterrupted daily settlement .', 'during fiscal 2010 , we funded average daily net settlement receivable balances of $ 129 million , with the highest daily balance being $ 386 million .', 'seasonality we do not expect to experience any pronounced seasonality in our business .', 'no individual quarter of fiscal 2010 or fiscal 2009 accounted for more than 30% ( 30 % ) of our fiscal 2010 or fiscal 2009 operating revenues. .'] | 44.90354 | V/2010/page_28.pdf-1 | ['based on payments volume , total volume , number of transactions and number of cards in circulation , visa is the largest retail electronic payments network in the world .', 'the following chart compares our network with those of our major general-purpose payment network competitors for calendar year 2009 : company payments volume volume transactions cards ( billions ) ( billions ) ( billions ) ( millions ) visa inc. ( 1 ) .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ 2793 $ 4423 62.2 1808 .'] | ['( 1 ) visa inc .', 'figures as reported on form 8-k filed with the sec on february 3 and april 28 , 2010 , respectively .', 'visa figures represent total volume , payments volume and cash volume , and the number of payments transactions , cash transactions , accounts and cards for products carrying the visa , visa electron and interlink brands .', 'card counts include plus proprietary cards .', 'payments volume represents the aggregate dollar amount of purchases made with cards carrying the visa , visa electron and interlink brands for the relevant period .', 'total volume represents payments volume plus cash volume .', 'the data presented is reported quarterly by visa 2019s clients on their operating certificates and is subject to verification by visa .', 'on occasion , clients may update previously submitted information .', 'sources : mastercard , american express , jcb and diners club data sourced from the nilson report issue 946 ( april 2010 ) .', 'includes all consumer and commercial credit , debit and prepaid cards .', 'currency figures are in u.s .', 'dollars .', 'mastercard excludes maestro and cirrus figures .', 'american express includes figures for third party issuers .', 'jcb figures are for april 2008 through march 2009 and include third party issuers .', 'transactions are estimates .', 'diners club figures are for the 12 months ended november 30 , 2009 .', 'discover data sourced from the nilson report issue 942 ( february 2010 ) 2014u.s .', 'data only and includes business from third party issuers .', 'for more information on the concentration of our operating revenues and other financial information , see note 15 2014enterprise-wide disclosures and concentration of business to our consolidated financial statements included in item 8 of this report .', 'working capital requirements payments settlement due from and due to issuing and acquiring clients generally represents our most consistent and substantial liquidity requirement , arising primarily from the payments settlement of certain credit and debit transactions and the timing of payments settlement between financial institution clients with settlement currencies other than the u.s .', 'dollar .', 'these settlement receivables and payables generally remain outstanding for one to two business days , consistent with standard market conventions for domestic transactions and foreign currency transactions .', 'we maintain working capital sufficient to enable uninterrupted daily settlement .', 'during fiscal 2010 , we funded average daily net settlement receivable balances of $ 129 million , with the highest daily balance being $ 386 million .', 'seasonality we do not expect to experience any pronounced seasonality in our business .', 'no individual quarter of fiscal 2010 or fiscal 2009 accounted for more than 30% ( 30 % ) of our fiscal 2010 or fiscal 2009 operating revenues. .'] | company | payments volume ( billions ) | total volume ( billions ) | total transactions ( billions ) | cards ( millions )
visainc. ( 1 ) | $ 2793 | $ 4423 | 62.2 | 1808
mastercard | 1852 | 2454 | 32.1 | 966
american express | 613 | 620 | 5.1 | 88
discover | 100 | 109 | 1.7 | 54
jcb | 75 | 83 | 0.8 | 61
diners club | 25 | 26 | 0.2 | 7 | divide(2793, 62.2) | 44.90354 |
what portion of the redemption amount of 6.25% ( 6.25 % ) notes was in accrued interest? | Background: ['american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the 7.50% ( 7.50 % ) notes mature on may 1 , 2012 and interest is payable semi-annually in arrears on may 1 and november 1 each year beginning may 1 , 2004 .', 'the company may redeem the 7.50% ( 7.50 % ) notes after may 1 , 2008 .', 'the initial redemption price on the 7.50% ( 7.50 % ) notes is 103.750% ( 103.750 % ) of the principal amount , subject to a ratable decline after may 1 of the following year to 100% ( 100 % ) of the principal amount in 2010 and thereafter .', 'the company may also redeem up to 35% ( 35 % ) of the 7.50% ( 7.50 % ) notes any time prior to february 1 , 2007 ( at a price equal to 107.50% ( 107.50 % ) of the principal amount of the notes plus accrued and unpaid interest , if any ) , with the net cash proceeds of certain public equity offerings within sixty days after the closing of any such offering .', 'the 7.50% ( 7.50 % ) notes rank equally with the 5.0% ( 5.0 % ) convertible notes and its 93 20448% ( 20448 % ) notes and are structurally and effectively junior to indebtedness outstanding under the credit facilities , the ati 12.25% ( 12.25 % ) notes and the ati 7.25% ( 7.25 % ) notes .', 'the indenture for the 7.50% ( 7.50 % ) notes contains certain covenants that restrict the company 2019s ability to incur more debt ; guarantee indebtedness ; issue preferred stock ; pay dividends ; make certain investments ; merge , consolidate or sell assets ; enter into transactions with affiliates ; and enter into sale leaseback transactions .', '6.25% ( 6.25 % ) notes redemption 2014in february 2004 , the company completed the redemption of all of its outstanding $ 212.7 million principal amount of 6.25% ( 6.25 % ) notes .', 'the 6.25% ( 6.25 % ) notes were redeemed pursuant to the terms of the indenture at 102.083% ( 102.083 % ) of the principal amount plus unpaid and accrued interest .', 'the total aggregate redemption price was $ 221.9 million , including $ 4.8 million in accrued interest .', 'the company will record a charge of $ 7.1 million in the first quarter of 2004 from the loss on redemption and write-off of deferred financing fees .', 'other debt repurchases 2014from january 1 , 2004 to march 11 , 2004 , the company repurchased $ 36.2 million principal amount of its 5.0% ( 5.0 % ) notes for approximately $ 36.1 million in cash and made a $ 21.0 million voluntary prepayment of term loan a under its credit facilities .', 'giving effect to the issuance of the 7.50% ( 7.50 % ) notes and the use of the net proceeds to redeem all of the outstanding 6.25% ( 6.25 % ) notes ; repurchases of $ 36.2 million principal amount of the 5.0% ( 5.0 % ) notes ; and a voluntary prepayment of $ 21.0 million of the term a loan under the credit facilities ; the company 2019s aggregate principal payments of long- term debt , including capital leases , for the next five years and thereafter are as follows ( in thousands ) : year ending december 31 .']
##
Data Table:
----------------------------------------
2004 | $ 73684
----------|----------
2005 | 109435
2006 | 145107
2007 | 688077
2008 | 808043
thereafter | 1875760
total cash obligations | 3700106
accreted value of original issue discount of the ati 12.25% ( 12.25 % ) notes | -339601 ( 339601 )
accreted value of the related warrants | -44247 ( 44247 )
total | $ 3316258
----------------------------------------
##
Follow-up: ['atc mexico holding 2014in january 2004 , mr .', 'gearon exercised his previously disclosed right to require the company to purchase his 8.7% ( 8.7 % ) interest in atc mexico .', 'giving effect to the january 2004 exercise of options described below , the company owns an 88% ( 88 % ) interest in atc mexico , which is the subsidiary through which the company conducts its mexico operations .', 'the purchase price for mr .', 'gearon 2019s interest in atc mexico is subject to review by an independent financial advisor , and is payable in cash or shares of the company 2019s class a common stock , at the company 2019s option .', 'the company intends to pay the purchase price in shares of its class a common stock , and closing is expected to occur in the second quarter of 2004 .', 'in addition , the company expects that payment of a portion of the purchase price will be contingent upon atc mexico meeting certain performance objectives. .'] | 0.02163 | AMT/2003/page_102.pdf-1 | ['american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the 7.50% ( 7.50 % ) notes mature on may 1 , 2012 and interest is payable semi-annually in arrears on may 1 and november 1 each year beginning may 1 , 2004 .', 'the company may redeem the 7.50% ( 7.50 % ) notes after may 1 , 2008 .', 'the initial redemption price on the 7.50% ( 7.50 % ) notes is 103.750% ( 103.750 % ) of the principal amount , subject to a ratable decline after may 1 of the following year to 100% ( 100 % ) of the principal amount in 2010 and thereafter .', 'the company may also redeem up to 35% ( 35 % ) of the 7.50% ( 7.50 % ) notes any time prior to february 1 , 2007 ( at a price equal to 107.50% ( 107.50 % ) of the principal amount of the notes plus accrued and unpaid interest , if any ) , with the net cash proceeds of certain public equity offerings within sixty days after the closing of any such offering .', 'the 7.50% ( 7.50 % ) notes rank equally with the 5.0% ( 5.0 % ) convertible notes and its 93 20448% ( 20448 % ) notes and are structurally and effectively junior to indebtedness outstanding under the credit facilities , the ati 12.25% ( 12.25 % ) notes and the ati 7.25% ( 7.25 % ) notes .', 'the indenture for the 7.50% ( 7.50 % ) notes contains certain covenants that restrict the company 2019s ability to incur more debt ; guarantee indebtedness ; issue preferred stock ; pay dividends ; make certain investments ; merge , consolidate or sell assets ; enter into transactions with affiliates ; and enter into sale leaseback transactions .', '6.25% ( 6.25 % ) notes redemption 2014in february 2004 , the company completed the redemption of all of its outstanding $ 212.7 million principal amount of 6.25% ( 6.25 % ) notes .', 'the 6.25% ( 6.25 % ) notes were redeemed pursuant to the terms of the indenture at 102.083% ( 102.083 % ) of the principal amount plus unpaid and accrued interest .', 'the total aggregate redemption price was $ 221.9 million , including $ 4.8 million in accrued interest .', 'the company will record a charge of $ 7.1 million in the first quarter of 2004 from the loss on redemption and write-off of deferred financing fees .', 'other debt repurchases 2014from january 1 , 2004 to march 11 , 2004 , the company repurchased $ 36.2 million principal amount of its 5.0% ( 5.0 % ) notes for approximately $ 36.1 million in cash and made a $ 21.0 million voluntary prepayment of term loan a under its credit facilities .', 'giving effect to the issuance of the 7.50% ( 7.50 % ) notes and the use of the net proceeds to redeem all of the outstanding 6.25% ( 6.25 % ) notes ; repurchases of $ 36.2 million principal amount of the 5.0% ( 5.0 % ) notes ; and a voluntary prepayment of $ 21.0 million of the term a loan under the credit facilities ; the company 2019s aggregate principal payments of long- term debt , including capital leases , for the next five years and thereafter are as follows ( in thousands ) : year ending december 31 .'] | ['atc mexico holding 2014in january 2004 , mr .', 'gearon exercised his previously disclosed right to require the company to purchase his 8.7% ( 8.7 % ) interest in atc mexico .', 'giving effect to the january 2004 exercise of options described below , the company owns an 88% ( 88 % ) interest in atc mexico , which is the subsidiary through which the company conducts its mexico operations .', 'the purchase price for mr .', 'gearon 2019s interest in atc mexico is subject to review by an independent financial advisor , and is payable in cash or shares of the company 2019s class a common stock , at the company 2019s option .', 'the company intends to pay the purchase price in shares of its class a common stock , and closing is expected to occur in the second quarter of 2004 .', 'in addition , the company expects that payment of a portion of the purchase price will be contingent upon atc mexico meeting certain performance objectives. .'] | ----------------------------------------
2004 | $ 73684
----------|----------
2005 | 109435
2006 | 145107
2007 | 688077
2008 | 808043
thereafter | 1875760
total cash obligations | 3700106
accreted value of original issue discount of the ati 12.25% ( 12.25 % ) notes | -339601 ( 339601 )
accreted value of the related warrants | -44247 ( 44247 )
total | $ 3316258
---------------------------------------- | divide(4.8, 221.9) | 0.02163 |
what portion of the company owned facilities are located in the rest of the world? | Context: ['item 1b .', 'unresolved staff comments .', 'item 2 .', 'properties .', 'our corporate co-headquarters are located in pittsburgh , pennsylvania and chicago , illinois .', 'our co-headquarters are leased and house our executive offices , certain u.s .', 'business units , and our administrative , finance , and human resource functions .', 'we maintain additional owned and leased offices throughout the regions in which we operate .', 'we manufacture our products in our network of manufacturing and processing facilities located throughout the world .', 'as of december 31 , 2016 , we operated 87 manufacturing and processing facilities .', 'we own 83 and lease four of these facilities .', 'our manufacturing and processing facilities count by segment as of december 31 , 2016 was: .']
Table:
| owned | leased
----------|----------|----------
united states | 43 | 2
canada | 3 | 2014
europe | 11 | 2014
rest of world | 26 | 2
Follow-up: ['we maintain all of our manufacturing and processing facilities in good condition and believe they are suitable and are adequate for our present needs .', 'we also enter into co-manufacturing arrangements with third parties if we determine it is advantageous to outsource the production of any of our products .', 'in the fourth quarter of 2016 , we reorganized our segment structure to move our russia business from the rest of world segment to the europe segment .', 'we have reflected this change in the table above .', 'see note 18 , segment reporting , to the consolidated financial statements for additional information .', 'several of our current manufacturing and processing facilities are scheduled to be closed within the next year .', 'see note 3 , integration and restructuring expenses , to the consolidated financial statements for additional information .', 'item 3 .', 'legal proceedings .', 'we are routinely involved in legal proceedings , claims , and governmental inquiries , inspections or investigations ( 201clegal matters 201d ) arising in the ordinary course of our business .', 'on april 1 , 2015 , the commodity futures trading commission ( 201ccftc 201d ) filed a formal complaint against mondel 0113z international ( formerly known as kraft foods inc. ) and kraft in the u.s .', 'district court for the northern district of illinois , eastern division , related to activities involving the trading of december 2011 wheat futures contracts .', 'the complaint alleges that mondel 0113z international and kraft ( 1 ) manipulated or attempted to manipulate the wheat markets during the fall of 2011 , ( 2 ) violated position limit levels for wheat futures , and ( 3 ) engaged in non-competitive trades by trading both sides of exchange-for-physical chicago board of trade wheat contracts .', 'as previously disclosed by kraft , these activities arose prior to the october 1 , 2012 spin-off of kraft by mondel 0113z international to its shareholders and involve the business now owned and operated by mondel 0113z international or its affiliates .', 'the separation and distribution agreement between kraft and mondel 0113z international , dated as of september 27 , 2012 , governs the allocation of liabilities between mondel 0113z international and kraft and , accordingly , mondel 0113z international will predominantly bear the costs of this matter and any monetary penalties or other payments that the cftc may impose .', 'we do not expect this matter to have a material adverse effect on our financial condition , results of operations , or business .', 'while we cannot predict with certainty the results of legal matters in which we are currently involved or may in the future be involved , we do not expect that the ultimate costs to resolve any of the legal matters that are currently pending will have a material adverse effect on our financial condition or results of operations .', 'item 4 .', 'mine safety disclosures .', 'not applicable. .'] | 0.31325 | KHC/2016/page_23.pdf-3 | ['item 1b .', 'unresolved staff comments .', 'item 2 .', 'properties .', 'our corporate co-headquarters are located in pittsburgh , pennsylvania and chicago , illinois .', 'our co-headquarters are leased and house our executive offices , certain u.s .', 'business units , and our administrative , finance , and human resource functions .', 'we maintain additional owned and leased offices throughout the regions in which we operate .', 'we manufacture our products in our network of manufacturing and processing facilities located throughout the world .', 'as of december 31 , 2016 , we operated 87 manufacturing and processing facilities .', 'we own 83 and lease four of these facilities .', 'our manufacturing and processing facilities count by segment as of december 31 , 2016 was: .'] | ['we maintain all of our manufacturing and processing facilities in good condition and believe they are suitable and are adequate for our present needs .', 'we also enter into co-manufacturing arrangements with third parties if we determine it is advantageous to outsource the production of any of our products .', 'in the fourth quarter of 2016 , we reorganized our segment structure to move our russia business from the rest of world segment to the europe segment .', 'we have reflected this change in the table above .', 'see note 18 , segment reporting , to the consolidated financial statements for additional information .', 'several of our current manufacturing and processing facilities are scheduled to be closed within the next year .', 'see note 3 , integration and restructuring expenses , to the consolidated financial statements for additional information .', 'item 3 .', 'legal proceedings .', 'we are routinely involved in legal proceedings , claims , and governmental inquiries , inspections or investigations ( 201clegal matters 201d ) arising in the ordinary course of our business .', 'on april 1 , 2015 , the commodity futures trading commission ( 201ccftc 201d ) filed a formal complaint against mondel 0113z international ( formerly known as kraft foods inc. ) and kraft in the u.s .', 'district court for the northern district of illinois , eastern division , related to activities involving the trading of december 2011 wheat futures contracts .', 'the complaint alleges that mondel 0113z international and kraft ( 1 ) manipulated or attempted to manipulate the wheat markets during the fall of 2011 , ( 2 ) violated position limit levels for wheat futures , and ( 3 ) engaged in non-competitive trades by trading both sides of exchange-for-physical chicago board of trade wheat contracts .', 'as previously disclosed by kraft , these activities arose prior to the october 1 , 2012 spin-off of kraft by mondel 0113z international to its shareholders and involve the business now owned and operated by mondel 0113z international or its affiliates .', 'the separation and distribution agreement between kraft and mondel 0113z international , dated as of september 27 , 2012 , governs the allocation of liabilities between mondel 0113z international and kraft and , accordingly , mondel 0113z international will predominantly bear the costs of this matter and any monetary penalties or other payments that the cftc may impose .', 'we do not expect this matter to have a material adverse effect on our financial condition , results of operations , or business .', 'while we cannot predict with certainty the results of legal matters in which we are currently involved or may in the future be involved , we do not expect that the ultimate costs to resolve any of the legal matters that are currently pending will have a material adverse effect on our financial condition or results of operations .', 'item 4 .', 'mine safety disclosures .', 'not applicable. .'] | | owned | leased
----------|----------|----------
united states | 43 | 2
canada | 3 | 2014
europe | 11 | 2014
rest of world | 26 | 2 | divide(26, 83) | 0.31325 |
what percentage of total non-recourse debt as of december 31 , 2011 is due in 2015? | Pre-text: ['the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2011 , 2010 , and 2009 ( 1 ) weighted average interest rate at december 31 , 2011 .', '( 2 ) the company has interest rate swaps and interest rate option agreements in an aggregate notional principal amount of approximately $ 3.6 billion on non-recourse debt outstanding at december 31 , 2011 .', 'the swap agreements economically change the variable interest rates on the portion of the debt covered by the notional amounts to fixed rates ranging from approximately 1.44% ( 1.44 % ) to 6.98% ( 6.98 % ) .', 'the option agreements fix interest rates within a range from 1.00% ( 1.00 % ) to 7.00% ( 7.00 % ) .', 'the agreements expire at various dates from 2016 through 2028 .', '( 3 ) multilateral loans include loans funded and guaranteed by bilaterals , multilaterals , development banks and other similar institutions .', '( 4 ) non-recourse debt of $ 704 million and $ 945 million as of december 31 , 2011 and 2010 , respectively , was excluded from non-recourse debt and included in current and long-term liabilities of held for sale and discontinued businesses in the accompanying consolidated balance sheets .', 'non-recourse debt as of december 31 , 2011 is scheduled to reach maturity as set forth in the table below : december 31 , annual maturities ( in millions ) .']
----------
Tabular Data:
----------------------------------------
december 31,, annual maturities ( in millions )
2012, $ 2152
2013, 1389
2014, 1697
2015, 851
2016, 2301
thereafter, 7698
total non-recourse debt, $ 16088
----------------------------------------
----------
Post-table: ['as of december 31 , 2011 , aes subsidiaries with facilities under construction had a total of approximately $ 1.4 billion of committed but unused credit facilities available to fund construction and other related costs .', 'excluding these facilities under construction , aes subsidiaries had approximately $ 1.2 billion in a number of available but unused committed revolving credit lines to support their working capital , debt service reserves and other business needs .', 'these credit lines can be used in one or more of the following ways : solely for borrowings ; solely for letters of credit ; or a combination of these uses .', 'the weighted average interest rate on borrowings from these facilities was 14.75% ( 14.75 % ) at december 31 , 2011 .', 'on october 3 , 2011 , dolphin subsidiary ii , inc .', '( 201cdolphin ii 201d ) , a newly formed , wholly-owned special purpose indirect subsidiary of aes , entered into an indenture ( the 201cindenture 201d ) with wells fargo bank , n.a .', '( the 201ctrustee 201d ) as part of its issuance of $ 450 million aggregate principal amount of 6.50% ( 6.50 % ) senior notes due 2016 ( the 201c2016 notes 201d ) and $ 800 million aggregate principal amount of 7.25% ( 7.25 % ) senior notes due 2021 ( the 201c7.25% ( 201c7.25 % ) 2021 notes 201d , together with the 2016 notes , the 201cnotes 201d ) to finance the acquisition ( the 201cacquisition 201d ) of dpl .', 'upon closing of the acquisition on november 28 , 2011 , dolphin ii was merged into dpl with dpl being the surviving entity and obligor .', 'the 2016 notes and the 7.25% ( 7.25 % ) 2021 notes are included under 201cnotes and bonds 201d in the non-recourse detail table above .', 'see note 23 2014acquisitions and dispositions for further information .', 'interest on the 2016 notes and the 7.25% ( 7.25 % ) 2021 notes accrues at a rate of 6.50% ( 6.50 % ) and 7.25% ( 7.25 % ) per year , respectively , and is payable on april 15 and october 15 of each year , beginning april 15 , 2012 .', 'prior to september 15 , 2016 with respect to the 2016 notes and july 15 , 2021 with respect to the 7.25% ( 7.25 % ) 2021 notes , dpl may redeem some or all of the 2016 notes or 7.25% ( 7.25 % ) 2021 notes at par , plus a 201cmake-whole 201d amount set forth in .'] | 0.0529 | AES/2011/page_230.pdf-4 | ['the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2011 , 2010 , and 2009 ( 1 ) weighted average interest rate at december 31 , 2011 .', '( 2 ) the company has interest rate swaps and interest rate option agreements in an aggregate notional principal amount of approximately $ 3.6 billion on non-recourse debt outstanding at december 31 , 2011 .', 'the swap agreements economically change the variable interest rates on the portion of the debt covered by the notional amounts to fixed rates ranging from approximately 1.44% ( 1.44 % ) to 6.98% ( 6.98 % ) .', 'the option agreements fix interest rates within a range from 1.00% ( 1.00 % ) to 7.00% ( 7.00 % ) .', 'the agreements expire at various dates from 2016 through 2028 .', '( 3 ) multilateral loans include loans funded and guaranteed by bilaterals , multilaterals , development banks and other similar institutions .', '( 4 ) non-recourse debt of $ 704 million and $ 945 million as of december 31 , 2011 and 2010 , respectively , was excluded from non-recourse debt and included in current and long-term liabilities of held for sale and discontinued businesses in the accompanying consolidated balance sheets .', 'non-recourse debt as of december 31 , 2011 is scheduled to reach maturity as set forth in the table below : december 31 , annual maturities ( in millions ) .'] | ['as of december 31 , 2011 , aes subsidiaries with facilities under construction had a total of approximately $ 1.4 billion of committed but unused credit facilities available to fund construction and other related costs .', 'excluding these facilities under construction , aes subsidiaries had approximately $ 1.2 billion in a number of available but unused committed revolving credit lines to support their working capital , debt service reserves and other business needs .', 'these credit lines can be used in one or more of the following ways : solely for borrowings ; solely for letters of credit ; or a combination of these uses .', 'the weighted average interest rate on borrowings from these facilities was 14.75% ( 14.75 % ) at december 31 , 2011 .', 'on october 3 , 2011 , dolphin subsidiary ii , inc .', '( 201cdolphin ii 201d ) , a newly formed , wholly-owned special purpose indirect subsidiary of aes , entered into an indenture ( the 201cindenture 201d ) with wells fargo bank , n.a .', '( the 201ctrustee 201d ) as part of its issuance of $ 450 million aggregate principal amount of 6.50% ( 6.50 % ) senior notes due 2016 ( the 201c2016 notes 201d ) and $ 800 million aggregate principal amount of 7.25% ( 7.25 % ) senior notes due 2021 ( the 201c7.25% ( 201c7.25 % ) 2021 notes 201d , together with the 2016 notes , the 201cnotes 201d ) to finance the acquisition ( the 201cacquisition 201d ) of dpl .', 'upon closing of the acquisition on november 28 , 2011 , dolphin ii was merged into dpl with dpl being the surviving entity and obligor .', 'the 2016 notes and the 7.25% ( 7.25 % ) 2021 notes are included under 201cnotes and bonds 201d in the non-recourse detail table above .', 'see note 23 2014acquisitions and dispositions for further information .', 'interest on the 2016 notes and the 7.25% ( 7.25 % ) 2021 notes accrues at a rate of 6.50% ( 6.50 % ) and 7.25% ( 7.25 % ) per year , respectively , and is payable on april 15 and october 15 of each year , beginning april 15 , 2012 .', 'prior to september 15 , 2016 with respect to the 2016 notes and july 15 , 2021 with respect to the 7.25% ( 7.25 % ) 2021 notes , dpl may redeem some or all of the 2016 notes or 7.25% ( 7.25 % ) 2021 notes at par , plus a 201cmake-whole 201d amount set forth in .'] | ----------------------------------------
december 31,, annual maturities ( in millions )
2012, $ 2152
2013, 1389
2014, 1697
2015, 851
2016, 2301
thereafter, 7698
total non-recourse debt, $ 16088
---------------------------------------- | divide(851, 16088) | 0.0529 |
what percent of the fair value is in the carrying value? | Background: ['12 .', 'borrowings short-term borrowings 2015 revolving credit facility .', 'in march 2011 , the company entered into a five-year $ 3.5 billion unsecured revolving credit facility , which was amended in 2014 , 2013 and 2012 .', 'in april 2015 , the company 2019s credit facility was further amended to extend the maturity date to march 2020 and to increase the amount of the aggregate commitment to $ 4.0 billion ( the 201c2015 credit facility 201d ) .', 'the 2015 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 2015 credit facility to an aggregate principal amount not to exceed $ 5.0 billion .', 'interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .', 'the 2015 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 , 2015 .', 'the 2015 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities .', 'at december 31 , 2015 , the company had no amount outstanding under the 2015 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 $ 4.0 billion as amended in april 2015 .', 'the cp program is currently supported by the 2015 credit facility .', 'at december 31 , 2015 , blackrock had no cp notes outstanding .', 'long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2015 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .']
Table:
****************************************
Row 1: ( in millions ), maturityamount, unamortized discount and debt issuance costs, carrying value, fair value
Row 2: 6.25% ( 6.25 % ) notes due 2017, $ 700, $ -1 ( 1 ), $ 699, $ 757
Row 3: 5.00% ( 5.00 % ) notes due 2019, 1000, -3 ( 3 ), 997, 1106
Row 4: 4.25% ( 4.25 % ) notes due 2021, 750, -5 ( 5 ), 745, 828
Row 5: 3.375% ( 3.375 % ) notes due 2022, 750, -6 ( 6 ), 744, 773
Row 6: 3.50% ( 3.50 % ) notes due 2024, 1000, -8 ( 8 ), 992, 1030
Row 7: 1.25% ( 1.25 % ) notes due 2025, 760, -7 ( 7 ), 753, 729
Row 8: total long-term borrowings, $ 4960, $ -30 ( 30 ), $ 4930, $ 5223
****************************************
Post-table: ['long-term borrowings at december 31 , 2014 had a carrying value of $ 4.922 billion and a fair value of $ 5.309 billion determined using market prices at the end of december 2025 notes .', 'in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) .', 'the notes are listed on the new york stock exchange .', 'the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness .', 'interest of approximately $ 10 million per year based on current exchange rates is payable annually on may 6 of each year .', 'the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price .', 'the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes .', 'upon conversion to u.s .', 'dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations .', 'a gain of $ 19 million , net of tax , was recognized in other comprehensive income for 2015 .', 'no hedge ineffectiveness was recognized during 2015 .', '2024 notes .', 'in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) .', 'the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 .', 'interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year .', 'the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .', 'the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes .', '2022 notes .', 'in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .', 'these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) .', 'net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes .', 'interest on the 2022 notes of approximately $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 .', 'the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .', 'the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a .'] | 0.9439 | BLK/2015/page_123.pdf-1 | ['12 .', 'borrowings short-term borrowings 2015 revolving credit facility .', 'in march 2011 , the company entered into a five-year $ 3.5 billion unsecured revolving credit facility , which was amended in 2014 , 2013 and 2012 .', 'in april 2015 , the company 2019s credit facility was further amended to extend the maturity date to march 2020 and to increase the amount of the aggregate commitment to $ 4.0 billion ( the 201c2015 credit facility 201d ) .', 'the 2015 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 2015 credit facility to an aggregate principal amount not to exceed $ 5.0 billion .', 'interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .', 'the 2015 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 , 2015 .', 'the 2015 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities .', 'at december 31 , 2015 , the company had no amount outstanding under the 2015 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 $ 4.0 billion as amended in april 2015 .', 'the cp program is currently supported by the 2015 credit facility .', 'at december 31 , 2015 , blackrock had no cp notes outstanding .', 'long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2015 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .'] | ['long-term borrowings at december 31 , 2014 had a carrying value of $ 4.922 billion and a fair value of $ 5.309 billion determined using market prices at the end of december 2025 notes .', 'in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) .', 'the notes are listed on the new york stock exchange .', 'the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness .', 'interest of approximately $ 10 million per year based on current exchange rates is payable annually on may 6 of each year .', 'the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price .', 'the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes .', 'upon conversion to u.s .', 'dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations .', 'a gain of $ 19 million , net of tax , was recognized in other comprehensive income for 2015 .', 'no hedge ineffectiveness was recognized during 2015 .', '2024 notes .', 'in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) .', 'the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 .', 'interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year .', 'the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .', 'the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes .', '2022 notes .', 'in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .', 'these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) .', 'net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes .', 'interest on the 2022 notes of approximately $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 .', 'the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .', 'the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a .'] | ****************************************
Row 1: ( in millions ), maturityamount, unamortized discount and debt issuance costs, carrying value, fair value
Row 2: 6.25% ( 6.25 % ) notes due 2017, $ 700, $ -1 ( 1 ), $ 699, $ 757
Row 3: 5.00% ( 5.00 % ) notes due 2019, 1000, -3 ( 3 ), 997, 1106
Row 4: 4.25% ( 4.25 % ) notes due 2021, 750, -5 ( 5 ), 745, 828
Row 5: 3.375% ( 3.375 % ) notes due 2022, 750, -6 ( 6 ), 744, 773
Row 6: 3.50% ( 3.50 % ) notes due 2024, 1000, -8 ( 8 ), 992, 1030
Row 7: 1.25% ( 1.25 % ) notes due 2025, 760, -7 ( 7 ), 753, 729
Row 8: total long-term borrowings, $ 4960, $ -30 ( 30 ), $ 4930, $ 5223
**************************************** | divide(4930, 5223) | 0.9439 |
what is the growth rate in the balance of money market funds in 2010? | Background: ['during the first quarter of fiscal 2010 , the company recorded an additional charge of $ 4.7 million related to this cost reduction action .', 'approximately $ 3.4 million of the charge related to lease obligation costs for the cambridge wafer fabrication facility , which the company ceased using in the first quarter of fiscal 2010 .', 'the remaining $ 1.3 million of the charge related to clean-up and closure costs that were expensed as incurred .', '6 .', 'acquisitions in fiscal 2006 , the company acquired substantially all the outstanding stock of privately-held integrant technologies , inc .', '( integrant ) of seoul , korea .', 'the acquisition enabled the company to enter the mobile tv market and strengthened its presence in the asian region .', 'the company paid $ 8.4 million related to the purchase of shares from the founder of integrant during the period from july 2007 through july 2009 .', 'the company recorded these payments as additional goodwill .', 'in fiscal 2006 , the company acquired all the outstanding stock of privately-held audioasics a/s ( audioasics ) of roskilde , denmark .', 'the acquisition of audioasics allows the company to continue developing low-power audio solutions , while expanding its presence in the nordic and eastern european regions .', 'the company paid additional cash payments of $ 3.1 million during fiscal 2009 for the achievement of revenue-based milestones during the period from october 2006 through january 2009 , which were recorded as additional goodwill .', 'in addition , the company paid $ 3.2 million during fiscal 2009 based on the achievement of technological milestones during the period from october 2006 through january 2009 , which were recorded as compensation expense in fiscal 2008 .', 'all revenue and technological milestones related to this acquisition have been met and no additional payments will be made .', 'the company has not provided pro forma results of operations for integrant and audioasics herein as they were not material to the company on either an individual or an aggregate basis .', 'the company included the results of operations of each acquisition in its consolidated statement of income from the date of such acquisition .', '7 .', 'deferred compensation plan investments investments in the analog devices , inc .', 'deferred compensation plan ( the deferred compensation plan ) are classified as trading .', 'the components of the investments as of october 30 , 2010 and october 31 , 2009 were as follows: .']
--------
Table:
----------------------------------------
2010 2009
money market funds $ 1840 $ 1730
mutual funds 6850 6213
total deferred compensation plan investments 2014 short and long-term $ 8690 $ 7943
----------------------------------------
--------
Follow-up: ['the fair values of these investments are based on published market quotes on october 30 , 2010 and october 31 , 2009 , respectively .', 'adjustments to the fair value of , and income pertaining to , deferred compensation plan investments are recorded in operating expenses .', 'gross realized and unrealized gains and losses from trading securities were not material in fiscal 2010 , 2009 or 2008 .', 'the company has recorded a corresponding liability for amounts owed to the deferred compensation plan participants ( see note 10 ) .', 'these investments are specifically designated as available to the company solely for the purpose of paying benefits under the deferred compensation plan .', 'however , in the event the company became insolvent , the investments would be available to all unsecured general creditors .', '8 .', 'other investments other investments consist of equity securities and other long-term investments .', 'investments are stated at fair value , which is based on market quotes or on a cost-basis , dependent on the nature of the investment , as appropriate .', 'adjustments to the fair value of investments classified as available-for-sale are recorded as an increase or decrease analog devices , inc .', 'notes to consolidated financial statements 2014 ( continued ) .'] | 0.06358 | ADI/2010/page_80.pdf-1 | ['during the first quarter of fiscal 2010 , the company recorded an additional charge of $ 4.7 million related to this cost reduction action .', 'approximately $ 3.4 million of the charge related to lease obligation costs for the cambridge wafer fabrication facility , which the company ceased using in the first quarter of fiscal 2010 .', 'the remaining $ 1.3 million of the charge related to clean-up and closure costs that were expensed as incurred .', '6 .', 'acquisitions in fiscal 2006 , the company acquired substantially all the outstanding stock of privately-held integrant technologies , inc .', '( integrant ) of seoul , korea .', 'the acquisition enabled the company to enter the mobile tv market and strengthened its presence in the asian region .', 'the company paid $ 8.4 million related to the purchase of shares from the founder of integrant during the period from july 2007 through july 2009 .', 'the company recorded these payments as additional goodwill .', 'in fiscal 2006 , the company acquired all the outstanding stock of privately-held audioasics a/s ( audioasics ) of roskilde , denmark .', 'the acquisition of audioasics allows the company to continue developing low-power audio solutions , while expanding its presence in the nordic and eastern european regions .', 'the company paid additional cash payments of $ 3.1 million during fiscal 2009 for the achievement of revenue-based milestones during the period from october 2006 through january 2009 , which were recorded as additional goodwill .', 'in addition , the company paid $ 3.2 million during fiscal 2009 based on the achievement of technological milestones during the period from october 2006 through january 2009 , which were recorded as compensation expense in fiscal 2008 .', 'all revenue and technological milestones related to this acquisition have been met and no additional payments will be made .', 'the company has not provided pro forma results of operations for integrant and audioasics herein as they were not material to the company on either an individual or an aggregate basis .', 'the company included the results of operations of each acquisition in its consolidated statement of income from the date of such acquisition .', '7 .', 'deferred compensation plan investments investments in the analog devices , inc .', 'deferred compensation plan ( the deferred compensation plan ) are classified as trading .', 'the components of the investments as of october 30 , 2010 and october 31 , 2009 were as follows: .'] | ['the fair values of these investments are based on published market quotes on october 30 , 2010 and october 31 , 2009 , respectively .', 'adjustments to the fair value of , and income pertaining to , deferred compensation plan investments are recorded in operating expenses .', 'gross realized and unrealized gains and losses from trading securities were not material in fiscal 2010 , 2009 or 2008 .', 'the company has recorded a corresponding liability for amounts owed to the deferred compensation plan participants ( see note 10 ) .', 'these investments are specifically designated as available to the company solely for the purpose of paying benefits under the deferred compensation plan .', 'however , in the event the company became insolvent , the investments would be available to all unsecured general creditors .', '8 .', 'other investments other investments consist of equity securities and other long-term investments .', 'investments are stated at fair value , which is based on market quotes or on a cost-basis , dependent on the nature of the investment , as appropriate .', 'adjustments to the fair value of investments classified as available-for-sale are recorded as an increase or decrease analog devices , inc .', 'notes to consolidated financial statements 2014 ( continued ) .'] | ----------------------------------------
2010 2009
money market funds $ 1840 $ 1730
mutual funds 6850 6213
total deferred compensation plan investments 2014 short and long-term $ 8690 $ 7943
---------------------------------------- | subtract(1840, 1730), divide(#0, 1730) | 0.06358 |
what was the percent of the proved undeveloped reserves in u.s . onshore as of december 31 2010 in north america | Background: ['devon energy corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) proved undeveloped reserves the following table presents the changes in our total proved undeveloped reserves during 2011 ( in mmboe ) . .']
####
Table:
u.s . onshore canada north america
proved undeveloped reserves as of december 31 2010 411 420 831
extensions and discoveries 118 30 148
revisions due to prices -2 ( 2 ) -14 ( 14 ) -16 ( 16 )
revisions other than price -56 ( 56 ) 5 -51 ( 51 )
conversion to proved developed reserves -68 ( 68 ) -62 ( 62 ) -130 ( 130 )
proved undeveloped reserves as of december 31 2011 403 379 782
####
Post-table: ['at december 31 , 2011 , devon had 782 mmboe of proved undeveloped reserves .', 'this represents a 6% ( 6 % ) decrease as compared to 2010 and represents 26% ( 26 % ) of its total proved reserves .', 'drilling activities increased devon 2019s proved undeveloped reserves 148 mmboe and resulted in the conversion of 130 mmboe , or 16% ( 16 % ) , of the 2010 proved undeveloped reserves to proved developed reserves .', 'additionally , revisions other than price decreased devon 2019s proved undeveloped reserves 51 mmboe primarily due to its evaluation of certain u.s .', 'onshore dry-gas areas , which it does not expect to develop in the next five years .', 'the largest revisions relate to the dry-gas areas at carthage in east texas and the barnett shale in north texas .', 'a significant amount of devon 2019s proved undeveloped reserves at the end of 2011 largely related to its jackfish operations .', 'at december 31 , 2011 and 2010 , devon 2019s jackfish proved undeveloped reserves were 367 mmboe and 396 mmboe , respectively .', 'development schedules for the jackfish reserves are primarily controlled by the need to keep the processing plants at their 35000 barrel daily facility capacity .', 'processing plant capacity is controlled by factors such as total steam processing capacity , steam-oil ratios and air quality discharge permits .', 'as a result , these reserves are classified as proved undeveloped for more than five years .', 'currently , the development schedule for these reserves extends though the year 2025 .', 'price revisions 2011 2014reserves decreased 21 mmboe due to lower gas prices and higher oil prices .', 'the higher oil prices increased devon 2019s canadian royalty burden , which reduced devon 2019s oil reserves .', '2010 2014reserves increased 72 mmboe due to higher gas prices , partially offset by the effect of higher oil prices .', 'the higher oil prices increased devon 2019s canadian royalty burden , which reduced devon 2019s oil reserves .', 'of the 72 mmboe price revisions , 43 mmboe related to the barnett shale and 22 mmboe related to the rocky mountain area .', '2009 2014reserves increased 177 mmboe due to higher oil prices , partially offset by lower gas prices .', 'the increase in oil reserves primarily related to devon 2019s jackfish thermal heavy oil reserves in canada .', 'at the end of 2008 , 331 mmboe of reserves related to jackfish were not considered proved .', 'however , due to higher prices , these reserves were considered proved as of december 31 , 2009 .', 'significantly lower gas prices caused devon 2019s reserves to decrease 116 mmboe , which primarily related to its u.s .', 'reserves .', 'revisions other than price total revisions other than price for 2011 primarily related to devon 2019s evaluation of certain dry gas regions noted in the proved undeveloped reserves discussion above .', 'total revisions other than price for 2010 and 2009 primarily related to devon 2019s drilling and development in the barnett shale. .'] | 0.49458 | DVN/2011/page_99.pdf-3 | ['devon energy corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) proved undeveloped reserves the following table presents the changes in our total proved undeveloped reserves during 2011 ( in mmboe ) . .'] | ['at december 31 , 2011 , devon had 782 mmboe of proved undeveloped reserves .', 'this represents a 6% ( 6 % ) decrease as compared to 2010 and represents 26% ( 26 % ) of its total proved reserves .', 'drilling activities increased devon 2019s proved undeveloped reserves 148 mmboe and resulted in the conversion of 130 mmboe , or 16% ( 16 % ) , of the 2010 proved undeveloped reserves to proved developed reserves .', 'additionally , revisions other than price decreased devon 2019s proved undeveloped reserves 51 mmboe primarily due to its evaluation of certain u.s .', 'onshore dry-gas areas , which it does not expect to develop in the next five years .', 'the largest revisions relate to the dry-gas areas at carthage in east texas and the barnett shale in north texas .', 'a significant amount of devon 2019s proved undeveloped reserves at the end of 2011 largely related to its jackfish operations .', 'at december 31 , 2011 and 2010 , devon 2019s jackfish proved undeveloped reserves were 367 mmboe and 396 mmboe , respectively .', 'development schedules for the jackfish reserves are primarily controlled by the need to keep the processing plants at their 35000 barrel daily facility capacity .', 'processing plant capacity is controlled by factors such as total steam processing capacity , steam-oil ratios and air quality discharge permits .', 'as a result , these reserves are classified as proved undeveloped for more than five years .', 'currently , the development schedule for these reserves extends though the year 2025 .', 'price revisions 2011 2014reserves decreased 21 mmboe due to lower gas prices and higher oil prices .', 'the higher oil prices increased devon 2019s canadian royalty burden , which reduced devon 2019s oil reserves .', '2010 2014reserves increased 72 mmboe due to higher gas prices , partially offset by the effect of higher oil prices .', 'the higher oil prices increased devon 2019s canadian royalty burden , which reduced devon 2019s oil reserves .', 'of the 72 mmboe price revisions , 43 mmboe related to the barnett shale and 22 mmboe related to the rocky mountain area .', '2009 2014reserves increased 177 mmboe due to higher oil prices , partially offset by lower gas prices .', 'the increase in oil reserves primarily related to devon 2019s jackfish thermal heavy oil reserves in canada .', 'at the end of 2008 , 331 mmboe of reserves related to jackfish were not considered proved .', 'however , due to higher prices , these reserves were considered proved as of december 31 , 2009 .', 'significantly lower gas prices caused devon 2019s reserves to decrease 116 mmboe , which primarily related to its u.s .', 'reserves .', 'revisions other than price total revisions other than price for 2011 primarily related to devon 2019s evaluation of certain dry gas regions noted in the proved undeveloped reserves discussion above .', 'total revisions other than price for 2010 and 2009 primarily related to devon 2019s drilling and development in the barnett shale. .'] | u.s . onshore canada north america
proved undeveloped reserves as of december 31 2010 411 420 831
extensions and discoveries 118 30 148
revisions due to prices -2 ( 2 ) -14 ( 14 ) -16 ( 16 )
revisions other than price -56 ( 56 ) 5 -51 ( 51 )
conversion to proved developed reserves -68 ( 68 ) -62 ( 62 ) -130 ( 130 )
proved undeveloped reserves as of december 31 2011 403 379 782 | divide(411, 831) | 0.49458 |
what was the difference in percentage change between the priceline group inc . and the nasdaq composite index for the five years ended 2015? | Pre-text: ['measurement point december 31 the priceline group nasdaq composite index s&p 500 rdg internet composite .']
