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by how many percent did the net cash provided by operating activities increase from 2013 to 2014? | Context: ['management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) corporate and other expenses increased slightly during 2013 by $ 3.5 to $ 140.8 compared to 2012 , primarily due to an increase in salaries and related expenses , mainly attributable to higher base salaries , benefits and temporary help , partially offset by lower severance expenses and a decrease in office and general expenses .', 'liquidity and capital resources cash flow overview the following tables summarize key financial data relating to our liquidity , capital resources and uses of capital. .']
####
Table:
****************************************
cash flow data years ended december 31 , 2014 years ended december 31 , 2013 years ended december 31 , 2012
net income adjusted to reconcile net income to net cashprovided by operating activities1 $ 831.2 $ 598.4 $ 697.2
net cash used in working capital b2 -131.1 ( 131.1 ) -9.6 ( 9.6 ) -293.2 ( 293.2 )
changes in other non-current assets and liabilities using cash -30.6 ( 30.6 ) 4.1 -46.8 ( 46.8 )
net cash provided by operating activities $ 669.5 $ 592.9 $ 357.2
net cash used in investing activities -200.8 ( 200.8 ) -224.5 ( 224.5 ) -210.2 ( 210.2 )
net cash ( used in ) provided by financing activities -343.9 ( 343.9 ) -1212.3 ( 1212.3 ) 131.3
****************************************
####
Post-table: ['1 reflects net income adjusted primarily for depreciation and amortization of fixed assets and intangible assets , amortization of restricted stock and other non-cash compensation , non-cash ( gain ) loss related to early extinguishment of debt , and deferred income taxes .', '2 reflects changes in accounts receivable , expenditures billable to clients , other current assets , accounts payable and accrued liabilities .', 'operating activities net cash provided by operating activities during 2014 was $ 669.5 , which was an improvement of $ 76.6 as compared to 2013 , primarily as a result of an increase in net income , offset by an increase in working capital usage of $ 121.5 .', 'due to the seasonality of our business , we typically generate cash from working capital in the second half of a year and use cash from working capital in the first half of a year , with the largest impacts in the first and fourth quarters .', 'our net working capital usage in 2014 was impacted by our media businesses .', 'net cash provided by operating activities during 2013 was $ 592.9 , which was an increase of $ 235.7 as compared to 2012 , primarily as a result of an improvement in working capital usage of $ 283.6 , offset by a decrease in net income .', 'the improvement in working capital in 2013 was impacted by our media businesses and an ongoing focus on working capital management at our agencies .', 'the timing of media buying on behalf of our clients affects our working capital and operating cash flow .', 'in most of our businesses , our agencies enter into commitments to pay production and media costs on behalf of clients .', 'to the extent possible we pay production and media charges after we have received funds from our clients .', 'the amounts involved substantially exceed our revenues and primarily affect the level of accounts receivable , expenditures billable to clients , accounts payable and accrued liabilities .', 'our assets include both cash received and accounts receivable from clients for these pass-through arrangements , while our liabilities include amounts owed on behalf of clients to media and production suppliers .', 'our accrued liabilities are also affected by the timing of certain other payments .', 'for example , while annual cash incentive awards are accrued throughout the year , they are generally paid during the first quarter of the subsequent year .', 'investing activities net cash used in investing activities during 2014 primarily related to payments for capital expenditures and acquisitions .', 'capital expenditures of $ 148.7 related primarily to computer hardware and software and leasehold improvements .', 'we made payments of $ 67.8 related to acquisitions completed during 2014 , net of cash acquired. .'] | 12.91955 | IPG/2014/page_36.pdf-4 | ['management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) corporate and other expenses increased slightly during 2013 by $ 3.5 to $ 140.8 compared to 2012 , primarily due to an increase in salaries and related expenses , mainly attributable to higher base salaries , benefits and temporary help , partially offset by lower severance expenses and a decrease in office and general expenses .', 'liquidity and capital resources cash flow overview the following tables summarize key financial data relating to our liquidity , capital resources and uses of capital. .'] | ['1 reflects net income adjusted primarily for depreciation and amortization of fixed assets and intangible assets , amortization of restricted stock and other non-cash compensation , non-cash ( gain ) loss related to early extinguishment of debt , and deferred income taxes .', '2 reflects changes in accounts receivable , expenditures billable to clients , other current assets , accounts payable and accrued liabilities .', 'operating activities net cash provided by operating activities during 2014 was $ 669.5 , which was an improvement of $ 76.6 as compared to 2013 , primarily as a result of an increase in net income , offset by an increase in working capital usage of $ 121.5 .', 'due to the seasonality of our business , we typically generate cash from working capital in the second half of a year and use cash from working capital in the first half of a year , with the largest impacts in the first and fourth quarters .', 'our net working capital usage in 2014 was impacted by our media businesses .', 'net cash provided by operating activities during 2013 was $ 592.9 , which was an increase of $ 235.7 as compared to 2012 , primarily as a result of an improvement in working capital usage of $ 283.6 , offset by a decrease in net income .', 'the improvement in working capital in 2013 was impacted by our media businesses and an ongoing focus on working capital management at our agencies .', 'the timing of media buying on behalf of our clients affects our working capital and operating cash flow .', 'in most of our businesses , our agencies enter into commitments to pay production and media costs on behalf of clients .', 'to the extent possible we pay production and media charges after we have received funds from our clients .', 'the amounts involved substantially exceed our revenues and primarily affect the level of accounts receivable , expenditures billable to clients , accounts payable and accrued liabilities .', 'our assets include both cash received and accounts receivable from clients for these pass-through arrangements , while our liabilities include amounts owed on behalf of clients to media and production suppliers .', 'our accrued liabilities are also affected by the timing of certain other payments .', 'for example , while annual cash incentive awards are accrued throughout the year , they are generally paid during the first quarter of the subsequent year .', 'investing activities net cash used in investing activities during 2014 primarily related to payments for capital expenditures and acquisitions .', 'capital expenditures of $ 148.7 related primarily to computer hardware and software and leasehold improvements .', 'we made payments of $ 67.8 related to acquisitions completed during 2014 , net of cash acquired. .'] | ****************************************
cash flow data years ended december 31 , 2014 years ended december 31 , 2013 years ended december 31 , 2012
net income adjusted to reconcile net income to net cashprovided by operating activities1 $ 831.2 $ 598.4 $ 697.2
net cash used in working capital b2 -131.1 ( 131.1 ) -9.6 ( 9.6 ) -293.2 ( 293.2 )
changes in other non-current assets and liabilities using cash -30.6 ( 30.6 ) 4.1 -46.8 ( 46.8 )
net cash provided by operating activities $ 669.5 $ 592.9 $ 357.2
net cash used in investing activities -200.8 ( 200.8 ) -224.5 ( 224.5 ) -210.2 ( 210.2 )
net cash ( used in ) provided by financing activities -343.9 ( 343.9 ) -1212.3 ( 1212.3 ) 131.3
**************************************** | subtract(669.5, 76.6), divide(76.6, #0), multiply(#1, const_100) | 12.91955 |
what is the difference between u.s . gaap and adjusted effective income tax rate 2014non-gaap in 2017? | Background: ['management 2019s discussion and analysis supplemental financial information and disclosures income tax matters effective tax rate from continuing operations .']
##
Data Table:
----------------------------------------
| 2017 | 2016 | 2015
u.s . gaap | 40.1% ( 40.1 % ) | 30.8% ( 30.8 % ) | 25.9% ( 25.9 % )
adjusted effective income taxrate 2014non-gaap1 | 30.8% ( 30.8 % ) | 31.6% ( 31.6 % ) | 32.3% ( 32.3 % )
----------------------------------------
##
Follow-up: ['adjusted effective income tax rate 2014 non-gaap1 30.8% ( 30.8 % ) 31.6% ( 31.6 % ) 32.3% ( 32.3 % ) 1 .', 'beginning in 2017 , income tax consequences associated with employee share-based awards are recognized in provision for income taxes in the income statements but are excluded from the intermittent net discrete tax provisions ( benefits ) adjustment as we anticipate conversion activity each year .', 'see note 2 to the financial statements on the adoption of the accounting update improvements to employee share-based payment accounting .', 'for 2015 , adjusted effective income tax rate also excludes dva .', 'for further information on non-gaap measures , see 201cselected non-gaap financial information 201d herein .', 'the effective tax rate from continuing operations for 2017 included an intermittent net discrete tax provision of $ 968 million , primarily related to the impact of the tax act , partially offset by net discrete tax benefits primarily associ- ated with the remeasurement of reserves and related interest due to new information regarding the status of multi-year irs tax examinations .', 'the tax act , enacted on december 22 , 2017 , significantly revised u.s .', 'corporate income tax law by , among other things , reducing the corporate income tax rate to 21% ( 21 % ) , and implementing a modified territorial tax system that includes a one-time transition tax on deemed repatriated earnings of non-u.s .', 'subsidiaries ; imposes a minimum tax on global intangible low-taxed income ( 201cgilti 201d ) and an alternative base erosion and anti-abuse tax ( 201cbeat 201d ) on u.s .', 'corpora- tions that make deductible payments to non-u.s .', 'related persons in excess of specified amounts ; and broadens the tax base by partially or wholly eliminating tax deductions for certain historically deductible expenses ( e.g. , fdic premiums and executive compensation ) .', 'we recorded an approximate $ 1.2 billion net discrete tax provision as a result of the enactment of the tax act , primarily from the remeasurement of certain deferred tax assets using the lower enacted corporate tax rate .', 'this provi- sion incorporates the best available information as of the enactment date as well as assumptions made based upon our current interpretation of the tax act .', 'our estimates may change as we receive additional clarification and implementa- tion guidance from the u.s .', 'treasury department and as the interpretation of the tax act evolves over time .', 'the ultimate impact of the income tax effects of the tax act will be deter- mined in connection with the preparation of our u.s .', 'consoli- dated federal income tax return .', 'taking into account our current assumptions , estimates and interpretations related to the tax act and other factors , we expect our effective tax rate from continuing operations for 2018 to be approximately 22% ( 22 % ) to 25% ( 25 % ) , depending on factors such as the geographic mix of earnings and employee share- based awards ( see 201cforward-looking statements 201d ) .', 'subsequent to the release of the firm 2019s 2017 earnings on january 18 , 2018 , certain estimates related to the net discrete tax provision associated with the enactment of the tax act were revised , resulting in a $ 43 million increase in the provi- sion for income taxes and a reallocation of impacts among segments .', 'this decreased diluted eps and diluted eps from continuing operations by $ 0.03 and $ 0.02 in the fourth quarter and year ended december 31 , 2017 , respectively .', 'on a business segment basis , the change resulted in an $ 89 million increase in provision for income taxes for wealth management , a $ 45 million decrease for institutional securi- ties , and a $ 1 million decrease for investment management .', 'the effective tax rate from continuing operations for 2016 included intermittent net discrete tax benefits of $ 68 million , primarily related to the remeasurement of reserves and related interest due to new information regarding the status of multi- year irs tax examinations , partially offset by adjustments for other tax matters .', 'the effective tax rate from continuing operations for 2015 included intermittent net discrete tax benefits of $ 564 million , primarily associated with the repatriation of non-u.s .', 'earn- ings at a cost lower than originally estimated due to an internal restructuring to simplify the legal entity organization in the u.k .', 'u.s .', 'bank subsidiaries we provide loans to a variety of customers , from large corpo- rate and institutional clients to high net worth individuals , primarily through our u.s .', 'bank subsidiaries , morgan stanley bank n.a .', '( 201cmsbna 201d ) and morgan stanley private bank , national association ( 201cmspbna 201d ) ( collectively , 201cu.s .', 'bank subsidiaries 201d ) .', 'the lending activities in the institutional securities business segment primarily include loans and lending commitments to corporate clients .', 'the lending activ- ities in the wealth management business segment primarily include securities-based lending that allows clients to borrow december 2017 form 10-k 52 .'] | 9.3 | MS/2017/page_57.pdf-1 | ['management 2019s discussion and analysis supplemental financial information and disclosures income tax matters effective tax rate from continuing operations .'] | ['adjusted effective income tax rate 2014 non-gaap1 30.8% ( 30.8 % ) 31.6% ( 31.6 % ) 32.3% ( 32.3 % ) 1 .', 'beginning in 2017 , income tax consequences associated with employee share-based awards are recognized in provision for income taxes in the income statements but are excluded from the intermittent net discrete tax provisions ( benefits ) adjustment as we anticipate conversion activity each year .', 'see note 2 to the financial statements on the adoption of the accounting update improvements to employee share-based payment accounting .', 'for 2015 , adjusted effective income tax rate also excludes dva .', 'for further information on non-gaap measures , see 201cselected non-gaap financial information 201d herein .', 'the effective tax rate from continuing operations for 2017 included an intermittent net discrete tax provision of $ 968 million , primarily related to the impact of the tax act , partially offset by net discrete tax benefits primarily associ- ated with the remeasurement of reserves and related interest due to new information regarding the status of multi-year irs tax examinations .', 'the tax act , enacted on december 22 , 2017 , significantly revised u.s .', 'corporate income tax law by , among other things , reducing the corporate income tax rate to 21% ( 21 % ) , and implementing a modified territorial tax system that includes a one-time transition tax on deemed repatriated earnings of non-u.s .', 'subsidiaries ; imposes a minimum tax on global intangible low-taxed income ( 201cgilti 201d ) and an alternative base erosion and anti-abuse tax ( 201cbeat 201d ) on u.s .', 'corpora- tions that make deductible payments to non-u.s .', 'related persons in excess of specified amounts ; and broadens the tax base by partially or wholly eliminating tax deductions for certain historically deductible expenses ( e.g. , fdic premiums and executive compensation ) .', 'we recorded an approximate $ 1.2 billion net discrete tax provision as a result of the enactment of the tax act , primarily from the remeasurement of certain deferred tax assets using the lower enacted corporate tax rate .', 'this provi- sion incorporates the best available information as of the enactment date as well as assumptions made based upon our current interpretation of the tax act .', 'our estimates may change as we receive additional clarification and implementa- tion guidance from the u.s .', 'treasury department and as the interpretation of the tax act evolves over time .', 'the ultimate impact of the income tax effects of the tax act will be deter- mined in connection with the preparation of our u.s .', 'consoli- dated federal income tax return .', 'taking into account our current assumptions , estimates and interpretations related to the tax act and other factors , we expect our effective tax rate from continuing operations for 2018 to be approximately 22% ( 22 % ) to 25% ( 25 % ) , depending on factors such as the geographic mix of earnings and employee share- based awards ( see 201cforward-looking statements 201d ) .', 'subsequent to the release of the firm 2019s 2017 earnings on january 18 , 2018 , certain estimates related to the net discrete tax provision associated with the enactment of the tax act were revised , resulting in a $ 43 million increase in the provi- sion for income taxes and a reallocation of impacts among segments .', 'this decreased diluted eps and diluted eps from continuing operations by $ 0.03 and $ 0.02 in the fourth quarter and year ended december 31 , 2017 , respectively .', 'on a business segment basis , the change resulted in an $ 89 million increase in provision for income taxes for wealth management , a $ 45 million decrease for institutional securi- ties , and a $ 1 million decrease for investment management .', 'the effective tax rate from continuing operations for 2016 included intermittent net discrete tax benefits of $ 68 million , primarily related to the remeasurement of reserves and related interest due to new information regarding the status of multi- year irs tax examinations , partially offset by adjustments for other tax matters .', 'the effective tax rate from continuing operations for 2015 included intermittent net discrete tax benefits of $ 564 million , primarily associated with the repatriation of non-u.s .', 'earn- ings at a cost lower than originally estimated due to an internal restructuring to simplify the legal entity organization in the u.k .', 'u.s .', 'bank subsidiaries we provide loans to a variety of customers , from large corpo- rate and institutional clients to high net worth individuals , primarily through our u.s .', 'bank subsidiaries , morgan stanley bank n.a .', '( 201cmsbna 201d ) and morgan stanley private bank , national association ( 201cmspbna 201d ) ( collectively , 201cu.s .', 'bank subsidiaries 201d ) .', 'the lending activities in the institutional securities business segment primarily include loans and lending commitments to corporate clients .', 'the lending activ- ities in the wealth management business segment primarily include securities-based lending that allows clients to borrow december 2017 form 10-k 52 .'] | ----------------------------------------
| 2017 | 2016 | 2015
u.s . gaap | 40.1% ( 40.1 % ) | 30.8% ( 30.8 % ) | 25.9% ( 25.9 % )
adjusted effective income taxrate 2014non-gaap1 | 30.8% ( 30.8 % ) | 31.6% ( 31.6 % ) | 32.3% ( 32.3 % )
---------------------------------------- | subtract(40.1, 30.8) | 9.3 |
the five year total return for the period ending 12/31/2012 on ball corporation stock was how much greater than the same return on the s&p 500? | Pre-text: ['shareholder return performance the line graph below compares the annual percentage change in ball corporation fffds cumulative total shareholder return on its common stock with the cumulative total return of the dow jones containers & packaging index and the s&p composite 500 stock index for the five-year period ended december 31 , 2012 .', 'it assumes $ 100 was invested on december 31 , 2007 , and that all dividends were reinvested .', 'the dow jones containers & packaging index total return has been weighted by market capitalization .', 'total return to stockholders ( assumes $ 100 investment on 12/31/07 ) total return analysis .']
------
Table:
Row 1: , 12/31/2007, 12/31/2008, 12/31/2009, 12/31/2010, 12/31/2011, 12/31/2012
Row 2: ball corporation, $ 100.00, $ 93.28, $ 117.01, $ 155.14, $ 164.09, $ 207.62
Row 3: dj us containers & packaging, $ 100.00, $ 61.55, $ 84.76, $ 97.78, $ 96.27, $ 107.76
Row 4: s&p 500, $ 100.00, $ 61.51, $ 75.94, $ 85.65, $ 85.65, $ 97.13
------
Additional Information: ['source : bloomberg l.p .', 'aecharts .'] | 2.13755 | BLL/2012/page_31.pdf-3 | ['shareholder return performance the line graph below compares the annual percentage change in ball corporation fffds cumulative total shareholder return on its common stock with the cumulative total return of the dow jones containers & packaging index and the s&p composite 500 stock index for the five-year period ended december 31 , 2012 .', 'it assumes $ 100 was invested on december 31 , 2007 , and that all dividends were reinvested .', 'the dow jones containers & packaging index total return has been weighted by market capitalization .', 'total return to stockholders ( assumes $ 100 investment on 12/31/07 ) total return analysis .'] | ['source : bloomberg l.p .', 'aecharts .'] | Row 1: , 12/31/2007, 12/31/2008, 12/31/2009, 12/31/2010, 12/31/2011, 12/31/2012
Row 2: ball corporation, $ 100.00, $ 93.28, $ 117.01, $ 155.14, $ 164.09, $ 207.62
Row 3: dj us containers & packaging, $ 100.00, $ 61.55, $ 84.76, $ 97.78, $ 96.27, $ 107.76
Row 4: s&p 500, $ 100.00, $ 61.51, $ 75.94, $ 85.65, $ 85.65, $ 97.13 | divide(207.62, 97.13) | 2.13755 |
what was the value in thousands of unvested restricted stock and performance awards at the weighted-averagegrant-datefair value as of december 31 , 2017?\\n | Pre-text: ['zero .', 'to the extent earned , these performance units convert into unrestricted shares after performance results for the three-year performance period are certified by the compensation committee .', 'we recognize share-based compensation expense based on the grant-date fair value of the performance-based restricted stock units , as determined by use of a monte carlo model , on a straight-line basis over the performance period .', 'leveraged performance units during the year ended may 31 , 2015 , certain executives were granted performance units that we refer to as 201cleveraged performance units , 201d or 201clpus . 201d lpus contain a market condition based on our relative stock price growth over a three-year performance period .', 'the lpus contain a minimum threshold performance which , if not met , would result in no payout .', 'the lpus also contain a maximum award opportunity set as a fixed dollar and fixed number of shares .', 'after the three-year performance period , which concluded in october 2017 , one-third of the earned units converted to unrestricted common stock .', 'the remaining two-thirds converted to restricted stock that will vest in equal installments on each of the first two anniversaries of the conversion date .', 'we recognize share-based compensation expense based on the grant date fair value of the lpus , as determined by use of a monte carlo model , on a straight-line basis over the requisite service period for each separately vesting portion of the lpu award .', 'the following table summarizes the changes in unvested restricted stock and performance awards for the years ended december 31 , 2018 and 2017 , the 2016 fiscal transition period and the year ended may 31 , 2016 : shares weighted-average grant-date fair value ( in thousands ) .']
Data Table:
----------------------------------------
| shares ( in thousands ) | weighted-averagegrant-datefair value
----------|----------|----------
unvested at may 31 2015 | 1848 | $ 28.97
granted | 461 | 57.04
vested | -633 ( 633 ) | 27.55
forfeited | -70 ( 70 ) | 34.69
unvested at may 31 2016 | 1606 | 37.25
granted | 348 | 74.26
vested | -639 ( 639 ) | 31.38
forfeited | -52 ( 52 ) | 45.27
unvested at december 31 2016 | 1263 | 49.55
granted | 899 | 79.79
vested | -858 ( 858 ) | 39.26
forfeited | -78 ( 78 ) | 59.56
unvested at december 31 2017 | 1226 | 78.29
granted | 650 | 109.85
vested | -722 ( 722 ) | 60.08
forfeited | -70 ( 70 ) | 91.47
unvested at december 31 2018 | 1084 | $ 108.51
----------------------------------------
Additional Information: ['the total fair value of restricted stock and performance awards vested was $ 43.4 million and $ 33.7 million for the years ended december 31 , 2018 and 2017 , respectively , $ 20.0 million for the 2016 fiscal transition period and $ 17.4 million for the year ended may 31 , 2016 .', 'for restricted stock and performance awards , we recognized compensation expense of $ 53.2 million and $ 35.2 million for the years ended december 31 , 2018 and 2017 , respectively , $ 17.2 million for the 2016 fiscal transition period and $ 28.8 million for the year ended may 31 , 2016 .', 'as of december 31 , 2018 , there was $ 62.7 million of unrecognized compensation expense related to unvested restricted stock and performance awards that we expect to recognize over a weighted-average period of 2.0 years .', 'our restricted stock and performance award plans provide for accelerated vesting under certain conditions .', '94 2013 global payments inc .', '| 2018 form 10-k annual report .'] | 95983.54 | GPN/2018/page_94.pdf-1 | ['zero .', 'to the extent earned , these performance units convert into unrestricted shares after performance results for the three-year performance period are certified by the compensation committee .', 'we recognize share-based compensation expense based on the grant-date fair value of the performance-based restricted stock units , as determined by use of a monte carlo model , on a straight-line basis over the performance period .', 'leveraged performance units during the year ended may 31 , 2015 , certain executives were granted performance units that we refer to as 201cleveraged performance units , 201d or 201clpus . 201d lpus contain a market condition based on our relative stock price growth over a three-year performance period .', 'the lpus contain a minimum threshold performance which , if not met , would result in no payout .', 'the lpus also contain a maximum award opportunity set as a fixed dollar and fixed number of shares .', 'after the three-year performance period , which concluded in october 2017 , one-third of the earned units converted to unrestricted common stock .', 'the remaining two-thirds converted to restricted stock that will vest in equal installments on each of the first two anniversaries of the conversion date .', 'we recognize share-based compensation expense based on the grant date fair value of the lpus , as determined by use of a monte carlo model , on a straight-line basis over the requisite service period for each separately vesting portion of the lpu award .', 'the following table summarizes the changes in unvested restricted stock and performance awards for the years ended december 31 , 2018 and 2017 , the 2016 fiscal transition period and the year ended may 31 , 2016 : shares weighted-average grant-date fair value ( in thousands ) .'] | ['the total fair value of restricted stock and performance awards vested was $ 43.4 million and $ 33.7 million for the years ended december 31 , 2018 and 2017 , respectively , $ 20.0 million for the 2016 fiscal transition period and $ 17.4 million for the year ended may 31 , 2016 .', 'for restricted stock and performance awards , we recognized compensation expense of $ 53.2 million and $ 35.2 million for the years ended december 31 , 2018 and 2017 , respectively , $ 17.2 million for the 2016 fiscal transition period and $ 28.8 million for the year ended may 31 , 2016 .', 'as of december 31 , 2018 , there was $ 62.7 million of unrecognized compensation expense related to unvested restricted stock and performance awards that we expect to recognize over a weighted-average period of 2.0 years .', 'our restricted stock and performance award plans provide for accelerated vesting under certain conditions .', '94 2013 global payments inc .', '| 2018 form 10-k annual report .'] | ----------------------------------------
| shares ( in thousands ) | weighted-averagegrant-datefair value
----------|----------|----------
unvested at may 31 2015 | 1848 | $ 28.97
granted | 461 | 57.04
vested | -633 ( 633 ) | 27.55
forfeited | -70 ( 70 ) | 34.69
unvested at may 31 2016 | 1606 | 37.25
granted | 348 | 74.26
vested | -639 ( 639 ) | 31.38
forfeited | -52 ( 52 ) | 45.27
unvested at december 31 2016 | 1263 | 49.55
granted | 899 | 79.79
vested | -858 ( 858 ) | 39.26
forfeited | -78 ( 78 ) | 59.56
unvested at december 31 2017 | 1226 | 78.29
granted | 650 | 109.85
vested | -722 ( 722 ) | 60.08
forfeited | -70 ( 70 ) | 91.47
unvested at december 31 2018 | 1084 | $ 108.51
---------------------------------------- | multiply(1226, 78.29) | 95983.54 |
what is the percentage change in aggregate notional amount of outstanding foreign currency hedges from 2011 to 2012? | Background: ['until the hedged transaction is recognized in earnings .', 'changes in the fair value of the derivatives that are attributable to the ineffective portion of the hedges , or of derivatives that are not considered to be highly effective hedges , if any , are immediately recognized in earnings .', 'the aggregate notional amount of our outstanding foreign currency hedges at december 31 , 2012 and 2011 was $ 1.3 billion and $ 1.7 billion .', 'the aggregate notional amount of our outstanding interest rate swaps at december 31 , 2012 and 2011 was $ 503 million and $ 450 million .', 'derivative instruments did not have a material impact on net earnings and comprehensive income during 2012 , 2011 , and 2010 .', 'substantially all of our derivatives are designated for hedge accounting .', 'see note 15 for more information on the fair value measurements related to our derivative instruments .', 'stock-based compensation 2013 compensation cost related to all share-based payments including stock options and restricted stock units is measured at the grant date based on the estimated fair value of the award .', 'we generally recognize the compensation cost ratably over a three-year vesting period .', 'income taxes 2013 we periodically assess our tax filing exposures related to periods that are open to examination .', 'based on the latest available information , we evaluate our tax positions to determine whether the position will more likely than not be sustained upon examination by the internal revenue service ( irs ) .', 'if we cannot reach a more-likely-than-not determination , no benefit is recorded .', 'if we determine that the tax position is more likely than not to be sustained , we record the largest amount of benefit that is more likely than not to be realized when the tax position is settled .', 'we record interest and penalties related to income taxes as a component of income tax expense on our statements of earnings .', 'interest and penalties are not material .', 'accumulated other comprehensive loss 2013 changes in the balance of accumulated other comprehensive loss , net of income taxes , consisted of the following ( in millions ) : postretirement benefit plan adjustments other , net accumulated comprehensive .']
Table:
postretirement benefit plan adjustments other net accumulated other comprehensive loss
balance at january 1 2010 $ -8564 ( 8564 ) $ -31 ( 31 ) $ -8595 ( 8595 )
other comprehensive ( loss ) income -430 ( 430 ) 15 -415 ( 415 )
balance at december 31 2010 -8994 ( 8994 ) -16 ( 16 ) -9010 ( 9010 )
other comprehensive loss -2192 ( 2192 ) -55 ( 55 ) -2247 ( 2247 )
balance at december 31 2011 -11186 ( 11186 ) -71 ( 71 ) -11257 ( 11257 )
other comprehensive ( loss ) income -2346 ( 2346 ) 110 -2236 ( 2236 )
balance at december 31 2012 $ -13532 ( 13532 ) $ 39 $ -13493 ( 13493 )
Post-table: ['the postretirement benefit plan adjustments are shown net of tax benefits at december 31 , 2012 , 2011 , and 2010 of $ 7.4 billion , $ 6.1 billion , and $ 4.9 billion .', 'these tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes , which will be recognized on our tax returns in future years .', 'see note 7 and note 9 for more information on our income taxes and postretirement plans .', 'recent accounting pronouncements 2013 effective january 1 , 2012 , we retrospectively adopted new guidance issued by the financial accounting standards board by presenting total comprehensive income and the components of net income and other comprehensive loss in two separate but consecutive statements .', 'the adoption of this guidance resulted only in a change in how we present other comprehensive loss in our consolidated financial statements and did not have any impact on our results of operations , financial position , or cash flows. .'] | -0.23529 | LMT/2012/page_72.pdf-2 | ['until the hedged transaction is recognized in earnings .', 'changes in the fair value of the derivatives that are attributable to the ineffective portion of the hedges , or of derivatives that are not considered to be highly effective hedges , if any , are immediately recognized in earnings .', 'the aggregate notional amount of our outstanding foreign currency hedges at december 31 , 2012 and 2011 was $ 1.3 billion and $ 1.7 billion .', 'the aggregate notional amount of our outstanding interest rate swaps at december 31 , 2012 and 2011 was $ 503 million and $ 450 million .', 'derivative instruments did not have a material impact on net earnings and comprehensive income during 2012 , 2011 , and 2010 .', 'substantially all of our derivatives are designated for hedge accounting .', 'see note 15 for more information on the fair value measurements related to our derivative instruments .', 'stock-based compensation 2013 compensation cost related to all share-based payments including stock options and restricted stock units is measured at the grant date based on the estimated fair value of the award .', 'we generally recognize the compensation cost ratably over a three-year vesting period .', 'income taxes 2013 we periodically assess our tax filing exposures related to periods that are open to examination .', 'based on the latest available information , we evaluate our tax positions to determine whether the position will more likely than not be sustained upon examination by the internal revenue service ( irs ) .', 'if we cannot reach a more-likely-than-not determination , no benefit is recorded .', 'if we determine that the tax position is more likely than not to be sustained , we record the largest amount of benefit that is more likely than not to be realized when the tax position is settled .', 'we record interest and penalties related to income taxes as a component of income tax expense on our statements of earnings .', 'interest and penalties are not material .', 'accumulated other comprehensive loss 2013 changes in the balance of accumulated other comprehensive loss , net of income taxes , consisted of the following ( in millions ) : postretirement benefit plan adjustments other , net accumulated comprehensive .'] | ['the postretirement benefit plan adjustments are shown net of tax benefits at december 31 , 2012 , 2011 , and 2010 of $ 7.4 billion , $ 6.1 billion , and $ 4.9 billion .', 'these tax benefits include amounts recognized on our income tax returns as current deductions and deferred income taxes , which will be recognized on our tax returns in future years .', 'see note 7 and note 9 for more information on our income taxes and postretirement plans .', 'recent accounting pronouncements 2013 effective january 1 , 2012 , we retrospectively adopted new guidance issued by the financial accounting standards board by presenting total comprehensive income and the components of net income and other comprehensive loss in two separate but consecutive statements .', 'the adoption of this guidance resulted only in a change in how we present other comprehensive loss in our consolidated financial statements and did not have any impact on our results of operations , financial position , or cash flows. .'] | postretirement benefit plan adjustments other net accumulated other comprehensive loss
balance at january 1 2010 $ -8564 ( 8564 ) $ -31 ( 31 ) $ -8595 ( 8595 )
other comprehensive ( loss ) income -430 ( 430 ) 15 -415 ( 415 )
balance at december 31 2010 -8994 ( 8994 ) -16 ( 16 ) -9010 ( 9010 )
other comprehensive loss -2192 ( 2192 ) -55 ( 55 ) -2247 ( 2247 )
balance at december 31 2011 -11186 ( 11186 ) -71 ( 71 ) -11257 ( 11257 )
other comprehensive ( loss ) income -2346 ( 2346 ) 110 -2236 ( 2236 )
balance at december 31 2012 $ -13532 ( 13532 ) $ 39 $ -13493 ( 13493 ) | subtract(1.3, 1.7), divide(#0, 1.7) | -0.23529 |
what was the change in the weighted average life ( years ) as of december 2018 and december 2017?\\n | Background: ['the goldman sachs group , inc .', 'and subsidiaries notes to consolidated financial statements 2030 purchased interests represent senior and subordinated interests , purchased in connection with secondary market-making activities , in securitization entities in which the firm also holds retained interests .', '2030 substantially all of the total outstanding principal amount and total retained interests relate to securitizations during 2014 and thereafter as of december 2018 , and relate to securitizations during 2012 and thereafter as of december 2017 .', '2030 the fair value of retained interests was $ 3.28 billion as of december 2018 and $ 2.13 billion as of december 2017 .', 'in addition to the interests in the table above , the firm had other continuing involvement in the form of derivative transactions and commitments with certain nonconsolidated vies .', 'the carrying value of these derivatives and commitments was a net asset of $ 75 million as of december 2018 and $ 86 million as of december 2017 , and the notional amount of these derivatives and commitments was $ 1.09 billion as of december 2018 and $ 1.26 billion as of december 2017 .', 'the notional amounts of these derivatives and commitments are included in maximum exposure to loss in the nonconsolidated vie table in note 12 .', 'the table below presents information about the weighted average key economic assumptions used in measuring the fair value of mortgage-backed retained interests. .']
##########
Tabular Data:
========================================
• $ in millions, as of december 2018, as of december 2017
• fair value of retained interests, $ 3151, $ 2071
• weighted average life ( years ), 7.2, 6.0
• constant prepayment rate, 11.9% ( 11.9 % ), 9.4% ( 9.4 % )
• impact of 10% ( 10 % ) adverse change, $ -27 ( 27 ), $ -19 ( 19 )
• impact of 20% ( 20 % ) adverse change, $ -53 ( 53 ), $ -35 ( 35 )
• discount rate, 4.7% ( 4.7 % ), 4.2% ( 4.2 % )
• impact of 10% ( 10 % ) adverse change, $ -75 ( 75 ), $ -35 ( 35 )
• impact of 20% ( 20 % ) adverse change, $ -147 ( 147 ), $ -70 ( 70 )
========================================
##########
Follow-up: ['in the table above : 2030 amounts do not reflect the benefit of other financial instruments that are held to mitigate risks inherent in these retained interests .', '2030 changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is not usually linear .', '2030 the impact of a change in a particular assumption is calculated independently of changes in any other assumption .', 'in practice , simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above .', '2030 the constant prepayment rate is included only for positions for which it is a key assumption in the determination of fair value .', '2030 the discount rate for retained interests that relate to u.s .', 'government agency-issued collateralized mortgage obligations does not include any credit loss .', 'expected credit loss assumptions are reflected in the discount rate for the remainder of retained interests .', 'the firm has other retained interests not reflected in the table above with a fair value of $ 133 million and a weighted average life of 4.2 years as of december 2018 , and a fair value of $ 56 million and a weighted average life of 4.5 years as of december 2017 .', 'due to the nature and fair value of certain of these retained interests , the weighted average assumptions for constant prepayment and discount rates and the related sensitivity to adverse changes are not meaningful as of both december 2018 and december 2017 .', 'the firm 2019s maximum exposure to adverse changes in the value of these interests is the carrying value of $ 133 million as of december 2018 and $ 56 million as of december 2017 .', 'note 12 .', 'variable interest entities a variable interest in a vie is an investment ( e.g. , debt or equity ) or other interest ( e.g. , derivatives or loans and lending commitments ) that will absorb portions of the vie 2019s expected losses and/or receive portions of the vie 2019s expected residual returns .', 'the firm 2019s variable interests in vies include senior and subordinated debt ; loans and lending commitments ; limited and general partnership interests ; preferred and common equity ; derivatives that may include foreign currency , equity and/or credit risk ; guarantees ; and certain of the fees the firm receives from investment funds .', 'certain interest rate , foreign currency and credit derivatives the firm enters into with vies are not variable interests because they create , rather than absorb , risk .', 'vies generally finance the purchase of assets by issuing debt and equity securities that are either collateralized by or indexed to the assets held by the vie .', 'the debt and equity securities issued by a vie may include tranches of varying levels of subordination .', 'the firm 2019s involvement with vies includes securitization of financial assets , as described in note 11 , and investments in and loans to other types of vies , as described below .', 'see note 11 for further information about securitization activities , including the definition of beneficial interests .', 'see note 3 for the firm 2019s consolidation policies , including the definition of a vie .', 'goldman sachs 2018 form 10-k 149 .'] | 1.2 | GS/2018/page_165.pdf-2 | ['the goldman sachs group , inc .', 'and subsidiaries notes to consolidated financial statements 2030 purchased interests represent senior and subordinated interests , purchased in connection with secondary market-making activities , in securitization entities in which the firm also holds retained interests .', '2030 substantially all of the total outstanding principal amount and total retained interests relate to securitizations during 2014 and thereafter as of december 2018 , and relate to securitizations during 2012 and thereafter as of december 2017 .', '2030 the fair value of retained interests was $ 3.28 billion as of december 2018 and $ 2.13 billion as of december 2017 .', 'in addition to the interests in the table above , the firm had other continuing involvement in the form of derivative transactions and commitments with certain nonconsolidated vies .', 'the carrying value of these derivatives and commitments was a net asset of $ 75 million as of december 2018 and $ 86 million as of december 2017 , and the notional amount of these derivatives and commitments was $ 1.09 billion as of december 2018 and $ 1.26 billion as of december 2017 .', 'the notional amounts of these derivatives and commitments are included in maximum exposure to loss in the nonconsolidated vie table in note 12 .', 'the table below presents information about the weighted average key economic assumptions used in measuring the fair value of mortgage-backed retained interests. .'] | ['in the table above : 2030 amounts do not reflect the benefit of other financial instruments that are held to mitigate risks inherent in these retained interests .', '2030 changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is not usually linear .', '2030 the impact of a change in a particular assumption is calculated independently of changes in any other assumption .', 'in practice , simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above .', '2030 the constant prepayment rate is included only for positions for which it is a key assumption in the determination of fair value .', '2030 the discount rate for retained interests that relate to u.s .', 'government agency-issued collateralized mortgage obligations does not include any credit loss .', 'expected credit loss assumptions are reflected in the discount rate for the remainder of retained interests .', 'the firm has other retained interests not reflected in the table above with a fair value of $ 133 million and a weighted average life of 4.2 years as of december 2018 , and a fair value of $ 56 million and a weighted average life of 4.5 years as of december 2017 .', 'due to the nature and fair value of certain of these retained interests , the weighted average assumptions for constant prepayment and discount rates and the related sensitivity to adverse changes are not meaningful as of both december 2018 and december 2017 .', 'the firm 2019s maximum exposure to adverse changes in the value of these interests is the carrying value of $ 133 million as of december 2018 and $ 56 million as of december 2017 .', 'note 12 .', 'variable interest entities a variable interest in a vie is an investment ( e.g. , debt or equity ) or other interest ( e.g. , derivatives or loans and lending commitments ) that will absorb portions of the vie 2019s expected losses and/or receive portions of the vie 2019s expected residual returns .', 'the firm 2019s variable interests in vies include senior and subordinated debt ; loans and lending commitments ; limited and general partnership interests ; preferred and common equity ; derivatives that may include foreign currency , equity and/or credit risk ; guarantees ; and certain of the fees the firm receives from investment funds .', 'certain interest rate , foreign currency and credit derivatives the firm enters into with vies are not variable interests because they create , rather than absorb , risk .', 'vies generally finance the purchase of assets by issuing debt and equity securities that are either collateralized by or indexed to the assets held by the vie .', 'the debt and equity securities issued by a vie may include tranches of varying levels of subordination .', 'the firm 2019s involvement with vies includes securitization of financial assets , as described in note 11 , and investments in and loans to other types of vies , as described below .', 'see note 11 for further information about securitization activities , including the definition of beneficial interests .', 'see note 3 for the firm 2019s consolidation policies , including the definition of a vie .', 'goldman sachs 2018 form 10-k 149 .'] | ========================================
• $ in millions, as of december 2018, as of december 2017
• fair value of retained interests, $ 3151, $ 2071
• weighted average life ( years ), 7.2, 6.0
• constant prepayment rate, 11.9% ( 11.9 % ), 9.4% ( 9.4 % )
• impact of 10% ( 10 % ) adverse change, $ -27 ( 27 ), $ -19 ( 19 )
• impact of 20% ( 20 % ) adverse change, $ -53 ( 53 ), $ -35 ( 35 )
• discount rate, 4.7% ( 4.7 % ), 4.2% ( 4.2 % )
• impact of 10% ( 10 % ) adverse change, $ -75 ( 75 ), $ -35 ( 35 )
• impact of 20% ( 20 % ) adverse change, $ -147 ( 147 ), $ -70 ( 70 )
======================================== | subtract(7.2, const_6) | 1.2 |
considering the class a common stocks , what is the percentage's increase of the number issued to participating employees in relation non-executive directors amidst 2016 and 2017? | Pre-text: ['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 .']
--
Table:
Row 1: , number of shares, weightedaveragegrant datefair value
Row 2: outstanding at december 31 2016, 1820578, $ 98
Row 3: granted, 650942, 129
Row 4: vested, -510590 ( 510590 ), 87
Row 5: cancelled, -401699 ( 401699 ), 95
Row 6: outstanding at december 31 2017, 1559231, 116
--
Additional Information: ['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. .'] | 0.3449 | CME/2017/page_99.pdf-3 | ['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. .'] | Row 1: , number of shares, weightedaveragegrant datefair value
Row 2: outstanding at december 31 2016, 1820578, $ 98
Row 3: granted, 650942, 129
Row 4: vested, -510590 ( 510590 ), 87
Row 5: cancelled, -401699 ( 401699 ), 95
Row 6: outstanding at december 31 2017, 1559231, 116 | divide(19936, 19858), divide(19736, 26439), divide(#0, #1), subtract(#2, const_1) | 0.3449 |
what was the 1 year return of apple inc . from 2013 to 2014? | Background: ['apple inc .', '| 2016 form 10-k | 20 company stock performance the following graph shows a comparison of cumulative total shareholder return , calculated on a dividend reinvested basis , for the company , the s&p 500 index , the s&p information technology index and the dow jones u.s .', 'technology supersector index for the five years ended september 24 , 2016 .', 'the graph assumes $ 100 was invested in each of the company 2019s common stock , the s&p 500 index , the s&p information technology index and the dow jones u.s .', 'technology supersector index as of the market close on september 23 , 2011 .', 'note that historic stock price performance is not necessarily indicative of future stock price performance .', '* $ 100 invested on 9/23/11 in stock or index , including reinvestment of dividends .', 'data points are the last day of each fiscal year for the company 2019s common stock and september 30th for indexes .', 'copyright a9 2016 s&p , a division of mcgraw hill financial .', 'all rights reserved .', 'copyright a9 2016 dow jones & co .', 'all rights reserved .', 'september september september september september september .']