Table:
========================================
measurement pointdecember 31 | the priceline group inc . | nasdaqcomposite index | s&p 500index | rdg internetcomposite
2010 | 100.00 | 100.00 | 100.00 | 100.00
2011 | 117.06 | 100.53 | 102.11 | 102.11
2012 | 155.27 | 116.92 | 118.45 | 122.23
2013 | 290.93 | 166.19 | 156.82 | 199.42
2014 | 285.37 | 188.78 | 178.29 | 195.42
2015 | 319.10 | 199.95 | 180.75 | 267.25
========================================
Additional Information: ['.'] | 1.1915 | BKNG/2015/page_38.pdf-1 | ['measurement point december 31 the priceline group nasdaq composite index s&p 500 rdg internet composite .'] | ['.'] | ========================================
measurement pointdecember 31 | the priceline group inc . | nasdaqcomposite index | s&p 500index | rdg internetcomposite
2010 | 100.00 | 100.00 | 100.00 | 100.00
2011 | 117.06 | 100.53 | 102.11 | 102.11
2012 | 155.27 | 116.92 | 118.45 | 122.23
2013 | 290.93 | 166.19 | 156.82 | 199.42
2014 | 285.37 | 188.78 | 178.29 | 195.42
2015 | 319.10 | 199.95 | 180.75 | 267.25
======================================== | subtract(319.10, const_100), divide(#0, const_100), subtract(199.95, const_100), divide(#2, const_100), subtract(#1, #3) | 1.1915 |
what is the net cash flow from short-term debt in 2013? | Context: ['note 15 : chipset design issue in january 2011 , as part of our ongoing quality assurance procedures , we identified a design issue with the intel ae 6 series express chipset family .', 'the issue affected chipsets sold in the fourth quarter of 2010 and january 2011 .', 'we subsequently implemented a silicon fix and began shipping the updated version of the affected chipset in february 2011 .', 'the total cost in 2011 to repair and replace affected materials and systems , located with customers and in the market , was $ 422 million .', 'we do not expect to have any significant future adjustments related to this issue .', 'note 16 : borrowings short-term debt as of december 28 , 2013 , short-term debt consisted of drafts payable of $ 257 million and notes payable of $ 24 million ( drafts payable of $ 264 million and notes payable of $ 48 million as of december 29 , 2012 ) .', 'we have an ongoing authorization from our board of directors to borrow up to $ 3.0 billion , including through the issuance of commercial paper .', 'maximum borrowings under our commercial paper program during 2013 were $ 300 million ( $ 500 million during 2012 ) .', 'our commercial paper was rated a-1+ by standard & poor 2019s and p-1 by moody 2019s as of december 28 , 2013 .', 'long-term debt our long-term debt at the end of each period was as follows : ( in millions ) dec 28 , dec 29 .']
--
Table:
****************************************
( in millions ) dec 282013 dec 292012
2012 senior notes due 2017 at 1.35% ( 1.35 % ) $ 2997 $ 2997
2012 senior notes due 2022 at 2.70% ( 2.70 % ) 1494 1494
2012 senior notes due 2032 at 4.00% ( 4.00 % ) 744 743
2012 senior notes due 2042 at 4.25% ( 4.25 % ) 924 924
2011 senior notes due 2016 at 1.95% ( 1.95 % ) 1499 1498
2011 senior notes due 2021 at 3.30% ( 3.30 % ) 1996 1996
2011 senior notes due 2041 at 4.80% ( 4.80 % ) 1490 1489
2009 junior subordinated convertible debentures due 2039 at 3.25% ( 3.25 % ) 1075 1063
2005 junior subordinated convertible debentures due 2035 at 2.95% ( 2.95 % ) 946 932
total long-term debt $ 13165 $ 13136
****************************************
--
Follow-up: ['senior notes in the fourth quarter of 2012 , we issued $ 6.2 billion aggregate principal amount of senior unsecured notes for general corporate purposes and to repurchase shares of our common stock pursuant to our authorized common stock repurchase program .', 'in the third quarter of 2011 , we issued $ 5.0 billion aggregate principal amount of senior unsecured notes , primarily to repurchase shares of our common stock pursuant to our authorized common stock repurchase program , and for general corporate purposes .', 'our senior notes pay a fixed rate of interest semiannually .', 'we may redeem our senior notes , in whole or in part , at any time at our option at specified redemption prices .', 'the senior notes rank equally in right of payment with all of our other existing and future senior unsecured indebtedness and will effectively rank junior to all liabilities of our subsidiaries .', 'table of contents intel corporation notes to consolidated financial statements ( continued ) .'] | -31.0 | INTC/2013/page_86.pdf-2 | ['note 15 : chipset design issue in january 2011 , as part of our ongoing quality assurance procedures , we identified a design issue with the intel ae 6 series express chipset family .', 'the issue affected chipsets sold in the fourth quarter of 2010 and january 2011 .', 'we subsequently implemented a silicon fix and began shipping the updated version of the affected chipset in february 2011 .', 'the total cost in 2011 to repair and replace affected materials and systems , located with customers and in the market , was $ 422 million .', 'we do not expect to have any significant future adjustments related to this issue .', 'note 16 : borrowings short-term debt as of december 28 , 2013 , short-term debt consisted of drafts payable of $ 257 million and notes payable of $ 24 million ( drafts payable of $ 264 million and notes payable of $ 48 million as of december 29 , 2012 ) .', 'we have an ongoing authorization from our board of directors to borrow up to $ 3.0 billion , including through the issuance of commercial paper .', 'maximum borrowings under our commercial paper program during 2013 were $ 300 million ( $ 500 million during 2012 ) .', 'our commercial paper was rated a-1+ by standard & poor 2019s and p-1 by moody 2019s as of december 28 , 2013 .', 'long-term debt our long-term debt at the end of each period was as follows : ( in millions ) dec 28 , dec 29 .'] | ['senior notes in the fourth quarter of 2012 , we issued $ 6.2 billion aggregate principal amount of senior unsecured notes for general corporate purposes and to repurchase shares of our common stock pursuant to our authorized common stock repurchase program .', 'in the third quarter of 2011 , we issued $ 5.0 billion aggregate principal amount of senior unsecured notes , primarily to repurchase shares of our common stock pursuant to our authorized common stock repurchase program , and for general corporate purposes .', 'our senior notes pay a fixed rate of interest semiannually .', 'we may redeem our senior notes , in whole or in part , at any time at our option at specified redemption prices .', 'the senior notes rank equally in right of payment with all of our other existing and future senior unsecured indebtedness and will effectively rank junior to all liabilities of our subsidiaries .', 'table of contents intel corporation notes to consolidated financial statements ( continued ) .'] | ****************************************
( in millions ) dec 282013 dec 292012
2012 senior notes due 2017 at 1.35% ( 1.35 % ) $ 2997 $ 2997
2012 senior notes due 2022 at 2.70% ( 2.70 % ) 1494 1494
2012 senior notes due 2032 at 4.00% ( 4.00 % ) 744 743
2012 senior notes due 2042 at 4.25% ( 4.25 % ) 924 924
2011 senior notes due 2016 at 1.95% ( 1.95 % ) 1499 1498
2011 senior notes due 2021 at 3.30% ( 3.30 % ) 1996 1996
2011 senior notes due 2041 at 4.80% ( 4.80 % ) 1490 1489
2009 junior subordinated convertible debentures due 2039 at 3.25% ( 3.25 % ) 1075 1063
2005 junior subordinated convertible debentures due 2035 at 2.95% ( 2.95 % ) 946 932
total long-term debt $ 13165 $ 13136
**************************************** | add(257, 24), add(264, 48), subtract(#0, #1) | -31.0 |
what was the net change in millions in the accumulated depreciation and amortization of real estate assets from 2016 to 2017? | Pre-text: ['schedule iii page 6 of 6 host hotels & resorts , inc. , and subsidiaries host hotels & resorts , l.p. , and subsidiaries real estate and accumulated depreciation december 31 , 2018 ( in millions ) ( b ) the change in accumulated depreciation and amortization of real estate assets for the fiscal years ended december 31 , 2018 , 2017 and 2016 is as follows: .']
----
Data Table:
balance at december 31 2015 | $ 5666
----------|----------
depreciation and amortization | 572
dispositions and other | -159 ( 159 )
depreciation on assets held for sale | -130 ( 130 )
balance at december 31 2016 | 5949
depreciation and amortization | 563
dispositions and other | -247 ( 247 )
depreciation on assets held for sale | 7
balance at december 31 2017 | 6272
depreciation and amortization | 546
dispositions and other | -344 ( 344 )
depreciation on assets held for sale | -101 ( 101 )
balance at december 31 2018 | $ 6373
----
Additional Information: ['( c ) the aggregate cost of real estate for federal income tax purposes is approximately $ 10458 million at december 31 , 2018 .', '( d ) the total cost of properties excludes construction-in-progress properties. .'] | 323.0 | HST/2018/page_160.pdf-2 | ['schedule iii page 6 of 6 host hotels & resorts , inc. , and subsidiaries host hotels & resorts , l.p. , and subsidiaries real estate and accumulated depreciation december 31 , 2018 ( in millions ) ( b ) the change in accumulated depreciation and amortization of real estate assets for the fiscal years ended december 31 , 2018 , 2017 and 2016 is as follows: .'] | ['( c ) the aggregate cost of real estate for federal income tax purposes is approximately $ 10458 million at december 31 , 2018 .', '( d ) the total cost of properties excludes construction-in-progress properties. .'] | balance at december 31 2015 | $ 5666
----------|----------
depreciation and amortization | 572
dispositions and other | -159 ( 159 )
depreciation on assets held for sale | -130 ( 130 )
balance at december 31 2016 | 5949
depreciation and amortization | 563
dispositions and other | -247 ( 247 )
depreciation on assets held for sale | 7
balance at december 31 2017 | 6272
depreciation and amortization | 546
dispositions and other | -344 ( 344 )
depreciation on assets held for sale | -101 ( 101 )
balance at december 31 2018 | $ 6373 | subtract(6272, 5949) | 323.0 |
what was the percentage growth in operating expenses from 2013 to 2014 | Context: ['during 2014 , the company closed on thirteen acquisitions of various regulated water and wastewater systems for a total aggregate purchase price of $ 9 .', 'assets acquired , principally plant , totaled $ 17 .', 'liabilities assumed totaled $ 8 , including $ 5 of contributions in aid of construction and assumed debt of $ 2 .', 'during 2013 , the company closed on fifteen acquisitions of various regulated water and wastewater systems for a total aggregate net purchase price of $ 24 .', 'assets acquired , primarily utility plant , totaled $ 67 .', 'liabilities assumed totaled $ 43 , including $ 26 of contributions in aid of construction and assumed debt of $ 13 .', 'included in these totals was the company 2019s november 14 , 2013 acquisition of all of the capital stock of dale service corporation ( 201cdale 201d ) , a regulated wastewater utility company , for a total cash purchase price of $ 5 ( net of cash acquired of $ 7 ) , plus assumed liabilities .', 'the dale acquisition was accounted for as a business combination ; accordingly , operating results from november 14 , 2013 were included in the company 2019s results of operations .', 'the purchase price was allocated to the net tangible and intangible assets based upon their estimated fair values at the date of acquisition .', 'the company 2019s regulatory practice was followed whereby property , plant and equipment ( rate base ) was considered fair value for business combination purposes .', 'similarly , regulatory assets and liabilities acquired were recorded at book value and are subject to regulatory approval where applicable .', 'the acquired debt was valued in a manner consistent with the company 2019s level 3 debt .', 'see note 17 2014fair value of financial instruments .', 'non-cash assets acquired in the dale acquisition , primarily utility plant , totaled $ 41 ; liabilities assumed totaled $ 36 , including debt assumed of $ 13 and contributions of $ 19 .', 'divestitures in november 2014 , the company completed the sale of terratec , previously included in the market-based businesses .', 'after post-close adjustments , net proceeds from the sale totaled $ 1 , and the company recorded a pretax loss on sale of $ 1 .', 'the following table summarizes the operating results of discontinued operations presented in the accompanying consolidated statements of operations for the years ended december 31: .']
--------
Table:
2014 2013
operating revenues $ 13 $ 23
total operating expenses net 19 26
loss from discontinued operations before income taxes -6 ( 6 ) -3 ( 3 )
provision ( benefit ) for income taxes 1 -1 ( 1 )
loss from discontinued operations net of tax $ -7 ( 7 ) $ -2 ( 2 )
--------
Additional Information: ['the provision for income taxes of discontinued operations includes the recognition of tax expense related to the difference between the tax basis and book basis of assets upon the sales of terratec that resulted in taxable gains , since an election was made under section 338 ( h ) ( 10 ) of the internal revenue code to treat the sales as asset sales .', 'there were no assets or liabilities of discontinued operations in the accompanying consolidated balance sheets as of december 31 , 2015 and 2014. .'] | -0.26923 | AWK/2015/page_109.pdf-2 | ['during 2014 , the company closed on thirteen acquisitions of various regulated water and wastewater systems for a total aggregate purchase price of $ 9 .', 'assets acquired , principally plant , totaled $ 17 .', 'liabilities assumed totaled $ 8 , including $ 5 of contributions in aid of construction and assumed debt of $ 2 .', 'during 2013 , the company closed on fifteen acquisitions of various regulated water and wastewater systems for a total aggregate net purchase price of $ 24 .', 'assets acquired , primarily utility plant , totaled $ 67 .', 'liabilities assumed totaled $ 43 , including $ 26 of contributions in aid of construction and assumed debt of $ 13 .', 'included in these totals was the company 2019s november 14 , 2013 acquisition of all of the capital stock of dale service corporation ( 201cdale 201d ) , a regulated wastewater utility company , for a total cash purchase price of $ 5 ( net of cash acquired of $ 7 ) , plus assumed liabilities .', 'the dale acquisition was accounted for as a business combination ; accordingly , operating results from november 14 , 2013 were included in the company 2019s results of operations .', 'the purchase price was allocated to the net tangible and intangible assets based upon their estimated fair values at the date of acquisition .', 'the company 2019s regulatory practice was followed whereby property , plant and equipment ( rate base ) was considered fair value for business combination purposes .', 'similarly , regulatory assets and liabilities acquired were recorded at book value and are subject to regulatory approval where applicable .', 'the acquired debt was valued in a manner consistent with the company 2019s level 3 debt .', 'see note 17 2014fair value of financial instruments .', 'non-cash assets acquired in the dale acquisition , primarily utility plant , totaled $ 41 ; liabilities assumed totaled $ 36 , including debt assumed of $ 13 and contributions of $ 19 .', 'divestitures in november 2014 , the company completed the sale of terratec , previously included in the market-based businesses .', 'after post-close adjustments , net proceeds from the sale totaled $ 1 , and the company recorded a pretax loss on sale of $ 1 .', 'the following table summarizes the operating results of discontinued operations presented in the accompanying consolidated statements of operations for the years ended december 31: .'] | ['the provision for income taxes of discontinued operations includes the recognition of tax expense related to the difference between the tax basis and book basis of assets upon the sales of terratec that resulted in taxable gains , since an election was made under section 338 ( h ) ( 10 ) of the internal revenue code to treat the sales as asset sales .', 'there were no assets or liabilities of discontinued operations in the accompanying consolidated balance sheets as of december 31 , 2015 and 2014. .'] | 2014 2013
operating revenues $ 13 $ 23
total operating expenses net 19 26
loss from discontinued operations before income taxes -6 ( 6 ) -3 ( 3 )
provision ( benefit ) for income taxes 1 -1 ( 1 )
loss from discontinued operations net of tax $ -7 ( 7 ) $ -2 ( 2 ) | subtract(19, 26), divide(#0, 26) | -0.26923 |
what was the change in revenue for the company 2019s investments in 50% ( 50 % ) or less owned investments accounted for using the equity method between 1998 and 1999? | Pre-text: ['a e s 2 0 0 0 f i n a n c i a l r e v i e w in may 2000 , a subsidiary of the company acquired an additional 5% ( 5 % ) of the preferred , non-voting shares of eletropaulo for approximately $ 90 million .', 'in january 2000 , 59% ( 59 % ) of the preferred non-voting shares were acquired for approximately $ 1 billion at auction from bndes , the national development bank of brazil .', 'the price established at auction was approximately $ 72.18 per 1000 shares , to be paid in four annual installments com- mencing with a payment of 18.5% ( 18.5 % ) of the total price upon closing of the transaction and installments of 25.9% ( 25.9 % ) , 27.1% ( 27.1 % ) and 28.5% ( 28.5 % ) of the total price to be paid annually thereafter .', 'at december 31 , 2000 , the company had a total economic interest of 49.6% ( 49.6 % ) in eletropaulo .', 'the company accounts for this investment using the equity method based on the related consortium agreement that allows the exercise of significant influence .', 'in august 2000 , a subsidiary of the company acquired a 49% ( 49 % ) interest in songas limited for approxi- mately $ 40 million .', 'songas limited owns the songo songo gas-to-electricity project in tanzania .', 'under the terms of a project management agreement , the company has assumed overall project management responsibility .', 'the project consists of the refurbishment and operation of five natural gas wells in coastal tanzania , the construction and operation of a 65 mmscf/day gas processing plant and related facilities , the construction of a 230 km marine and land pipeline from the gas plant to dar es salaam and the conversion and upgrading of an existing 112 mw power station in dar es salaam to burn natural gas , with an optional additional unit to be constructed at the plant .', 'since the project is currently under construction , no rev- enues or expenses have been incurred , and therefore no results are shown in the following table .', 'in december 2000 , a subsidiary of the company with edf international s.a .', '( 201cedf 201d ) completed the acquisition of an additional 3.5% ( 3.5 % ) interest in light from two sub- sidiaries of reliant energy for approximately $ 136 mil- lion .', 'pursuant to the acquisition , the company acquired 30% ( 30 % ) of the shares while edf acquired the remainder .', 'with the completion of this transaction , the company owns approximately 21.14% ( 21.14 % ) of light .', 'in december 2000 , a subsidiary of the company entered into an agreement with edf to jointly acquire an additional 9.2% ( 9.2 % ) interest in light , which is held by a sub- sidiary of companhia siderurgica nacional ( 201ccsn 201d ) .', 'pursuant to this transaction , the company acquired an additional 2.75% ( 2.75 % ) interest in light for $ 114.6 million .', 'this transaction closed in january 2001 .', 'following the purchase of the light shares previously owned by csn , aes and edf will together be the con- trolling shareholders of light and eletropaulo .', 'aes and edf have agreed that aes will eventually take operational control of eletropaulo and the telecom businesses of light and eletropaulo , while edf will eventually take opera- tional control of light and eletropaulo 2019s electric workshop business .', 'aes and edf intend to continue to pursue a fur- ther rationalization of their ownership stakes in light and eletropaulo , the result of which aes would become the sole controlling shareholder of eletropaulo and edf would become the sole controlling shareholder of light .', 'upon consummation of the transaction , aes will begin consolidating eletropaulo 2019s operating results .', 'the struc- ture and process by which this rationalization may be effected , and the resulting timing , have yet to be deter- mined and will likely be subject to approval by various brazilian regulatory authorities and other third parties .', 'as a result , there can be no assurance that this rationalization will take place .', 'in may 1999 , a subsidiary of the company acquired subscription rights from the brazilian state-controlled eletrobras which allowed it to purchase preferred , non- voting shares in eletropaulo and common shares in light .', 'the aggregate purchase price of the subscription rights and the underlying shares in light and eletropaulo was approximately $ 53 million and $ 77 million , respectively , and represented 3.7% ( 3.7 % ) and 4.4% ( 4.4 % ) economic ownership interest in their capital stock , respectively .', 'the following table presents summarized financial information ( in millions ) for the company 2019s investments in 50% ( 50 % ) or less owned investments accounted for using the equity method: .']
--
Tabular Data:
****************************************
• as of and for the years ended december 31,, 2000, 1999, 1998
• revenues, $ 6241, $ 5960, $ 8091
• operating income, 1989, 1839, 2079
• net income, 859, 62, 1146
• current assets, 2423, 2259, 2712
• noncurrent assets, 13080, 15359, 19025
• current liabilities, 3370, 3637, 4809
• noncurrent liabilities, 5927, 7536, 7356
• stockholder's equity, 6206, 6445, 9572
****************************************
--
Post-table: ['.'] | -0.26338 | AES/2000/page_111.pdf-4 | ['a e s 2 0 0 0 f i n a n c i a l r e v i e w in may 2000 , a subsidiary of the company acquired an additional 5% ( 5 % ) of the preferred , non-voting shares of eletropaulo for approximately $ 90 million .', 'in january 2000 , 59% ( 59 % ) of the preferred non-voting shares were acquired for approximately $ 1 billion at auction from bndes , the national development bank of brazil .', 'the price established at auction was approximately $ 72.18 per 1000 shares , to be paid in four annual installments com- mencing with a payment of 18.5% ( 18.5 % ) of the total price upon closing of the transaction and installments of 25.9% ( 25.9 % ) , 27.1% ( 27.1 % ) and 28.5% ( 28.5 % ) of the total price to be paid annually thereafter .', 'at december 31 , 2000 , the company had a total economic interest of 49.6% ( 49.6 % ) in eletropaulo .', 'the company accounts for this investment using the equity method based on the related consortium agreement that allows the exercise of significant influence .', 'in august 2000 , a subsidiary of the company acquired a 49% ( 49 % ) interest in songas limited for approxi- mately $ 40 million .', 'songas limited owns the songo songo gas-to-electricity project in tanzania .', 'under the terms of a project management agreement , the company has assumed overall project management responsibility .', 'the project consists of the refurbishment and operation of five natural gas wells in coastal tanzania , the construction and operation of a 65 mmscf/day gas processing plant and related facilities , the construction of a 230 km marine and land pipeline from the gas plant to dar es salaam and the conversion and upgrading of an existing 112 mw power station in dar es salaam to burn natural gas , with an optional additional unit to be constructed at the plant .', 'since the project is currently under construction , no rev- enues or expenses have been incurred , and therefore no results are shown in the following table .', 'in december 2000 , a subsidiary of the company with edf international s.a .', '( 201cedf 201d ) completed the acquisition of an additional 3.5% ( 3.5 % ) interest in light from two sub- sidiaries of reliant energy for approximately $ 136 mil- lion .', 'pursuant to the acquisition , the company acquired 30% ( 30 % ) of the shares while edf acquired the remainder .', 'with the completion of this transaction , the company owns approximately 21.14% ( 21.14 % ) of light .', 'in december 2000 , a subsidiary of the company entered into an agreement with edf to jointly acquire an additional 9.2% ( 9.2 % ) interest in light , which is held by a sub- sidiary of companhia siderurgica nacional ( 201ccsn 201d ) .', 'pursuant to this transaction , the company acquired an additional 2.75% ( 2.75 % ) interest in light for $ 114.6 million .', 'this transaction closed in january 2001 .', 'following the purchase of the light shares previously owned by csn , aes and edf will together be the con- trolling shareholders of light and eletropaulo .', 'aes and edf have agreed that aes will eventually take operational control of eletropaulo and the telecom businesses of light and eletropaulo , while edf will eventually take opera- tional control of light and eletropaulo 2019s electric workshop business .', 'aes and edf intend to continue to pursue a fur- ther rationalization of their ownership stakes in light and eletropaulo , the result of which aes would become the sole controlling shareholder of eletropaulo and edf would become the sole controlling shareholder of light .', 'upon consummation of the transaction , aes will begin consolidating eletropaulo 2019s operating results .', 'the struc- ture and process by which this rationalization may be effected , and the resulting timing , have yet to be deter- mined and will likely be subject to approval by various brazilian regulatory authorities and other third parties .', 'as a result , there can be no assurance that this rationalization will take place .', 'in may 1999 , a subsidiary of the company acquired subscription rights from the brazilian state-controlled eletrobras which allowed it to purchase preferred , non- voting shares in eletropaulo and common shares in light .', 'the aggregate purchase price of the subscription rights and the underlying shares in light and eletropaulo was approximately $ 53 million and $ 77 million , respectively , and represented 3.7% ( 3.7 % ) and 4.4% ( 4.4 % ) economic ownership interest in their capital stock , respectively .', 'the following table presents summarized financial information ( in millions ) for the company 2019s investments in 50% ( 50 % ) or less owned investments accounted for using the equity method: .'] | ['.'] | ****************************************
• as of and for the years ended december 31,, 2000, 1999, 1998
• revenues, $ 6241, $ 5960, $ 8091
• operating income, 1989, 1839, 2079
• net income, 859, 62, 1146
• current assets, 2423, 2259, 2712
• noncurrent assets, 13080, 15359, 19025
• current liabilities, 3370, 3637, 4809
• noncurrent liabilities, 5927, 7536, 7356
• stockholder's equity, 6206, 6445, 9572
**************************************** | subtract(5960, 8091), divide(#0, 8091) | -0.26338 |
what is the average , in millions , of interest only product in 2013 , 2014 and 2015? | Pre-text: ['consist of first and second liens , the charge-off amounts for the pool are proportionate to the composition of first and second liens in the pool .', 'our experience has been that the ratio of first to second lien loans has been consistent over time and is appropriately represented in our pools used for roll-rate calculations .', 'generally , our variable-rate home equity lines of credit have either a seven or ten year draw period , followed by a 20 year amortization term .', 'during the draw period , we have home equity lines of credit where borrowers pay interest only and home equity lines of credit where borrowers pay principal and interest .', 'based upon outstanding balances at december 31 , 2012 , the following table presents the periods when home equity lines of credit draw periods are scheduled to end .', 'table 39 : home equity lines of credit 2013 draw period end in millions interest product principal interest product .']
--
Data Table:
----------------------------------------
in millions | interestonlyproduct | principalandinterestproduct
----------|----------|----------
2013 | $ 1338 | $ 221
2014 | 2048 | 475
2015 | 2024 | 654
2016 | 1571 | 504
2017 | 3075 | 697
2018 and thereafter | 5497 | 4825
total ( a ) | $ 15553 | $ 7376
----------------------------------------
--
Additional Information: ['( a ) includes approximately $ 166 million , $ 208 million , $ 213 million , $ 61 million , $ 70 million and $ 526 million of home equity lines of credit with balloon payments with draw periods scheduled to end in 2013 , 2014 , 2015 , 2016 , 2017 and 2018 and thereafter , respectively .', 'we view home equity lines of credit where borrowers are paying principal and interest under the draw period as less risky than those where the borrowers are paying interest only , as these borrowers have a demonstrated ability to make some level of principal and interest payments .', 'based upon outstanding balances , and excluding purchased impaired loans , at december 31 , 2012 , for home equity lines of credit for which the borrower can no longer draw ( e.g. , draw period has ended or borrowing privileges have been terminated ) , approximately 3.86% ( 3.86 % ) were 30-89 days past due and approximately 5.96% ( 5.96 % ) were greater than or equal to 90 days past due .', 'generally , when a borrower becomes 60 days past due , we terminate borrowing privileges , and those privileges are not subsequently reinstated .', 'at that point , we continue our collection/recovery processes , which may include a loss mitigation loan modification resulting in a loan that is classified as a tdr .', 'see note 5 asset quality in the notes to consolidated financial statements in item 8 of this report for additional information .', 'loan modifications and troubled debt restructurings consumer loan modifications we modify loans under government and pnc-developed programs based upon our commitment to help eligible homeowners and borrowers avoid foreclosure , where appropriate .', 'initially , a borrower is evaluated for a modification under a government program .', 'if a borrower does not qualify under a government program , the borrower is then evaluated under a pnc program .', 'our programs utilize both temporary and permanent modifications and typically reduce the interest rate , extend the term and/or defer principal .', 'temporary and permanent modifications under programs involving a change to loan terms are generally classified as tdrs .', 'further , certain payment plans and trial payment arrangements which do not include a contractual change to loan terms may be classified as tdrs .', 'additional detail on tdrs is discussed below as well as in note 5 asset quality in the notes to consolidated financial statements in item 8 of this report .', 'a temporary modification , with a term between three and 60 months , involves a change in original loan terms for a period of time and reverts to a calculated exit rate for the remaining term of the loan as of a specific date .', 'a permanent modification , with a term greater than 60 months , is a modification in which the terms of the original loan are changed .', 'permanent modifications primarily include the government-created home affordable modification program ( hamp ) or pnc-developed hamp-like modification programs .', 'for consumer loan programs , such as residential mortgages and home equity loans and lines , we will enter into a temporary modification when the borrower has indicated a temporary hardship and a willingness to bring current the delinquent loan balance .', 'examples of this situation often include delinquency due to illness or death in the family , or a loss of employment .', 'permanent modifications are entered into when it is confirmed that the borrower does not possess the income necessary to continue making loan payments at the current amount , but our expectation is that payments at lower amounts can be made .', 'residential mortgage and home equity loans and lines have been modified with changes in terms for up to 60 months , although the majority involve periods of three to 24 months .', 'we also monitor the success rates and delinquency status of our loan modification programs to assess their effectiveness in serving our customers 2019 needs while mitigating credit losses .', 'the following tables provide the number of accounts and unpaid principal balance of modified consumer real estate related loans as well as the number of accounts and unpaid principal balance of modified loans that were 60 days or more past due as of six months , nine months , twelve months and fifteen months after the modification date .', 'the pnc financial services group , inc .', '2013 form 10-k 91 .'] | 1803.33333 | PNC/2012/page_110.pdf-2 | ['consist of first and second liens , the charge-off amounts for the pool are proportionate to the composition of first and second liens in the pool .', 'our experience has been that the ratio of first to second lien loans has been consistent over time and is appropriately represented in our pools used for roll-rate calculations .', 'generally , our variable-rate home equity lines of credit have either a seven or ten year draw period , followed by a 20 year amortization term .', 'during the draw period , we have home equity lines of credit where borrowers pay interest only and home equity lines of credit where borrowers pay principal and interest .', 'based upon outstanding balances at december 31 , 2012 , the following table presents the periods when home equity lines of credit draw periods are scheduled to end .', 'table 39 : home equity lines of credit 2013 draw period end in millions interest product principal interest product .'] | ['( a ) includes approximately $ 166 million , $ 208 million , $ 213 million , $ 61 million , $ 70 million and $ 526 million of home equity lines of credit with balloon payments with draw periods scheduled to end in 2013 , 2014 , 2015 , 2016 , 2017 and 2018 and thereafter , respectively .', 'we view home equity lines of credit where borrowers are paying principal and interest under the draw period as less risky than those where the borrowers are paying interest only , as these borrowers have a demonstrated ability to make some level of principal and interest payments .', 'based upon outstanding balances , and excluding purchased impaired loans , at december 31 , 2012 , for home equity lines of credit for which the borrower can no longer draw ( e.g. , draw period has ended or borrowing privileges have been terminated ) , approximately 3.86% ( 3.86 % ) were 30-89 days past due and approximately 5.96% ( 5.96 % ) were greater than or equal to 90 days past due .', 'generally , when a borrower becomes 60 days past due , we terminate borrowing privileges , and those privileges are not subsequently reinstated .', 'at that point , we continue our collection/recovery processes , which may include a loss mitigation loan modification resulting in a loan that is classified as a tdr .', 'see note 5 asset quality in the notes to consolidated financial statements in item 8 of this report for additional information .', 'loan modifications and troubled debt restructurings consumer loan modifications we modify loans under government and pnc-developed programs based upon our commitment to help eligible homeowners and borrowers avoid foreclosure , where appropriate .', 'initially , a borrower is evaluated for a modification under a government program .', 'if a borrower does not qualify under a government program , the borrower is then evaluated under a pnc program .', 'our programs utilize both temporary and permanent modifications and typically reduce the interest rate , extend the term and/or defer principal .', 'temporary and permanent modifications under programs involving a change to loan terms are generally classified as tdrs .', 'further , certain payment plans and trial payment arrangements which do not include a contractual change to loan terms may be classified as tdrs .', 'additional detail on tdrs is discussed below as well as in note 5 asset quality in the notes to consolidated financial statements in item 8 of this report .', 'a temporary modification , with a term between three and 60 months , involves a change in original loan terms for a period of time and reverts to a calculated exit rate for the remaining term of the loan as of a specific date .', 'a permanent modification , with a term greater than 60 months , is a modification in which the terms of the original loan are changed .', 'permanent modifications primarily include the government-created home affordable modification program ( hamp ) or pnc-developed hamp-like modification programs .', 'for consumer loan programs , such as residential mortgages and home equity loans and lines , we will enter into a temporary modification when the borrower has indicated a temporary hardship and a willingness to bring current the delinquent loan balance .', 'examples of this situation often include delinquency due to illness or death in the family , or a loss of employment .', 'permanent modifications are entered into when it is confirmed that the borrower does not possess the income necessary to continue making loan payments at the current amount , but our expectation is that payments at lower amounts can be made .', 'residential mortgage and home equity loans and lines have been modified with changes in terms for up to 60 months , although the majority involve periods of three to 24 months .', 'we also monitor the success rates and delinquency status of our loan modification programs to assess their effectiveness in serving our customers 2019 needs while mitigating credit losses .', 'the following tables provide the number of accounts and unpaid principal balance of modified consumer real estate related loans as well as the number of accounts and unpaid principal balance of modified loans that were 60 days or more past due as of six months , nine months , twelve months and fifteen months after the modification date .', 'the pnc financial services group , inc .', '2013 form 10-k 91 .'] | ----------------------------------------
in millions | interestonlyproduct | principalandinterestproduct
----------|----------|----------
2013 | $ 1338 | $ 221
2014 | 2048 | 475
2015 | 2024 | 654
2016 | 1571 | 504
2017 | 3075 | 697
2018 and thereafter | 5497 | 4825
total ( a ) | $ 15553 | $ 7376
---------------------------------------- | add(1338, 2048), add(#0, 2024), divide(#1, const_3) | 1803.33333 |
what percentage of square feet of floor space by business segment at december 31 , 2017 are in the missiles and fire control segment? | Pre-text: ['item 2 .', 'properties at december 31 , 2017 , we owned or leased building space ( including offices , manufacturing plants , warehouses , service centers , laboratories and other facilities ) at approximately 375 locations primarily in the u.s .', 'additionally , we manage or occupy approximately 15 government-owned facilities under lease and other arrangements .', 'at december 31 , 2017 , we had significant operations in the following locations : 2022 aeronautics - palmdale , california ; marietta , georgia ; greenville , south carolina ; and fort worth , texas .', '2022 missiles and fire control - camdenarkansas ; ocala and orlando , florida ; lexington , kentucky ; and grand prairie , texas .', '2022 rotary andmission systems - colorado springs , colorado ; shelton and stratford , connecticut ; orlando and jupiter , florida ; moorestown/mt .', 'laurel , new jersey ; owego and syracuse , new york ; manassas , virginia ; and mielec , poland .', '2022 space - sunnyvale , california ; denver , colorado ; valley forge , pennsylvania ; and reading , england .', '2022 corporate activities - bethesda , maryland .', 'the following is a summary of our square feet of floor space by business segment at december 31 , 2017 ( in millions ) : owned leased government- owned total .']
##########
Tabular Data:
========================================
| owned | leased | government-owned | total
aeronautics | 5.0 | 2.1 | 14.4 | 21.5
missiles and fire control | 6.3 | 2.8 | 1.8 | 10.9
rotary and mission systems | 11.2 | 6.6 | 0.4 | 18.2
space | 8.6 | 1.9 | 6.7 | 17.2
corporate activities | 2.7 | 0.9 | 2014 | 3.6
total | 33.8 | 14.3 | 23.3 | 71.4
========================================
##########
Post-table: ['we believe our facilities are in good condition and adequate for their current use.wemay improve , replace or reduce facilities as considered appropriate to meet the needs of our operations .', 'item 3 .', 'legal proceedings we are a party to or have property subject to litigation and other proceedings that arise in the ordinary course of our business , including matters arising under provisions relating to the protection of the environment and are subject to contingencies related to certain businesses we previously owned .', 'these types of matters could result in fines , penalties , compensatory or treble damages or non-monetary sanctions or relief .', 'we believe the probability is remote that the outcome of each of these matters will have a material adverse effect on the corporation as a whole , notwithstanding that the unfavorable resolution of any matter may have a material effect on our net earnings in any particular interim reporting period .', 'we cannot predict the outcome of legal or other proceedings with certainty .', 'these matters include the proceedings summarized in 201cnote 14 2013 legal proceedings , commitments and contingencies 201d included in our notes to consolidated financial statements .', 'we are subject to federal , state , local and foreign requirements for protection of the environment , including those for discharge ofhazardousmaterials and remediationof contaminated sites.due inpart to thecomplexity andpervasivenessof these requirements , we are a party to or have property subject to various lawsuits , proceedings and remediation obligations .', 'the extent of our financial exposure cannot in all cases be reasonably estimated at this time .', 'for information regarding these matters , including current estimates of the amounts that we believe are required for remediation or clean-up to the extent estimable , see 201ccriticalaccounting policies - environmental matters 201d in management 2019s discussion and analysis of financial condition and results of operations and 201cnote 14 2013 legal proceedings , commitments andcontingencies 201d included in ournotes to consolidated financial statements .', 'as a u.s .', 'government contractor , we are subject to various audits and investigations by the u.s .', 'government to determine whetherouroperations arebeingconducted in accordancewith applicable regulatory requirements.u.s.government investigations of us , whether relating to government contracts or conducted for other reasons , could result in administrative , civil , or criminal liabilities , including repayments , fines or penalties being imposed upon us , suspension , proposed debarment , debarment from eligibility for future u.s .', 'government contracting , or suspension of export privileges .', 'suspension or debarment could have a material adverse effect on us because of our dependence on contracts with the u.s .', 'government .', 'u.s .', 'government investigations often take years to complete and many result in no adverse action against us .', 'we also provide products and services to customers outside of the u.s. , which are subject to u.s .', 'and foreign laws and regulations and foreign procurement policies and practices .', 'our compliance with local regulations or applicable u.s .', 'government regulations also may be audited or investigated .', 'item 4 .', 'mine safety disclosures not applicable. .'] | 0.15266 | LMT/2017/page_26.pdf-2 | ['item 2 .', 'properties at december 31 , 2017 , we owned or leased building space ( including offices , manufacturing plants , warehouses , service centers , laboratories and other facilities ) at approximately 375 locations primarily in the u.s .', 'additionally , we manage or occupy approximately 15 government-owned facilities under lease and other arrangements .', 'at december 31 , 2017 , we had significant operations in the following locations : 2022 aeronautics - palmdale , california ; marietta , georgia ; greenville , south carolina ; and fort worth , texas .', '2022 missiles and fire control - camdenarkansas ; ocala and orlando , florida ; lexington , kentucky ; and grand prairie , texas .', '2022 rotary andmission systems - colorado springs , colorado ; shelton and stratford , connecticut ; orlando and jupiter , florida ; moorestown/mt .', 'laurel , new jersey ; owego and syracuse , new york ; manassas , virginia ; and mielec , poland .', '2022 space - sunnyvale , california ; denver , colorado ; valley forge , pennsylvania ; and reading , england .', '2022 corporate activities - bethesda , maryland .', 'the following is a summary of our square feet of floor space by business segment at december 31 , 2017 ( in millions ) : owned leased government- owned total .'] | ['we believe our facilities are in good condition and adequate for their current use.wemay improve , replace or reduce facilities as considered appropriate to meet the needs of our operations .', 'item 3 .', 'legal proceedings we are a party to or have property subject to litigation and other proceedings that arise in the ordinary course of our business , including matters arising under provisions relating to the protection of the environment and are subject to contingencies related to certain businesses we previously owned .', 'these types of matters could result in fines , penalties , compensatory or treble damages or non-monetary sanctions or relief .', 'we believe the probability is remote that the outcome of each of these matters will have a material adverse effect on the corporation as a whole , notwithstanding that the unfavorable resolution of any matter may have a material effect on our net earnings in any particular interim reporting period .', 'we cannot predict the outcome of legal or other proceedings with certainty .', 'these matters include the proceedings summarized in 201cnote 14 2013 legal proceedings , commitments and contingencies 201d included in our notes to consolidated financial statements .', 'we are subject to federal , state , local and foreign requirements for protection of the environment , including those for discharge ofhazardousmaterials and remediationof contaminated sites.due inpart to thecomplexity andpervasivenessof these requirements , we are a party to or have property subject to various lawsuits , proceedings and remediation obligations .', 'the extent of our financial exposure cannot in all cases be reasonably estimated at this time .', 'for information regarding these matters , including current estimates of the amounts that we believe are required for remediation or clean-up to the extent estimable , see 201ccriticalaccounting policies - environmental matters 201d in management 2019s discussion and analysis of financial condition and results of operations and 201cnote 14 2013 legal proceedings , commitments andcontingencies 201d included in ournotes to consolidated financial statements .', 'as a u.s .', 'government contractor , we are subject to various audits and investigations by the u.s .', 'government to determine whetherouroperations arebeingconducted in accordancewith applicable regulatory requirements.u.s.government investigations of us , whether relating to government contracts or conducted for other reasons , could result in administrative , civil , or criminal liabilities , including repayments , fines or penalties being imposed upon us , suspension , proposed debarment , debarment from eligibility for future u.s .', 'government contracting , or suspension of export privileges .', 'suspension or debarment could have a material adverse effect on us because of our dependence on contracts with the u.s .', 'government .', 'u.s .', 'government investigations often take years to complete and many result in no adverse action against us .', 'we also provide products and services to customers outside of the u.s. , which are subject to u.s .', 'and foreign laws and regulations and foreign procurement policies and practices .', 'our compliance with local regulations or applicable u.s .', 'government regulations also may be audited or investigated .', 'item 4 .', 'mine safety disclosures not applicable. .'] | ========================================
| owned | leased | government-owned | total
aeronautics | 5.0 | 2.1 | 14.4 | 21.5
missiles and fire control | 6.3 | 2.8 | 1.8 | 10.9
rotary and mission systems | 11.2 | 6.6 | 0.4 | 18.2
space | 8.6 | 1.9 | 6.7 | 17.2
corporate activities | 2.7 | 0.9 | 2014 | 3.6
total | 33.8 | 14.3 | 23.3 | 71.4
======================================== | divide(10.9, 71.4) | 0.15266 |
what was the total value of all shares of common stock were issued under the espp from 2007-2009?[14] : shares of common stock of 65005 , 36836 and 20759 were issued under the espp at a weighted-average price of $ 12.78 , $ 20.97 and $ 37.25 during 2009 , 2008 and 2007 , respectively . | Background: ['royal caribbean cruises ltd .', 'notes to the consolidated financial statements 2014 ( continued ) note 9 .', 'stock-based employee compensation we have four stock-based compensation plans , which provide for awards to our officers , directors and key employees .', 'the plans consist of a 1990 employee stock option plan , a 1995 incentive stock option plan , a 2000 stock award plan , and a 2008 equity plan .', 'the 1990 stock option plan and the 1995 incentive stock option plan terminated by their terms in march 2000 and february 2005 , respectively .', 'the 2000 stock award plan , as amended , and the 2008 equity plan provide for the issuance of ( i ) incentive and non-qualified stock options , ( ii ) stock appreciation rights , ( iii ) restricted stock , ( iv ) restricted stock units and ( v ) up to 13000000 performance shares of our common stock for the 2000 stock award plan and up to 5000000 performance shares of our common stock for the 2008 equity plan .', 'during any calendar year , no one individual shall be granted awards of more than 500000 shares .', 'options and restricted stock units outstanding as of december 31 , 2009 vest in equal installments over four to five years from the date of grant .', 'generally , options and restricted stock units are forfeited if the recipient ceases to be a director or employee before the shares vest .', 'options are granted at a price not less than the fair value of the shares on the date of grant and expire not later than ten years after the date of grant .', 'we also provide an employee stock purchase plan to facilitate the purchase by employees of up to 800000 shares of common stock in the aggregate .', 'offerings to employees are made on a quarterly basis .', 'subject to certain limitations , the purchase price for each share of common stock is equal to 90% ( 90 % ) of the average of the market prices of the common stock as reported on the new york stock exchange on the first business day of the purchase period and the last business day of each month of the purchase period .', 'shares of common stock of 65005 , 36836 and 20759 were issued under the espp at a weighted-average price of $ 12.78 , $ 20.97 and $ 37.25 during 2009 , 2008 and 2007 , respectively .', 'under the chief executive officer 2019s employment agreement we contributed 10086 shares of our common stock quarterly , to a maximum of 806880 shares , to a trust on his behalf .', 'in january 2009 , the employment agreement and related trust agreement were amended .', 'consequently , 768018 shares were distributed from the trust and future quarterly share distributions are issued directly to the chief executive officer .', 'total compensation expenses recognized for employee stock-based compensation for the year ended december 31 , 2009 was $ 16.8 million .', 'of this amount , $ 16.2 million was included within marketing , selling and administrative expenses and $ 0.6 million was included within payroll and related expenses .', 'total compensation expense recognized for employee stock-based compensation for the year ended december 31 , 2008 was $ 5.7 million .', 'of this amount , $ 6.4 million , which included a benefit of approximately $ 8.2 million due to a change in the employee forfeiture rate assumption was included within marketing , selling and administrative expenses and income of $ 0.7 million was included within payroll and related expenses which also included a benefit of approximately $ 1.0 million due to the change in the forfeiture rate .', 'total compensation expenses recognized for employee stock-based compensation for the year ended december 31 , 2007 was $ 19.0 million .', 'of this amount , $ 16.3 million was included within marketing , selling and administrative expenses and $ 2.7 million was included within payroll and related expenses .', 'the fair value of each stock option grant is estimated on the date of grant using the black-scholes option pricing model .', 'the estimated fair value of stock options , less estimated forfeitures , is amortized over the vesting period using the graded-vesting method .', 'the assumptions used in the black-scholes option-pricing model are as follows : expected volatility was based on a combination of historical and implied volatilities .', 'the risk-free interest rate is based on united states treasury zero coupon issues with a remaining term equal to the expected option life assumed at the date of grant .', 'the expected term was calculated based on historical experience and represents the time period options actually remain outstanding .', 'we estimate forfeitures based on historical pre-vesting forfeiture rates and revise those estimates as appropriate to reflect actual experience .', 'in 2008 , we increased our estimated forfeiture rate from 4% ( 4 % ) for options and 8.5% ( 8.5 % ) for restricted stock units to 20% ( 20 % ) to reflect changes in employee retention rates. .']
----------
Data Table:
========================================
| 2009 | 2008 | 2007
dividend yield | 0.0% ( 0.0 % ) | 1.9% ( 1.9 % ) | 1.3% ( 1.3 % )
expected stock price volatility | 55.0% ( 55.0 % ) | 31.4% ( 31.4 % ) | 28.0% ( 28.0 % )
risk-free interest rate | 1.8% ( 1.8 % ) | 2.8% ( 2.8 % ) | 4.8% ( 4.8 % )
expected option life | 5 years | 5 years | 5 years
========================================
----------
Additional Information: ['.'] | 2376487.57 | RCL/2009/page_90.pdf-1 | ['royal caribbean cruises ltd .', 'notes to the consolidated financial statements 2014 ( continued ) note 9 .', 'stock-based employee compensation we have four stock-based compensation plans , which provide for awards to our officers , directors and key employees .', 'the plans consist of a 1990 employee stock option plan , a 1995 incentive stock option plan , a 2000 stock award plan , and a 2008 equity plan .', 'the 1990 stock option plan and the 1995 incentive stock option plan terminated by their terms in march 2000 and february 2005 , respectively .', 'the 2000 stock award plan , as amended , and the 2008 equity plan provide for the issuance of ( i ) incentive and non-qualified stock options , ( ii ) stock appreciation rights , ( iii ) restricted stock , ( iv ) restricted stock units and ( v ) up to 13000000 performance shares of our common stock for the 2000 stock award plan and up to 5000000 performance shares of our common stock for the 2008 equity plan .', 'during any calendar year , no one individual shall be granted awards of more than 500000 shares .', 'options and restricted stock units outstanding as of december 31 , 2009 vest in equal installments over four to five years from the date of grant .', 'generally , options and restricted stock units are forfeited if the recipient ceases to be a director or employee before the shares vest .', 'options are granted at a price not less than the fair value of the shares on the date of grant and expire not later than ten years after the date of grant .', 'we also provide an employee stock purchase plan to facilitate the purchase by employees of up to 800000 shares of common stock in the aggregate .', 'offerings to employees are made on a quarterly basis .', 'subject to certain limitations , the purchase price for each share of common stock is equal to 90% ( 90 % ) of the average of the market prices of the common stock as reported on the new york stock exchange on the first business day of the purchase period and the last business day of each month of the purchase period .', 'shares of common stock of 65005 , 36836 and 20759 were issued under the espp at a weighted-average price of $ 12.78 , $ 20.97 and $ 37.25 during 2009 , 2008 and 2007 , respectively .', 'under the chief executive officer 2019s employment agreement we contributed 10086 shares of our common stock quarterly , to a maximum of 806880 shares , to a trust on his behalf .', 'in january 2009 , the employment agreement and related trust agreement were amended .', 'consequently , 768018 shares were distributed from the trust and future quarterly share distributions are issued directly to the chief executive officer .', 'total compensation expenses recognized for employee stock-based compensation for the year ended december 31 , 2009 was $ 16.8 million .', 'of this amount , $ 16.2 million was included within marketing , selling and administrative expenses and $ 0.6 million was included within payroll and related expenses .', 'total compensation expense recognized for employee stock-based compensation for the year ended december 31 , 2008 was $ 5.7 million .', 'of this amount , $ 6.4 million , which included a benefit of approximately $ 8.2 million due to a change in the employee forfeiture rate assumption was included within marketing , selling and administrative expenses and income of $ 0.7 million was included within payroll and related expenses which also included a benefit of approximately $ 1.0 million due to the change in the forfeiture rate .', 'total compensation expenses recognized for employee stock-based compensation for the year ended december 31 , 2007 was $ 19.0 million .', 'of this amount , $ 16.3 million was included within marketing , selling and administrative expenses and $ 2.7 million was included within payroll and related expenses .', 'the fair value of each stock option grant is estimated on the date of grant using the black-scholes option pricing model .', 'the estimated fair value of stock options , less estimated forfeitures , is amortized over the vesting period using the graded-vesting method .', 'the assumptions used in the black-scholes option-pricing model are as follows : expected volatility was based on a combination of historical and implied volatilities .', 'the risk-free interest rate is based on united states treasury zero coupon issues with a remaining term equal to the expected option life assumed at the date of grant .', 'the expected term was calculated based on historical experience and represents the time period options actually remain outstanding .', 'we estimate forfeitures based on historical pre-vesting forfeiture rates and revise those estimates as appropriate to reflect actual experience .', 'in 2008 , we increased our estimated forfeiture rate from 4% ( 4 % ) for options and 8.5% ( 8.5 % ) for restricted stock units to 20% ( 20 % ) to reflect changes in employee retention rates. .'] | ['.'] | ========================================
| 2009 | 2008 | 2007
dividend yield | 0.0% ( 0.0 % ) | 1.9% ( 1.9 % ) | 1.3% ( 1.3 % )
expected stock price volatility | 55.0% ( 55.0 % ) | 31.4% ( 31.4 % ) | 28.0% ( 28.0 % )
risk-free interest rate | 1.8% ( 1.8 % ) | 2.8% ( 2.8 % ) | 4.8% ( 4.8 % )
expected option life | 5 years | 5 years | 5 years
======================================== | multiply(65005, 12.78), multiply(36836, 20.97), multiply(20759, 37.25), add(#0, #1), add(#3, #2) | 2376487.57 |
what portion of consolidated cashflow for the twelve months ended december 31 , 2007 is related to tower cash flow twelve months? | Pre-text: ['the following table presents tower cash flow , adjusted consolidated cash flow and non-tower cash flow for the company and its restricted subsidiaries , as defined in the indentures for the applicable notes ( in thousands ) : .']
------
Data Table:
tower cash flow for the three months ended december 31 2007, $ 177724
consolidated cash flow for the twelve months ended december 31 2007, $ 668123
less : tower cash flow for the twelve months ended december 31 2007, -683200 ( 683200 )
plus : four times tower cash flow for the three months ended december 31 2007, 710896
adjusted consolidated cash flow for the twelve months ended december 31 2007, $ 695819
non-tower cash flow for the twelve months ended december 31 2007, $ -48012 ( 48012 )
------
Additional Information: ['.'] | 1.02257 | AMT/2007/page_67.pdf-1 | ['the following table presents tower cash flow , adjusted consolidated cash flow and non-tower cash flow for the company and its restricted subsidiaries , as defined in the indentures for the applicable notes ( in thousands ) : .'] | ['.'] | tower cash flow for the three months ended december 31 2007, $ 177724
consolidated cash flow for the twelve months ended december 31 2007, $ 668123
less : tower cash flow for the twelve months ended december 31 2007, -683200 ( 683200 )
plus : four times tower cash flow for the three months ended december 31 2007, 710896
adjusted consolidated cash flow for the twelve months ended december 31 2007, $ 695819
non-tower cash flow for the twelve months ended december 31 2007, $ -48012 ( 48012 ) | divide(683200, 668123) | 1.02257 |
considering the years 2015-2016 , how bigger is the growth of the third-party sales for the engineered products and solutions segment in comparison with the transportation and construction solutions one? | Context: ['third-party sales for the engineered products and solutions segment improved 7% ( 7 % ) in 2016 compared with 2015 , primarily attributable to higher third-party sales of the two acquired businesses ( $ 457 ) , primarily related to the aerospace end market , and increased demand from the industrial gas turbine end market , partially offset by lower volumes in the oil and gas end market and commercial transportation end market as well as pricing pressures in aerospace .', 'third-party sales for this segment improved 27% ( 27 % ) in 2015 compared with 2014 , largely attributable to the third-party sales ( $ 1310 ) of the three acquired businesses ( see above ) , and higher volumes in this segment 2019s legacy businesses , both of which were primarily related to the aerospace end market .', 'these positive impacts were slightly offset by unfavorable foreign currency movements , principally driven by a weaker euro .', 'atoi for the engineered products and solutions segment increased $ 47 , or 8% ( 8 % ) , in 2016 compared with 2015 , primarily related to net productivity improvements across all businesses as well as the volume increase from both the rti acquisition and organic revenue growth , partially offset by a lower margin product mix and pricing pressures in the aerospace end market .', 'atoi for this segment increased $ 16 , or 3% ( 3 % ) , in 2015 compared with 2014 , principally the result of net productivity improvements across most businesses , a positive contribution from acquisitions , and overall higher volumes in this segment 2019s legacy businesses .', 'these positive impacts were partially offset by unfavorable price and product mix , higher costs related to growth projects , and net unfavorable foreign currency movements , primarily related to a weaker euro .', 'in 2017 , demand in the commercial aerospace end market is expected to remain strong , driven by the ramp up of new aerospace engine platforms , somewhat offset by continued customer destocking and engine ramp-up challenges .', 'demand in the defense end market is expected to grow due to the continuing ramp-up of certain aerospace programs .', 'additionally , net productivity improvements are anticipated while pricing pressure across all markets is likely to continue .', 'transportation and construction solutions .']
##
Data Table:
| 2016 | 2015 | 2014
----------|----------|----------|----------
third-party sales | $ 1802 | $ 1882 | $ 2021
atoi | $ 176 | $ 166 | $ 180
##
Additional Information: ['the transportation and construction solutions segment produces products that are used mostly in the nonresidential building and construction and commercial transportation end markets .', 'such products include integrated aluminum structural systems , architectural extrusions , and forged aluminum commercial vehicle wheels , which are sold both directly to customers and through distributors .', 'a small part of this segment also produces aluminum products for the industrial products end market .', 'generally , the sales and costs and expenses of this segment are transacted in the local currency of the respective operations , which are primarily the u.s .', 'dollar , the euro , and the brazilian real .', 'third-party sales for the transportation and construction solutions segment decreased 4% ( 4 % ) in 2016 compared with 2015 , primarily driven by lower demand from the north american commercial transportation end market , which was partially offset by rising demand from the building and construction end market .', 'third-party sales for this segment decreased 7% ( 7 % ) in 2015 compared with 2014 , primarily driven by unfavorable foreign currency movements , principally caused by a weaker euro and brazilian real , and lower volume related to the building and construction end market , somewhat offset by higher volume related to the commercial transportation end market .', 'atoi for the transportation and construction solutions segment increased $ 10 , or 6% ( 6 % ) , in 2016 compared with 2015 , principally driven by net productivity improvements across all businesses and growth in the building and construction segment , partially offset by lower demand in the north american heavy duty truck and brazilian markets. .'] | 0.11251 | HWM/2016/page_53.pdf-1 | ['third-party sales for the engineered products and solutions segment improved 7% ( 7 % ) in 2016 compared with 2015 , primarily attributable to higher third-party sales of the two acquired businesses ( $ 457 ) , primarily related to the aerospace end market , and increased demand from the industrial gas turbine end market , partially offset by lower volumes in the oil and gas end market and commercial transportation end market as well as pricing pressures in aerospace .', 'third-party sales for this segment improved 27% ( 27 % ) in 2015 compared with 2014 , largely attributable to the third-party sales ( $ 1310 ) of the three acquired businesses ( see above ) , and higher volumes in this segment 2019s legacy businesses , both of which were primarily related to the aerospace end market .', 'these positive impacts were slightly offset by unfavorable foreign currency movements , principally driven by a weaker euro .', 'atoi for the engineered products and solutions segment increased $ 47 , or 8% ( 8 % ) , in 2016 compared with 2015 , primarily related to net productivity improvements across all businesses as well as the volume increase from both the rti acquisition and organic revenue growth , partially offset by a lower margin product mix and pricing pressures in the aerospace end market .', 'atoi for this segment increased $ 16 , or 3% ( 3 % ) , in 2015 compared with 2014 , principally the result of net productivity improvements across most businesses , a positive contribution from acquisitions , and overall higher volumes in this segment 2019s legacy businesses .', 'these positive impacts were partially offset by unfavorable price and product mix , higher costs related to growth projects , and net unfavorable foreign currency movements , primarily related to a weaker euro .', 'in 2017 , demand in the commercial aerospace end market is expected to remain strong , driven by the ramp up of new aerospace engine platforms , somewhat offset by continued customer destocking and engine ramp-up challenges .', 'demand in the defense end market is expected to grow due to the continuing ramp-up of certain aerospace programs .', 'additionally , net productivity improvements are anticipated while pricing pressure across all markets is likely to continue .', 'transportation and construction solutions .'] | ['the transportation and construction solutions segment produces products that are used mostly in the nonresidential building and construction and commercial transportation end markets .', 'such products include integrated aluminum structural systems , architectural extrusions , and forged aluminum commercial vehicle wheels , which are sold both directly to customers and through distributors .', 'a small part of this segment also produces aluminum products for the industrial products end market .', 'generally , the sales and costs and expenses of this segment are transacted in the local currency of the respective operations , which are primarily the u.s .', 'dollar , the euro , and the brazilian real .', 'third-party sales for the transportation and construction solutions segment decreased 4% ( 4 % ) in 2016 compared with 2015 , primarily driven by lower demand from the north american commercial transportation end market , which was partially offset by rising demand from the building and construction end market .', 'third-party sales for this segment decreased 7% ( 7 % ) in 2015 compared with 2014 , primarily driven by unfavorable foreign currency movements , principally caused by a weaker euro and brazilian real , and lower volume related to the building and construction end market , somewhat offset by higher volume related to the commercial transportation end market .', 'atoi for the transportation and construction solutions segment increased $ 10 , or 6% ( 6 % ) , in 2016 compared with 2015 , principally driven by net productivity improvements across all businesses and growth in the building and construction segment , partially offset by lower demand in the north american heavy duty truck and brazilian markets. .'] | | 2016 | 2015 | 2014
----------|----------|----------|----------
third-party sales | $ 1802 | $ 1882 | $ 2021
atoi | $ 176 | $ 166 | $ 180 | subtract(1802, 1882), divide(#0, 1882), subtract(7%, #1) | 0.11251 |
in 2018 what was the percent of the incentive compensation associated with charges for estimated awards to retirement-eligible employees | Pre-text: ['incentive compensation cost the following table shows components of compensation expense , relating to certain of the incentive compensation programs described above : in a0millions a0of a0dollars 2018 2017 2016 charges for estimated awards to retirement-eligible employees $ 669 $ 659 $ 555 amortization of deferred cash awards , deferred cash stock units and performance stock units 202 354 336 immediately vested stock award expense ( 1 ) 75 70 73 amortization of restricted and deferred stock awards ( 2 ) 435 474 509 .']
########
Data Table:
----------------------------------------
in millions of dollars 2018 2017 2016
charges for estimated awards to retirement-eligible employees $ 669 $ 659 $ 555
amortization of deferred cash awards deferred cash stock units and performance stock units 202 354 336
immediately vested stock award expense ( 1 ) 75 70 73
amortization of restricted and deferred stock awards ( 2 ) 435 474 509
other variable incentive compensation 640 694 710
total $ 2021 $ 2251 $ 2183
----------------------------------------
########
Additional Information: ['( 1 ) represents expense for immediately vested stock awards that generally were stock payments in lieu of cash compensation .', 'the expense is generally accrued as cash incentive compensation in the year prior to grant .', '( 2 ) all periods include amortization expense for all unvested awards to non-retirement-eligible employees. .'] | 0.33102 | C/2018/page_179.pdf-1 | ['incentive compensation cost the following table shows components of compensation expense , relating to certain of the incentive compensation programs described above : in a0millions a0of a0dollars 2018 2017 2016 charges for estimated awards to retirement-eligible employees $ 669 $ 659 $ 555 amortization of deferred cash awards , deferred cash stock units and performance stock units 202 354 336 immediately vested stock award expense ( 1 ) 75 70 73 amortization of restricted and deferred stock awards ( 2 ) 435 474 509 .'] | ['( 1 ) represents expense for immediately vested stock awards that generally were stock payments in lieu of cash compensation .', 'the expense is generally accrued as cash incentive compensation in the year prior to grant .', '( 2 ) all periods include amortization expense for all unvested awards to non-retirement-eligible employees. .'] | ----------------------------------------
in millions of dollars 2018 2017 2016
charges for estimated awards to retirement-eligible employees $ 669 $ 659 $ 555
amortization of deferred cash awards deferred cash stock units and performance stock units 202 354 336
immediately vested stock award expense ( 1 ) 75 70 73
amortization of restricted and deferred stock awards ( 2 ) 435 474 509
other variable incentive compensation 640 694 710
total $ 2021 $ 2251 $ 2183
---------------------------------------- | divide(669, 2021) | 0.33102 |
what was the total five year change in the s&p 500 index? | Context: ['performance graph the following graph is a comparison of the five-year cumulative return of our common shares , the standard & poor 2019s 500 index ( the 201cs&p 500 index 201d ) and the national association of real estate investment trusts 2019 ( 201cnareit 201d ) all equity index , a peer group index .', 'the graph assumes that $ 100 was invested on december 31 , 2007 in our common shares , the s&p 500 index and the nareit all equity index and that all dividends were reinvested without the payment of any commissions .', 'there can be no assurance that the performance of our shares will continue in line with the same or similar trends depicted in the graph below. .']
Table:
****************************************
Row 1: , 2007, 2008, 2009, 2010, 2011, 2012
Row 2: vornado realty trust, $ 100, $ 72, $ 89, $ 110, $ 105, $ 114
Row 3: s&p 500 index, 100, 63, 80, 92, 94, 109
Row 4: the nareit all equity index, 100, 62, 80, 102, 110, 132
****************************************
Additional Information: ['.'] | 9.0 | VNO/2012/page_84.pdf-2 | ['performance graph the following graph is a comparison of the five-year cumulative return of our common shares , the standard & poor 2019s 500 index ( the 201cs&p 500 index 201d ) and the national association of real estate investment trusts 2019 ( 201cnareit 201d ) all equity index , a peer group index .', 'the graph assumes that $ 100 was invested on december 31 , 2007 in our common shares , the s&p 500 index and the nareit all equity index and that all dividends were reinvested without the payment of any commissions .', 'there can be no assurance that the performance of our shares will continue in line with the same or similar trends depicted in the graph below. .'] | ['.'] | ****************************************
Row 1: , 2007, 2008, 2009, 2010, 2011, 2012
Row 2: vornado realty trust, $ 100, $ 72, $ 89, $ 110, $ 105, $ 114
Row 3: s&p 500 index, 100, 63, 80, 92, 94, 109
Row 4: the nareit all equity index, 100, 62, 80, 102, 110, 132
**************************************** | subtract(109, 100) | 9.0 |
what percentage of consumer packaging sales where from north american consumer packaging in 2015? | Background: ['augusta , georgia mill and $ 2 million of costs associated with the sale of the shorewood business .', 'consumer packaging .']
####
Data Table:
========================================
in millions | 2015 | 2014 | 2013
sales | $ 2940 | $ 3403 | $ 3435
operating profit ( loss ) | -25 ( 25 ) | 178 | 161
========================================
####
Post-table: ['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 ."] | 0.64626 | IP/2015/page_46.pdf-1 | ['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
======================================== | multiply(1.9, const_1000), divide(#0, 2940) | 0.64626 |
considering the year 2015 , what was the lowest return for the investment? | Background: ['performance graph the annual changes for the period shown november 18 , 2013 ( when our ordinary shares began trading in the "when-issued" market ) to december 31 , 2016 in the graph on this page are based on the assumption that $ 100 had been invested in allegion plc ordinary shares , the standard & poor 2019s 500 stock index ( "s&p 500" ) and the standard & poor\'s 400 capital goods index ( "s&p 400 capital goods" ) on november 18 , 2013 , and that all quarterly dividends were reinvested .', 'the total cumulative dollar returns shown on the graph represent the value that such investments would have had on december 31 , 2016 .', 'november 18 , 2013 december 31 , 2013 december 31 , 2014 december 31 , 2015 december 31 , 2016 .']
##########
Data Table:
****************************************
november 18 2013 december 31 2013 december 31 2014 december 31 2015 december 31 2016
allegion plc 100.00 91.16 115.11 137.71 134.67
s&p 500 100.00 103.44 117.59 119.22 133.48
s&p 400 capital goods 100.00 105.46 105.72 99.90 131.80
****************************************
##########
Additional Information: ['.'] | -0.1 | ALLE/2016/page_43.pdf-1 | ['performance graph the annual changes for the period shown november 18 , 2013 ( when our ordinary shares began trading in the "when-issued" market ) to december 31 , 2016 in the graph on this page are based on the assumption that $ 100 had been invested in allegion plc ordinary shares , the standard & poor 2019s 500 stock index ( "s&p 500" ) and the standard & poor\'s 400 capital goods index ( "s&p 400 capital goods" ) on november 18 , 2013 , and that all quarterly dividends were reinvested .', 'the total cumulative dollar returns shown on the graph represent the value that such investments would have had on december 31 , 2016 .', 'november 18 , 2013 december 31 , 2013 december 31 , 2014 december 31 , 2015 december 31 , 2016 .'] | ['.'] | ****************************************
november 18 2013 december 31 2013 december 31 2014 december 31 2015 december 31 2016
allegion plc 100.00 91.16 115.11 137.71 134.67
s&p 500 100.00 103.44 117.59 119.22 133.48
s&p 400 capital goods 100.00 105.46 105.72 99.90 131.80
**************************************** | subtract(99.90, 100) | -0.1 |
in 2010 what was the sum of the future minimum lease commitments due in 2014 | Context: ['the future minimum lease commitments under these leases at december 31 , 2010 are as follows ( in thousands ) : years ending december 31: .']
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Data Table:
----------------------------------------
2011 | $ 62465
2012 | 54236
2013 | 47860
2014 | 37660
2015 | 28622
thereafter | 79800
future minimum lease payments | $ 310643
----------------------------------------
----
Post-table: ['rental expense for operating leases was approximately $ 66.9 million , $ 57.2 million and $ 49.0 million during the years ended december 31 , 2010 , 2009 and 2008 , respectively .', 'in connection with the acquisitions of several businesses , we entered into agreements with several sellers of those businesses , some of whom became stockholders as a result of those acquisitions , for the lease of certain properties used in our operations .', 'typical lease terms under these agreements include an initial term of five years , with three to five five-year renewal options and purchase options at various times throughout the lease periods .', 'we also maintain the right of first refusal concerning the sale of the leased property .', 'lease payments to an employee who became an officer of the company after the acquisition of his business were approximately $ 1.0 million , $ 0.9 million and $ 0.9 million during each of the years ended december 31 , 2010 , 2009 and 2008 , respectively .', 'we guarantee the residual values of the majority of our truck and equipment operating leases .', 'the residual values decline over the lease terms to a defined percentage of original cost .', 'in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall .', 'similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value .', 'had we terminated all of our operating leases subject to these guarantees at december 31 , 2010 , the guaranteed residual value would have totaled approximately $ 31.4 million .', 'we have not recorded a liability for the guaranteed residual value of equipment under operating leases as the recovery on disposition of the equipment under the leases is expected to approximate the guaranteed residual value .', 'litigation and related contingencies in december 2005 and may 2008 , ford global technologies , llc filed complaints with the international trade commission against us and others alleging that certain aftermarket parts imported into the u.s .', 'infringed on ford design patents .', 'the parties settled these matters in april 2009 pursuant to a settlement arrangement that expires in september 2011 .', 'pursuant to the settlement , we ( and our designees ) became the sole distributor in the u.s .', 'of aftermarket automotive parts that correspond to ford collision parts that are covered by a u.s .', 'design patent .', 'we have paid ford an upfront fee for these rights and will pay a royalty for each such part we sell .', 'the amortization of the upfront fee and the royalty expenses are reflected in cost of goods sold on the accompanying consolidated statements of income .', 'we also have certain other contingencies resulting from litigation , claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business .', 'we currently expect that the resolution of such contingencies will not materially affect our financial position , results of operations or cash flows. .'] | 0.12123 | LKQ/2010/page_84.pdf-3 | ['the future minimum lease commitments under these leases at december 31 , 2010 are as follows ( in thousands ) : years ending december 31: .'] | ['rental expense for operating leases was approximately $ 66.9 million , $ 57.2 million and $ 49.0 million during the years ended december 31 , 2010 , 2009 and 2008 , respectively .', 'in connection with the acquisitions of several businesses , we entered into agreements with several sellers of those businesses , some of whom became stockholders as a result of those acquisitions , for the lease of certain properties used in our operations .', 'typical lease terms under these agreements include an initial term of five years , with three to five five-year renewal options and purchase options at various times throughout the lease periods .', 'we also maintain the right of first refusal concerning the sale of the leased property .', 'lease payments to an employee who became an officer of the company after the acquisition of his business were approximately $ 1.0 million , $ 0.9 million and $ 0.9 million during each of the years ended december 31 , 2010 , 2009 and 2008 , respectively .', 'we guarantee the residual values of the majority of our truck and equipment operating leases .', 'the residual values decline over the lease terms to a defined percentage of original cost .', 'in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall .', 'similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value .', 'had we terminated all of our operating leases subject to these guarantees at december 31 , 2010 , the guaranteed residual value would have totaled approximately $ 31.4 million .', 'we have not recorded a liability for the guaranteed residual value of equipment under operating leases as the recovery on disposition of the equipment under the leases is expected to approximate the guaranteed residual value .', 'litigation and related contingencies in december 2005 and may 2008 , ford global technologies , llc filed complaints with the international trade commission against us and others alleging that certain aftermarket parts imported into the u.s .', 'infringed on ford design patents .', 'the parties settled these matters in april 2009 pursuant to a settlement arrangement that expires in september 2011 .', 'pursuant to the settlement , we ( and our designees ) became the sole distributor in the u.s .', 'of aftermarket automotive parts that correspond to ford collision parts that are covered by a u.s .', 'design patent .', 'we have paid ford an upfront fee for these rights and will pay a royalty for each such part we sell .', 'the amortization of the upfront fee and the royalty expenses are reflected in cost of goods sold on the accompanying consolidated statements of income .', 'we also have certain other contingencies resulting from litigation , claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business .', 'we currently expect that the resolution of such contingencies will not materially affect our financial position , results of operations or cash flows. .'] | ----------------------------------------
2011 | $ 62465
2012 | 54236
2013 | 47860
2014 | 37660
2015 | 28622
thereafter | 79800
future minimum lease payments | $ 310643
---------------------------------------- | divide(37660, 310643) | 0.12123 |
what percentage of total shares purchased were purchased in november? | Context: ['five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 .', 'the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2010 and that all dividends were reinvested .', 'the information below is historical in nature and is not necessarily indicative of future performance .', 'purchases of equity securities 2013 during 2015 , we repurchased 36921641 shares of our common stock at an average price of $ 99.16 .', 'the following table presents common stock repurchases during each month for the fourth quarter of 2015 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares remaining under the plan or program [b] .']
####
Tabular Data:
========================================
period | total number of shares purchased [a] | average price paid per share | total number of shares purchased as part of a publicly announcedplan or program [b] | maximum number of shares remaining under the plan or program [b]
oct . 1 through oct . 31 | 3247731 | $ 92.98 | 3221153 | 56078192
nov . 1 through nov . 30 | 2325865 | 86.61 | 2322992 | 53755200
dec . 1 through dec . 31 | 1105389 | 77.63 | 1102754 | 52652446
total | 6678985 | $ 88.22 | 6646899 | n/a
========================================
####
Post-table: ['[a] total number of shares purchased during the quarter includes approximately 32086 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares .', '[b] effective january 1 , 2014 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2017 .', 'these repurchases may be made on the open market or through other transactions .', 'our management has sole discretion with respect to determining the timing and amount of these transactions. .'] | 0.34824 | UNP/2015/page_21.pdf-3 | ['five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 .', 'the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2010 and that all dividends were reinvested .', 'the information below is historical in nature and is not necessarily indicative of future performance .', 'purchases of equity securities 2013 during 2015 , we repurchased 36921641 shares of our common stock at an average price of $ 99.16 .', 'the following table presents common stock repurchases during each month for the fourth quarter of 2015 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares remaining under the plan or program [b] .'] | ['[a] total number of shares purchased during the quarter includes approximately 32086 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares .', '[b] effective january 1 , 2014 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2017 .', 'these repurchases may be made on the open market or through other transactions .', 'our management has sole discretion with respect to determining the timing and amount of these transactions. .'] | ========================================
period | total number of shares purchased [a] | average price paid per share | total number of shares purchased as part of a publicly announcedplan or program [b] | maximum number of shares remaining under the plan or program [b]
oct . 1 through oct . 31 | 3247731 | $ 92.98 | 3221153 | 56078192
nov . 1 through nov . 30 | 2325865 | 86.61 | 2322992 | 53755200
dec . 1 through dec . 31 | 1105389 | 77.63 | 1102754 | 52652446
total | 6678985 | $ 88.22 | 6646899 | n/a
======================================== | divide(2325865, 6678985) | 0.34824 |
what was the percent of the change in the finished goods from 2008 to 2009 | Pre-text: ['to the two-class method .', 'the provisions of this guidance were required for fiscal years beginning after december 15 , 2008 .', 'the company has adopted this guidance for current period computations of earnings per share , and has updated prior period computations of earnings per share .', 'the adoption of this guidance in the first quarter of 2009 did not have a material impact on the company 2019s computation of earnings per share .', 'refer to note 11 for further discussion .', 'in june 2008 , the fasb issued accounting guidance addressing the determination of whether provisions that introduce adjustment features ( including contingent adjustment features ) would prevent treating a derivative contract or an embedded derivative on a company 2019s own stock as indexed solely to the company 2019s stock .', 'this guidance was effective for fiscal years beginning after december 15 , 2008 .', 'the adoption of this guidance in the first quarter of 2009 did not have any impact on the company 2019s consolidated financial statements .', 'in march 2008 , the fasb issued accounting guidance intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity 2019s financial position , financial performance , and cash flows .', 'this guidance was effective for the fiscal years and interim periods beginning after november 15 , 2008 .', 'the adoption of this guidance in the first quarter of 2009 did not have any impact on the company 2019s consolidated financial statements .', 'in december 2007 , the fasb issued replacement guidance that requires the acquirer of a business to recognize and measure the identifiable assets acquired , the liabilities assumed , and any non-controlling interest in the acquired entity at fair value .', 'this replacement guidance also requires transaction costs related to the business combination to be expensed as incurred .', 'it was effective for business combinations for which the acquisition date was on or after the start of the fiscal year beginning after december 15 , 2008 .', 'the adoption of this guidance in the first quarter of 2009 did not have any impact on the company 2019s consolidated financial statements .', 'in december 2007 , the fasb issued accounting guidance that establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary .', 'this guidance was effective for fiscal years beginning after december 15 , 2008 .', 'the adoption of this guidance in the first quarter of 2009 did not have any impact on the company 2019s consolidated financial statements .', 'in september 2006 , the fasb issued accounting guidance which defines fair value , establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value measurements .', 'this guidance was effective for fiscal years beginning after november 15 , 2007 , however the fasb delayed the effective date to fiscal years beginning after november 15 , 2008 for nonfinancial assets and nonfinancial liabilities , except those items recognized or disclosed at fair value on an annual or more frequent basis .', 'the adoption of this guidance for nonfinancial assets and liabilities in the first quarter of 2009 did not have any impact on the company 2019s consolidated financial statements .', '3 .', 'inventories inventories consisted of the following: .']
----------
Tabular Data:
( in thousands ) | december 31 , 2009 | december 31 , 2008
----------|----------|----------
finished goods | $ 155596 | $ 187072
raw materials | 785 | 731
work-in-process | 71 | 6
subtotal inventories | 156452 | 187809
inventories reserve | -7964 ( 7964 ) | -5577 ( 5577 )
total inventories | $ 148488 | $ 182232
----------
Follow-up: ['.'] | -0.16826 | UA/2009/page_63.pdf-1 | ['to the two-class method .', 'the provisions of this guidance were required for fiscal years beginning after december 15 , 2008 .', 'the company has adopted this guidance for current period computations of earnings per share , and has updated prior period computations of earnings per share .', 'the adoption of this guidance in the first quarter of 2009 did not have a material impact on the company 2019s computation of earnings per share .', 'refer to note 11 for further discussion .', 'in june 2008 , the fasb issued accounting guidance addressing the determination of whether provisions that introduce adjustment features ( including contingent adjustment features ) would prevent treating a derivative contract or an embedded derivative on a company 2019s own stock as indexed solely to the company 2019s stock .', 'this guidance was effective for fiscal years beginning after december 15 , 2008 .', 'the adoption of this guidance in the first quarter of 2009 did not have any impact on the company 2019s consolidated financial statements .', 'in march 2008 , the fasb issued accounting guidance intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity 2019s financial position , financial performance , and cash flows .', 'this guidance was effective for the fiscal years and interim periods beginning after november 15 , 2008 .', 'the adoption of this guidance in the first quarter of 2009 did not have any impact on the company 2019s consolidated financial statements .', 'in december 2007 , the fasb issued replacement guidance that requires the acquirer of a business to recognize and measure the identifiable assets acquired , the liabilities assumed , and any non-controlling interest in the acquired entity at fair value .', 'this replacement guidance also requires transaction costs related to the business combination to be expensed as incurred .', 'it was effective for business combinations for which the acquisition date was on or after the start of the fiscal year beginning after december 15 , 2008 .', 'the adoption of this guidance in the first quarter of 2009 did not have any impact on the company 2019s consolidated financial statements .', 'in december 2007 , the fasb issued accounting guidance that establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary .', 'this guidance was effective for fiscal years beginning after december 15 , 2008 .', 'the adoption of this guidance in the first quarter of 2009 did not have any impact on the company 2019s consolidated financial statements .', 'in september 2006 , the fasb issued accounting guidance which defines fair value , establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value measurements .', 'this guidance was effective for fiscal years beginning after november 15 , 2007 , however the fasb delayed the effective date to fiscal years beginning after november 15 , 2008 for nonfinancial assets and nonfinancial liabilities , except those items recognized or disclosed at fair value on an annual or more frequent basis .', 'the adoption of this guidance for nonfinancial assets and liabilities in the first quarter of 2009 did not have any impact on the company 2019s consolidated financial statements .', '3 .', 'inventories inventories consisted of the following: .'] | ['.'] | ( in thousands ) | december 31 , 2009 | december 31 , 2008
----------|----------|----------
finished goods | $ 155596 | $ 187072
raw materials | 785 | 731
work-in-process | 71 | 6
subtotal inventories | 156452 | 187809
inventories reserve | -7964 ( 7964 ) | -5577 ( 5577 )
total inventories | $ 148488 | $ 182232 | subtract(155596, 187072), divide(#0, 187072) | -0.16826 |
what is the decrease observed in the fair value of ars investments between 2009 and 2008? | Context: ['mastercard incorporated notes to consolidated financial statements 2014continued the municipal bond portfolio is comprised of tax exempt bonds and is diversified across states and sectors .', 'the portfolio has an average credit quality of double-a .', 'the short-term bond funds invest in fixed income securities , including corporate bonds , mortgage-backed securities and asset-backed securities .', 'the company holds investments in ars .', 'interest on these securities is exempt from u.s .', 'federal income tax and the interest rate on the securities typically resets every 35 days .', 'the securities are fully collateralized by student loans with guarantees , ranging from approximately 95% ( 95 % ) to 98% ( 98 % ) of principal and interest , by the u.s .', 'government via the department of education .', 'beginning on february 11 , 2008 , the auction mechanism that normally provided liquidity to the ars investments began to fail .', 'since mid-february 2008 , all investment positions in the company 2019s ars investment portfolio have experienced failed auctions .', 'the securities for which auctions have failed have continued to pay interest in accordance with the contractual terms of such instruments and will continue to accrue interest and be auctioned at each respective reset date until the auction succeeds , the issuer redeems the securities or they mature .', 'during 2008 , ars were reclassified as level 3 from level 2 .', 'as of december 31 , 2010 , the ars market remained illiquid , but issuer call and redemption activity in the ars student loan sector has occurred periodically since the auctions began to fail .', 'during 2010 and 2009 , the company did not sell any ars in the auction market , but there were calls at par .', 'the table below includes a roll-forward of the company 2019s ars investments from january 1 , 2009 to december 31 , 2010 .', 'significant unobservable inputs ( level 3 ) ( in millions ) .']
----
Tabular Data:
----------------------------------------
| significant unobservable inputs ( level 3 ) ( in millions )
----------|----------
fair value december 31 2008 | $ 192
calls at par | -28 ( 28 )
recovery of unrealized losses due to issuer calls | 5
increase in fair value | 11
fair value december 31 2009 | 180
calls at par | -94 ( 94 )
recovery of unrealized losses due to issuer calls | 13
increase in fair value | 7
fair value december 31 2010 | $ 106
----------------------------------------
----
Follow-up: ['the company evaluated the estimated impairment of its ars portfolio to determine if it was other-than- temporary .', 'the company considered several factors including , but not limited to , the following : ( 1 ) the reasons for the decline in value ( changes in interest rates , credit event , or market fluctuations ) ; ( 2 ) assessments as to whether it is more likely than not that it will hold and not be required to sell the investments for a sufficient period of time to allow for recovery of the cost basis ; ( 3 ) whether the decline is substantial ; and ( 4 ) the historical and anticipated duration of the events causing the decline in value .', 'the evaluation for other-than-temporary impairments is a quantitative and qualitative process , which is subject to various risks and uncertainties .', 'the risks and uncertainties include changes in credit quality , market liquidity , timing and amounts of issuer calls and interest rates .', 'as of december 31 , 2010 , the company believed that the unrealized losses on the ars were not related to credit quality but rather due to the lack of liquidity in the market .', 'the company believes that it is more .'] | 12.0 | MA/2010/page_107.pdf-2 | ['mastercard incorporated notes to consolidated financial statements 2014continued the municipal bond portfolio is comprised of tax exempt bonds and is diversified across states and sectors .', 'the portfolio has an average credit quality of double-a .', 'the short-term bond funds invest in fixed income securities , including corporate bonds , mortgage-backed securities and asset-backed securities .', 'the company holds investments in ars .', 'interest on these securities is exempt from u.s .', 'federal income tax and the interest rate on the securities typically resets every 35 days .', 'the securities are fully collateralized by student loans with guarantees , ranging from approximately 95% ( 95 % ) to 98% ( 98 % ) of principal and interest , by the u.s .', 'government via the department of education .', 'beginning on february 11 , 2008 , the auction mechanism that normally provided liquidity to the ars investments began to fail .', 'since mid-february 2008 , all investment positions in the company 2019s ars investment portfolio have experienced failed auctions .', 'the securities for which auctions have failed have continued to pay interest in accordance with the contractual terms of such instruments and will continue to accrue interest and be auctioned at each respective reset date until the auction succeeds , the issuer redeems the securities or they mature .', 'during 2008 , ars were reclassified as level 3 from level 2 .', 'as of december 31 , 2010 , the ars market remained illiquid , but issuer call and redemption activity in the ars student loan sector has occurred periodically since the auctions began to fail .', 'during 2010 and 2009 , the company did not sell any ars in the auction market , but there were calls at par .', 'the table below includes a roll-forward of the company 2019s ars investments from january 1 , 2009 to december 31 , 2010 .', 'significant unobservable inputs ( level 3 ) ( in millions ) .'] | ['the company evaluated the estimated impairment of its ars portfolio to determine if it was other-than- temporary .', 'the company considered several factors including , but not limited to , the following : ( 1 ) the reasons for the decline in value ( changes in interest rates , credit event , or market fluctuations ) ; ( 2 ) assessments as to whether it is more likely than not that it will hold and not be required to sell the investments for a sufficient period of time to allow for recovery of the cost basis ; ( 3 ) whether the decline is substantial ; and ( 4 ) the historical and anticipated duration of the events causing the decline in value .', 'the evaluation for other-than-temporary impairments is a quantitative and qualitative process , which is subject to various risks and uncertainties .', 'the risks and uncertainties include changes in credit quality , market liquidity , timing and amounts of issuer calls and interest rates .', 'as of december 31 , 2010 , the company believed that the unrealized losses on the ars were not related to credit quality but rather due to the lack of liquidity in the market .', 'the company believes that it is more .'] | ----------------------------------------
| significant unobservable inputs ( level 3 ) ( in millions )
----------|----------
fair value december 31 2008 | $ 192
calls at par | -28 ( 28 )
recovery of unrealized losses due to issuer calls | 5
increase in fair value | 11
fair value december 31 2009 | 180
calls at par | -94 ( 94 )
recovery of unrealized losses due to issuer calls | 13
increase in fair value | 7
fair value december 31 2010 | $ 106
---------------------------------------- | subtract(192, 180) | 12.0 |
what is the yearly interest expense incurred from term a loan , ( in millions ) ? | Background: ['maturity requirements on long-term debt as of december 31 , 2018 by year are as follows ( in thousands ) : years ending december 31 .']