Tabular Data:
Row 1: , september2011, september2012, september2013, september2014, september2015, september2016
Row 2: apple inc ., $ 100, $ 166, $ 123, $ 183, $ 212, $ 213
Row 3: s&p 500 index, $ 100, $ 130, $ 155, $ 186, $ 185, $ 213
Row 4: s&p information technology index, $ 100, $ 132, $ 142, $ 183, $ 187, $ 230
Row 5: dow jones u.s . technology supersector index, $ 100, $ 130, $ 137, $ 178, $ 177, $ 217
Post-table: ['.'] | 0.4878 | AAPL/2016/page_23.pdf-4 | ['apple inc .', '| 2016 form 10-k | 20 company stock performance the following graph shows a comparison of cumulative total shareholder return , calculated on a dividend reinvested basis , for the company , the s&p 500 index , the s&p information technology index and the dow jones u.s .', 'technology supersector index for the five years ended september 24 , 2016 .', 'the graph assumes $ 100 was invested in each of the company 2019s common stock , the s&p 500 index , the s&p information technology index and the dow jones u.s .', 'technology supersector index as of the market close on september 23 , 2011 .', 'note that historic stock price performance is not necessarily indicative of future stock price performance .', '* $ 100 invested on 9/23/11 in stock or index , including reinvestment of dividends .', 'data points are the last day of each fiscal year for the company 2019s common stock and september 30th for indexes .', 'copyright a9 2016 s&p , a division of mcgraw hill financial .', 'all rights reserved .', 'copyright a9 2016 dow jones & co .', 'all rights reserved .', 'september september september september september september .'] | ['.'] | Row 1: , september2011, september2012, september2013, september2014, september2015, september2016
Row 2: apple inc ., $ 100, $ 166, $ 123, $ 183, $ 212, $ 213
Row 3: s&p 500 index, $ 100, $ 130, $ 155, $ 186, $ 185, $ 213
Row 4: s&p information technology index, $ 100, $ 132, $ 142, $ 183, $ 187, $ 230
Row 5: dow jones u.s . technology supersector index, $ 100, $ 130, $ 137, $ 178, $ 177, $ 217 | subtract(183, 123), divide(#0, 123) | 0.4878 |
what was the percent of the incremental severance expense in 2009 | Context: ['mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) the company does not make any contributions to its postretirement plan other than funding benefits payments .', 'the following table summarizes expected net benefit payments from the company 2019s general assets through 2019 : benefit payments expected subsidy receipts benefit payments .']
########
Data Table:
----------------------------------------
| benefit payments | expected subsidy receipts | net benefit payments
----------|----------|----------|----------
2010 | $ 2714 | $ 71 | $ 2643
2011 | 3028 | 91 | 2937
2012 | 3369 | 111 | 3258
2013 | 3660 | 134 | 3526
2014 | 4019 | 151 | 3868
2015 2013 2019 | 22686 | 1071 | 21615
----------------------------------------
########
Additional Information: ['the company provides limited postemployment benefits to eligible former u.s .', 'employees , primarily severance under a formal severance plan ( the 201cseverance plan 201d ) .', 'the company accounts for severance expense by accruing the expected cost of the severance benefits expected to be provided to former employees after employment over their relevant service periods .', 'the company updates the assumptions in determining the severance accrual by evaluating the actual severance activity and long-term trends underlying the assumptions .', 'as a result of updating the assumptions , the company recorded incremental severance expense ( benefit ) related to the severance plan of $ 3471 , $ 2643 and $ ( 3418 ) , respectively , during the years 2009 , 2008 and 2007 .', 'these amounts were part of total severance expenses of $ 135113 , $ 32997 and $ 21284 in 2009 , 2008 and 2007 , respectively , included in general and administrative expenses in the accompanying consolidated statements of operations .', 'note 14 .', 'debt on april 28 , 2008 , the company extended its committed unsecured revolving credit facility , dated as of april 28 , 2006 ( the 201ccredit facility 201d ) , for an additional year .', 'the new expiration date of the credit facility is april 26 , 2011 .', 'the available funding under the credit facility will remain at $ 2500000 through april 27 , 2010 and then decrease to $ 2000000 during the final year of the credit facility agreement .', 'other terms and conditions in the credit facility remain unchanged .', 'the company 2019s option to request that each lender under the credit facility extend its commitment was provided pursuant to the original terms of the credit facility agreement .', 'borrowings under the facility are available to provide liquidity in the event of one or more settlement failures by mastercard international customers and , subject to a limit of $ 500000 , for general corporate purposes .', 'the facility fee and borrowing cost are contingent upon the company 2019s credit rating .', 'at december 31 , 2009 , the facility fee was 7 basis points on the total commitment , or approximately $ 1774 annually .', 'interest on borrowings under the credit facility would be charged at the london interbank offered rate ( libor ) plus an applicable margin of 28 basis points or an alternative base rate , and a utilization fee of 10 basis points would be charged if outstanding borrowings under the facility exceed 50% ( 50 % ) of commitments .', 'at the inception of the credit facility , the company also agreed to pay upfront fees of $ 1250 and administrative fees of $ 325 , which are being amortized over five years .', 'facility and other fees associated with the credit facility totaled $ 2222 , $ 2353 and $ 2477 for each of the years ended december 31 , 2009 , 2008 and 2007 , respectively .', 'mastercard was in compliance with the covenants of the credit facility and had no borrowings under the credit facility at december 31 , 2009 or december 31 , 2008 .', 'the majority of credit facility lenders are members or affiliates of members of mastercard international .', 'in june 1998 , mastercard international issued ten-year unsecured , subordinated notes ( the 201cnotes 201d ) paying a fixed interest rate of 6.67% ( 6.67 % ) per annum .', 'mastercard repaid the entire principal amount of $ 80000 on june 30 , 2008 pursuant to the terms of the notes .', 'the interest expense on the notes was $ 2668 and $ 5336 for each of the years ended december 31 , 2008 and 2007 , respectively. .'] | 0.02569 | MA/2009/page_115.pdf-2 | ['mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) the company does not make any contributions to its postretirement plan other than funding benefits payments .', 'the following table summarizes expected net benefit payments from the company 2019s general assets through 2019 : benefit payments expected subsidy receipts benefit payments .'] | ['the company provides limited postemployment benefits to eligible former u.s .', 'employees , primarily severance under a formal severance plan ( the 201cseverance plan 201d ) .', 'the company accounts for severance expense by accruing the expected cost of the severance benefits expected to be provided to former employees after employment over their relevant service periods .', 'the company updates the assumptions in determining the severance accrual by evaluating the actual severance activity and long-term trends underlying the assumptions .', 'as a result of updating the assumptions , the company recorded incremental severance expense ( benefit ) related to the severance plan of $ 3471 , $ 2643 and $ ( 3418 ) , respectively , during the years 2009 , 2008 and 2007 .', 'these amounts were part of total severance expenses of $ 135113 , $ 32997 and $ 21284 in 2009 , 2008 and 2007 , respectively , included in general and administrative expenses in the accompanying consolidated statements of operations .', 'note 14 .', 'debt on april 28 , 2008 , the company extended its committed unsecured revolving credit facility , dated as of april 28 , 2006 ( the 201ccredit facility 201d ) , for an additional year .', 'the new expiration date of the credit facility is april 26 , 2011 .', 'the available funding under the credit facility will remain at $ 2500000 through april 27 , 2010 and then decrease to $ 2000000 during the final year of the credit facility agreement .', 'other terms and conditions in the credit facility remain unchanged .', 'the company 2019s option to request that each lender under the credit facility extend its commitment was provided pursuant to the original terms of the credit facility agreement .', 'borrowings under the facility are available to provide liquidity in the event of one or more settlement failures by mastercard international customers and , subject to a limit of $ 500000 , for general corporate purposes .', 'the facility fee and borrowing cost are contingent upon the company 2019s credit rating .', 'at december 31 , 2009 , the facility fee was 7 basis points on the total commitment , or approximately $ 1774 annually .', 'interest on borrowings under the credit facility would be charged at the london interbank offered rate ( libor ) plus an applicable margin of 28 basis points or an alternative base rate , and a utilization fee of 10 basis points would be charged if outstanding borrowings under the facility exceed 50% ( 50 % ) of commitments .', 'at the inception of the credit facility , the company also agreed to pay upfront fees of $ 1250 and administrative fees of $ 325 , which are being amortized over five years .', 'facility and other fees associated with the credit facility totaled $ 2222 , $ 2353 and $ 2477 for each of the years ended december 31 , 2009 , 2008 and 2007 , respectively .', 'mastercard was in compliance with the covenants of the credit facility and had no borrowings under the credit facility at december 31 , 2009 or december 31 , 2008 .', 'the majority of credit facility lenders are members or affiliates of members of mastercard international .', 'in june 1998 , mastercard international issued ten-year unsecured , subordinated notes ( the 201cnotes 201d ) paying a fixed interest rate of 6.67% ( 6.67 % ) per annum .', 'mastercard repaid the entire principal amount of $ 80000 on june 30 , 2008 pursuant to the terms of the notes .', 'the interest expense on the notes was $ 2668 and $ 5336 for each of the years ended december 31 , 2008 and 2007 , respectively. .'] | ----------------------------------------
| benefit payments | expected subsidy receipts | net benefit payments
----------|----------|----------|----------
2010 | $ 2714 | $ 71 | $ 2643
2011 | 3028 | 91 | 2937
2012 | 3369 | 111 | 3258
2013 | 3660 | 134 | 3526
2014 | 4019 | 151 | 3868
2015 2013 2019 | 22686 | 1071 | 21615
---------------------------------------- | divide(3471, 135113) | 0.02569 |
what is the percent change of the amount of collateral held for indemnified securities between 2006 and 2007? | Pre-text: ['note 10 .', 'commitments and contingencies off-balance sheet commitments and contingencies : credit-related financial instruments include indemnified securities financing , unfunded commitments to extend credit or purchase assets and standby letters of credit .', 'the total potential loss on unfunded commitments , standby letters of credit and securities finance indemnifications is equal to the total contractual amount , which does not consider the value of any collateral .', 'the following is a summary of the contractual amount of credit-related , off-balance sheet financial instruments at december 31 .', 'amounts reported do not reflect participations to independent third parties .', '2007 2006 ( in millions ) .']
Table:
========================================
( in millions ) | 2007 | 2006
indemnified securities financing | $ 558368 | $ 506032
liquidity asset purchase agreements | 35339 | 30251
unfunded commitments to extend credit | 17533 | 16354
standby letters of credit | 4711 | 4926
========================================
Additional Information: ['on behalf of our customers , we lend their securities to creditworthy brokers and other institutions .', 'in certain circumstances , we may indemnify our customers for the fair market value of those securities against a failure of the borrower to return such securities .', 'collateral funds received in connection with our securities finance services are held by us as agent and are not recorded in our consolidated statement of condition .', 'we require the borrowers to provide collateral in an amount equal to or in excess of 100% ( 100 % ) of the fair market value of the securities borrowed .', 'the borrowed securities are revalued daily to determine if additional collateral is necessary .', 'in this regard , we held , as agent , cash and u.s .', 'government securities totaling $ 572.93 billion and $ 527.37 billion as collateral for indemnified securities on loan at december 31 , 2007 and 2006 , respectively .', 'approximately 82% ( 82 % ) of the unfunded commitments to extend credit and liquidity asset purchase agreements expire within one year from the date of issue .', 'since many of the commitments are expected to expire or renew without being drawn upon , the total commitment amounts do not necessarily represent future cash requirements .', 'in the normal course of business , we provide liquidity and credit enhancements to asset-backed commercial paper programs , referred to as 2018 2018conduits . 2019 2019 these conduits are described in note 11 .', 'the commercial paper issuances and commitments of the conduits to provide funding are supported by liquidity asset purchase agreements and backup liquidity lines of credit , the majority of which are provided by us .', 'in addition , we provide direct credit support to the conduits in the form of standby letters of credit .', 'our commitments under liquidity asset purchase agreements and back-up lines of credit totaled $ 28.37 billion at december 31 , 2007 , and are included in the preceding table .', 'our commitments under standby letters of credit totaled $ 1.04 billion at december 31 , 2007 , and are also included in the preceding table .', 'deterioration in asset performance or certain other factors affecting the liquidity of the commercial paper may shift the asset risk from the commercial paper investors to us as the liquidity or credit enhancement provider .', 'in addition , the conduits may need to draw upon the back-up facilities to repay maturing commercial paper .', 'in these instances , we would either acquire the assets of the conduits or make loans to the conduits secured by the conduits 2019 assets .', 'in the normal course of business , we offer products that provide book value protection primarily to plan participants in stable value funds of postretirement defined contribution benefit plans , particularly 401 ( k ) plans .', 'the book value protection is provided on portfolios of intermediate , investment grade fixed-income securities , and is intended to provide safety and stable growth of principal invested .', 'the protection is intended to cover any shortfall in the event that a significant number of plan participants .'] | 0.08639 | STT/2007/page_111.pdf-2 | ['note 10 .', 'commitments and contingencies off-balance sheet commitments and contingencies : credit-related financial instruments include indemnified securities financing , unfunded commitments to extend credit or purchase assets and standby letters of credit .', 'the total potential loss on unfunded commitments , standby letters of credit and securities finance indemnifications is equal to the total contractual amount , which does not consider the value of any collateral .', 'the following is a summary of the contractual amount of credit-related , off-balance sheet financial instruments at december 31 .', 'amounts reported do not reflect participations to independent third parties .', '2007 2006 ( in millions ) .'] | ['on behalf of our customers , we lend their securities to creditworthy brokers and other institutions .', 'in certain circumstances , we may indemnify our customers for the fair market value of those securities against a failure of the borrower to return such securities .', 'collateral funds received in connection with our securities finance services are held by us as agent and are not recorded in our consolidated statement of condition .', 'we require the borrowers to provide collateral in an amount equal to or in excess of 100% ( 100 % ) of the fair market value of the securities borrowed .', 'the borrowed securities are revalued daily to determine if additional collateral is necessary .', 'in this regard , we held , as agent , cash and u.s .', 'government securities totaling $ 572.93 billion and $ 527.37 billion as collateral for indemnified securities on loan at december 31 , 2007 and 2006 , respectively .', 'approximately 82% ( 82 % ) of the unfunded commitments to extend credit and liquidity asset purchase agreements expire within one year from the date of issue .', 'since many of the commitments are expected to expire or renew without being drawn upon , the total commitment amounts do not necessarily represent future cash requirements .', 'in the normal course of business , we provide liquidity and credit enhancements to asset-backed commercial paper programs , referred to as 2018 2018conduits . 2019 2019 these conduits are described in note 11 .', 'the commercial paper issuances and commitments of the conduits to provide funding are supported by liquidity asset purchase agreements and backup liquidity lines of credit , the majority of which are provided by us .', 'in addition , we provide direct credit support to the conduits in the form of standby letters of credit .', 'our commitments under liquidity asset purchase agreements and back-up lines of credit totaled $ 28.37 billion at december 31 , 2007 , and are included in the preceding table .', 'our commitments under standby letters of credit totaled $ 1.04 billion at december 31 , 2007 , and are also included in the preceding table .', 'deterioration in asset performance or certain other factors affecting the liquidity of the commercial paper may shift the asset risk from the commercial paper investors to us as the liquidity or credit enhancement provider .', 'in addition , the conduits may need to draw upon the back-up facilities to repay maturing commercial paper .', 'in these instances , we would either acquire the assets of the conduits or make loans to the conduits secured by the conduits 2019 assets .', 'in the normal course of business , we offer products that provide book value protection primarily to plan participants in stable value funds of postretirement defined contribution benefit plans , particularly 401 ( k ) plans .', 'the book value protection is provided on portfolios of intermediate , investment grade fixed-income securities , and is intended to provide safety and stable growth of principal invested .', 'the protection is intended to cover any shortfall in the event that a significant number of plan participants .'] | ========================================
( in millions ) | 2007 | 2006
indemnified securities financing | $ 558368 | $ 506032
liquidity asset purchase agreements | 35339 | 30251
unfunded commitments to extend credit | 17533 | 16354
standby letters of credit | 4711 | 4926
======================================== | subtract(572.93, 527.37), divide(#0, 527.37) | 0.08639 |
what is the growth rate of interest income from 2013 to 2014? | Background: ['item 7a .', 'quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .', 'from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .', 'derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .', 'interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .', 'the majority of our debt ( approximately 91% ( 91 % ) and 86% ( 86 % ) as of december 31 , 2014 and 2013 , respectively ) bears interest at fixed rates .', 'we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .', 'the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .', 'increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .']
######
Tabular Data:
----------------------------------------
as of december 31,, increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates, increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates
2014, $ -35.5 ( 35.5 ), $ 36.6
2013, -26.9 ( 26.9 ), 27.9
----------------------------------------
######
Follow-up: ['we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .', 'we do not have any interest rate swaps outstanding as of december 31 , 2014 .', 'we had $ 1667.2 of cash , cash equivalents and marketable securities as of december 31 , 2014 that we generally invest in conservative , short-term bank deposits or securities .', 'the interest income generated from these investments is subject to both domestic and foreign interest rate movements .', 'during 2014 and 2013 , we had interest income of $ 27.4 and $ 24.7 , respectively .', 'based on our 2014 results , a 100-basis-point increase or decrease in interest rates would affect our interest income by approximately $ 16.7 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2014 levels .', 'foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .', 'since we report revenues and expenses in u.s .', 'dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .', 'dollars ) from foreign operations .', 'the primary foreign currencies that impacted our results during 2014 included the argentine peso , australian dollar , brazilian real and british pound sterling .', 'based on 2014 exchange rates and operating results , if the u.s .', 'dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2014 levels .', 'the functional currency of our foreign operations is generally their respective local currency .', 'assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .', 'the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .', 'our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .', 'however , certain subsidiaries may enter into transactions in currencies other than their functional currency .', 'assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .', 'currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .', 'we have not entered into a material amount of foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates. .'] | 0.10931 | IPG/2014/page_47.pdf-1 | ['item 7a .', 'quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .', 'from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .', 'derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .', 'interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .', 'the majority of our debt ( approximately 91% ( 91 % ) and 86% ( 86 % ) as of december 31 , 2014 and 2013 , respectively ) bears interest at fixed rates .', 'we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .', 'the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .', 'increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .'] | ['we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .', 'we do not have any interest rate swaps outstanding as of december 31 , 2014 .', 'we had $ 1667.2 of cash , cash equivalents and marketable securities as of december 31 , 2014 that we generally invest in conservative , short-term bank deposits or securities .', 'the interest income generated from these investments is subject to both domestic and foreign interest rate movements .', 'during 2014 and 2013 , we had interest income of $ 27.4 and $ 24.7 , respectively .', 'based on our 2014 results , a 100-basis-point increase or decrease in interest rates would affect our interest income by approximately $ 16.7 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2014 levels .', 'foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .', 'since we report revenues and expenses in u.s .', 'dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .', 'dollars ) from foreign operations .', 'the primary foreign currencies that impacted our results during 2014 included the argentine peso , australian dollar , brazilian real and british pound sterling .', 'based on 2014 exchange rates and operating results , if the u.s .', 'dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2014 levels .', 'the functional currency of our foreign operations is generally their respective local currency .', 'assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .', 'the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .', 'our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .', 'however , certain subsidiaries may enter into transactions in currencies other than their functional currency .', 'assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .', 'currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .', 'we have not entered into a material amount of foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates. .'] | ----------------------------------------
as of december 31,, increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates, increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates
2014, $ -35.5 ( 35.5 ), $ 36.6
2013, -26.9 ( 26.9 ), 27.9
---------------------------------------- | subtract(27.4, 24.7), divide(#0, 24.7) | 0.10931 |
what percentage of total miles of track were switching and classification yard lines in 2013? | Context: ['item 2 .', 'properties we employ a variety of assets in the management and operation of our rail business .', 'our rail network covers 23 states in the western two-thirds of the u.s .', 'our rail network includes 31838 route miles .', 'we own 26009 miles and operate on the remainder pursuant to trackage rights or leases .', 'the following table describes track miles at december 31 , 2013 and 2012 .', '2013 2012 .']
--------
Data Table:
----------------------------------------
| 2013 | 2012
route | 31838 | 31868
other main line | 6766 | 6715
passing lines and turnouts | 3167 | 3124
switching and classification yard lines | 9090 | 9046
total miles | 50861 | 50753
----------------------------------------
--------
Follow-up: ['headquarters building we maintain our headquarters in omaha , nebraska .', 'the facility has 1.2 million square feet of space for approximately 4000 employees and is subject to a financing arrangement .', 'harriman dispatching center the harriman dispatching center ( hdc ) , located in omaha , nebraska , is our primary dispatching facility .', 'it is linked to regional dispatching and locomotive management facilities at various locations along our .'] | 0.17872 | UNP/2013/page_14.pdf-3 | ['item 2 .', 'properties we employ a variety of assets in the management and operation of our rail business .', 'our rail network covers 23 states in the western two-thirds of the u.s .', 'our rail network includes 31838 route miles .', 'we own 26009 miles and operate on the remainder pursuant to trackage rights or leases .', 'the following table describes track miles at december 31 , 2013 and 2012 .', '2013 2012 .'] | ['headquarters building we maintain our headquarters in omaha , nebraska .', 'the facility has 1.2 million square feet of space for approximately 4000 employees and is subject to a financing arrangement .', 'harriman dispatching center the harriman dispatching center ( hdc ) , located in omaha , nebraska , is our primary dispatching facility .', 'it is linked to regional dispatching and locomotive management facilities at various locations along our .'] | ----------------------------------------
| 2013 | 2012
route | 31838 | 31868
other main line | 6766 | 6715
passing lines and turnouts | 3167 | 3124
switching and classification yard lines | 9090 | 9046
total miles | 50861 | 50753
---------------------------------------- | divide(9090, 50861) | 0.17872 |
for the five years ended 12/31/2006 what is the performance difference of the class b common stock of united parcel service , inc . and the dow jones transportation average? | Pre-text: ['shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates it by reference into such filing .', 'the following graph shows a five-year comparison of cumulative total shareowners 2019 returns for our class b common stock , the s&p 500 index , and the dow jones transportation average .', 'the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2001 in the s&p 500 index , the dow jones transportation average , and the class b common stock of united parcel service , inc .', 'comparison of five year cumulative total return $ 40.00 $ 60.00 $ 80.00 $ 100.00 $ 120.00 $ 140.00 $ 160.00 $ 180.00 $ 200.00 2001 2002 2003 2004 2005 2006 s&p 500 ups dj transport .']
------
Table:
----------------------------------------
Row 1: , 12/31/01, 12/31/02, 12/31/03, 12/31/04, 12/31/05, 12/31/06
Row 2: united parcel service inc ., $ 100.00, $ 117.19, $ 140.49, $ 163.54, $ 146.35, $ 148.92
Row 3: s&p 500 index, $ 100.00, $ 77.90, $ 100.24, $ 111.15, $ 116.61, $ 135.02
Row 4: dow jones transportation average, $ 100.00, $ 88.52, $ 116.70, $ 149.06, $ 166.42, $ 182.76
----------------------------------------
------
Additional Information: ['securities authorized for issuance under equity compensation plans the following table provides information as of december 31 , 2006 regarding compensation plans under which our class a common stock is authorized for issuance .', 'these plans do not authorize the issuance of our class b common stock. .'] | -33.84 | UPS/2006/page_32.pdf-4 | ['shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates it by reference into such filing .', 'the following graph shows a five-year comparison of cumulative total shareowners 2019 returns for our class b common stock , the s&p 500 index , and the dow jones transportation average .', 'the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2001 in the s&p 500 index , the dow jones transportation average , and the class b common stock of united parcel service , inc .', 'comparison of five year cumulative total return $ 40.00 $ 60.00 $ 80.00 $ 100.00 $ 120.00 $ 140.00 $ 160.00 $ 180.00 $ 200.00 2001 2002 2003 2004 2005 2006 s&p 500 ups dj transport .'] | ['securities authorized for issuance under equity compensation plans the following table provides information as of december 31 , 2006 regarding compensation plans under which our class a common stock is authorized for issuance .', 'these plans do not authorize the issuance of our class b common stock. .'] | ----------------------------------------
Row 1: , 12/31/01, 12/31/02, 12/31/03, 12/31/04, 12/31/05, 12/31/06
Row 2: united parcel service inc ., $ 100.00, $ 117.19, $ 140.49, $ 163.54, $ 146.35, $ 148.92
Row 3: s&p 500 index, $ 100.00, $ 77.90, $ 100.24, $ 111.15, $ 116.61, $ 135.02
Row 4: dow jones transportation average, $ 100.00, $ 88.52, $ 116.70, $ 149.06, $ 166.42, $ 182.76
---------------------------------------- | subtract(148.92, const_100), subtract(182.76, const_100), subtract(#0, #1) | -33.84 |
what was the total refined products trunk lines production in tbd for the three year period? | Background: ['pipeline transportation 2013 we own a system of pipelines through marathon pipe line llc ( 201cmpl 201d ) and ohio river pipe line llc ( 201corpl 201d ) , our wholly-owned subsidiaries .', 'our pipeline systems transport crude oil and refined products primarily in the midwest and gulf coast regions to our refineries , our terminals and other pipeline systems .', 'our mpl and orpl wholly-owned and undivided interest common carrier systems consist of 1737 miles of crude oil lines and 1825 miles of refined product lines comprising 32 systems located in 11 states .', 'the mpl common carrier pipeline network is one of the largest petroleum pipeline systems in the united states , based on total barrels delivered .', 'our common carrier pipeline systems are subject to state and federal energy regulatory commission regulations and guidelines , including published tariffs for the transportation of crude oil and refined products .', 'third parties generated 13 percent of the crude oil and refined product shipments on our mpl and orpl common carrier pipelines in 2009 .', 'our mpl and orpl common carrier pipelines transported the volumes shown in the following table for each of the last three years .', 'pipeline barrels handled ( thousands of barrels per day ) 2009 2008 2007 .']
Table:
( thousands of barrels per day ), 2009, 2008, 2007
crude oil trunk lines, 1279, 1405, 1451
refined products trunk lines, 953, 960, 1049
total, 2232, 2365, 2500
Additional Information: ['we also own 196 miles of private crude oil pipelines and 850 miles of private refined products pipelines , and we lease 217 miles of common carrier refined product pipelines .', 'we have partial ownership interests in several pipeline companies that have approximately 780 miles of crude oil pipelines and 3600 miles of refined products pipelines , including about 970 miles operated by mpl .', 'in addition , mpl operates most of our private pipelines and 985 miles of crude oil and 160 miles of natural gas pipelines owned by our e&p segment .', 'our major refined product pipelines include the owned and operated cardinal products pipeline and the wabash pipeline .', 'the cardinal products pipeline delivers refined products from kenova , west virginia , to columbus , ohio .', 'the wabash pipeline system delivers product from robinson , illinois , to various terminals in the area of chicago , illinois .', 'other significant refined product pipelines owned and operated by mpl extend from : robinson , illinois , to louisville , kentucky ; garyville , louisiana , to zachary , louisiana ; and texas city , texas , to pasadena , texas .', 'in addition , as of december 31 , 2009 , we had interests in the following refined product pipelines : 2022 65 percent undivided ownership interest in the louisville-lexington system , a petroleum products pipeline system extending from louisville to lexington , kentucky ; 2022 60 percent interest in muskegon pipeline llc , which owns a refined products pipeline extending from griffith , indiana , to north muskegon , michigan ; 2022 50 percent interest in centennial pipeline llc , which owns a refined products system connecting the gulf coast region with the midwest market ; 2022 17 percent interest in explorer pipeline company , a refined products pipeline system extending from the gulf coast to the midwest ; and 2022 6 percent interest in wolverine pipe line company , a refined products pipeline system extending from chicago , illinois , to toledo , ohio .', 'our major owned and operated crude oil lines run from : patoka , illinois , to catlettsburg , kentucky ; patoka , illinois , to robinson , illinois ; patoka , illinois , to lima , ohio ; lima , ohio to canton , ohio ; samaria , michigan , to detroit , michigan ; and st .', 'james , louisiana , to garyville , louisiana .', 'as of december 31 , 2009 , we had interests in the following crude oil pipelines : 2022 51 percent interest in loop llc , the owner and operator of loop , which is the only u.s .', 'deepwater oil port , located 18 miles off the coast of louisiana , and a crude oil pipeline connecting the port facility to storage caverns and tanks at clovelly , louisiana ; 2022 59 percent interest in locap llc , which owns a crude oil pipeline connecting loop and the capline system; .'] | 2962.0 | MRO/2009/page_36.pdf-4 | ['pipeline transportation 2013 we own a system of pipelines through marathon pipe line llc ( 201cmpl 201d ) and ohio river pipe line llc ( 201corpl 201d ) , our wholly-owned subsidiaries .', 'our pipeline systems transport crude oil and refined products primarily in the midwest and gulf coast regions to our refineries , our terminals and other pipeline systems .', 'our mpl and orpl wholly-owned and undivided interest common carrier systems consist of 1737 miles of crude oil lines and 1825 miles of refined product lines comprising 32 systems located in 11 states .', 'the mpl common carrier pipeline network is one of the largest petroleum pipeline systems in the united states , based on total barrels delivered .', 'our common carrier pipeline systems are subject to state and federal energy regulatory commission regulations and guidelines , including published tariffs for the transportation of crude oil and refined products .', 'third parties generated 13 percent of the crude oil and refined product shipments on our mpl and orpl common carrier pipelines in 2009 .', 'our mpl and orpl common carrier pipelines transported the volumes shown in the following table for each of the last three years .', 'pipeline barrels handled ( thousands of barrels per day ) 2009 2008 2007 .'] | ['we also own 196 miles of private crude oil pipelines and 850 miles of private refined products pipelines , and we lease 217 miles of common carrier refined product pipelines .', 'we have partial ownership interests in several pipeline companies that have approximately 780 miles of crude oil pipelines and 3600 miles of refined products pipelines , including about 970 miles operated by mpl .', 'in addition , mpl operates most of our private pipelines and 985 miles of crude oil and 160 miles of natural gas pipelines owned by our e&p segment .', 'our major refined product pipelines include the owned and operated cardinal products pipeline and the wabash pipeline .', 'the cardinal products pipeline delivers refined products from kenova , west virginia , to columbus , ohio .', 'the wabash pipeline system delivers product from robinson , illinois , to various terminals in the area of chicago , illinois .', 'other significant refined product pipelines owned and operated by mpl extend from : robinson , illinois , to louisville , kentucky ; garyville , louisiana , to zachary , louisiana ; and texas city , texas , to pasadena , texas .', 'in addition , as of december 31 , 2009 , we had interests in the following refined product pipelines : 2022 65 percent undivided ownership interest in the louisville-lexington system , a petroleum products pipeline system extending from louisville to lexington , kentucky ; 2022 60 percent interest in muskegon pipeline llc , which owns a refined products pipeline extending from griffith , indiana , to north muskegon , michigan ; 2022 50 percent interest in centennial pipeline llc , which owns a refined products system connecting the gulf coast region with the midwest market ; 2022 17 percent interest in explorer pipeline company , a refined products pipeline system extending from the gulf coast to the midwest ; and 2022 6 percent interest in wolverine pipe line company , a refined products pipeline system extending from chicago , illinois , to toledo , ohio .', 'our major owned and operated crude oil lines run from : patoka , illinois , to catlettsburg , kentucky ; patoka , illinois , to robinson , illinois ; patoka , illinois , to lima , ohio ; lima , ohio to canton , ohio ; samaria , michigan , to detroit , michigan ; and st .', 'james , louisiana , to garyville , louisiana .', 'as of december 31 , 2009 , we had interests in the following crude oil pipelines : 2022 51 percent interest in loop llc , the owner and operator of loop , which is the only u.s .', 'deepwater oil port , located 18 miles off the coast of louisiana , and a crude oil pipeline connecting the port facility to storage caverns and tanks at clovelly , louisiana ; 2022 59 percent interest in locap llc , which owns a crude oil pipeline connecting loop and the capline system; .'] | ( thousands of barrels per day ), 2009, 2008, 2007
crude oil trunk lines, 1279, 1405, 1451
refined products trunk lines, 953, 960, 1049
total, 2232, 2365, 2500 | add(953, 960), add(#0, 1049) | 2962.0 |
as of december 31 , 2008 what was the average of current assets and \\nnoncurrent assets , in millions? | Context: ['marathon oil corporation notes to consolidated financial statements 7 .', 'dispositions outside-operated norwegian properties 2013 on october 31 , 2008 , we closed the sale of our norwegian outside-operated properties and undeveloped offshore acreage in the heimdal area of the norwegian north sea for net proceeds of $ 301 million , with a pretax gain of $ 254 million as of december 31 , 2008 .', 'pilot travel centers 2013 on october 8 , 2008 , we completed the sale of our 50 percent ownership interest in ptc .', 'sale proceeds were $ 625 million , with a pretax gain on the sale of $ 126 million .', 'immediately preceding the sale , we received a $ 75 million partial redemption of our ownership interest from ptc that was accounted for as a return of investment .', 'operated irish properties 2013 on december 17 , 2008 , we agreed to sell our operated properties located in ireland for proceeds of $ 180 million , before post-closing adjustments and cash on hand at closing .', 'closing is subject to completion of the necessary administrative processes .', 'as of december 31 , 2008 , operating assets and liabilities were classified as held for sale , as disclosed by major class in the following table : ( in millions ) 2008 .']
##########
Tabular Data:
( in millions ), 2008
current assets, $ 164
noncurrent assets, 103
total assets, 267
current liabilities, 62
noncurrent liabilities, 199
total liabilities, 261
net assets held for sale, $ 6
##########
Follow-up: ['8 .', 'discontinued operations on june 2 , 2006 , we sold our russian oil exploration and production businesses in the khanty-mansiysk region of western siberia .', 'under the terms of the agreement , we received $ 787 million for these businesses , plus preliminary working capital and other closing adjustments of $ 56 million , for a total transaction value of $ 843 million .', 'proceeds net of transaction costs and cash held by the russian businesses at the transaction date totaled $ 832 million .', 'a gain on the sale of $ 243 million ( $ 342 million before income taxes ) was reported in discontinued operations for 2006 .', 'income taxes on this gain were reduced by the utilization of a capital loss carryforward .', 'exploration and production segment goodwill of $ 21 million was allocated to the russian assets and reduced the reported gain .', 'adjustments to the sales price were completed in 2007 and an additional gain on the sale of $ 8 million ( $ 13 million before income taxes ) was recognized .', 'the activities of the russian businesses have been reported as discontinued operations in the consolidated statements of income and the consolidated statements of cash flows for 2006 .', 'revenues applicable to discontinued operations were $ 173 million and pretax income from discontinued operations was $ 45 million for 2006. .'] | 133.5 | MRO/2008/page_119.pdf-2 | ['marathon oil corporation notes to consolidated financial statements 7 .', 'dispositions outside-operated norwegian properties 2013 on october 31 , 2008 , we closed the sale of our norwegian outside-operated properties and undeveloped offshore acreage in the heimdal area of the norwegian north sea for net proceeds of $ 301 million , with a pretax gain of $ 254 million as of december 31 , 2008 .', 'pilot travel centers 2013 on october 8 , 2008 , we completed the sale of our 50 percent ownership interest in ptc .', 'sale proceeds were $ 625 million , with a pretax gain on the sale of $ 126 million .', 'immediately preceding the sale , we received a $ 75 million partial redemption of our ownership interest from ptc that was accounted for as a return of investment .', 'operated irish properties 2013 on december 17 , 2008 , we agreed to sell our operated properties located in ireland for proceeds of $ 180 million , before post-closing adjustments and cash on hand at closing .', 'closing is subject to completion of the necessary administrative processes .', 'as of december 31 , 2008 , operating assets and liabilities were classified as held for sale , as disclosed by major class in the following table : ( in millions ) 2008 .'] | ['8 .', 'discontinued operations on june 2 , 2006 , we sold our russian oil exploration and production businesses in the khanty-mansiysk region of western siberia .', 'under the terms of the agreement , we received $ 787 million for these businesses , plus preliminary working capital and other closing adjustments of $ 56 million , for a total transaction value of $ 843 million .', 'proceeds net of transaction costs and cash held by the russian businesses at the transaction date totaled $ 832 million .', 'a gain on the sale of $ 243 million ( $ 342 million before income taxes ) was reported in discontinued operations for 2006 .', 'income taxes on this gain were reduced by the utilization of a capital loss carryforward .', 'exploration and production segment goodwill of $ 21 million was allocated to the russian assets and reduced the reported gain .', 'adjustments to the sales price were completed in 2007 and an additional gain on the sale of $ 8 million ( $ 13 million before income taxes ) was recognized .', 'the activities of the russian businesses have been reported as discontinued operations in the consolidated statements of income and the consolidated statements of cash flows for 2006 .', 'revenues applicable to discontinued operations were $ 173 million and pretax income from discontinued operations was $ 45 million for 2006. .'] | ( in millions ), 2008
current assets, $ 164
noncurrent assets, 103
total assets, 267
current liabilities, 62
noncurrent liabilities, 199
total liabilities, 261
net assets held for sale, $ 6 | add(164, 103), divide(#0, const_2) | 133.5 |
what portion of the total contingent acquisition payments is related to deferred acquisition payments? | Pre-text: ['notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) guarantees we have guaranteed certain obligations of our subsidiaries relating principally to operating leases and uncommitted lines of credit of certain subsidiaries .', 'the amount of parent company guarantees on lease obligations was $ 829.2 and $ 857.3 as of december 31 , 2017 and 2016 , respectively , and the amount of parent company guarantees primarily relating to uncommitted lines of credit was $ 491.0 and $ 395.6 as of december 31 , 2017 and 2016 , respectively .', 'in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee , we would be obligated to pay the amounts covered by that guarantee .', 'as of december 31 , 2017 , there were no material assets pledged as security for such parent company guarantees .', 'contingent acquisition obligations the following table details the estimated future contingent acquisition obligations payable in cash as of december 31 .']
----
Table:
========================================
| 2018 | 2019 | 2020 | 2021 | 2022 | thereafter | total
----------|----------|----------|----------|----------|----------|----------|----------
deferred acquisition payments | $ 41.9 | $ 27.5 | $ 16.1 | $ 24.4 | $ 4.8 | $ 6.3 | $ 121.0
redeemable noncontrolling interests and call options with affiliates1 | 37.1 | 26.4 | 62.9 | 10.3 | 6.6 | 4.1 | 147.4
total contingent acquisition payments | $ 79.0 | $ 53.9 | $ 79.0 | $ 34.7 | $ 11.4 | $ 10.4 | $ 268.4
========================================
----
Post-table: ['1 we have entered into certain acquisitions that contain both redeemable noncontrolling interests and call options with similar terms and conditions .', 'the estimated amounts listed would be paid in the event of exercise at the earliest exercise date .', 'we have certain redeemable noncontrolling interests that are exercisable at the discretion of the noncontrolling equity owners as of december 31 , 2017 .', 'these estimated payments of $ 24.8 are included within the total payments expected to be made in 2018 , and will continue to be carried forward into 2019 or beyond until exercised or expired .', 'redeemable noncontrolling interests are included in the table at current exercise price payable in cash , not at applicable redemption value , in accordance with the authoritative guidance for classification and measurement of redeemable securities .', 'the majority of these payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revision in accordance with the terms of the respective agreements .', 'see note 4 for further information relating to the payment structure of our acquisitions .', 'legal matters in the normal course of business , we are involved in various legal proceedings , and subject to investigations , inspections , audits , inquiries and similar actions by governmental authorities .', 'the types of allegations that arise in connection with such legal proceedings vary in nature , but can include claims related to contract , employment , tax and intellectual property matters .', 'we evaluate all cases each reporting period and record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount , or potential range , of loss can be reasonably estimated .', 'in certain cases , we cannot reasonably estimate the potential loss because , for example , the litigation is in its early stages .', 'while any outcome related to litigation or such governmental proceedings in which we are involved cannot be predicted with certainty , management believes that the outcome of these matters , individually and in the aggregate , will not have a material adverse effect on our financial condition , results of operations or cash flows .', 'as previously disclosed , on april 10 , 2015 , a federal judge in brazil authorized the search of the records of an agency 2019s offices in s e3o paulo and brasilia , in connection with an ongoing investigation by brazilian authorities involving payments potentially connected to local government contracts .', 'the company had previously investigated the matter and taken a number of remedial and disciplinary actions .', 'the company is in the process of concluding a settlement related to these matters with government agencies .', 'the company confirmed that one of its standalone domestic agencies has been contacted by the department of justice antitrust division for documents regarding video production practices and is cooperating with the government. .'] | 0.45082 | IPG/2017/page_92.pdf-4 | ['notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) guarantees we have guaranteed certain obligations of our subsidiaries relating principally to operating leases and uncommitted lines of credit of certain subsidiaries .', 'the amount of parent company guarantees on lease obligations was $ 829.2 and $ 857.3 as of december 31 , 2017 and 2016 , respectively , and the amount of parent company guarantees primarily relating to uncommitted lines of credit was $ 491.0 and $ 395.6 as of december 31 , 2017 and 2016 , respectively .', 'in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee , we would be obligated to pay the amounts covered by that guarantee .', 'as of december 31 , 2017 , there were no material assets pledged as security for such parent company guarantees .', 'contingent acquisition obligations the following table details the estimated future contingent acquisition obligations payable in cash as of december 31 .'] | ['1 we have entered into certain acquisitions that contain both redeemable noncontrolling interests and call options with similar terms and conditions .', 'the estimated amounts listed would be paid in the event of exercise at the earliest exercise date .', 'we have certain redeemable noncontrolling interests that are exercisable at the discretion of the noncontrolling equity owners as of december 31 , 2017 .', 'these estimated payments of $ 24.8 are included within the total payments expected to be made in 2018 , and will continue to be carried forward into 2019 or beyond until exercised or expired .', 'redeemable noncontrolling interests are included in the table at current exercise price payable in cash , not at applicable redemption value , in accordance with the authoritative guidance for classification and measurement of redeemable securities .', 'the majority of these payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revision in accordance with the terms of the respective agreements .', 'see note 4 for further information relating to the payment structure of our acquisitions .', 'legal matters in the normal course of business , we are involved in various legal proceedings , and subject to investigations , inspections , audits , inquiries and similar actions by governmental authorities .', 'the types of allegations that arise in connection with such legal proceedings vary in nature , but can include claims related to contract , employment , tax and intellectual property matters .', 'we evaluate all cases each reporting period and record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount , or potential range , of loss can be reasonably estimated .', 'in certain cases , we cannot reasonably estimate the potential loss because , for example , the litigation is in its early stages .', 'while any outcome related to litigation or such governmental proceedings in which we are involved cannot be predicted with certainty , management believes that the outcome of these matters , individually and in the aggregate , will not have a material adverse effect on our financial condition , results of operations or cash flows .', 'as previously disclosed , on april 10 , 2015 , a federal judge in brazil authorized the search of the records of an agency 2019s offices in s e3o paulo and brasilia , in connection with an ongoing investigation by brazilian authorities involving payments potentially connected to local government contracts .', 'the company had previously investigated the matter and taken a number of remedial and disciplinary actions .', 'the company is in the process of concluding a settlement related to these matters with government agencies .', 'the company confirmed that one of its standalone domestic agencies has been contacted by the department of justice antitrust division for documents regarding video production practices and is cooperating with the government. .'] | ========================================
| 2018 | 2019 | 2020 | 2021 | 2022 | thereafter | total
----------|----------|----------|----------|----------|----------|----------|----------
deferred acquisition payments | $ 41.9 | $ 27.5 | $ 16.1 | $ 24.4 | $ 4.8 | $ 6.3 | $ 121.0
redeemable noncontrolling interests and call options with affiliates1 | 37.1 | 26.4 | 62.9 | 10.3 | 6.6 | 4.1 | 147.4
total contingent acquisition payments | $ 79.0 | $ 53.9 | $ 79.0 | $ 34.7 | $ 11.4 | $ 10.4 | $ 268.4
======================================== | divide(121.0, 268.4) | 0.45082 |
if the 2003 growth rate is the same as 2002 , what would 2003 gas transmission throughput be in bcf?\\n | Context: ['other taxes decreased in 2001 because its utility operations in virginia became subject to state income taxes in lieu of gross receipts taxes effective january 2001 .', 'in addition , dominion recognized higher effective rates for foreign earnings and higher pretax income in relation to non-conventional fuel tax credits realized .', 'dominion energy 2002 2001 2000 ( millions , except per share amounts ) .']