--
Tabular Data:
----------------------------------------
2019 | $ 124176
2020 | 159979
2021 | 195848
2022 | 267587
2023 | 3945053
2024 and thereafter | 475000
total | $ 5167643
----------------------------------------
--
Additional Information: ['credit facility we are party to a credit facility agreement with bank of america , n.a. , as administrative agent , and a syndicate of financial institutions as lenders and other agents ( as amended from time to time , the 201ccredit facility 201d ) .', 'as of december 31 , 2018 , the credit facility provided for secured financing comprised of ( i ) a $ 1.5 billion revolving credit facility ( the 201crevolving credit facility 201d ) ; ( ii ) a $ 1.5 billion term loan ( the 201cterm a loan 201d ) , ( iii ) a $ 1.37 billion term loan ( the 201cterm a-2 loan 201d ) , ( iv ) a $ 1.14 billion term loan facility ( the 201cterm b-2 loan 201d ) and ( v ) a $ 500 million term loan ( the 201cterm b-4 loan 201d ) .', 'substantially all of the assets of our domestic subsidiaries are pledged as collateral under the credit facility .', 'the borrowings outstanding under our credit facility as of december 31 , 2018 reflect amounts borrowed for acquisitions and other activities we completed in 2018 , including a reduction to the interest rate margins applicable to our term a loan , term a-2 loan , term b-2 loan and the revolving credit facility , an extension of the maturity dates of the term a loan , term a-2 loan and the revolving credit facility , and an increase in the total financing capacity under the credit facility to approximately $ 5.5 billion in june 2018 .', 'in october 2018 , we entered into an additional term loan under the credit facility in the amount of $ 500 million ( the 201cterm b-4 loan 201d ) .', 'we used the proceeds from the term b-4 loan to pay down a portion of the balance outstanding under our revolving credit facility .', 'the credit facility provides for an interest rate , at our election , of either libor or a base rate , in each case plus a margin .', 'as of december 31 , 2018 , the interest rates on the term a loan , the term a-2 loan , the term b-2 loan and the term b-4 loan were 4.02% ( 4.02 % ) , 4.01% ( 4.01 % ) , 4.27% ( 4.27 % ) and 4.27% ( 4.27 % ) , respectively , and the interest rate on the revolving credit facility was 3.92% ( 3.92 % ) .', 'in addition , we are required to pay a quarterly commitment fee with respect to the unused portion of the revolving credit facility at an applicable rate per annum ranging from 0.20% ( 0.20 % ) to 0.30% ( 0.30 % ) depending on our leverage ratio .', 'the term a loan and the term a-2 loan mature , and the revolving credit facility expires , on january 20 , 2023 .', 'the term b-2 loan matures on april 22 , 2023 .', 'the term b-4 loan matures on october 18 , 2025 .', 'the term a loan and term a-2 loan principal amounts must each be repaid in quarterly installments in the amount of 0.625% ( 0.625 % ) of principal through june 2019 , increasing to 1.25% ( 1.25 % ) of principal through june 2021 , increasing to 1.875% ( 1.875 % ) of principal through june 2022 and increasing to 2.50% ( 2.50 % ) of principal through december 2022 , with the remaining principal balance due upon maturity in january 2023 .', 'the term b-2 loan principal must be repaid in quarterly installments in the amount of 0.25% ( 0.25 % ) of principal through march 2023 , with the remaining principal balance due upon maturity in april 2023 .', 'the term b-4 loan principal must be repaid in quarterly installments in the amount of 0.25% ( 0.25 % ) of principal through september 2025 , with the remaining principal balance due upon maturity in october 2025 .', 'we may issue standby letters of credit of up to $ 100 million in the aggregate under the revolving credit facility .', 'outstanding letters of credit under the revolving credit facility reduce the amount of borrowings available to us .', 'borrowings available to us under the revolving credit facility are further limited by the covenants described below under 201ccompliance with covenants . 201d the total available commitments under the revolving credit facility at december 31 , 2018 were $ 783.6 million .', 'global payments inc .', '| 2018 form 10-k annual report 2013 85 .'] | 60.3 | GPN/2018/page_85.pdf-2 | ['maturity requirements on long-term debt as of december 31 , 2018 by year are as follows ( in thousands ) : years ending december 31 .'] | ['credit facility we are party to a credit facility agreement with bank of america , n.a. , as administrative agent , and a syndicate of financial institutions as lenders and other agents ( as amended from time to time , the 201ccredit facility 201d ) .', 'as of december 31 , 2018 , the credit facility provided for secured financing comprised of ( i ) a $ 1.5 billion revolving credit facility ( the 201crevolving credit facility 201d ) ; ( ii ) a $ 1.5 billion term loan ( the 201cterm a loan 201d ) , ( iii ) a $ 1.37 billion term loan ( the 201cterm a-2 loan 201d ) , ( iv ) a $ 1.14 billion term loan facility ( the 201cterm b-2 loan 201d ) and ( v ) a $ 500 million term loan ( the 201cterm b-4 loan 201d ) .', 'substantially all of the assets of our domestic subsidiaries are pledged as collateral under the credit facility .', 'the borrowings outstanding under our credit facility as of december 31 , 2018 reflect amounts borrowed for acquisitions and other activities we completed in 2018 , including a reduction to the interest rate margins applicable to our term a loan , term a-2 loan , term b-2 loan and the revolving credit facility , an extension of the maturity dates of the term a loan , term a-2 loan and the revolving credit facility , and an increase in the total financing capacity under the credit facility to approximately $ 5.5 billion in june 2018 .', 'in october 2018 , we entered into an additional term loan under the credit facility in the amount of $ 500 million ( the 201cterm b-4 loan 201d ) .', 'we used the proceeds from the term b-4 loan to pay down a portion of the balance outstanding under our revolving credit facility .', 'the credit facility provides for an interest rate , at our election , of either libor or a base rate , in each case plus a margin .', 'as of december 31 , 2018 , the interest rates on the term a loan , the term a-2 loan , the term b-2 loan and the term b-4 loan were 4.02% ( 4.02 % ) , 4.01% ( 4.01 % ) , 4.27% ( 4.27 % ) and 4.27% ( 4.27 % ) , respectively , and the interest rate on the revolving credit facility was 3.92% ( 3.92 % ) .', 'in addition , we are required to pay a quarterly commitment fee with respect to the unused portion of the revolving credit facility at an applicable rate per annum ranging from 0.20% ( 0.20 % ) to 0.30% ( 0.30 % ) depending on our leverage ratio .', 'the term a loan and the term a-2 loan mature , and the revolving credit facility expires , on january 20 , 2023 .', 'the term b-2 loan matures on april 22 , 2023 .', 'the term b-4 loan matures on october 18 , 2025 .', 'the term a loan and term a-2 loan principal amounts must each be repaid in quarterly installments in the amount of 0.625% ( 0.625 % ) of principal through june 2019 , increasing to 1.25% ( 1.25 % ) of principal through june 2021 , increasing to 1.875% ( 1.875 % ) of principal through june 2022 and increasing to 2.50% ( 2.50 % ) of principal through december 2022 , with the remaining principal balance due upon maturity in january 2023 .', 'the term b-2 loan principal must be repaid in quarterly installments in the amount of 0.25% ( 0.25 % ) of principal through march 2023 , with the remaining principal balance due upon maturity in april 2023 .', 'the term b-4 loan principal must be repaid in quarterly installments in the amount of 0.25% ( 0.25 % ) of principal through september 2025 , with the remaining principal balance due upon maturity in october 2025 .', 'we may issue standby letters of credit of up to $ 100 million in the aggregate under the revolving credit facility .', 'outstanding letters of credit under the revolving credit facility reduce the amount of borrowings available to us .', 'borrowings available to us under the revolving credit facility are further limited by the covenants described below under 201ccompliance with covenants . 201d the total available commitments under the revolving credit facility at december 31 , 2018 were $ 783.6 million .', 'global payments inc .', '| 2018 form 10-k annual report 2013 85 .'] | ----------------------------------------
2019 | $ 124176
2020 | 159979
2021 | 195848
2022 | 267587
2023 | 3945053
2024 and thereafter | 475000
total | $ 5167643
---------------------------------------- | multiply(1.5, const_1000), multiply(#0, 4.02%) | 60.3 |
what is the percent change of benefits expected to be paid between 2017 and 2018? | Context: ['edwards lifesciences corporation notes to consolidated financial statements ( continued ) 12 .', 'employee benefit plans ( continued ) equity and debt securities are valued at fair value based on quoted market prices reported on the active markets on which the individual securities are traded .', 'the insurance contracts are valued at the cash surrender value of the contracts , which is deemed to approximate its fair value .', 'the following benefit payments , which reflect expected future service , as appropriate , at december 31 , 2016 , are expected to be paid ( in millions ) : .']
Data Table:
========================================
2017 | $ 4.5
2018 | 4.0
2019 | 4.0
2020 | 4.6
2021 | 4.5
2021-2025 | 44.6
========================================
Additional Information: ['as of december 31 , 2016 , expected employer contributions for 2017 are $ 6.1 million .', 'defined contribution plans the company 2019s employees in the united states and puerto rico are eligible to participate in a qualified defined contribution plan .', 'in the united states , participants may contribute up to 25% ( 25 % ) of their eligible compensation ( subject to tax code limitation ) to the plan .', 'edwards lifesciences matches the first 3% ( 3 % ) of the participant 2019s annual eligible compensation contributed to the plan on a dollar-for-dollar basis .', 'edwards lifesciences matches the next 2% ( 2 % ) of the participant 2019s annual eligible compensation to the plan on a 50% ( 50 % ) basis .', 'in puerto rico , participants may contribute up to 25% ( 25 % ) of their annual compensation ( subject to tax code limitation ) to the plan .', 'edwards lifesciences matches the first 4% ( 4 % ) of participant 2019s annual eligible compensation contributed to the plan on a 50% ( 50 % ) basis .', 'the company also provides a 2% ( 2 % ) profit sharing contribution calculated on eligible earnings for each employee .', 'matching contributions relating to edwards lifesciences employees were $ 17.3 million , $ 15.3 million , and $ 12.8 million in 2016 , 2015 , and 2014 , respectively .', 'the company also has nonqualified deferred compensation plans for a select group of employees .', 'the plans provide eligible participants the opportunity to defer eligible compensation to future dates specified by the participant with a return based on investment alternatives selected by the participant .', 'the amount accrued under these nonqualified plans was $ 46.7 million and $ 35.5 million at december 31 , 2016 and 2015 , respectively .', '13 .', 'common stock treasury stock in july 2014 , the board of directors approved a stock repurchase program authorizing the company to purchase up to $ 750.0 million of the company 2019s common stock .', 'in november 2016 , the board of directors approved a new stock repurchase program providing for an additional $ 1.0 billion of repurchases of our common stock .', 'the repurchase programs do not have an expiration date .', 'stock repurchased under these programs may be used to offset obligations under the company 2019s employee stock-based benefit programs and stock-based business acquisitions , and will reduce the total shares outstanding .', 'during 2016 , 2015 , and 2014 , the company repurchased 7.3 million , 2.6 million , and 4.4 million shares , respectively , at an aggregate cost of $ 662.3 million , $ 280.1 million , and $ 300.9 million , respectively , including .'] | -0.11111 | EW/2016/page_92.pdf-2 | ['edwards lifesciences corporation notes to consolidated financial statements ( continued ) 12 .', 'employee benefit plans ( continued ) equity and debt securities are valued at fair value based on quoted market prices reported on the active markets on which the individual securities are traded .', 'the insurance contracts are valued at the cash surrender value of the contracts , which is deemed to approximate its fair value .', 'the following benefit payments , which reflect expected future service , as appropriate , at december 31 , 2016 , are expected to be paid ( in millions ) : .'] | ['as of december 31 , 2016 , expected employer contributions for 2017 are $ 6.1 million .', 'defined contribution plans the company 2019s employees in the united states and puerto rico are eligible to participate in a qualified defined contribution plan .', 'in the united states , participants may contribute up to 25% ( 25 % ) of their eligible compensation ( subject to tax code limitation ) to the plan .', 'edwards lifesciences matches the first 3% ( 3 % ) of the participant 2019s annual eligible compensation contributed to the plan on a dollar-for-dollar basis .', 'edwards lifesciences matches the next 2% ( 2 % ) of the participant 2019s annual eligible compensation to the plan on a 50% ( 50 % ) basis .', 'in puerto rico , participants may contribute up to 25% ( 25 % ) of their annual compensation ( subject to tax code limitation ) to the plan .', 'edwards lifesciences matches the first 4% ( 4 % ) of participant 2019s annual eligible compensation contributed to the plan on a 50% ( 50 % ) basis .', 'the company also provides a 2% ( 2 % ) profit sharing contribution calculated on eligible earnings for each employee .', 'matching contributions relating to edwards lifesciences employees were $ 17.3 million , $ 15.3 million , and $ 12.8 million in 2016 , 2015 , and 2014 , respectively .', 'the company also has nonqualified deferred compensation plans for a select group of employees .', 'the plans provide eligible participants the opportunity to defer eligible compensation to future dates specified by the participant with a return based on investment alternatives selected by the participant .', 'the amount accrued under these nonqualified plans was $ 46.7 million and $ 35.5 million at december 31 , 2016 and 2015 , respectively .', '13 .', 'common stock treasury stock in july 2014 , the board of directors approved a stock repurchase program authorizing the company to purchase up to $ 750.0 million of the company 2019s common stock .', 'in november 2016 , the board of directors approved a new stock repurchase program providing for an additional $ 1.0 billion of repurchases of our common stock .', 'the repurchase programs do not have an expiration date .', 'stock repurchased under these programs may be used to offset obligations under the company 2019s employee stock-based benefit programs and stock-based business acquisitions , and will reduce the total shares outstanding .', 'during 2016 , 2015 , and 2014 , the company repurchased 7.3 million , 2.6 million , and 4.4 million shares , respectively , at an aggregate cost of $ 662.3 million , $ 280.1 million , and $ 300.9 million , respectively , including .'] | ========================================
2017 | $ 4.5
2018 | 4.0
2019 | 4.0
2020 | 4.6
2021 | 4.5
2021-2025 | 44.6
======================================== | subtract(4.0, 4.5), divide(#0, 4.5) | -0.11111 |
what is the percentage change in pension benefits to be paid between 2006 and 2010? | Pre-text: ['employee benefit plans sysco has defined benefit and defined contribution retirement plans for its employees .', 'also , the company contributes to various multi-employer plans under collective bargaining agreements and provides certain health care benefits to eligible retirees and their dependents .', 'sysco maintains a qualified retirement plan ( retirement plan ) that pays benefits to employees at retirement , using formulas based on a participant 2019s years of service and compensation .', 'the defined contribution 401 ( k ) plan provides that under certain circumstances the company may make matching contributions of up to 50% ( 50 % ) of the first 6% ( 6 % ) of a participant 2019s compensation .', 'sysco 2019s contributions to this plan were $ 28109000 in 2005 , $ 27390000 in 2004 , and $ 24102000 in 2003 .', 'in addition to receiving benefits upon retirement under the company 2019s defined benefit plan , participants in the management incentive plan ( see 201cmanagement incentive compensation 201d under 201cstock based compensation plans 201d ) will receive benefits under a supplemental executive retirement plan ( serp ) .', 'this plan is a nonqualified , unfunded supplementary retirement plan .', 'in order to meet its obligations under the serp , sysco maintains life insurance policies on the lives of the participants with carrying values of $ 138931000 at july 2 , 2005 and $ 87104000 at july 3 , 2004 .', 'these policies are not included as plan assets or in the funded status amounts in the table below .', 'sysco is the sole owner and beneficiary of such policies .', 'projected benefit obligations and accumulated benefit obligations for the serp were $ 375491000 and $ 264010000 , respectively , as of july 2 , 2005 and $ 269815000 and $ 153652000 , respectively , as of july 3 , the company made cash contributions to its pension plans of $ 220361000 and $ 165512000 in fiscal years 2005 and 2004 , respec- tively , including $ 214000000 and $ 160000000 in voluntary contributions to the retirement plan in fiscal 2005 and 2004 , respectively .', 'included in the amounts contributed in fiscal 2005 was $ 134000000 voluntarily contributed to the qualified pension plan in the fourth quarter .', 'the decision to increase the contributions to the qualified pension plan in fiscal 2005 was primarily due to the decreased discount rate , which increased the pension obligation and negatively impacted the fiscal 2005 year-end pension funded status .', 'in fiscal 2006 , as in previous years , contributions to the retirement plan will not be required to meet erisa minimum funding requirements , yet the company anticipates it will make voluntary contributions of approximately $ 66000000 .', 'the company 2019s contributions to the serp and other post- retirement plans are made in the amounts needed to fund current year benefit payments .', 'the estimated fiscal 2006 contributions to fund benefit payments for the serp and other post-retirement plans are $ 7659000 and $ 338000 , respectively .', 'estimated future benefit payments are as follows : postretirement pension benefits plans .']
######
Table:
========================================
pension benefits other postretirement plans
2006 $ 27316000 $ 338000
2007 29356000 392000
2008 33825000 467000
2009 39738000 535000
2010 46957000 627000
subsequent five years 355550000 4234000
========================================
######
Additional Information: ['.'] | 0.71903 | SYY/2005/page_70.pdf-2 | ['employee benefit plans sysco has defined benefit and defined contribution retirement plans for its employees .', 'also , the company contributes to various multi-employer plans under collective bargaining agreements and provides certain health care benefits to eligible retirees and their dependents .', 'sysco maintains a qualified retirement plan ( retirement plan ) that pays benefits to employees at retirement , using formulas based on a participant 2019s years of service and compensation .', 'the defined contribution 401 ( k ) plan provides that under certain circumstances the company may make matching contributions of up to 50% ( 50 % ) of the first 6% ( 6 % ) of a participant 2019s compensation .', 'sysco 2019s contributions to this plan were $ 28109000 in 2005 , $ 27390000 in 2004 , and $ 24102000 in 2003 .', 'in addition to receiving benefits upon retirement under the company 2019s defined benefit plan , participants in the management incentive plan ( see 201cmanagement incentive compensation 201d under 201cstock based compensation plans 201d ) will receive benefits under a supplemental executive retirement plan ( serp ) .', 'this plan is a nonqualified , unfunded supplementary retirement plan .', 'in order to meet its obligations under the serp , sysco maintains life insurance policies on the lives of the participants with carrying values of $ 138931000 at july 2 , 2005 and $ 87104000 at july 3 , 2004 .', 'these policies are not included as plan assets or in the funded status amounts in the table below .', 'sysco is the sole owner and beneficiary of such policies .', 'projected benefit obligations and accumulated benefit obligations for the serp were $ 375491000 and $ 264010000 , respectively , as of july 2 , 2005 and $ 269815000 and $ 153652000 , respectively , as of july 3 , the company made cash contributions to its pension plans of $ 220361000 and $ 165512000 in fiscal years 2005 and 2004 , respec- tively , including $ 214000000 and $ 160000000 in voluntary contributions to the retirement plan in fiscal 2005 and 2004 , respectively .', 'included in the amounts contributed in fiscal 2005 was $ 134000000 voluntarily contributed to the qualified pension plan in the fourth quarter .', 'the decision to increase the contributions to the qualified pension plan in fiscal 2005 was primarily due to the decreased discount rate , which increased the pension obligation and negatively impacted the fiscal 2005 year-end pension funded status .', 'in fiscal 2006 , as in previous years , contributions to the retirement plan will not be required to meet erisa minimum funding requirements , yet the company anticipates it will make voluntary contributions of approximately $ 66000000 .', 'the company 2019s contributions to the serp and other post- retirement plans are made in the amounts needed to fund current year benefit payments .', 'the estimated fiscal 2006 contributions to fund benefit payments for the serp and other post-retirement plans are $ 7659000 and $ 338000 , respectively .', 'estimated future benefit payments are as follows : postretirement pension benefits plans .'] | ['.'] | ========================================
pension benefits other postretirement plans
2006 $ 27316000 $ 338000
2007 29356000 392000
2008 33825000 467000
2009 39738000 535000
2010 46957000 627000
subsequent five years 355550000 4234000
======================================== | subtract(46957000, 27316000), divide(#0, 27316000) | 0.71903 |
did abiomed inc outperform the nasdaq composite index? | Context: ['performance graph the following graph compares the yearly change in the cumulative total stockholder return for our last five full fiscal years , based upon the market price of our common stock , with the cumulative total return on a nasdaq composite index ( u.s .', 'companies ) and a peer group , the nasdaq medical equipment-sic code 3840-3849 index , which is comprised of medical equipment companies , for that period .', 'the performance graph assumes the investment of $ 100 on march 31 , 2006 in our common stock , the nasdaq composite index ( u.s .', 'companies ) and the peer group index , and the reinvestment of any and all dividends. .']
--
Table:
========================================
Row 1: , 3/31/2006, 3/31/2007, 3/31/2008, 3/31/2009, 3/31/2010, 3/31/2011
Row 2: abiomed inc, 100, 105.89, 101.86, 37.98, 80.00, 112.64
Row 3: nasdaq composite index, 100, 103.50, 97.41, 65.33, 102.49, 118.86
Row 4: nasdaq medical equipment sic code 3840-3849, 100, 88.78, 84.26, 46.12, 83.47, 91.35
========================================
--
Post-table: ['this graph is not 201csoliciting material 201d under regulation 14a or 14c of the rules promulgated under the securities exchange act of 1934 , is not deemed filed with the securities and exchange commission and is not to be incorporated by reference in any of our filings under the securities act of 1933 , as amended , or the exchange act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing .', 'transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038 , is our stock transfer agent. .'] | no | ABMD/2011/page_33.pdf-1 | ['performance graph the following graph compares the yearly change in the cumulative total stockholder return for our last five full fiscal years , based upon the market price of our common stock , with the cumulative total return on a nasdaq composite index ( u.s .', 'companies ) and a peer group , the nasdaq medical equipment-sic code 3840-3849 index , which is comprised of medical equipment companies , for that period .', 'the performance graph assumes the investment of $ 100 on march 31 , 2006 in our common stock , the nasdaq composite index ( u.s .', 'companies ) and the peer group index , and the reinvestment of any and all dividends. .'] | ['this graph is not 201csoliciting material 201d under regulation 14a or 14c of the rules promulgated under the securities exchange act of 1934 , is not deemed filed with the securities and exchange commission and is not to be incorporated by reference in any of our filings under the securities act of 1933 , as amended , or the exchange act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing .', 'transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038 , is our stock transfer agent. .'] | ========================================
Row 1: , 3/31/2006, 3/31/2007, 3/31/2008, 3/31/2009, 3/31/2010, 3/31/2011
Row 2: abiomed inc, 100, 105.89, 101.86, 37.98, 80.00, 112.64
Row 3: nasdaq composite index, 100, 103.50, 97.41, 65.33, 102.49, 118.86
Row 4: nasdaq medical equipment sic code 3840-3849, 100, 88.78, 84.26, 46.12, 83.47, 91.35
======================================== | greater(112.64, 118.86) | no |
what was the percentage change in vehicles under capital lease from 2016 to 2017? | Context: ['united parcel service , inc .', 'and subsidiaries notes to consolidated financial statements floating-rate senior notes the floating-rate senior notes with principal amounts totaling $ 1.043 billion , bear interest at either one or three-month libor , less a spread ranging from 30 to 45 basis points .', 'the average interest rate for 2017 and 2016 was 0.74% ( 0.74 % ) and 0.21% ( 0.21 % ) , respectively .', 'these notes are callable at various times after 30 years at a stated percentage of par value , and putable by the note holders at various times after one year at a stated percentage of par value .', 'the notes have maturities ranging from 2049 through 2067 .', 'we classified the floating-rate senior notes that are putable by the note holder as a long-term liability , due to our intent and ability to refinance the debt if the put option is exercised by the note holder .', 'in march and november 2017 , we issued floating-rate senior notes in the principal amounts of $ 147 and $ 64 million , respectively , which are included in the $ 1.043 billion floating-rate senior notes described above .', 'these notes will bear interest at three-month libor less 30 and 35 basis points , respectively and mature in 2067 .', 'the remaining three floating-rate senior notes in the principal amounts of $ 350 , $ 400 and $ 500 million , bear interest at three-month libor , plus a spread ranging from 15 to 45 basis points .', 'the average interest rate for 2017 and 2016 was 0.50% ( 0.50 % ) and 0.0% ( 0.0 % ) , respectively .', 'these notes are not callable .', 'the notes have maturities ranging from 2021 through 2023 .', 'we classified the floating-rate senior notes that are putable by the note holder as a long-term liability , due to our intent and ability to refinance the debt if the put option is exercised by the note holder .', 'capital lease obligations we have certain property , plant and equipment subject to capital leases .', 'some of the obligations associated with these capital leases have been legally defeased .', 'the recorded value of our property , plant and equipment subject to capital leases is as follows as of december 31 ( in millions ) : .']
####
Data Table:
========================================
• , 2017, 2016
• vehicles, $ 70, $ 68
• aircraft, 2291, 2291
• buildings, 285, 190
• accumulated amortization, -990 ( 990 ), -896 ( 896 )
• property plant and equipment subject to capital leases, $ 1656, $ 1653
========================================
####
Additional Information: ['these capital lease obligations have principal payments due at various dates from 2018 through 3005 .', 'facility notes and bonds we have entered into agreements with certain municipalities to finance the construction of , or improvements to , facilities that support our u.s .', 'domestic package and supply chain & freight operations in the united states .', 'these facilities are located around airport properties in louisville , kentucky ; dallas , texas ; and philadelphia , pennsylvania .', 'under these arrangements , we enter into a lease or loan agreement that covers the debt service obligations on the bonds issued by the municipalities , as follows : 2022 bonds with a principal balance of $ 149 million issued by the louisville regional airport authority associated with our worldport facility in louisville , kentucky .', 'the bonds , which are due in january 2029 , bear interest at a variable rate , and the average interest rates for 2017 and 2016 were 0.83% ( 0.83 % ) and 0.37% ( 0.37 % ) , respectively .', '2022 bonds with a principal balance of $ 42 million and due in november 2036 issued by the louisville regional airport authority associated with our air freight facility in louisville , kentucky .', 'the bonds bear interest at a variable rate , and the average interest rates for 2017 and 2016 were 0.80% ( 0.80 % ) and 0.36% ( 0.36 % ) , respectively .', '2022 bonds with a principal balance of $ 29 million issued by the dallas / fort worth international airport facility improvement corporation associated with our dallas , texas airport facilities .', 'the bonds are due in may 2032 and bear interest at a variable rate , however the variable cash flows on the obligation have been swapped to a fixed 5.11% ( 5.11 % ) .', '2022 in september 2015 , we entered into an agreement with the delaware county , pennsylvania industrial development authority , associated with our philadelphia , pennsylvania airport facilities , for bonds issued with a principal balance of $ 100 million .', 'these bonds , which are due september 2045 , bear interest at a variable rate .', 'the average interest rate for 2017 and 2016 was 0.78% ( 0.78 % ) and 0.40% ( 0.40 % ) , respectively. .'] | 0.02941 | UPS/2017/page_111.pdf-4 | ['united parcel service , inc .', 'and subsidiaries notes to consolidated financial statements floating-rate senior notes the floating-rate senior notes with principal amounts totaling $ 1.043 billion , bear interest at either one or three-month libor , less a spread ranging from 30 to 45 basis points .', 'the average interest rate for 2017 and 2016 was 0.74% ( 0.74 % ) and 0.21% ( 0.21 % ) , respectively .', 'these notes are callable at various times after 30 years at a stated percentage of par value , and putable by the note holders at various times after one year at a stated percentage of par value .', 'the notes have maturities ranging from 2049 through 2067 .', 'we classified the floating-rate senior notes that are putable by the note holder as a long-term liability , due to our intent and ability to refinance the debt if the put option is exercised by the note holder .', 'in march and november 2017 , we issued floating-rate senior notes in the principal amounts of $ 147 and $ 64 million , respectively , which are included in the $ 1.043 billion floating-rate senior notes described above .', 'these notes will bear interest at three-month libor less 30 and 35 basis points , respectively and mature in 2067 .', 'the remaining three floating-rate senior notes in the principal amounts of $ 350 , $ 400 and $ 500 million , bear interest at three-month libor , plus a spread ranging from 15 to 45 basis points .', 'the average interest rate for 2017 and 2016 was 0.50% ( 0.50 % ) and 0.0% ( 0.0 % ) , respectively .', 'these notes are not callable .', 'the notes have maturities ranging from 2021 through 2023 .', 'we classified the floating-rate senior notes that are putable by the note holder as a long-term liability , due to our intent and ability to refinance the debt if the put option is exercised by the note holder .', 'capital lease obligations we have certain property , plant and equipment subject to capital leases .', 'some of the obligations associated with these capital leases have been legally defeased .', 'the recorded value of our property , plant and equipment subject to capital leases is as follows as of december 31 ( in millions ) : .'] | ['these capital lease obligations have principal payments due at various dates from 2018 through 3005 .', 'facility notes and bonds we have entered into agreements with certain municipalities to finance the construction of , or improvements to , facilities that support our u.s .', 'domestic package and supply chain & freight operations in the united states .', 'these facilities are located around airport properties in louisville , kentucky ; dallas , texas ; and philadelphia , pennsylvania .', 'under these arrangements , we enter into a lease or loan agreement that covers the debt service obligations on the bonds issued by the municipalities , as follows : 2022 bonds with a principal balance of $ 149 million issued by the louisville regional airport authority associated with our worldport facility in louisville , kentucky .', 'the bonds , which are due in january 2029 , bear interest at a variable rate , and the average interest rates for 2017 and 2016 were 0.83% ( 0.83 % ) and 0.37% ( 0.37 % ) , respectively .', '2022 bonds with a principal balance of $ 42 million and due in november 2036 issued by the louisville regional airport authority associated with our air freight facility in louisville , kentucky .', 'the bonds bear interest at a variable rate , and the average interest rates for 2017 and 2016 were 0.80% ( 0.80 % ) and 0.36% ( 0.36 % ) , respectively .', '2022 bonds with a principal balance of $ 29 million issued by the dallas / fort worth international airport facility improvement corporation associated with our dallas , texas airport facilities .', 'the bonds are due in may 2032 and bear interest at a variable rate , however the variable cash flows on the obligation have been swapped to a fixed 5.11% ( 5.11 % ) .', '2022 in september 2015 , we entered into an agreement with the delaware county , pennsylvania industrial development authority , associated with our philadelphia , pennsylvania airport facilities , for bonds issued with a principal balance of $ 100 million .', 'these bonds , which are due september 2045 , bear interest at a variable rate .', 'the average interest rate for 2017 and 2016 was 0.78% ( 0.78 % ) and 0.40% ( 0.40 % ) , respectively. .'] | ========================================
• , 2017, 2016
• vehicles, $ 70, $ 68
• aircraft, 2291, 2291
• buildings, 285, 190
• accumulated amortization, -990 ( 990 ), -896 ( 896 )
• property plant and equipment subject to capital leases, $ 1656, $ 1653
======================================== | subtract(70, 68), divide(#0, 68) | 0.02941 |
what percent of total aggregate debt maturities as of december 31 , 2011 are due in 2013? | Context: ['debt maturities 2013 the following table presents aggregate debt maturities as of december 31 , 2011 , excluding market value adjustments : millions .']
----------
Table:
****************************************
2012 | $ 309
----------|----------
2013 | 636
2014 | 706
2015 | 467
2016 | 517
thereafter | 6271
total debt | $ 8906
****************************************
----------
Follow-up: ['as of both december 31 , 2011 and december 31 , 2010 , we have reclassified as long-term debt approximately $ 100 million of debt due within one year that we intend to refinance .', 'this reclassification reflects our ability and intent to refinance any short-term borrowings and certain current maturities of long- term debt on a long-term basis .', 'mortgaged properties 2013 equipment with a carrying value of approximately $ 2.9 billion and $ 3.2 billion at december 31 , 2011 and 2010 , respectively , served as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire such railroad equipment .', 'as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds .', 'as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion .', 'in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds .', 'credit facilities 2013 during the second quarter of 2011 , we replaced our $ 1.9 billion revolving credit facility , which was scheduled to expire in april 2012 , with a new $ 1.8 billion facility that expires in may 2015 ( the facility ) .', 'the facility is based on substantially similar terms as those in the previous credit facility .', 'on december 31 , 2011 , we had $ 1.8 billion of credit available under the facility , which is designated for general corporate purposes and supports the issuance of commercial paper .', 'we did not draw on either facility during 2011 .', 'commitment fees and interest rates payable under the facility are similar to fees and rates available to comparably rated , investment-grade borrowers .', 'the facility allows for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings .', 'the facility requires the corporation to maintain a debt-to-net-worth coverage ratio as a condition to making a borrowing .', 'at december 31 , 2011 , and december 31 , 2010 ( and at all times during the year ) , we were in compliance with this covenant .', 'the definition of debt used for purposes of calculating the debt-to-net-worth coverage ratio includes , among other things , certain credit arrangements , capital leases , guarantees and unfunded and vested pension benefits under title iv of erisa .', 'at december 31 , 2011 , the debt-to-net-worth coverage ratio allowed us to carry up to $ 37.2 billion of debt ( as defined in the facility ) , and we had $ 9.5 billion of debt ( as defined in the facility ) outstanding at that date .', 'under our current capital plans , we expect to continue to satisfy the debt-to-net-worth coverage ratio ; however , many factors beyond our reasonable control ( including the risk factors in item 1a of this report ) could affect our ability to comply with this provision in the future .', 'the facility does not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require us to post collateral .', 'the facility also includes a $ 75 million cross-default provision and a change-of-control provision .', 'during 2011 , we did not issue or repay any commercial paper and , at december 31 , 2011 , we had no commercial paper outstanding .', 'outstanding commercial paper balances are supported by our revolving credit facility but do not reduce the amount of borrowings available under the facility .', 'dividend restrictions 2013 our revolving credit facility includes a debt-to-net worth covenant ( discussed in the credit facilities section above ) that , under certain circumstances , restricts the payment of cash .'] | 0.07141 | UNP/2011/page_78.pdf-4 | ['debt maturities 2013 the following table presents aggregate debt maturities as of december 31 , 2011 , excluding market value adjustments : millions .'] | ['as of both december 31 , 2011 and december 31 , 2010 , we have reclassified as long-term debt approximately $ 100 million of debt due within one year that we intend to refinance .', 'this reclassification reflects our ability and intent to refinance any short-term borrowings and certain current maturities of long- term debt on a long-term basis .', 'mortgaged properties 2013 equipment with a carrying value of approximately $ 2.9 billion and $ 3.2 billion at december 31 , 2011 and 2010 , respectively , served as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire such railroad equipment .', 'as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds .', 'as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion .', 'in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds .', 'credit facilities 2013 during the second quarter of 2011 , we replaced our $ 1.9 billion revolving credit facility , which was scheduled to expire in april 2012 , with a new $ 1.8 billion facility that expires in may 2015 ( the facility ) .', 'the facility is based on substantially similar terms as those in the previous credit facility .', 'on december 31 , 2011 , we had $ 1.8 billion of credit available under the facility , which is designated for general corporate purposes and supports the issuance of commercial paper .', 'we did not draw on either facility during 2011 .', 'commitment fees and interest rates payable under the facility are similar to fees and rates available to comparably rated , investment-grade borrowers .', 'the facility allows for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings .', 'the facility requires the corporation to maintain a debt-to-net-worth coverage ratio as a condition to making a borrowing .', 'at december 31 , 2011 , and december 31 , 2010 ( and at all times during the year ) , we were in compliance with this covenant .', 'the definition of debt used for purposes of calculating the debt-to-net-worth coverage ratio includes , among other things , certain credit arrangements , capital leases , guarantees and unfunded and vested pension benefits under title iv of erisa .', 'at december 31 , 2011 , the debt-to-net-worth coverage ratio allowed us to carry up to $ 37.2 billion of debt ( as defined in the facility ) , and we had $ 9.5 billion of debt ( as defined in the facility ) outstanding at that date .', 'under our current capital plans , we expect to continue to satisfy the debt-to-net-worth coverage ratio ; however , many factors beyond our reasonable control ( including the risk factors in item 1a of this report ) could affect our ability to comply with this provision in the future .', 'the facility does not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require us to post collateral .', 'the facility also includes a $ 75 million cross-default provision and a change-of-control provision .', 'during 2011 , we did not issue or repay any commercial paper and , at december 31 , 2011 , we had no commercial paper outstanding .', 'outstanding commercial paper balances are supported by our revolving credit facility but do not reduce the amount of borrowings available under the facility .', 'dividend restrictions 2013 our revolving credit facility includes a debt-to-net worth covenant ( discussed in the credit facilities section above ) that , under certain circumstances , restricts the payment of cash .'] | ****************************************
2012 | $ 309
----------|----------
2013 | 636
2014 | 706
2015 | 467
2016 | 517
thereafter | 6271
total debt | $ 8906
**************************************** | divide(636, 8906) | 0.07141 |
north american printing papers net sales where what percent of total printing paper sales in 2008? | Pre-text: ['mill in the fourth quarter of 2008 .', 'this compares with 635000 tons of total downtime in 2008 of which 305000 tons were lack-of-order downtime .', 'printing papers in millions 2009 2008 2007 .']