Table:
Row 1: ( millions except pershare amounts ), 2002, 2001, 2000
Row 2: operating revenue, $ 5940, $ 6144, $ 4894
Row 3: operating expenses, 4520, 4749, 3939
Row 4: net income contribution, 770, 723, 489
Row 5: earnings per share contribution, $ 2.72, $ 2.86, $ 2.07
Row 6: electricity supplied* ( million mwhrs ), 101, 95, 83
Row 7: gas transmission throughput ( bcf ), 597, 553, 567
Post-table: ['* amounts presented are for electricity supplied by utility and merchant generation operations .', 'operating results 2014 2002 dominion energy contributed $ 2.72 per diluted share on net income of $ 770 million for 2002 , a net income increase of $ 47 million and an earnings per share decrease of $ 0.14 over 2001 .', 'net income for 2002 reflected lower operating revenue ( $ 204 million ) , operating expenses ( $ 229 million ) and other income ( $ 27 million ) .', 'interest expense and income taxes , which are discussed on a consolidated basis , decreased $ 50 million over 2001 .', 'the earnings per share decrease reflected share dilution .', 'regulated electric sales revenue increased $ 179 million .', 'favorable weather conditions , reflecting increased cooling and heating degree-days , as well as customer growth , are estimated to have contributed $ 133 million and $ 41 million , respectively .', 'fuel rate recoveries increased approximately $ 65 million for 2002 .', 'these recoveries are generally offset by increases in elec- tric fuel expense and do not materially affect income .', 'partially offsetting these increases was a net decrease of $ 60 million due to other factors not separately measurable , such as the impact of economic conditions on customer usage , as well as variations in seasonal rate premiums and discounts .', 'nonregulated electric sales revenue increased $ 9 million .', 'sales revenue from dominion 2019s merchant generation fleet decreased $ 21 million , reflecting a $ 201 million decline due to lower prices partially offset by sales from assets acquired and constructed in 2002 and the inclusion of millstone operations for all of 2002 .', 'revenue from the wholesale marketing of utility generation decreased $ 74 million .', 'due to the higher demand of utility service territory customers during 2002 , less production from utility plant generation was available for profitable sale in the wholesale market .', 'revenue from retail energy sales increased $ 71 million , reflecting primarily customer growth over the prior year .', 'net revenue from dominion 2019s electric trading activities increased $ 33 million , reflecting the effect of favorable price changes on unsettled contracts and higher trading margins .', 'nonregulated gas sales revenue decreased $ 351 million .', 'the decrease included a $ 239 million decrease in sales by dominion 2019s field services and retail energy marketing opera- tions , reflecting to a large extent declining prices .', 'revenue associated with gas trading operations , net of related cost of sales , decreased $ 112 million .', 'the decrease included $ 70 mil- lion of realized and unrealized losses on the economic hedges of natural gas production by the dominion exploration & pro- duction segment .', 'as described below under selected information 2014 energy trading activities , sales of natural gas by the dominion exploration & production segment at market prices offset these financial losses , resulting in a range of prices contemplated by dominion 2019s overall risk management strategy .', 'the remaining $ 42 million decrease was due to unfavorable price changes on unsettled contracts and lower overall trading margins .', 'those losses were partially offset by contributions from higher trading volumes in gas and oil markets .', 'gas transportation and storage revenue decreased $ 44 million , primarily reflecting lower rates .', 'electric fuel and energy purchases expense increased $ 94 million which included an increase of $ 66 million associated with dominion 2019s energy marketing operations that are not sub- ject to cost-based rate regulation and an increase of $ 28 million associated with utility operations .', 'substantially all of the increase associated with non-regulated energy marketing opera- tions related to higher volumes purchased during the year .', 'for utility operations , energy costs increased $ 66 million for pur- chases subject to rate recovery , partially offset by a $ 38 million decrease in fuel expenses associated with lower wholesale mar- keting of utility plant generation .', 'purchased gas expense decreased $ 245 million associated with dominion 2019s field services and retail energy marketing oper- ations .', 'this decrease reflected approximately $ 162 million asso- ciated with declining prices and $ 83 million associated with lower purchased volumes .', 'liquids , pipeline capacity and other purchases decreased $ 64 million , primarily reflecting comparably lower levels of rate recoveries of certain costs of transmission operations in the cur- rent year period .', 'the difference between actual expenses and amounts recovered in the period are deferred pending future rate adjustments .', 'other operations and maintenance expense decreased $ 14 million , primarily reflecting an $ 18 million decrease in outage costs due to fewer generation unit outages in the current year .', 'depreciation expense decreased $ 11 million , reflecting decreases in depreciation associated with changes in the esti- mated useful lives of certain electric generation property , par- tially offset by increased depreciation associated with state line and millstone operations .', 'other income decreased $ 27 million , including a $ 14 mil- lion decrease in net realized investment gains in the millstone 37d o m i n i o n 2019 0 2 a n n u a l r e p o r t .'] | 644.5009 | D/2002/page_39.pdf-2 | ['other taxes decreased in 2001 because its utility operations in virginia became subject to state income taxes in lieu of gross receipts taxes effective january 2001 .', 'in addition , dominion recognized higher effective rates for foreign earnings and higher pretax income in relation to non-conventional fuel tax credits realized .', 'dominion energy 2002 2001 2000 ( millions , except per share amounts ) .'] | ['* amounts presented are for electricity supplied by utility and merchant generation operations .', 'operating results 2014 2002 dominion energy contributed $ 2.72 per diluted share on net income of $ 770 million for 2002 , a net income increase of $ 47 million and an earnings per share decrease of $ 0.14 over 2001 .', 'net income for 2002 reflected lower operating revenue ( $ 204 million ) , operating expenses ( $ 229 million ) and other income ( $ 27 million ) .', 'interest expense and income taxes , which are discussed on a consolidated basis , decreased $ 50 million over 2001 .', 'the earnings per share decrease reflected share dilution .', 'regulated electric sales revenue increased $ 179 million .', 'favorable weather conditions , reflecting increased cooling and heating degree-days , as well as customer growth , are estimated to have contributed $ 133 million and $ 41 million , respectively .', 'fuel rate recoveries increased approximately $ 65 million for 2002 .', 'these recoveries are generally offset by increases in elec- tric fuel expense and do not materially affect income .', 'partially offsetting these increases was a net decrease of $ 60 million due to other factors not separately measurable , such as the impact of economic conditions on customer usage , as well as variations in seasonal rate premiums and discounts .', 'nonregulated electric sales revenue increased $ 9 million .', 'sales revenue from dominion 2019s merchant generation fleet decreased $ 21 million , reflecting a $ 201 million decline due to lower prices partially offset by sales from assets acquired and constructed in 2002 and the inclusion of millstone operations for all of 2002 .', 'revenue from the wholesale marketing of utility generation decreased $ 74 million .', 'due to the higher demand of utility service territory customers during 2002 , less production from utility plant generation was available for profitable sale in the wholesale market .', 'revenue from retail energy sales increased $ 71 million , reflecting primarily customer growth over the prior year .', 'net revenue from dominion 2019s electric trading activities increased $ 33 million , reflecting the effect of favorable price changes on unsettled contracts and higher trading margins .', 'nonregulated gas sales revenue decreased $ 351 million .', 'the decrease included a $ 239 million decrease in sales by dominion 2019s field services and retail energy marketing opera- tions , reflecting to a large extent declining prices .', 'revenue associated with gas trading operations , net of related cost of sales , decreased $ 112 million .', 'the decrease included $ 70 mil- lion of realized and unrealized losses on the economic hedges of natural gas production by the dominion exploration & pro- duction segment .', 'as described below under selected information 2014 energy trading activities , sales of natural gas by the dominion exploration & production segment at market prices offset these financial losses , resulting in a range of prices contemplated by dominion 2019s overall risk management strategy .', 'the remaining $ 42 million decrease was due to unfavorable price changes on unsettled contracts and lower overall trading margins .', 'those losses were partially offset by contributions from higher trading volumes in gas and oil markets .', 'gas transportation and storage revenue decreased $ 44 million , primarily reflecting lower rates .', 'electric fuel and energy purchases expense increased $ 94 million which included an increase of $ 66 million associated with dominion 2019s energy marketing operations that are not sub- ject to cost-based rate regulation and an increase of $ 28 million associated with utility operations .', 'substantially all of the increase associated with non-regulated energy marketing opera- tions related to higher volumes purchased during the year .', 'for utility operations , energy costs increased $ 66 million for pur- chases subject to rate recovery , partially offset by a $ 38 million decrease in fuel expenses associated with lower wholesale mar- keting of utility plant generation .', 'purchased gas expense decreased $ 245 million associated with dominion 2019s field services and retail energy marketing oper- ations .', 'this decrease reflected approximately $ 162 million asso- ciated with declining prices and $ 83 million associated with lower purchased volumes .', 'liquids , pipeline capacity and other purchases decreased $ 64 million , primarily reflecting comparably lower levels of rate recoveries of certain costs of transmission operations in the cur- rent year period .', 'the difference between actual expenses and amounts recovered in the period are deferred pending future rate adjustments .', 'other operations and maintenance expense decreased $ 14 million , primarily reflecting an $ 18 million decrease in outage costs due to fewer generation unit outages in the current year .', 'depreciation expense decreased $ 11 million , reflecting decreases in depreciation associated with changes in the esti- mated useful lives of certain electric generation property , par- tially offset by increased depreciation associated with state line and millstone operations .', 'other income decreased $ 27 million , including a $ 14 mil- lion decrease in net realized investment gains in the millstone 37d o m i n i o n 2019 0 2 a n n u a l r e p o r t .'] | Row 1: ( millions except pershare amounts ), 2002, 2001, 2000
Row 2: operating revenue, $ 5940, $ 6144, $ 4894
Row 3: operating expenses, 4520, 4749, 3939
Row 4: net income contribution, 770, 723, 489
Row 5: earnings per share contribution, $ 2.72, $ 2.86, $ 2.07
Row 6: electricity supplied* ( million mwhrs ), 101, 95, 83
Row 7: gas transmission throughput ( bcf ), 597, 553, 567 | divide(597, 553), multiply(#0, 597) | 644.5009 |
what was the spread between the high and low henry hub natural gas ( dollars per mcf ) in 2009? | Background: ['item 7 .', 'management 2019s discussion and analysis of financial condition and results of operations we are a global integrated energy company with significant operations in the north america , africa and europe .', 'our operations are organized into four reportable segments : 2022 exploration and production ( 201ce&p 201d ) which explores for , produces and markets liquid hydrocarbons and natural gas on a worldwide basis .', '2022 oil sands mining ( 201cosm 201d ) which mines , extracts and transports bitumen from oil sands deposits in alberta , canada , and upgrades the bitumen to produce and market synthetic crude oil and vacuum gas 2022 integrated gas ( 201cig 201d ) which markets and transports products manufactured from natural gas , such as liquefied natural gas ( 201clng 201d ) and methanol , on a worldwide basis .', '2022 refining , marketing & transportation ( 201crm&t 201d ) which refines , markets and transports crude oil and petroleum products , primarily in the midwest , upper great plains , gulf coast and southeastern regions of the united states .', 'certain sections of management 2019s discussion and analysis of financial condition and results of operations include forward-looking statements concerning trends or events potentially affecting our business .', 'these statements typically contain words such as 201canticipates , 201d 201cbelieves , 201d 201cestimates , 201d 201cexpects , 201d 201ctargets , 201d 201cplans , 201d 201cprojects , 201d 201ccould , 201d 201cmay , 201d 201cshould , 201d 201cwould 201d or similar words indicating that future outcomes are uncertain .', 'in accordance with 201csafe harbor 201d provisions of the private securities litigation reform act of 1995 , these statements are accompanied by cautionary language identifying important factors , though not necessarily all such factors , which could cause future outcomes to differ materially from those set forth in the forward-looking statements .', 'we hold a 60 percent interest in equatorial guinea lng holdings limited ( 201cegholdings 201d ) .', 'as discussed in note 4 to the consolidated financial statements , effective may 1 , 2007 , we ceased consolidating egholdings .', 'our investment is accounted for using the equity method of accounting .', 'unless specifically noted , amounts presented for the integrated gas segment for periods prior to may 1 , 2007 , include amounts related to the minority interests .', 'management 2019s discussion and analysis of financial condition and results of operations should be read in conjunction with the information under item 1 .', 'business , item 1a .', 'risk factors , item 6 .', 'selected financial data and item 8 .', 'financial statements and supplementary data .', 'overview exploration and production prevailing prices for the various grades of crude oil and natural gas that we produce significantly impact our revenues and cash flows .', 'prices were volatile in 2009 , but not as much as in the previous year .', 'prices in 2009 were also lower than in recent years as illustrated by the annual averages for key benchmark prices below. .']
Tabular Data:
----------------------------------------
benchmark | 2009 | 2008 | 2007
----------|----------|----------|----------
wti crude oil ( dollars per barrel ) | $ 62.09 | $ 99.75 | $ 72.41
dated brent crude oil ( dollars per barrel ) | $ 61.67 | $ 97.26 | $ 72.39
henry hub natural gas ( dollars per mcf ) ( a ) | $ 3.99 | $ 9.04 | $ 6.86
----------------------------------------
Additional Information: ['henry hub natural gas ( dollars per mcf ) ( a ) $ 3.99 $ 9.04 $ 6.86 ( a ) first-of-month price index .', 'crude oil prices rose sharply through the first half of 2008 as a result of strong global demand , a declining dollar , ongoing concerns about supplies of crude oil , and geopolitical risk .', 'later in 2008 , crude oil prices sharply declined as the u.s .', 'dollar rebounded and global demand decreased as a result of economic recession .', 'the price decrease continued into 2009 , but reversed after dropping below $ 33.98 in february , ending the year at $ 79.36 .', 'our domestic crude oil production is about 62 percent sour , which means that it contains more sulfur than light sweet wti does .', 'sour crude oil also tends to be heavier than light sweet crude oil and sells at a discount to light sweet crude oil because of higher refining costs and lower refined product values .', 'our international crude oil production is relatively sweet and is generally sold in relation to the dated brent crude benchmark .', 'the differential between wti and dated brent average prices narrowed to $ 0.42 in 2009 compared to $ 2.49 in 2008 and $ 0.02 in 2007. .'] | 45.38 | MRO/2009/page_56.pdf-2 | ['item 7 .', 'management 2019s discussion and analysis of financial condition and results of operations we are a global integrated energy company with significant operations in the north america , africa and europe .', 'our operations are organized into four reportable segments : 2022 exploration and production ( 201ce&p 201d ) which explores for , produces and markets liquid hydrocarbons and natural gas on a worldwide basis .', '2022 oil sands mining ( 201cosm 201d ) which mines , extracts and transports bitumen from oil sands deposits in alberta , canada , and upgrades the bitumen to produce and market synthetic crude oil and vacuum gas 2022 integrated gas ( 201cig 201d ) which markets and transports products manufactured from natural gas , such as liquefied natural gas ( 201clng 201d ) and methanol , on a worldwide basis .', '2022 refining , marketing & transportation ( 201crm&t 201d ) which refines , markets and transports crude oil and petroleum products , primarily in the midwest , upper great plains , gulf coast and southeastern regions of the united states .', 'certain sections of management 2019s discussion and analysis of financial condition and results of operations include forward-looking statements concerning trends or events potentially affecting our business .', 'these statements typically contain words such as 201canticipates , 201d 201cbelieves , 201d 201cestimates , 201d 201cexpects , 201d 201ctargets , 201d 201cplans , 201d 201cprojects , 201d 201ccould , 201d 201cmay , 201d 201cshould , 201d 201cwould 201d or similar words indicating that future outcomes are uncertain .', 'in accordance with 201csafe harbor 201d provisions of the private securities litigation reform act of 1995 , these statements are accompanied by cautionary language identifying important factors , though not necessarily all such factors , which could cause future outcomes to differ materially from those set forth in the forward-looking statements .', 'we hold a 60 percent interest in equatorial guinea lng holdings limited ( 201cegholdings 201d ) .', 'as discussed in note 4 to the consolidated financial statements , effective may 1 , 2007 , we ceased consolidating egholdings .', 'our investment is accounted for using the equity method of accounting .', 'unless specifically noted , amounts presented for the integrated gas segment for periods prior to may 1 , 2007 , include amounts related to the minority interests .', 'management 2019s discussion and analysis of financial condition and results of operations should be read in conjunction with the information under item 1 .', 'business , item 1a .', 'risk factors , item 6 .', 'selected financial data and item 8 .', 'financial statements and supplementary data .', 'overview exploration and production prevailing prices for the various grades of crude oil and natural gas that we produce significantly impact our revenues and cash flows .', 'prices were volatile in 2009 , but not as much as in the previous year .', 'prices in 2009 were also lower than in recent years as illustrated by the annual averages for key benchmark prices below. .'] | ['henry hub natural gas ( dollars per mcf ) ( a ) $ 3.99 $ 9.04 $ 6.86 ( a ) first-of-month price index .', 'crude oil prices rose sharply through the first half of 2008 as a result of strong global demand , a declining dollar , ongoing concerns about supplies of crude oil , and geopolitical risk .', 'later in 2008 , crude oil prices sharply declined as the u.s .', 'dollar rebounded and global demand decreased as a result of economic recession .', 'the price decrease continued into 2009 , but reversed after dropping below $ 33.98 in february , ending the year at $ 79.36 .', 'our domestic crude oil production is about 62 percent sour , which means that it contains more sulfur than light sweet wti does .', 'sour crude oil also tends to be heavier than light sweet crude oil and sells at a discount to light sweet crude oil because of higher refining costs and lower refined product values .', 'our international crude oil production is relatively sweet and is generally sold in relation to the dated brent crude benchmark .', 'the differential between wti and dated brent average prices narrowed to $ 0.42 in 2009 compared to $ 2.49 in 2008 and $ 0.02 in 2007. .'] | ----------------------------------------
benchmark | 2009 | 2008 | 2007
----------|----------|----------|----------
wti crude oil ( dollars per barrel ) | $ 62.09 | $ 99.75 | $ 72.41
dated brent crude oil ( dollars per barrel ) | $ 61.67 | $ 97.26 | $ 72.39
henry hub natural gas ( dollars per mcf ) ( a ) | $ 3.99 | $ 9.04 | $ 6.86
---------------------------------------- | subtract(79.36, 33.98) | 45.38 |
what was the five year change in value of the o 2019reilly automotive inc . stock? | Pre-text: ['stock performance graph : the graph below shows the cumulative total shareholder return assuming the investment of $ 100 , on december 31 , 2013 , and the reinvestment of dividends thereafter , if any , in the company 2019s common stock versus the standard and poor 2019s s&p 500 retail index ( 201cs&p 500 retail index 201d ) and the standard and poor 2019s s&p 500 index ( 201cs&p 500 201d ) . .']
Data Table:
----------------------------------------
• company/index, december 31 , 2013, december 31 , 2014, december 31 , 2015, december 31 , 2016, december 31 , 2017, december 31 , 2018
• o 2019reilly automotive inc ., $ 100, $ 150, $ 197, $ 216, $ 187, $ 268
• s&p 500 retail index, 100, 110, 137, 143, 184, 208
• s&p 500, $ 100, $ 111, $ 111, $ 121, $ 145, $ 136
----------------------------------------
Additional Information: ['.'] | 168.0 | ORLY/2018/page_30.pdf-3 | ['stock performance graph : the graph below shows the cumulative total shareholder return assuming the investment of $ 100 , on december 31 , 2013 , and the reinvestment of dividends thereafter , if any , in the company 2019s common stock versus the standard and poor 2019s s&p 500 retail index ( 201cs&p 500 retail index 201d ) and the standard and poor 2019s s&p 500 index ( 201cs&p 500 201d ) . .'] | ['.'] | ----------------------------------------
• company/index, december 31 , 2013, december 31 , 2014, december 31 , 2015, december 31 , 2016, december 31 , 2017, december 31 , 2018
• o 2019reilly automotive inc ., $ 100, $ 150, $ 197, $ 216, $ 187, $ 268
• s&p 500 retail index, 100, 110, 137, 143, 184, 208
• s&p 500, $ 100, $ 111, $ 111, $ 121, $ 145, $ 136
---------------------------------------- | subtract(268, const_100) | 168.0 |
what is the average payment volume per transaction for jcb? | Pre-text: ['largest operators of open-loop and closed-loop retail electronic payments networks the largest operators of open-loop and closed-loop retail electronic payments networks are visa , mastercard , american express , discover , jcb and diners club .', 'with the exception of discover , which primarily operates in the united states , all of the other network operators can be considered multi- national or global providers of payments network services .', '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 competitors for calendar year 2007 : company payments volume volume transactions cards ( billions ) ( billions ) ( billions ) ( millions ) visa inc. ( 1 ) .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ 2457 $ 3822 50.3 1592 .']
Tabular Data:
****************************************
company | payments volume ( billions ) | total volume ( billions ) | total transactions ( billions ) | cards ( millions )
----------|----------|----------|----------|----------
visa inc. ( 1 ) | $ 2457 | $ 3822 | 50.3 | 1592
mastercard | 1697 | 2276 | 27.0 | 916
american express | 637 | 647 | 5.0 | 86
discover | 102 | 119 | 1.6 | 57
jcb | 55 | 61 | 0.6 | 58
diners club | 29 | 30 | 0.2 | 7
****************************************
Follow-up: ['( 1 ) visa inc .', 'figures as reported previously in our filings .', 'source : the nilson report , issue 902 ( may 2008 ) and issue 903 ( may 2008 ) .', 'note : visa inc .', 'figures exclude visa europe .', 'figures for competitors include their respective european operations .', 'visa figures include visa , visa electron , and interlink brands .', 'visa cards include plus proprietary cards , but proprietary plus cash volume is not included .', 'domestic china figures are excluded .', 'mastercard figures include pin-based debit card figures on mastercard cards , but not maestro or cirrus figures .', 'china commercial funds transfers are excluded .', 'american express and discover include business from third-party issuers .', 'jcb figures are for april 2006 through march 2007 , but cards and outlets are as of september 2007 .', 'jcb total transaction figures are estimates .', 'our primary operations we generate revenue from the transaction processing services we offer to our customers .', 'our customers deliver visa products and payment services to consumers and merchants based on the product platforms we define and manage .', 'payments network management is a core part of our operations , as it ensures that our payments system provides a safe , efficient , consistent , and interoperable service to cardholders , merchants , and financial institutions worldwide .', 'transaction processing services core processing services our core processing services involve the routing of payment information and related data to facilitate the authorization , clearing and settlement of transactions between visa issuers , which are the financial institutions that issue visa cards to cardholders , and acquirers , which are the financial institutions that offer visa network connectivity and payments acceptance services to merchants .', 'in addition , we offer a range of value-added processing services to support our customers 2019 visa programs and to promote the growth and security of the visa payments network .', 'authorization is the process of approving or declining a transaction before a purchase is finalized or cash is disbursed .', 'clearing is the process of delivering final transaction data from an acquirer to an issuer for posting to the cardholder 2019s account , the calculation of certain fees and charges that apply to the issuer and acquirer involved in the transaction , and the conversion of transaction amounts to the .'] | 91.66667 | V/2008/page_17.pdf-2 | ['largest operators of open-loop and closed-loop retail electronic payments networks the largest operators of open-loop and closed-loop retail electronic payments networks are visa , mastercard , american express , discover , jcb and diners club .', 'with the exception of discover , which primarily operates in the united states , all of the other network operators can be considered multi- national or global providers of payments network services .', '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 competitors for calendar year 2007 : company payments volume volume transactions cards ( billions ) ( billions ) ( billions ) ( millions ) visa inc. ( 1 ) .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ 2457 $ 3822 50.3 1592 .'] | ['( 1 ) visa inc .', 'figures as reported previously in our filings .', 'source : the nilson report , issue 902 ( may 2008 ) and issue 903 ( may 2008 ) .', 'note : visa inc .', 'figures exclude visa europe .', 'figures for competitors include their respective european operations .', 'visa figures include visa , visa electron , and interlink brands .', 'visa cards include plus proprietary cards , but proprietary plus cash volume is not included .', 'domestic china figures are excluded .', 'mastercard figures include pin-based debit card figures on mastercard cards , but not maestro or cirrus figures .', 'china commercial funds transfers are excluded .', 'american express and discover include business from third-party issuers .', 'jcb figures are for april 2006 through march 2007 , but cards and outlets are as of september 2007 .', 'jcb total transaction figures are estimates .', 'our primary operations we generate revenue from the transaction processing services we offer to our customers .', 'our customers deliver visa products and payment services to consumers and merchants based on the product platforms we define and manage .', 'payments network management is a core part of our operations , as it ensures that our payments system provides a safe , efficient , consistent , and interoperable service to cardholders , merchants , and financial institutions worldwide .', 'transaction processing services core processing services our core processing services involve the routing of payment information and related data to facilitate the authorization , clearing and settlement of transactions between visa issuers , which are the financial institutions that issue visa cards to cardholders , and acquirers , which are the financial institutions that offer visa network connectivity and payments acceptance services to merchants .', 'in addition , we offer a range of value-added processing services to support our customers 2019 visa programs and to promote the growth and security of the visa payments network .', 'authorization is the process of approving or declining a transaction before a purchase is finalized or cash is disbursed .', 'clearing is the process of delivering final transaction data from an acquirer to an issuer for posting to the cardholder 2019s account , the calculation of certain fees and charges that apply to the issuer and acquirer involved in the transaction , and the conversion of transaction amounts to the .'] | ****************************************
company | payments volume ( billions ) | total volume ( billions ) | total transactions ( billions ) | cards ( millions )
----------|----------|----------|----------|----------
visa inc. ( 1 ) | $ 2457 | $ 3822 | 50.3 | 1592
mastercard | 1697 | 2276 | 27.0 | 916
american express | 637 | 647 | 5.0 | 86
discover | 102 | 119 | 1.6 | 57
jcb | 55 | 61 | 0.6 | 58
diners club | 29 | 30 | 0.2 | 7
**************************************** | divide(55, 0.6) | 91.66667 |
what are the payments for entergy new orleans as a percentage of payments for entergy texas? | Background: ['entergy corporation and subsidiaries management 2019s financial discussion and analysis imprudence by the utility operating companies in their execution of their obligations under the system agreement .', 'see note 2 to the financial statements for discussions of this litigation .', 'in november 2012 the utility operating companies filed amendments to the system agreement with the ferc pursuant to section 205 of the federal power act .', 'the amendments consist primarily of the technical revisions needed to the system agreement to ( i ) allocate certain charges and credits from the miso settlement statements to the participating utility operating companies ; and ( ii ) address entergy arkansas 2019s withdrawal from the system agreement .', 'the lpsc , mpsc , puct , and city council filed protests at the ferc regarding the amendments and other aspects of the utility operating companies 2019 future operating arrangements , including requests that the continued viability of the system agreement in miso ( among other issues ) be set for hearing by the ferc .', 'in december 2013 the ferc issued an order accepting the revisions filed in november 2012 , subject to a further compliance filing and other conditions .', 'entergy services made the requisite compliance filing in february 2014 and the ferc accepted the compliance filing in november 2015 .', 'in the november 2015 order , the ferc required entergy services to file a refund report consisting of the results of the intra-system bill rerun from december 19 , 2013 through november 30 , 2015 calculating the use of an energy-based allocator to allocate losses , ancillary services charges and credits , and uplift charges and credits to load of each participating utility operating company .', 'the filing shows the following payments and receipts among the utility operating companies : payments ( receipts ) ( in millions ) .']
--------
Tabular Data:
----------------------------------------
| payments ( receipts ) ( in millions )
----------|----------
entergy louisiana | ( $ 6.3 )
entergy mississippi | $ 4
entergy new orleans | $ 0.4
entergy texas | $ 1.9
----------------------------------------
--------
Follow-up: ['in the december 2013 order , the ferc set one issue for hearing involving a settlement with union pacific regarding certain coal delivery issues .', 'consistent with the decisions described above , entergy arkansas 2019s participation in the system agreement terminated effective december 18 , 2013 .', 'in december 2014 a ferc alj issued an initial decision finding that entergy arkansas would realize benefits after december 18 , 2013 from the 2008 settlement agreement between entergy services , entergy arkansas , and union pacific , related to certain coal delivery issues .', 'the alj further found that all of the utility operating companies should share in those benefits pursuant to the methodology proposed by the mpsc .', 'the utility operating companies and other parties to the proceeding have filed briefs on exceptions and/or briefs opposing exceptions with the ferc challenging various aspects of the december 2014 initial decision and the matter is pending before the ferc .', 'utility operating company notices of termination of system agreement participation consistent with their written notices of termination delivered in december 2005 and november 2007 , respectively , entergy arkansas and entergy mississippi filed with the ferc in february 2009 their notices of cancellation to terminate their participation in the system agreement , effective december 18 , 2013 and november 7 , 2015 , respectively .', 'in november 2009 the ferc accepted the notices of cancellation and determined that entergy arkansas and entergy mississippi are permitted to withdraw from the system agreement following the 96-month notice period without payment of a fee or the requirement to otherwise compensate the remaining utility operating companies as a result of withdrawal .', 'appeals by the lpsc and the city council were denied in 2012 and 2013 .', 'effective december 18 , 2013 , entergy arkansas ceased participating in the system agreement .', 'effective november 7 , 2015 , entergy mississippi ceased participating in the system agreement .', 'in keeping with their prior commitments and after a careful evaluation of the basis for and continued reasonableness of the 96-month system agreement termination notice period , the utility operating companies filed with the ferc in october 2013 to amend the system agreement changing the notice period for an operating company to .'] | 0.21053 | ETR/2015/page_50.pdf-1 | ['entergy corporation and subsidiaries management 2019s financial discussion and analysis imprudence by the utility operating companies in their execution of their obligations under the system agreement .', 'see note 2 to the financial statements for discussions of this litigation .', 'in november 2012 the utility operating companies filed amendments to the system agreement with the ferc pursuant to section 205 of the federal power act .', 'the amendments consist primarily of the technical revisions needed to the system agreement to ( i ) allocate certain charges and credits from the miso settlement statements to the participating utility operating companies ; and ( ii ) address entergy arkansas 2019s withdrawal from the system agreement .', 'the lpsc , mpsc , puct , and city council filed protests at the ferc regarding the amendments and other aspects of the utility operating companies 2019 future operating arrangements , including requests that the continued viability of the system agreement in miso ( among other issues ) be set for hearing by the ferc .', 'in december 2013 the ferc issued an order accepting the revisions filed in november 2012 , subject to a further compliance filing and other conditions .', 'entergy services made the requisite compliance filing in february 2014 and the ferc accepted the compliance filing in november 2015 .', 'in the november 2015 order , the ferc required entergy services to file a refund report consisting of the results of the intra-system bill rerun from december 19 , 2013 through november 30 , 2015 calculating the use of an energy-based allocator to allocate losses , ancillary services charges and credits , and uplift charges and credits to load of each participating utility operating company .', 'the filing shows the following payments and receipts among the utility operating companies : payments ( receipts ) ( in millions ) .'] | ['in the december 2013 order , the ferc set one issue for hearing involving a settlement with union pacific regarding certain coal delivery issues .', 'consistent with the decisions described above , entergy arkansas 2019s participation in the system agreement terminated effective december 18 , 2013 .', 'in december 2014 a ferc alj issued an initial decision finding that entergy arkansas would realize benefits after december 18 , 2013 from the 2008 settlement agreement between entergy services , entergy arkansas , and union pacific , related to certain coal delivery issues .', 'the alj further found that all of the utility operating companies should share in those benefits pursuant to the methodology proposed by the mpsc .', 'the utility operating companies and other parties to the proceeding have filed briefs on exceptions and/or briefs opposing exceptions with the ferc challenging various aspects of the december 2014 initial decision and the matter is pending before the ferc .', 'utility operating company notices of termination of system agreement participation consistent with their written notices of termination delivered in december 2005 and november 2007 , respectively , entergy arkansas and entergy mississippi filed with the ferc in february 2009 their notices of cancellation to terminate their participation in the system agreement , effective december 18 , 2013 and november 7 , 2015 , respectively .', 'in november 2009 the ferc accepted the notices of cancellation and determined that entergy arkansas and entergy mississippi are permitted to withdraw from the system agreement following the 96-month notice period without payment of a fee or the requirement to otherwise compensate the remaining utility operating companies as a result of withdrawal .', 'appeals by the lpsc and the city council were denied in 2012 and 2013 .', 'effective december 18 , 2013 , entergy arkansas ceased participating in the system agreement .', 'effective november 7 , 2015 , entergy mississippi ceased participating in the system agreement .', 'in keeping with their prior commitments and after a careful evaluation of the basis for and continued reasonableness of the 96-month system agreement termination notice period , the utility operating companies filed with the ferc in october 2013 to amend the system agreement changing the notice period for an operating company to .'] | ----------------------------------------
| payments ( receipts ) ( in millions )
----------|----------
entergy louisiana | ( $ 6.3 )
entergy mississippi | $ 4
entergy new orleans | $ 0.4
entergy texas | $ 1.9
---------------------------------------- | divide(0.4, 1.9) | 0.21053 |
what was the net foreign exchange rate in 2015 in millions | Background: ['commodity prices risk : the company manages commodity price risks through negotiated supply contracts , price protection agreements and forward contracts .', '3m used commodity price swaps as cash flow hedges of forecasted commodity transactions to manage price volatility , but discontinued this practice in the first quarter of 2015 .', 'the related mark-to-market gain or loss on qualifying hedges was included in other comprehensive income to the extent effective , and reclassified into cost of sales in the period during which the hedged transaction affected earnings .', 'value at risk : the value at risk analysis is performed annually to assess the company 2019s sensitivity to changes in currency rates , interest rates , and commodity prices .', 'a monte carlo simulation technique was used to test the impact on after-tax earnings related to financial instruments ( primarily debt ) , derivatives and underlying exposures outstanding at december 31 , 2015 .', 'the model ( third-party bank dataset ) used a 95 percent confidence level over a 12-month time horizon .', 'the exposure to changes in currency rates model used 18 currencies , interest rates related to three currencies , and commodity prices related to five commodities .', 'this model does not purport to represent what actually will be experienced by the company .', 'this model does not include certain hedge transactions , because the company believes their inclusion would not materially impact the results .', 'the risk of loss or benefit associated with exchange rates was higher in 2015 due to a greater mix of floating rate debt and a rising interest rate environment in the u.s .', 'interest rate volatility increased in 2015 , based on a higher mix of floating rate debt and the use of forward rates .', 'the following table summarizes the possible adverse and positive impacts to after-tax earnings related to these exposures .', 'adverse impact on after-tax positive impact on after-tax earnings earnings .']
--------
Tabular Data:
****************************************
( millions ) adverse impact on after-tax earnings 2015 adverse impact on after-tax earnings 2014 adverse impact on after-tax earnings 2015 2014
foreign exchange rates $ -254 ( 254 ) $ -164 ( 164 ) $ 273 $ 173
interest rates -13 ( 13 ) -4 ( 4 ) 9 3
commodity prices -1 ( 1 ) -1 ( 1 ) 1 1
****************************************
--------
Post-table: ['in addition to the possible adverse and positive impacts discussed in the preceding table related to foreign exchange rates , recent historical information is as follows .', '3m estimates that year-on-year currency effects , including hedging impacts , had the following effects on pre-tax income : 2015 ( $ 390 million decrease ) and 2014 ( $ 100 million decrease ) .', 'this estimate includes the effect of translating profits from local currencies into u.s .', 'dollars ; the impact of currency fluctuations on the transfer of goods between 3m operations in the united states and abroad ; and transaction gains and losses , including derivative instruments designed to reduce foreign currency exchange rate risks and the negative impact of swapping venezuelan bolivars into u.s .', 'dollars .', '3m estimates that year-on-year derivative and other transaction gains and losses had the following effects on pre-tax income : 2015 ( $ 180 million increase ) and 2014 ( $ 10 million increase ) .', 'an analysis of the global exposures related to purchased components and materials is performed at each year-end .', 'a one percent price change would result in a pre-tax cost or savings of approximately $ 70 million per year .', 'the global energy exposure is such that a ten percent price change would result in a pre-tax cost or savings of approximately $ 40 million per year .', 'global energy exposure includes energy costs used in 3m production and other facilities , primarily electricity and natural gas. .'] | 19.0 | MMM/2015/page_52.pdf-1 | ['commodity prices risk : the company manages commodity price risks through negotiated supply contracts , price protection agreements and forward contracts .', '3m used commodity price swaps as cash flow hedges of forecasted commodity transactions to manage price volatility , but discontinued this practice in the first quarter of 2015 .', 'the related mark-to-market gain or loss on qualifying hedges was included in other comprehensive income to the extent effective , and reclassified into cost of sales in the period during which the hedged transaction affected earnings .', 'value at risk : the value at risk analysis is performed annually to assess the company 2019s sensitivity to changes in currency rates , interest rates , and commodity prices .', 'a monte carlo simulation technique was used to test the impact on after-tax earnings related to financial instruments ( primarily debt ) , derivatives and underlying exposures outstanding at december 31 , 2015 .', 'the model ( third-party bank dataset ) used a 95 percent confidence level over a 12-month time horizon .', 'the exposure to changes in currency rates model used 18 currencies , interest rates related to three currencies , and commodity prices related to five commodities .', 'this model does not purport to represent what actually will be experienced by the company .', 'this model does not include certain hedge transactions , because the company believes their inclusion would not materially impact the results .', 'the risk of loss or benefit associated with exchange rates was higher in 2015 due to a greater mix of floating rate debt and a rising interest rate environment in the u.s .', 'interest rate volatility increased in 2015 , based on a higher mix of floating rate debt and the use of forward rates .', 'the following table summarizes the possible adverse and positive impacts to after-tax earnings related to these exposures .', 'adverse impact on after-tax positive impact on after-tax earnings earnings .'] | ['in addition to the possible adverse and positive impacts discussed in the preceding table related to foreign exchange rates , recent historical information is as follows .', '3m estimates that year-on-year currency effects , including hedging impacts , had the following effects on pre-tax income : 2015 ( $ 390 million decrease ) and 2014 ( $ 100 million decrease ) .', 'this estimate includes the effect of translating profits from local currencies into u.s .', 'dollars ; the impact of currency fluctuations on the transfer of goods between 3m operations in the united states and abroad ; and transaction gains and losses , including derivative instruments designed to reduce foreign currency exchange rate risks and the negative impact of swapping venezuelan bolivars into u.s .', 'dollars .', '3m estimates that year-on-year derivative and other transaction gains and losses had the following effects on pre-tax income : 2015 ( $ 180 million increase ) and 2014 ( $ 10 million increase ) .', 'an analysis of the global exposures related to purchased components and materials is performed at each year-end .', 'a one percent price change would result in a pre-tax cost or savings of approximately $ 70 million per year .', 'the global energy exposure is such that a ten percent price change would result in a pre-tax cost or savings of approximately $ 40 million per year .', 'global energy exposure includes energy costs used in 3m production and other facilities , primarily electricity and natural gas. .'] | ****************************************
( millions ) adverse impact on after-tax earnings 2015 adverse impact on after-tax earnings 2014 adverse impact on after-tax earnings 2015 2014
foreign exchange rates $ -254 ( 254 ) $ -164 ( 164 ) $ 273 $ 173
interest rates -13 ( 13 ) -4 ( 4 ) 9 3
commodity prices -1 ( 1 ) -1 ( 1 ) 1 1
**************************************** | add(-254, 273) | 19.0 |
what was the change in percentage points in the effective income tax rate for 2017 from 2016? | Context: ['the goldman sachs group , inc .', 'and subsidiaries management 2019s discussion and analysis as of december 2017 , total staff increased 6% ( 6 % ) compared with december 2016 , reflecting investments in technology and marcus , and support of our regulatory efforts .', '2016 versus 2015 .', 'operating expenses in the consolidated statements of earnings were $ 20.30 billion for 2016 , 19% ( 19 % ) lower than 2015 .', 'compensation and benefits expenses in the consolidated statements of earnings were $ 11.65 billion for 2016 , 8% ( 8 % ) lower than 2015 , reflecting a decrease in net revenues and the impact of expense savings initiatives .', 'the ratio of compensation and benefits to net revenues for 2016 was 38.1% ( 38.1 % ) compared with 37.5% ( 37.5 % ) for 2015 .', 'non-compensation expenses in the consolidated statements of earnings were $ 8.66 billion for 2016 , 30% ( 30 % ) lower than 2015 , primarily due to significantly lower net provisions for mortgage-related litigation and regulatory matters , which are included in other expenses .', 'in addition , market development expenses and professional fees were lower compared with 2015 , reflecting expense savings initiatives .', 'net provisions for litigation and regulatory proceedings for 2016 were $ 396 million compared with $ 4.01 billion for 2015 ( 2015 primarily related to net provisions for mortgage-related matters ) .', '2016 included a $ 114 million charitable contribution to goldman sachs gives .', 'compensation was reduced to fund this charitable contribution to goldman sachs gives .', 'we ask our participating managing directors to make recommendations regarding potential charitable recipients for this contribution .', 'as of december 2016 , total staff decreased 7% ( 7 % ) compared with december 2015 , due to expense savings initiatives .', 'provision for taxes the effective income tax rate for 2017 was 61.5% ( 61.5 % ) , up from 28.2% ( 28.2 % ) for 2016 .', 'the increase compared with 2016 reflected the estimated impact of tax legislation , which was enacted on december 22 , 2017 and , among other things , lowers u.s .', 'corporate income tax rates as of january 1 , 2018 , implements a territorial tax system and imposes a repatriation tax on deemed repatriated earnings of foreign subsidiaries .', 'the estimated impact of tax legislation was an increase in income tax expense of $ 4.40 billion , of which $ 3.32 billion was due to the repatriation tax and $ 1.08 billion was due to the effects of the implementation of the territorial tax system and the remeasurement of u.s .', 'deferred tax assets at lower enacted corporate tax rates .', 'the impact of tax legislation may differ from this estimate , possibly materially , due to , among other things , ( i ) refinement of our calculations based on updated information , ( ii ) changes in interpretations and assumptions , ( iii ) guidance that may be issued and ( iv ) actions we may take as a result of tax legislation .', 'excluding the estimated impact of tax legislation , the effective income tax rate for 2017 was 22.0% ( 22.0 % ) , down from 28.2% ( 28.2 % ) for 2016 .', 'this decrease was primarily due to tax benefits on the settlement of employee share-based awards in accordance with asu no .', '2016-09 .', 'the impact of these settlements in 2017 was a reduction to our provision for taxes of $ 719 million and a reduction in our effective income tax rate of 6.4 percentage points .', 'see note 3 to the consolidated financial statements for further information about this asu .', 'the effective income tax rate , excluding the estimated impact of tax legislation , is a non-gaap measure and may not be comparable to similar non-gaap measures used by other companies .', 'we believe that presenting our effective income tax rate , excluding the estimated impact of tax legislation is meaningful , as excluding this item increases the comparability of period-to-period results .', 'the table below presents the calculation of the effective income tax rate , excluding the estimated impact of tax legislation. .']