--------
Table:
========================================
• in millions, 2009, 2008, 2007
• sales, $ 5680, $ 6810, $ 6530
• operating profit, 1091, 474, 839
========================================
--------
Follow-up: ['north american printing papers net sales in 2009 were $ 2.8 billion compared with $ 3.4 billion in 2008 and $ 3.5 billion in 2007 .', 'operating earnings in 2009 were $ 746 million ( $ 307 million excluding alter- native fuel mixture credits and plant closure costs ) compared with $ 405 million ( $ 435 million excluding shutdown costs for a paper machine ) in 2008 and $ 415 million in 2007 .', 'sales volumes decreased sig- nificantly in 2009 compared with 2008 reflecting weak customer demand and reduced production capacity resulting from the shutdown of a paper machine at the franklin mill in december 2008 and the conversion of the bastrop mill to pulp production in june 2008 .', 'average sales price realizations were lower reflecting slight declines for uncoated freesheet paper in domestic markets and significant declines in export markets .', 'margins were also unfavorably affected by a higher proportion of shipments to lower-margin export markets .', 'input costs , however , were favorable due to lower wood and chemical costs and sig- nificantly lower energy costs .', 'freight costs were also lower .', 'planned maintenance downtime costs in 2009 were comparable with 2008 .', 'operating costs were favorable , reflecting cost control efforts and strong machine performance .', 'lack-of-order downtime increased to 525000 tons in 2009 , including 120000 tons related to the shutdown of a paper machine at our franklin mill in the 2008 fourth quarter , from 135000 tons in 2008 .', 'operating earnings in 2009 included $ 671 million of alternative fuel mixture cred- its , $ 223 million of costs associated with the shutdown of our franklin mill and $ 9 million of other shutdown costs , while operating earnings in 2008 included $ 30 million of costs for the shutdown of a paper machine at our franklin mill .', 'looking ahead to 2010 , first-quarter sales volumes are expected to increase slightly from fourth-quarter 2009 levels .', 'average sales price realizations should be higher , reflecting the full-quarter impact of sales price increases announced in the fourth quarter for converting and envelope grades of uncoated free- sheet paper and an increase in prices to export markets .', 'however , input costs for wood , energy and chemicals are expected to continue to increase .', 'planned maintenance downtime costs should be lower and operating costs should be favorable .', 'brazil ian papers net sales for 2009 of $ 960 mil- lion increased from $ 950 million in 2008 and $ 850 million in 2007 .', 'operating profits for 2009 were $ 112 million compared with $ 186 million in 2008 and $ 174 million in 2007 .', 'sales volumes increased in 2009 compared with 2008 for both paper and pulp reflect- ing higher export shipments .', 'average sales price realizations were lower due to strong competitive pressures in the brazilian domestic market in the second half of the year , lower export prices and unfavorable foreign exchange rates .', 'margins were unfavorably affected by a higher proportion of lower margin export sales .', 'input costs for wood and chem- icals were favorable , but these benefits were partially offset by higher energy costs .', 'planned maintenance downtime costs were lower , and operating costs were also favorable .', 'earnings in 2009 were adversely impacted by unfavorable foreign exchange effects .', 'entering 2010 , sales volumes are expected to be seasonally lower compared with the fourth quarter of 2009 .', 'profit margins are expected to be slightly higher reflecting a more favorable geographic sales mix and improving sales price realizations in export markets , partially offset by higher planned main- tenance outage costs .', 'european papers net sales in 2009 were $ 1.3 bil- lion compared with $ 1.7 billion in 2008 and $ 1.5 bil- lion in 2007 .', 'operating profits in 2009 of $ 92 million ( $ 115 million excluding expenses associated with the closure of the inverurie mill ) compared with $ 39 mil- lion ( $ 146 million excluding a charge to reduce the carrying value of the fixed assets at the inverurie , scotland mill to their estimated realizable value ) in 2008 and $ 171 million in 2007 .', 'sales volumes in 2009 were lower than in 2008 primarily due to reduced sales of uncoated freesheet paper following the closure of the inverurie mill in 2009 .', 'average sales price realizations decreased significantly in 2009 across most of western europe , but margins increased in poland and russia reflecting the effect of local currency devaluations .', 'input costs were favorable as lower wood costs , particularly in russia , were only partially offset by higher energy costs in poland and higher chemical costs .', 'planned main- tenance downtime costs were higher in 2009 than in 2008 , while manufacturing operating costs were lower .', 'operating profits in 2009 also reflect favorable foreign exchange impacts .', 'looking ahead to 2010 , sales volumes are expected to decline from strong 2009 fourth-quarter levels despite solid customer demand .', 'average sales price realizations are expected to increase over the quar- ter , primarily in eastern europe , as price increases .'] | 0.49927 | IP/2009/page_36.pdf-2 | ['mill in the fourth quarter of 2008 .', 'this compares with 635000 tons of total downtime in 2008 of which 305000 tons were lack-of-order downtime .', 'printing papers in millions 2009 2008 2007 .'] | ['north american printing papers net sales in 2009 were $ 2.8 billion compared with $ 3.4 billion in 2008 and $ 3.5 billion in 2007 .', 'operating earnings in 2009 were $ 746 million ( $ 307 million excluding alter- native fuel mixture credits and plant closure costs ) compared with $ 405 million ( $ 435 million excluding shutdown costs for a paper machine ) in 2008 and $ 415 million in 2007 .', 'sales volumes decreased sig- nificantly in 2009 compared with 2008 reflecting weak customer demand and reduced production capacity resulting from the shutdown of a paper machine at the franklin mill in december 2008 and the conversion of the bastrop mill to pulp production in june 2008 .', 'average sales price realizations were lower reflecting slight declines for uncoated freesheet paper in domestic markets and significant declines in export markets .', 'margins were also unfavorably affected by a higher proportion of shipments to lower-margin export markets .', 'input costs , however , were favorable due to lower wood and chemical costs and sig- nificantly lower energy costs .', 'freight costs were also lower .', 'planned maintenance downtime costs in 2009 were comparable with 2008 .', 'operating costs were favorable , reflecting cost control efforts and strong machine performance .', 'lack-of-order downtime increased to 525000 tons in 2009 , including 120000 tons related to the shutdown of a paper machine at our franklin mill in the 2008 fourth quarter , from 135000 tons in 2008 .', 'operating earnings in 2009 included $ 671 million of alternative fuel mixture cred- its , $ 223 million of costs associated with the shutdown of our franklin mill and $ 9 million of other shutdown costs , while operating earnings in 2008 included $ 30 million of costs for the shutdown of a paper machine at our franklin mill .', 'looking ahead to 2010 , first-quarter sales volumes are expected to increase slightly from fourth-quarter 2009 levels .', 'average sales price realizations should be higher , reflecting the full-quarter impact of sales price increases announced in the fourth quarter for converting and envelope grades of uncoated free- sheet paper and an increase in prices to export markets .', 'however , input costs for wood , energy and chemicals are expected to continue to increase .', 'planned maintenance downtime costs should be lower and operating costs should be favorable .', 'brazil ian papers net sales for 2009 of $ 960 mil- lion increased from $ 950 million in 2008 and $ 850 million in 2007 .', 'operating profits for 2009 were $ 112 million compared with $ 186 million in 2008 and $ 174 million in 2007 .', 'sales volumes increased in 2009 compared with 2008 for both paper and pulp reflect- ing higher export shipments .', 'average sales price realizations were lower due to strong competitive pressures in the brazilian domestic market in the second half of the year , lower export prices and unfavorable foreign exchange rates .', 'margins were unfavorably affected by a higher proportion of lower margin export sales .', 'input costs for wood and chem- icals were favorable , but these benefits were partially offset by higher energy costs .', 'planned maintenance downtime costs were lower , and operating costs were also favorable .', 'earnings in 2009 were adversely impacted by unfavorable foreign exchange effects .', 'entering 2010 , sales volumes are expected to be seasonally lower compared with the fourth quarter of 2009 .', 'profit margins are expected to be slightly higher reflecting a more favorable geographic sales mix and improving sales price realizations in export markets , partially offset by higher planned main- tenance outage costs .', 'european papers net sales in 2009 were $ 1.3 bil- lion compared with $ 1.7 billion in 2008 and $ 1.5 bil- lion in 2007 .', 'operating profits in 2009 of $ 92 million ( $ 115 million excluding expenses associated with the closure of the inverurie mill ) compared with $ 39 mil- lion ( $ 146 million excluding a charge to reduce the carrying value of the fixed assets at the inverurie , scotland mill to their estimated realizable value ) in 2008 and $ 171 million in 2007 .', 'sales volumes in 2009 were lower than in 2008 primarily due to reduced sales of uncoated freesheet paper following the closure of the inverurie mill in 2009 .', 'average sales price realizations decreased significantly in 2009 across most of western europe , but margins increased in poland and russia reflecting the effect of local currency devaluations .', 'input costs were favorable as lower wood costs , particularly in russia , were only partially offset by higher energy costs in poland and higher chemical costs .', 'planned main- tenance downtime costs were higher in 2009 than in 2008 , while manufacturing operating costs were lower .', 'operating profits in 2009 also reflect favorable foreign exchange impacts .', 'looking ahead to 2010 , sales volumes are expected to decline from strong 2009 fourth-quarter levels despite solid customer demand .', 'average sales price realizations are expected to increase over the quar- ter , primarily in eastern europe , as price increases .'] | ========================================
• in millions, 2009, 2008, 2007
• sales, $ 5680, $ 6810, $ 6530
• operating profit, 1091, 474, 839
======================================== | multiply(3.4, const_1000), divide(#0, 6810) | 0.49927 |
what is the percentage change in the fair value of company's interest in pennymac from 2016 to 2017? | Context: ['11 .', 'other assets the company accounts for its interest in pennymac as an equity method investment , which is included in other assets on the consolidated statements of financial condition .', 'the carrying value and fair value of the company 2019s interest ( approximately 20% ( 20 % ) or 16 million shares and non-public units ) was approximately $ 342 million and $ 348 million , respectively , at december 31 , 2017 and approximately $ 301 million and $ 259 million , respectively , at december 31 , 2016 .', 'the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2017 and 2016 , respectively ( a level 1 input ) .', 'the fair value of the company 2019s interest in the non-public units held of pennymac is based on the stock price of the pennymac public securities at december 31 , 2017 and 2016 .', '12 .', 'borrowings short-term borrowings 2017 revolving credit facility .', 'the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2017 to extend the maturity date to april 2022 ( the 201c2017 credit facility 201d ) .', 'the 2017 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 2017 credit facility to an aggregate principal amount not to exceed $ 5.0 billion .', 'interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .', 'the 2017 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 , 2017 .', 'the 2017 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities .', 'at december 31 , 2017 , the company had no amount outstanding under the 2017 credit facility .', 'commercial paper program .', 'the company can 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 $ 4.0 billion .', 'the commercial paper program is currently supported by the 2017 credit facility .', 'at december 31 , 2017 , blackrock had no cp notes outstanding .', 'long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2017 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .']
----------
Data Table:
( in millions ) | maturityamount | unamortized discount and debt issuance costs | carrying value | fair value
----------|----------|----------|----------|----------
5.00% ( 5.00 % ) notes due 2019 | $ 1000 | $ -1 ( 1 ) | $ 999 | $ 1051
4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 792
3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 774
3.50% ( 3.50 % ) notes due 2024 | 1000 | -6 ( 6 ) | 994 | 1038
1.25% ( 1.25 % ) notes due 2025 | 841 | -6 ( 6 ) | 835 | 864
3.20% ( 3.20 % ) notes due 2027 | 700 | -7 ( 7 ) | 693 | 706
total long-term borrowings | $ 5041 | $ -27 ( 27 ) | $ 5014 | $ 5225
----------
Follow-up: ['long-term borrowings at december 31 , 2016 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2027 notes .', 'in march 2017 , the company issued $ 700 million in aggregate principal amount of 3.20% ( 3.20 % ) senior unsecured and unsubordinated notes maturing on march 15 , 2027 ( the 201c2027 notes 201d ) .', 'interest is payable semi-annually on march 15 and september 15 of each year , commencing september 15 , 2017 , and is approximately $ 22 million per year .', 'the 2027 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .', 'the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2027 notes .', 'in april 2017 , the net proceeds of the 2027 notes were used to fully repay $ 700 million in aggregate principal amount outstanding of 6.25% ( 6.25 % ) notes prior to their maturity in september 2017 .', '2025 notes .', 'in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) .', 'the notes are listed on the new york stock exchange .', 'the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness .', 'interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year .', 'the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price .', 'the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes .', 'upon conversion to u.s .', 'dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations .', 'a loss of $ 64 million ( net of a tax benefit of $ 38 million ) , a gain of $ 14 million ( net of tax of $ 8 million ) , and a gain of $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2017 , 2016 and 2015 , respectively .', 'no hedge ineffectiveness was recognized during 2017 , 2016 , and 2015 .', '2024 notes .', 'in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) .', 'the net proceeds of the 2024 notes were .'] | 0.34363 | BLK/2017/page_121.pdf-1 | ['11 .', 'other assets the company accounts for its interest in pennymac as an equity method investment , which is included in other assets on the consolidated statements of financial condition .', 'the carrying value and fair value of the company 2019s interest ( approximately 20% ( 20 % ) or 16 million shares and non-public units ) was approximately $ 342 million and $ 348 million , respectively , at december 31 , 2017 and approximately $ 301 million and $ 259 million , respectively , at december 31 , 2016 .', 'the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2017 and 2016 , respectively ( a level 1 input ) .', 'the fair value of the company 2019s interest in the non-public units held of pennymac is based on the stock price of the pennymac public securities at december 31 , 2017 and 2016 .', '12 .', 'borrowings short-term borrowings 2017 revolving credit facility .', 'the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2017 to extend the maturity date to april 2022 ( the 201c2017 credit facility 201d ) .', 'the 2017 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 2017 credit facility to an aggregate principal amount not to exceed $ 5.0 billion .', 'interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .', 'the 2017 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 , 2017 .', 'the 2017 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities .', 'at december 31 , 2017 , the company had no amount outstanding under the 2017 credit facility .', 'commercial paper program .', 'the company can 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 $ 4.0 billion .', 'the commercial paper program is currently supported by the 2017 credit facility .', 'at december 31 , 2017 , blackrock had no cp notes outstanding .', 'long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2017 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .'] | ['long-term borrowings at december 31 , 2016 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2027 notes .', 'in march 2017 , the company issued $ 700 million in aggregate principal amount of 3.20% ( 3.20 % ) senior unsecured and unsubordinated notes maturing on march 15 , 2027 ( the 201c2027 notes 201d ) .', 'interest is payable semi-annually on march 15 and september 15 of each year , commencing september 15 , 2017 , and is approximately $ 22 million per year .', 'the 2027 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .', 'the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2027 notes .', 'in april 2017 , the net proceeds of the 2027 notes were used to fully repay $ 700 million in aggregate principal amount outstanding of 6.25% ( 6.25 % ) notes prior to their maturity in september 2017 .', '2025 notes .', 'in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) .', 'the notes are listed on the new york stock exchange .', 'the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness .', 'interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year .', 'the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price .', 'the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes .', 'upon conversion to u.s .', 'dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations .', 'a loss of $ 64 million ( net of a tax benefit of $ 38 million ) , a gain of $ 14 million ( net of tax of $ 8 million ) , and a gain of $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2017 , 2016 and 2015 , respectively .', 'no hedge ineffectiveness was recognized during 2017 , 2016 , and 2015 .', '2024 notes .', 'in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) .', 'the net proceeds of the 2024 notes were .'] | ( in millions ) | maturityamount | unamortized discount and debt issuance costs | carrying value | fair value
----------|----------|----------|----------|----------
5.00% ( 5.00 % ) notes due 2019 | $ 1000 | $ -1 ( 1 ) | $ 999 | $ 1051
4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 792
3.375% ( 3.375 % ) notes due 2022 | 750 | -4 ( 4 ) | 746 | 774
3.50% ( 3.50 % ) notes due 2024 | 1000 | -6 ( 6 ) | 994 | 1038
1.25% ( 1.25 % ) notes due 2025 | 841 | -6 ( 6 ) | 835 | 864
3.20% ( 3.20 % ) notes due 2027 | 700 | -7 ( 7 ) | 693 | 706
total long-term borrowings | $ 5041 | $ -27 ( 27 ) | $ 5014 | $ 5225 | subtract(348, 259), divide(#0, 259) | 0.34363 |
by how much did the fair value of stock-based performance units outstanding decrease from 2016 to 2018? | Background: ['marathon oil corporation notes to consolidated financial statements stock-based performance unit awards 2013 during 2018 , 2017 and 2016 we granted 754140 , 563631 and 1205517 stock- based performance unit awards to officers .', 'at december 31 , 2018 , there were 1196176 units outstanding .', 'total stock-based performance unit awards expense was $ 13 million in 2018 , $ 8 million in 2017 and $ 6 million in 2016 .', 'the key assumptions used in the monte carlo simulation to determine the fair value of stock-based performance units granted in 2018 , 2017 and 2016 were: .']
--------
Data Table:
| 2018 | 2017 | 2016
----------|----------|----------|----------
valuation date stock price | $ 14.17 | $ 14.17 | $ 14.17
expected annual dividend yield | 1.4% ( 1.4 % ) | 1.4% ( 1.4 % ) | 1.4% ( 1.4 % )
expected volatility | 39% ( 39 % ) | 43% ( 43 % ) | 52% ( 52 % )
risk-free interest rate | 2.5% ( 2.5 % ) | 2.6% ( 2.6 % ) | 2.4% ( 2.4 % )
fair value of stock-based performance units outstanding | $ 19.60 | $ 19.45 | $ 21.51
--------
Follow-up: ['18 .', 'defined benefit postretirement plans and defined contribution plan we have noncontributory defined benefit pension plans covering substantially all domestic employees , as well as u.k .', 'employees who were hired before april 2010 .', 'certain employees located in e.g. , who are u.s .', 'or u.k .', 'based , also participate in these plans .', 'benefits under these plans are based on plan provisions specific to each plan .', 'for the u.k .', 'pension plan , the principal employer and plan trustees reached a decision to close the plan to future benefit accruals effective december 31 , 2015 .', 'we also have defined benefit plans for other postretirement benefits covering our u.s .', 'employees .', 'health care benefits are provided up to age 65 through comprehensive hospital , surgical and major medical benefit provisions subject to various cost- sharing features .', 'post-age 65 health care benefits are provided to certain u.s .', 'employees on a defined contribution basis .', 'life insurance benefits are provided to certain retiree beneficiaries .', 'these other postretirement benefits are not funded in advance .', 'employees hired after 2016 are not eligible for any postretirement health care or life insurance benefits. .'] | -0.0888 | MRO/2018/page_93.pdf-1 | ['marathon oil corporation notes to consolidated financial statements stock-based performance unit awards 2013 during 2018 , 2017 and 2016 we granted 754140 , 563631 and 1205517 stock- based performance unit awards to officers .', 'at december 31 , 2018 , there were 1196176 units outstanding .', 'total stock-based performance unit awards expense was $ 13 million in 2018 , $ 8 million in 2017 and $ 6 million in 2016 .', 'the key assumptions used in the monte carlo simulation to determine the fair value of stock-based performance units granted in 2018 , 2017 and 2016 were: .'] | ['18 .', 'defined benefit postretirement plans and defined contribution plan we have noncontributory defined benefit pension plans covering substantially all domestic employees , as well as u.k .', 'employees who were hired before april 2010 .', 'certain employees located in e.g. , who are u.s .', 'or u.k .', 'based , also participate in these plans .', 'benefits under these plans are based on plan provisions specific to each plan .', 'for the u.k .', 'pension plan , the principal employer and plan trustees reached a decision to close the plan to future benefit accruals effective december 31 , 2015 .', 'we also have defined benefit plans for other postretirement benefits covering our u.s .', 'employees .', 'health care benefits are provided up to age 65 through comprehensive hospital , surgical and major medical benefit provisions subject to various cost- sharing features .', 'post-age 65 health care benefits are provided to certain u.s .', 'employees on a defined contribution basis .', 'life insurance benefits are provided to certain retiree beneficiaries .', 'these other postretirement benefits are not funded in advance .', 'employees hired after 2016 are not eligible for any postretirement health care or life insurance benefits. .'] | | 2018 | 2017 | 2016
----------|----------|----------|----------
valuation date stock price | $ 14.17 | $ 14.17 | $ 14.17
expected annual dividend yield | 1.4% ( 1.4 % ) | 1.4% ( 1.4 % ) | 1.4% ( 1.4 % )
expected volatility | 39% ( 39 % ) | 43% ( 43 % ) | 52% ( 52 % )
risk-free interest rate | 2.5% ( 2.5 % ) | 2.6% ( 2.6 % ) | 2.4% ( 2.4 % )
fair value of stock-based performance units outstanding | $ 19.60 | $ 19.45 | $ 21.51 | subtract(19.60, 21.51), divide(#0, 21.51) | -0.0888 |
what are total african net undeveloped acres in thousands for 12/31/15? | Background: ['in the ordinary course of business , based on our evaluations of certain geologic trends and prospective economics , we have allowed certain lease acreage to expire and may allow additional acreage to expire in the future .', 'if production is not established or we take no other action to extend the terms of the leases , licenses , or concessions , undeveloped acreage listed in the table below will expire over the next three years .', 'we plan to continue the terms of many of these licenses and concession areas or retain leases through operational or administrative actions .', 'net undeveloped acres expiring year ended december 31 .']
Data Table:
( in thousands ) | net undeveloped acres expiring year ended december 31 , 2015 | net undeveloped acres expiring year ended december 31 , 2016 | net undeveloped acres expiring year ended december 31 , 2017
----------|----------|----------|----------
u.s . | 211 | 150 | 94
e.g . | 36 | 2014 | 2014
other africa | 1950 | 1502 | 1089
total africa | 1986 | 1502 | 1089
other international | 88 | 2014 | 2014
total | 2285 | 1652 | 1183
Post-table: ['oil sands mining segment we hold a 20 percent non-operated interest in the aosp , an oil sands mining and upgrading joint venture located in alberta , canada .', 'the joint venture produces bitumen from oil sands deposits in the athabasca region utilizing mining techniques and upgrades the bitumen to synthetic crude oils and vacuum gas oil .', 'the aosp 2019s mining and extraction assets are located near fort mcmurray , alberta , and include the muskeg river and the jackpine mines .', 'gross design capacity of the combined mines is 255000 ( 51000 net to our interest ) barrels of bitumen per day .', 'the aosp operations use established processes to mine oil sands deposits from an open-pit mine , extract the bitumen and upgrade it into synthetic crude oils .', 'ore is mined using traditional truck and shovel mining techniques .', 'the mined ore passes through primary crushers to reduce the ore chunks in size and is then sent to rotary breakers where the ore chunks are further reduced to smaller particles .', 'the particles are combined with hot water to create slurry .', 'the slurry moves through the extraction process where it separates into sand , clay and bitumen-rich froth .', 'a solvent is added to the bitumen froth to separate out the remaining solids , water and heavy asphaltenes .', 'the solvent washes the sand and produces clean bitumen that is required for the upgrader to run efficiently .', 'the process yields a mixture of solvent and bitumen which is then transported from the mine to the scotford upgrader via the approximately 300-mile corridor pipeline .', "the aosp's scotford upgrader is located at fort saskatchewan , northeast of edmonton , alberta .", 'the bitumen is upgraded at scotford using both hydrotreating and hydroconversion processes to remove sulfur and break the heavy bitumen molecules into lighter products .', 'blendstocks acquired from outside sources are utilized in the production of our saleable products .', 'the upgrader produces synthetic crude oils and vacuum gas oil .', 'the vacuum gas oil is sold to an affiliate of the operator under a long-term contract at market-related prices , and the other products are sold in the marketplace .', 'as of december 31 , 2014 , we own or have rights to participate in developed and undeveloped leases totaling approximately 163000 gross ( 33000 net ) acres .', 'the underlying developed leases are held for the duration of the project , with royalties payable to the province of alberta .', 'synthetic crude oil sales volumes for 2014 averaged 50 mbbld and net-of-royalty production was 41 mbbld .', 'in december 2013 , a jackpine mine expansion project received conditional approval from the canadian government .', 'the project includes additional mining areas , associated processing facilities and infrastructure .', 'the government conditions relate to wildlife , the environment and aboriginal health issues .', 'we will evaluate the potential expansion project and government conditions after infrastructure reliability initiatives are completed .', 'the governments of alberta and canada have agreed to partially fund quest ccs for $ 865 million canadian .', 'in the third quarter of 2012 , the energy and resources conservation board ( "ercb" ) , alberta\'s primary energy regulator at that time , conditionally approved the project and the aosp partners approved proceeding to construct and operate quest ccs .', 'government funding commenced in 2012 and continued as milestones were achieved during the development , construction and operating phases .', 'failure of the aosp to meet certain timing , performance and operating objectives may result in repaying some of the government funding .', 'construction and commissioning of quest ccs is expected to be completed by late 2015. .'] | 3936.0 | MRO/2014/page_18.pdf-1 | ['in the ordinary course of business , based on our evaluations of certain geologic trends and prospective economics , we have allowed certain lease acreage to expire and may allow additional acreage to expire in the future .', 'if production is not established or we take no other action to extend the terms of the leases , licenses , or concessions , undeveloped acreage listed in the table below will expire over the next three years .', 'we plan to continue the terms of many of these licenses and concession areas or retain leases through operational or administrative actions .', 'net undeveloped acres expiring year ended december 31 .'] | ['oil sands mining segment we hold a 20 percent non-operated interest in the aosp , an oil sands mining and upgrading joint venture located in alberta , canada .', 'the joint venture produces bitumen from oil sands deposits in the athabasca region utilizing mining techniques and upgrades the bitumen to synthetic crude oils and vacuum gas oil .', 'the aosp 2019s mining and extraction assets are located near fort mcmurray , alberta , and include the muskeg river and the jackpine mines .', 'gross design capacity of the combined mines is 255000 ( 51000 net to our interest ) barrels of bitumen per day .', 'the aosp operations use established processes to mine oil sands deposits from an open-pit mine , extract the bitumen and upgrade it into synthetic crude oils .', 'ore is mined using traditional truck and shovel mining techniques .', 'the mined ore passes through primary crushers to reduce the ore chunks in size and is then sent to rotary breakers where the ore chunks are further reduced to smaller particles .', 'the particles are combined with hot water to create slurry .', 'the slurry moves through the extraction process where it separates into sand , clay and bitumen-rich froth .', 'a solvent is added to the bitumen froth to separate out the remaining solids , water and heavy asphaltenes .', 'the solvent washes the sand and produces clean bitumen that is required for the upgrader to run efficiently .', 'the process yields a mixture of solvent and bitumen which is then transported from the mine to the scotford upgrader via the approximately 300-mile corridor pipeline .', "the aosp's scotford upgrader is located at fort saskatchewan , northeast of edmonton , alberta .", 'the bitumen is upgraded at scotford using both hydrotreating and hydroconversion processes to remove sulfur and break the heavy bitumen molecules into lighter products .', 'blendstocks acquired from outside sources are utilized in the production of our saleable products .', 'the upgrader produces synthetic crude oils and vacuum gas oil .', 'the vacuum gas oil is sold to an affiliate of the operator under a long-term contract at market-related prices , and the other products are sold in the marketplace .', 'as of december 31 , 2014 , we own or have rights to participate in developed and undeveloped leases totaling approximately 163000 gross ( 33000 net ) acres .', 'the underlying developed leases are held for the duration of the project , with royalties payable to the province of alberta .', 'synthetic crude oil sales volumes for 2014 averaged 50 mbbld and net-of-royalty production was 41 mbbld .', 'in december 2013 , a jackpine mine expansion project received conditional approval from the canadian government .', 'the project includes additional mining areas , associated processing facilities and infrastructure .', 'the government conditions relate to wildlife , the environment and aboriginal health issues .', 'we will evaluate the potential expansion project and government conditions after infrastructure reliability initiatives are completed .', 'the governments of alberta and canada have agreed to partially fund quest ccs for $ 865 million canadian .', 'in the third quarter of 2012 , the energy and resources conservation board ( "ercb" ) , alberta\'s primary energy regulator at that time , conditionally approved the project and the aosp partners approved proceeding to construct and operate quest ccs .', 'government funding commenced in 2012 and continued as milestones were achieved during the development , construction and operating phases .', 'failure of the aosp to meet certain timing , performance and operating objectives may result in repaying some of the government funding .', 'construction and commissioning of quest ccs is expected to be completed by late 2015. .'] | ( in thousands ) | net undeveloped acres expiring year ended december 31 , 2015 | net undeveloped acres expiring year ended december 31 , 2016 | net undeveloped acres expiring year ended december 31 , 2017
----------|----------|----------|----------
u.s . | 211 | 150 | 94
e.g . | 36 | 2014 | 2014
other africa | 1950 | 1502 | 1089
total africa | 1986 | 1502 | 1089
other international | 88 | 2014 | 2014
total | 2285 | 1652 | 1183 | add(1950, 1986) | 3936.0 |
in 2010 what was the percent of the operating leases future minimum payments due under non-cancelable agreements to the total $ 7260 $ | Pre-text: ['mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) equity awards was $ 30333 , $ 20726 and $ 19828 for the years ended december 31 , 2009 , 2008 and 2007 , respectively .', 'the income tax benefit related to options exercised during 2009 was $ 7545 .', 'the additional paid-in capital balance attributed to the equity awards was $ 197350 , $ 135538 and $ 114637 as of december 31 , 2009 , 2008 and 2007 , respectively .', 'on july 18 , 2006 , the company 2019s stockholders approved the mastercard incorporated 2006 non-employee director equity compensation plan ( the 201cdirector plan 201d ) .', 'the director plan provides for awards of deferred stock units ( 201cdsus 201d ) to each director of the company who is not a current employee of the company .', 'there are 100 shares of class a common stock reserved for dsu awards under the director plan .', 'during the years ended december 31 , 2009 , 2008 and 2007 , the company granted 7 dsus , 4 dsus and 8 dsus , respectively .', 'the fair value of the dsus was based on the closing stock price on the new york stock exchange of the company 2019s class a common stock on the date of grant .', 'the weighted average grant-date fair value of dsus granted during the years ended december 31 , 2009 , 2008 and 2007 was $ 168.18 , $ 284.92 and $ 139.27 , respectively .', 'the dsus vested immediately upon grant and will be settled in shares of the company 2019s class a common stock on the fourth anniversary of the date of grant .', 'accordingly , the company recorded general and administrative expense of $ 1151 , $ 1209 and $ 1051 for the dsus for the years ended december 31 , 2009 , 2008 and 2007 , respectively .', 'the total income tax benefit recognized in the income statement for dsus was $ 410 , $ 371 and $ 413 for the years ended december 31 , 2009 , 2008 and 2007 , respectively .', 'note 18 .', 'commitments at december 31 , 2009 , the company had the following future minimum payments due under non-cancelable agreements : capital leases operating leases sponsorship , licensing & .']
##
Tabular Data:
****************************************
| total | capital leases | operating leases | sponsorship licensing & other
----------|----------|----------|----------|----------
2010 | $ 283987 | $ 7260 | $ 25978 | $ 250749
2011 | 146147 | 4455 | 17710 | 123982
2012 | 108377 | 3221 | 15358 | 89798
2013 | 59947 | 36838 | 10281 | 12828
2014 | 13998 | 2014 | 8371 | 5627
thereafter | 25579 | 2014 | 22859 | 2720
total | $ 638035 | $ 51774 | $ 100557 | $ 485704
****************************************
##
Post-table: ['included in the table above are capital leases with imputed interest expense of $ 7929 and a net present value of minimum lease payments of $ 43845 .', 'in addition , at december 31 , 2009 , $ 63616 of the future minimum payments in the table above for leases , sponsorship , licensing and other agreements was accrued .', 'consolidated rental expense for the company 2019s office space , which is recognized on a straight line basis over the life of the lease , was approximately $ 39586 , $ 42905 and $ 35614 for the years ended december 31 , 2009 , 2008 and 2007 , respectively .', 'consolidated lease expense for automobiles , computer equipment and office equipment was $ 9137 , $ 7694 and $ 7679 for the years ended december 31 , 2009 , 2008 and 2007 , respectively .', 'in january 2003 , mastercard purchased a building in kansas city , missouri for approximately $ 23572 .', 'the building is a co-processing data center which replaced a back-up data center in lake success , new york .', 'during 2003 , mastercard entered into agreements with the city of kansas city for ( i ) the sale-leaseback of the building and related equipment which totaled $ 36382 and ( ii ) the purchase of municipal bonds for the same amount .'] | 0.09148 | MA/2009/page_123.pdf-2 | ['mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) equity awards was $ 30333 , $ 20726 and $ 19828 for the years ended december 31 , 2009 , 2008 and 2007 , respectively .', 'the income tax benefit related to options exercised during 2009 was $ 7545 .', 'the additional paid-in capital balance attributed to the equity awards was $ 197350 , $ 135538 and $ 114637 as of december 31 , 2009 , 2008 and 2007 , respectively .', 'on july 18 , 2006 , the company 2019s stockholders approved the mastercard incorporated 2006 non-employee director equity compensation plan ( the 201cdirector plan 201d ) .', 'the director plan provides for awards of deferred stock units ( 201cdsus 201d ) to each director of the company who is not a current employee of the company .', 'there are 100 shares of class a common stock reserved for dsu awards under the director plan .', 'during the years ended december 31 , 2009 , 2008 and 2007 , the company granted 7 dsus , 4 dsus and 8 dsus , respectively .', 'the fair value of the dsus was based on the closing stock price on the new york stock exchange of the company 2019s class a common stock on the date of grant .', 'the weighted average grant-date fair value of dsus granted during the years ended december 31 , 2009 , 2008 and 2007 was $ 168.18 , $ 284.92 and $ 139.27 , respectively .', 'the dsus vested immediately upon grant and will be settled in shares of the company 2019s class a common stock on the fourth anniversary of the date of grant .', 'accordingly , the company recorded general and administrative expense of $ 1151 , $ 1209 and $ 1051 for the dsus for the years ended december 31 , 2009 , 2008 and 2007 , respectively .', 'the total income tax benefit recognized in the income statement for dsus was $ 410 , $ 371 and $ 413 for the years ended december 31 , 2009 , 2008 and 2007 , respectively .', 'note 18 .', 'commitments at december 31 , 2009 , the company had the following future minimum payments due under non-cancelable agreements : capital leases operating leases sponsorship , licensing & .'] | ['included in the table above are capital leases with imputed interest expense of $ 7929 and a net present value of minimum lease payments of $ 43845 .', 'in addition , at december 31 , 2009 , $ 63616 of the future minimum payments in the table above for leases , sponsorship , licensing and other agreements was accrued .', 'consolidated rental expense for the company 2019s office space , which is recognized on a straight line basis over the life of the lease , was approximately $ 39586 , $ 42905 and $ 35614 for the years ended december 31 , 2009 , 2008 and 2007 , respectively .', 'consolidated lease expense for automobiles , computer equipment and office equipment was $ 9137 , $ 7694 and $ 7679 for the years ended december 31 , 2009 , 2008 and 2007 , respectively .', 'in january 2003 , mastercard purchased a building in kansas city , missouri for approximately $ 23572 .', 'the building is a co-processing data center which replaced a back-up data center in lake success , new york .', 'during 2003 , mastercard entered into agreements with the city of kansas city for ( i ) the sale-leaseback of the building and related equipment which totaled $ 36382 and ( ii ) the purchase of municipal bonds for the same amount .'] | ****************************************
| total | capital leases | operating leases | sponsorship licensing & other
----------|----------|----------|----------|----------
2010 | $ 283987 | $ 7260 | $ 25978 | $ 250749
2011 | 146147 | 4455 | 17710 | 123982
2012 | 108377 | 3221 | 15358 | 89798
2013 | 59947 | 36838 | 10281 | 12828
2014 | 13998 | 2014 | 8371 | 5627
thereafter | 25579 | 2014 | 22859 | 2720
total | $ 638035 | $ 51774 | $ 100557 | $ 485704
**************************************** | divide(25978, 283987) | 0.09148 |
as of december 31 , 2013 what was the percent of the capital lease payments related to locomotives in millions | Context: ['on december 19 , 2011 , we redeemed the remaining $ 175 million of our 6.5% ( 6.5 % ) notes due april 15 , 2012 , and all $ 300 million of our outstanding 6.125% ( 6.125 % ) notes due january 15 , 2012 .', 'the redemptions resulted in an early extinguishment charge of $ 5 million in the fourth quarter of 2011 .', 'receivables securitization facility 2013 as of december 31 , 2013 and 2012 , we recorded $ 0 and $ 100 million , respectively , as secured debt under our receivables securitization facility .', '( see further discussion of our receivables securitization facility in note 10 ) .', '15 .', 'variable interest entities we have entered into various lease transactions in which the structure of the leases contain variable interest entities ( vies ) .', 'these vies were created solely for the purpose of doing lease transactions ( principally involving railroad equipment and facilities , including our headquarters building ) and have no other activities , assets or liabilities outside of the lease transactions .', 'within these lease arrangements , we have the right to purchase some or all of the assets at fixed prices .', 'depending on market conditions , fixed-price purchase options available in the leases could potentially provide benefits to us ; however , these benefits are not expected to be significant .', '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 price options are not considered to be potentially significant to the vies .', 'the future minimum lease payments associated with the vie leases totaled $ 3.3 billion as of december 31 , 2013 .', '16 .', 'leases we lease certain locomotives , freight cars , and other property .', 'the consolidated statements of financial position as of december 31 , 2013 and 2012 included $ 2486 million , net of $ 1092 million of accumulated depreciation , and $ 2467 million , net of $ 966 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 , 2013 , were as follows : millions operating leases capital leases .']
--------
Table:
========================================
• millions, operatingleases, capitalleases
• 2014, $ 512, $ 272
• 2015, 477, 260
• 2016, 438, 239
• 2017, 400, 247
• 2018, 332, 225
• later years, 1907, 957
• total minimum leasepayments, $ 4066, $ 2200
• amount representing interest, n/a, -498 ( 498 )
• present value of minimum leasepayments, n/a, $ 1702
========================================
--------
Post-table: ['approximately 94% ( 94 % ) of capital lease payments relate to locomotives .', 'rent expense for operating leases with terms exceeding one month was $ 618 million in 2013 , $ 631 million in 2012 , and $ 637 million in 2011 .', '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. .'] | 2068.0 | UNP/2013/page_78.pdf-2 | ['on december 19 , 2011 , we redeemed the remaining $ 175 million of our 6.5% ( 6.5 % ) notes due april 15 , 2012 , and all $ 300 million of our outstanding 6.125% ( 6.125 % ) notes due january 15 , 2012 .', 'the redemptions resulted in an early extinguishment charge of $ 5 million in the fourth quarter of 2011 .', 'receivables securitization facility 2013 as of december 31 , 2013 and 2012 , we recorded $ 0 and $ 100 million , respectively , as secured debt under our receivables securitization facility .', '( see further discussion of our receivables securitization facility in note 10 ) .', '15 .', 'variable interest entities we have entered into various lease transactions in which the structure of the leases contain variable interest entities ( vies ) .', 'these vies were created solely for the purpose of doing lease transactions ( principally involving railroad equipment and facilities , including our headquarters building ) and have no other activities , assets or liabilities outside of the lease transactions .', 'within these lease arrangements , we have the right to purchase some or all of the assets at fixed prices .', 'depending on market conditions , fixed-price purchase options available in the leases could potentially provide benefits to us ; however , these benefits are not expected to be significant .', '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 price options are not considered to be potentially significant to the vies .', 'the future minimum lease payments associated with the vie leases totaled $ 3.3 billion as of december 31 , 2013 .', '16 .', 'leases we lease certain locomotives , freight cars , and other property .', 'the consolidated statements of financial position as of december 31 , 2013 and 2012 included $ 2486 million , net of $ 1092 million of accumulated depreciation , and $ 2467 million , net of $ 966 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 , 2013 , were as follows : millions operating leases capital leases .'] | ['approximately 94% ( 94 % ) of capital lease payments relate to locomotives .', 'rent expense for operating leases with terms exceeding one month was $ 618 million in 2013 , $ 631 million in 2012 , and $ 637 million in 2011 .', 'when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .', 'contingent rentals and sub-rentals are not significant. .'] | ========================================
• millions, operatingleases, capitalleases
• 2014, $ 512, $ 272
• 2015, 477, 260
• 2016, 438, 239
• 2017, 400, 247
• 2018, 332, 225
• later years, 1907, 957
• total minimum leasepayments, $ 4066, $ 2200
• amount representing interest, n/a, -498 ( 498 )
• present value of minimum leasepayments, n/a, $ 1702
======================================== | multiply(2200, 94%) | 2068.0 |
what was the percentage change in working capital from 2015 to 2016? | Context: ['other items on our consolidated financial statements have been appropriately adjusted from the amounts provided in the earnings release , including a reduction of our full year 2016 gross profit and income from operations by $ 2.9 million , and a reduction of net income by $ 1.7 million. .']
######
Data Table:
========================================
( in thousands ), at december 31 , 2016, at december 31 , 2015, at december 31 , 2014, at december 31 , 2013, at december 31 , 2012
cash and cash equivalents, $ 250470, $ 129852, $ 593175, $ 347489, $ 341841
working capital ( 1 ), 1279337, 1019953, 1127772, 702181, 651370
inventories, 917491, 783031, 536714, 469006, 319286
total assets, 3644331, 2865970, 2092428, 1576369, 1155052
total debt including current maturities, 817388, 666070, 281546, 151551, 59858
total stockholders 2019 equity, $ 2030900, $ 1668222, $ 1350300, $ 1053354, $ 816922
========================================
######
Follow-up: ['( 1 ) working capital is defined as current assets minus current liabilities. .'] | 0.25431 | UAA/2016/page_42.pdf-4 | ['other items on our consolidated financial statements have been appropriately adjusted from the amounts provided in the earnings release , including a reduction of our full year 2016 gross profit and income from operations by $ 2.9 million , and a reduction of net income by $ 1.7 million. .'] | ['( 1 ) working capital is defined as current assets minus current liabilities. .'] | ========================================
( in thousands ), at december 31 , 2016, at december 31 , 2015, at december 31 , 2014, at december 31 , 2013, at december 31 , 2012
cash and cash equivalents, $ 250470, $ 129852, $ 593175, $ 347489, $ 341841
working capital ( 1 ), 1279337, 1019953, 1127772, 702181, 651370
inventories, 917491, 783031, 536714, 469006, 319286
total assets, 3644331, 2865970, 2092428, 1576369, 1155052
total debt including current maturities, 817388, 666070, 281546, 151551, 59858
total stockholders 2019 equity, $ 2030900, $ 1668222, $ 1350300, $ 1053354, $ 816922
======================================== | subtract(1279337, 1019953), divide(#0, 1019953) | 0.25431 |
what was the difference in the initial health care trend rate and the ultimate trend rate in 2016? | Context: ['marathon oil corporation notes to consolidated financial statements expected long-term return on plan assets 2013 the expected long-term return on plan assets assumption for our u.s .', 'funded plan is determined based on an asset rate-of-return modeling tool developed by a third-party investment group which utilizes underlying assumptions based on actual returns by asset category and inflation and takes into account our u.s .', 'pension plan 2019s asset allocation .', 'to determine the expected long-term return on plan assets assumption for our international plans , we consider the current level of expected returns on risk-free investments ( primarily government bonds ) , the historical levels of the risk premiums associated with the other applicable asset categories and the expectations for future returns of each asset class .', 'the expected return for each asset category is then weighted based on the actual asset allocation to develop the overall expected long-term return on plan assets assumption .', 'assumed weighted average health care cost trend rates .']
----
Tabular Data:
Row 1: , 2018, 2017, 2016
Row 2: initial health care trend rate, n/a, 8.00% ( 8.00 % ), 8.25% ( 8.25 % )
Row 3: ultimate trend rate, n/a, 4.70% ( 4.70 % ), 4.50% ( 4.50 % )
Row 4: year ultimate trend rate is reached, n/a, 2025, 2025
----
Post-table: ['n/a all retiree medical subsidies are frozen as of january 1 , 2019 .', 'employer provided subsidies for post-65 retiree health care coverage were frozen effective january 1 , 2017 at january 1 , 2016 established amount levels .', 'company contributions are funded to a health reimbursement account on the retiree 2019s behalf to subsidize the retiree 2019s cost of obtaining health care benefits through a private exchange ( the 201cpost-65 retiree health benefits 201d ) .', 'therefore , a 1% ( 1 % ) change in health care cost trend rates would not have a material impact on either the service and interest cost components and the postretirement benefit obligations .', 'in the fourth quarter of 2018 , we terminated the post-65 retiree health benefits effective as of december 31 , 2020 .', 'the post-65 retiree health benefits will no longer be provided after that date .', 'in addition , the pre-65 retiree medical coverage subsidy has been frozen as of january 1 , 2019 , and the ability for retirees to opt in and out of this coverage , as well as pre-65 retiree dental and vision coverage , has also been eliminated .', 'retirees must enroll in connection with retirement for such coverage , or they lose eligibility .', 'these plan changes reduced our retiree medical benefit obligation by approximately $ 99 million .', 'plan investment policies and strategies 2013 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 applicable legal requirements ; ( 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 plan's investment committees and protecting the assets from any erosion of purchasing power ; and ( 3 ) position the portfolios with a long-term risk/ return orientation .", 'investment performance and risk is measured and monitored on an ongoing basis through quarterly investment meetings and periodic asset and liability studies .', 'u.s .', 'plan 2013 the plan 2019s current targeted asset allocation is comprised of 55% ( 55 % ) equity securities and 45% ( 45 % ) other fixed income securities .', 'over time , as the plan 2019s funded ratio ( as defined by the investment policy ) improves , in order to reduce volatility in returns and to better match the plan 2019s liabilities , the allocation to equity securities will decrease while the amount allocated to fixed income securities will increase .', "the plan's assets are managed by a third-party investment manager .", "international plan 2013 our international plan's target asset allocation is comprised of 55% ( 55 % ) equity securities and 45% ( 45 % ) fixed income securities .", 'the plan assets are invested in ten separate portfolios , mainly pooled fund vehicles , managed by several professional investment managers whose performance is measured independently by a third-party asset servicing consulting fair value measurements 2013 plan assets are measured at fair value .', 'the following provides a description of the valuation techniques employed for each major plan asset class at december 31 , 2018 and 2017 .', 'cash and cash equivalents 2013 cash and cash equivalents are valued using a market approach and are considered level 1 .', 'equity securities 2013 investments in common stock are valued using a market approach at the closing price reported in an active market and are therefore considered level 1 .', 'private equity investments include interests in limited partnerships which are valued based on the sum of the estimated fair values of the investments held by each partnership , determined using a combination of market , income and cost approaches , plus working capital , adjusted for liabilities , currency translation and estimated performance incentives .', 'these private equity investments are considered level 3 .', 'investments in pooled funds are valued using a market approach , these various funds consist of equity with underlying investments held in u.s .', 'and non-u.s .', 'securities .', 'the pooled funds are benchmarked against a relative public index and are considered level 2. .'] | 0.0375 | MRO/2018/page_96.pdf-2 | ['marathon oil corporation notes to consolidated financial statements expected long-term return on plan assets 2013 the expected long-term return on plan assets assumption for our u.s .', 'funded plan is determined based on an asset rate-of-return modeling tool developed by a third-party investment group which utilizes underlying assumptions based on actual returns by asset category and inflation and takes into account our u.s .', 'pension plan 2019s asset allocation .', 'to determine the expected long-term return on plan assets assumption for our international plans , we consider the current level of expected returns on risk-free investments ( primarily government bonds ) , the historical levels of the risk premiums associated with the other applicable asset categories and the expectations for future returns of each asset class .', 'the expected return for each asset category is then weighted based on the actual asset allocation to develop the overall expected long-term return on plan assets assumption .', 'assumed weighted average health care cost trend rates .'] | ['n/a all retiree medical subsidies are frozen as of january 1 , 2019 .', 'employer provided subsidies for post-65 retiree health care coverage were frozen effective january 1 , 2017 at january 1 , 2016 established amount levels .', 'company contributions are funded to a health reimbursement account on the retiree 2019s behalf to subsidize the retiree 2019s cost of obtaining health care benefits through a private exchange ( the 201cpost-65 retiree health benefits 201d ) .', 'therefore , a 1% ( 1 % ) change in health care cost trend rates would not have a material impact on either the service and interest cost components and the postretirement benefit obligations .', 'in the fourth quarter of 2018 , we terminated the post-65 retiree health benefits effective as of december 31 , 2020 .', 'the post-65 retiree health benefits will no longer be provided after that date .', 'in addition , the pre-65 retiree medical coverage subsidy has been frozen as of january 1 , 2019 , and the ability for retirees to opt in and out of this coverage , as well as pre-65 retiree dental and vision coverage , has also been eliminated .', 'retirees must enroll in connection with retirement for such coverage , or they lose eligibility .', 'these plan changes reduced our retiree medical benefit obligation by approximately $ 99 million .', 'plan investment policies and strategies 2013 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 applicable legal requirements ; ( 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 plan's investment committees and protecting the assets from any erosion of purchasing power ; and ( 3 ) position the portfolios with a long-term risk/ return orientation .", 'investment performance and risk is measured and monitored on an ongoing basis through quarterly investment meetings and periodic asset and liability studies .', 'u.s .', 'plan 2013 the plan 2019s current targeted asset allocation is comprised of 55% ( 55 % ) equity securities and 45% ( 45 % ) other fixed income securities .', 'over time , as the plan 2019s funded ratio ( as defined by the investment policy ) improves , in order to reduce volatility in returns and to better match the plan 2019s liabilities , the allocation to equity securities will decrease while the amount allocated to fixed income securities will increase .', "the plan's assets are managed by a third-party investment manager .", "international plan 2013 our international plan's target asset allocation is comprised of 55% ( 55 % ) equity securities and 45% ( 45 % ) fixed income securities .", 'the plan assets are invested in ten separate portfolios , mainly pooled fund vehicles , managed by several professional investment managers whose performance is measured independently by a third-party asset servicing consulting fair value measurements 2013 plan assets are measured at fair value .', 'the following provides a description of the valuation techniques employed for each major plan asset class at december 31 , 2018 and 2017 .', 'cash and cash equivalents 2013 cash and cash equivalents are valued using a market approach and are considered level 1 .', 'equity securities 2013 investments in common stock are valued using a market approach at the closing price reported in an active market and are therefore considered level 1 .', 'private equity investments include interests in limited partnerships which are valued based on the sum of the estimated fair values of the investments held by each partnership , determined using a combination of market , income and cost approaches , plus working capital , adjusted for liabilities , currency translation and estimated performance incentives .', 'these private equity investments are considered level 3 .', 'investments in pooled funds are valued using a market approach , these various funds consist of equity with underlying investments held in u.s .', 'and non-u.s .', 'securities .', 'the pooled funds are benchmarked against a relative public index and are considered level 2. .'] | Row 1: , 2018, 2017, 2016
Row 2: initial health care trend rate, n/a, 8.00% ( 8.00 % ), 8.25% ( 8.25 % )
Row 3: ultimate trend rate, n/a, 4.70% ( 4.70 % ), 4.50% ( 4.50 % )
Row 4: year ultimate trend rate is reached, n/a, 2025, 2025 | subtract(8.25%, 4.50%) | 0.0375 |
what is the total amount spent for the purchased shares during october 2009? | Context: ['we are required under the terms of our preferred stock to pay scheduled quarterly dividends , subject to legally available funds .', 'for so long as the preferred stock remains outstanding , ( 1 ) we will not declare , pay or set apart funds for the payment of any dividend or other distribution with respect to any junior stock or parity stock and ( 2 ) neither we , nor any of our subsidiaries , will , subject to certain exceptions , redeem , purchase or otherwise acquire for consideration junior stock or parity stock through a sinking fund or otherwise , in each case unless we have paid or set apart funds for the payment of all accumulated and unpaid dividends with respect to the shares of preferred stock and any parity stock for all preceding dividend periods .', 'pursuant to this policy , we paid quarterly dividends of $ 0.265625 per share on our preferred stock on february 1 , 2009 , may 1 , 2009 , august 3 , 2009 and november 2 , 2009 and similar quarterly dividends during each quarter of 2008 .', 'the annual cash dividend declared and paid during the years ended december 31 , 2009 and 2008 were $ 10 million and $ 10 million , respectively .', 'on january 5 , 2010 , we declared a cash dividend of $ 0.265625 per share on our preferred stock amounting to $ 3 million and a cash dividend of $ 0.04 per share on our series a common stock amounting to $ 6 million .', 'both cash dividends are for the period from november 2 , 2009 to january 31 , 2010 and were paid on february 1 , 2010 to holders of record as of january 15 , 2010 .', 'on february 1 , 2010 , we announced we would elect to redeem all of our outstanding preferred stock on february 22 , 2010 .', 'holders of the preferred stock also have the right to convert their shares at any time prior to 5:00 p.m. , new york city time , on february 19 , 2010 , the business day immediately preceding the february 22 , 2010 redemption date .', 'based on the number of outstanding shares as of december 31 , 2009 and considering the redemption of our preferred stock , cash dividends to be paid in 2010 are expected to result in annual dividend payments less than those paid in 2009 .', 'the amount available to us to pay cash dividends is restricted by our senior credit agreement .', 'any decision to declare and pay dividends in the future will be made at the discretion of our board of directors and will depend on , among other things , our results of operations , cash requirements , financial condition , contractual restrictions and other factors that our board of directors may deem relevant .', 'celanese purchases of its equity securities the table below sets forth information regarding repurchases of our series a common stock during the three months ended december 31 , 2009 : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced program approximate dollar value of shares remaining that may be purchased under the program .']
##
Data Table:
****************************************
Row 1: period, total number of shares purchased ( 1 ), average price paid per share, total number of shares purchased as part of publicly announced program, approximate dollar value of shares remaining that may be purchased under the program
Row 2: october 1-31 2009, 24980, $ 24.54, -, $ 122300000.00
Row 3: november 1-30 2009, -, $ -, -, $ 122300000.00
Row 4: december 1-31 2009, 334, $ 32.03, -, $ 122300000.00
****************************************
##
Post-table: ['( 1 ) relates to shares employees have elected to have withheld to cover their statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock units .', 'no shares were purchased during the three months ended december 31 , 2009 under our previously announced stock repurchase plan .', '%%transmsg*** transmitting job : d70731 pcn : 033000000 ***%%pcmsg|33 |00012|yes|no|02/10/2010 05:41|0|0|page is valid , no graphics -- color : n| .'] | 613009.2 | CE/2009/page_35.pdf-3 | ['we are required under the terms of our preferred stock to pay scheduled quarterly dividends , subject to legally available funds .', 'for so long as the preferred stock remains outstanding , ( 1 ) we will not declare , pay or set apart funds for the payment of any dividend or other distribution with respect to any junior stock or parity stock and ( 2 ) neither we , nor any of our subsidiaries , will , subject to certain exceptions , redeem , purchase or otherwise acquire for consideration junior stock or parity stock through a sinking fund or otherwise , in each case unless we have paid or set apart funds for the payment of all accumulated and unpaid dividends with respect to the shares of preferred stock and any parity stock for all preceding dividend periods .', 'pursuant to this policy , we paid quarterly dividends of $ 0.265625 per share on our preferred stock on february 1 , 2009 , may 1 , 2009 , august 3 , 2009 and november 2 , 2009 and similar quarterly dividends during each quarter of 2008 .', 'the annual cash dividend declared and paid during the years ended december 31 , 2009 and 2008 were $ 10 million and $ 10 million , respectively .', 'on january 5 , 2010 , we declared a cash dividend of $ 0.265625 per share on our preferred stock amounting to $ 3 million and a cash dividend of $ 0.04 per share on our series a common stock amounting to $ 6 million .', 'both cash dividends are for the period from november 2 , 2009 to january 31 , 2010 and were paid on february 1 , 2010 to holders of record as of january 15 , 2010 .', 'on february 1 , 2010 , we announced we would elect to redeem all of our outstanding preferred stock on february 22 , 2010 .', 'holders of the preferred stock also have the right to convert their shares at any time prior to 5:00 p.m. , new york city time , on february 19 , 2010 , the business day immediately preceding the february 22 , 2010 redemption date .', 'based on the number of outstanding shares as of december 31 , 2009 and considering the redemption of our preferred stock , cash dividends to be paid in 2010 are expected to result in annual dividend payments less than those paid in 2009 .', 'the amount available to us to pay cash dividends is restricted by our senior credit agreement .', 'any decision to declare and pay dividends in the future will be made at the discretion of our board of directors and will depend on , among other things , our results of operations , cash requirements , financial condition , contractual restrictions and other factors that our board of directors may deem relevant .', 'celanese purchases of its equity securities the table below sets forth information regarding repurchases of our series a common stock during the three months ended december 31 , 2009 : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced program approximate dollar value of shares remaining that may be purchased under the program .'] | ['( 1 ) relates to shares employees have elected to have withheld to cover their statutory minimum withholding requirements for personal income taxes related to the vesting of restricted stock units .', 'no shares were purchased during the three months ended december 31 , 2009 under our previously announced stock repurchase plan .', '%%transmsg*** transmitting job : d70731 pcn : 033000000 ***%%pcmsg|33 |00012|yes|no|02/10/2010 05:41|0|0|page is valid , no graphics -- color : n| .'] | ****************************************
Row 1: period, total number of shares purchased ( 1 ), average price paid per share, total number of shares purchased as part of publicly announced program, approximate dollar value of shares remaining that may be purchased under the program
Row 2: october 1-31 2009, 24980, $ 24.54, -, $ 122300000.00
Row 3: november 1-30 2009, -, $ -, -, $ 122300000.00
Row 4: december 1-31 2009, 334, $ 32.03, -, $ 122300000.00
**************************************** | multiply(24980, 24.54) | 613009.2 |
what percent of total consolidate revenue was the psg segment in 2012? | Background: ['strategy our mission is to achieve sustainable revenue and earnings growth through providing superior solutions to our customers .', 'our strategy to achieve this has been and will continue to be built on the following pillars : 2022 expand client relationships 2014 the overall market we serve continues to gravitate beyond single-product purchases to multi-solution partnerships .', 'as the market dynamics shift , we expect our clients to rely more on our multidimensional service offerings .', "our leveraged solutions and processing expertise can drive meaningful value and cost savings to our clients through more efficient operating processes , improved service quality and speed for our clients' customers .", '2022 buy , build or partner to add solutions to cross-sell 2014 we continue to invest in growth through internal product development , as well as through product-focused or market-centric acquisitions that complement and extend our existing capabilities and provide us with additional solutions to cross-sell .', 'we also partner from time to time with other entities to provide comprehensive offerings to our customers .', 'by investing in solution innovation and integration , we continue to expand our value proposition to clients .', '2022 support our clients through market transformation 2014 the changing market dynamics are transforming the way our clients operate , which is driving incremental demand for our leveraged solutions , consulting expertise , and services around intellectual property .', 'our depth of services capabilities enables us to become involved earlier in the planning and design process to assist our clients as they manage through these changes .', '2022 continually improve to drive margin expansion 2014 we strive to optimize our performance through investments in infrastructure enhancements and other measures that are designed to drive organic revenue growth and margin expansion .', '2022 build global diversification 2014 we continue to deploy resources in emerging global markets where we expect to achieve meaningful scale .', 'revenues by segment the table below summarizes the revenues by our reporting segments ( in millions ) : .']
##########
Data Table:
| 2012 | 2011 | 2010
----------|----------|----------|----------
fsg | $ 2246.4 | $ 2076.8 | $ 1890.8
psg | 2380.6 | 2372.1 | 2354.2
isg | 1180.5 | 1177.6 | 917.0
corporate & other | 0.1 | -0.9 ( 0.9 ) | -16.4 ( 16.4 )
total consolidated revenues | $ 5807.6 | $ 5625.6 | $ 5145.6
##########
Post-table: ['financial solutions group the focus of fsg is to provide the most comprehensive software and services for the core processing , customer channel , treasury services , cash management , wealth management and capital market operations of our financial institution customers in north america .', 'we service the core and related ancillary processing needs of north american banks , credit unions , automotive financial companies , commercial lenders , and independent community and savings institutions .', 'fis offers a broad selection of in-house and outsourced solutions to banking customers that span the range of asset sizes .', 'fsg customers are typically committed under multi-year contracts that provide a stable , recurring revenue base and opportunities for cross-selling additional financial and payments offerings .', 'we employ several business models to provide our solutions to our customers .', 'we typically deliver the highest value to our customers when we combine our software applications and deliver them in one of several types of outsourcing arrangements , such as an application service provider , facilities management processing or an application management arrangement .', 'we are also able to deliver individual applications through a software licensing arrangement .', 'based upon our expertise gained through the foregoing arrangements , some clients also retain us to manage their it operations without using any of our proprietary software .', 'our solutions in this segment include: .'] | 0.40991 | FIS/2012/page_11.pdf-2 | ['strategy our mission is to achieve sustainable revenue and earnings growth through providing superior solutions to our customers .', 'our strategy to achieve this has been and will continue to be built on the following pillars : 2022 expand client relationships 2014 the overall market we serve continues to gravitate beyond single-product purchases to multi-solution partnerships .', 'as the market dynamics shift , we expect our clients to rely more on our multidimensional service offerings .', "our leveraged solutions and processing expertise can drive meaningful value and cost savings to our clients through more efficient operating processes , improved service quality and speed for our clients' customers .", '2022 buy , build or partner to add solutions to cross-sell 2014 we continue to invest in growth through internal product development , as well as through product-focused or market-centric acquisitions that complement and extend our existing capabilities and provide us with additional solutions to cross-sell .', 'we also partner from time to time with other entities to provide comprehensive offerings to our customers .', 'by investing in solution innovation and integration , we continue to expand our value proposition to clients .', '2022 support our clients through market transformation 2014 the changing market dynamics are transforming the way our clients operate , which is driving incremental demand for our leveraged solutions , consulting expertise , and services around intellectual property .', 'our depth of services capabilities enables us to become involved earlier in the planning and design process to assist our clients as they manage through these changes .', '2022 continually improve to drive margin expansion 2014 we strive to optimize our performance through investments in infrastructure enhancements and other measures that are designed to drive organic revenue growth and margin expansion .', '2022 build global diversification 2014 we continue to deploy resources in emerging global markets where we expect to achieve meaningful scale .', 'revenues by segment the table below summarizes the revenues by our reporting segments ( in millions ) : .'] | ['financial solutions group the focus of fsg is to provide the most comprehensive software and services for the core processing , customer channel , treasury services , cash management , wealth management and capital market operations of our financial institution customers in north america .', 'we service the core and related ancillary processing needs of north american banks , credit unions , automotive financial companies , commercial lenders , and independent community and savings institutions .', 'fis offers a broad selection of in-house and outsourced solutions to banking customers that span the range of asset sizes .', 'fsg customers are typically committed under multi-year contracts that provide a stable , recurring revenue base and opportunities for cross-selling additional financial and payments offerings .', 'we employ several business models to provide our solutions to our customers .', 'we typically deliver the highest value to our customers when we combine our software applications and deliver them in one of several types of outsourcing arrangements , such as an application service provider , facilities management processing or an application management arrangement .', 'we are also able to deliver individual applications through a software licensing arrangement .', 'based upon our expertise gained through the foregoing arrangements , some clients also retain us to manage their it operations without using any of our proprietary software .', 'our solutions in this segment include: .'] | | 2012 | 2011 | 2010
----------|----------|----------|----------
fsg | $ 2246.4 | $ 2076.8 | $ 1890.8
psg | 2380.6 | 2372.1 | 2354.2
isg | 1180.5 | 1177.6 | 917.0
corporate & other | 0.1 | -0.9 ( 0.9 ) | -16.4 ( 16.4 )
total consolidated revenues | $ 5807.6 | $ 5625.6 | $ 5145.6 | divide(2380.6, 5807.6) | 0.40991 |
as of december 292018 what was the percent of the payments due in less than 1 year to the total | Context: ['contractual obligations significant contractual obligations as of december 29 , 2018 were as follows: .']
########
Table:
****************************************
• ( in millions ), payments due by period total, payments due by period less than1 year, payments due by period 1 20133 years, payments due by period 3 20135 years, payments due by period more than5 years
• operating lease obligations, $ 835, $ 229, $ 314, $ 171, $ 121
• capital purchase obligations1, 9029, 7888, 795, 345, 1
• other purchase obligations and commitments2, 3249, 1272, 1781, 178, 18
• tax obligations3, 4732, 143, 426, 1234, 2929
• long-term debt obligations4, 40187, 1518, 7583, 6173, 24913
• other long-term liabilities5, 1626, 722, 708, 95, 101
• total6, $ 59658, $ 11772, $ 11607, $ 8196, $ 28083
****************************************
########
Additional Information: ['capital purchase obligations1 9029 7888 795 345 1 other purchase obligations and commitments2 3249 1272 1781 178 18 tax obligations3 4732 143 426 1234 2929 long-term debt obligations4 40187 1518 7583 6173 24913 other long-term liabilities5 1626 722 708 95 101 total6 $ 59658 $ 11772 $ 11607 $ 8196 $ 28083 1 capital purchase obligations represent commitments for the construction or purchase of property , plant and equipment .', 'they were not recorded as liabilities on our consolidated balance sheets as of december 29 , 2018 , as we had not yet received the related goods nor taken title to the property .', '2 other purchase obligations and commitments include payments due under various types of licenses and agreements to purchase goods or services , as well as payments due under non-contingent funding obligations .', '3 tax obligations represent the future cash payments related to tax reform enacted in 2017 for the one-time transition tax on our previously untaxed foreign earnings .', 'for further information , see 201cnote 9 : income taxes 201d within the consolidated financial statements .', '4 amounts represent principal payments for all debt obligations and interest payments for fixed-rate debt obligations .', 'interest payments on floating-rate debt obligations , as well as the impact of fixed-rate to floating-rate debt swaps , are excluded .', 'debt obligations are classified based on their stated maturity date , regardless of their classification on the consolidated balance sheets .', 'any future settlement of convertible debt would impact our cash payments .', '5 amounts represent future cash payments to satisfy other long-term liabilities recorded on our consolidated balance sheets , including the short-term portion of these long-term liabilities .', 'derivative instruments are excluded from the preceding table , as they do not represent the amounts that may ultimately be paid .', '6 total excludes contractual obligations already recorded on our consolidated balance sheets as current liabilities , except for the short-term portions of long-term debt obligations and other long-term liabilities .', 'the expected timing of payments of the obligations in the preceding table is estimated based on current information .', 'timing of payments and actual amounts paid may be different , depending on the time of receipt of goods or services , or changes to agreed- upon amounts for some obligations .', 'contractual obligations for purchases of goods or services included in 201cother purchase obligations and commitments 201d in the preceding table include agreements 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 provisions ; and the approximate timing of the transaction .', 'for obligations with cancellation provisions , the amounts included in the preceding table were limited to the non-cancelable portion of the agreement terms or the minimum cancellation fee .', 'for the purchase of raw materials , we have entered into certain agreements that specify minimum prices and quantities based on a percentage of the total available market or based on a percentage of our future purchasing requirements .', 'due to the uncertainty of the future market and our future purchasing requirements , as well as the non-binding nature of these agreements , obligations under these agreements have been excluded from the preceding table .', 'our purchase orders for other products are based on our current manufacturing needs and are fulfilled by our vendors within short time horizons .', 'in addition , some of our purchase orders represent authorizations to purchase rather than binding agreements .', 'contractual obligations that are contingent upon the achievement of certain milestones have been excluded from the preceding table .', 'most of our milestone-based contracts are tooling related for the purchase of capital equipment .', 'these arrangements are not considered contractual obligations until the milestone is met by the counterparty .', 'as of december 29 , 2018 , assuming that all future milestones are met , the additional required payments would be approximately $ 688 million .', 'for the majority of restricted stock units ( rsus ) granted , the number of shares of common stock issued on the date the rsus vest is net of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees .', 'the obligation to pay the relevant taxing authority is excluded from the preceding table , as the amount is contingent upon continued employment .', 'in addition , the amount of the obligation is unknown , as it is based in part on the market price of our common stock when the awards vest .', 'md&a consolidated results and analysis 42 .'] | 0.19732 | INTC/2018/page_50.pdf-1 | ['contractual obligations significant contractual obligations as of december 29 , 2018 were as follows: .'] | ['capital purchase obligations1 9029 7888 795 345 1 other purchase obligations and commitments2 3249 1272 1781 178 18 tax obligations3 4732 143 426 1234 2929 long-term debt obligations4 40187 1518 7583 6173 24913 other long-term liabilities5 1626 722 708 95 101 total6 $ 59658 $ 11772 $ 11607 $ 8196 $ 28083 1 capital purchase obligations represent commitments for the construction or purchase of property , plant and equipment .', 'they were not recorded as liabilities on our consolidated balance sheets as of december 29 , 2018 , as we had not yet received the related goods nor taken title to the property .', '2 other purchase obligations and commitments include payments due under various types of licenses and agreements to purchase goods or services , as well as payments due under non-contingent funding obligations .', '3 tax obligations represent the future cash payments related to tax reform enacted in 2017 for the one-time transition tax on our previously untaxed foreign earnings .', 'for further information , see 201cnote 9 : income taxes 201d within the consolidated financial statements .', '4 amounts represent principal payments for all debt obligations and interest payments for fixed-rate debt obligations .', 'interest payments on floating-rate debt obligations , as well as the impact of fixed-rate to floating-rate debt swaps , are excluded .', 'debt obligations are classified based on their stated maturity date , regardless of their classification on the consolidated balance sheets .', 'any future settlement of convertible debt would impact our cash payments .', '5 amounts represent future cash payments to satisfy other long-term liabilities recorded on our consolidated balance sheets , including the short-term portion of these long-term liabilities .', 'derivative instruments are excluded from the preceding table , as they do not represent the amounts that may ultimately be paid .', '6 total excludes contractual obligations already recorded on our consolidated balance sheets as current liabilities , except for the short-term portions of long-term debt obligations and other long-term liabilities .', 'the expected timing of payments of the obligations in the preceding table is estimated based on current information .', 'timing of payments and actual amounts paid may be different , depending on the time of receipt of goods or services , or changes to agreed- upon amounts for some obligations .', 'contractual obligations for purchases of goods or services included in 201cother purchase obligations and commitments 201d in the preceding table include agreements 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 provisions ; and the approximate timing of the transaction .', 'for obligations with cancellation provisions , the amounts included in the preceding table were limited to the non-cancelable portion of the agreement terms or the minimum cancellation fee .', 'for the purchase of raw materials , we have entered into certain agreements that specify minimum prices and quantities based on a percentage of the total available market or based on a percentage of our future purchasing requirements .', 'due to the uncertainty of the future market and our future purchasing requirements , as well as the non-binding nature of these agreements , obligations under these agreements have been excluded from the preceding table .', 'our purchase orders for other products are based on our current manufacturing needs and are fulfilled by our vendors within short time horizons .', 'in addition , some of our purchase orders represent authorizations to purchase rather than binding agreements .', 'contractual obligations that are contingent upon the achievement of certain milestones have been excluded from the preceding table .', 'most of our milestone-based contracts are tooling related for the purchase of capital equipment .', 'these arrangements are not considered contractual obligations until the milestone is met by the counterparty .', 'as of december 29 , 2018 , assuming that all future milestones are met , the additional required payments would be approximately $ 688 million .', 'for the majority of restricted stock units ( rsus ) granted , the number of shares of common stock issued on the date the rsus vest is net of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees .', 'the obligation to pay the relevant taxing authority is excluded from the preceding table , as the amount is contingent upon continued employment .', 'in addition , the amount of the obligation is unknown , as it is based in part on the market price of our common stock when the awards vest .', 'md&a consolidated results and analysis 42 .'] | ****************************************
• ( in millions ), payments due by period total, payments due by period less than1 year, payments due by period 1 20133 years, payments due by period 3 20135 years, payments due by period more than5 years
• operating lease obligations, $ 835, $ 229, $ 314, $ 171, $ 121
• capital purchase obligations1, 9029, 7888, 795, 345, 1
• other purchase obligations and commitments2, 3249, 1272, 1781, 178, 18
• tax obligations3, 4732, 143, 426, 1234, 2929
• long-term debt obligations4, 40187, 1518, 7583, 6173, 24913
• other long-term liabilities5, 1626, 722, 708, 95, 101
• total6, $ 59658, $ 11772, $ 11607, $ 8196, $ 28083
**************************************** | divide(11772, 59658) | 0.19732 |
what was the cumulative total return for the peer group over the five years? | Context: ['14 2018 annual report performance graph the following chart presents a comparison for the five-year period ended june 30 , 2018 , of the market performance of the company 2019s common stock with the s&p 500 index and an index of peer companies selected by the company .', 'historic stock price performance is not necessarily indicative of future stock price performance .', 'comparison of 5 year cumulative total return among jack henry & associates , inc. , the s&p 500 index , and a peer group the following information depicts a line graph with the following values: .']
########
Table:
****************************************
• , 2013, 2014, 2015, 2016, 2017, 2018
• jkhy, 100.00, 128.02, 141.48, 193.46, 233.19, 296.19
• peer group, 100.00, 137.07, 171.80, 198.44, 231.11, 297.44
• s&p 500, 100.00, 124.61, 133.86, 139.20, 164.11, 187.70
****************************************
########
Post-table: ['this comparison assumes $ 100 was invested on june 30 , 2013 , and assumes reinvestments of dividends .', 'total returns are calculated according to market capitalization of peer group members at the beginning of each period .', 'peer companies selected are in the business of providing specialized computer software , hardware and related services to financial institutions and other businesses .', 'companies in the peer group are aci worldwide , inc. ; bottomline technology , inc. ; broadridge financial solutions ; cardtronics , inc. ; convergys corp. ; corelogic , inc. ; euronet worldwide , inc. ; fair isaac corp. ; fidelity national information services , inc. ; fiserv , inc. ; global payments , inc. ; moneygram international , inc. ; ss&c technologies holdings , inc. ; total systems services , inc. ; tyler technologies , inc. ; verifone systems , inc. ; and wex , inc .', 'dst systems , inc. , which had previously been part of the peer group , was acquired in 2018 and is no longer a public company .', 'as a result , dst systems , inc .', 'has been removed from the peer group and stock performance graph .', 'the stock performance graph shall not be deemed 201cfiled 201d for purposes of section 18 of the exchange act , or incorporated by reference into any filing of the company under the securities act of 1933 , as amended , or the exchange act , except as shall be expressly set forth by specific reference in such filing. .'] | 197.44 | JKHY/2018/page_16.pdf-3 | ['14 2018 annual report performance graph the following chart presents a comparison for the five-year period ended june 30 , 2018 , of the market performance of the company 2019s common stock with the s&p 500 index and an index of peer companies selected by the company .', 'historic stock price performance is not necessarily indicative of future stock price performance .', 'comparison of 5 year cumulative total return among jack henry & associates , inc. , the s&p 500 index , and a peer group the following information depicts a line graph with the following values: .'] | ['this comparison assumes $ 100 was invested on june 30 , 2013 , and assumes reinvestments of dividends .', 'total returns are calculated according to market capitalization of peer group members at the beginning of each period .', 'peer companies selected are in the business of providing specialized computer software , hardware and related services to financial institutions and other businesses .', 'companies in the peer group are aci worldwide , inc. ; bottomline technology , inc. ; broadridge financial solutions ; cardtronics , inc. ; convergys corp. ; corelogic , inc. ; euronet worldwide , inc. ; fair isaac corp. ; fidelity national information services , inc. ; fiserv , inc. ; global payments , inc. ; moneygram international , inc. ; ss&c technologies holdings , inc. ; total systems services , inc. ; tyler technologies , inc. ; verifone systems , inc. ; and wex , inc .', 'dst systems , inc. , which had previously been part of the peer group , was acquired in 2018 and is no longer a public company .', 'as a result , dst systems , inc .', 'has been removed from the peer group and stock performance graph .', 'the stock performance graph shall not be deemed 201cfiled 201d for purposes of section 18 of the exchange act , or incorporated by reference into any filing of the company under the securities act of 1933 , as amended , or the exchange act , except as shall be expressly set forth by specific reference in such filing. .'] | ****************************************
• , 2013, 2014, 2015, 2016, 2017, 2018
• jkhy, 100.00, 128.02, 141.48, 193.46, 233.19, 296.19
• peer group, 100.00, 137.07, 171.80, 198.44, 231.11, 297.44
• s&p 500, 100.00, 124.61, 133.86, 139.20, 164.11, 187.70
**************************************** | subtract(297.44, 100.00) | 197.44 |
what was the difference in millions of amortization expense between 2015 and 2016? | 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 .'] | -0.9 | UAA/2016/page_80.pdf-1 | ['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
---------------------------------------- | subtract(13.0, 13.9) | -0.9 |
considering the years 2015-2016 , what is variation observed in the number of stocks that were excluded , in millions? | Pre-text: ['the diluted earnings per share calculation excludes stock options , sars , restricted stock and units and performance units and stock that were anti-dilutive .', 'shares underlying the excluded stock options and sars totaled 10.3 million , 10.2 million and 0.7 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .', 'for the years ended december 31 , 2016 and 2015 , respectively , 4.5 million and 5.3 million shares of restricted stock and restricted stock units and performance units and performance stock were excluded .', '10 .', 'supplemental cash flow information net cash paid for interest and income taxes was as follows for the years ended december 31 , 2016 , 2015 and 2014 ( in thousands ) : .']
Data Table:
----------------------------------------
2016 2015 2014
interest net of capitalized interest $ 252030 $ 222088 $ 197383
income taxes net of refunds received $ -39293 ( 39293 ) $ 41108 $ 342741
----------------------------------------
Post-table: ["eog's accrued capital expenditures at december 31 , 2016 , 2015 and 2014 were $ 388 million , $ 416 million and $ 972 million , respectively .", "non-cash investing activities for the year ended december 31 , 2016 , included $ 3834 million in non-cash additions to eog's oil and gas properties related to the yates transaction ( see note 17 ) .", "non-cash investing activities for the year ended december 31 , 2014 included non-cash additions of $ 5 million to eog's oil and gas properties as a result of property exchanges .", '11 .', "business segment information eog's operations are all crude oil and natural gas exploration and production related .", 'the segment reporting topic of the asc establishes standards for reporting information about operating segments in annual financial statements .', 'operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker , or decision-making group , in deciding how to allocate resources and in assessing performance .', "eog's chief operating decision-making process is informal and involves the chairman of the board and chief executive officer and other key officers .", "this group routinely reviews and makes operating decisions related to significant issues associated with each of eog's major producing areas in the united states , trinidad , the united kingdom and china .", 'for segment reporting purposes , the chief operating decision maker considers the major united states producing areas to be one operating segment. .'] | 0.8 | EOG/2016/page_80.pdf-2 | ['the diluted earnings per share calculation excludes stock options , sars , restricted stock and units and performance units and stock that were anti-dilutive .', 'shares underlying the excluded stock options and sars totaled 10.3 million , 10.2 million and 0.7 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .', 'for the years ended december 31 , 2016 and 2015 , respectively , 4.5 million and 5.3 million shares of restricted stock and restricted stock units and performance units and performance stock were excluded .', '10 .', 'supplemental cash flow information net cash paid for interest and income taxes was as follows for the years ended december 31 , 2016 , 2015 and 2014 ( in thousands ) : .'] | ["eog's accrued capital expenditures at december 31 , 2016 , 2015 and 2014 were $ 388 million , $ 416 million and $ 972 million , respectively .", "non-cash investing activities for the year ended december 31 , 2016 , included $ 3834 million in non-cash additions to eog's oil and gas properties related to the yates transaction ( see note 17 ) .", "non-cash investing activities for the year ended december 31 , 2014 included non-cash additions of $ 5 million to eog's oil and gas properties as a result of property exchanges .", '11 .', "business segment information eog's operations are all crude oil and natural gas exploration and production related .", 'the segment reporting topic of the asc establishes standards for reporting information about operating segments in annual financial statements .', 'operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker , or decision-making group , in deciding how to allocate resources and in assessing performance .', "eog's chief operating decision-making process is informal and involves the chairman of the board and chief executive officer and other key officers .", "this group routinely reviews and makes operating decisions related to significant issues associated with each of eog's major producing areas in the united states , trinidad , the united kingdom and china .", 'for segment reporting purposes , the chief operating decision maker considers the major united states producing areas to be one operating segment. .'] | ----------------------------------------
2016 2015 2014
interest net of capitalized interest $ 252030 $ 222088 $ 197383
income taxes net of refunds received $ -39293 ( 39293 ) $ 41108 $ 342741
---------------------------------------- | subtract(5.3, 4.5) | 0.8 |
what was the average the total fair value of performance-based restricted stock units vested from 2007 to 2009 | Background: ['the weighted average grant date fair value of performance-based restricted stock units granted during the years 2008 and 2007 was $ 84.33 and $ 71.72 , respectively .', 'the total fair value of performance-based restricted stock units vested during 2009 , 2008 and 2007 was $ 33712 , $ 49387 and $ 9181 , respectively .', 'at september 30 , 2009 , the weighted average remaining vesting term of performance-based restricted stock units is 1.28 years .', 'time-vested restricted stock units time-vested restricted stock units generally cliff vest three years after the date of grant , except for certain key executives of the company , including the executive officers , for which such units generally vest one year following the employee 2019s retirement .', 'the related share-based compensation expense is recorded over the requisite service period , which is the vesting period or in the case of certain key executives is based on retirement eligibility .', 'the fair value of all time-vested restricted stock units is based on the market value of the company 2019s stock on the date of grant .', 'a summary of time-vested restricted stock units outstanding as of september 30 , 2009 , and changes during the year then ended is as follows : weighted average grant date fair value .']
####
Data Table:
========================================
stock units weighted average grant date fair value
balance at october 1 1570329 $ 69.35
granted 618679 62.96
distributed -316839 ( 316839 ) 60.32
forfeited or canceled -165211 ( 165211 ) 62.58
balance at september 30 1706958 $ 69.36
expected to vest at september 30 1536262 $ 69.36
========================================
####
Post-table: ['the weighted average grant date fair value of time-vested restricted stock units granted during the years 2008 and 2007 was $ 84.42 and $ 72.20 , respectively .', 'the total fair value of time-vested restricted stock units vested during 2009 , 2008 and 2007 was $ 29535 , $ 26674 and $ 3392 , respectively .', 'at september 30 , 2009 , the weighted average remaining vesting term of the time-vested restricted stock units is 1.71 years .', 'the amount of unrecognized compensation expense for all non-vested share-based awards as of september 30 , 2009 , is approximately $ 97034 , which is expected to be recognized over a weighted-average remaining life of approximately 2.02 years .', 'at september 30 , 2009 , 4295402 shares were authorized for future grants under the 2004 plan .', 'the company has a policy of satisfying share-based payments through either open market purchases or shares held in treasury .', 'at september 30 , 2009 , the company has sufficient shares held in treasury to satisfy these payments in 2010 .', 'other stock plans the company has a stock award plan , which allows for grants of common shares to certain key employees .', 'distribution of 25% ( 25 % ) or more of each award is deferred until after retirement or involuntary termination , upon which the deferred portion of the award is distributable in five equal annual installments .', 'the balance of the award is distributable over five years from the grant date , subject to certain conditions .', 'in february 2004 , this plan was terminated with respect to future grants upon the adoption of the 2004 plan .', 'at september 30 , 2009 and 2008 , awards for 114197 and 161145 shares , respectively , were outstanding .', 'becton , dickinson and company notes to consolidated financial statements 2014 ( continued ) .'] | 30760.0 | BDX/2009/page_80.pdf-1 | ['the weighted average grant date fair value of performance-based restricted stock units granted during the years 2008 and 2007 was $ 84.33 and $ 71.72 , respectively .', 'the total fair value of performance-based restricted stock units vested during 2009 , 2008 and 2007 was $ 33712 , $ 49387 and $ 9181 , respectively .', 'at september 30 , 2009 , the weighted average remaining vesting term of performance-based restricted stock units is 1.28 years .', 'time-vested restricted stock units time-vested restricted stock units generally cliff vest three years after the date of grant , except for certain key executives of the company , including the executive officers , for which such units generally vest one year following the employee 2019s retirement .', 'the related share-based compensation expense is recorded over the requisite service period , which is the vesting period or in the case of certain key executives is based on retirement eligibility .', 'the fair value of all time-vested restricted stock units is based on the market value of the company 2019s stock on the date of grant .', 'a summary of time-vested restricted stock units outstanding as of september 30 , 2009 , and changes during the year then ended is as follows : weighted average grant date fair value .'] | ['the weighted average grant date fair value of time-vested restricted stock units granted during the years 2008 and 2007 was $ 84.42 and $ 72.20 , respectively .', 'the total fair value of time-vested restricted stock units vested during 2009 , 2008 and 2007 was $ 29535 , $ 26674 and $ 3392 , respectively .', 'at september 30 , 2009 , the weighted average remaining vesting term of the time-vested restricted stock units is 1.71 years .', 'the amount of unrecognized compensation expense for all non-vested share-based awards as of september 30 , 2009 , is approximately $ 97034 , which is expected to be recognized over a weighted-average remaining life of approximately 2.02 years .', 'at september 30 , 2009 , 4295402 shares were authorized for future grants under the 2004 plan .', 'the company has a policy of satisfying share-based payments through either open market purchases or shares held in treasury .', 'at september 30 , 2009 , the company has sufficient shares held in treasury to satisfy these payments in 2010 .', 'other stock plans the company has a stock award plan , which allows for grants of common shares to certain key employees .', 'distribution of 25% ( 25 % ) or more of each award is deferred until after retirement or involuntary termination , upon which the deferred portion of the award is distributable in five equal annual installments .', 'the balance of the award is distributable over five years from the grant date , subject to certain conditions .', 'in february 2004 , this plan was terminated with respect to future grants upon the adoption of the 2004 plan .', 'at september 30 , 2009 and 2008 , awards for 114197 and 161145 shares , respectively , were outstanding .', 'becton , dickinson and company notes to consolidated financial statements 2014 ( continued ) .'] | ========================================
stock units weighted average grant date fair value
balance at october 1 1570329 $ 69.35
granted 618679 62.96
distributed -316839 ( 316839 ) 60.32
forfeited or canceled -165211 ( 165211 ) 62.58
balance at september 30 1706958 $ 69.36
expected to vest at september 30 1536262 $ 69.36
======================================== | add(33712, 49387), add(#0, 9181), divide(#1, const_3) | 30760.0 |
what is the roi of an investment in nasdaq composite index from march 2006 to march 2009? | Pre-text: ['performance graph the following graph compares the yearly change in the cumulative total stockholder return for our last five full fiscal years , based upon the market price of our common stock , with the cumulative total return on a nasdaq composite index ( u.s .', 'companies ) and a peer group , the nasdaq medical equipment-sic code 3840-3849 index , which is comprised of medical equipment companies , for that period .', 'the performance graph assumes the investment of $ 100 on march 31 , 2006 in our common stock , the nasdaq composite index ( u.s .', 'companies ) and the peer group index , and the reinvestment of any and all dividends. .']
------
Table:
----------------------------------------
Row 1: , 3/31/2006, 3/31/2007, 3/31/2008, 3/31/2009, 3/31/2010, 3/31/2011
Row 2: abiomed inc, 100, 105.89, 101.86, 37.98, 80.00, 112.64
Row 3: nasdaq composite index, 100, 103.50, 97.41, 65.33, 102.49, 118.86
Row 4: nasdaq medical equipment sic code 3840-3849, 100, 88.78, 84.26, 46.12, 83.47, 91.35
----------------------------------------
------
Additional Information: ['this graph is not 201csoliciting material 201d under regulation 14a or 14c of the rules promulgated under the securities exchange act of 1934 , is not deemed filed with the securities and exchange commission and is not to be incorporated by reference in any of our filings under the securities act of 1933 , as amended , or the exchange act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing .', 'transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038 , is our stock transfer agent. .'] | -0.3467 | ABMD/2011/page_33.pdf-3 | ['performance graph the following graph compares the yearly change in the cumulative total stockholder return for our last five full fiscal years , based upon the market price of our common stock , with the cumulative total return on a nasdaq composite index ( u.s .', 'companies ) and a peer group , the nasdaq medical equipment-sic code 3840-3849 index , which is comprised of medical equipment companies , for that period .', 'the performance graph assumes the investment of $ 100 on march 31 , 2006 in our common stock , the nasdaq composite index ( u.s .', 'companies ) and the peer group index , and the reinvestment of any and all dividends. .'] | ['this graph is not 201csoliciting material 201d under regulation 14a or 14c of the rules promulgated under the securities exchange act of 1934 , is not deemed filed with the securities and exchange commission and is not to be incorporated by reference in any of our filings under the securities act of 1933 , as amended , or the exchange act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing .', 'transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038 , is our stock transfer agent. .'] | ----------------------------------------
Row 1: , 3/31/2006, 3/31/2007, 3/31/2008, 3/31/2009, 3/31/2010, 3/31/2011
Row 2: abiomed inc, 100, 105.89, 101.86, 37.98, 80.00, 112.64
Row 3: nasdaq composite index, 100, 103.50, 97.41, 65.33, 102.49, 118.86
Row 4: nasdaq medical equipment sic code 3840-3849, 100, 88.78, 84.26, 46.12, 83.47, 91.35
---------------------------------------- | subtract(65.33, 100), divide(#0, 100) | -0.3467 |
what is the difference in estimated future benefit payments for retiree medical and life insurance plans between 2015 and 2016 , in millions? | Context: ['u.s .', 'equity securities and international equity securities categorized as level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year .', 'for u.s .', 'equity securities and international equity securities not traded on an active exchange , or if the closing price is not available , the trustee obtains indicative quotes from a pricing vendor , broker or investment manager .', 'these securities are categorized as level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager .', 'commingled equity funds are investment vehicles valued using the net asset value ( nav ) provided by the fund managers .', 'the nav is the total value of the fund divided by the number of shares outstanding .', 'commingled equity funds are categorized as level 1 if traded at their nav on a nationally recognized securities exchange or categorized as level 2 if the nav is corroborated by observable market data ( e.g. , purchases or sales activity ) and we are able to redeem our investment in the near-term .', 'fixed income investments categorized as level 2 are valued by the trustee using pricing models that use verifiable observable market data ( e.g. , interest rates and yield curves observable at commonly quoted intervals and credit spreads ) , bids provided by brokers or dealers or quoted prices of securities with similar characteristics .', 'fixed income investments are categorized at level 3 when valuations using observable inputs are unavailable .', 'the trustee obtains pricing based on indicative quotes or bid evaluations from vendors , brokers or the investment manager .', 'private equity funds , real estate funds and hedge funds are valued using the nav based on valuation models of underlying securities which generally include significant unobservable inputs that cannot be corroborated using verifiable observable market data .', 'valuations for private equity funds and real estate funds are determined by the general partners .', 'depending on the nature of the assets , the general partners may use various valuation methodologies , including the income and market approaches in their models .', 'the market approach consists of analyzing market transactions for comparable assets while the income approach uses earnings or the net present value of estimated future cash flows adjusted for liquidity and other risk factors .', 'hedge funds are valued by independent administrators using various pricing sources and models based on the nature of the securities .', 'private equity funds , real estate funds and hedge funds are generally categorized as level 3 as we cannot fully redeem our investment in the near-term .', 'commodities are traded on an active commodity exchange and are valued at their closing prices on the last trading day of the year .', 'contributions and expected benefit payments the funding of our qualified defined benefit pension plans is determined in accordance with erisa , as amended by the ppa , and in a manner consistent with cas and internal revenue code rules .', 'in 2014 , we made contributions of $ 2.0 billion related to our qualified defined benefit pension plans .', 'we do not plan to make contributions to our qualified defined benefit pension plans in 2015 through 2017 because none are required using current assumptions .', 'the following table presents estimated future benefit payments , which reflect expected future employee service , as of december 31 , 2014 ( in millions ) : .']