Tabular Data:
****************************************
Row 1: $ in millions, year ended december 2017 pre-tax earnings, year ended december 2017 provision for taxes, year ended december 2017 effective income tax rate
Row 2: as reported, $ 11132, $ 6846, 61.5% ( 61.5 % )
Row 3: estimated impact of tax legislation, 2013, 4400, 2013
Row 4: excluding the estimated impact of taxlegislation, $ 11132, $ 2446, 22.0% ( 22.0 % )
****************************************
Additional Information: ['excluding the estimated impact of tax legislation $ 11132 $ 2446 22.0% ( 22.0 % ) the effective income tax rate for 2016 was 28.2% ( 28.2 % ) , down from 30.7% ( 30.7 % ) for 2015 .', 'the decline compared with 2015 was primarily due to the impact of non-deductible provisions for mortgage-related litigation and regulatory matters in 2015 , partially offset by the impact of changes in tax law on deferred tax assets , the mix of earnings and an increase related to higher enacted tax rates impacting certain of our u.k .', 'subsidiaries in 2016 .', 'effective january 1 , 2018 , tax legislation reduced the u.s .', 'corporate tax rate to 21 percent , eliminated tax deductions for certain expenses and enacted two new taxes , base erosion and anti-abuse tax ( beat ) and global intangible low taxed income ( gilti ) .', 'beat is an alternative minimum tax that applies to banks that pay more than 2 percent of total deductible expenses to certain foreign subsidiaries .', 'gilti is a 10.5 percent tax , before allowable credits for foreign taxes paid , on the annual earnings and profits of certain foreign subsidiaries .', 'based on our current understanding of these rules , the impact of beat and gilti is not expected to be material to our effective income tax rate .', 'goldman sachs 2017 form 10-k 55 .'] | 6.2 | GS/2017/page_68.pdf-1 | ['the goldman sachs group , inc .', 'and subsidiaries management 2019s discussion and analysis as of december 2017 , total staff increased 6% ( 6 % ) compared with december 2016 , reflecting investments in technology and marcus , and support of our regulatory efforts .', '2016 versus 2015 .', 'operating expenses in the consolidated statements of earnings were $ 20.30 billion for 2016 , 19% ( 19 % ) lower than 2015 .', 'compensation and benefits expenses in the consolidated statements of earnings were $ 11.65 billion for 2016 , 8% ( 8 % ) lower than 2015 , reflecting a decrease in net revenues and the impact of expense savings initiatives .', 'the ratio of compensation and benefits to net revenues for 2016 was 38.1% ( 38.1 % ) compared with 37.5% ( 37.5 % ) for 2015 .', 'non-compensation expenses in the consolidated statements of earnings were $ 8.66 billion for 2016 , 30% ( 30 % ) lower than 2015 , primarily due to significantly lower net provisions for mortgage-related litigation and regulatory matters , which are included in other expenses .', 'in addition , market development expenses and professional fees were lower compared with 2015 , reflecting expense savings initiatives .', 'net provisions for litigation and regulatory proceedings for 2016 were $ 396 million compared with $ 4.01 billion for 2015 ( 2015 primarily related to net provisions for mortgage-related matters ) .', '2016 included a $ 114 million charitable contribution to goldman sachs gives .', 'compensation was reduced to fund this charitable contribution to goldman sachs gives .', 'we ask our participating managing directors to make recommendations regarding potential charitable recipients for this contribution .', 'as of december 2016 , total staff decreased 7% ( 7 % ) compared with december 2015 , due to expense savings initiatives .', 'provision for taxes the effective income tax rate for 2017 was 61.5% ( 61.5 % ) , up from 28.2% ( 28.2 % ) for 2016 .', 'the increase compared with 2016 reflected the estimated impact of tax legislation , which was enacted on december 22 , 2017 and , among other things , lowers u.s .', 'corporate income tax rates as of january 1 , 2018 , implements a territorial tax system and imposes a repatriation tax on deemed repatriated earnings of foreign subsidiaries .', 'the estimated impact of tax legislation was an increase in income tax expense of $ 4.40 billion , of which $ 3.32 billion was due to the repatriation tax and $ 1.08 billion was due to the effects of the implementation of the territorial tax system and the remeasurement of u.s .', 'deferred tax assets at lower enacted corporate tax rates .', 'the impact of tax legislation may differ from this estimate , possibly materially , due to , among other things , ( i ) refinement of our calculations based on updated information , ( ii ) changes in interpretations and assumptions , ( iii ) guidance that may be issued and ( iv ) actions we may take as a result of tax legislation .', 'excluding the estimated impact of tax legislation , the effective income tax rate for 2017 was 22.0% ( 22.0 % ) , down from 28.2% ( 28.2 % ) for 2016 .', 'this decrease was primarily due to tax benefits on the settlement of employee share-based awards in accordance with asu no .', '2016-09 .', 'the impact of these settlements in 2017 was a reduction to our provision for taxes of $ 719 million and a reduction in our effective income tax rate of 6.4 percentage points .', 'see note 3 to the consolidated financial statements for further information about this asu .', 'the effective income tax rate , excluding the estimated impact of tax legislation , is a non-gaap measure and may not be comparable to similar non-gaap measures used by other companies .', 'we believe that presenting our effective income tax rate , excluding the estimated impact of tax legislation is meaningful , as excluding this item increases the comparability of period-to-period results .', 'the table below presents the calculation of the effective income tax rate , excluding the estimated impact of tax legislation. .'] | ['excluding the estimated impact of tax legislation $ 11132 $ 2446 22.0% ( 22.0 % ) the effective income tax rate for 2016 was 28.2% ( 28.2 % ) , down from 30.7% ( 30.7 % ) for 2015 .', 'the decline compared with 2015 was primarily due to the impact of non-deductible provisions for mortgage-related litigation and regulatory matters in 2015 , partially offset by the impact of changes in tax law on deferred tax assets , the mix of earnings and an increase related to higher enacted tax rates impacting certain of our u.k .', 'subsidiaries in 2016 .', 'effective january 1 , 2018 , tax legislation reduced the u.s .', 'corporate tax rate to 21 percent , eliminated tax deductions for certain expenses and enacted two new taxes , base erosion and anti-abuse tax ( beat ) and global intangible low taxed income ( gilti ) .', 'beat is an alternative minimum tax that applies to banks that pay more than 2 percent of total deductible expenses to certain foreign subsidiaries .', 'gilti is a 10.5 percent tax , before allowable credits for foreign taxes paid , on the annual earnings and profits of certain foreign subsidiaries .', 'based on our current understanding of these rules , the impact of beat and gilti is not expected to be material to our effective income tax rate .', 'goldman sachs 2017 form 10-k 55 .'] | ****************************************
Row 1: $ in millions, year ended december 2017 pre-tax earnings, year ended december 2017 provision for taxes, year ended december 2017 effective income tax rate
Row 2: as reported, $ 11132, $ 6846, 61.5% ( 61.5 % )
Row 3: estimated impact of tax legislation, 2013, 4400, 2013
Row 4: excluding the estimated impact of taxlegislation, $ 11132, $ 2446, 22.0% ( 22.0 % )
**************************************** | subtract(28.2, 22.0) | 6.2 |
what is the total cash spent to purchase back all shares in 2006? | Background: ['2022 reed city , michigan 2022 chanhassen , minnesota 2013 bakeries & foodservice segment 2022 hannibal , missouri 2022 joplin , missouri 2013 bakeries & foodservice segment 2022 vineland , new jersey 2022 albuquerque , new mexico 2022 buffalo , new york 2022 martel , ohio 2013 bakeries & foodservice segment 2022 wellston , ohio 2022 murfreesboro , tennessee 2022 milwaukee , wisconsin we own flour mills at eight locations : vallejo , california ( not currently operating ) ; vernon , california ; avon , iowa ; minneapolis , minnesota ( 2 ) ; kansas city , missouri ; great falls , montana ; and buffalo , new york .', 'we also operate six terminal grain elevators ( in minnesota and wisconsin , two of which are leased ) , and have country grain elevators in seven locations ( primarily in idaho ) , plus additional seasonal elevators ( primarily in idaho ) .', 'we also own or lease warehouse space aggregating approximately 12.2 million square feet , of which approxi- mately 9.6 million square feet are leased .', 'we lease a number of sales and administrative offices in the united states , canada and elsewhere around the world , totaling approxi- mately 2.8 million square feet .', 'item 3 legal proceedings we are the subject of various pending or threatened legal actions in the ordinary course of our business .', 'all such matters are subject to many uncertainties and outcomes that are not predictable with assurance .', 'in our manage- ment 2019s opinion , there were no claims or litigation pending as of may 28 , 2006 , that are reasonably likely to have a material adverse effect on our consolidated financial posi- tion or results of operations .', 'item 4 submission of matters to a vote of security holders part ii item 5 market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock is listed on the new york stock exchange .', 'on july 14 , 2006 , there were approximately 34675 record holders of our common stock .', 'information regarding the market prices for our common stock and dividend payments for the two most recent fiscal years is set forth in note eighteen to the consolidated financial statements on page 53 in item eight of this report .', 'infor- mation regarding restrictions on our ability to pay dividends in certain situations is set forth in note eight to the consol- idated financial statements on pages 43 and 44 in item eight of this report .', 'the following table sets forth information with respect to shares of our common stock that we purchased during the three fiscal months ended may 28 , 2006 : issuer purchases of equity securities period number of shares purchased ( a ) average price paid per share total number of shares purchased as part of a publicly announced program maximum number of shares that may yet be purchased under the program ( b ) february 27 , 2006 through april 2 , 2006 111772 $ 49.55 2013 2013 april 3 , 2006 through april 30 , 2006 445466 $ 49.06 2013 2013 may 1 , 2006 through may 28 , 2006 1182100 $ 49.79 2013 2013 .']
------
Data Table:
========================================
• period, totalnumberof sharespurchased ( a ), averageprice paidper share, total numberof sharespurchased aspart of apubliclyannouncedprogram, maximumnumberof sharesthat may yetbe purchasedundertheprogram ( b )
• february 27 2006 through april 2 2006, 111772, $ 49.55, 2013, 2013
• april 3 2006 through april 30 2006, 445466, $ 49.06, 2013, 2013
• may 1 2006 through may 28 2006, 1182100, $ 49.79, 2013, 2013
• total, 1739338, $ 49.59, 2013, 2013
========================================
------
Additional Information: ['( a ) the total number of shares purchased includes : ( i ) 231500 shares purchased from the esop fund of our 401 ( k ) savings plan ; ( ii ) 8338 shares of restricted stock withheld for the payment of with- holding taxes upon vesting of restricted stock ; and ( iii ) 1499500 shares purchased in the open market .', '( b ) on february 21 , 2000 , we announced that our board of directors autho- rized us to repurchase up to 170 million shares of our common stock to be held in our treasury .', 'the board did not specify a time period or an expiration date for the authorization. .'] | 86253771.42 | GIS/2006/page_35.pdf-2 | ['2022 reed city , michigan 2022 chanhassen , minnesota 2013 bakeries & foodservice segment 2022 hannibal , missouri 2022 joplin , missouri 2013 bakeries & foodservice segment 2022 vineland , new jersey 2022 albuquerque , new mexico 2022 buffalo , new york 2022 martel , ohio 2013 bakeries & foodservice segment 2022 wellston , ohio 2022 murfreesboro , tennessee 2022 milwaukee , wisconsin we own flour mills at eight locations : vallejo , california ( not currently operating ) ; vernon , california ; avon , iowa ; minneapolis , minnesota ( 2 ) ; kansas city , missouri ; great falls , montana ; and buffalo , new york .', 'we also operate six terminal grain elevators ( in minnesota and wisconsin , two of which are leased ) , and have country grain elevators in seven locations ( primarily in idaho ) , plus additional seasonal elevators ( primarily in idaho ) .', 'we also own or lease warehouse space aggregating approximately 12.2 million square feet , of which approxi- mately 9.6 million square feet are leased .', 'we lease a number of sales and administrative offices in the united states , canada and elsewhere around the world , totaling approxi- mately 2.8 million square feet .', 'item 3 legal proceedings we are the subject of various pending or threatened legal actions in the ordinary course of our business .', 'all such matters are subject to many uncertainties and outcomes that are not predictable with assurance .', 'in our manage- ment 2019s opinion , there were no claims or litigation pending as of may 28 , 2006 , that are reasonably likely to have a material adverse effect on our consolidated financial posi- tion or results of operations .', 'item 4 submission of matters to a vote of security holders part ii item 5 market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock is listed on the new york stock exchange .', 'on july 14 , 2006 , there were approximately 34675 record holders of our common stock .', 'information regarding the market prices for our common stock and dividend payments for the two most recent fiscal years is set forth in note eighteen to the consolidated financial statements on page 53 in item eight of this report .', 'infor- mation regarding restrictions on our ability to pay dividends in certain situations is set forth in note eight to the consol- idated financial statements on pages 43 and 44 in item eight of this report .', 'the following table sets forth information with respect to shares of our common stock that we purchased during the three fiscal months ended may 28 , 2006 : issuer purchases of equity securities period number of shares purchased ( a ) average price paid per share total number of shares purchased as part of a publicly announced program maximum number of shares that may yet be purchased under the program ( b ) february 27 , 2006 through april 2 , 2006 111772 $ 49.55 2013 2013 april 3 , 2006 through april 30 , 2006 445466 $ 49.06 2013 2013 may 1 , 2006 through may 28 , 2006 1182100 $ 49.79 2013 2013 .'] | ['( a ) the total number of shares purchased includes : ( i ) 231500 shares purchased from the esop fund of our 401 ( k ) savings plan ; ( ii ) 8338 shares of restricted stock withheld for the payment of with- holding taxes upon vesting of restricted stock ; and ( iii ) 1499500 shares purchased in the open market .', '( b ) on february 21 , 2000 , we announced that our board of directors autho- rized us to repurchase up to 170 million shares of our common stock to be held in our treasury .', 'the board did not specify a time period or an expiration date for the authorization. .'] | ========================================
• period, totalnumberof sharespurchased ( a ), averageprice paidper share, total numberof sharespurchased aspart of apubliclyannouncedprogram, maximumnumberof sharesthat may yetbe purchasedundertheprogram ( b )
• february 27 2006 through april 2 2006, 111772, $ 49.55, 2013, 2013
• april 3 2006 through april 30 2006, 445466, $ 49.06, 2013, 2013
• may 1 2006 through may 28 2006, 1182100, $ 49.79, 2013, 2013
• total, 1739338, $ 49.59, 2013, 2013
======================================== | multiply(1739338, 49.59) | 86253771.42 |
in millions for 2013 , what was the net change in commercial mortgage recourse obligations? | Background: ['recourse and repurchase obligations as discussed in note 3 loan sale and servicing activities and variable interest entities , pnc has sold commercial mortgage , residential mortgage and home equity loans directly or indirectly through securitization and loan sale transactions in which we have continuing involvement .', 'one form of continuing involvement includes certain recourse and loan repurchase obligations associated with the transferred assets .', 'commercial mortgage loan recourse obligations we originate , close and service certain multi-family commercial mortgage loans which are sold to fnma under fnma 2019s delegated underwriting and servicing ( dus ) program .', 'we participated in a similar program with the fhlmc .', 'under these programs , we generally assume up to a one-third pari passu risk of loss on unpaid principal balances through a loss share arrangement .', 'at december 31 , 2013 and december 31 , 2012 , the unpaid principal balance outstanding of loans sold as a participant in these programs was $ 11.7 billion and $ 12.8 billion , respectively .', 'the potential maximum exposure under the loss share arrangements was $ 3.6 billion at december 31 , 2013 and $ 3.9 billion at december 31 , 2012 .', 'we maintain a reserve for estimated losses based upon our exposure .', 'the reserve for losses under these programs totaled $ 33 million and $ 43 million as of december 31 , 2013 and december 31 , 2012 , respectively , and is included in other liabilities on our consolidated balance sheet .', 'if payment is required under these programs , we would not have a contractual interest in the collateral underlying the mortgage loans on which losses occurred , although the value of the collateral is taken into account in determining our share of such losses .', 'our exposure and activity associated with these recourse obligations are reported in the corporate & institutional banking segment .', 'table 152 : analysis of commercial mortgage recourse obligations .']
----------
Table:
****************************************
in millions, 2013, 2012
january 1, $ 43, $ 47
reserve adjustments net, -9 ( 9 ), 4
losses 2013 loan repurchases and settlements, -1 ( 1 ), -8 ( 8 )
december 31, $ 33, $ 43
****************************************
----------
Post-table: ['residential mortgage loan and home equity repurchase obligations while residential mortgage loans are sold on a non-recourse basis , we assume certain loan repurchase obligations associated with mortgage loans we have sold to investors .', 'these loan repurchase obligations primarily relate to situations where pnc is alleged to have breached certain origination covenants and representations and warranties made to purchasers of the loans in the respective purchase and sale agreements .', 'for additional information on loan sales see note 3 loan sale and servicing activities and variable interest entities .', 'our historical exposure and activity associated with agency securitization repurchase obligations has primarily been related to transactions with fnma and fhlmc , as indemnification and repurchase losses associated with fha and va-insured and uninsured loans pooled in gnma securitizations historically have been minimal .', 'repurchase obligation activity associated with residential mortgages is reported in the residential mortgage banking segment .', 'in the fourth quarter of 2013 , pnc reached agreements with both fnma and fhlmc to resolve their repurchase claims with respect to loans sold between 2000 and 2008 .', 'pnc paid a total of $ 191 million related to these settlements .', 'pnc 2019s repurchase obligations also include certain brokered home equity loans/lines of credit that were sold to a limited number of private investors in the financial services industry by national city prior to our acquisition of national city .', 'pnc is no longer engaged in the brokered home equity lending business , and our exposure under these loan repurchase obligations is limited to repurchases of loans sold in these transactions .', 'repurchase activity associated with brokered home equity loans/lines of credit is reported in the non-strategic assets portfolio segment .', 'indemnification and repurchase liabilities are initially recognized when loans are sold to investors and are subsequently evaluated by management .', 'initial recognition and subsequent adjustments to the indemnification and repurchase liability for the sold residential mortgage portfolio are recognized in residential mortgage revenue on the consolidated income statement .', 'since pnc is no longer engaged in the brokered home equity lending business , only subsequent adjustments are recognized to the home equity loans/lines indemnification and repurchase liability .', 'these adjustments are recognized in other noninterest income on the consolidated income statement .', '214 the pnc financial services group , inc .', '2013 form 10-k .'] | 10.0 | PNC/2013/page_232.pdf-2 | ['recourse and repurchase obligations as discussed in note 3 loan sale and servicing activities and variable interest entities , pnc has sold commercial mortgage , residential mortgage and home equity loans directly or indirectly through securitization and loan sale transactions in which we have continuing involvement .', 'one form of continuing involvement includes certain recourse and loan repurchase obligations associated with the transferred assets .', 'commercial mortgage loan recourse obligations we originate , close and service certain multi-family commercial mortgage loans which are sold to fnma under fnma 2019s delegated underwriting and servicing ( dus ) program .', 'we participated in a similar program with the fhlmc .', 'under these programs , we generally assume up to a one-third pari passu risk of loss on unpaid principal balances through a loss share arrangement .', 'at december 31 , 2013 and december 31 , 2012 , the unpaid principal balance outstanding of loans sold as a participant in these programs was $ 11.7 billion and $ 12.8 billion , respectively .', 'the potential maximum exposure under the loss share arrangements was $ 3.6 billion at december 31 , 2013 and $ 3.9 billion at december 31 , 2012 .', 'we maintain a reserve for estimated losses based upon our exposure .', 'the reserve for losses under these programs totaled $ 33 million and $ 43 million as of december 31 , 2013 and december 31 , 2012 , respectively , and is included in other liabilities on our consolidated balance sheet .', 'if payment is required under these programs , we would not have a contractual interest in the collateral underlying the mortgage loans on which losses occurred , although the value of the collateral is taken into account in determining our share of such losses .', 'our exposure and activity associated with these recourse obligations are reported in the corporate & institutional banking segment .', 'table 152 : analysis of commercial mortgage recourse obligations .'] | ['residential mortgage loan and home equity repurchase obligations while residential mortgage loans are sold on a non-recourse basis , we assume certain loan repurchase obligations associated with mortgage loans we have sold to investors .', 'these loan repurchase obligations primarily relate to situations where pnc is alleged to have breached certain origination covenants and representations and warranties made to purchasers of the loans in the respective purchase and sale agreements .', 'for additional information on loan sales see note 3 loan sale and servicing activities and variable interest entities .', 'our historical exposure and activity associated with agency securitization repurchase obligations has primarily been related to transactions with fnma and fhlmc , as indemnification and repurchase losses associated with fha and va-insured and uninsured loans pooled in gnma securitizations historically have been minimal .', 'repurchase obligation activity associated with residential mortgages is reported in the residential mortgage banking segment .', 'in the fourth quarter of 2013 , pnc reached agreements with both fnma and fhlmc to resolve their repurchase claims with respect to loans sold between 2000 and 2008 .', 'pnc paid a total of $ 191 million related to these settlements .', 'pnc 2019s repurchase obligations also include certain brokered home equity loans/lines of credit that were sold to a limited number of private investors in the financial services industry by national city prior to our acquisition of national city .', 'pnc is no longer engaged in the brokered home equity lending business , and our exposure under these loan repurchase obligations is limited to repurchases of loans sold in these transactions .', 'repurchase activity associated with brokered home equity loans/lines of credit is reported in the non-strategic assets portfolio segment .', 'indemnification and repurchase liabilities are initially recognized when loans are sold to investors and are subsequently evaluated by management .', 'initial recognition and subsequent adjustments to the indemnification and repurchase liability for the sold residential mortgage portfolio are recognized in residential mortgage revenue on the consolidated income statement .', 'since pnc is no longer engaged in the brokered home equity lending business , only subsequent adjustments are recognized to the home equity loans/lines indemnification and repurchase liability .', 'these adjustments are recognized in other noninterest income on the consolidated income statement .', '214 the pnc financial services group , inc .', '2013 form 10-k .'] | ****************************************
in millions, 2013, 2012
january 1, $ 43, $ 47
reserve adjustments net, -9 ( 9 ), 4
losses 2013 loan repurchases and settlements, -1 ( 1 ), -8 ( 8 )
december 31, $ 33, $ 43
**************************************** | subtract(43, 33) | 10.0 |
what is the growth rate in the balance of cash and cash equivalents in 2017? | Pre-text: ['sources of blackrock 2019s operating cash primarily include investment advisory , administration fees and securities lending revenue , performance fees , revenue from technology and risk management services , advisory and other revenue and distribution fees .', 'blackrock uses its cash to pay all operating expense , interest and principal on borrowings , income taxes , dividends on blackrock 2019s capital stock , repurchases of the company 2019s stock , capital expenditures and purchases of co-investments and seed investments .', 'for details of the company 2019s gaap cash flows from operating , investing and financing activities , see the consolidated statements of cash flows contained in part ii , item 8 of this filing .', 'cash flows from operating activities , excluding the impact of consolidated sponsored investment funds , primarily include the receipt of investment advisory and administration fees , securities lending revenue and performance fees offset by the payment of operating expenses incurred in the normal course of business , including year-end incentive compensation accrued for in the prior year .', 'cash outflows from investing activities , excluding the impact of consolidated sponsored investment funds , for 2017 were $ 517 million and primarily reflected $ 497 million of investment purchases , $ 155 million of purchases of property and equipment , $ 73 million related to the first reserve transaction and $ 29 million related to the cachematrix transaction , partially offset by $ 205 million of net proceeds from sales and maturities of certain investments .', 'cash outflows from financing activities , excluding the impact of consolidated sponsored investment funds , for 2017 were $ 3094 million , primarily resulting from $ 1.4 billion of share repurchases , including $ 1.1 billion in open market- transactions and $ 321 million of employee tax withholdings related to employee stock transactions , $ 1.7 billion of cash dividend payments and $ 700 million of repayments of long- term borrowings , partially offset by $ 697 million of proceeds from issuance of long-term borrowings .', 'the company manages its financial condition and funding to maintain appropriate liquidity for the business .', 'liquidity resources at december 31 , 2017 and 2016 were as follows : ( in millions ) december 31 , december 31 , cash and cash equivalents ( 1 ) $ 6894 $ 6091 cash and cash equivalents held by consolidated vres ( 2 ) ( 63 ) ( 53 ) .']
Tabular Data:
****************************************
( in millions ), december 31 2017, december 31 2016
cash and cash equivalents ( 1 ), $ 6894, $ 6091
cash and cash equivalents held by consolidated vres ( 2 ), -63 ( 63 ), -53 ( 53 )
subtotal, 6831, 6038
credit facility 2014 undrawn, 4000, 4000
total liquidity resources ( 3 ), $ 10831, $ 10038
****************************************
Post-table: ['total liquidity resources ( 3 ) $ 10831 $ 10038 ( 1 ) the percentage of cash and cash equivalents held by the company 2019s u.s .', 'subsidiaries was approximately 40% ( 40 % ) and 50% ( 50 % ) at december 31 , 2017 and 2016 , respectively .', 'see net capital requirements herein for more information on net capital requirements in certain regulated subsidiaries .', '( 2 ) the company cannot readily access such cash to use in its operating activities .', '( 3 ) amounts do not reflect a reduction for year-end incentive compensation accruals of approximately $ 1.5 billion and $ 1.3 billion for 2017 and 2016 , respectively , which are paid in the first quarter of the following year .', 'total liquidity resources increased $ 793 million during 2017 , primarily reflecting cash flows from operating activities , partially offset by cash payments of 2016 year-end incentive awards , share repurchases of $ 1.4 billion and cash dividend payments of $ 1.7 billion .', 'a significant portion of the company 2019s $ 3154 million of total investments , as adjusted , is illiquid in nature and , as such , cannot be readily convertible to cash .', 'share repurchases .', 'the company repurchased 2.6 million common shares in open market transactions under the share repurchase program for approximately $ 1.1 billion during 2017 .', 'at december 31 , 2017 , there were 6.4 million shares still authorized to be repurchased .', 'net capital requirements .', 'the company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions , which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions .', 'as a result , such subsidiaries of the company may be restricted in their ability to transfer cash between different jurisdictions and to their parents .', 'additionally , transfers of cash between international jurisdictions may have adverse tax consequences that could discourage such transfers .', 'blackrock institutional trust company , n.a .', '( 201cbtc 201d ) is chartered as a national bank that does not accept client deposits and whose powers are limited to trust and other fiduciary activities .', 'btc provides investment management services , including investment advisory and securities lending agency services , to institutional clients .', 'btc is subject to regulatory capital and liquid asset requirements administered by the office of the comptroller of the currency .', 'at december 31 , 2017 and 2016 , the company was required to maintain approximately $ 1.8 billion and $ 1.4 billion , respectively , in net capital in certain regulated subsidiaries , including btc , entities regulated by the financial conduct authority and prudential regulation authority in the united kingdom , and the company 2019s broker-dealers .', 'the company was in compliance with all applicable regulatory net capital requirements .', 'undistributed earnings of foreign subsidiaries .', 'as a result of the 2017 tax act and the one-time mandatory deemed repatriation tax on untaxed accumulated foreign earnings , a provisional amount of u.s .', 'income taxes was provided on the undistributed foreign earnings .', 'the financial statement basis in excess of tax basis of its foreign subsidiaries remains indefinitely reinvested in foreign operations .', 'the company will continue to evaluate its capital management plans throughout 2018 .', '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 .'] | 0.13183 | BLK/2017/page_81.pdf-4 | ['sources of blackrock 2019s operating cash primarily include investment advisory , administration fees and securities lending revenue , performance fees , revenue from technology and risk management services , advisory and other revenue and distribution fees .', 'blackrock uses its cash to pay all operating expense , interest and principal on borrowings , income taxes , dividends on blackrock 2019s capital stock , repurchases of the company 2019s stock , capital expenditures and purchases of co-investments and seed investments .', 'for details of the company 2019s gaap cash flows from operating , investing and financing activities , see the consolidated statements of cash flows contained in part ii , item 8 of this filing .', 'cash flows from operating activities , excluding the impact of consolidated sponsored investment funds , primarily include the receipt of investment advisory and administration fees , securities lending revenue and performance fees offset by the payment of operating expenses incurred in the normal course of business , including year-end incentive compensation accrued for in the prior year .', 'cash outflows from investing activities , excluding the impact of consolidated sponsored investment funds , for 2017 were $ 517 million and primarily reflected $ 497 million of investment purchases , $ 155 million of purchases of property and equipment , $ 73 million related to the first reserve transaction and $ 29 million related to the cachematrix transaction , partially offset by $ 205 million of net proceeds from sales and maturities of certain investments .', 'cash outflows from financing activities , excluding the impact of consolidated sponsored investment funds , for 2017 were $ 3094 million , primarily resulting from $ 1.4 billion of share repurchases , including $ 1.1 billion in open market- transactions and $ 321 million of employee tax withholdings related to employee stock transactions , $ 1.7 billion of cash dividend payments and $ 700 million of repayments of long- term borrowings , partially offset by $ 697 million of proceeds from issuance of long-term borrowings .', 'the company manages its financial condition and funding to maintain appropriate liquidity for the business .', 'liquidity resources at december 31 , 2017 and 2016 were as follows : ( in millions ) december 31 , december 31 , cash and cash equivalents ( 1 ) $ 6894 $ 6091 cash and cash equivalents held by consolidated vres ( 2 ) ( 63 ) ( 53 ) .'] | ['total liquidity resources ( 3 ) $ 10831 $ 10038 ( 1 ) the percentage of cash and cash equivalents held by the company 2019s u.s .', 'subsidiaries was approximately 40% ( 40 % ) and 50% ( 50 % ) at december 31 , 2017 and 2016 , respectively .', 'see net capital requirements herein for more information on net capital requirements in certain regulated subsidiaries .', '( 2 ) the company cannot readily access such cash to use in its operating activities .', '( 3 ) amounts do not reflect a reduction for year-end incentive compensation accruals of approximately $ 1.5 billion and $ 1.3 billion for 2017 and 2016 , respectively , which are paid in the first quarter of the following year .', 'total liquidity resources increased $ 793 million during 2017 , primarily reflecting cash flows from operating activities , partially offset by cash payments of 2016 year-end incentive awards , share repurchases of $ 1.4 billion and cash dividend payments of $ 1.7 billion .', 'a significant portion of the company 2019s $ 3154 million of total investments , as adjusted , is illiquid in nature and , as such , cannot be readily convertible to cash .', 'share repurchases .', 'the company repurchased 2.6 million common shares in open market transactions under the share repurchase program for approximately $ 1.1 billion during 2017 .', 'at december 31 , 2017 , there were 6.4 million shares still authorized to be repurchased .', 'net capital requirements .', 'the company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions , which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions .', 'as a result , such subsidiaries of the company may be restricted in their ability to transfer cash between different jurisdictions and to their parents .', 'additionally , transfers of cash between international jurisdictions may have adverse tax consequences that could discourage such transfers .', 'blackrock institutional trust company , n.a .', '( 201cbtc 201d ) is chartered as a national bank that does not accept client deposits and whose powers are limited to trust and other fiduciary activities .', 'btc provides investment management services , including investment advisory and securities lending agency services , to institutional clients .', 'btc is subject to regulatory capital and liquid asset requirements administered by the office of the comptroller of the currency .', 'at december 31 , 2017 and 2016 , the company was required to maintain approximately $ 1.8 billion and $ 1.4 billion , respectively , in net capital in certain regulated subsidiaries , including btc , entities regulated by the financial conduct authority and prudential regulation authority in the united kingdom , and the company 2019s broker-dealers .', 'the company was in compliance with all applicable regulatory net capital requirements .', 'undistributed earnings of foreign subsidiaries .', 'as a result of the 2017 tax act and the one-time mandatory deemed repatriation tax on untaxed accumulated foreign earnings , a provisional amount of u.s .', 'income taxes was provided on the undistributed foreign earnings .', 'the financial statement basis in excess of tax basis of its foreign subsidiaries remains indefinitely reinvested in foreign operations .', 'the company will continue to evaluate its capital management plans throughout 2018 .', '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 .'] | ****************************************
( in millions ), december 31 2017, december 31 2016
cash and cash equivalents ( 1 ), $ 6894, $ 6091
cash and cash equivalents held by consolidated vres ( 2 ), -63 ( 63 ), -53 ( 53 )
subtotal, 6831, 6038
credit facility 2014 undrawn, 4000, 4000
total liquidity resources ( 3 ), $ 10831, $ 10038
**************************************** | subtract(6894, 6091), divide(#0, 6091) | 0.13183 |
what was the percentage reduction second generation tenant improvements | Pre-text: ['38| | duke realty corporation annual report 2012 is dependent upon a number of factors including the availability of credit to potential buyers to purchase properties at prices that we consider acceptable .', 'although we believe that we have demonstrated our ability to generate significant liquidity through the disposition of non-strategic properties , potential future adverse changes to general market and economic conditions could negatively impact our further ability to dispose of such properties .', 'transactions with unconsolidated entities transactions with unconsolidated partnerships and joint ventures also provide a source of liquidity .', 'from time to time we will sell properties to unconsolidated entities , while retaining a continuing interest in that entity , and receive proceeds commensurate to those interests that we do not own .', 'additionally , unconsolidated entities will from time to time obtain debt financing and will distribute to us , and our joint venture partners , all or a portion of the proceeds from such debt financing .', 'uses of liquidity our principal uses of liquidity include the following : 2022 property investment ; 2022 leasing/capital costs ; 2022 dividends and distributions to shareholders and unitholders ; 2022 long-term debt maturities ; 2022 opportunistic repurchases of outstanding debt and preferred stock ; and 2022 other contractual obligations .', 'property investment we continue to pursue an asset repositioning strategy that involves increasing our investment concentration in industrial and medical office properties while reducing our investment concentration in suburban .']
Data Table:
****************************************
• , 2012, 2011, 2010
• second generation tenant improvements, $ 26643, $ 50079, $ 36676
• second generation leasing costs, 31059, 38130, 39090
• building improvements, 6182, 11055, 12957
• total, $ 63884, $ 99264, $ 88723
****************************************
Post-table: ['office properties .', 'pursuant to this strategy , we evaluate development and acquisition opportunities based upon market outlook , including general economic conditions , supply and long-term growth potential .', 'our ability to make future property investments , along with being dependent upon identifying suitable acquisition and development opportunities , is also dependent upon our continued access to our longer-term sources of liquidity , including issuances of debt or equity securities as well as generating cash flow by disposing of selected properties .', 'leasing/capital costs tenant improvements and leasing commissions related to the initial leasing of newly completed or vacant space in acquired properties are referred to as first generation expenditures .', 'such expenditures are included within development of real estate investments and other deferred leasing costs in our consolidated statements of cash flows .', 'tenant improvements and leasing costs to re-let rental space that had been previously under lease to tenants are referred to as second generation expenditures .', 'building improvements that are not specific to any tenant but serve to improve integral components of our real estate properties are also second generation expenditures .', 'one of our principal uses of our liquidity is to fund the second generation leasing/capital expenditures of our real estate investments .', 'as illustrated in the tables below , we have significantly reduced such expenditures in 2012 as a direct result of repositioning our investment concentration in office properties in accordance with our asset strategy .', 'the following is a summary of our second generation capital expenditures by type of expenditure ( in thousands ) : .'] | -0.46798 | DRE/2012/page_40.pdf-1 | ['38| | duke realty corporation annual report 2012 is dependent upon a number of factors including the availability of credit to potential buyers to purchase properties at prices that we consider acceptable .', 'although we believe that we have demonstrated our ability to generate significant liquidity through the disposition of non-strategic properties , potential future adverse changes to general market and economic conditions could negatively impact our further ability to dispose of such properties .', 'transactions with unconsolidated entities transactions with unconsolidated partnerships and joint ventures also provide a source of liquidity .', 'from time to time we will sell properties to unconsolidated entities , while retaining a continuing interest in that entity , and receive proceeds commensurate to those interests that we do not own .', 'additionally , unconsolidated entities will from time to time obtain debt financing and will distribute to us , and our joint venture partners , all or a portion of the proceeds from such debt financing .', 'uses of liquidity our principal uses of liquidity include the following : 2022 property investment ; 2022 leasing/capital costs ; 2022 dividends and distributions to shareholders and unitholders ; 2022 long-term debt maturities ; 2022 opportunistic repurchases of outstanding debt and preferred stock ; and 2022 other contractual obligations .', 'property investment we continue to pursue an asset repositioning strategy that involves increasing our investment concentration in industrial and medical office properties while reducing our investment concentration in suburban .'] | ['office properties .', 'pursuant to this strategy , we evaluate development and acquisition opportunities based upon market outlook , including general economic conditions , supply and long-term growth potential .', 'our ability to make future property investments , along with being dependent upon identifying suitable acquisition and development opportunities , is also dependent upon our continued access to our longer-term sources of liquidity , including issuances of debt or equity securities as well as generating cash flow by disposing of selected properties .', 'leasing/capital costs tenant improvements and leasing commissions related to the initial leasing of newly completed or vacant space in acquired properties are referred to as first generation expenditures .', 'such expenditures are included within development of real estate investments and other deferred leasing costs in our consolidated statements of cash flows .', 'tenant improvements and leasing costs to re-let rental space that had been previously under lease to tenants are referred to as second generation expenditures .', 'building improvements that are not specific to any tenant but serve to improve integral components of our real estate properties are also second generation expenditures .', 'one of our principal uses of our liquidity is to fund the second generation leasing/capital expenditures of our real estate investments .', 'as illustrated in the tables below , we have significantly reduced such expenditures in 2012 as a direct result of repositioning our investment concentration in office properties in accordance with our asset strategy .', 'the following is a summary of our second generation capital expenditures by type of expenditure ( in thousands ) : .'] | ****************************************
• , 2012, 2011, 2010
• second generation tenant improvements, $ 26643, $ 50079, $ 36676
• second generation leasing costs, 31059, 38130, 39090
• building improvements, 6182, 11055, 12957
• total, $ 63884, $ 99264, $ 88723
**************************************** | subtract(26643, 50079), divide(#0, 50079) | -0.46798 |
what is the gross profit margin? | Pre-text: ['as a result of the transaction , we recognized a net gain of approximately $ 1.3 billion , including $ 1.2 billion recognized in 2016 .', 'the net gain represents the $ 2.5 billion fair value of the shares of lockheed martin common stock exchanged and retired as part of the exchange offer , plus the $ 1.8 billion one-time special cash payment , less the net book value of the is&gs business of about $ 3.0 billion at august 16 , 2016 and other adjustments of about $ 100 million .', 'in 2017 , we recognized an additional gain of $ 73 million , which reflects certain post-closing adjustments , including certain tax adjustments and the final determination of net working capital .', 'we classified the operating results of our former is&gs business as discontinued operations in our consolidated financial statements in accordance with u.s .', 'gaap , as the divestiture of this business represented a strategic shift that had a major effect on our operations and financial results .', 'however , the cash flows generated by the is&gs business have not been reclassified in our consolidated statements of cash flows as we retained this cash as part of the transaction .', 'the operating results , prior to the august 16 , 2016 divestiture date , of the is&gs business that have been reflected within net earnings from discontinued operations for the year ended december 31 , 2016 are as follows ( in millions ) : .']