########
Tabular Data:
----------------------------------------
2015 2016 2017 2018 2019 2020 - 2024
qualified defined benefit pension plans $ 2070 $ 2150 $ 2230 $ 2320 $ 2420 $ 13430
retiree medical and life insurance plans 190 200 200 210 210 1020
----------------------------------------
########
Additional Information: ['defined contribution plans we maintain a number of defined contribution plans , most with 401 ( k ) features , that cover substantially all of our employees .', 'under the provisions of our 401 ( k ) plans , we match most employees 2019 eligible contributions at rates specified in the plan documents .', 'our contributions were $ 385 million in 2014 , $ 383 million in 2013 and $ 380 million in 2012 , the majority of which were funded in our common stock .', 'our defined contribution plans held approximately 41.7 million and 44.7 million shares of our common stock as of december 31 , 2014 and 2013 .', 'note 10 2013 stockholders 2019 equity at december 31 , 2014 and 2013 , our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock .', 'of the 316 million shares of common stock issued and outstanding as of december 31 , 2014 , 314 million shares were considered outstanding for balance sheet presentation purposes ; the remaining .'] | 10.0 | LMT/2014/page_91.pdf-3 | ['u.s .', 'equity securities and international equity securities categorized as level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year .', 'for u.s .', 'equity securities and international equity securities not traded on an active exchange , or if the closing price is not available , the trustee obtains indicative quotes from a pricing vendor , broker or investment manager .', 'these securities are categorized as level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager .', 'commingled equity funds are investment vehicles valued using the net asset value ( nav ) provided by the fund managers .', 'the nav is the total value of the fund divided by the number of shares outstanding .', 'commingled equity funds are categorized as level 1 if traded at their nav on a nationally recognized securities exchange or categorized as level 2 if the nav is corroborated by observable market data ( e.g. , purchases or sales activity ) and we are able to redeem our investment in the near-term .', 'fixed income investments categorized as level 2 are valued by the trustee using pricing models that use verifiable observable market data ( e.g. , interest rates and yield curves observable at commonly quoted intervals and credit spreads ) , bids provided by brokers or dealers or quoted prices of securities with similar characteristics .', 'fixed income investments are categorized at level 3 when valuations using observable inputs are unavailable .', 'the trustee obtains pricing based on indicative quotes or bid evaluations from vendors , brokers or the investment manager .', 'private equity funds , real estate funds and hedge funds are valued using the nav based on valuation models of underlying securities which generally include significant unobservable inputs that cannot be corroborated using verifiable observable market data .', 'valuations for private equity funds and real estate funds are determined by the general partners .', 'depending on the nature of the assets , the general partners may use various valuation methodologies , including the income and market approaches in their models .', 'the market approach consists of analyzing market transactions for comparable assets while the income approach uses earnings or the net present value of estimated future cash flows adjusted for liquidity and other risk factors .', 'hedge funds are valued by independent administrators using various pricing sources and models based on the nature of the securities .', 'private equity funds , real estate funds and hedge funds are generally categorized as level 3 as we cannot fully redeem our investment in the near-term .', 'commodities are traded on an active commodity exchange and are valued at their closing prices on the last trading day of the year .', 'contributions and expected benefit payments the funding of our qualified defined benefit pension plans is determined in accordance with erisa , as amended by the ppa , and in a manner consistent with cas and internal revenue code rules .', 'in 2014 , we made contributions of $ 2.0 billion related to our qualified defined benefit pension plans .', 'we do not plan to make contributions to our qualified defined benefit pension plans in 2015 through 2017 because none are required using current assumptions .', 'the following table presents estimated future benefit payments , which reflect expected future employee service , as of december 31 , 2014 ( in millions ) : .'] | ['defined contribution plans we maintain a number of defined contribution plans , most with 401 ( k ) features , that cover substantially all of our employees .', 'under the provisions of our 401 ( k ) plans , we match most employees 2019 eligible contributions at rates specified in the plan documents .', 'our contributions were $ 385 million in 2014 , $ 383 million in 2013 and $ 380 million in 2012 , the majority of which were funded in our common stock .', 'our defined contribution plans held approximately 41.7 million and 44.7 million shares of our common stock as of december 31 , 2014 and 2013 .', 'note 10 2013 stockholders 2019 equity at december 31 , 2014 and 2013 , our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock .', 'of the 316 million shares of common stock issued and outstanding as of december 31 , 2014 , 314 million shares were considered outstanding for balance sheet presentation purposes ; the remaining .'] | ----------------------------------------
2015 2016 2017 2018 2019 2020 - 2024
qualified defined benefit pension plans $ 2070 $ 2150 $ 2230 $ 2320 $ 2420 $ 13430
retiree medical and life insurance plans 190 200 200 210 210 1020
---------------------------------------- | subtract(200, 190) | 10.0 |
what is the growth rate in net revenue for entergy texas , inc . in 2007? | Context: ['entergy texas , inc .', "management's financial discussion and analysis fuel and purchased power expenses increased primarily due to an increase in power purchases as a result of the purchased power agreements between entergy gulf states louisiana and entergy texas and an increase in the average market prices of purchased power and natural gas , substantially offset by a decrease in deferred fuel expense as a result of decreased recovery from customers of fuel costs .", 'other regulatory charges increased primarily due to an increase of $ 6.9 million in the recovery of bond expenses related to the securitization bonds .', 'the recovery became effective july 2007 .', 'see note 5 to the financial statements for additional information regarding the securitization bonds .', '2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .', 'following is an analysis of the change in net revenue comparing 2007 to 2006 .', 'amount ( in millions ) .']
##
Data Table:
========================================
| amount ( in millions )
2006 net revenue | $ 403.3
purchased power capacity | 13.1
securitization transition charge | 9.9
volume/weather | 9.7
transmission revenue | 6.1
base revenue | 2.6
other | -2.4 ( 2.4 )
2007 net revenue | $ 442.3
========================================
##
Follow-up: ['the purchased power capacity variance is due to changes in the purchased power capacity costs included in the calculation in 2007 compared to 2006 used to bill generation costs between entergy texas and entergy gulf states louisiana .', 'the securitization transition charge variance is due to the issuance of securitization bonds .', 'as discussed above , in june 2007 , egsrf i , a company wholly-owned and consolidated by entergy texas , issued securitization bonds and with the proceeds purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds .', 'see note 5 to the financial statements herein for details of the securitization bond issuance .', 'the volume/weather variance is due to increased electricity usage on billed retail sales , including the effects of more favorable weather in 2007 compared to the same period in 2006 .', 'the increase is also due to an increase in usage during the unbilled sales period .', 'retail electricity usage increased a total of 139 gwh in all sectors .', 'see "critical accounting estimates" below and note 1 to the financial statements for further discussion of the accounting for unbilled revenues .', 'the transmission revenue variance is due to an increase in rates effective june 2007 and new transmission customers in late 2006 .', 'the base revenue variance is due to the transition to competition rider that began in march 2006 .', 'refer to note 2 to the financial statements for further discussion of the rate increase .', 'gross operating revenues , fuel and purchased power expenses , and other regulatory charges gross operating revenues decreased primarily due to a decrease of $ 179 million in fuel cost recovery revenues due to lower fuel rates and fuel refunds .', 'the decrease was partially offset by the $ 39 million increase in net revenue described above and an increase of $ 44 million in wholesale revenues , including $ 30 million from the system agreement cost equalization payments from entergy arkansas .', 'the receipt of such payments is being .'] | 0.0967 | ETR/2008/page_377.pdf-1 | ['entergy texas , inc .', "management's financial discussion and analysis fuel and purchased power expenses increased primarily due to an increase in power purchases as a result of the purchased power agreements between entergy gulf states louisiana and entergy texas and an increase in the average market prices of purchased power and natural gas , substantially offset by a decrease in deferred fuel expense as a result of decreased recovery from customers of fuel costs .", 'other regulatory charges increased primarily due to an increase of $ 6.9 million in the recovery of bond expenses related to the securitization bonds .', 'the recovery became effective july 2007 .', 'see note 5 to the financial statements for additional information regarding the securitization bonds .', '2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .', 'following is an analysis of the change in net revenue comparing 2007 to 2006 .', 'amount ( in millions ) .'] | ['the purchased power capacity variance is due to changes in the purchased power capacity costs included in the calculation in 2007 compared to 2006 used to bill generation costs between entergy texas and entergy gulf states louisiana .', 'the securitization transition charge variance is due to the issuance of securitization bonds .', 'as discussed above , in june 2007 , egsrf i , a company wholly-owned and consolidated by entergy texas , issued securitization bonds and with the proceeds purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds .', 'see note 5 to the financial statements herein for details of the securitization bond issuance .', 'the volume/weather variance is due to increased electricity usage on billed retail sales , including the effects of more favorable weather in 2007 compared to the same period in 2006 .', 'the increase is also due to an increase in usage during the unbilled sales period .', 'retail electricity usage increased a total of 139 gwh in all sectors .', 'see "critical accounting estimates" below and note 1 to the financial statements for further discussion of the accounting for unbilled revenues .', 'the transmission revenue variance is due to an increase in rates effective june 2007 and new transmission customers in late 2006 .', 'the base revenue variance is due to the transition to competition rider that began in march 2006 .', 'refer to note 2 to the financial statements for further discussion of the rate increase .', 'gross operating revenues , fuel and purchased power expenses , and other regulatory charges gross operating revenues decreased primarily due to a decrease of $ 179 million in fuel cost recovery revenues due to lower fuel rates and fuel refunds .', 'the decrease was partially offset by the $ 39 million increase in net revenue described above and an increase of $ 44 million in wholesale revenues , including $ 30 million from the system agreement cost equalization payments from entergy arkansas .', 'the receipt of such payments is being .'] | ========================================
| amount ( in millions )
2006 net revenue | $ 403.3
purchased power capacity | 13.1
securitization transition charge | 9.9
volume/weather | 9.7
transmission revenue | 6.1
base revenue | 2.6
other | -2.4 ( 2.4 )
2007 net revenue | $ 442.3
======================================== | subtract(442.3, 403.3), divide(#0, 403.3) | 0.0967 |
what is the impact of 2018's unconditional purchase obligations on the total value? | Background: ['guarantees and warranties in april 2015 , we entered into joint venture arrangements in saudi arabia .', 'an equity bridge loan has been provided to the joint venture until 2020 to fund equity commitments , and we guaranteed the repayment of our 25% ( 25 % ) share of this loan .', 'our venture partner guaranteed repayment of their share .', 'our maximum exposure under the guarantee is approximately $ 100 .', 'as of 30 september 2015 , we recorded a noncurrent liability of $ 67.5 for our obligation to make future equity contributions based on the equity bridge loan .', 'air products has also entered into a sale of equipment contract with the joint venture to engineer , procure , and construct the industrial gas facilities that will supply gases to saudi aramco .', 'we will provide bank guarantees to the joint venture of up to $ 326 to support our performance under the contract .', 'we are party to an equity support agreement and operations guarantee related to an air separation facility constructed in trinidad for a venture in which we own 50% ( 50 % ) .', 'at 30 september 2015 , maximum potential payments under joint and several guarantees were $ 30.0 .', 'exposures under the guarantee decline over time and will be completely extinguished by 2024 .', 'during the first quarter of 2014 , we sold the remaining portion of our homecare business and entered into an operations guarantee related to obligations under certain homecare contracts assigned in connection with the transaction .', 'our maximum potential payment under the guarantee is a320 million ( approximately $ 30 at 30 september 2015 ) , and our exposure will be extinguished by 2020 .', 'to date , no equity contributions or payments have been made since the inception of these guarantees .', 'the fair value of the above guarantees is not material .', 'we , in the normal course of business operations , have issued product warranties related to equipment sales .', 'also , contracts often contain standard terms and conditions which typically include a warranty and indemnification to the buyer that the goods and services purchased do not infringe on third-party intellectual property rights .', 'the provision for estimated future costs relating to warranties is not material to the consolidated financial statements .', 'we do not expect that any sum we may have to pay in connection with guarantees and warranties will have a material adverse effect on our consolidated financial condition , liquidity , or results of operations .', 'unconditional purchase obligations we are obligated to make future payments under unconditional purchase obligations as summarized below: .']
----
Tabular Data:
Row 1: 2016, $ 917
Row 2: 2017, 117
Row 3: 2018, 63
Row 4: 2019, 55
Row 5: 2020, 54
Row 6: thereafter, 164
Row 7: total, $ 1370
----
Additional Information: ['approximately $ 390 of our long-term unconditional purchase obligations relate to feedstock supply for numerous hyco ( hydrogen , carbon monoxide , and syngas ) facilities .', 'the price of feedstock supply is principally related to the price of natural gas .', 'however , long-term take-or-pay sales contracts to hyco customers are generally matched to the term of the feedstock supply obligations and provide recovery of price increases in the feedstock supply .', 'due to the matching of most long-term feedstock supply obligations to customer sales contracts , we do not believe these purchase obligations would have a material effect on our financial condition or results of operations .', 'the unconditional purchase obligations also include other product supply and purchase commitments and electric power and natural gas supply purchase obligations , which are primarily pass-through contracts with our customers .', 'purchase commitments to spend approximately $ 540 for additional plant and equipment are included in the unconditional purchase obligations in 2016. .'] | 0.04599 | APD/2015/page_105.pdf-2 | ['guarantees and warranties in april 2015 , we entered into joint venture arrangements in saudi arabia .', 'an equity bridge loan has been provided to the joint venture until 2020 to fund equity commitments , and we guaranteed the repayment of our 25% ( 25 % ) share of this loan .', 'our venture partner guaranteed repayment of their share .', 'our maximum exposure under the guarantee is approximately $ 100 .', 'as of 30 september 2015 , we recorded a noncurrent liability of $ 67.5 for our obligation to make future equity contributions based on the equity bridge loan .', 'air products has also entered into a sale of equipment contract with the joint venture to engineer , procure , and construct the industrial gas facilities that will supply gases to saudi aramco .', 'we will provide bank guarantees to the joint venture of up to $ 326 to support our performance under the contract .', 'we are party to an equity support agreement and operations guarantee related to an air separation facility constructed in trinidad for a venture in which we own 50% ( 50 % ) .', 'at 30 september 2015 , maximum potential payments under joint and several guarantees were $ 30.0 .', 'exposures under the guarantee decline over time and will be completely extinguished by 2024 .', 'during the first quarter of 2014 , we sold the remaining portion of our homecare business and entered into an operations guarantee related to obligations under certain homecare contracts assigned in connection with the transaction .', 'our maximum potential payment under the guarantee is a320 million ( approximately $ 30 at 30 september 2015 ) , and our exposure will be extinguished by 2020 .', 'to date , no equity contributions or payments have been made since the inception of these guarantees .', 'the fair value of the above guarantees is not material .', 'we , in the normal course of business operations , have issued product warranties related to equipment sales .', 'also , contracts often contain standard terms and conditions which typically include a warranty and indemnification to the buyer that the goods and services purchased do not infringe on third-party intellectual property rights .', 'the provision for estimated future costs relating to warranties is not material to the consolidated financial statements .', 'we do not expect that any sum we may have to pay in connection with guarantees and warranties will have a material adverse effect on our consolidated financial condition , liquidity , or results of operations .', 'unconditional purchase obligations we are obligated to make future payments under unconditional purchase obligations as summarized below: .'] | ['approximately $ 390 of our long-term unconditional purchase obligations relate to feedstock supply for numerous hyco ( hydrogen , carbon monoxide , and syngas ) facilities .', 'the price of feedstock supply is principally related to the price of natural gas .', 'however , long-term take-or-pay sales contracts to hyco customers are generally matched to the term of the feedstock supply obligations and provide recovery of price increases in the feedstock supply .', 'due to the matching of most long-term feedstock supply obligations to customer sales contracts , we do not believe these purchase obligations would have a material effect on our financial condition or results of operations .', 'the unconditional purchase obligations also include other product supply and purchase commitments and electric power and natural gas supply purchase obligations , which are primarily pass-through contracts with our customers .', 'purchase commitments to spend approximately $ 540 for additional plant and equipment are included in the unconditional purchase obligations in 2016. .'] | Row 1: 2016, $ 917
Row 2: 2017, 117
Row 3: 2018, 63
Row 4: 2019, 55
Row 5: 2020, 54
Row 6: thereafter, 164
Row 7: total, $ 1370 | divide(63, 1370) | 0.04599 |
what was the percentage change in the net cash provided by operating activities in 2016 | Context: ['special purpose entity ( 201cspe 201d ) .', 'the spe obtained a term loan and revolving loan commitment from a third party lender , secured by liens on the assets of the spe , to finance the purchase of the accounts receivable , which included a $ 275 million term loan and a $ 25 million revolving loan commitment .', 'the revolving loan commitment may be increased by an additional $ 35 million as amounts are repaid under the term loan .', 'quintilesims has guaranteed the performance of the obligations of existing and future subsidiaries that sell and service the accounts receivable under the receivables financing facility .', 'the assets of the spe are not available to satisfy any of our obligations or any obligations of our subsidiaries .', 'as of december 31 , 2016 , the full $ 25 million of revolving loan commitment was available under the receivables financing facility .', 'we used the proceeds from the term loan under the receivables financing facility to repay in full the amount outstanding on the then outstanding revolving credit facility under its then outstanding senior secured credit agreement ( $ 150 million ) , to repay $ 25 million of the then outstanding term loan b-3 , to pay related fees and expenses and the remainder was used for general working capital purposes .', 'restrictive covenants our debt agreements provide for certain covenants and events of default customary for similar instruments , including a covenant not to exceed a specified ratio of consolidated senior secured net indebtedness to consolidated ebitda , as defined in the senior secured credit facility and a covenant to maintain a specified minimum interest coverage ratio .', 'if an event of default occurs under any of the company 2019s or the company 2019s subsidiaries 2019 financing arrangements , the creditors under such financing arrangements will be entitled to take various actions , including the acceleration of amounts due under such arrangements , and in the case of the lenders under the revolving credit facility and new term loans , other actions permitted to be taken by a secured creditor .', 'our long-term debt arrangements contain usual and customary restrictive covenants that , among other things , place limitations on our ability to declare dividends .', 'for additional information regarding these restrictive covenants , see part ii , item 5 201cmarket for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities 2014dividend policy 201d and note 11 to our audited consolidated financial statements included elsewhere in this annual report on form 10-k .', 'at december 31 , 2016 , the company was in compliance with the financial covenants under the company 2019s financing arrangements .', 'years ended december 31 , 2016 , 2015 and 2014 cash flow from operating activities .']
Tabular Data:
****************************************
( in millions ) | year ended december 31 , 2016 | year ended december 31 , 2015 | year ended december 31 , 2014
net cash provided by operating activities | $ 860 | $ 476 | $ 433
****************************************
Additional Information: ['2016 compared to 2015 cash provided by operating activities increased $ 384 million in 2016 as compared to 2015 .', 'the increase in cash provided by operating activities reflects the increase in net income as adjusted for non-cash items necessary to reconcile net income to cash provided by operating activities .', 'also contributing to the increase were lower payments for income taxes ( $ 15 million ) , and lower cash used in days sales outstanding ( 201cdso 201d ) and accounts payable and accrued expenses .', 'the lower cash used in dso reflects a two-day increase in dso in 2016 compared to a seven-day increase in dso in 2015 .', 'dso can shift significantly at each reporting period depending on the timing of cash receipts under contractual payment terms relative to the recognition of revenue over a project lifecycle. .'] | 0.80672 | IQV/2016/page_79.pdf-3 | ['special purpose entity ( 201cspe 201d ) .', 'the spe obtained a term loan and revolving loan commitment from a third party lender , secured by liens on the assets of the spe , to finance the purchase of the accounts receivable , which included a $ 275 million term loan and a $ 25 million revolving loan commitment .', 'the revolving loan commitment may be increased by an additional $ 35 million as amounts are repaid under the term loan .', 'quintilesims has guaranteed the performance of the obligations of existing and future subsidiaries that sell and service the accounts receivable under the receivables financing facility .', 'the assets of the spe are not available to satisfy any of our obligations or any obligations of our subsidiaries .', 'as of december 31 , 2016 , the full $ 25 million of revolving loan commitment was available under the receivables financing facility .', 'we used the proceeds from the term loan under the receivables financing facility to repay in full the amount outstanding on the then outstanding revolving credit facility under its then outstanding senior secured credit agreement ( $ 150 million ) , to repay $ 25 million of the then outstanding term loan b-3 , to pay related fees and expenses and the remainder was used for general working capital purposes .', 'restrictive covenants our debt agreements provide for certain covenants and events of default customary for similar instruments , including a covenant not to exceed a specified ratio of consolidated senior secured net indebtedness to consolidated ebitda , as defined in the senior secured credit facility and a covenant to maintain a specified minimum interest coverage ratio .', 'if an event of default occurs under any of the company 2019s or the company 2019s subsidiaries 2019 financing arrangements , the creditors under such financing arrangements will be entitled to take various actions , including the acceleration of amounts due under such arrangements , and in the case of the lenders under the revolving credit facility and new term loans , other actions permitted to be taken by a secured creditor .', 'our long-term debt arrangements contain usual and customary restrictive covenants that , among other things , place limitations on our ability to declare dividends .', 'for additional information regarding these restrictive covenants , see part ii , item 5 201cmarket for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities 2014dividend policy 201d and note 11 to our audited consolidated financial statements included elsewhere in this annual report on form 10-k .', 'at december 31 , 2016 , the company was in compliance with the financial covenants under the company 2019s financing arrangements .', 'years ended december 31 , 2016 , 2015 and 2014 cash flow from operating activities .'] | ['2016 compared to 2015 cash provided by operating activities increased $ 384 million in 2016 as compared to 2015 .', 'the increase in cash provided by operating activities reflects the increase in net income as adjusted for non-cash items necessary to reconcile net income to cash provided by operating activities .', 'also contributing to the increase were lower payments for income taxes ( $ 15 million ) , and lower cash used in days sales outstanding ( 201cdso 201d ) and accounts payable and accrued expenses .', 'the lower cash used in dso reflects a two-day increase in dso in 2016 compared to a seven-day increase in dso in 2015 .', 'dso can shift significantly at each reporting period depending on the timing of cash receipts under contractual payment terms relative to the recognition of revenue over a project lifecycle. .'] | ****************************************
( in millions ) | year ended december 31 , 2016 | year ended december 31 , 2015 | year ended december 31 , 2014
net cash provided by operating activities | $ 860 | $ 476 | $ 433
**************************************** | divide(384, 476) | 0.80672 |
what is the ratio of the total flight attendants to passenger service personnel | Pre-text: ['future regulatory developments future regulatory developments and actions could affect operations and increase operating costs for the airline industry , including our airline subsidiaries .', 'see part i , item 1a .', 'risk factors - " if we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and , at some airports , adequate slots , we may be unable to operate our existing flight schedule and to expand or change our route network in the future , which may have a material adverse impact on our operations ," "our business is subject to extensive government regulation , which may result in increases in our costs , disruptions to our operations , limits on our operating flexibility , reductions in the demand for air travel , and competitive disadvantages" and "we are subject to many forms of environmental regulation and may incur substantial costs as a result" for additional information .', 'employees and labor relations the airline business is labor intensive .', 'in 2013 , salaries , wages , and benefits were one of our largest expenses and represented approximately 22% ( 22 % ) of our operating expenses .', 'the table below presents our approximate number of active full-time equivalent employees as of december 31 , 2013 .', 'american us airways wholly-owned regional carriers total .']
Table:
, american, us airways, wholly-owned regional carriers, total
pilots, 7900, 4100, 3400, 15400
flight attendants, 15000, 7700, 2100, 24800
maintenance personnel, 11300, 3100, 2400, 16800
fleet service personnel, 7400, 5500, 1700, 14600
passenger service personnel, 10300, 6200, 6400, 22900
administrative and other, 8200, 5500, 2200, 15900
total, 60100, 32100, 18200, 110400
Post-table: ['.'] | 1.08297 | AAL/2013/page_15.pdf-3 | ['future regulatory developments future regulatory developments and actions could affect operations and increase operating costs for the airline industry , including our airline subsidiaries .', 'see part i , item 1a .', 'risk factors - " if we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and , at some airports , adequate slots , we may be unable to operate our existing flight schedule and to expand or change our route network in the future , which may have a material adverse impact on our operations ," "our business is subject to extensive government regulation , which may result in increases in our costs , disruptions to our operations , limits on our operating flexibility , reductions in the demand for air travel , and competitive disadvantages" and "we are subject to many forms of environmental regulation and may incur substantial costs as a result" for additional information .', 'employees and labor relations the airline business is labor intensive .', 'in 2013 , salaries , wages , and benefits were one of our largest expenses and represented approximately 22% ( 22 % ) of our operating expenses .', 'the table below presents our approximate number of active full-time equivalent employees as of december 31 , 2013 .', 'american us airways wholly-owned regional carriers total .'] | ['.'] | , american, us airways, wholly-owned regional carriers, total
pilots, 7900, 4100, 3400, 15400
flight attendants, 15000, 7700, 2100, 24800
maintenance personnel, 11300, 3100, 2400, 16800
fleet service personnel, 7400, 5500, 1700, 14600
passenger service personnel, 10300, 6200, 6400, 22900
administrative and other, 8200, 5500, 2200, 15900
total, 60100, 32100, 18200, 110400 | divide(24800, 22900) | 1.08297 |
in millions for 2013 , 2012 , and 2011 , what was total commercial mortgages? | Pre-text: ['notes to consolidated financial statements note 10 .', 'securitization activities the firm securitizes residential and commercial mortgages , corporate bonds , loans and other types of financial assets by selling these assets to securitization vehicles ( e.g. , trusts , corporate entities and limited liability companies ) or through a resecuritization .', 'the firm acts as underwriter of the beneficial interests that are sold to investors .', 'the firm 2019s residential mortgage securitizations are substantially all in connection with government agency securitizations .', 'beneficial interests issued by securitization entities are debt or equity securities that give the investors rights to receive all or portions of specified cash inflows to a securitization vehicle and include senior and subordinated interests in principal , interest and/or other cash inflows .', 'the proceeds from the sale of beneficial interests are used to pay the transferor for the financial assets sold to the securitization vehicle or to purchase securities which serve as collateral .', 'the firm accounts for a securitization as a sale when it has relinquished control over the transferred assets .', 'prior to securitization , the firm accounts for assets pending transfer at fair value and therefore does not typically recognize significant gains or losses upon the transfer of assets .', 'net revenues from underwriting activities are recognized in connection with the sales of the underlying beneficial interests to investors .', 'for transfers of assets that are not accounted for as sales , the assets remain in 201cfinancial instruments owned , at fair value 201d and the transfer is accounted for as a collateralized financing , with the related interest expense recognized over the life of the transaction .', 'see notes 9 and 23 for further information about collateralized financings and interest expense , respectively .', 'the firm generally receives cash in exchange for the transferred assets but may also have continuing involvement with transferred assets , including ownership of beneficial interests in securitized financial assets , primarily in the form of senior or subordinated securities .', 'the firm may also purchase senior or subordinated securities issued by securitization vehicles ( which are typically vies ) in connection with secondary market-making activities .', 'the primary risks included in beneficial interests and other interests from the firm 2019s continuing involvement with securitization vehicles are the performance of the underlying collateral , the position of the firm 2019s investment in the capital structure of the securitization vehicle and the market yield for the security .', 'these interests are accounted for at fair value and are included in 201cfinancial instruments owned , at fair value 201d and are generally classified in level 2 of the fair value hierarchy .', 'see notes 5 through 8 for further information about fair value measurements .', 'the table below presents the amount of financial assets securitized and the cash flows received on retained interests in securitization entities in which the firm had continuing involvement. .']
Data Table:
in millions | year ended december 2013 | year ended december 2012 | year ended december 2011
----------|----------|----------|----------
residential mortgages | $ 29772 | $ 33755 | $ 40131
commercial mortgages | 6086 | 300 | 2014
other financial assets | 2014 | 2014 | 269
total | $ 35858 | $ 34055 | $ 40400
cash flows on retained interests | $ 249 | $ 389 | $ 569
Additional Information: ['goldman sachs 2013 annual report 165 .'] | 8400.0 | GS/2013/page_167.pdf-1 | ['notes to consolidated financial statements note 10 .', 'securitization activities the firm securitizes residential and commercial mortgages , corporate bonds , loans and other types of financial assets by selling these assets to securitization vehicles ( e.g. , trusts , corporate entities and limited liability companies ) or through a resecuritization .', 'the firm acts as underwriter of the beneficial interests that are sold to investors .', 'the firm 2019s residential mortgage securitizations are substantially all in connection with government agency securitizations .', 'beneficial interests issued by securitization entities are debt or equity securities that give the investors rights to receive all or portions of specified cash inflows to a securitization vehicle and include senior and subordinated interests in principal , interest and/or other cash inflows .', 'the proceeds from the sale of beneficial interests are used to pay the transferor for the financial assets sold to the securitization vehicle or to purchase securities which serve as collateral .', 'the firm accounts for a securitization as a sale when it has relinquished control over the transferred assets .', 'prior to securitization , the firm accounts for assets pending transfer at fair value and therefore does not typically recognize significant gains or losses upon the transfer of assets .', 'net revenues from underwriting activities are recognized in connection with the sales of the underlying beneficial interests to investors .', 'for transfers of assets that are not accounted for as sales , the assets remain in 201cfinancial instruments owned , at fair value 201d and the transfer is accounted for as a collateralized financing , with the related interest expense recognized over the life of the transaction .', 'see notes 9 and 23 for further information about collateralized financings and interest expense , respectively .', 'the firm generally receives cash in exchange for the transferred assets but may also have continuing involvement with transferred assets , including ownership of beneficial interests in securitized financial assets , primarily in the form of senior or subordinated securities .', 'the firm may also purchase senior or subordinated securities issued by securitization vehicles ( which are typically vies ) in connection with secondary market-making activities .', 'the primary risks included in beneficial interests and other interests from the firm 2019s continuing involvement with securitization vehicles are the performance of the underlying collateral , the position of the firm 2019s investment in the capital structure of the securitization vehicle and the market yield for the security .', 'these interests are accounted for at fair value and are included in 201cfinancial instruments owned , at fair value 201d and are generally classified in level 2 of the fair value hierarchy .', 'see notes 5 through 8 for further information about fair value measurements .', 'the table below presents the amount of financial assets securitized and the cash flows received on retained interests in securitization entities in which the firm had continuing involvement. .'] | ['goldman sachs 2013 annual report 165 .'] | in millions | year ended december 2013 | year ended december 2012 | year ended december 2011
----------|----------|----------|----------
residential mortgages | $ 29772 | $ 33755 | $ 40131
commercial mortgages | 6086 | 300 | 2014
other financial assets | 2014 | 2014 | 269
total | $ 35858 | $ 34055 | $ 40400
cash flows on retained interests | $ 249 | $ 389 | $ 569 | table_sum(commercial mortgages, none) | 8400.0 |
during 2013 , what were total losses in millions for charge-offs on new oreo properties and negative fair value adjustments on existing oreo properties? | Context: ['notes to consolidated financial statements 161 fifth third bancorp as of december 31 , 2012 ( $ in millions ) significant unobservable ranges of financial instrument fair value valuation technique inputs inputs weighted-average commercial loans held for sale $ 9 appraised value appraised value nm nm cost to sell nm 10.0% ( 10.0 % ) commercial and industrial loans 83 appraised value default rates 100% ( 100 % ) nm collateral value nm nm commercial mortgage loans 46 appraised value default rates 100% ( 100 % ) nm collateral value nm nm commercial construction loans 4 appraised value default rates 100% ( 100 % ) nm collateral value nm nm msrs 697 discounted cash flow prepayment speed 0 - 100% ( 100 % ) ( fixed ) 16.1% ( 16.1 % ) ( adjustable ) 26.9% ( 26.9 % ) discount rates 9.4 - 18.0% ( 18.0 % ) ( fixed ) 10.5% ( 10.5 % ) ( adjustable ) 11.7% ( 11.7 % ) .']
######
Data Table:
****************************************
• financial instrument, fair value, valuation technique, significant unobservableinputs, ranges ofinputs, weighted-average
• commercial loans held for sale, $ 9, appraised value, appraised valuecost to sell, nmnm, nm10.0% ( nm10.0 % )
• commercial and industrial loans, 83, appraised value, default ratescollateral value, 100%nm, nmnm
• commercial mortgage loans, 46, appraised value, default ratescollateral value, 100%nm, nmnm
• commercial construction loans, 4, appraised value, default ratescollateral value, 100%nm, nmnm
• msrs, 697, discounted cash flow, prepayment speeddiscount rates, 0 - 100%9.4 - 18.0% ( 18.0 % ), ( fixed ) 16.1% ( 16.1 % ) ( adjustable ) 26.9% ( 26.9 % ) ( fixed ) 10.5% ( 10.5 % ) ( adjustable ) 11.7% ( 11.7 % )
• oreo, 165, appraised value, appraised value, nm, nm
****************************************
######
Follow-up: ['commercial loans held for sale during 2013 and 2012 , the bancorp transferred $ 5 million and $ 16 million , respectively , of commercial loans from the portfolio to loans held for sale that upon transfer were measured at fair value using significant unobservable inputs .', 'these loans had fair value adjustments in 2013 and 2012 totaling $ 4 million and $ 1 million , respectively , and were generally based on appraisals of the underlying collateral and were therefore , classified within level 3 of the valuation hierarchy .', 'additionally , during 2013 and 2012 there were fair value adjustments on existing commercial loans held for sale of $ 3 million and $ 12 million , respectively .', 'the fair value adjustments were also based on appraisals of the underlying collateral and were therefore classified within level 3 of the valuation hierarchy .', 'an adverse change in the fair value of the underlying collateral would result in a decrease in the fair value measurement .', 'the accounting department determines the procedures for valuation of commercial hfs loans which may include a comparison to recently executed transactions of similar type loans .', 'a monthly review of the portfolio is performed for reasonableness .', 'quarterly , appraisals approaching a year old are updated and the real estate valuation group , which reports to the chief risk and credit officer , in conjunction with the commercial line of business review the third party appraisals for reasonableness .', 'additionally , the commercial line of business finance department , which reports to the bancorp chief financial officer , in conjunction with accounting review all loan appraisal values , carrying values and vintages .', 'commercial loans held for investment during 2013 and 2012 , the bancorp recorded nonrecurring impairment adjustments to certain commercial and industrial , commercial mortgage and commercial construction loans held for investment .', 'larger commercial loans included within aggregate borrower relationship balances exceeding $ 1 million that exhibit probable or observed credit weaknesses are subject to individual review for impairment .', 'the bancorp considers the current value of collateral , credit quality of any guarantees , the guarantor 2019s liquidity and willingness to cooperate , the loan structure and other factors when evaluating whether an individual loan is impaired .', 'when the loan is collateral dependent , the fair value of the loan is generally based on the fair value of the underlying collateral supporting the loan and therefore these loans were classified within level 3 of the valuation hierarchy .', 'in cases where the carrying value exceeds the fair value , an impairment loss is recognized .', 'an adverse change in the fair value of the underlying collateral would result in a decrease in the fair value measurement .', 'the fair values and recognized impairment losses are reflected in the previous table .', 'commercial credit risk , which reports to the chief risk and credit officer , is responsible for preparing and reviewing the fair value estimates for commercial loans held for investment .', 'mortgage interest rates increased during the year ended december 31 , 2013 and the bancorp recognized a recovery of temporary impairment on servicing rights .', 'the bancorp recognized temporary impairments in certain classes of the msr portfolio during the year ended december 31 , 2012 and the carrying value was adjusted to the fair value .', 'msrs do not trade in an active , open market with readily observable prices .', 'while sales of msrs do occur , the precise terms and conditions typically are not readily available .', 'accordingly , the bancorp estimates the fair value of msrs using internal discounted cash flow models with certain unobservable inputs , primarily prepayment speed assumptions , discount rates and weighted average lives , resulting in a classification within level 3 of the valuation hierarchy .', 'refer to note 11 for further information on the assumptions used in the valuation of the bancorp 2019s msrs .', 'the secondary marketing department and treasury department are responsible for determining the valuation methodology for msrs .', 'representatives from secondary marketing , treasury , accounting and risk management are responsible for reviewing key assumptions used in the internal discounted cash flow model .', 'two external valuations of the msr portfolio are obtained from third parties that use valuation models in order to assess the reasonableness of the internal discounted cash flow model .', 'additionally , the bancorp participates in peer surveys that provide additional confirmation of the reasonableness of key assumptions utilized in the msr valuation process and the resulting msr prices .', 'during 2013 and 2012 , the bancorp recorded nonrecurring adjustments to certain commercial and residential real estate properties classified as oreo and measured at the lower of carrying amount or fair value .', 'these nonrecurring losses are primarily due to declines in real estate values of the properties recorded in oreo .', 'for the years ended december 31 , 2013 and 2012 , these losses include $ 19 million and $ 17 million , respectively , recorded as charge-offs , on new oreo properties transferred from loans during the respective periods and $ 26 million and $ 57 million , respectively , recorded as negative fair value adjustments on oreo in other noninterest income subsequent to their transfer from loans .', 'as discussed in the following paragraphs , the fair value amounts are generally based on appraisals of the property values , resulting in a .'] | 45.0 | FITB/2013/page_163.pdf-2 | ['notes to consolidated financial statements 161 fifth third bancorp as of december 31 , 2012 ( $ in millions ) significant unobservable ranges of financial instrument fair value valuation technique inputs inputs weighted-average commercial loans held for sale $ 9 appraised value appraised value nm nm cost to sell nm 10.0% ( 10.0 % ) commercial and industrial loans 83 appraised value default rates 100% ( 100 % ) nm collateral value nm nm commercial mortgage loans 46 appraised value default rates 100% ( 100 % ) nm collateral value nm nm commercial construction loans 4 appraised value default rates 100% ( 100 % ) nm collateral value nm nm msrs 697 discounted cash flow prepayment speed 0 - 100% ( 100 % ) ( fixed ) 16.1% ( 16.1 % ) ( adjustable ) 26.9% ( 26.9 % ) discount rates 9.4 - 18.0% ( 18.0 % ) ( fixed ) 10.5% ( 10.5 % ) ( adjustable ) 11.7% ( 11.7 % ) .'] | ['commercial loans held for sale during 2013 and 2012 , the bancorp transferred $ 5 million and $ 16 million , respectively , of commercial loans from the portfolio to loans held for sale that upon transfer were measured at fair value using significant unobservable inputs .', 'these loans had fair value adjustments in 2013 and 2012 totaling $ 4 million and $ 1 million , respectively , and were generally based on appraisals of the underlying collateral and were therefore , classified within level 3 of the valuation hierarchy .', 'additionally , during 2013 and 2012 there were fair value adjustments on existing commercial loans held for sale of $ 3 million and $ 12 million , respectively .', 'the fair value adjustments were also based on appraisals of the underlying collateral and were therefore classified within level 3 of the valuation hierarchy .', 'an adverse change in the fair value of the underlying collateral would result in a decrease in the fair value measurement .', 'the accounting department determines the procedures for valuation of commercial hfs loans which may include a comparison to recently executed transactions of similar type loans .', 'a monthly review of the portfolio is performed for reasonableness .', 'quarterly , appraisals approaching a year old are updated and the real estate valuation group , which reports to the chief risk and credit officer , in conjunction with the commercial line of business review the third party appraisals for reasonableness .', 'additionally , the commercial line of business finance department , which reports to the bancorp chief financial officer , in conjunction with accounting review all loan appraisal values , carrying values and vintages .', 'commercial loans held for investment during 2013 and 2012 , the bancorp recorded nonrecurring impairment adjustments to certain commercial and industrial , commercial mortgage and commercial construction loans held for investment .', 'larger commercial loans included within aggregate borrower relationship balances exceeding $ 1 million that exhibit probable or observed credit weaknesses are subject to individual review for impairment .', 'the bancorp considers the current value of collateral , credit quality of any guarantees , the guarantor 2019s liquidity and willingness to cooperate , the loan structure and other factors when evaluating whether an individual loan is impaired .', 'when the loan is collateral dependent , the fair value of the loan is generally based on the fair value of the underlying collateral supporting the loan and therefore these loans were classified within level 3 of the valuation hierarchy .', 'in cases where the carrying value exceeds the fair value , an impairment loss is recognized .', 'an adverse change in the fair value of the underlying collateral would result in a decrease in the fair value measurement .', 'the fair values and recognized impairment losses are reflected in the previous table .', 'commercial credit risk , which reports to the chief risk and credit officer , is responsible for preparing and reviewing the fair value estimates for commercial loans held for investment .', 'mortgage interest rates increased during the year ended december 31 , 2013 and the bancorp recognized a recovery of temporary impairment on servicing rights .', 'the bancorp recognized temporary impairments in certain classes of the msr portfolio during the year ended december 31 , 2012 and the carrying value was adjusted to the fair value .', 'msrs do not trade in an active , open market with readily observable prices .', 'while sales of msrs do occur , the precise terms and conditions typically are not readily available .', 'accordingly , the bancorp estimates the fair value of msrs using internal discounted cash flow models with certain unobservable inputs , primarily prepayment speed assumptions , discount rates and weighted average lives , resulting in a classification within level 3 of the valuation hierarchy .', 'refer to note 11 for further information on the assumptions used in the valuation of the bancorp 2019s msrs .', 'the secondary marketing department and treasury department are responsible for determining the valuation methodology for msrs .', 'representatives from secondary marketing , treasury , accounting and risk management are responsible for reviewing key assumptions used in the internal discounted cash flow model .', 'two external valuations of the msr portfolio are obtained from third parties that use valuation models in order to assess the reasonableness of the internal discounted cash flow model .', 'additionally , the bancorp participates in peer surveys that provide additional confirmation of the reasonableness of key assumptions utilized in the msr valuation process and the resulting msr prices .', 'during 2013 and 2012 , the bancorp recorded nonrecurring adjustments to certain commercial and residential real estate properties classified as oreo and measured at the lower of carrying amount or fair value .', 'these nonrecurring losses are primarily due to declines in real estate values of the properties recorded in oreo .', 'for the years ended december 31 , 2013 and 2012 , these losses include $ 19 million and $ 17 million , respectively , recorded as charge-offs , on new oreo properties transferred from loans during the respective periods and $ 26 million and $ 57 million , respectively , recorded as negative fair value adjustments on oreo in other noninterest income subsequent to their transfer from loans .', 'as discussed in the following paragraphs , the fair value amounts are generally based on appraisals of the property values , resulting in a .'] | ****************************************
• financial instrument, fair value, valuation technique, significant unobservableinputs, ranges ofinputs, weighted-average
• commercial loans held for sale, $ 9, appraised value, appraised valuecost to sell, nmnm, nm10.0% ( nm10.0 % )
• commercial and industrial loans, 83, appraised value, default ratescollateral value, 100%nm, nmnm
• commercial mortgage loans, 46, appraised value, default ratescollateral value, 100%nm, nmnm
• commercial construction loans, 4, appraised value, default ratescollateral value, 100%nm, nmnm
• msrs, 697, discounted cash flow, prepayment speeddiscount rates, 0 - 100%9.4 - 18.0% ( 18.0 % ), ( fixed ) 16.1% ( 16.1 % ) ( adjustable ) 26.9% ( 26.9 % ) ( fixed ) 10.5% ( 10.5 % ) ( adjustable ) 11.7% ( 11.7 % )
• oreo, 165, appraised value, appraised value, nm, nm
**************************************** | add(19, 26) | 45.0 |
what percentage of the total oil and gas mmboe comes from canada? | Context: ['the acquisition date is on or after the beginning of the first annual reporting period beginning on or after december 15 , 2008 .', 'we will evaluate how the new requirements of statement no .', '141 ( r ) would impact any business combinations completed in 2009 or thereafter .', 'in december 2007 , the fasb also issued statement of financial accounting standards no .', '160 , noncontrolling interests in consolidated financial statements 2014an amendment of accounting research bulletin no .', '51 .', 'a noncontrolling interest , sometimes called a minority interest , is the portion of equity in a subsidiary not attributable , directly or indirectly , to a parent .', 'statement no .', '160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary .', 'under statement no .', '160 , noncontrolling interests in a subsidiary must be reported as a component of consolidated equity separate from the parent 2019s equity .', 'additionally , the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement .', 'statement no .', '160 is effective for fiscal years beginning on or after december 15 , 2008 and earlier adoption is prohibited .', 'we do not expect the adoption of statement no .', '160 to have a material impact on our financial statements and related disclosures .', '2008 estimates the forward-looking statements provided in this discussion are based on our examination of historical operating trends , the information that was used to prepare the december 31 , 2007 reserve reports and other data in our possession or available from third parties .', 'these forward-looking statements were prepared assuming demand , curtailment , producibility and general market conditions for our oil , natural gas and ngls during 2008 will be substantially similar to those of 2007 , unless otherwise noted .', 'we make reference to the 201cdisclosure regarding forward-looking statements 201d at the beginning of this report .', 'amounts related to canadian operations have been converted to u.s .', 'dollars using a projected average 2008 exchange rate of $ 0.98 u.s .', 'dollar to $ 1.00 canadian dollar .', 'in january 2007 , we announced our intent to divest our west african oil and gas assets and terminate our operations in west africa , including equatorial guinea , cote d 2019ivoire , gabon and other countries in the region .', 'in november 2007 , we announced an agreement to sell our operations in gabon for $ 205.5 million .', 'we are finalizing purchase and sales agreements and obtaining the necessary partner and government approvals for the remaining properties in this divestiture package .', 'we are optimistic we can complete these sales during the first half of 2008 .', 'all west african related revenues , expenses and capital will be reported as discontinued operations in our 2008 financial statements .', 'accordingly , all forward-looking estimates in the following discussion exclude amounts related to our operations in west africa , unless otherwise noted .', 'though we have completed several major property acquisitions and dispositions in recent years , these transactions are opportunity driven .', 'thus , the following forward-looking estimates do not include any financial and operating effects of potential property acquisitions or divestitures that may occur during 2008 , except for west africa as previously discussed .', 'oil , gas and ngl production set forth below are our estimates of oil , gas and ngl production for 2008 .', 'we estimate that our combined 2008 oil , gas and ngl production will total approximately 240 to 247 mmboe .', 'of this total , approximately 92% ( 92 % ) is estimated to be produced from reserves classified as 201cproved 201d at december 31 , 2007 .', 'the following estimates for oil , gas and ngl production are calculated at the midpoint of the estimated range for total production .', 'oil gas ngls total ( mmbbls ) ( bcf ) ( mmbbls ) ( mmboe ) .']
----------
Tabular Data:
Row 1: , oil ( mmbbls ), gas ( bcf ), ngls ( mmbbls ), total ( mmboe )
Row 2: u.s . onshore, 12, 626, 23, 140
Row 3: u.s . offshore, 8, 68, 1, 20
Row 4: canada, 23, 198, 4, 60
Row 5: international, 23, 2, 2014, 23
Row 6: total, 66, 894, 28, 243
----------
Post-table: ['.'] | 24.69136 | DVN/2007/page_58.pdf-2 | ['the acquisition date is on or after the beginning of the first annual reporting period beginning on or after december 15 , 2008 .', 'we will evaluate how the new requirements of statement no .', '141 ( r ) would impact any business combinations completed in 2009 or thereafter .', 'in december 2007 , the fasb also issued statement of financial accounting standards no .', '160 , noncontrolling interests in consolidated financial statements 2014an amendment of accounting research bulletin no .', '51 .', 'a noncontrolling interest , sometimes called a minority interest , is the portion of equity in a subsidiary not attributable , directly or indirectly , to a parent .', 'statement no .', '160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary .', 'under statement no .', '160 , noncontrolling interests in a subsidiary must be reported as a component of consolidated equity separate from the parent 2019s equity .', 'additionally , the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement .', 'statement no .', '160 is effective for fiscal years beginning on or after december 15 , 2008 and earlier adoption is prohibited .', 'we do not expect the adoption of statement no .', '160 to have a material impact on our financial statements and related disclosures .', '2008 estimates the forward-looking statements provided in this discussion are based on our examination of historical operating trends , the information that was used to prepare the december 31 , 2007 reserve reports and other data in our possession or available from third parties .', 'these forward-looking statements were prepared assuming demand , curtailment , producibility and general market conditions for our oil , natural gas and ngls during 2008 will be substantially similar to those of 2007 , unless otherwise noted .', 'we make reference to the 201cdisclosure regarding forward-looking statements 201d at the beginning of this report .', 'amounts related to canadian operations have been converted to u.s .', 'dollars using a projected average 2008 exchange rate of $ 0.98 u.s .', 'dollar to $ 1.00 canadian dollar .', 'in january 2007 , we announced our intent to divest our west african oil and gas assets and terminate our operations in west africa , including equatorial guinea , cote d 2019ivoire , gabon and other countries in the region .', 'in november 2007 , we announced an agreement to sell our operations in gabon for $ 205.5 million .', 'we are finalizing purchase and sales agreements and obtaining the necessary partner and government approvals for the remaining properties in this divestiture package .', 'we are optimistic we can complete these sales during the first half of 2008 .', 'all west african related revenues , expenses and capital will be reported as discontinued operations in our 2008 financial statements .', 'accordingly , all forward-looking estimates in the following discussion exclude amounts related to our operations in west africa , unless otherwise noted .', 'though we have completed several major property acquisitions and dispositions in recent years , these transactions are opportunity driven .', 'thus , the following forward-looking estimates do not include any financial and operating effects of potential property acquisitions or divestitures that may occur during 2008 , except for west africa as previously discussed .', 'oil , gas and ngl production set forth below are our estimates of oil , gas and ngl production for 2008 .', 'we estimate that our combined 2008 oil , gas and ngl production will total approximately 240 to 247 mmboe .', 'of this total , approximately 92% ( 92 % ) is estimated to be produced from reserves classified as 201cproved 201d at december 31 , 2007 .', 'the following estimates for oil , gas and ngl production are calculated at the midpoint of the estimated range for total production .', 'oil gas ngls total ( mmbbls ) ( bcf ) ( mmbbls ) ( mmboe ) .'] | ['.'] | Row 1: , oil ( mmbbls ), gas ( bcf ), ngls ( mmbbls ), total ( mmboe )
Row 2: u.s . onshore, 12, 626, 23, 140
Row 3: u.s . offshore, 8, 68, 1, 20
Row 4: canada, 23, 198, 4, 60
Row 5: international, 23, 2, 2014, 23
Row 6: total, 66, 894, 28, 243 | divide(60, 243), multiply(#0, const_100) | 24.69136 |
what portion of the proceeds from the series mortgage bonds issued in january 2009 were used to repay the note payable to entergy corporation? | Context: ['entergy texas , inc .', "management's financial discussion and analysis dividends or other distributions on its common stock .", "currently , all of entergy texas' retained earnings are available for distribution .", "sources of capital entergy texas' sources to meet its capital requirements include : internally generated funds ; cash on hand ; debt or preferred stock issuances ; and bank financing under new or existing facilities .", 'entergy texas may refinance or redeem debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable .', 'all debt and common and preferred stock issuances by entergy texas require prior regulatory approval .', 'preferred stock and debt issuances are also subject to issuance tests set forth in its corporate charter , bond indentures , and other agreements .', 'entergy texas has sufficient capacity under these tests to meet its foreseeable capital needs .', 'entergy gulf states , inc .', 'filed with the ferc an application , on behalf of entergy texas , for authority to issue up to $ 200 million of short-term debt , up to $ 300 million of tax-exempt bonds , and up to $ 1.3 billion of other long- term securities , including common and preferred or preference stock and long-term debt .', 'on november 8 , 2007 , the ferc issued orders granting the requested authority for a two-year period ending november 8 , 2009 .', "entergy texas' receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years: ."]
Tabular Data:
----------------------------------------
Row 1: 2008, 2007, 2006, 2005
Row 2: ( in thousands ), ( in thousands ), ( in thousands ), ( in thousands )
Row 3: ( $ 50794 ), $ 154176, $ 97277, $ 136545
----------------------------------------
Post-table: ['see note 4 to the financial statements for a description of the money pool .', 'entergy texas has a credit facility in the amount of $ 100 million scheduled to expire in august 2012 .', 'as of december 31 , 2008 , $ 100 million was outstanding on the credit facility .', 'in february 2009 , entergy texas repaid its credit facility with the proceeds from the bond issuance discussed below .', "on june 2 , 2008 and december 8 , 2008 , under the terms of the debt assumption agreement between entergy texas and entergy gulf states louisiana that is discussed in note 5 to the financial statements , entergy texas paid at maturity $ 148.8 million and $ 160.3 million , respectively , of entergy gulf states louisiana first mortgage bonds , which results in a corresponding decrease in entergy texas' debt assumption liability .", 'in december 2008 , entergy texas borrowed $ 160 million from its parent company , entergy corporation , under a $ 300 million revolving credit facility pursuant to an inter-company credit agreement between entergy corporation and entergy texas .', 'this borrowing would have matured on december 3 , 2013 .', 'entergy texas used these borrowings , together with other available corporate funds , to pay at maturity the portion of the $ 350 million floating rate series of first mortgage bonds due december 2008 that had been assumed by entergy texas , and that bond series is no longer outstanding .', 'in january 2009 , entergy texas repaid its $ 160 million note payable to entergy corporation with the proceeds from the bond issuance discussed below .', 'in january 2009 , entergy texas issued $ 500 million of 7.125% ( 7.125 % ) series mortgage bonds due february 2019 .', 'entergy texas used a portion of the proceeds to repay its $ 160 million note payable to entergy corporation , to repay the $ 100 million outstanding on its credit facility , and to repay short-term borrowings under the entergy system money pool .', 'entergy texas intends to use the remaining proceeds to repay on or prior to maturity approximately $ 70 million of obligations that had been assumed by entergy texas under the debt assumption agreement with entergy gulf states louisiana and for other general corporate purposes. .'] | 0.32 | ETR/2008/page_382.pdf-3 | ['entergy texas , inc .', "management's financial discussion and analysis dividends or other distributions on its common stock .", "currently , all of entergy texas' retained earnings are available for distribution .", "sources of capital entergy texas' sources to meet its capital requirements include : internally generated funds ; cash on hand ; debt or preferred stock issuances ; and bank financing under new or existing facilities .", 'entergy texas may refinance or redeem debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable .', 'all debt and common and preferred stock issuances by entergy texas require prior regulatory approval .', 'preferred stock and debt issuances are also subject to issuance tests set forth in its corporate charter , bond indentures , and other agreements .', 'entergy texas has sufficient capacity under these tests to meet its foreseeable capital needs .', 'entergy gulf states , inc .', 'filed with the ferc an application , on behalf of entergy texas , for authority to issue up to $ 200 million of short-term debt , up to $ 300 million of tax-exempt bonds , and up to $ 1.3 billion of other long- term securities , including common and preferred or preference stock and long-term debt .', 'on november 8 , 2007 , the ferc issued orders granting the requested authority for a two-year period ending november 8 , 2009 .', "entergy texas' receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years: ."] | ['see note 4 to the financial statements for a description of the money pool .', 'entergy texas has a credit facility in the amount of $ 100 million scheduled to expire in august 2012 .', 'as of december 31 , 2008 , $ 100 million was outstanding on the credit facility .', 'in february 2009 , entergy texas repaid its credit facility with the proceeds from the bond issuance discussed below .', "on june 2 , 2008 and december 8 , 2008 , under the terms of the debt assumption agreement between entergy texas and entergy gulf states louisiana that is discussed in note 5 to the financial statements , entergy texas paid at maturity $ 148.8 million and $ 160.3 million , respectively , of entergy gulf states louisiana first mortgage bonds , which results in a corresponding decrease in entergy texas' debt assumption liability .", 'in december 2008 , entergy texas borrowed $ 160 million from its parent company , entergy corporation , under a $ 300 million revolving credit facility pursuant to an inter-company credit agreement between entergy corporation and entergy texas .', 'this borrowing would have matured on december 3 , 2013 .', 'entergy texas used these borrowings , together with other available corporate funds , to pay at maturity the portion of the $ 350 million floating rate series of first mortgage bonds due december 2008 that had been assumed by entergy texas , and that bond series is no longer outstanding .', 'in january 2009 , entergy texas repaid its $ 160 million note payable to entergy corporation with the proceeds from the bond issuance discussed below .', 'in january 2009 , entergy texas issued $ 500 million of 7.125% ( 7.125 % ) series mortgage bonds due february 2019 .', 'entergy texas used a portion of the proceeds to repay its $ 160 million note payable to entergy corporation , to repay the $ 100 million outstanding on its credit facility , and to repay short-term borrowings under the entergy system money pool .', 'entergy texas intends to use the remaining proceeds to repay on or prior to maturity approximately $ 70 million of obligations that had been assumed by entergy texas under the debt assumption agreement with entergy gulf states louisiana and for other general corporate purposes. .'] | ----------------------------------------
Row 1: 2008, 2007, 2006, 2005
Row 2: ( in thousands ), ( in thousands ), ( in thousands ), ( in thousands )
Row 3: ( $ 50794 ), $ 154176, $ 97277, $ 136545
---------------------------------------- | divide(160, 500) | 0.32 |
what is the percent of our network route miles that is owned rather than operated on pursuant to trackage rights or leases | Pre-text: ['notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201ccompany 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .', '1 .', 'nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s .', 'our network includes 32070 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s .', 'gateways and providing several corridors to key mexican gateways .', 'we own 26053 miles and operate on the remainder pursuant to trackage rights or leases .', 'we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico .', 'export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders .', 'the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment .', 'although we provide and analyze revenue by commodity group , we treat the financial results of the railroad as one segment due to the integrated nature of our rail network .', 'the following table provides freight revenue by commodity group: .']
Tabular Data:
millions, 2016, 2015, 2014
agricultural products, $ 3625, $ 3581, $ 3777
automotive, 2000, 2154, 2103
chemicals, 3474, 3543, 3664
coal, 2440, 3237, 4127
industrial products, 3348, 3808, 4400
intermodal, 3714, 4074, 4489
total freight revenues, $ 18601, $ 20397, $ 22560
other revenues, 1340, 1416, 1428
total operating revenues, $ 19941, $ 21813, $ 23988
Follow-up: ['although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products we transport are outside the u.s .', 'each of our commodity groups includes revenue from shipments to and from mexico .', 'included in the above table are freight revenues from our mexico business which amounted to $ 2.2 billion in 2016 , $ 2.2 billion in 2015 , and $ 2.3 billion in 2014 .', 'basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s .', '( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) .', '2 .', 'significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries .', 'investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting .', 'all intercompany transactions are eliminated .', 'we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements .', 'cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less .', 'accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts .', 'the allowance is based upon historical losses , credit worthiness of customers , and current economic conditions .', 'receivables not expected to be collected in one year and the associated allowances are classified as other assets in our consolidated statements of financial position. .'] | 0.81238 | UNP/2016/page_52.pdf-1 | ['notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201ccompany 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .', '1 .', 'nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s .', 'our network includes 32070 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s .', 'gateways and providing several corridors to key mexican gateways .', 'we own 26053 miles and operate on the remainder pursuant to trackage rights or leases .', 'we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico .', 'export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders .', 'the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment .', 'although we provide and analyze revenue by commodity group , we treat the financial results of the railroad as one segment due to the integrated nature of our rail network .', 'the following table provides freight revenue by commodity group: .'] | ['although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products we transport are outside the u.s .', 'each of our commodity groups includes revenue from shipments to and from mexico .', 'included in the above table are freight revenues from our mexico business which amounted to $ 2.2 billion in 2016 , $ 2.2 billion in 2015 , and $ 2.3 billion in 2014 .', 'basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s .', '( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) .', '2 .', 'significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries .', 'investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting .', 'all intercompany transactions are eliminated .', 'we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements .', 'cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less .', 'accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts .', 'the allowance is based upon historical losses , credit worthiness of customers , and current economic conditions .', 'receivables not expected to be collected in one year and the associated allowances are classified as other assets in our consolidated statements of financial position. .'] | millions, 2016, 2015, 2014
agricultural products, $ 3625, $ 3581, $ 3777
automotive, 2000, 2154, 2103
chemicals, 3474, 3543, 3664
coal, 2440, 3237, 4127
industrial products, 3348, 3808, 4400
intermodal, 3714, 4074, 4489
total freight revenues, $ 18601, $ 20397, $ 22560
other revenues, 1340, 1416, 1428
total operating revenues, $ 19941, $ 21813, $ 23988 | divide(26053, 32070) | 0.81238 |
what was the average shorewood net sales from 2003 to 2005 in millions | Background: ['entering 2006 , industrial packaging earnings are expected to improve significantly in the first quarter compared with the fourth quarter 2005 .', 'average price realizations should continue to benefit from price in- creases announced in late 2005 and early 2006 for linerboard and domestic boxes .', 'containerboard sales volumes are expected to drop slightly in the 2006 first quarter due to fewer shipping days , but growth is antici- pated for u.s .', 'converted products due to stronger de- mand .', 'costs for wood , freight and energy are expected to remain stable during the 2006 first quarter , approach- ing fourth quarter 2005 levels .', 'the continued im- plementation of the new supply chain model at our mills during 2006 will bring additional efficiency improve- ments and cost savings .', 'on a global basis , the european container operating results are expected to improve as a result of targeted market growth and cost reduction ini- tiatives , and we will begin seeing further contributions from our recent moroccan box plant acquisition and from international paper distribution limited .', 'consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and gen- eral economic activity .', 'in addition to prices and volumes , major factors affecting the profitability of con- sumer packaging are raw material and energy costs , manufacturing efficiency and product mix .', 'consumer packaging 2019s 2005 net sales of $ 2.6 bil- lion were flat compared with 2004 and 5% ( 5 % ) higher com- pared with 2003 .', 'operating profits in 2005 declined 22% ( 22 % ) from 2004 and 31% ( 31 % ) from 2003 as improved price realizations ( $ 46 million ) and favorable operations in the mills and converting operations ( $ 60 million ) could not overcome the impact of cost increases in energy , wood , polyethylene and other raw materials ( $ 120 million ) , lack-of-order downtime ( $ 13 million ) and other costs ( $ 8 million ) .', 'consumer packaging in millions 2005 2004 2003 .']
Data Table:
========================================
in millions | 2005 | 2004 | 2003
----------|----------|----------|----------
sales | $ 2590 | $ 2605 | $ 2465
operating profit | $ 126 | $ 161 | $ 183
========================================
Post-table: ['bleached board net sales of $ 864 million in 2005 were up from $ 842 million in 2004 and $ 751 million in 2003 .', 'the effects in 2005 of improved average price realizations and mill operating improvements were not enough to offset increased energy , wood , polyethylene and other raw material costs , a slight decrease in volume and increased lack-of-order downtime .', 'bleached board mills took 100000 tons of downtime in 2005 , including 65000 tons of lack-of-order downtime , compared with 40000 tons of downtime in 2004 , none of which was market related .', 'during 2005 , restructuring and manufacturing improvement plans were implemented to reduce costs and improve market alignment .', 'foodservice net sales were $ 437 million in 2005 compared with $ 480 million in 2004 and $ 460 million in 2003 .', 'average sales prices in 2005 were up 3% ( 3 % ) ; how- ever , domestic cup and lid sales volumes were 5% ( 5 % ) lower than in 2004 as a result of a rationalization of our cus- tomer base early in 2005 .', 'operating profits in 2005 in- creased 147% ( 147 % ) compared with 2004 , largely due to the settlement of a lawsuit and a favorable adjustment on the sale of the jackson , tennessee bag plant .', 'excluding unusual items , operating profits were flat as improved price realizations offset increased costs for bleached board and resin .', 'shorewood net sales of $ 691 million in 2005 were essentially flat with net sales in 2004 of $ 687 million , but were up compared with $ 665 million in 2003 .', 'operating profits in 2005 were 17% ( 17 % ) above 2004 levels and about equal to 2003 levels .', 'improved margins resulting from a rationalization of the customer mix and the effects of improved manufacturing operations , including the successful start up of our south korean tobacco operations , more than offset cost increases for board and paper and the impact of unfavorable foreign exchange rates in canada .', 'beverage packaging net sales were $ 597 million in 2005 , $ 595 million in 2004 and $ 589 million in 2003 .', 'average sale price realizations increased 2% ( 2 % ) compared with 2004 , principally the result of the pass-through of higher raw material costs , although the implementation of price increases continues to be impacted by com- petitive pressures .', 'operating profits were down 14% ( 14 % ) compared with 2004 and 19% ( 19 % ) compared with 2003 , due principally to increases in board and resin costs .', 'in 2006 , the bleached board market is expected to remain strong , with sales volumes increasing in the first quarter compared with the fourth quarter of 2005 for both folding carton and cup products .', 'improved price realizations are also expected for bleached board and in our foodservice and beverage packaging businesses , al- though continued high costs for energy , wood and resin will continue to negatively impact earnings .', 'shorewood should continue to benefit from strong asian operations and from targeted sales volume growth in 2006 .', 'capital improvements and operational excellence initiatives undertaken in 2005 should benefit operating results in 2006 for all businesses .', 'distribution our distribution business , principally represented by our xpedx business , markets a diverse array of products and supply chain services to customers in many business segments .', 'customer demand is generally sensitive to changes in general economic conditions , although the .'] | 1023.0 | IP/2005/page_29.pdf-4 | ['entering 2006 , industrial packaging earnings are expected to improve significantly in the first quarter compared with the fourth quarter 2005 .', 'average price realizations should continue to benefit from price in- creases announced in late 2005 and early 2006 for linerboard and domestic boxes .', 'containerboard sales volumes are expected to drop slightly in the 2006 first quarter due to fewer shipping days , but growth is antici- pated for u.s .', 'converted products due to stronger de- mand .', 'costs for wood , freight and energy are expected to remain stable during the 2006 first quarter , approach- ing fourth quarter 2005 levels .', 'the continued im- plementation of the new supply chain model at our mills during 2006 will bring additional efficiency improve- ments and cost savings .', 'on a global basis , the european container operating results are expected to improve as a result of targeted market growth and cost reduction ini- tiatives , and we will begin seeing further contributions from our recent moroccan box plant acquisition and from international paper distribution limited .', 'consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and gen- eral economic activity .', 'in addition to prices and volumes , major factors affecting the profitability of con- sumer packaging are raw material and energy costs , manufacturing efficiency and product mix .', 'consumer packaging 2019s 2005 net sales of $ 2.6 bil- lion were flat compared with 2004 and 5% ( 5 % ) higher com- pared with 2003 .', 'operating profits in 2005 declined 22% ( 22 % ) from 2004 and 31% ( 31 % ) from 2003 as improved price realizations ( $ 46 million ) and favorable operations in the mills and converting operations ( $ 60 million ) could not overcome the impact of cost increases in energy , wood , polyethylene and other raw materials ( $ 120 million ) , lack-of-order downtime ( $ 13 million ) and other costs ( $ 8 million ) .', 'consumer packaging in millions 2005 2004 2003 .'] | ['bleached board net sales of $ 864 million in 2005 were up from $ 842 million in 2004 and $ 751 million in 2003 .', 'the effects in 2005 of improved average price realizations and mill operating improvements were not enough to offset increased energy , wood , polyethylene and other raw material costs , a slight decrease in volume and increased lack-of-order downtime .', 'bleached board mills took 100000 tons of downtime in 2005 , including 65000 tons of lack-of-order downtime , compared with 40000 tons of downtime in 2004 , none of which was market related .', 'during 2005 , restructuring and manufacturing improvement plans were implemented to reduce costs and improve market alignment .', 'foodservice net sales were $ 437 million in 2005 compared with $ 480 million in 2004 and $ 460 million in 2003 .', 'average sales prices in 2005 were up 3% ( 3 % ) ; how- ever , domestic cup and lid sales volumes were 5% ( 5 % ) lower than in 2004 as a result of a rationalization of our cus- tomer base early in 2005 .', 'operating profits in 2005 in- creased 147% ( 147 % ) compared with 2004 , largely due to the settlement of a lawsuit and a favorable adjustment on the sale of the jackson , tennessee bag plant .', 'excluding unusual items , operating profits were flat as improved price realizations offset increased costs for bleached board and resin .', 'shorewood net sales of $ 691 million in 2005 were essentially flat with net sales in 2004 of $ 687 million , but were up compared with $ 665 million in 2003 .', 'operating profits in 2005 were 17% ( 17 % ) above 2004 levels and about equal to 2003 levels .', 'improved margins resulting from a rationalization of the customer mix and the effects of improved manufacturing operations , including the successful start up of our south korean tobacco operations , more than offset cost increases for board and paper and the impact of unfavorable foreign exchange rates in canada .', 'beverage packaging net sales were $ 597 million in 2005 , $ 595 million in 2004 and $ 589 million in 2003 .', 'average sale price realizations increased 2% ( 2 % ) compared with 2004 , principally the result of the pass-through of higher raw material costs , although the implementation of price increases continues to be impacted by com- petitive pressures .', 'operating profits were down 14% ( 14 % ) compared with 2004 and 19% ( 19 % ) compared with 2003 , due principally to increases in board and resin costs .', 'in 2006 , the bleached board market is expected to remain strong , with sales volumes increasing in the first quarter compared with the fourth quarter of 2005 for both folding carton and cup products .', 'improved price realizations are also expected for bleached board and in our foodservice and beverage packaging businesses , al- though continued high costs for energy , wood and resin will continue to negatively impact earnings .', 'shorewood should continue to benefit from strong asian operations and from targeted sales volume growth in 2006 .', 'capital improvements and operational excellence initiatives undertaken in 2005 should benefit operating results in 2006 for all businesses .', 'distribution our distribution business , principally represented by our xpedx business , markets a diverse array of products and supply chain services to customers in many business segments .', 'customer demand is generally sensitive to changes in general economic conditions , although the .'] | ========================================
in millions | 2005 | 2004 | 2003
----------|----------|----------|----------
sales | $ 2590 | $ 2605 | $ 2465
operating profit | $ 126 | $ 161 | $ 183
======================================== | add(691, 687), add(665, #0), add(#1, const_3), divide(#2, const_2) | 1023.0 |
what was total liability reflected as other long-term liabilities in the accompanying consolidated balance sheets for december 31 , 2012 and 2011 in millions? | Pre-text: ['the company had capital loss carryforwards for federal income tax purposes of $ 4357 at december 31 , 2012 and 2011 , respectively .', 'the company has recognized a full valuation allowance for the capital loss carryforwards because the company does not believe these losses are more likely than not to be recovered .', 'the company files income tax returns in the united states federal jurisdiction and various state and foreign jurisdictions .', 'with few exceptions , the company is no longer subject to u.s .', 'federal , state or local or non-u.s income tax examinations by tax authorities for years before 2007 .', 'the company has state income tax examinations in progress and does not expect material adjustments to result .', 'the patient protection and affordable care act ( the 201cppaca 201d ) became law on march 23 , 2010 , and the health care and education reconciliation act of 2010 became law on march 30 , 2010 , which makes various amendments to certain aspects of the ppaca ( together , the 201cacts 201d ) .', 'the ppaca effectively changes the tax treatment of federal subsidies paid to sponsors of retiree health benefit plans that provide a benefit that is at least actuarially equivalent to the benefits under medicare part d .', 'the acts effectively make the subsidy payments taxable in tax years beginning after december 31 , 2012 and as a result , the company followed its original accounting for the underfunded status of the other postretirement benefits for the medicare part d adjustment and recorded a reduction in deferred tax assets and an increase in its regulatory assets amounting to $ 6432 .', 'the following table summarizes the changes in the company 2019s gross liability , excluding interest and penalties , for unrecognized tax benefits: .']
----------
Data Table:
****************************************
Row 1: balance at january 1 2011, $ 118314
Row 2: increases in current period tax positions, 46961
Row 3: decreases in prior period measurement of tax positions, -6697 ( 6697 )
Row 4: balance at december 31 2011, 158578
Row 5: increases in current period tax positions, 40620
Row 6: decreases in prior period measurement of tax positions, -18205 ( 18205 )
Row 7: balance at december 31 2012, $ 180993
****************************************
----------
Post-table: ['the liability balance includes amounts reflected as other long-term liabilities in the accompanying consolidated balance sheets totaling $ 74360 and $ 46961 as of december 31 , 2012 and 2011 , respectively .', 'the total balance in the table above does not include interest and penalties of $ 260 and $ 214 as of december 31 , 2012 and 2011 , respectively , which is recorded as a component of income tax expense .', 'the majority of the increased tax position is attributable to temporary differences .', 'the increase in 2012 current period tax positions related primarily to the company 2019s change in tax accounting method filed in 2008 for repair and maintenance costs on its utility assets .', 'the company does not anticipate material changes to its unrecognized tax benefits within the next year .', 'if the company sustains all of its positions at december 31 , 2012 and 2011 , an unrecognized tax benefit of $ 7532 and $ 6644 , respectively , excluding interest and penalties , would impact the company 2019s effective tax rate. .'] | 121321.0 | AWK/2012/page_117.pdf-1 | ['the company had capital loss carryforwards for federal income tax purposes of $ 4357 at december 31 , 2012 and 2011 , respectively .', 'the company has recognized a full valuation allowance for the capital loss carryforwards because the company does not believe these losses are more likely than not to be recovered .', 'the company files income tax returns in the united states federal jurisdiction and various state and foreign jurisdictions .', 'with few exceptions , the company is no longer subject to u.s .', 'federal , state or local or non-u.s income tax examinations by tax authorities for years before 2007 .', 'the company has state income tax examinations in progress and does not expect material adjustments to result .', 'the patient protection and affordable care act ( the 201cppaca 201d ) became law on march 23 , 2010 , and the health care and education reconciliation act of 2010 became law on march 30 , 2010 , which makes various amendments to certain aspects of the ppaca ( together , the 201cacts 201d ) .', 'the ppaca effectively changes the tax treatment of federal subsidies paid to sponsors of retiree health benefit plans that provide a benefit that is at least actuarially equivalent to the benefits under medicare part d .', 'the acts effectively make the subsidy payments taxable in tax years beginning after december 31 , 2012 and as a result , the company followed its original accounting for the underfunded status of the other postretirement benefits for the medicare part d adjustment and recorded a reduction in deferred tax assets and an increase in its regulatory assets amounting to $ 6432 .', 'the following table summarizes the changes in the company 2019s gross liability , excluding interest and penalties , for unrecognized tax benefits: .'] | ['the liability balance includes amounts reflected as other long-term liabilities in the accompanying consolidated balance sheets totaling $ 74360 and $ 46961 as of december 31 , 2012 and 2011 , respectively .', 'the total balance in the table above does not include interest and penalties of $ 260 and $ 214 as of december 31 , 2012 and 2011 , respectively , which is recorded as a component of income tax expense .', 'the majority of the increased tax position is attributable to temporary differences .', 'the increase in 2012 current period tax positions related primarily to the company 2019s change in tax accounting method filed in 2008 for repair and maintenance costs on its utility assets .', 'the company does not anticipate material changes to its unrecognized tax benefits within the next year .', 'if the company sustains all of its positions at december 31 , 2012 and 2011 , an unrecognized tax benefit of $ 7532 and $ 6644 , respectively , excluding interest and penalties , would impact the company 2019s effective tax rate. .'] | ****************************************
Row 1: balance at january 1 2011, $ 118314
Row 2: increases in current period tax positions, 46961
Row 3: decreases in prior period measurement of tax positions, -6697 ( 6697 )
Row 4: balance at december 31 2011, 158578
Row 5: increases in current period tax positions, 40620
Row 6: decreases in prior period measurement of tax positions, -18205 ( 18205 )
Row 7: balance at december 31 2012, $ 180993
**************************************** | add(74360, 46961) | 121321.0 |
considering the reverse stock split , what was the percentual reduction of the common stock outstanding shares? | Context: ['part ii item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities .', 'the company 2019s common stock is listed on the new york stock exchange .', 'prior to the separation of alcoa corporation from the company , the company 2019s common stock traded under the symbol 201caa . 201d in connection with the separation , on november 1 , 2016 , the company changed its stock symbol and its common stock began trading under the symbol 201carnc . 201d on october 5 , 2016 , the company 2019s common shareholders approved a 1-for-3 reverse stock split of the company 2019s outstanding and authorized shares of common stock ( the 201creverse stock split 201d ) .', 'as a result of the reverse stock split , every three shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock , without any change in the par value per share .', 'the reverse stock split reduced the number of shares of common stock outstanding from approximately 1.3 billion shares to approximately 0.4 billion shares , and proportionately decreased the number of authorized shares of common stock from 1.8 billion to 0.6 billion shares .', 'the company 2019s common stock began trading on a reverse stock split-adjusted basis on october 6 , 2016 .', 'on november 1 , 2016 , the company completed the separation of its business into two independent , publicly traded companies : the company and alcoa corporation .', 'the separation was effected by means of a pro rata distribution by the company of 80.1% ( 80.1 % ) of the outstanding shares of alcoa corporation common stock to the company 2019s shareholders .', 'the company 2019s shareholders of record as of the close of business on october 20 , 2016 ( the 201crecord date 201d ) received one share of alcoa corporation common stock for every three shares of the company 2019s common stock held as of the record date .', 'the company retained 19.9% ( 19.9 % ) of the outstanding common stock of alcoa corporation immediately following the separation .', 'see disposition of retained shares in note c to the consolidated financial statements in part ii item 8 of this form 10-k .', 'the following table sets forth , for the periods indicated , the high and low sales prices and quarterly dividend amounts per share of the company 2019s common stock as reported on the new york stock exchange , adjusted to take into account the reverse stock split effected on october 6 , 2016 .', 'the prices listed below for those dates prior to november 1 , 2016 reflect stock trading prices of alcoa inc .', 'prior to the separation of alcoa corporation from the company on november 1 , 2016 , and therefore are not comparable to the company 2019s post-separation prices. .']
##
Tabular Data:
========================================
quarter | 2017 high | 2017 low | 2017 dividend | 2017 high | 2017 low | dividend
first | $ 30.69 | $ 18.64 | $ 0.06 | $ 30.66 | $ 18.42 | $ 0.09
second | 28.65 | 21.76 | 0.06 | 34.50 | 26.34 | 0.09
third | 26.84 | 22.67 | 0.06 | 32.91 | 27.09 | 0.09
fourth ( separation occurred on november 1 2016 ) | 27.85 | 22.74 | 0.06 | 32.10 | 16.75 | 0.09
year | $ 30.69 | $ 18.64 | $ 0.24 | $ 34.50 | $ 16.75 | $ 0.36
========================================
##
Additional Information: ['the number of holders of record of common stock was approximately 12271 as of february 16 , 2018. .'] | 0.69231 | HWM/2017/page_41.pdf-1 | ['part ii item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities .', 'the company 2019s common stock is listed on the new york stock exchange .', 'prior to the separation of alcoa corporation from the company , the company 2019s common stock traded under the symbol 201caa . 201d in connection with the separation , on november 1 , 2016 , the company changed its stock symbol and its common stock began trading under the symbol 201carnc . 201d on october 5 , 2016 , the company 2019s common shareholders approved a 1-for-3 reverse stock split of the company 2019s outstanding and authorized shares of common stock ( the 201creverse stock split 201d ) .', 'as a result of the reverse stock split , every three shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock , without any change in the par value per share .', 'the reverse stock split reduced the number of shares of common stock outstanding from approximately 1.3 billion shares to approximately 0.4 billion shares , and proportionately decreased the number of authorized shares of common stock from 1.8 billion to 0.6 billion shares .', 'the company 2019s common stock began trading on a reverse stock split-adjusted basis on october 6 , 2016 .', 'on november 1 , 2016 , the company completed the separation of its business into two independent , publicly traded companies : the company and alcoa corporation .', 'the separation was effected by means of a pro rata distribution by the company of 80.1% ( 80.1 % ) of the outstanding shares of alcoa corporation common stock to the company 2019s shareholders .', 'the company 2019s shareholders of record as of the close of business on october 20 , 2016 ( the 201crecord date 201d ) received one share of alcoa corporation common stock for every three shares of the company 2019s common stock held as of the record date .', 'the company retained 19.9% ( 19.9 % ) of the outstanding common stock of alcoa corporation immediately following the separation .', 'see disposition of retained shares in note c to the consolidated financial statements in part ii item 8 of this form 10-k .', 'the following table sets forth , for the periods indicated , the high and low sales prices and quarterly dividend amounts per share of the company 2019s common stock as reported on the new york stock exchange , adjusted to take into account the reverse stock split effected on october 6 , 2016 .', 'the prices listed below for those dates prior to november 1 , 2016 reflect stock trading prices of alcoa inc .', 'prior to the separation of alcoa corporation from the company on november 1 , 2016 , and therefore are not comparable to the company 2019s post-separation prices. .'] | ['the number of holders of record of common stock was approximately 12271 as of february 16 , 2018. .'] | ========================================
quarter | 2017 high | 2017 low | 2017 dividend | 2017 high | 2017 low | dividend
first | $ 30.69 | $ 18.64 | $ 0.06 | $ 30.66 | $ 18.42 | $ 0.09
second | 28.65 | 21.76 | 0.06 | 34.50 | 26.34 | 0.09
third | 26.84 | 22.67 | 0.06 | 32.91 | 27.09 | 0.09
fourth ( separation occurred on november 1 2016 ) | 27.85 | 22.74 | 0.06 | 32.10 | 16.75 | 0.09
year | $ 30.69 | $ 18.64 | $ 0.24 | $ 34.50 | $ 16.75 | $ 0.36
======================================== | divide(0.4, 1.3), subtract(const_1, #0) | 0.69231 |
by what percentage did asset retirement obligations increase from 2008 to 2009? | Context: ['marathon oil corporation notes to consolidated financial statements ( g ) this obligation relates to a lease of equipment at united states steel 2019s clairton works cokemaking facility in pennsylvania .', 'we are the primary obligor under this lease .', 'under the financial matters agreement , united states steel has assumed responsibility for all obligations under this lease .', 'this lease is an amortizing financing with a final maturity of 2012 .', '( h ) these notes are senior secured notes of marathon oil canada corporation .', 'the notes are secured by substantially all of marathon oil canada corporation 2019s assets .', 'in january 2008 , we provided a full and unconditional guarantee covering the payment of all principal and interest due under the senior notes .', '( i ) these obligations as of december 31 , 2009 include $ 36 million related to assets under construction at that date for which a capital lease will commence upon completion of construction .', 'the amounts currently reported are based upon the percent of construction completed as of december 31 , 2009 and therefore do not reflect future minimum lease obligations of $ 164 million related to the asset .', '( j ) payments of long-term debt for the years 2010 - 2014 are $ 102 million , $ 246 million , $ 1492 million , $ 287 million and $ 802 million .', 'united steel is due to pay $ 17 million in 2010 , $ 161 million in 2011 , $ 19 million in 2012 , and $ 11 for year 2014 .', '( k ) in the event of a change in control , as defined in the related agreements , debt obligations totaling $ 662 million at december 31 , 2009 , may be declared immediately due and payable .', '( l ) see note 16 for information on interest rate swaps .', '20 .', 'asset retirement obligations the following summarizes the changes in asset retirement obligations : ( in millions ) 2009 2008 .']
######
Table:
****************************************
( in millions ) | 2009 | 2008
----------|----------|----------
asset retirement obligations as of january 1 | $ 965 | $ 1134
liabilities incurred including acquisitions | 14 | 30
liabilities settled | -65 ( 65 ) | -94 ( 94 )
accretion expense ( included in depreciation depletion and amortization ) | 64 | 66
revisions to previous estimates | 124 | 24
held for sale | - | -195 ( 195 )
asset retirement obligations as of december 31 ( a ) | $ 1102 | $ 965
****************************************
######
Additional Information: ['asset retirement obligations as of december 31 ( a ) $ 1102 $ 965 ( a ) includes asset retirement obligation of $ 3 and $ 2 million classified as short-term at december 31 , 2009 , and 2008. .'] | 0.14197 | MRO/2009/page_127.pdf-1 | ['marathon oil corporation notes to consolidated financial statements ( g ) this obligation relates to a lease of equipment at united states steel 2019s clairton works cokemaking facility in pennsylvania .', 'we are the primary obligor under this lease .', 'under the financial matters agreement , united states steel has assumed responsibility for all obligations under this lease .', 'this lease is an amortizing financing with a final maturity of 2012 .', '( h ) these notes are senior secured notes of marathon oil canada corporation .', 'the notes are secured by substantially all of marathon oil canada corporation 2019s assets .', 'in january 2008 , we provided a full and unconditional guarantee covering the payment of all principal and interest due under the senior notes .', '( i ) these obligations as of december 31 , 2009 include $ 36 million related to assets under construction at that date for which a capital lease will commence upon completion of construction .', 'the amounts currently reported are based upon the percent of construction completed as of december 31 , 2009 and therefore do not reflect future minimum lease obligations of $ 164 million related to the asset .', '( j ) payments of long-term debt for the years 2010 - 2014 are $ 102 million , $ 246 million , $ 1492 million , $ 287 million and $ 802 million .', 'united steel is due to pay $ 17 million in 2010 , $ 161 million in 2011 , $ 19 million in 2012 , and $ 11 for year 2014 .', '( k ) in the event of a change in control , as defined in the related agreements , debt obligations totaling $ 662 million at december 31 , 2009 , may be declared immediately due and payable .', '( l ) see note 16 for information on interest rate swaps .', '20 .', 'asset retirement obligations the following summarizes the changes in asset retirement obligations : ( in millions ) 2009 2008 .'] | ['asset retirement obligations as of december 31 ( a ) $ 1102 $ 965 ( a ) includes asset retirement obligation of $ 3 and $ 2 million classified as short-term at december 31 , 2009 , and 2008. .'] | ****************************************
( in millions ) | 2009 | 2008
----------|----------|----------
asset retirement obligations as of january 1 | $ 965 | $ 1134
liabilities incurred including acquisitions | 14 | 30
liabilities settled | -65 ( 65 ) | -94 ( 94 )
accretion expense ( included in depreciation depletion and amortization ) | 64 | 66
revisions to previous estimates | 124 | 24
held for sale | - | -195 ( 195 )
asset retirement obligations as of december 31 ( a ) | $ 1102 | $ 965
**************************************** | subtract(1102, 965), divide(#0, 965) | 0.14197 |
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