##
Table:
----------------------------------------
net sales, $ 3410
cost of sales, -2953 ( 2953 )
severance charges, -19 ( 19 )
gross profit, 438
other income net, 16
operating profit, 454
earnings from discontinued operations before income taxes, 454
income tax expense, -147 ( 147 )
net gain on divestiture of discontinued operations, 1205
net earnings from discontinued operations, $ 1512
----------------------------------------
##
Post-table: ['the operating results of the is&gs business reported as discontinued operations are different than the results previously reported for the is&gs business segment .', 'results reported within net earnings from discontinued operations only include costs that were directly attributable to the is&gs business and exclude certain corporate overhead costs that were previously allocated to the is&gs business .', 'as a result , we reclassified $ 82 million in 2016 of corporate overhead costs from the is&gs business to other unallocated , net on our consolidated statement of earnings .', 'additionally , we retained all assets and obligations related to the pension benefits earned by former is&gs business salaried employees through the date of divestiture .', 'therefore , the non-service portion of net pension costs ( e.g. , interest cost , actuarial gains and losses and expected return on plan assets ) for these plans have been reclassified from the operating results of the is&gs business segment and reported as a reduction to the fas/cas pension adjustment .', 'these net pension costs were $ 54 million for the year ended december 31 , 2016 .', 'the service portion of net pension costs related to is&gs business 2019s salaried employees that transferred to leidos were included in the operating results of the is&gs business classified as discontinued operations because such costs are no longer incurred by us .', 'significant severance charges related to the is&gs business were historically recorded at the lockheed martin corporate office .', 'these charges have been reclassified into the operating results of the is&gs business , classified as discontinued operations , and excluded from the operating results of our continuing operations .', 'the amount of severance charges reclassified were $ 19 million in 2016 .', 'financial information related to cash flows generated by the is&gs business , such as depreciation and amortization , capital expenditures , and other non-cash items , included in our consolidated statement of cash flows for the years ended december 31 , 2016 were not significant. .'] | 0.12845 | LMT/2018/page_86.pdf-3 | ['as a result of the transaction , we recognized a net gain of approximately $ 1.3 billion , including $ 1.2 billion recognized in 2016 .', 'the net gain represents the $ 2.5 billion fair value of the shares of lockheed martin common stock exchanged and retired as part of the exchange offer , plus the $ 1.8 billion one-time special cash payment , less the net book value of the is&gs business of about $ 3.0 billion at august 16 , 2016 and other adjustments of about $ 100 million .', 'in 2017 , we recognized an additional gain of $ 73 million , which reflects certain post-closing adjustments , including certain tax adjustments and the final determination of net working capital .', 'we classified the operating results of our former is&gs business as discontinued operations in our consolidated financial statements in accordance with u.s .', 'gaap , as the divestiture of this business represented a strategic shift that had a major effect on our operations and financial results .', 'however , the cash flows generated by the is&gs business have not been reclassified in our consolidated statements of cash flows as we retained this cash as part of the transaction .', 'the operating results , prior to the august 16 , 2016 divestiture date , of the is&gs business that have been reflected within net earnings from discontinued operations for the year ended december 31 , 2016 are as follows ( in millions ) : .'] | ['the operating results of the is&gs business reported as discontinued operations are different than the results previously reported for the is&gs business segment .', 'results reported within net earnings from discontinued operations only include costs that were directly attributable to the is&gs business and exclude certain corporate overhead costs that were previously allocated to the is&gs business .', 'as a result , we reclassified $ 82 million in 2016 of corporate overhead costs from the is&gs business to other unallocated , net on our consolidated statement of earnings .', 'additionally , we retained all assets and obligations related to the pension benefits earned by former is&gs business salaried employees through the date of divestiture .', 'therefore , the non-service portion of net pension costs ( e.g. , interest cost , actuarial gains and losses and expected return on plan assets ) for these plans have been reclassified from the operating results of the is&gs business segment and reported as a reduction to the fas/cas pension adjustment .', 'these net pension costs were $ 54 million for the year ended december 31 , 2016 .', 'the service portion of net pension costs related to is&gs business 2019s salaried employees that transferred to leidos were included in the operating results of the is&gs business classified as discontinued operations because such costs are no longer incurred by us .', 'significant severance charges related to the is&gs business were historically recorded at the lockheed martin corporate office .', 'these charges have been reclassified into the operating results of the is&gs business , classified as discontinued operations , and excluded from the operating results of our continuing operations .', 'the amount of severance charges reclassified were $ 19 million in 2016 .', 'financial information related to cash flows generated by the is&gs business , such as depreciation and amortization , capital expenditures , and other non-cash items , included in our consolidated statement of cash flows for the years ended december 31 , 2016 were not significant. .'] | ----------------------------------------
net sales, $ 3410
cost of sales, -2953 ( 2953 )
severance charges, -19 ( 19 )
gross profit, 438
other income net, 16
operating profit, 454
earnings from discontinued operations before income taxes, 454
income tax expense, -147 ( 147 )
net gain on divestiture of discontinued operations, 1205
net earnings from discontinued operations, $ 1512
---------------------------------------- | divide(438, 3410) | 0.12845 |
what are the total contractual maturities of long-term debt obligations due subsequent to december 31 , 2016? | Context: ['alexion pharmaceuticals , inc .', 'notes to consolidated financial statements for the years ended december 31 , 2016 , 2015 and 2014 ( amounts in millions except per share amounts ) depending upon our consolidated net leverage ratio ( as calculated in accordance with the credit agreement ) .', 'at december 31 , 2016 , the interest rate on our outstanding loans under the credit agreement was 2.52% ( 2.52 % ) .', 'our obligations under the credit facilities are guaranteed by certain of alexion 2019s foreign and domestic subsidiaries and secured by liens on certain of alexion 2019s and its subsidiaries 2019 equity interests , subject to certain exceptions .', 'the credit agreement requires us to comply with certain financial covenants on a quarterly basis .', 'under these financial covenants , we are required to deliver to the administrative agent , not later than 50 days after each fiscal quarter , our quarterly financial statements , and within 5 days thereafter , a compliance certificate .', 'in november 2016 , we obtained a waiver from the necessary lenders for this requirement and the due date for delivery of the third quarter 2016 financial statements and compliance certificate was extended to january 18 , 2017 .', 'the posting of the third quarter report on form 10-q on our website on january 4 , 2017 satisfied the financial statement covenant , and we simultaneously delivered the required compliance certificate , as required by the lenders .', 'further , the credit agreement includes negative covenants , subject to exceptions , restricting or limiting our ability and the ability of our subsidiaries to , among other things , incur additional indebtedness , grant liens , and engage in certain investment , acquisition and disposition transactions .', 'the credit agreement also contains customary representations and warranties , affirmative covenants and events of default , including payment defaults , breach of representations and warranties , covenant defaults and cross defaults .', 'if an event of default occurs , the interest rate would increase and the administrative agent would be entitled to take various actions , including the acceleration of amounts due under the loan .', 'in connection with entering into the credit agreement , we paid $ 45 in financing costs which are being amortized as interest expense over the life of the debt .', 'amortization expense associated with deferred financing costs for the years ended december 31 , 2016 and 2015 was $ 10 and $ 6 , respectively .', 'amortization expense associated with deferred financing costs for the year ended december 31 , 2014 was not material .', 'in connection with the acquisition of synageva in june 2015 , we borrowed $ 3500 under the term loan facility and $ 200 under the revolving facility , and we used our available cash for the remaining cash consideration .', 'we made principal payments of $ 375 during the year ended december 31 , 2016 .', 'at december 31 , 2016 , we had $ 3081 outstanding on the term loan and zero outstanding on the revolving facility .', 'at december 31 , 2016 , we had open letters of credit of $ 15 , and our borrowing availability under the revolving facility was $ 485 .', 'the fair value of our long term debt , which is measured using level 2 inputs , approximates book value .', 'the contractual maturities of our long-term debt obligations due subsequent to december 31 , 2016 are as follows: .']
--------
Table:
----------------------------------------
2017 $ 2014
2018 150
2019 175
2020 2756
----------------------------------------
--------
Follow-up: ['based upon our intent and ability to make payments during 2017 , we included $ 175 within current liabilities on our consolidated balance sheet as of december 31 , 2016 , net of current deferred financing costs .', '9 .', 'facility lease obligations new haven facility lease obligation in november 2012 , we entered into a lease agreement for office and laboratory space to be constructed in new haven , connecticut .', 'the term of the lease commenced in 2015 and will expire in 2030 , with a renewal option of 10 years .', 'although we do not legally own the premises , we are deemed to be the owner of the building due to the substantial improvements directly funded by us during the construction period based on applicable accounting guidance for build-to-suit leases .', 'accordingly , the landlord 2019s costs of constructing the facility during the construction period are required to be capitalized , as a non-cash transaction , offset by a corresponding facility lease obligation in our consolidated balance sheet .', 'construction of the new facility was completed and the building was placed into service in the first quarter 2016 .', 'the imputed interest rate on this facility lease obligation as of december 31 , 2016 was approximately 11% ( 11 % ) .', 'for the year ended december 31 , 2016 and 2015 , we recognized $ 14 and $ 5 , respectively , of interest expense associated with this arrangement .', 'as of december 31 , 2016 and 2015 , our total facility lease obligation was $ 136 and $ 133 , respectively , recorded within other current liabilities and facility lease obligation on our consolidated balance sheets. .'] | 3081.0 | ALXN/2016/page_153.pdf-1 | ['alexion pharmaceuticals , inc .', 'notes to consolidated financial statements for the years ended december 31 , 2016 , 2015 and 2014 ( amounts in millions except per share amounts ) depending upon our consolidated net leverage ratio ( as calculated in accordance with the credit agreement ) .', 'at december 31 , 2016 , the interest rate on our outstanding loans under the credit agreement was 2.52% ( 2.52 % ) .', 'our obligations under the credit facilities are guaranteed by certain of alexion 2019s foreign and domestic subsidiaries and secured by liens on certain of alexion 2019s and its subsidiaries 2019 equity interests , subject to certain exceptions .', 'the credit agreement requires us to comply with certain financial covenants on a quarterly basis .', 'under these financial covenants , we are required to deliver to the administrative agent , not later than 50 days after each fiscal quarter , our quarterly financial statements , and within 5 days thereafter , a compliance certificate .', 'in november 2016 , we obtained a waiver from the necessary lenders for this requirement and the due date for delivery of the third quarter 2016 financial statements and compliance certificate was extended to january 18 , 2017 .', 'the posting of the third quarter report on form 10-q on our website on january 4 , 2017 satisfied the financial statement covenant , and we simultaneously delivered the required compliance certificate , as required by the lenders .', 'further , the credit agreement includes negative covenants , subject to exceptions , restricting or limiting our ability and the ability of our subsidiaries to , among other things , incur additional indebtedness , grant liens , and engage in certain investment , acquisition and disposition transactions .', 'the credit agreement also contains customary representations and warranties , affirmative covenants and events of default , including payment defaults , breach of representations and warranties , covenant defaults and cross defaults .', 'if an event of default occurs , the interest rate would increase and the administrative agent would be entitled to take various actions , including the acceleration of amounts due under the loan .', 'in connection with entering into the credit agreement , we paid $ 45 in financing costs which are being amortized as interest expense over the life of the debt .', 'amortization expense associated with deferred financing costs for the years ended december 31 , 2016 and 2015 was $ 10 and $ 6 , respectively .', 'amortization expense associated with deferred financing costs for the year ended december 31 , 2014 was not material .', 'in connection with the acquisition of synageva in june 2015 , we borrowed $ 3500 under the term loan facility and $ 200 under the revolving facility , and we used our available cash for the remaining cash consideration .', 'we made principal payments of $ 375 during the year ended december 31 , 2016 .', 'at december 31 , 2016 , we had $ 3081 outstanding on the term loan and zero outstanding on the revolving facility .', 'at december 31 , 2016 , we had open letters of credit of $ 15 , and our borrowing availability under the revolving facility was $ 485 .', 'the fair value of our long term debt , which is measured using level 2 inputs , approximates book value .', 'the contractual maturities of our long-term debt obligations due subsequent to december 31 , 2016 are as follows: .'] | ['based upon our intent and ability to make payments during 2017 , we included $ 175 within current liabilities on our consolidated balance sheet as of december 31 , 2016 , net of current deferred financing costs .', '9 .', 'facility lease obligations new haven facility lease obligation in november 2012 , we entered into a lease agreement for office and laboratory space to be constructed in new haven , connecticut .', 'the term of the lease commenced in 2015 and will expire in 2030 , with a renewal option of 10 years .', 'although we do not legally own the premises , we are deemed to be the owner of the building due to the substantial improvements directly funded by us during the construction period based on applicable accounting guidance for build-to-suit leases .', 'accordingly , the landlord 2019s costs of constructing the facility during the construction period are required to be capitalized , as a non-cash transaction , offset by a corresponding facility lease obligation in our consolidated balance sheet .', 'construction of the new facility was completed and the building was placed into service in the first quarter 2016 .', 'the imputed interest rate on this facility lease obligation as of december 31 , 2016 was approximately 11% ( 11 % ) .', 'for the year ended december 31 , 2016 and 2015 , we recognized $ 14 and $ 5 , respectively , of interest expense associated with this arrangement .', 'as of december 31 , 2016 and 2015 , our total facility lease obligation was $ 136 and $ 133 , respectively , recorded within other current liabilities and facility lease obligation on our consolidated balance sheets. .'] | ----------------------------------------
2017 $ 2014
2018 150
2019 175
2020 2756
---------------------------------------- | add(150, 175), add(#0, 2756) | 3081.0 |
what was the percentage return for the 5 year period ending december 31 2016 of delphi automotive plc? | Background: ['stock performance graph * $ 100 invested on december 31 , 2011 in our stock or in the relevant index , including reinvestment of dividends .', 'fiscal year ended december 31 , 2016 .', '( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index , including american axle & manufacturing , borgwarner inc. , cooper tire & rubber company , dana inc. , delphi automotive plc , dorman products inc. , federal-mogul corp. , ford motor co. , general motors co. , gentex corp. , gentherm inc. , genuine parts co. , goodyear tire & rubber co. , johnson controls international plc , lear corp. , lkq corp. , meritor inc. , standard motor products inc. , stoneridge inc. , superior industries international , tenneco inc. , tesla motors inc. , tower international inc. , visteon corp. , and wabco holdings inc .', 'company index december 31 , december 31 , december 31 , december 31 , december 31 , december 31 .']
Tabular Data:
****************************************
company index | december 31 2011 | december 31 2012 | december 31 2013 | december 31 2014 | december 31 2015 | december 31 2016
delphi automotive plc ( 1 ) | $ 100.00 | $ 177.58 | $ 283.02 | $ 347.40 | $ 414.58 | $ 331.43
s&p 500 ( 2 ) | 100.00 | 116.00 | 153.58 | 174.60 | 177.01 | 198.18
automotive supplier peer group ( 3 ) | 100.00 | 127.04 | 188.67 | 203.06 | 198.34 | 202.30
****************************************
Post-table: ['dividends the company has declared and paid cash dividends of $ 0.25 and $ 0.29 per ordinary share in each quarter of 2015 and 2016 , respectively .', 'in addition , in january 2017 , the board of directors declared a regular quarterly cash dividend of $ 0.29 per ordinary share , payable on february 15 , 2017 to shareholders of record at the close of business on february 6 , 2017. .'] | 2.3143 | APTV/2016/page_47.pdf-2 | ['stock performance graph * $ 100 invested on december 31 , 2011 in our stock or in the relevant index , including reinvestment of dividends .', 'fiscal year ended december 31 , 2016 .', '( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index , including american axle & manufacturing , borgwarner inc. , cooper tire & rubber company , dana inc. , delphi automotive plc , dorman products inc. , federal-mogul corp. , ford motor co. , general motors co. , gentex corp. , gentherm inc. , genuine parts co. , goodyear tire & rubber co. , johnson controls international plc , lear corp. , lkq corp. , meritor inc. , standard motor products inc. , stoneridge inc. , superior industries international , tenneco inc. , tesla motors inc. , tower international inc. , visteon corp. , and wabco holdings inc .', 'company index december 31 , december 31 , december 31 , december 31 , december 31 , december 31 .'] | ['dividends the company has declared and paid cash dividends of $ 0.25 and $ 0.29 per ordinary share in each quarter of 2015 and 2016 , respectively .', 'in addition , in january 2017 , the board of directors declared a regular quarterly cash dividend of $ 0.29 per ordinary share , payable on february 15 , 2017 to shareholders of record at the close of business on february 6 , 2017. .'] | ****************************************
company index | december 31 2011 | december 31 2012 | december 31 2013 | december 31 2014 | december 31 2015 | december 31 2016
delphi automotive plc ( 1 ) | $ 100.00 | $ 177.58 | $ 283.02 | $ 347.40 | $ 414.58 | $ 331.43
s&p 500 ( 2 ) | 100.00 | 116.00 | 153.58 | 174.60 | 177.01 | 198.18
automotive supplier peer group ( 3 ) | 100.00 | 127.04 | 188.67 | 203.06 | 198.34 | 202.30
**************************************** | subtract(331.43, const_100), divide(#0, const_100) | 2.3143 |
what is the growth rate in the balance of lending commitments held for investment in 2018? | Pre-text: ['the goldman sachs group , inc .', 'and subsidiaries notes to consolidated financial statements lending commitments the firm 2019s lending commitments are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing .', 'these commitments are presented net of amounts syndicated to third parties .', 'the total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate all or substantial additional portions of these commitments .', 'in addition , commitments can expire unused or be reduced or cancelled at the counterparty 2019s request .', 'the table below presents information about lending commitments. .']
--
Table:
----------------------------------------
$ in millions as of december 2018 as of december 2017
held for investment $ 120997 $ 124504
held for sale 8602 9838
at fair value 7983 9404
total $ 137582 $ 143746
----------------------------------------
--
Additional Information: ['in the table above : 2030 held for investment lending commitments are accounted for on an accrual basis .', 'see note 9 for further information about such commitments .', '2030 held for sale lending commitments are accounted for at the lower of cost or fair value .', '2030 gains or losses related to lending commitments at fair value , if any , are generally recorded , net of any fees in other principal transactions .', '2030 substantially all lending commitments relates to the firm 2019s investing & lending segment .', 'commercial lending .', 'the firm 2019s commercial lending commitments were primarily extended to investment-grade corporate borrowers .', 'such commitments included $ 93.99 billion as of december 2018 and $ 85.98 billion as of december 2017 , related to relationship lending activities ( principally used for operating and general corporate purposes ) and $ 27.92 billion as of december 2018 and $ 42.41 billion as of december 2017 , related to other investment banking activities ( generally extended for contingent acquisition financing and are often intended to be short-term in nature , as borrowers often seek to replace them with other funding sources ) .', 'the firm also extends lending commitments in connection with other types of corporate lending , as well as commercial real estate financing .', 'see note 9 for further information about funded loans .', '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 $ 15.52 billion as of december 2018 and $ 25.70 billion as of december 2017 .', '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 $ 1.0 billion , of which $ 550 million of protection had been provided as of both december 2018 and december 2017 .', '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 consumer and corporate loans .', 'contingent and forward starting collateralized agreements / forward starting collateralized financings 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 $ 2.42 billion as of december 2018 and $ 2.09 billion as of december 2017 , 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 .', 'goldman sachs 2018 form 10-k 159 .'] | -0.02817 | GS/2018/page_175.pdf-2 | ['the goldman sachs group , inc .', 'and subsidiaries notes to consolidated financial statements lending commitments the firm 2019s lending commitments are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing .', 'these commitments are presented net of amounts syndicated to third parties .', 'the total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate all or substantial additional portions of these commitments .', 'in addition , commitments can expire unused or be reduced or cancelled at the counterparty 2019s request .', 'the table below presents information about lending commitments. .'] | ['in the table above : 2030 held for investment lending commitments are accounted for on an accrual basis .', 'see note 9 for further information about such commitments .', '2030 held for sale lending commitments are accounted for at the lower of cost or fair value .', '2030 gains or losses related to lending commitments at fair value , if any , are generally recorded , net of any fees in other principal transactions .', '2030 substantially all lending commitments relates to the firm 2019s investing & lending segment .', 'commercial lending .', 'the firm 2019s commercial lending commitments were primarily extended to investment-grade corporate borrowers .', 'such commitments included $ 93.99 billion as of december 2018 and $ 85.98 billion as of december 2017 , related to relationship lending activities ( principally used for operating and general corporate purposes ) and $ 27.92 billion as of december 2018 and $ 42.41 billion as of december 2017 , related to other investment banking activities ( generally extended for contingent acquisition financing and are often intended to be short-term in nature , as borrowers often seek to replace them with other funding sources ) .', 'the firm also extends lending commitments in connection with other types of corporate lending , as well as commercial real estate financing .', 'see note 9 for further information about funded loans .', '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 $ 15.52 billion as of december 2018 and $ 25.70 billion as of december 2017 .', '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 $ 1.0 billion , of which $ 550 million of protection had been provided as of both december 2018 and december 2017 .', '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 consumer and corporate loans .', 'contingent and forward starting collateralized agreements / forward starting collateralized financings 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 $ 2.42 billion as of december 2018 and $ 2.09 billion as of december 2017 , 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 .', 'goldman sachs 2018 form 10-k 159 .'] | ----------------------------------------
$ in millions as of december 2018 as of december 2017
held for investment $ 120997 $ 124504
held for sale 8602 9838
at fair value 7983 9404
total $ 137582 $ 143746
---------------------------------------- | subtract(120997, 124504), divide(#0, 124504) | -0.02817 |
what percentage of total freight revenues were energy in 2007? | Background: ['notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .', '1 .', 'nature of operations and significant accounting policies operations and segmentation 2013 we are a class i railroad that operates in the united states .', 'we have 32012 route miles , linking pacific coast and gulf coast ports with the midwest and eastern united states gateways and providing several corridors to key mexican gateways .', 'we serve the western two- thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico .', 'export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders .', 'the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment .', 'although revenues are analyzed by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network .', 'the following table provides revenue by commodity group : millions of dollars 2008 2007 2006 .']
--
Table:
****************************************
• millions of dollars, 2008, 2007, 2006
• agricultural, $ 3174, $ 2605, $ 2385
• automotive, 1344, 1458, 1427
• chemicals, 2494, 2287, 2084
• energy, 3810, 3134, 2949
• industrial products, 3273, 3077, 3135
• intermodal, 3023, 2925, 2811
• total freight revenues, $ 17118, $ 15486, $ 14791
• other revenues, 852, 797, 787
• total operating revenues, $ 17970, $ 16283, $ 15578
****************************************
--
Post-table: ['basis of presentation 2013 certain prior year amounts have been reclassified to conform to the current period financial statement presentation .', 'the reclassifications include reporting freight revenues instead of commodity revenues .', 'the amounts reclassified from freight revenues to other revenues totaled $ 30 million and $ 71 million for the years ended december 31 , 2007 , and december 31 , 2006 , respectively .', 'in addition , we modified our operating expense categories to report fuel used in railroad operations as a stand-alone category , to combine purchased services and materials into one line , and to reclassify certain other expenses among operating expense categories .', 'these reclassifications had no impact on previously reported operating revenues , total operating expenses , operating income or net income .', 'significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries .', 'investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting .', 'all significant intercompany transactions are eliminated .', 'the corporation evaluates its less than majority-owned investments for consolidation .'] | 0.20238 | UNP/2008/page_59.pdf-4 | ['notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .', '1 .', 'nature of operations and significant accounting policies operations and segmentation 2013 we are a class i railroad that operates in the united states .', 'we have 32012 route miles , linking pacific coast and gulf coast ports with the midwest and eastern united states gateways and providing several corridors to key mexican gateways .', 'we serve the western two- thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico .', 'export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders .', 'the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment .', 'although revenues are analyzed by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network .', 'the following table provides revenue by commodity group : millions of dollars 2008 2007 2006 .'] | ['basis of presentation 2013 certain prior year amounts have been reclassified to conform to the current period financial statement presentation .', 'the reclassifications include reporting freight revenues instead of commodity revenues .', 'the amounts reclassified from freight revenues to other revenues totaled $ 30 million and $ 71 million for the years ended december 31 , 2007 , and december 31 , 2006 , respectively .', 'in addition , we modified our operating expense categories to report fuel used in railroad operations as a stand-alone category , to combine purchased services and materials into one line , and to reclassify certain other expenses among operating expense categories .', 'these reclassifications had no impact on previously reported operating revenues , total operating expenses , operating income or net income .', 'significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries .', 'investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting .', 'all significant intercompany transactions are eliminated .', 'the corporation evaluates its less than majority-owned investments for consolidation .'] | ****************************************
• millions of dollars, 2008, 2007, 2006
• agricultural, $ 3174, $ 2605, $ 2385
• automotive, 1344, 1458, 1427
• chemicals, 2494, 2287, 2084
• energy, 3810, 3134, 2949
• industrial products, 3273, 3077, 3135
• intermodal, 3023, 2925, 2811
• total freight revenues, $ 17118, $ 15486, $ 14791
• other revenues, 852, 797, 787
• total operating revenues, $ 17970, $ 16283, $ 15578
**************************************** | divide(3134, 15486) | 0.20238 |
what is the net change in the number of unvested restricted stocks in 2008? | Background: ['n o t e s t o c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ( continued ) ace limited and subsidiaries the following table shows changes in the company 2019s restricted stock for the years ended december 31 , 2008 , 2007 , and 2006 : number of restricted stock weighted average grant- date fair value .']
##
Tabular Data:
========================================
, number of restricted stock, weighted average grant- date fair value
unvested restricted stock december 31 2005, 3488668, $ 41.26
granted, 1632504, $ 56.05
vested and issued, -1181249 ( 1181249 ), $ 40.20
forfeited, -360734 ( 360734 ), $ 44.04
unvested restricted stock december 31 2006, 3579189, $ 48.07
granted, 1818716, $ 56.45
vested and issued, -1345412 ( 1345412 ), $ 44.48
forfeited, -230786 ( 230786 ), $ 51.57
unvested restricted stock december 31 2007, 3821707, $ 53.12
granted, 1836532, $ 59.84
vested and issued, -1403826 ( 1403826 ), $ 50.96
forfeited, -371183 ( 371183 ), $ 53.75
unvested restricted stock december 31 2008, 3883230, $ 57.01
========================================
##
Additional Information: ['under the provisions of fas 123r , the recognition of deferred compensation , a contra-equity account representing the amount of unrecognized restricted stock expense that is reduced as expense is recognized , at the date restricted stock is granted is no longer permitted .', 'therefore , upon adoption of fas 123r , the amount of deferred compensation that had been reflected in unearned stock grant compensation was reclassified to additional paid-in capital in the company 2019s consolidated balance sheet .', 'restricted stock units the company 2019s 2004 ltip also provides for grants of other awards , including restricted stock units .', 'the company generally grants restricted stock units with a 4-year vesting period , based on a graded vesting schedule .', 'each restricted stock unit repre- sents the company 2019s obligation to deliver to the holder one share of common shares upon vesting .', 'during 2008 , the company awarded 223588 restricted stock units to officers of the company and its subsidiaries with a weighted-average grant date fair value of $ 59.93 .', 'during 2007 , 108870 restricted stock units , with a weighted-average grant date fair value of $ 56.29 were awarded to officers of the company and its subsidiaries .', 'during 2006 , 83370 restricted stock units , with a weighted-average grant date fair value of $ 56.36 were awarded to officers of the company and its subsidiaries .', 'the company also grants restricted stock units with a 1-year vesting period to non-management directors .', 'delivery of common shares on account of these restricted stock units to non-management directors is deferred until six months after the date of the non-management directors 2019 termination from the board .', 'during 2008 , 2007 , and 2006 , 40362 restricted stock units , 29676 restricted stock units , and 23092 restricted stock units , respectively , were awarded to non-management direc- the espp gives participating employees the right to purchase common shares through payroll deductions during consecutive 201csubscription periods . 201d annual purchases by participants are limited to the number of whole shares that can be purchased by an amount equal to ten percent of the participant 2019s compensation or $ 25000 , whichever is less .', 'the espp has two six-month subscription periods , the first of which runs between january 1 and june 30 and the second of which runs between july 1 and december 31 of each year .', 'the amounts that have been collected from participants during a subscription period are used on the 201cexercise date 201d to purchase full shares of common shares .', 'an exercise date is generally the last trading day of a sub- scription period .', 'the number of shares purchased is equal to the total amount , as of the exercise date , that has been collected from the participants through payroll deductions for that subscription period , divided by the 201cpurchase price 201d , rounded down to the next full share .', 'effective for and from the second subscription period of 2007 , the purchase price is 85 percent of the fair value of a common share on the exercise date .', 'prior to the second subscription period of 2007 , the purchase price was calculated as the lower of ( i ) 85 percent of the fair value of a common share on the first day of the subscription period , or .'] | 61523.0 | CB/2008/page_218.pdf-2 | ['n o t e s t o c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ( continued ) ace limited and subsidiaries the following table shows changes in the company 2019s restricted stock for the years ended december 31 , 2008 , 2007 , and 2006 : number of restricted stock weighted average grant- date fair value .'] | ['under the provisions of fas 123r , the recognition of deferred compensation , a contra-equity account representing the amount of unrecognized restricted stock expense that is reduced as expense is recognized , at the date restricted stock is granted is no longer permitted .', 'therefore , upon adoption of fas 123r , the amount of deferred compensation that had been reflected in unearned stock grant compensation was reclassified to additional paid-in capital in the company 2019s consolidated balance sheet .', 'restricted stock units the company 2019s 2004 ltip also provides for grants of other awards , including restricted stock units .', 'the company generally grants restricted stock units with a 4-year vesting period , based on a graded vesting schedule .', 'each restricted stock unit repre- sents the company 2019s obligation to deliver to the holder one share of common shares upon vesting .', 'during 2008 , the company awarded 223588 restricted stock units to officers of the company and its subsidiaries with a weighted-average grant date fair value of $ 59.93 .', 'during 2007 , 108870 restricted stock units , with a weighted-average grant date fair value of $ 56.29 were awarded to officers of the company and its subsidiaries .', 'during 2006 , 83370 restricted stock units , with a weighted-average grant date fair value of $ 56.36 were awarded to officers of the company and its subsidiaries .', 'the company also grants restricted stock units with a 1-year vesting period to non-management directors .', 'delivery of common shares on account of these restricted stock units to non-management directors is deferred until six months after the date of the non-management directors 2019 termination from the board .', 'during 2008 , 2007 , and 2006 , 40362 restricted stock units , 29676 restricted stock units , and 23092 restricted stock units , respectively , were awarded to non-management direc- the espp gives participating employees the right to purchase common shares through payroll deductions during consecutive 201csubscription periods . 201d annual purchases by participants are limited to the number of whole shares that can be purchased by an amount equal to ten percent of the participant 2019s compensation or $ 25000 , whichever is less .', 'the espp has two six-month subscription periods , the first of which runs between january 1 and june 30 and the second of which runs between july 1 and december 31 of each year .', 'the amounts that have been collected from participants during a subscription period are used on the 201cexercise date 201d to purchase full shares of common shares .', 'an exercise date is generally the last trading day of a sub- scription period .', 'the number of shares purchased is equal to the total amount , as of the exercise date , that has been collected from the participants through payroll deductions for that subscription period , divided by the 201cpurchase price 201d , rounded down to the next full share .', 'effective for and from the second subscription period of 2007 , the purchase price is 85 percent of the fair value of a common share on the exercise date .', 'prior to the second subscription period of 2007 , the purchase price was calculated as the lower of ( i ) 85 percent of the fair value of a common share on the first day of the subscription period , or .'] | ========================================
, number of restricted stock, weighted average grant- date fair value
unvested restricted stock december 31 2005, 3488668, $ 41.26
granted, 1632504, $ 56.05
vested and issued, -1181249 ( 1181249 ), $ 40.20
forfeited, -360734 ( 360734 ), $ 44.04
unvested restricted stock december 31 2006, 3579189, $ 48.07
granted, 1818716, $ 56.45
vested and issued, -1345412 ( 1345412 ), $ 44.48
forfeited, -230786 ( 230786 ), $ 51.57
unvested restricted stock december 31 2007, 3821707, $ 53.12
granted, 1836532, $ 59.84
vested and issued, -1403826 ( 1403826 ), $ 50.96
forfeited, -371183 ( 371183 ), $ 53.75
unvested restricted stock december 31 2008, 3883230, $ 57.01
======================================== | subtract(3883230, 3821707) | 61523.0 |
how many outstanding shares received dividends in 2013 , ( in millions ) ? | Background: ['performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 31 , 2010 through october 25 , 2015 .', 'this is compared with the cumulative total return of the standard & poor 2019s 500 stock index and the rdg semiconductor composite index over the same period .', 'the comparison assumes $ 100 was invested on october 31 , 2010 in applied common stock and in each of the foregoing indices and assumes reinvestment of dividends , if any .', 'dollar amounts in the graph are rounded to the nearest whole dollar .', 'the performance shown in the graph represents past performance and should not be considered an indication of future performance .', 'comparison of 5 year cumulative total return* among applied materials , inc. , the s&p 500 index and the rdg semiconductor composite index *assumes $ 100 invested on 10/31/10 in stock or index , including reinvestment of dividends .', 'indexes calculated on month-end basis .', '201cs&p 201d is a registered trademark of standard & poor 2019s financial services llc , a subsidiary of the mcgraw-hill companies , inc. .']
########
Tabular Data:
10/31/2010 10/30/2011 10/28/2012 10/27/2013 10/26/2014 10/25/2015
applied materials 100.00 104.54 90.88 155.43 188.13 150.26
s&p 500 index 100.00 108.09 124.52 158.36 185.71 195.37
rdg semiconductor composite index 100.00 110.04 104.07 136.15 172.41 170.40
########
Additional Information: ["dividends during each of fiscal 2015 and 2014 , applied's board of directors declared four quarterly cash dividends of $ 0.10 per share .", 'during fiscal 2013 , applied 2019s board of directors declared three quarterly cash dividends of $ 0.10 per share and one quarterly cash dividend of $ 0.09 per share .', 'dividends paid during fiscal 2015 , 2014 and 2013 amounted to $ 487 million , $ 485 million and $ 456 million , respectively .', 'applied currently anticipates that cash dividends will continue to be paid on a quarterly basis , although the declaration of any future cash dividend is at the discretion of the board of directors and will depend on applied 2019s financial condition , results of operations , capital requirements , business conditions and other factors , as well as a determination by the board of directors that cash dividends are in the best interests of applied 2019s stockholders .', '104 136 10/31/10 10/30/11 10/28/12 10/27/13 10/26/14 10/25/15 applied materials , inc .', 's&p 500 rdg semiconductor composite .'] | 1248.71795 | AMAT/2015/page_33.pdf-2 | ['performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 31 , 2010 through october 25 , 2015 .', 'this is compared with the cumulative total return of the standard & poor 2019s 500 stock index and the rdg semiconductor composite index over the same period .', 'the comparison assumes $ 100 was invested on october 31 , 2010 in applied common stock and in each of the foregoing indices and assumes reinvestment of dividends , if any .', 'dollar amounts in the graph are rounded to the nearest whole dollar .', 'the performance shown in the graph represents past performance and should not be considered an indication of future performance .', 'comparison of 5 year cumulative total return* among applied materials , inc. , the s&p 500 index and the rdg semiconductor composite index *assumes $ 100 invested on 10/31/10 in stock or index , including reinvestment of dividends .', 'indexes calculated on month-end basis .', '201cs&p 201d is a registered trademark of standard & poor 2019s financial services llc , a subsidiary of the mcgraw-hill companies , inc. .'] | ["dividends during each of fiscal 2015 and 2014 , applied's board of directors declared four quarterly cash dividends of $ 0.10 per share .", 'during fiscal 2013 , applied 2019s board of directors declared three quarterly cash dividends of $ 0.10 per share and one quarterly cash dividend of $ 0.09 per share .', 'dividends paid during fiscal 2015 , 2014 and 2013 amounted to $ 487 million , $ 485 million and $ 456 million , respectively .', 'applied currently anticipates that cash dividends will continue to be paid on a quarterly basis , although the declaration of any future cash dividend is at the discretion of the board of directors and will depend on applied 2019s financial condition , results of operations , capital requirements , business conditions and other factors , as well as a determination by the board of directors that cash dividends are in the best interests of applied 2019s stockholders .', '104 136 10/31/10 10/30/11 10/28/12 10/27/13 10/26/14 10/25/15 applied materials , inc .', 's&p 500 rdg semiconductor composite .'] | 10/31/2010 10/30/2011 10/28/2012 10/27/2013 10/26/2014 10/25/2015
applied materials 100.00 104.54 90.88 155.43 188.13 150.26
s&p 500 index 100.00 108.09 124.52 158.36 185.71 195.37
rdg semiconductor composite index 100.00 110.04 104.07 136.15 172.41 170.40 | multiply(0.10, const_3), add(#0, 0.09), divide(487, #1) | 1248.71795 |
what percentage of total 2013 reorganization items consisted of professional fees? | Pre-text: ['table of contents the following discussion of nonoperating income and expense excludes the results of us airways in order to provide a more meaningful year-over-year comparison .', 'interest expense , net of capitalized interest decreased $ 129 million in 2014 from 2013 primarily due to a $ 63 million decrease in special charges recognized year-over-year as further described below , as well as refinancing activities that resulted in $ 65 million less interest expense recognized in 2014 .', '( 1 ) in 2014 , american recognized $ 29 million of special charges relating to non-cash interest accretion on bankruptcy settlement obligations .', 'in 2013 , american recognized $ 48 million of special charges relating to post-petition interest expense on unsecured obligations pursuant to the plan and penalty interest related to american 2019s 10.5% ( 10.5 % ) secured notes and 7.50% ( 7.50 % ) senior secured notes .', 'in addition , in 2013 american recorded special charges of $ 44 million for debt extinguishment costs incurred as a result of the repayment of certain aircraft secured indebtedness , including cash interest charges and non-cash write offs of unamortized debt issuance costs .', '( 2 ) as a result of the 2013 refinancing activities and the early extinguishment of american 2019s 7.50% ( 7.50 % ) senior secured notes in 2014 , american incurred $ 65 million less interest expense in 2014 as compared to 2013 .', 'other nonoperating expense , net in 2014 consisted of $ 92 million of net foreign currency losses , including a $ 43 million special charge for venezuelan foreign currency losses , and $ 48 million of early debt extinguishment costs related to the prepayment of american 2019s 7.50% ( 7.50 % ) senior secured notes and other indebtedness .', 'the foreign currency losses were driven primarily by the strengthening of the u.s .', 'dollar relative to other currencies during 2014 , principally in the latin american market , including a 48% ( 48 % ) decrease in the value of the venezuelan bolivar and a 14% ( 14 % ) decrease in the value of the brazilian real .', 'other nonoperating expense , net in 2013 consisted principally of net foreign currency losses of $ 55 million and early debt extinguishment charges of $ 29 million .', 'reorganization items , net reorganization items refer to revenues , expenses ( including professional fees ) , realized gains and losses and provisions for losses that are realized or incurred as a direct result of the chapter 11 cases .', 'the following table summarizes the components included in reorganization items , net on american 2019s consolidated statement of operations for the year ended december 31 , 2013 ( in millions ) : .']
------
Table:
****************************************
| 2013
----------|----------
labor-related deemed claim ( 1 ) | $ 1733
aircraft and facility financing renegotiations and rejections ( 2 ) ( 3 ) | 320
fair value of conversion discount ( 4 ) | 218
professional fees | 199
other | 170
total reorganization items net | $ 2640
****************************************
------
Post-table: ['( 1 ) in exchange for employees 2019 contributions to the successful reorganization , including agreeing to reductions in pay and benefits , american agreed in the plan to provide each employee group a deemed claim , which was used to provide a distribution of a portion of the equity of the reorganized entity to those employees .', 'each employee group received a deemed claim amount based upon a portion of the value of cost savings provided by that group through reductions to pay and benefits as well as through certain work rule changes .', 'the total value of this deemed claim was approximately $ 1.7 billion .', '( 2 ) amounts include allowed claims ( claims approved by the bankruptcy court ) and estimated allowed claims relating to ( i ) the rejection or modification of financings related to aircraft and ( ii ) entry of orders treated as unsecured claims with respect to facility agreements supporting certain issuances of special facility revenue .'] | 0.07538 | AAL/2015/page_83.pdf-2 | ['table of contents the following discussion of nonoperating income and expense excludes the results of us airways in order to provide a more meaningful year-over-year comparison .', 'interest expense , net of capitalized interest decreased $ 129 million in 2014 from 2013 primarily due to a $ 63 million decrease in special charges recognized year-over-year as further described below , as well as refinancing activities that resulted in $ 65 million less interest expense recognized in 2014 .', '( 1 ) in 2014 , american recognized $ 29 million of special charges relating to non-cash interest accretion on bankruptcy settlement obligations .', 'in 2013 , american recognized $ 48 million of special charges relating to post-petition interest expense on unsecured obligations pursuant to the plan and penalty interest related to american 2019s 10.5% ( 10.5 % ) secured notes and 7.50% ( 7.50 % ) senior secured notes .', 'in addition , in 2013 american recorded special charges of $ 44 million for debt extinguishment costs incurred as a result of the repayment of certain aircraft secured indebtedness , including cash interest charges and non-cash write offs of unamortized debt issuance costs .', '( 2 ) as a result of the 2013 refinancing activities and the early extinguishment of american 2019s 7.50% ( 7.50 % ) senior secured notes in 2014 , american incurred $ 65 million less interest expense in 2014 as compared to 2013 .', 'other nonoperating expense , net in 2014 consisted of $ 92 million of net foreign currency losses , including a $ 43 million special charge for venezuelan foreign currency losses , and $ 48 million of early debt extinguishment costs related to the prepayment of american 2019s 7.50% ( 7.50 % ) senior secured notes and other indebtedness .', 'the foreign currency losses were driven primarily by the strengthening of the u.s .', 'dollar relative to other currencies during 2014 , principally in the latin american market , including a 48% ( 48 % ) decrease in the value of the venezuelan bolivar and a 14% ( 14 % ) decrease in the value of the brazilian real .', 'other nonoperating expense , net in 2013 consisted principally of net foreign currency losses of $ 55 million and early debt extinguishment charges of $ 29 million .', 'reorganization items , net reorganization items refer to revenues , expenses ( including professional fees ) , realized gains and losses and provisions for losses that are realized or incurred as a direct result of the chapter 11 cases .', 'the following table summarizes the components included in reorganization items , net on american 2019s consolidated statement of operations for the year ended december 31 , 2013 ( in millions ) : .'] | ['( 1 ) in exchange for employees 2019 contributions to the successful reorganization , including agreeing to reductions in pay and benefits , american agreed in the plan to provide each employee group a deemed claim , which was used to provide a distribution of a portion of the equity of the reorganized entity to those employees .', 'each employee group received a deemed claim amount based upon a portion of the value of cost savings provided by that group through reductions to pay and benefits as well as through certain work rule changes .', 'the total value of this deemed claim was approximately $ 1.7 billion .', '( 2 ) amounts include allowed claims ( claims approved by the bankruptcy court ) and estimated allowed claims relating to ( i ) the rejection or modification of financings related to aircraft and ( ii ) entry of orders treated as unsecured claims with respect to facility agreements supporting certain issuances of special facility revenue .'] | ****************************************
| 2013
----------|----------
labor-related deemed claim ( 1 ) | $ 1733
aircraft and facility financing renegotiations and rejections ( 2 ) ( 3 ) | 320
fair value of conversion discount ( 4 ) | 218
professional fees | 199
other | 170
total reorganization items net | $ 2640
**************************************** | divide(199, 2640) | 0.07538 |
what is the expected growth rate in amortization expense in 2017? | Pre-text: ['92 | 2017 form 10-k finite-lived intangible assets are amortized over their estimated useful lives and tested for impairment if events or changes in circumstances indicate that the asset may be impaired .', 'in 2016 , gross customer relationship intangibles of $ 96 million and related accumulated amortization of $ 27 million as well as gross intellectual property intangibles of $ 111 million and related accumulated amortization of $ 48 million from the resource industries segment were impaired .', 'the fair value of these intangibles was determined to be insignificant based on an income approach using expected cash flows .', 'the fair value determination is categorized as level 3 in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs .', 'the total impairment of $ 132 million was a result of restructuring activities and is included in other operating ( income ) expense in statement 1 .', 'see note 25 for information on restructuring costs .', 'amortization expense related to intangible assets was $ 323 million , $ 326 million and $ 337 million for 2017 , 2016 and 2015 , respectively .', 'as of december 31 , 2017 , amortization expense related to intangible assets is expected to be : ( millions of dollars ) .']
--
Data Table:
----------------------------------------
2018 | 2019 | 2020 | 2021 | 2022 | thereafter
$ 322 | $ 316 | $ 305 | $ 287 | $ 268 | $ 613
----------------------------------------
--
Post-table: ['b .', 'goodwill there were no goodwill impairments during 2017 or 2015 .', 'our annual impairment tests completed in the fourth quarter of 2016 indicated the fair value of each reporting unit was substantially above its respective carrying value , including goodwill , with the exception of our surface mining & technology reporting unit .', 'the surface mining & technology reporting unit , which primarily serves the mining industry , is a part of our resource industries segment .', 'the goodwill assigned to this reporting unit is largely from our acquisition of bucyrus international , inc .', 'in 2011 .', 'its product portfolio includes large mining trucks , electric rope shovels , draglines , hydraulic shovels and related parts .', 'in addition to equipment , surface mining & technology also develops and sells technology products and services to provide customer fleet management , equipment management analytics and autonomous machine capabilities .', 'the annual impairment test completed in the fourth quarter of 2016 indicated that the fair value of surface mining & technology was below its carrying value requiring the second step of the goodwill impairment test process .', 'the fair value of surface mining & technology was determined primarily using an income approach based on a discounted ten year cash flow .', 'we assigned the fair value to surface mining & technology 2019s assets and liabilities using various valuation techniques that required assumptions about royalty rates , dealer attrition , technological obsolescence and discount rates .', 'the resulting implied fair value of goodwill was below the carrying value .', 'accordingly , we recognized a goodwill impairment charge of $ 595 million , which resulted in goodwill of $ 629 million remaining for surface mining & technology as of october 1 , 2016 .', 'the fair value determination is categorized as level 3 in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs .', 'there was a $ 17 million tax benefit associated with this impairment charge. .'] | -0.0092 | CAT/2017/page_113.pdf-4 | ['92 | 2017 form 10-k finite-lived intangible assets are amortized over their estimated useful lives and tested for impairment if events or changes in circumstances indicate that the asset may be impaired .', 'in 2016 , gross customer relationship intangibles of $ 96 million and related accumulated amortization of $ 27 million as well as gross intellectual property intangibles of $ 111 million and related accumulated amortization of $ 48 million from the resource industries segment were impaired .', 'the fair value of these intangibles was determined to be insignificant based on an income approach using expected cash flows .', 'the fair value determination is categorized as level 3 in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs .', 'the total impairment of $ 132 million was a result of restructuring activities and is included in other operating ( income ) expense in statement 1 .', 'see note 25 for information on restructuring costs .', 'amortization expense related to intangible assets was $ 323 million , $ 326 million and $ 337 million for 2017 , 2016 and 2015 , respectively .', 'as of december 31 , 2017 , amortization expense related to intangible assets is expected to be : ( millions of dollars ) .'] | ['b .', 'goodwill there were no goodwill impairments during 2017 or 2015 .', 'our annual impairment tests completed in the fourth quarter of 2016 indicated the fair value of each reporting unit was substantially above its respective carrying value , including goodwill , with the exception of our surface mining & technology reporting unit .', 'the surface mining & technology reporting unit , which primarily serves the mining industry , is a part of our resource industries segment .', 'the goodwill assigned to this reporting unit is largely from our acquisition of bucyrus international , inc .', 'in 2011 .', 'its product portfolio includes large mining trucks , electric rope shovels , draglines , hydraulic shovels and related parts .', 'in addition to equipment , surface mining & technology also develops and sells technology products and services to provide customer fleet management , equipment management analytics and autonomous machine capabilities .', 'the annual impairment test completed in the fourth quarter of 2016 indicated that the fair value of surface mining & technology was below its carrying value requiring the second step of the goodwill impairment test process .', 'the fair value of surface mining & technology was determined primarily using an income approach based on a discounted ten year cash flow .', 'we assigned the fair value to surface mining & technology 2019s assets and liabilities using various valuation techniques that required assumptions about royalty rates , dealer attrition , technological obsolescence and discount rates .', 'the resulting implied fair value of goodwill was below the carrying value .', 'accordingly , we recognized a goodwill impairment charge of $ 595 million , which resulted in goodwill of $ 629 million remaining for surface mining & technology as of october 1 , 2016 .', 'the fair value determination is categorized as level 3 in the fair value hierarchy due to its use of internal projections and unobservable measurement inputs .', 'there was a $ 17 million tax benefit associated with this impairment charge. .'] | ----------------------------------------
2018 | 2019 | 2020 | 2021 | 2022 | thereafter
$ 322 | $ 316 | $ 305 | $ 287 | $ 268 | $ 613
---------------------------------------- | subtract(323, 326), divide(#0, 326) | -0.0092 |
what was the percentage change in the net income | Context: ['3m 2019s cash and cash equivalents balance at december 31 , 2007 totaled $ 1.896 billion , with an additional $ 1.059 billion in current and long-term marketable securities .', '3m 2019s strong balance sheet and liquidity provide the company with significant flexibility to take advantage of numerous opportunities going forward .', 'the company will continue to invest in its operations to drive growth , including continual review of acquisition opportunities .', 'as previously discussed , 3m expects to complete the acquisition of aearo holding corp .', 'for approximately $ 1.2 billion in 2008 .', '3m paid dividends of $ 1.380 billion in 2007 , and has a long history of dividend increases .', 'in february 2008 , the board of directors increased the quarterly dividend on 3m common stock by 4.2% ( 4.2 % ) to 50 cents per share , equivalent to an annual dividend of $ 2.00 per share .', 'in february 2007 , 3m 2019s board of directors authorized a two-year share repurchase of up to $ 7.0 billion for the period from february 12 , 2007 to february 28 , 2009 .', 'at december 31 , 2007 , the company has $ 4.1 billion remaining under this authorization , which the company does not currently expect to fully utilize by february 28 , 2009 .', 'in 2008 , the company expects to contribute an amount in the range of $ 100 million to $ 400 million to its u.s .', 'and international pension plans .', 'the company does not have a required minimum pension contribution obligation for its u.s .', 'plans in 2008 .', 'therefore , the amount of the anticipated discretionary contribution could vary significantly depending on the u.s.-plans funding status as of the 2008 measurement date and the anticipated tax deductibility of the contribution .', 'future contributions will also depend on market conditions , interest rates and other factors .', '3m believes its strong cash flow and balance sheet will allow it to fund future pension needs without compromising growth opportunities .', 'the company uses various working capital measures that place emphasis and focus on certain working capital assets and liabilities .', 'these measures are not defined under u.s .', 'generally accepted accounting principles and may not be computed the same as similarly titled measures used by other companies .', 'one of the primary working capital measures 3m uses is a combined index , which includes accounts receivable , inventory and accounts payable .', 'this combined index ( defined as quarterly net sales 2013 fourth quarter at year-end 2013 multiplied by four , divided by ending net accounts receivable plus inventory less accounts payable ) was 5.3 at december 31 , 2007 , down from 5.4 at december 31 , 2006 .', 'receivables increased $ 260 million , or 8.4% ( 8.4 % ) , compared with december 31 , 2006 .', 'currency translation increased accounts receivable by $ 159 million year-on-year , as the u.s .', 'dollar weakened in aggregate against a multitude of currencies .', 'inventories increased $ 251 million , or 9.7% ( 9.7 % ) , compared with december 31 , 2006 .', 'currency translation increased inventories by $ 132 million year-on-year .', 'accounts payable increased $ 103 million compared with december 31 , 2006 , with $ 65 million of this year-on-year increase related to currency translation .', 'cash flows from operating , investing and financing activities are provided in the tables that follow .', 'individual amounts in the consolidated statement of cash flows exclude the effects of acquisitions , divestitures and exchange rate impacts , which are presented separately in the cash flows .', 'thus , the amounts presented in the following operating , investing and financing activities tables reflect changes in balances from period to period adjusted for these effects .', 'cash flows from operating activities : years ended december 31 .']
########
Data Table:
========================================
( millions ), 2007, 2006, 2005
net income, $ 4096, $ 3851, $ 3111
depreciation and amortization, 1072, 1079, 986
company pension contributions, -376 ( 376 ), -348 ( 348 ), -654 ( 654 )
company postretirement contributions, -3 ( 3 ), -37 ( 37 ), -134 ( 134 )
company pension expense, 190, 347, 331
company postretirement expense, 65, 93, 106
stock-based compensation expense, 228, 200, 155
gain from sale of businesses, -849 ( 849 ), -1074 ( 1074 ), 2014
income taxes ( deferred and accrued income taxes ), -34 ( 34 ), -178 ( 178 ), 402
excess tax benefits from stock-based compensation, -74 ( 74 ), -60 ( 60 ), -54 ( 54 )
accounts receivable, -35 ( 35 ), -103 ( 103 ), -184 ( 184 )
inventories, -54 ( 54 ), -309 ( 309 ), -294 ( 294 )
accounts payable, -4 ( 4 ), 68, 113
product and other insurance receivables and claims, 158, 58, 122
other 2014 net, -105 ( 105 ), 252, 198
net cash provided by operating activities, $ 4275, $ 3839, $ 4204
========================================
########
Additional Information: ['.'] | 0.06362 | MMM/2007/page_37.pdf-1 | ['3m 2019s cash and cash equivalents balance at december 31 , 2007 totaled $ 1.896 billion , with an additional $ 1.059 billion in current and long-term marketable securities .', '3m 2019s strong balance sheet and liquidity provide the company with significant flexibility to take advantage of numerous opportunities going forward .', 'the company will continue to invest in its operations to drive growth , including continual review of acquisition opportunities .', 'as previously discussed , 3m expects to complete the acquisition of aearo holding corp .', 'for approximately $ 1.2 billion in 2008 .', '3m paid dividends of $ 1.380 billion in 2007 , and has a long history of dividend increases .', 'in february 2008 , the board of directors increased the quarterly dividend on 3m common stock by 4.2% ( 4.2 % ) to 50 cents per share , equivalent to an annual dividend of $ 2.00 per share .', 'in february 2007 , 3m 2019s board of directors authorized a two-year share repurchase of up to $ 7.0 billion for the period from february 12 , 2007 to february 28 , 2009 .', 'at december 31 , 2007 , the company has $ 4.1 billion remaining under this authorization , which the company does not currently expect to fully utilize by february 28 , 2009 .', 'in 2008 , the company expects to contribute an amount in the range of $ 100 million to $ 400 million to its u.s .', 'and international pension plans .', 'the company does not have a required minimum pension contribution obligation for its u.s .', 'plans in 2008 .', 'therefore , the amount of the anticipated discretionary contribution could vary significantly depending on the u.s.-plans funding status as of the 2008 measurement date and the anticipated tax deductibility of the contribution .', 'future contributions will also depend on market conditions , interest rates and other factors .', '3m believes its strong cash flow and balance sheet will allow it to fund future pension needs without compromising growth opportunities .', 'the company uses various working capital measures that place emphasis and focus on certain working capital assets and liabilities .', 'these measures are not defined under u.s .', 'generally accepted accounting principles and may not be computed the same as similarly titled measures used by other companies .', 'one of the primary working capital measures 3m uses is a combined index , which includes accounts receivable , inventory and accounts payable .', 'this combined index ( defined as quarterly net sales 2013 fourth quarter at year-end 2013 multiplied by four , divided by ending net accounts receivable plus inventory less accounts payable ) was 5.3 at december 31 , 2007 , down from 5.4 at december 31 , 2006 .', 'receivables increased $ 260 million , or 8.4% ( 8.4 % ) , compared with december 31 , 2006 .', 'currency translation increased accounts receivable by $ 159 million year-on-year , as the u.s .', 'dollar weakened in aggregate against a multitude of currencies .', 'inventories increased $ 251 million , or 9.7% ( 9.7 % ) , compared with december 31 , 2006 .', 'currency translation increased inventories by $ 132 million year-on-year .', 'accounts payable increased $ 103 million compared with december 31 , 2006 , with $ 65 million of this year-on-year increase related to currency translation .', 'cash flows from operating , investing and financing activities are provided in the tables that follow .', 'individual amounts in the consolidated statement of cash flows exclude the effects of acquisitions , divestitures and exchange rate impacts , which are presented separately in the cash flows .', 'thus , the amounts presented in the following operating , investing and financing activities tables reflect changes in balances from period to period adjusted for these effects .', 'cash flows from operating activities : years ended december 31 .'] | ['.'] | ========================================
( millions ), 2007, 2006, 2005
net income, $ 4096, $ 3851, $ 3111
depreciation and amortization, 1072, 1079, 986
company pension contributions, -376 ( 376 ), -348 ( 348 ), -654 ( 654 )
company postretirement contributions, -3 ( 3 ), -37 ( 37 ), -134 ( 134 )
company pension expense, 190, 347, 331
company postretirement expense, 65, 93, 106
stock-based compensation expense, 228, 200, 155
gain from sale of businesses, -849 ( 849 ), -1074 ( 1074 ), 2014
income taxes ( deferred and accrued income taxes ), -34 ( 34 ), -178 ( 178 ), 402
excess tax benefits from stock-based compensation, -74 ( 74 ), -60 ( 60 ), -54 ( 54 )
accounts receivable, -35 ( 35 ), -103 ( 103 ), -184 ( 184 )
inventories, -54 ( 54 ), -309 ( 309 ), -294 ( 294 )
accounts payable, -4 ( 4 ), 68, 113
product and other insurance receivables and claims, 158, 58, 122
other 2014 net, -105 ( 105 ), 252, 198
net cash provided by operating activities, $ 4275, $ 3839, $ 4204
======================================== | subtract(4096, 3851), divide(#0, 3851) | 0.06362 |
what is the average industry segment operating profits , in millions? | Background: ['item 7 .', 'management 2019s discussion and analysis of financial condition and results of operations executive summary international paper company reported net sales of $ 23.4 billion in 2009 , compared with $ 24.8 billion in 2008 and $ 21.9 billion in 2007 .', 'net earnings totaled $ 663 million in 2009 , including $ 1.4 billion of alter- native fuel mixture credits and $ 853 million of charges to restructure ongoing businesses , com- pared with a loss of $ 1.3 billion in 2008 , which included a $ 1.8 billion goodwill impairment charge .', 'net earnings in 2007 totaled $ 1.2 billion .', 'the company performed well in 2009 considering the magnitude of the challenges it faced , both domestically and around the world .', 'despite weak global economic conditions , the company generated record cash flow from operations , enabling us to reduce long-term debt by $ 3.1 billion while increas- ing cash balances by approximately $ 800 million .', 'also during 2009 , the company incurred 3.6 million tons of downtime , including 1.1 million tons asso- ciated with the shutdown of production capacity in our north american mill system to continue to match our production to our customers 2019 needs .', 'these actions should result in higher operating rates , lower fixed costs and lower payroll costs in 2010 and beyond .', 'furthermore , the realization of integration synergies in our u.s .', 'industrial packaging business and overhead reduction initiatives across the com- pany position international paper to benefit from a lower cost profile in future years .', 'as 2010 begins , we expect that first-quarter oper- ations will continue to be challenging .', 'in addition to being a seasonally slow quarter for many of our businesses , poor harvesting weather conditions in the u.s .', 'south and increasing competition for lim- ited supplies of recycled fiber are expected to lead to further increases in fiber costs for our u.s .', 'mills .', 'planned maintenance outage expenses will also be higher than in the 2009 fourth quarter .', 'however , we have announced product price increases for our major global manufacturing businesses , and while these actions may not have a significant effect on first-quarter results , we believe that the benefits beginning in the second quarter will be significant .', 'additionally , we expect to benefit from the capacity management , cost reduction and integration synergy actions taken during 2009 .', 'as a result , the company remains positive about projected operating results in 2010 , with improved earnings versus 2009 expected in all major businesses .', 'we will continue to focus on aggressive cost management and strong cash flow generation as 2010 progresses .', 'results of operations industry segment operating profits are used by inter- national paper 2019s management to measure the earn- ings performance of its businesses .', 'management believes that this measure allows a better under- standing of trends in costs , operating efficiencies , prices and volumes .', 'industry segment operating profits are defined as earnings before taxes , equity earnings , noncontrolling interests , interest expense , corporate items and corporate special items .', 'industry segment operating profits are defined by the securities and exchange commission as a non-gaap financial measure , and are not gaap alternatives to net income or any other operating measure prescribed by accounting principles gen- erally accepted in the united states .', 'international paper operates in six segments : industrial packaging , printing papers , consumer packaging , distribution , forest products , and spe- cialty businesses and other .', 'the following table shows the components of net earnings ( loss ) attributable to international paper company for each of the last three years : in millions 2009 2008 2007 .']
------
Tabular Data:
in millions 2009 2008 2007
industry segment operating profits $ 2360 $ 1393 $ 1897
corporate items net -181 ( 181 ) -103 ( 103 ) -206 ( 206 )
corporate special items* -334 ( 334 ) -1949 ( 1949 ) 241
interest expense net -669 ( 669 ) -492 ( 492 ) -297 ( 297 )
noncontrolling interests 5 -5 ( 5 ) -5 ( 5 )
income tax provision -469 ( 469 ) -162 ( 162 ) -415 ( 415 )
equity ( loss ) earnings -49 ( 49 ) 49 2013
discontinued operations 2013 -13 ( 13 ) -47 ( 47 )
net earnings ( loss ) attributable to international paper company $ 663 $ -1282 ( 1282 ) $ 1168
------
Additional Information: ['net earnings ( loss ) attributable to international paper company $ 663 $ ( 1282 ) $ 1168 * corporate special items include restructuring and other charg- es , goodwill impairment charges , gains on transformation plan forestland sales and net losses ( gains ) on sales and impairments of businesses .', 'industry segment operating profits of $ 2.4 billion were $ 967 million higher in 2009 than in 2008 .', 'oper- ating profits benefited from lower energy and raw material costs ( $ 447 million ) , lower distribution costs ( $ 142 million ) , favorable manufacturing operating costs ( $ 481 million ) , incremental earnings from the cbpr business acquired in the third quarter of 2008 ( $ 202 million ) , and other items ( $ 35 million ) , offset by lower average sales price realizations ( $ 444 million ) , lower sales volumes and increased lack-of-order downtime ( $ 684 million ) , unfavorable .'] | 1883.33333 | IP/2009/page_25.pdf-2 | ['item 7 .', 'management 2019s discussion and analysis of financial condition and results of operations executive summary international paper company reported net sales of $ 23.4 billion in 2009 , compared with $ 24.8 billion in 2008 and $ 21.9 billion in 2007 .', 'net earnings totaled $ 663 million in 2009 , including $ 1.4 billion of alter- native fuel mixture credits and $ 853 million of charges to restructure ongoing businesses , com- pared with a loss of $ 1.3 billion in 2008 , which included a $ 1.8 billion goodwill impairment charge .', 'net earnings in 2007 totaled $ 1.2 billion .', 'the company performed well in 2009 considering the magnitude of the challenges it faced , both domestically and around the world .', 'despite weak global economic conditions , the company generated record cash flow from operations , enabling us to reduce long-term debt by $ 3.1 billion while increas- ing cash balances by approximately $ 800 million .', 'also during 2009 , the company incurred 3.6 million tons of downtime , including 1.1 million tons asso- ciated with the shutdown of production capacity in our north american mill system to continue to match our production to our customers 2019 needs .', 'these actions should result in higher operating rates , lower fixed costs and lower payroll costs in 2010 and beyond .', 'furthermore , the realization of integration synergies in our u.s .', 'industrial packaging business and overhead reduction initiatives across the com- pany position international paper to benefit from a lower cost profile in future years .', 'as 2010 begins , we expect that first-quarter oper- ations will continue to be challenging .', 'in addition to being a seasonally slow quarter for many of our businesses , poor harvesting weather conditions in the u.s .', 'south and increasing competition for lim- ited supplies of recycled fiber are expected to lead to further increases in fiber costs for our u.s .', 'mills .', 'planned maintenance outage expenses will also be higher than in the 2009 fourth quarter .', 'however , we have announced product price increases for our major global manufacturing businesses , and while these actions may not have a significant effect on first-quarter results , we believe that the benefits beginning in the second quarter will be significant .', 'additionally , we expect to benefit from the capacity management , cost reduction and integration synergy actions taken during 2009 .', 'as a result , the company remains positive about projected operating results in 2010 , with improved earnings versus 2009 expected in all major businesses .', 'we will continue to focus on aggressive cost management and strong cash flow generation as 2010 progresses .', 'results of operations industry segment operating profits are used by inter- national paper 2019s management to measure the earn- ings performance of its businesses .', 'management believes that this measure allows a better under- standing of trends in costs , operating efficiencies , prices and volumes .', 'industry segment operating profits are defined as earnings before taxes , equity earnings , noncontrolling interests , interest expense , corporate items and corporate special items .', 'industry segment operating profits are defined by the securities and exchange commission as a non-gaap financial measure , and are not gaap alternatives to net income or any other operating measure prescribed by accounting principles gen- erally accepted in the united states .', 'international paper operates in six segments : industrial packaging , printing papers , consumer packaging , distribution , forest products , and spe- cialty businesses and other .', 'the following table shows the components of net earnings ( loss ) attributable to international paper company for each of the last three years : in millions 2009 2008 2007 .'] | ['net earnings ( loss ) attributable to international paper company $ 663 $ ( 1282 ) $ 1168 * corporate special items include restructuring and other charg- es , goodwill impairment charges , gains on transformation plan forestland sales and net losses ( gains ) on sales and impairments of businesses .', 'industry segment operating profits of $ 2.4 billion were $ 967 million higher in 2009 than in 2008 .', 'oper- ating profits benefited from lower energy and raw material costs ( $ 447 million ) , lower distribution costs ( $ 142 million ) , favorable manufacturing operating costs ( $ 481 million ) , incremental earnings from the cbpr business acquired in the third quarter of 2008 ( $ 202 million ) , and other items ( $ 35 million ) , offset by lower average sales price realizations ( $ 444 million ) , lower sales volumes and increased lack-of-order downtime ( $ 684 million ) , unfavorable .'] | in millions 2009 2008 2007
industry segment operating profits $ 2360 $ 1393 $ 1897
corporate items net -181 ( 181 ) -103 ( 103 ) -206 ( 206 )
corporate special items* -334 ( 334 ) -1949 ( 1949 ) 241
interest expense net -669 ( 669 ) -492 ( 492 ) -297 ( 297 )
noncontrolling interests 5 -5 ( 5 ) -5 ( 5 )
income tax provision -469 ( 469 ) -162 ( 162 ) -415 ( 415 )
equity ( loss ) earnings -49 ( 49 ) 49 2013
discontinued operations 2013 -13 ( 13 ) -47 ( 47 )
net earnings ( loss ) attributable to international paper company $ 663 $ -1282 ( 1282 ) $ 1168 | table_average(industry segment operating profits, none) | 1883.33333 |
what is the percentage change in the r&d expenses from 2016 to 2017? | Background: ['13 .', 'rentals and leases the company leases sales and administrative office facilities , distribution centers , research and manufacturing facilities , as well as vehicles and other equipment under operating leases .', 'total rental expense under the company 2019s operating leases was $ 239 million in 2017 and $ 221 million in both 2016 and 2015 .', 'as of december 31 , 2017 , identifiable future minimum payments with non-cancelable terms in excess of one year were : ( millions ) .']
Data Table:
****************************************
2018 | $ 131
2019 | 115
2020 | 96
2021 | 86
2022 | 74
thereafter | 115
total | $ 617
****************************************
Additional Information: ['the company enters into operating leases for vehicles whose non-cancelable terms are one year or less in duration with month-to-month renewal options .', 'these leases have been excluded from the table above .', 'the company estimates payments under such leases will approximate $ 62 million in 2018 .', 'these vehicle leases have guaranteed residual values that have historically been satisfied by the proceeds on the sale of the vehicles .', '14 .', 'research and development expenditures research expenditures that relate to the development of new products and processes , including significant improvements and refinements to existing products , are expensed as incurred .', 'such costs were $ 201 million in 2017 , $ 189 million in 2016 and $ 191 million in 2015 .', 'the company did not participate in any material customer sponsored research during 2017 , 2016 or 2015 .', '15 .', 'commitments and contingencies the company is subject to various claims and contingencies related to , among other things , workers 2019 compensation , general liability ( including product liability ) , automobile claims , health care claims , environmental matters and lawsuits .', 'the company is also subject to various claims and contingencies related to income taxes , which are discussed in note 12 .', 'the company also has contractual obligations including lease commitments , which are discussed in note 13 .', 'the company records liabilities where a contingent loss is probable and can be reasonably estimated .', 'if the reasonable estimate of a probable loss is a range , the company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount .', 'the company discloses a contingent liability even if the liability is not probable or the amount is not estimable , or both , if there is a reasonable possibility that a material loss may have been incurred .', 'insurance globally , the company has insurance policies with varying deductibility levels for property and casualty losses .', 'the company is insured for losses in excess of these deductibles , subject to policy terms and conditions and has recorded both a liability and an offsetting receivable for amounts in excess of these deductibles .', 'the company is self-insured for health care claims for eligible participating employees , subject to certain deductibles and limitations .', 'the company determines its liabilities for claims on an actuarial basis .', 'litigation and environmental matters the company and certain subsidiaries are party to various lawsuits , claims and environmental actions that have arisen in the ordinary course of business .', 'these include from time to time antitrust , commercial , patent infringement , product liability and wage hour lawsuits , as well as possible obligations to investigate and mitigate the effects on the environment of the disposal or release of certain chemical substances at various sites , such as superfund sites and other operating or closed facilities .', 'the company has established accruals for certain lawsuits , claims and environmental matters .', 'the company currently believes that there is not a reasonably possible risk of material loss in excess of the amounts accrued related to these legal matters .', 'because litigation is inherently uncertain , and unfavorable rulings or developments could occur , there can be no certainty that the company may not ultimately incur charges in excess of recorded liabilities .', 'a future adverse ruling , settlement or unfavorable development could result in future charges that could have a material adverse effect on the company 2019s results of operations or cash flows in the period in which they are recorded .', 'the company currently believes that such future charges related to suits and legal claims , if any , would not have a material adverse effect on the company 2019s consolidated financial position .', 'environmental matters the company is currently participating in environmental assessments and remediation at approximately 45 locations , the majority of which are in the u.s. , and environmental liabilities have been accrued reflecting management 2019s best estimate of future costs .', 'potential insurance reimbursements are not anticipated in the company 2019s accruals for environmental liabilities. .'] | 0.06349 | ECL/2017/page_96.pdf-1 | ['13 .', 'rentals and leases the company leases sales and administrative office facilities , distribution centers , research and manufacturing facilities , as well as vehicles and other equipment under operating leases .', 'total rental expense under the company 2019s operating leases was $ 239 million in 2017 and $ 221 million in both 2016 and 2015 .', 'as of december 31 , 2017 , identifiable future minimum payments with non-cancelable terms in excess of one year were : ( millions ) .'] | ['the company enters into operating leases for vehicles whose non-cancelable terms are one year or less in duration with month-to-month renewal options .', 'these leases have been excluded from the table above .', 'the company estimates payments under such leases will approximate $ 62 million in 2018 .', 'these vehicle leases have guaranteed residual values that have historically been satisfied by the proceeds on the sale of the vehicles .', '14 .', 'research and development expenditures research expenditures that relate to the development of new products and processes , including significant improvements and refinements to existing products , are expensed as incurred .', 'such costs were $ 201 million in 2017 , $ 189 million in 2016 and $ 191 million in 2015 .', 'the company did not participate in any material customer sponsored research during 2017 , 2016 or 2015 .', '15 .', 'commitments and contingencies the company is subject to various claims and contingencies related to , among other things , workers 2019 compensation , general liability ( including product liability ) , automobile claims , health care claims , environmental matters and lawsuits .', 'the company is also subject to various claims and contingencies related to income taxes , which are discussed in note 12 .', 'the company also has contractual obligations including lease commitments , which are discussed in note 13 .', 'the company records liabilities where a contingent loss is probable and can be reasonably estimated .', 'if the reasonable estimate of a probable loss is a range , the company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount .', 'the company discloses a contingent liability even if the liability is not probable or the amount is not estimable , or both , if there is a reasonable possibility that a material loss may have been incurred .', 'insurance globally , the company has insurance policies with varying deductibility levels for property and casualty losses .', 'the company is insured for losses in excess of these deductibles , subject to policy terms and conditions and has recorded both a liability and an offsetting receivable for amounts in excess of these deductibles .', 'the company is self-insured for health care claims for eligible participating employees , subject to certain deductibles and limitations .', 'the company determines its liabilities for claims on an actuarial basis .', 'litigation and environmental matters the company and certain subsidiaries are party to various lawsuits , claims and environmental actions that have arisen in the ordinary course of business .', 'these include from time to time antitrust , commercial , patent infringement , product liability and wage hour lawsuits , as well as possible obligations to investigate and mitigate the effects on the environment of the disposal or release of certain chemical substances at various sites , such as superfund sites and other operating or closed facilities .', 'the company has established accruals for certain lawsuits , claims and environmental matters .', 'the company currently believes that there is not a reasonably possible risk of material loss in excess of the amounts accrued related to these legal matters .', 'because litigation is inherently uncertain , and unfavorable rulings or developments could occur , there can be no certainty that the company may not ultimately incur charges in excess of recorded liabilities .', 'a future adverse ruling , settlement or unfavorable development could result in future charges that could have a material adverse effect on the company 2019s results of operations or cash flows in the period in which they are recorded .', 'the company currently believes that such future charges related to suits and legal claims , if any , would not have a material adverse effect on the company 2019s consolidated financial position .', 'environmental matters the company is currently participating in environmental assessments and remediation at approximately 45 locations , the majority of which are in the u.s. , and environmental liabilities have been accrued reflecting management 2019s best estimate of future costs .', 'potential insurance reimbursements are not anticipated in the company 2019s accruals for environmental liabilities. .'] | ****************************************
2018 | $ 131
2019 | 115
2020 | 96
2021 | 86
2022 | 74
thereafter | 115
total | $ 617
**************************************** | subtract(201, 189), divide(#0, 189) | 0.06349 |
for the three year period what was the largest gasoline production in thousand bbl per day? | Background: ['the following table sets forth our refined products sales by product group and our average sales price for each of the last three years .', 'refined product sales ( thousands of barrels per day ) 2008 2007 2006 .']
------
Tabular Data:
****************************************
( thousands of barrels per day ) 2008 2007 2006
gasoline 756 791 804
distillates 375 377 375
propane 22 23 23
feedstocks and special products 100 103 106
heavy fuel oil 23 29 26
asphalt 76 87 91
total ( a ) 1352 1410 1425
average sales price ( dollars per barrel ) $ 109.49 $ 86.53 $ 77.76
****************************************
------
Follow-up: ['total ( a ) 1352 1410 1425 average sales price ( dollars per barrel ) $ 109.49 $ 86.53 $ 77.76 ( a ) includes matching buy/sell volumes of 24 mbpd in 2006 .', 'on april 1 , 2006 , we changed our accounting for matching buy/sell arrangements as a result of a new accounting standard .', 'this change resulted in lower refined products sales volumes for 2008 , 2007 and the remainder of 2006 than would have been reported under our previous accounting practices .', 'see note 2 to the consolidated financial statements .', 'gasoline and distillates 2013 we sell gasoline , gasoline blendstocks and no .', '1 and no .', '2 fuel oils ( including kerosene , jet fuel , diesel fuel and home heating oil ) to wholesale marketing customers in the midwest , upper great plains , gulf coast and southeastern regions of the united states .', 'we sold 47 percent of our gasoline volumes and 88 percent of our distillates volumes on a wholesale or spot market basis in 2008 .', 'the demand for gasoline is seasonal in many of our markets , with demand typically being at its highest levels during the summer months .', 'we have blended fuel ethanol into gasoline for over 15 years and began increasing our blending program in 2007 , in part due to federal regulations that require us to use specified volumes of renewable fuels .', 'we blended 57 mbpd of ethanol into gasoline in 2008 , 41 mbpd in 2007 and 35 mbpd in 2006 .', 'the future expansion or contraction of our ethanol blending program will be driven by the economics of the ethanol supply and by government regulations .', 'we sell reformulated gasoline , which is also blended with ethanol , in parts of our marketing territory , including : chicago , illinois ; louisville , kentucky ; northern kentucky ; milwaukee , wisconsin and hartford , illinois .', 'we also sell biodiesel-blended diesel in minnesota , illinois and kentucky .', 'in 2007 , we acquired a 35 percent interest in an entity which owns and operates a 110-million-gallon-per-year ethanol production facility in clymers , indiana .', 'we also own a 50 percent interest in an entity which owns a 110-million-gallon-per-year ethanol production facility in greenville , ohio .', 'the greenville plant began production in february 2008 .', 'both of these facilities are managed by a co-owner .', 'propane 2013 we produce propane at all seven of our refineries .', 'propane is primarily used for home heating and cooking , as a feedstock within the petrochemical industry , for grain drying and as a fuel for trucks and other vehicles .', 'our propane sales are typically split evenly between the home heating market and industrial consumers .', 'feedstocks and special products 2013 we are a producer and marketer of petrochemicals and specialty products .', 'product availability varies by refinery and includes benzene , cumene , dilute naphthalene oil , molten maleic anhydride , molten sulfur , propylene , toluene and xylene .', 'we market propylene , cumene and sulfur domestically to customers in the chemical industry .', 'we sell maleic anhydride throughout the united states and canada .', 'we also have the capacity to produce 1400 tons per day of anode grade coke at our robinson refinery , which is used to make carbon anodes for the aluminum smelting industry , and 2700 tons per day of fuel grade coke at the garyville refinery , which is used for power generation and in miscellaneous industrial applications .', 'in september 2008 , we shut down our lubes facility in catlettsburg , kentucky , and sold from inventory through december 31 , 2008 ; therefore , base oils , aromatic extracts and slack wax are no longer being produced and marketed .', 'in addition , we have recently discontinued production and sales of petroleum pitch and aliphatic solvents .', 'heavy fuel oil 2013 we produce and market heavy oil , also known as fuel oil , residual fuel or slurry at all seven of our refineries .', 'another product of crude oil , heavy oil is primarily used in the utility and ship bunkering ( fuel ) industries , though there are other more specialized uses of the product .', 'we also sell heavy fuel oil at our terminals in wellsville , ohio , and chattanooga , tennessee .', 'asphalt 2013 we have refinery based asphalt production capacity of up to 102 mbpd .', 'we market asphalt through 33 owned or leased terminals throughout the midwest and southeast .', 'we have a broad customer base , including .'] | 804.0 | MRO/2008/page_44.pdf-1 | ['the following table sets forth our refined products sales by product group and our average sales price for each of the last three years .', 'refined product sales ( thousands of barrels per day ) 2008 2007 2006 .'] | ['total ( a ) 1352 1410 1425 average sales price ( dollars per barrel ) $ 109.49 $ 86.53 $ 77.76 ( a ) includes matching buy/sell volumes of 24 mbpd in 2006 .', 'on april 1 , 2006 , we changed our accounting for matching buy/sell arrangements as a result of a new accounting standard .', 'this change resulted in lower refined products sales volumes for 2008 , 2007 and the remainder of 2006 than would have been reported under our previous accounting practices .', 'see note 2 to the consolidated financial statements .', 'gasoline and distillates 2013 we sell gasoline , gasoline blendstocks and no .', '1 and no .', '2 fuel oils ( including kerosene , jet fuel , diesel fuel and home heating oil ) to wholesale marketing customers in the midwest , upper great plains , gulf coast and southeastern regions of the united states .', 'we sold 47 percent of our gasoline volumes and 88 percent of our distillates volumes on a wholesale or spot market basis in 2008 .', 'the demand for gasoline is seasonal in many of our markets , with demand typically being at its highest levels during the summer months .', 'we have blended fuel ethanol into gasoline for over 15 years and began increasing our blending program in 2007 , in part due to federal regulations that require us to use specified volumes of renewable fuels .', 'we blended 57 mbpd of ethanol into gasoline in 2008 , 41 mbpd in 2007 and 35 mbpd in 2006 .', 'the future expansion or contraction of our ethanol blending program will be driven by the economics of the ethanol supply and by government regulations .', 'we sell reformulated gasoline , which is also blended with ethanol , in parts of our marketing territory , including : chicago , illinois ; louisville , kentucky ; northern kentucky ; milwaukee , wisconsin and hartford , illinois .', 'we also sell biodiesel-blended diesel in minnesota , illinois and kentucky .', 'in 2007 , we acquired a 35 percent interest in an entity which owns and operates a 110-million-gallon-per-year ethanol production facility in clymers , indiana .', 'we also own a 50 percent interest in an entity which owns a 110-million-gallon-per-year ethanol production facility in greenville , ohio .', 'the greenville plant began production in february 2008 .', 'both of these facilities are managed by a co-owner .', 'propane 2013 we produce propane at all seven of our refineries .', 'propane is primarily used for home heating and cooking , as a feedstock within the petrochemical industry , for grain drying and as a fuel for trucks and other vehicles .', 'our propane sales are typically split evenly between the home heating market and industrial consumers .', 'feedstocks and special products 2013 we are a producer and marketer of petrochemicals and specialty products .', 'product availability varies by refinery and includes benzene , cumene , dilute naphthalene oil , molten maleic anhydride , molten sulfur , propylene , toluene and xylene .', 'we market propylene , cumene and sulfur domestically to customers in the chemical industry .', 'we sell maleic anhydride throughout the united states and canada .', 'we also have the capacity to produce 1400 tons per day of anode grade coke at our robinson refinery , which is used to make carbon anodes for the aluminum smelting industry , and 2700 tons per day of fuel grade coke at the garyville refinery , which is used for power generation and in miscellaneous industrial applications .', 'in september 2008 , we shut down our lubes facility in catlettsburg , kentucky , and sold from inventory through december 31 , 2008 ; therefore , base oils , aromatic extracts and slack wax are no longer being produced and marketed .', 'in addition , we have recently discontinued production and sales of petroleum pitch and aliphatic solvents .', 'heavy fuel oil 2013 we produce and market heavy oil , also known as fuel oil , residual fuel or slurry at all seven of our refineries .', 'another product of crude oil , heavy oil is primarily used in the utility and ship bunkering ( fuel ) industries , though there are other more specialized uses of the product .', 'we also sell heavy fuel oil at our terminals in wellsville , ohio , and chattanooga , tennessee .', 'asphalt 2013 we have refinery based asphalt production capacity of up to 102 mbpd .', 'we market asphalt through 33 owned or leased terminals throughout the midwest and southeast .', 'we have a broad customer base , including .'] | ****************************************
( thousands of barrels per day ) 2008 2007 2006
gasoline 756 791 804
distillates 375 377 375
propane 22 23 23
feedstocks and special products 100 103 106
heavy fuel oil 23 29 26
asphalt 76 87 91
total ( a ) 1352 1410 1425
average sales price ( dollars per barrel ) $ 109.49 $ 86.53 $ 77.76
**************************************** | table_max(gasoline, none) | 804.0 |
what is the interest from 2017 to 2025 as a percentage of the total long-term borrowings? | Background: ['$ 239 million , respectively , at december 31 , 2015 .', 'the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2016 and 2015 , respectively ( a level 1 input ) .', 'the company performed an other-than- temporary impairment analysis as of december 31 , 2016 and determined the decline in fair value below the carrying value to be temporary .', '12 .', 'borrowings short-term borrowings 2016 revolving credit facility .', 'the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) .', 'the 2016 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 2016 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 2016 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 , 2016 .', 'the 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities .', 'at december 31 , 2016 , the company had no amount outstanding under the 2016 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 2016 credit facility .', 'at december 31 , 2016 , 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 , 2016 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .']
Table:
========================================
( in millions ), maturityamount, unamortized discount and debt issuance costs, carrying value, fair value
6.25% ( 6.25 % ) notes due 2017, $ 700, $ 2014, $ 700, $ 724
5.00% ( 5.00 % ) notes due 2019, 1000, -3 ( 3 ), 997, 1086
4.25% ( 4.25 % ) notes due 2021, 750, -4 ( 4 ), 746, 808
3.375% ( 3.375 % ) notes due 2022, 750, -4 ( 4 ), 746, 775
3.50% ( 3.50 % ) notes due 2024, 1000, -6 ( 6 ), 994, 1030
1.25% ( 1.25 % ) notes due 2025, 738, -6 ( 6 ), 732, 742
total long-term borrowings, $ 4938, $ -23 ( 23 ), $ 4915, $ 5165
========================================
Post-table: ['long-term borrowings at december 31 , 2015 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 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 .', 'gains of $ 14 million ( net of tax of $ 8 million ) and $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2016 and 2015 , respectively .', 'no hedge ineffectiveness was recognized during 2016 .', '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 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 .'] | 0.0164 | BLK/2016/page_119.pdf-2 | ['$ 239 million , respectively , at december 31 , 2015 .', 'the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2016 and 2015 , respectively ( a level 1 input ) .', 'the company performed an other-than- temporary impairment analysis as of december 31 , 2016 and determined the decline in fair value below the carrying value to be temporary .', '12 .', 'borrowings short-term borrowings 2016 revolving credit facility .', 'the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) .', 'the 2016 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 2016 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 2016 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 , 2016 .', 'the 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities .', 'at december 31 , 2016 , the company had no amount outstanding under the 2016 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 2016 credit facility .', 'at december 31 , 2016 , 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 , 2016 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .'] | ['long-term borrowings at december 31 , 2015 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 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 .', 'gains of $ 14 million ( net of tax of $ 8 million ) and $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2016 and 2015 , respectively .', 'no hedge ineffectiveness was recognized during 2016 .', '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 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 .'] | ========================================
( in millions ), maturityamount, unamortized discount and debt issuance costs, carrying value, fair value
6.25% ( 6.25 % ) notes due 2017, $ 700, $ 2014, $ 700, $ 724
5.00% ( 5.00 % ) notes due 2019, 1000, -3 ( 3 ), 997, 1086
4.25% ( 4.25 % ) notes due 2021, 750, -4 ( 4 ), 746, 808
3.375% ( 3.375 % ) notes due 2022, 750, -4 ( 4 ), 746, 775
3.50% ( 3.50 % ) notes due 2024, 1000, -6 ( 6 ), 994, 1030
1.25% ( 1.25 % ) notes due 2025, 738, -6 ( 6 ), 732, 742
total long-term borrowings, $ 4938, $ -23 ( 23 ), $ 4915, $ 5165
======================================== | multiply(9, 9), divide(#0, 4938) | 0.0164 |
what percent cash and equivalents did the interest income generated during 2015? | Context: ['item 7a .', 'quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .', 'from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .', 'derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .', 'interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .', 'the majority of our debt ( approximately 93% ( 93 % ) and 89% ( 89 % ) as of december 31 , 2016 and 2015 , respectively ) bears interest at fixed rates .', 'we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .', 'the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .', 'increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .']
########
Table:
========================================
as of december 31, | increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates | increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates
2016 | $ -26.3 ( 26.3 ) | $ 26.9
2015 | -33.7 ( 33.7 ) | 34.7
========================================
########
Post-table: ['we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .', 'we do not have any interest rate swaps outstanding as of december 31 , 2016 .', 'we had $ 1100.6 of cash , cash equivalents and marketable securities as of december 31 , 2016 that we generally invest in conservative , short-term bank deposits or securities .', 'the interest income generated from these investments is subject to both domestic and foreign interest rate movements .', 'during 2016 and 2015 , we had interest income of $ 20.1 and $ 22.8 , respectively .', 'based on our 2016 results , a 100 basis-point increase or decrease in interest rates would affect our interest income by approximately $ 11.0 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2016 levels .', 'foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .', 'since we report revenues and expenses in u.s .', 'dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .', 'dollars ) from foreign operations .', 'the foreign currencies that most impacted our results during 2016 included the british pound sterling and , to a lesser extent , the argentine peso , brazilian real and japanese yen .', 'based on 2016 exchange rates and operating results , if the u.s .', 'dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2016 levels .', 'the functional currency of our foreign operations is generally their respective local currency .', 'assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .', 'the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .', 'our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .', 'however , certain subsidiaries may enter into transactions in currencies other than their functional currency .', 'assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .', 'currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .', 'we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates arising from these exposures .', 'we do not enter into foreign exchange contracts or other derivatives for speculative purposes. .'] | 0.02072 | IPG/2016/page_46.pdf-3 | ['item 7a .', 'quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .', 'from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .', 'derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .', 'interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .', 'the majority of our debt ( approximately 93% ( 93 % ) and 89% ( 89 % ) as of december 31 , 2016 and 2015 , respectively ) bears interest at fixed rates .', 'we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .', 'the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .', 'increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .'] | ['we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .', 'we do not have any interest rate swaps outstanding as of december 31 , 2016 .', 'we had $ 1100.6 of cash , cash equivalents and marketable securities as of december 31 , 2016 that we generally invest in conservative , short-term bank deposits or securities .', 'the interest income generated from these investments is subject to both domestic and foreign interest rate movements .', 'during 2016 and 2015 , we had interest income of $ 20.1 and $ 22.8 , respectively .', 'based on our 2016 results , a 100 basis-point increase or decrease in interest rates would affect our interest income by approximately $ 11.0 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2016 levels .', 'foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .', 'since we report revenues and expenses in u.s .', 'dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .', 'dollars ) from foreign operations .', 'the foreign currencies that most impacted our results during 2016 included the british pound sterling and , to a lesser extent , the argentine peso , brazilian real and japanese yen .', 'based on 2016 exchange rates and operating results , if the u.s .', 'dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2016 levels .', 'the functional currency of our foreign operations is generally their respective local currency .', 'assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .', 'the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .', 'our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .', 'however , certain subsidiaries may enter into transactions in currencies other than their functional currency .', 'assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .', 'currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .', 'we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates arising from these exposures .', 'we do not enter into foreign exchange contracts or other derivatives for speculative purposes. .'] | ========================================
as of december 31, | increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates | increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates
2016 | $ -26.3 ( 26.3 ) | $ 26.9
2015 | -33.7 ( 33.7 ) | 34.7
======================================== | subtract(1100.6, 22.8), divide(#0, 1100.6), subtract(const_1, #1) | 0.02072 |
what percent of total commercial commitments are receivables securitization facility? | Pre-text: ['amount of commitment expiration per period other commercial commitments after millions total 2012 2013 2014 2015 2016 2016 .']
Table:
****************************************
other commercial commitmentsmillions total amount of commitment expiration per period 2012 amount of commitment expiration per period 2013 amount of commitment expiration per period 2014 amount of commitment expiration per period 2015 amount of commitment expiration per period 2016 amount of commitment expiration per period after 2016
credit facilities [a] $ 1800 $ - $ - $ - $ 1800 $ - $ -
receivables securitization facility [b] 600 600 - - - - -
guarantees [c] 325 18 8 214 12 13 60
standby letters of credit [d] 24 24 - - - - -
total commercialcommitments $ 2749 $ 642 $ 8 $ 214 $ 1812 $ 13 $ 60
****************************************
Post-table: ['[a] none of the credit facility was used as of december 31 , 2011 .', '[b] $ 100 million of the receivables securitization facility was utilized at december 31 , 2011 , which is accounted for as debt .', 'the full program matures in august 2012 .', '[c] includes guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .', '[d] none of the letters of credit were drawn upon as of december 31 , 2011 .', 'off-balance sheet arrangements guarantees 2013 at december 31 , 2011 , we were contingently liable for $ 325 million in guarantees .', 'we have recorded a liability of $ 3 million for the fair value of these obligations as of december 31 , 2011 and 2010 .', 'we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .', 'the final guarantee expires in 2022 .', 'we are not aware of any existing event of default that would require us to satisfy these guarantees .', 'we do not expect that these guarantees will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity .', 'other matters labor agreements 2013 in january 2010 , the nation 2019s largest freight railroads began the current round of negotiations with the labor unions .', 'generally , contract negotiations with the various unions take place over an extended period of time .', 'this round of negotiations was no exception .', 'in september 2011 , the rail industry reached agreements with the united transportation union .', 'on november 5 , 2011 , a presidential emergency board ( peb ) appointed by president obama issued recommendations to resolve the disputes between the u.s .', 'railroads and 11 unions that had not yet reached agreements .', 'since then , ten unions reached agreements with the railroads , all of them generally patterned on the recommendations of the peb , and the unions subsequently ratified these agreements .', 'the railroad industry reached a tentative agreement with the brotherhood of maintenance of way employees ( bmwe ) on february 2 , 2012 , eliminating the immediate threat of a national rail strike .', 'the bmwe now will commence ratification of this tentative agreement by its members .', 'inflation 2013 long periods of inflation significantly increase asset replacement costs for capital-intensive companies .', 'as a result , assuming that we replace all operating assets at current price levels , depreciation charges ( on an inflation-adjusted basis ) would be substantially greater than historically reported amounts .', 'derivative financial instruments 2013 we may use derivative financial instruments in limited instances to assist in managing our overall exposure to fluctuations in interest rates and fuel prices .', 'we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes .', 'derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period .', 'we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk-management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness .', 'changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings .', 'we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable price movements. .'] | 0.21826 | UNP/2011/page_41.pdf-3 | ['amount of commitment expiration per period other commercial commitments after millions total 2012 2013 2014 2015 2016 2016 .'] | ['[a] none of the credit facility was used as of december 31 , 2011 .', '[b] $ 100 million of the receivables securitization facility was utilized at december 31 , 2011 , which is accounted for as debt .', 'the full program matures in august 2012 .', '[c] includes guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .', '[d] none of the letters of credit were drawn upon as of december 31 , 2011 .', 'off-balance sheet arrangements guarantees 2013 at december 31 , 2011 , we were contingently liable for $ 325 million in guarantees .', 'we have recorded a liability of $ 3 million for the fair value of these obligations as of december 31 , 2011 and 2010 .', 'we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .', 'the final guarantee expires in 2022 .', 'we are not aware of any existing event of default that would require us to satisfy these guarantees .', 'we do not expect that these guarantees will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity .', 'other matters labor agreements 2013 in january 2010 , the nation 2019s largest freight railroads began the current round of negotiations with the labor unions .', 'generally , contract negotiations with the various unions take place over an extended period of time .', 'this round of negotiations was no exception .', 'in september 2011 , the rail industry reached agreements with the united transportation union .', 'on november 5 , 2011 , a presidential emergency board ( peb ) appointed by president obama issued recommendations to resolve the disputes between the u.s .', 'railroads and 11 unions that had not yet reached agreements .', 'since then , ten unions reached agreements with the railroads , all of them generally patterned on the recommendations of the peb , and the unions subsequently ratified these agreements .', 'the railroad industry reached a tentative agreement with the brotherhood of maintenance of way employees ( bmwe ) on february 2 , 2012 , eliminating the immediate threat of a national rail strike .', 'the bmwe now will commence ratification of this tentative agreement by its members .', 'inflation 2013 long periods of inflation significantly increase asset replacement costs for capital-intensive companies .', 'as a result , assuming that we replace all operating assets at current price levels , depreciation charges ( on an inflation-adjusted basis ) would be substantially greater than historically reported amounts .', 'derivative financial instruments 2013 we may use derivative financial instruments in limited instances to assist in managing our overall exposure to fluctuations in interest rates and fuel prices .', 'we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes .', 'derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period .', 'we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk-management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness .', 'changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings .', 'we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable price movements. .'] | ****************************************
other commercial commitmentsmillions total amount of commitment expiration per period 2012 amount of commitment expiration per period 2013 amount of commitment expiration per period 2014 amount of commitment expiration per period 2015 amount of commitment expiration per period 2016 amount of commitment expiration per period after 2016
credit facilities [a] $ 1800 $ - $ - $ - $ 1800 $ - $ -
receivables securitization facility [b] 600 600 - - - - -
guarantees [c] 325 18 8 214 12 13 60
standby letters of credit [d] 24 24 - - - - -
total commercialcommitments $ 2749 $ 642 $ 8 $ 214 $ 1812 $ 13 $ 60
**************************************** | divide(600, 2749) | 0.21826 |
what is the average equity as adjusted? | Background: ['the company recognizes the effect of income tax positions only if sustaining those positions is more likely than not .', 'changes in recognition or measurement are reflected in the period in which a change in judgment occurs .', 'the company records penalties and interest related to unrecognized tax benefits in income taxes in the company 2019s consolidated statements of income .', 'changes in accounting principles business combinations and noncontrolling interests on january 1 , 2009 , the company adopted revised principles related to business combinations and noncontrolling interests .', 'the revised principle on business combinations applies to all transactions or other events in which an entity obtains control over one or more businesses .', 'it requires an acquirer to recognize the assets acquired , the liabilities assumed , and any noncontrolling interest in the acquiree at the acquisition date , measured at their fair values as of that date .', 'business combinations achieved in stages require recognition of the identifiable assets and liabilities , as well as the noncontrolling interest in the acquiree , at the full amounts of their fair values when control is obtained .', 'this revision also changes the requirements for recognizing assets acquired and liabilities assumed arising from contingencies , and requires direct acquisition costs to be expensed .', 'in addition , it provides certain changes to income tax accounting for business combinations which apply to both new and previously existing business combinations .', 'in april 2009 , additional guidance was issued which revised certain business combination guidance related to accounting for contingent liabilities assumed in a business combination .', 'the company has adopted this guidance in conjunction with the adoption of the revised principles related to business combinations .', 'the adoption of the revised principles related to business combinations has not had a material impact on the consolidated financial statements .', 'the revised principle related to noncontrolling interests establishes accounting and reporting standards for the noncontrolling interests in a subsidiary and for the deconsolidation of a subsidiary .', 'the revised principle clarifies that a noncontrolling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as a separate component of equity in the consolidated statements of financial position .', 'the revised principle requires retrospective adjustments , for all periods presented , of stockholders 2019 equity and net income for noncontrolling interests .', 'in addition to these financial reporting changes , the revised principle provides for significant changes in accounting related to changes in ownership of noncontrolling interests .', 'changes in aon 2019s controlling financial interests in consolidated subsidiaries that do not result in a loss of control are accounted for as equity transactions similar to treasury stock transactions .', 'if a change in ownership of a consolidated subsidiary results in a loss of control and deconsolidation , any retained ownership interests are remeasured at fair value with the gain or loss reported in net income .', 'in previous periods , noncontrolling interests for operating subsidiaries were reported in other general expenses in the consolidated statements of income .', 'prior period amounts have been restated to conform to the current year 2019s presentation .', 'the principal effect on the prior years 2019 balance sheets related to the adoption of the new guidance related to noncontrolling interests is summarized as follows ( in millions ) : .']
##########
Table:
as of december 31 | 2008 | 2007
----------|----------|----------
equity as previously reported | $ 5310 | $ 6221
increase for reclassification of non-controlling interests | 105 | 40
equity as adjusted | $ 5415 | $ 6261
##########
Post-table: ['the revised principle also requires that net income be adjusted to include the net income attributable to the noncontrolling interests and a new separate caption for net income attributable to aon stockholders be presented in the consolidated statements of income .', 'the adoption of this new guidance increased net income by $ 16 million and $ 13 million for 2008 and 2007 , respectively .', 'net .'] | 5838.0 | AON/2009/page_70.pdf-3 | ['the company recognizes the effect of income tax positions only if sustaining those positions is more likely than not .', 'changes in recognition or measurement are reflected in the period in which a change in judgment occurs .', 'the company records penalties and interest related to unrecognized tax benefits in income taxes in the company 2019s consolidated statements of income .', 'changes in accounting principles business combinations and noncontrolling interests on january 1 , 2009 , the company adopted revised principles related to business combinations and noncontrolling interests .', 'the revised principle on business combinations applies to all transactions or other events in which an entity obtains control over one or more businesses .', 'it requires an acquirer to recognize the assets acquired , the liabilities assumed , and any noncontrolling interest in the acquiree at the acquisition date , measured at their fair values as of that date .', 'business combinations achieved in stages require recognition of the identifiable assets and liabilities , as well as the noncontrolling interest in the acquiree , at the full amounts of their fair values when control is obtained .', 'this revision also changes the requirements for recognizing assets acquired and liabilities assumed arising from contingencies , and requires direct acquisition costs to be expensed .', 'in addition , it provides certain changes to income tax accounting for business combinations which apply to both new and previously existing business combinations .', 'in april 2009 , additional guidance was issued which revised certain business combination guidance related to accounting for contingent liabilities assumed in a business combination .', 'the company has adopted this guidance in conjunction with the adoption of the revised principles related to business combinations .', 'the adoption of the revised principles related to business combinations has not had a material impact on the consolidated financial statements .', 'the revised principle related to noncontrolling interests establishes accounting and reporting standards for the noncontrolling interests in a subsidiary and for the deconsolidation of a subsidiary .', 'the revised principle clarifies that a noncontrolling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as a separate component of equity in the consolidated statements of financial position .', 'the revised principle requires retrospective adjustments , for all periods presented , of stockholders 2019 equity and net income for noncontrolling interests .', 'in addition to these financial reporting changes , the revised principle provides for significant changes in accounting related to changes in ownership of noncontrolling interests .', 'changes in aon 2019s controlling financial interests in consolidated subsidiaries that do not result in a loss of control are accounted for as equity transactions similar to treasury stock transactions .', 'if a change in ownership of a consolidated subsidiary results in a loss of control and deconsolidation , any retained ownership interests are remeasured at fair value with the gain or loss reported in net income .', 'in previous periods , noncontrolling interests for operating subsidiaries were reported in other general expenses in the consolidated statements of income .', 'prior period amounts have been restated to conform to the current year 2019s presentation .', 'the principal effect on the prior years 2019 balance sheets related to the adoption of the new guidance related to noncontrolling interests is summarized as follows ( in millions ) : .'] | ['the revised principle also requires that net income be adjusted to include the net income attributable to the noncontrolling interests and a new separate caption for net income attributable to aon stockholders be presented in the consolidated statements of income .', 'the adoption of this new guidance increased net income by $ 16 million and $ 13 million for 2008 and 2007 , respectively .', 'net .'] | as of december 31 | 2008 | 2007
----------|----------|----------
equity as previously reported | $ 5310 | $ 6221
increase for reclassification of non-controlling interests | 105 | 40
equity as adjusted | $ 5415 | $ 6261 | table_average(equity as adjusted, none) | 5838.0 |
what is the growth rate in the number of employees from 1999 to 2000? | Background: ['operating expenses operating expenses were $ 2.9 billion , an increase of 8% ( 8 % ) over 2000 .', 'adjusted for the formation of citistreet , operating expenses grew 10% ( 10 % ) .', 'expense growth in 2001 of 10% ( 10 % ) is significantly lower than the comparable 20% ( 20 % ) expense growth for 2000 compared to 1999 .', 'state street successfully reduced the growth rate of expenses as revenue growth slowed during the latter half of 2000 and early 2001 .', 'the expense growth in 2001 reflects higher expenses for salaries and employee benefits , as well as information systems and communications .', 'o p e r a t i n g e x p e n s e s ( dollars in millions ) 2001 2000 1999 change adjusted change 00-01 ( 1 ) .']
######
Data Table:
****************************************
( dollars in millions ) | 2001 | 2000 | 1999 | change 00-01 | adjusted change 00-01 ( 1 )
salaries and employee benefits | $ 1663 | $ 1524 | $ 1313 | 9% ( 9 % ) | 11% ( 11 % )
information systems and communications | 365 | 305 | 287 | 20 | 22
transaction processing services | 247 | 268 | 237 | -8 ( 8 ) | -7 ( 7 )
occupancy | 229 | 201 | 188 | 15 | 16
other | 363 | 346 | 311 | 5 | 7
total operating expenses | $ 2867 | $ 2644 | $ 2336 | 8 | 10
number of employees | 19753 | 17604 | 17213 | 12 |
****************************************
######
Additional Information: ['( 1 ) 2000 results adjusted for the formation of citistreet expenses related to salaries and employee benefits increased $ 139million in 2001 , or $ 163millionwhen adjusted for the formation of citistreet .', 'the adjusted increase reflects more than 2100 additional staff to support the large client wins and new business from existing clients and acquisitions .', 'this expense increase was partially offset by lower incentive-based compensation .', 'information systems and communications expense was $ 365 million in 2001 , up 20% ( 20 % ) from the prior year .', 'adjusted for the formation of citistreet , information systems and communications expense increased 22% ( 22 % ) .', 'this growth reflects both continuing investment in software and hardware , aswell as the technology costs associated with increased staffing levels .', 'expenses related to transaction processing services were $ 247 million , down $ 21 million , or 8% ( 8 % ) .', 'these expenses are volume related and include external contract services , subcustodian fees , brokerage services and fees related to securities settlement .', 'lower mutual fund shareholder activities , and lower subcustodian fees resulting from both the decline in asset values and lower transaction volumes , drove the decline .', 'occupancy expensewas $ 229million , up 15% ( 15 % ) .', 'the increase is due to expenses necessary to support state street 2019s global growth , and expenses incurred for leasehold improvements and other operational costs .', 'other expenses were $ 363 million , up $ 17 million , or 5% ( 5 % ) .', 'these expenses include professional services , advertising and sales promotion , and internal operational expenses .', 'the increase over prior year is due to a $ 21 million increase in the amortization of goodwill , primarily from acquisitions in 2001 .', 'in accordance with recent accounting pronouncements , goodwill amortization expense will be eliminated in 2002 .', 'state street recorded approximately $ 38 million , or $ .08 per share after tax , of goodwill amortization expense in 2001 .', 'state street 2019s cost containment efforts , which reduced discretionary spending , partially offset the increase in other expenses .', 'state street corporation 9 .'] | 0.02272 | STT/2001/page_41.pdf-4 | ['operating expenses operating expenses were $ 2.9 billion , an increase of 8% ( 8 % ) over 2000 .', 'adjusted for the formation of citistreet , operating expenses grew 10% ( 10 % ) .', 'expense growth in 2001 of 10% ( 10 % ) is significantly lower than the comparable 20% ( 20 % ) expense growth for 2000 compared to 1999 .', 'state street successfully reduced the growth rate of expenses as revenue growth slowed during the latter half of 2000 and early 2001 .', 'the expense growth in 2001 reflects higher expenses for salaries and employee benefits , as well as information systems and communications .', 'o p e r a t i n g e x p e n s e s ( dollars in millions ) 2001 2000 1999 change adjusted change 00-01 ( 1 ) .'] | ['( 1 ) 2000 results adjusted for the formation of citistreet expenses related to salaries and employee benefits increased $ 139million in 2001 , or $ 163millionwhen adjusted for the formation of citistreet .', 'the adjusted increase reflects more than 2100 additional staff to support the large client wins and new business from existing clients and acquisitions .', 'this expense increase was partially offset by lower incentive-based compensation .', 'information systems and communications expense was $ 365 million in 2001 , up 20% ( 20 % ) from the prior year .', 'adjusted for the formation of citistreet , information systems and communications expense increased 22% ( 22 % ) .', 'this growth reflects both continuing investment in software and hardware , aswell as the technology costs associated with increased staffing levels .', 'expenses related to transaction processing services were $ 247 million , down $ 21 million , or 8% ( 8 % ) .', 'these expenses are volume related and include external contract services , subcustodian fees , brokerage services and fees related to securities settlement .', 'lower mutual fund shareholder activities , and lower subcustodian fees resulting from both the decline in asset values and lower transaction volumes , drove the decline .', 'occupancy expensewas $ 229million , up 15% ( 15 % ) .', 'the increase is due to expenses necessary to support state street 2019s global growth , and expenses incurred for leasehold improvements and other operational costs .', 'other expenses were $ 363 million , up $ 17 million , or 5% ( 5 % ) .', 'these expenses include professional services , advertising and sales promotion , and internal operational expenses .', 'the increase over prior year is due to a $ 21 million increase in the amortization of goodwill , primarily from acquisitions in 2001 .', 'in accordance with recent accounting pronouncements , goodwill amortization expense will be eliminated in 2002 .', 'state street recorded approximately $ 38 million , or $ .08 per share after tax , of goodwill amortization expense in 2001 .', 'state street 2019s cost containment efforts , which reduced discretionary spending , partially offset the increase in other expenses .', 'state street corporation 9 .'] | ****************************************
( dollars in millions ) | 2001 | 2000 | 1999 | change 00-01 | adjusted change 00-01 ( 1 )
salaries and employee benefits | $ 1663 | $ 1524 | $ 1313 | 9% ( 9 % ) | 11% ( 11 % )
information systems and communications | 365 | 305 | 287 | 20 | 22
transaction processing services | 247 | 268 | 237 | -8 ( 8 ) | -7 ( 7 )
occupancy | 229 | 201 | 188 | 15 | 16
other | 363 | 346 | 311 | 5 | 7
total operating expenses | $ 2867 | $ 2644 | $ 2336 | 8 | 10
number of employees | 19753 | 17604 | 17213 | 12 |
**************************************** | subtract(17604, 17213), divide(#0, 17213) | 0.02272 |
what was the difference in percentage cumulative 5-year total shareholder return on common stock fidelity national information services , inc . compared to the s&p 500 for the period ending 12/16? | Background: ['there were no share repurchases in 2016 .', "stock performance graph the graph below matches fidelity national information services , inc.'s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index and the s&p supercap data processing & outsourced services index.aa the graph tracks the performance of a $ 100 investment in our common stock and in each index ( with the reinvestment of all dividends ) from december 31 , 2011 to december 31 , 2016. ."]
Data Table:
| 12/11 | 12/12 | 12/13 | 12/14 | 12/15 | 12/16
fidelity national information services inc . | 100.00 | 134.12 | 210.97 | 248.68 | 246.21 | 311.81
s&p 500 | 100.00 | 116.00 | 153.58 | 174.60 | 177.01 | 198.18
s&p supercap data processing & outsourced services | 100.00 | 126.06 | 194.91 | 218.05 | 247.68 | 267.14
Post-table: ['the stock price performance included in this graph is not necessarily indicative of future stock price performance .', 'item 6 .', 'selected financial ss the selected financial data set forth below constitutes historical financial data of fis and should be read in conjunction with "item 7 , management 2019s discussion and analysis of financial condition and results of operations , " and "item 8 , financial statements and supplementary data , " included elsewhere in this report. .'] | 1.1363 | FIS/2016/page_31.pdf-2 | ['there were no share repurchases in 2016 .', "stock performance graph the graph below matches fidelity national information services , inc.'s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index and the s&p supercap data processing & outsourced services index.aa the graph tracks the performance of a $ 100 investment in our common stock and in each index ( with the reinvestment of all dividends ) from december 31 , 2011 to december 31 , 2016. ."] | ['the stock price performance included in this graph is not necessarily indicative of future stock price performance .', 'item 6 .', 'selected financial ss the selected financial data set forth below constitutes historical financial data of fis and should be read in conjunction with "item 7 , management 2019s discussion and analysis of financial condition and results of operations , " and "item 8 , financial statements and supplementary data , " included elsewhere in this report. .'] | | 12/11 | 12/12 | 12/13 | 12/14 | 12/15 | 12/16
fidelity national information services inc . | 100.00 | 134.12 | 210.97 | 248.68 | 246.21 | 311.81
s&p 500 | 100.00 | 116.00 | 153.58 | 174.60 | 177.01 | 198.18
s&p supercap data processing & outsourced services | 100.00 | 126.06 | 194.91 | 218.05 | 247.68 | 267.14 | subtract(198.18, const_100), divide(#0, const_100), subtract(311.81, const_100), divide(#2, const_100), subtract(#3, #1) | 1.1363 |
what portion of total obligations is related to contractual obligations as of march 31 , 2008? | Context: ['97% ( 97 % ) of its carrying value .', 'the columbia fund is being liquidated with distributions to us occurring and expected to be fully liquidated during calendar 2008 .', 'since december 2007 , we have received disbursements of approximately $ 20.7 million from the columbia fund .', 'our operating activities during the year ended march 31 , 2008 used cash of $ 28.9 million as compared to $ 19.8 million during the same period in the prior year .', 'our fiscal 2008 net loss of $ 40.9 million was the primary cause of our cash use from operations , attributed to increased investments in our global distribution as we continue to drive initiatives to increase recovery awareness as well as our investments in research and development to broaden our circulatory care product portfolio .', 'in addition , our inventories used cash of $ 11.1 million during fiscal 2008 , reflecting our inventory build-up to support anticipated increases in global demand for our products and our accounts receivable also increased as a result of higher sales volume resulting in a use of cash of $ 2.8 million in fiscal 2008 .', 'these decreases in cash were partially offset by an increase in accounts payable and accrued expenses of $ 5.6 million , non-cash adjustments of $ 5.4 million related to stock-based compensation expense , $ 6.1 million of depreciation and amortization and $ 5.0 million for the change in fair value of worldheart note receivable and warrant .', 'our investing activities during the year ended march 31 , 2008 used cash of $ 40.9 million as compared to cash provided by investing activities of $ 15.1 million during the year ended march 31 , 2007 .', 'cash used by investment activities for fiscal 2008 consisted primarily of $ 49.3 million for the recharacterization of the columbia fund to short-term marketable securities , $ 17.1 million for the purchase of short-term marketable securities , $ 3.8 million related to expenditures for property and equipment and $ 5.0 million for note receivable advanced to worldheart .', 'these amounts were offset by $ 34.5 million of proceeds from short-term marketable securities .', 'in june 2008 , we received 510 ( k ) clearance of our impella 2.5 , triggering an obligation to pay $ 5.6 million of contingent payments in accordance with the may 2005 acquisition of impella .', 'these contingent payments may be made , at our option , with cash , or stock or by a combination of cash or stock under circumstances described in the purchase agreement .', 'it is our intent to satisfy this contingent payment through the issuance of shares of our common stock .', 'our financing activities during the year ended march 31 , 2008 provided cash of $ 2.1 million as compared to cash provided by financing activities of $ 66.6 million during the same period in the prior year .', 'cash provided by financing activities for fiscal 2008 is comprised primarily of $ 2.8 million attributable to the exercise of stock options , $ 0.9 million related to the proceeds from the issuance of common stock , $ 0.3 million related to proceeds from the employee stock purchase plan , partially offset by $ 1.9 million related to the repurchase of warrants .', 'the $ 64.5 million decrease compared to the prior year is primarily due to $ 63.6 million raised from the public offering in fiscal 2007 .', 'we disbursed approximately $ 2.2 million of cash for the warrant repurchase and settlement of certain litigation .', 'capital expenditures for fiscal 2009 are estimated to be approximately $ 3.0 to $ 6.0 million .', 'contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2008 and the effects such obligations are expected to have on our liquidity and cash flows in future periods .', 'payments due by fiscal year ( in $ 000 2019s ) contractual obligations total than 1 than 5 .']
------
Table:
• contractual obligations, payments due by fiscal year ( in $ 000 2019s ) total, payments due by fiscal year ( in $ 000 2019s ) less than 1 year, payments due by fiscal year ( in $ 000 2019s ) 1-3 years, payments due by fiscal year ( in $ 000 2019s ) 3-5 years, payments due by fiscal year ( in $ 000 2019s ) more than 5 years
• operating lease commitments, $ 7754, $ 2544, $ 3507, $ 1703, $ 2014
• contractual obligations, 9309, 7473, 1836, 2014, 2014
• total obligations, $ 17063, $ 10017, $ 5343, $ 1703, $ 2014
------
Additional Information: ['we have no long-term debt , capital leases or other material commitments , for open purchase orders and clinical trial agreements at march 31 , 2008 other than those shown in the table above .', 'in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany .', 'the aggregate purchase price excluding a contingent payment in the amount of $ 5.6 million made on january 30 , 2007 in the form of common stock , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services .', 'we may make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to fda approvals in the amount of up to $ 11.2 million .', 'in june 2008 we received 510 ( k ) clearance of our impella 2.5 , triggering an obligation to pay $ 5.6 million of contingent payments .', 'these contingent payments may be made , at our option , with cash , or stock or by a combination of cash or stock under circumstances described in the purchase agreement , except that approximately $ 1.8 million of these contingent payments must be made in cash .', 'the payment of any contingent payments will result in an increase to the carrying value of goodwill .', 'we apply the disclosure provisions of fin no .', '45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no .', '5 , 57 and 107 and rescission of fasb interpretation .'] | 0.54557 | ABMD/2008/page_52.pdf-3 | ['97% ( 97 % ) of its carrying value .', 'the columbia fund is being liquidated with distributions to us occurring and expected to be fully liquidated during calendar 2008 .', 'since december 2007 , we have received disbursements of approximately $ 20.7 million from the columbia fund .', 'our operating activities during the year ended march 31 , 2008 used cash of $ 28.9 million as compared to $ 19.8 million during the same period in the prior year .', 'our fiscal 2008 net loss of $ 40.9 million was the primary cause of our cash use from operations , attributed to increased investments in our global distribution as we continue to drive initiatives to increase recovery awareness as well as our investments in research and development to broaden our circulatory care product portfolio .', 'in addition , our inventories used cash of $ 11.1 million during fiscal 2008 , reflecting our inventory build-up to support anticipated increases in global demand for our products and our accounts receivable also increased as a result of higher sales volume resulting in a use of cash of $ 2.8 million in fiscal 2008 .', 'these decreases in cash were partially offset by an increase in accounts payable and accrued expenses of $ 5.6 million , non-cash adjustments of $ 5.4 million related to stock-based compensation expense , $ 6.1 million of depreciation and amortization and $ 5.0 million for the change in fair value of worldheart note receivable and warrant .', 'our investing activities during the year ended march 31 , 2008 used cash of $ 40.9 million as compared to cash provided by investing activities of $ 15.1 million during the year ended march 31 , 2007 .', 'cash used by investment activities for fiscal 2008 consisted primarily of $ 49.3 million for the recharacterization of the columbia fund to short-term marketable securities , $ 17.1 million for the purchase of short-term marketable securities , $ 3.8 million related to expenditures for property and equipment and $ 5.0 million for note receivable advanced to worldheart .', 'these amounts were offset by $ 34.5 million of proceeds from short-term marketable securities .', 'in june 2008 , we received 510 ( k ) clearance of our impella 2.5 , triggering an obligation to pay $ 5.6 million of contingent payments in accordance with the may 2005 acquisition of impella .', 'these contingent payments may be made , at our option , with cash , or stock or by a combination of cash or stock under circumstances described in the purchase agreement .', 'it is our intent to satisfy this contingent payment through the issuance of shares of our common stock .', 'our financing activities during the year ended march 31 , 2008 provided cash of $ 2.1 million as compared to cash provided by financing activities of $ 66.6 million during the same period in the prior year .', 'cash provided by financing activities for fiscal 2008 is comprised primarily of $ 2.8 million attributable to the exercise of stock options , $ 0.9 million related to the proceeds from the issuance of common stock , $ 0.3 million related to proceeds from the employee stock purchase plan , partially offset by $ 1.9 million related to the repurchase of warrants .', 'the $ 64.5 million decrease compared to the prior year is primarily due to $ 63.6 million raised from the public offering in fiscal 2007 .', 'we disbursed approximately $ 2.2 million of cash for the warrant repurchase and settlement of certain litigation .', 'capital expenditures for fiscal 2009 are estimated to be approximately $ 3.0 to $ 6.0 million .', 'contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2008 and the effects such obligations are expected to have on our liquidity and cash flows in future periods .', 'payments due by fiscal year ( in $ 000 2019s ) contractual obligations total than 1 than 5 .'] | ['we have no long-term debt , capital leases or other material commitments , for open purchase orders and clinical trial agreements at march 31 , 2008 other than those shown in the table above .', 'in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany .', 'the aggregate purchase price excluding a contingent payment in the amount of $ 5.6 million made on january 30 , 2007 in the form of common stock , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services .', 'we may make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to fda approvals in the amount of up to $ 11.2 million .', 'in june 2008 we received 510 ( k ) clearance of our impella 2.5 , triggering an obligation to pay $ 5.6 million of contingent payments .', 'these contingent payments may be made , at our option , with cash , or stock or by a combination of cash or stock under circumstances described in the purchase agreement , except that approximately $ 1.8 million of these contingent payments must be made in cash .', 'the payment of any contingent payments will result in an increase to the carrying value of goodwill .', 'we apply the disclosure provisions of fin no .', '45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no .', '5 , 57 and 107 and rescission of fasb interpretation .'] | • contractual obligations, payments due by fiscal year ( in $ 000 2019s ) total, payments due by fiscal year ( in $ 000 2019s ) less than 1 year, payments due by fiscal year ( in $ 000 2019s ) 1-3 years, payments due by fiscal year ( in $ 000 2019s ) 3-5 years, payments due by fiscal year ( in $ 000 2019s ) more than 5 years
• operating lease commitments, $ 7754, $ 2544, $ 3507, $ 1703, $ 2014
• contractual obligations, 9309, 7473, 1836, 2014, 2014
• total obligations, $ 17063, $ 10017, $ 5343, $ 1703, $ 2014 | divide(9309, 17063) | 0.54557 |
by how much did the long-term debt and redeemable preferred stock at redemption value portion of the company's capital structure increase from 2013 to 2015? | Background: ['the facility is considered 201cdebt 201d for purposes of a support agreement between american water and awcc , which serves as a functional equivalent of a guarantee by american water of awcc 2019s payment obligations under the credit facility .', 'also , the company acquired an additional revolving line of credit as part of its keystone acquisition .', 'the total commitment under this credit facility was $ 16 million of which $ 2 million was outstanding as of december 31 , 2015 .', 'the following table summarizes information regarding the company 2019s aggregate credit facility commitments , letter of credit sub-limits and available funds under those revolving credit facilities , as well as outstanding amounts of commercial paper and outstanding borrowings under the respective facilities as of december 31 , 2015 and 2014 : credit facility commitment available credit facility capacity letter of credit sublimit available letter of credit capacity outstanding commercial ( net of discount ) credit line borrowing ( in millions ) december 31 , 2015 .', '.', '.', '.', '.', '$ 1266 $ 1182 $ 150 $ 68 $ 626 $ 2 december 31 , 2014 .', '.', '.', '.', '.', '$ 1250 $ 1212 $ 150 $ 112 $ 450 $ 2014 the weighted-average interest rate on awcc short-term borrowings for the years ended december 31 , 2015 and 2014 was approximately 0.49% ( 0.49 % ) and 0.31% ( 0.31 % ) , respectively .', 'interest accrues on the keystone revolving line of credit daily at a rate per annum equal to 2.75% ( 2.75 % ) above the greater of the one month or one day libor .', 'capital structure the following table indicates the percentage of our capitalization represented by the components of our capital structure as of december 31: .']
########
Table:
****************************************
Row 1: , 2015, 2014, 2013
Row 2: total common stockholders' equity, 43.5% ( 43.5 % ), 45.2% ( 45.2 % ), 44.6% ( 44.6 % )
Row 3: long-term debt and redeemable preferred stock at redemption value, 50.6% ( 50.6 % ), 50.1% ( 50.1 % ), 49.3% ( 49.3 % )
Row 4: short-term debt and current portion of long-term debt, 5.9% ( 5.9 % ), 4.7% ( 4.7 % ), 6.1% ( 6.1 % )
Row 5: total, 100% ( 100 % ), 100% ( 100 % ), 100% ( 100 % )
****************************************
########
Follow-up: ['the changes in the capital structure between periods were mainly attributable to changes in outstanding commercial paper balances .', 'debt covenants our debt agreements contain financial and non-financial covenants .', 'to the extent that we are not in compliance with these covenants such an event may create an event of default under the debt agreement and we or our subsidiaries may be restricted in our ability to pay dividends , issue new debt or access our revolving credit facility .', 'for two of our smaller operating companies , we have informed our counterparties that we will provide only unaudited financial information at the subsidiary level , which resulted in technical non-compliance with certain of their reporting requirements under debt agreements with respect to $ 8 million of outstanding debt .', 'we do not believe this event will materially impact us .', 'our long-term debt indentures contain a number of covenants that , among other things , limit the company from issuing debt secured by the company 2019s assets , subject to certain exceptions .', 'our failure to comply with any of these covenants could accelerate repayment obligations .', 'certain long-term notes and the revolving credit facility require us to maintain a ratio of consolidated debt to consolidated capitalization ( as defined in the relevant documents ) of not more than 0.70 to 1.00 .', 'on december 31 , 2015 , our ratio was 0.56 to 1.00 and therefore we were in compliance with the covenant. .'] | 0.013 | AWK/2015/page_81.pdf-1 | ['the facility is considered 201cdebt 201d for purposes of a support agreement between american water and awcc , which serves as a functional equivalent of a guarantee by american water of awcc 2019s payment obligations under the credit facility .', 'also , the company acquired an additional revolving line of credit as part of its keystone acquisition .', 'the total commitment under this credit facility was $ 16 million of which $ 2 million was outstanding as of december 31 , 2015 .', 'the following table summarizes information regarding the company 2019s aggregate credit facility commitments , letter of credit sub-limits and available funds under those revolving credit facilities , as well as outstanding amounts of commercial paper and outstanding borrowings under the respective facilities as of december 31 , 2015 and 2014 : credit facility commitment available credit facility capacity letter of credit sublimit available letter of credit capacity outstanding commercial ( net of discount ) credit line borrowing ( in millions ) december 31 , 2015 .', '.', '.', '.', '.', '$ 1266 $ 1182 $ 150 $ 68 $ 626 $ 2 december 31 , 2014 .', '.', '.', '.', '.', '$ 1250 $ 1212 $ 150 $ 112 $ 450 $ 2014 the weighted-average interest rate on awcc short-term borrowings for the years ended december 31 , 2015 and 2014 was approximately 0.49% ( 0.49 % ) and 0.31% ( 0.31 % ) , respectively .', 'interest accrues on the keystone revolving line of credit daily at a rate per annum equal to 2.75% ( 2.75 % ) above the greater of the one month or one day libor .', 'capital structure the following table indicates the percentage of our capitalization represented by the components of our capital structure as of december 31: .'] | ['the changes in the capital structure between periods were mainly attributable to changes in outstanding commercial paper balances .', 'debt covenants our debt agreements contain financial and non-financial covenants .', 'to the extent that we are not in compliance with these covenants such an event may create an event of default under the debt agreement and we or our subsidiaries may be restricted in our ability to pay dividends , issue new debt or access our revolving credit facility .', 'for two of our smaller operating companies , we have informed our counterparties that we will provide only unaudited financial information at the subsidiary level , which resulted in technical non-compliance with certain of their reporting requirements under debt agreements with respect to $ 8 million of outstanding debt .', 'we do not believe this event will materially impact us .', 'our long-term debt indentures contain a number of covenants that , among other things , limit the company from issuing debt secured by the company 2019s assets , subject to certain exceptions .', 'our failure to comply with any of these covenants could accelerate repayment obligations .', 'certain long-term notes and the revolving credit facility require us to maintain a ratio of consolidated debt to consolidated capitalization ( as defined in the relevant documents ) of not more than 0.70 to 1.00 .', 'on december 31 , 2015 , our ratio was 0.56 to 1.00 and therefore we were in compliance with the covenant. .'] | ****************************************
Row 1: , 2015, 2014, 2013
Row 2: total common stockholders' equity, 43.5% ( 43.5 % ), 45.2% ( 45.2 % ), 44.6% ( 44.6 % )
Row 3: long-term debt and redeemable preferred stock at redemption value, 50.6% ( 50.6 % ), 50.1% ( 50.1 % ), 49.3% ( 49.3 % )
Row 4: short-term debt and current portion of long-term debt, 5.9% ( 5.9 % ), 4.7% ( 4.7 % ), 6.1% ( 6.1 % )
Row 5: total, 100% ( 100 % ), 100% ( 100 % ), 100% ( 100 % )
**************************************** | subtract(50.6%, 49.3%) | 0.013 |
what portion of the total consolidated revenues is generated from fsg segment in 2018? | 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
----------------------------------------
####
Follow-up: ['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: .'] | 0.3868 | FIS/2012/page_11.pdf-4 | ['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(2246.4, 5807.6) | 0.3868 |
what is the percentage change in inventory balance in 2014? | Background: ['management 2019s discussion and analysis scenario analyses .', 'we conduct scenario analyses including as part of the comprehensive capital analysis and review ( ccar ) and dodd-frank act stress tests ( dfast ) as well as our resolution and recovery planning .', 'see 201cequity capital management and regulatory capital 2014 equity capital management 201d below for further information .', 'these scenarios cover short-term and long- term time horizons using various macroeconomic and firm- specific assumptions , based on a range of economic scenarios .', 'we use these analyses to assist us in developing our longer-term balance sheet management strategy , including the level and composition of assets , funding and equity capital .', 'additionally , these analyses help us develop approaches for maintaining appropriate funding , liquidity and capital across a variety of situations , including a severely stressed environment .', 'balance sheet allocation in addition to preparing our consolidated statements of financial condition in accordance with u.s .', 'gaap , we prepare a balance sheet that generally allocates assets to our businesses , which is a non-gaap presentation and may not be comparable to similar non-gaap presentations used by other companies .', 'we believe that presenting our assets on this basis is meaningful because it is consistent with the way management views and manages risks associated with the firm 2019s assets and better enables investors to assess the liquidity of the firm 2019s assets .', 'the table below presents our balance sheet allocation. .']
########
Data Table:
----------------------------------------
$ in millions | as of december 2014 | as of december 2013
global core liquid assets ( gcla ) | $ 182947 | $ 184070
other cash | 7805 | 5793
gcla and cash | 190752 | 189863
secured client financing | 210641 | 263386
inventory | 230667 | 255534
secured financing agreements | 74767 | 79635
receivables | 47317 | 39557
institutional client services | 352751 | 374726
public equity | 4041 | 4308
private equity | 17979 | 16236
debt1 | 24768 | 23274
loans receivable2 | 28938 | 14895
other | 3771 | 2310
investing & lending | 79497 | 61023
total inventory and related assets | 432248 | 435749
other assets | 22599 | 22509
total assets | $ 856240 | $ 911507
----------------------------------------
########
Follow-up: ['1 .', 'includes $ 18.24 billion and $ 15.76 billion as of december 2014 and december 2013 , respectively , of direct loans primarily extended to corporate and private wealth management clients that are accounted for at fair value .', '2 .', 'see note 9 to the consolidated financial statements for further information about loans receivable .', 'below is a description of the captions in the table above .', '2030 global core liquid assets and cash .', 'we maintain substantial liquidity to meet a broad range of potential cash outflows and collateral needs in the event of a stressed environment .', 'see 201cliquidity risk management 201d below for details on the composition and sizing of our 201cglobal core liquid assets 201d ( gcla ) , previously global core excess ( gce ) .', 'in addition to our gcla , we maintain other operating cash balances , primarily for use in specific currencies , entities , or jurisdictions where we do not have immediate access to parent company liquidity .', '2030 secured client financing .', 'we provide collateralized financing for client positions , including margin loans secured by client collateral , securities borrowed , and resale agreements primarily collateralized by government obligations .', 'as a result of client activities , we are required to segregate cash and securities to satisfy regulatory requirements .', 'our secured client financing arrangements , which are generally short-term , are accounted for at fair value or at amounts that approximate fair value , and include daily margin requirements to mitigate counterparty credit risk .', '2030 institutional client services .', 'in institutional client services , we maintain inventory positions to facilitate market-making in fixed income , equity , currency and commodity products .', 'additionally , as part of market- making activities , we enter into resale or securities borrowing arrangements to obtain securities which we can use to cover transactions in which we or our clients have sold securities that have not yet been purchased .', 'the receivables in institutional client services primarily relate to securities transactions .', '2030 investing & lending .', 'in investing & lending , we make investments and originate loans to provide financing to clients .', 'these investments and loans are typically longer- term in nature .', 'we make investments , directly and indirectly through funds that we manage , in debt securities , loans , public and private equity securities , real estate entities and other investments .', '2030 other assets .', 'other assets are generally less liquid , non- financial assets , including property , leasehold improvements and equipment , goodwill and identifiable intangible assets , income tax-related receivables , equity- method investments , assets classified as held for sale and miscellaneous receivables .', 'goldman sachs 2014 annual report 49 .'] | -0.09731 | GS/2014/page_51.pdf-2 | ['management 2019s discussion and analysis scenario analyses .', 'we conduct scenario analyses including as part of the comprehensive capital analysis and review ( ccar ) and dodd-frank act stress tests ( dfast ) as well as our resolution and recovery planning .', 'see 201cequity capital management and regulatory capital 2014 equity capital management 201d below for further information .', 'these scenarios cover short-term and long- term time horizons using various macroeconomic and firm- specific assumptions , based on a range of economic scenarios .', 'we use these analyses to assist us in developing our longer-term balance sheet management strategy , including the level and composition of assets , funding and equity capital .', 'additionally , these analyses help us develop approaches for maintaining appropriate funding , liquidity and capital across a variety of situations , including a severely stressed environment .', 'balance sheet allocation in addition to preparing our consolidated statements of financial condition in accordance with u.s .', 'gaap , we prepare a balance sheet that generally allocates assets to our businesses , which is a non-gaap presentation and may not be comparable to similar non-gaap presentations used by other companies .', 'we believe that presenting our assets on this basis is meaningful because it is consistent with the way management views and manages risks associated with the firm 2019s assets and better enables investors to assess the liquidity of the firm 2019s assets .', 'the table below presents our balance sheet allocation. .'] | ['1 .', 'includes $ 18.24 billion and $ 15.76 billion as of december 2014 and december 2013 , respectively , of direct loans primarily extended to corporate and private wealth management clients that are accounted for at fair value .', '2 .', 'see note 9 to the consolidated financial statements for further information about loans receivable .', 'below is a description of the captions in the table above .', '2030 global core liquid assets and cash .', 'we maintain substantial liquidity to meet a broad range of potential cash outflows and collateral needs in the event of a stressed environment .', 'see 201cliquidity risk management 201d below for details on the composition and sizing of our 201cglobal core liquid assets 201d ( gcla ) , previously global core excess ( gce ) .', 'in addition to our gcla , we maintain other operating cash balances , primarily for use in specific currencies , entities , or jurisdictions where we do not have immediate access to parent company liquidity .', '2030 secured client financing .', 'we provide collateralized financing for client positions , including margin loans secured by client collateral , securities borrowed , and resale agreements primarily collateralized by government obligations .', 'as a result of client activities , we are required to segregate cash and securities to satisfy regulatory requirements .', 'our secured client financing arrangements , which are generally short-term , are accounted for at fair value or at amounts that approximate fair value , and include daily margin requirements to mitigate counterparty credit risk .', '2030 institutional client services .', 'in institutional client services , we maintain inventory positions to facilitate market-making in fixed income , equity , currency and commodity products .', 'additionally , as part of market- making activities , we enter into resale or securities borrowing arrangements to obtain securities which we can use to cover transactions in which we or our clients have sold securities that have not yet been purchased .', 'the receivables in institutional client services primarily relate to securities transactions .', '2030 investing & lending .', 'in investing & lending , we make investments and originate loans to provide financing to clients .', 'these investments and loans are typically longer- term in nature .', 'we make investments , directly and indirectly through funds that we manage , in debt securities , loans , public and private equity securities , real estate entities and other investments .', '2030 other assets .', 'other assets are generally less liquid , non- financial assets , including property , leasehold improvements and equipment , goodwill and identifiable intangible assets , income tax-related receivables , equity- method investments , assets classified as held for sale and miscellaneous receivables .', 'goldman sachs 2014 annual report 49 .'] | ----------------------------------------
$ in millions | as of december 2014 | as of december 2013
global core liquid assets ( gcla ) | $ 182947 | $ 184070
other cash | 7805 | 5793
gcla and cash | 190752 | 189863
secured client financing | 210641 | 263386
inventory | 230667 | 255534
secured financing agreements | 74767 | 79635
receivables | 47317 | 39557
institutional client services | 352751 | 374726
public equity | 4041 | 4308
private equity | 17979 | 16236
debt1 | 24768 | 23274
loans receivable2 | 28938 | 14895
other | 3771 | 2310
investing & lending | 79497 | 61023
total inventory and related assets | 432248 | 435749
other assets | 22599 | 22509
total assets | $ 856240 | $ 911507
---------------------------------------- | subtract(230667, 255534), divide(#0, 255534) | -0.09731 |
at december 31 , 2014 what was the percent of the total future minimum commitments under existing non-cancelable purchase obligations in 2016 | Context: ['at december 31 , 2014 , total future minimum commitments under existing non-cancelable operating leases and purchase obligations were as follows: .']
----
Data Table:
****************************************
in millions 2015 2016 2017 2018 2019 thereafter
lease obligations $ 142 $ 106 $ 84 $ 63 $ 45 $ 91
purchase obligations ( a ) 3266 761 583 463 422 1690
total $ 3408 $ 867 $ 667 $ 526 $ 467 $ 1781
****************************************
----
Post-table: ['( a ) includes $ 2.3 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business .', 'rent expense was $ 154 million , $ 168 million and $ 185 million for 2014 , 2013 and 2012 , respectively .', 'guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , international paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters .', 'where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction .', 'environmental proceedings cercla and state actions international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , including the comprehensive environmental response , compensation and liability act ( cercla ) .', 'many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources .', 'while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties .', 'remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable .', 'international paper has estimated the probable liability associated with these matters to be approximately $ 95 million in the aggregate as of december 31 , 2014 .', 'cass lake : one of the matters referenced above is a closed wood treating facility located in cass lake , minnesota .', 'during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a remediation feasibility study .', 'in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million .', 'the overall remediation reserve for the site is currently $ 50 million to address the selection of an alternative for the soil remediation component of the overall site remedy .', 'in october 2011 , the epa released a public statement indicating that the final soil remedy decision would be delayed .', 'in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean- up alternative , the remediation costs could be material , and significantly higher than amounts currently recorded .', 'in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to perform a natural resource damage assessment .', 'it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred .', 'other remediation costs in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 41 million as of december 31 , 2014 .', 'other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements .', 'legal proceedings environmental kalamazoo river : the company is a potentially responsible party with respect to the allied paper , inc./ portage creek/kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan .', 'the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the kalamazoo river , including a paper mill formerly owned by st .', 'regis paper company ( st .', 'regis ) .', 'the company is a successor in interest to st .', 'regis .', 'although the company has not received any orders from the epa , in december 2014 , the epa sent the company a letter demanding payment of $ 19 million to reimburse the epa for costs associated with a time critical removal action of pcb contaminated sediments from a portion of the site .', 'the company 2019s cercla liability has not been finally determined with respect to this or any other portion of the site and we have declined to reimburse the epa at this time .', 'as noted below , the company is involved in allocation/ apportionment litigation with regard to the site .', 'accordingly , it is premature to estimate a loss or range of loss with respect to this site .', 'the company was named as a defendant by georgia- pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the site .', 'the suit .'] | 0.87774 | IP/2014/page_101.pdf-3 | ['at december 31 , 2014 , total future minimum commitments under existing non-cancelable operating leases and purchase obligations were as follows: .'] | ['( a ) includes $ 2.3 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business .', 'rent expense was $ 154 million , $ 168 million and $ 185 million for 2014 , 2013 and 2012 , respectively .', 'guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , international paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters .', 'where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction .', 'environmental proceedings cercla and state actions international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , including the comprehensive environmental response , compensation and liability act ( cercla ) .', 'many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources .', 'while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties .', 'remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable .', 'international paper has estimated the probable liability associated with these matters to be approximately $ 95 million in the aggregate as of december 31 , 2014 .', 'cass lake : one of the matters referenced above is a closed wood treating facility located in cass lake , minnesota .', 'during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a remediation feasibility study .', 'in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million .', 'the overall remediation reserve for the site is currently $ 50 million to address the selection of an alternative for the soil remediation component of the overall site remedy .', 'in october 2011 , the epa released a public statement indicating that the final soil remedy decision would be delayed .', 'in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean- up alternative , the remediation costs could be material , and significantly higher than amounts currently recorded .', 'in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to perform a natural resource damage assessment .', 'it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred .', 'other remediation costs in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 41 million as of december 31 , 2014 .', 'other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements .', 'legal proceedings environmental kalamazoo river : the company is a potentially responsible party with respect to the allied paper , inc./ portage creek/kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan .', 'the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the kalamazoo river , including a paper mill formerly owned by st .', 'regis paper company ( st .', 'regis ) .', 'the company is a successor in interest to st .', 'regis .', 'although the company has not received any orders from the epa , in december 2014 , the epa sent the company a letter demanding payment of $ 19 million to reimburse the epa for costs associated with a time critical removal action of pcb contaminated sediments from a portion of the site .', 'the company 2019s cercla liability has not been finally determined with respect to this or any other portion of the site and we have declined to reimburse the epa at this time .', 'as noted below , the company is involved in allocation/ apportionment litigation with regard to the site .', 'accordingly , it is premature to estimate a loss or range of loss with respect to this site .', 'the company was named as a defendant by georgia- pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the site .', 'the suit .'] | ****************************************
in millions 2015 2016 2017 2018 2019 thereafter
lease obligations $ 142 $ 106 $ 84 $ 63 $ 45 $ 91
purchase obligations ( a ) 3266 761 583 463 422 1690
total $ 3408 $ 867 $ 667 $ 526 $ 467 $ 1781
**************************************** | divide(761, 867) | 0.87774 |
during the purchase , what was the per share value of the hologic common stock | Background: ['table of contents hologic , inc .', 'notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) cytyc , headquartered in marlborough , massachusetts , is a diversified diagnostic and medical device company that designs , develops , manufactures , and markets innovative and clinically effective diagnostics and surgical products .', 'cytyc products cover a range of cancer and women 2019s health applications , including cervical cancer screening , prenatal diagnostics , treatment of excessive menstrual bleeding and radiation treatment of early-stage breast cancer .', 'upon the close of the merger , cytyc shareholders received an aggregate of 132038 shares of hologic common stock and approximately $ 2094800 in cash .', 'in connection with the close of the merger , the company entered into a credit agreement relating to a senior secured credit facility ( the 201ccredit agreement 201d ) with goldman sachs credit partners l.p .', 'and certain other lenders , in which the lenders committed to provide , in the aggregate , senior secured financing of up to approximately $ 2550000 to pay for the cash portion of the merger consideration , repayment of existing debt of cytyc , expenses relating to the merger and working capital following the completion of the merger .', 'as of the closing of the merger , the company borrowed $ 2350000 under this credit agreement .', 'see note 5 for further discussion .', 'the aggregate purchase price of approximately $ 6156900 included $ 2094800 in cash ; 132038 shares of hologic common stock at an estimated fair value of $ 3671500 ; 16465 of fully vested stock options granted to cytyc employees in exchange for their vested cytyc stock options , with an estimated fair value of approximately $ 241400 ; the fair value of cytyc 2019s outstanding convertible notes assumed in the merger of approximately $ 125000 ; and approximately $ 24200 of direct acquisition costs .', 'there are no potential contingent consideration arrangements payable to the former cytyc shareholders in connection with this transaction .', 'the company measured the fair value of the 132038 shares of the company common stock issued as consideration in connection with the merger under eitf 99-12 .', 'the company determined the measurement date to be may 20 , 2007 , the date the transaction was announced , as the number of shares to be issued according to the exchange ratio was fixed without subsequent revision .', 'the company valued the securities based on the average market price a few days before and after the measurement date .', 'the weighted average stock price was determined to be $ 27.81 .', '( i ) purchase price the purchase price is as follows: .']
Data Table:
Row 1: cash portion of consideration, $ 2094800
Row 2: fair value of securities issued, 3671500
Row 3: fair value of vested options exchanged, 241400
Row 4: fair value of cytyc 2019s outstanding convertible notes, 125000
Row 5: direct acquisition costs, 24200
Row 6: total estimated purchase price, $ 6156900
Post-table: ['source : hologic inc , 10-k , november 24 , 2009 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely .', 'the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law .', 'past financial performance is no guarantee of future results. .'] | 27.80639 | HOLX/2009/page_127.pdf-4 | ['table of contents hologic , inc .', 'notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) cytyc , headquartered in marlborough , massachusetts , is a diversified diagnostic and medical device company that designs , develops , manufactures , and markets innovative and clinically effective diagnostics and surgical products .', 'cytyc products cover a range of cancer and women 2019s health applications , including cervical cancer screening , prenatal diagnostics , treatment of excessive menstrual bleeding and radiation treatment of early-stage breast cancer .', 'upon the close of the merger , cytyc shareholders received an aggregate of 132038 shares of hologic common stock and approximately $ 2094800 in cash .', 'in connection with the close of the merger , the company entered into a credit agreement relating to a senior secured credit facility ( the 201ccredit agreement 201d ) with goldman sachs credit partners l.p .', 'and certain other lenders , in which the lenders committed to provide , in the aggregate , senior secured financing of up to approximately $ 2550000 to pay for the cash portion of the merger consideration , repayment of existing debt of cytyc , expenses relating to the merger and working capital following the completion of the merger .', 'as of the closing of the merger , the company borrowed $ 2350000 under this credit agreement .', 'see note 5 for further discussion .', 'the aggregate purchase price of approximately $ 6156900 included $ 2094800 in cash ; 132038 shares of hologic common stock at an estimated fair value of $ 3671500 ; 16465 of fully vested stock options granted to cytyc employees in exchange for their vested cytyc stock options , with an estimated fair value of approximately $ 241400 ; the fair value of cytyc 2019s outstanding convertible notes assumed in the merger of approximately $ 125000 ; and approximately $ 24200 of direct acquisition costs .', 'there are no potential contingent consideration arrangements payable to the former cytyc shareholders in connection with this transaction .', 'the company measured the fair value of the 132038 shares of the company common stock issued as consideration in connection with the merger under eitf 99-12 .', 'the company determined the measurement date to be may 20 , 2007 , the date the transaction was announced , as the number of shares to be issued according to the exchange ratio was fixed without subsequent revision .', 'the company valued the securities based on the average market price a few days before and after the measurement date .', 'the weighted average stock price was determined to be $ 27.81 .', '( i ) purchase price the purchase price is as follows: .'] | ['source : hologic inc , 10-k , november 24 , 2009 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely .', 'the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law .', 'past financial performance is no guarantee of future results. .'] | Row 1: cash portion of consideration, $ 2094800
Row 2: fair value of securities issued, 3671500
Row 3: fair value of vested options exchanged, 241400
Row 4: fair value of cytyc 2019s outstanding convertible notes, 125000
Row 5: direct acquisition costs, 24200
Row 6: total estimated purchase price, $ 6156900 | divide(3671500, 132038) | 27.80639 |
what percentage of doors in the wholesale segment as of april 2 , 2016 where in the asia geography? | Context: ['worldwide wholesale distribution channels the following table presents the number of doors by geographic location in which products distributed by our wholesale segment were sold to consumers in our primary channels of distribution as of april 2 , 2016: .']
------
Data Table:
========================================
Row 1: location, number of doors
Row 2: the americas ( a ), 7741
Row 3: europe ( b ), 5625
Row 4: asia ( c ), 136
Row 5: total, 13502
========================================
------
Additional Information: ['( a ) includes the u.s. , canada , and latin america .', '( b ) includes the middle east .', '( c ) includes australia and new zealand .', 'we have three key wholesale customers that generate significant sales volume .', "during fiscal 2016 , sales to our largest wholesale customer , macy's , inc .", '( "macy\'s" ) , accounted for approximately 11% ( 11 % ) and 25% ( 25 % ) of our total net revenues and total wholesale net revenues , respectively .', "further , during fiscal 2016 , sales to our three largest wholesale customers , including macy's , accounted for approximately 24% ( 24 % ) and 53% ( 53 % ) of our total net revenues and total wholesale net revenues , respectively .", 'our products are sold primarily by our own sales forces .', 'our wholesale segment maintains its primary showrooms in new york city .', 'in addition , we maintain regional showrooms in milan , paris , london , munich , madrid , stockholm , and panama .', 'shop-within-shops .', 'as a critical element of our distribution to department stores , we and our licensing partners utilize shop-within-shops to enhance brand recognition , to permit more complete merchandising of our lines by the department stores , and to differentiate the presentation of our products .', 'as of april 2 , 2016 , we had approximately 25000 shop-within-shops in our primary channels of distribution dedicated to our wholesale products worldwide .', 'the size of our shop-within-shops ranges from approximately 100 to 9200 square feet .', 'shop-within-shop fixed assets primarily include items such as customized freestanding fixtures , wall cases and components , decorative items , and flooring .', 'we normally share in the cost of building out these shop-within-shops with our wholesale customers .', 'basic stock replenishment program .', 'basic products such as knit shirts , chino pants , oxford cloth shirts , select accessories , and home products can be ordered by our wholesale customers at any time through our basic stock replenishment program .', 'we generally ship these products within two to five days of order receipt .', 'our retail segment our retail segment sells directly to customers throughout the world via our 493 retail stores , totaling approximately 3.8 million square feet , and 583 concession-based shop-within-shops , as well as through our various e-commerce sites .', 'the extension of our direct-to-consumer reach is one of our primary long-term strategic goals .', 'we operate our retail business using an omni-channel retailing strategy that seeks to deliver an integrated shopping experience with a consistent message of our brands and products to our customers , regardless of whether they are shopping for our products in one of our physical stores or online .', 'ralph lauren stores our ralph lauren stores feature a broad range of apparel , accessories , watch and jewelry , fragrance , and home product assortments in an atmosphere reflecting the distinctive attitude and image of the ralph lauren , polo , double rl , and denim & supply brands , including exclusive merchandise that is not sold in department stores .', 'during fiscal 2016 , we opened 22 new ralph lauren stores and closed 21 stores .', 'our ralph lauren stores are primarily situated in major upscale street locations and upscale regional malls , generally in large urban markets. .'] | 0.01007 | RL/2016/page_9.pdf-2 | ['worldwide wholesale distribution channels the following table presents the number of doors by geographic location in which products distributed by our wholesale segment were sold to consumers in our primary channels of distribution as of april 2 , 2016: .'] | ['( a ) includes the u.s. , canada , and latin america .', '( b ) includes the middle east .', '( c ) includes australia and new zealand .', 'we have three key wholesale customers that generate significant sales volume .', "during fiscal 2016 , sales to our largest wholesale customer , macy's , inc .", '( "macy\'s" ) , accounted for approximately 11% ( 11 % ) and 25% ( 25 % ) of our total net revenues and total wholesale net revenues , respectively .', "further , during fiscal 2016 , sales to our three largest wholesale customers , including macy's , accounted for approximately 24% ( 24 % ) and 53% ( 53 % ) of our total net revenues and total wholesale net revenues , respectively .", 'our products are sold primarily by our own sales forces .', 'our wholesale segment maintains its primary showrooms in new york city .', 'in addition , we maintain regional showrooms in milan , paris , london , munich , madrid , stockholm , and panama .', 'shop-within-shops .', 'as a critical element of our distribution to department stores , we and our licensing partners utilize shop-within-shops to enhance brand recognition , to permit more complete merchandising of our lines by the department stores , and to differentiate the presentation of our products .', 'as of april 2 , 2016 , we had approximately 25000 shop-within-shops in our primary channels of distribution dedicated to our wholesale products worldwide .', 'the size of our shop-within-shops ranges from approximately 100 to 9200 square feet .', 'shop-within-shop fixed assets primarily include items such as customized freestanding fixtures , wall cases and components , decorative items , and flooring .', 'we normally share in the cost of building out these shop-within-shops with our wholesale customers .', 'basic stock replenishment program .', 'basic products such as knit shirts , chino pants , oxford cloth shirts , select accessories , and home products can be ordered by our wholesale customers at any time through our basic stock replenishment program .', 'we generally ship these products within two to five days of order receipt .', 'our retail segment our retail segment sells directly to customers throughout the world via our 493 retail stores , totaling approximately 3.8 million square feet , and 583 concession-based shop-within-shops , as well as through our various e-commerce sites .', 'the extension of our direct-to-consumer reach is one of our primary long-term strategic goals .', 'we operate our retail business using an omni-channel retailing strategy that seeks to deliver an integrated shopping experience with a consistent message of our brands and products to our customers , regardless of whether they are shopping for our products in one of our physical stores or online .', 'ralph lauren stores our ralph lauren stores feature a broad range of apparel , accessories , watch and jewelry , fragrance , and home product assortments in an atmosphere reflecting the distinctive attitude and image of the ralph lauren , polo , double rl , and denim & supply brands , including exclusive merchandise that is not sold in department stores .', 'during fiscal 2016 , we opened 22 new ralph lauren stores and closed 21 stores .', 'our ralph lauren stores are primarily situated in major upscale street locations and upscale regional malls , generally in large urban markets. .'] | ========================================
Row 1: location, number of doors
Row 2: the americas ( a ), 7741
Row 3: europe ( b ), 5625
Row 4: asia ( c ), 136
Row 5: total, 13502
======================================== | divide(136, 13502) | 0.01007 |
what is the goodwill-to-assets ratio? | Pre-text: ['fis gaming business on june 1 , 2015 , we acquired certain assets of certegy check services , inc. , a wholly-owned subsidiary of fidelity national information services , inc .', '( 201cfis 201d ) .', 'under the purchase arrangement , we acquired substantially all of the assets of its gaming business related to licensed gaming operators ( the 201cfis gaming business 201d ) , including relationships with gaming clients in approximately 260 locations as of the acquisition date , for $ 237.5 million , funded from borrowings on our revolving credit facility and cash on hand .', 'we acquired the fis gaming business to expand our direct distribution and service offerings in the gaming market .', 'the estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed , including a reconciliation to the total purchase consideration , were as follows ( in thousands ) : .']
Data Table:
========================================
customer-related intangible assets | $ 143400
----------|----------
liabilities | -150 ( 150 )
total identifiable net assets | 143250
goodwill | 94250
total purchase consideration | $ 237500
========================================
Follow-up: ['goodwill arising from the acquisition , included in the north america segment , was attributable to an expected growth opportunities , including cross-selling opportunities at existing and acquired gaming client locations and operating synergies in the gaming business , and an assembled workforce .', 'goodwill associated with this acquisition is deductible for income tax purposes .', 'the customer-related intangible assets have an estimated amortization period of 15 years .', 'valuation of identified intangible assets for the acquisitions discussed above , the estimated fair values of customer-related intangible assets were determined using the income approach , which was based on projected cash flows discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows .', 'the discount rates used represented the average estimated value of a market participant 2019s cost of capital and debt , derived using customary market metrics .', 'acquired technologies were valued using the replacement cost method , which required us to estimate the costs to construct an asset of equivalent utility at prices available at the time of the valuation analysis , with adjustments in value for physical deterioration and functional and economic obsolescence .', 'trademarks and trade names were valued using the 201crelief-from-royalty 201d approach .', 'this method assumes that trademarks and trade names have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them .', 'this method required us to estimate the future revenues for the related brands , the appropriate royalty rate and the weighted-average cost of capital .', 'the discount rates used represented the average estimated value of a market participant 2019s cost of capital and debt , derived using customary market metrics .', 'note 3 2014 revenues we are a leading worldwide provider of payment technology and software solutions delivering innovative services to our customers globally .', 'our technologies , services and employee expertise enable us to provide a broad range of solutions that allow our customers to accept various payment types and operate their businesses more efficiently .', 'we distribute our services across a variety of channels to customers .', 'the disclosures in this note are applicable for the year ended december 31 , 2018 .', 'global payments inc .', '| 2018 form 10-k annual report 2013 79 .'] | 0.65725 | GPN/2018/page_79.pdf-2 | ['fis gaming business on june 1 , 2015 , we acquired certain assets of certegy check services , inc. , a wholly-owned subsidiary of fidelity national information services , inc .', '( 201cfis 201d ) .', 'under the purchase arrangement , we acquired substantially all of the assets of its gaming business related to licensed gaming operators ( the 201cfis gaming business 201d ) , including relationships with gaming clients in approximately 260 locations as of the acquisition date , for $ 237.5 million , funded from borrowings on our revolving credit facility and cash on hand .', 'we acquired the fis gaming business to expand our direct distribution and service offerings in the gaming market .', 'the estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed , including a reconciliation to the total purchase consideration , were as follows ( in thousands ) : .'] | ['goodwill arising from the acquisition , included in the north america segment , was attributable to an expected growth opportunities , including cross-selling opportunities at existing and acquired gaming client locations and operating synergies in the gaming business , and an assembled workforce .', 'goodwill associated with this acquisition is deductible for income tax purposes .', 'the customer-related intangible assets have an estimated amortization period of 15 years .', 'valuation of identified intangible assets for the acquisitions discussed above , the estimated fair values of customer-related intangible assets were determined using the income approach , which was based on projected cash flows discounted to their present value using discount rates that consider the timing and risk of the forecasted cash flows .', 'the discount rates used represented the average estimated value of a market participant 2019s cost of capital and debt , derived using customary market metrics .', 'acquired technologies were valued using the replacement cost method , which required us to estimate the costs to construct an asset of equivalent utility at prices available at the time of the valuation analysis , with adjustments in value for physical deterioration and functional and economic obsolescence .', 'trademarks and trade names were valued using the 201crelief-from-royalty 201d approach .', 'this method assumes that trademarks and trade names have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them .', 'this method required us to estimate the future revenues for the related brands , the appropriate royalty rate and the weighted-average cost of capital .', 'the discount rates used represented the average estimated value of a market participant 2019s cost of capital and debt , derived using customary market metrics .', 'note 3 2014 revenues we are a leading worldwide provider of payment technology and software solutions delivering innovative services to our customers globally .', 'our technologies , services and employee expertise enable us to provide a broad range of solutions that allow our customers to accept various payment types and operate their businesses more efficiently .', 'we distribute our services across a variety of channels to customers .', 'the disclosures in this note are applicable for the year ended december 31 , 2018 .', 'global payments inc .', '| 2018 form 10-k annual report 2013 79 .'] | ========================================
customer-related intangible assets | $ 143400
----------|----------
liabilities | -150 ( 150 )
total identifiable net assets | 143250
goodwill | 94250
total purchase consideration | $ 237500
======================================== | divide(94250, 143400) | 0.65725 |
under the revised capital framework what was the change in percentage points to the new minimum cet1 ratio requirement in 2015? | Pre-text: ['notes to consolidated financial statements under the regulatory framework for prompt corrective action applicable to gs bank usa , in order to meet the quantitative requirements for being a 201cwell-capitalized 201d depository institution , gs bank usa is required to maintain a tier 1 capital ratio of at least 6% ( 6 % ) , a total capital ratio of at least 10% ( 10 % ) and a tier 1 leverage ratio of at least 5% ( 5 % ) .', 'gs bank usa agreed with the federal reserve board to maintain minimum capital ratios in excess of these 201cwell- capitalized 201d levels .', 'accordingly , for a period of time , gs bank usa is expected to maintain a tier 1 capital ratio of at least 8% ( 8 % ) , a total capital ratio of at least 11% ( 11 % ) and a tier 1 leverage ratio of at least 6% ( 6 % ) .', 'as noted in the table below , gs bank usa was in compliance with these minimum capital requirements as of december 2013 and december 2012 .', 'the table below presents information regarding gs bank usa 2019s regulatory capital ratios under basel i , as implemented by the federal reserve board .', 'the information as of december 2013 reflects the revised market risk regulatory capital requirements , which became effective on january 1 , 2013 .', 'these changes resulted in increased regulatory capital requirements for market risk .', 'the information as of december 2012 is prior to the implementation of these revised market risk regulatory capital requirements. .']
--
Tabular Data:
$ in millions | as of december 2013 | as of december 2012
tier 1 capital | $ 20086 | $ 20704
tier 2 capital | $ 116 | $ 39
total capital | $ 20202 | $ 20743
risk-weighted assets | $ 134935 | $ 109669
tier 1 capital ratio | 14.9% ( 14.9 % ) | 18.9% ( 18.9 % )
total capital ratio | 15.0% ( 15.0 % ) | 18.9% ( 18.9 % )
tier 1 leverage ratio | 16.9% ( 16.9 % ) | 17.6% ( 17.6 % )
--
Follow-up: ['the revised capital framework described above is also applicable to gs bank usa , which is an advanced approach banking organization under this framework .', 'gs bank usa has also been informed by the federal reserve board that it has completed a satisfactory parallel run , as required of advanced approach banking organizations under the revised capital framework , and therefore changes to its calculations of rwas will take effect beginning with the second quarter of 2014 .', 'under the revised capital framework , as of january 1 , 2014 , gs bank usa became subject to a new minimum cet1 ratio requirement of 4% ( 4 % ) , increasing to 4.5% ( 4.5 % ) in 2015 .', 'in addition , the revised capital framework changes the standards for 201cwell-capitalized 201d status under prompt corrective action regulations beginning january 1 , 2015 by , among other things , introducing a cet1 ratio requirement of 6.5% ( 6.5 % ) and increasing the tier 1 capital ratio requirement from 6% ( 6 % ) to 8% ( 8 % ) .', 'in addition , commencing january 1 , 2018 , advanced approach banking organizations must have a supplementary leverage ratio of 3% ( 3 % ) or greater .', 'the basel committee published its final guidelines for calculating incremental capital requirements for domestic systemically important banking institutions ( d-sibs ) .', 'these guidelines are complementary to the framework outlined above for g-sibs .', 'the impact of these guidelines on the regulatory capital requirements of gs bank usa will depend on how they are implemented by the banking regulators in the united states .', 'the deposits of gs bank usa are insured by the fdic to the extent provided by law .', 'the federal reserve board requires depository institutions to maintain cash reserves with a federal reserve bank .', 'the amount deposited by the firm 2019s depository institution held at the federal reserve bank was approximately $ 50.39 billion and $ 58.67 billion as of december 2013 and december 2012 , respectively , which exceeded required reserve amounts by $ 50.29 billion and $ 58.59 billion as of december 2013 and december 2012 , respectively .', 'transactions between gs bank usa and its subsidiaries and group inc .', 'and its subsidiaries and affiliates ( other than , generally , subsidiaries of gs bank usa ) are regulated by the federal reserve board .', 'these regulations generally limit the types and amounts of transactions ( including credit extensions from gs bank usa ) that may take place and generally require those transactions to be on market terms or better to gs bank usa .', 'the firm 2019s principal non-u.s .', 'bank subsidiary , gsib , is a wholly-owned credit institution , regulated by the prudential regulation authority ( pra ) and the financial conduct authority ( fca ) and is subject to minimum capital requirements .', 'as of december 2013 and december 2012 , gsib was in compliance with all regulatory capital requirements .', 'goldman sachs 2013 annual report 193 .'] | 0.005 | GS/2013/page_195.pdf-2 | ['notes to consolidated financial statements under the regulatory framework for prompt corrective action applicable to gs bank usa , in order to meet the quantitative requirements for being a 201cwell-capitalized 201d depository institution , gs bank usa is required to maintain a tier 1 capital ratio of at least 6% ( 6 % ) , a total capital ratio of at least 10% ( 10 % ) and a tier 1 leverage ratio of at least 5% ( 5 % ) .', 'gs bank usa agreed with the federal reserve board to maintain minimum capital ratios in excess of these 201cwell- capitalized 201d levels .', 'accordingly , for a period of time , gs bank usa is expected to maintain a tier 1 capital ratio of at least 8% ( 8 % ) , a total capital ratio of at least 11% ( 11 % ) and a tier 1 leverage ratio of at least 6% ( 6 % ) .', 'as noted in the table below , gs bank usa was in compliance with these minimum capital requirements as of december 2013 and december 2012 .', 'the table below presents information regarding gs bank usa 2019s regulatory capital ratios under basel i , as implemented by the federal reserve board .', 'the information as of december 2013 reflects the revised market risk regulatory capital requirements , which became effective on january 1 , 2013 .', 'these changes resulted in increased regulatory capital requirements for market risk .', 'the information as of december 2012 is prior to the implementation of these revised market risk regulatory capital requirements. .'] | ['the revised capital framework described above is also applicable to gs bank usa , which is an advanced approach banking organization under this framework .', 'gs bank usa has also been informed by the federal reserve board that it has completed a satisfactory parallel run , as required of advanced approach banking organizations under the revised capital framework , and therefore changes to its calculations of rwas will take effect beginning with the second quarter of 2014 .', 'under the revised capital framework , as of january 1 , 2014 , gs bank usa became subject to a new minimum cet1 ratio requirement of 4% ( 4 % ) , increasing to 4.5% ( 4.5 % ) in 2015 .', 'in addition , the revised capital framework changes the standards for 201cwell-capitalized 201d status under prompt corrective action regulations beginning january 1 , 2015 by , among other things , introducing a cet1 ratio requirement of 6.5% ( 6.5 % ) and increasing the tier 1 capital ratio requirement from 6% ( 6 % ) to 8% ( 8 % ) .', 'in addition , commencing january 1 , 2018 , advanced approach banking organizations must have a supplementary leverage ratio of 3% ( 3 % ) or greater .', 'the basel committee published its final guidelines for calculating incremental capital requirements for domestic systemically important banking institutions ( d-sibs ) .', 'these guidelines are complementary to the framework outlined above for g-sibs .', 'the impact of these guidelines on the regulatory capital requirements of gs bank usa will depend on how they are implemented by the banking regulators in the united states .', 'the deposits of gs bank usa are insured by the fdic to the extent provided by law .', 'the federal reserve board requires depository institutions to maintain cash reserves with a federal reserve bank .', 'the amount deposited by the firm 2019s depository institution held at the federal reserve bank was approximately $ 50.39 billion and $ 58.67 billion as of december 2013 and december 2012 , respectively , which exceeded required reserve amounts by $ 50.29 billion and $ 58.59 billion as of december 2013 and december 2012 , respectively .', 'transactions between gs bank usa and its subsidiaries and group inc .', 'and its subsidiaries and affiliates ( other than , generally , subsidiaries of gs bank usa ) are regulated by the federal reserve board .', 'these regulations generally limit the types and amounts of transactions ( including credit extensions from gs bank usa ) that may take place and generally require those transactions to be on market terms or better to gs bank usa .', 'the firm 2019s principal non-u.s .', 'bank subsidiary , gsib , is a wholly-owned credit institution , regulated by the prudential regulation authority ( pra ) and the financial conduct authority ( fca ) and is subject to minimum capital requirements .', 'as of december 2013 and december 2012 , gsib was in compliance with all regulatory capital requirements .', 'goldman sachs 2013 annual report 193 .'] | $ in millions | as of december 2013 | as of december 2012
tier 1 capital | $ 20086 | $ 20704
tier 2 capital | $ 116 | $ 39
total capital | $ 20202 | $ 20743
risk-weighted assets | $ 134935 | $ 109669
tier 1 capital ratio | 14.9% ( 14.9 % ) | 18.9% ( 18.9 % )
total capital ratio | 15.0% ( 15.0 % ) | 18.9% ( 18.9 % )
tier 1 leverage ratio | 16.9% ( 16.9 % ) | 17.6% ( 17.6 % ) | subtract(4.5%, 4%) | 0.005 |
what was the percentage cumulative total shareholder return on disca common stock from september 18 , 2008 to december 31 , 2012? | Context: ['stock performance graph the following graph sets forth the cumulative total shareholder return on our series a common stock , series b common stock and series c common stock as compared with the cumulative total return of the companies listed in the standard and poor 2019s 500 stock index ( 201cs&p 500 index 201d ) and a peer group of companies comprised of cbs corporation class b common stock , news corporation class a common stock , scripps network interactive , inc. , time warner , inc. , viacom , inc .', 'class b common stock and the walt disney company .', 'the graph assumes $ 100 originally invested on september 18 , 2008 , the date upon which our common stock began trading , in each of our series a common stock , series b common stock and series c common stock , the s&p 500 index , and the stock of our peer group companies , including reinvestment of dividends , for the period september 18 , 2008 through december 31 , 2008 and the years ended december 31 , 2009 , 2010 , 2011 , and 2012 .', 'december 31 , december 31 , december 31 , december 31 , december 31 .']
--
Tabular Data:
****************************************
• , december 312008, december 312009, december 312010, december 312011, december 312012
• disca, $ 102.53, $ 222.09, $ 301.96, $ 296.67, $ 459.67
• discb, $ 78.53, $ 162.82, $ 225.95, $ 217.56, $ 327.11
• disck, $ 83.69, $ 165.75, $ 229.31, $ 235.63, $ 365.63
• s&p 500, $ 74.86, $ 92.42, $ 104.24, $ 104.23, $ 118.21
• peer group, $ 68.79, $ 100.70, $ 121.35, $ 138.19, $ 190.58
****************************************
--
Post-table: ['equity compensation plan information information regarding securities authorized for issuance under equity compensation plans will be set forth in our definitive proxy statement for our 2013 annual meeting of stockholders under the caption 201csecurities authorized for issuance under equity compensation plans , 201d which is incorporated herein by reference. .'] | 3.5967 | DISCA/2012/page_54.pdf-4 | ['stock performance graph the following graph sets forth the cumulative total shareholder return on our series a common stock , series b common stock and series c common stock as compared with the cumulative total return of the companies listed in the standard and poor 2019s 500 stock index ( 201cs&p 500 index 201d ) and a peer group of companies comprised of cbs corporation class b common stock , news corporation class a common stock , scripps network interactive , inc. , time warner , inc. , viacom , inc .', 'class b common stock and the walt disney company .', 'the graph assumes $ 100 originally invested on september 18 , 2008 , the date upon which our common stock began trading , in each of our series a common stock , series b common stock and series c common stock , the s&p 500 index , and the stock of our peer group companies , including reinvestment of dividends , for the period september 18 , 2008 through december 31 , 2008 and the years ended december 31 , 2009 , 2010 , 2011 , and 2012 .', 'december 31 , december 31 , december 31 , december 31 , december 31 .'] | ['equity compensation plan information information regarding securities authorized for issuance under equity compensation plans will be set forth in our definitive proxy statement for our 2013 annual meeting of stockholders under the caption 201csecurities authorized for issuance under equity compensation plans , 201d which is incorporated herein by reference. .'] | ****************************************
• , december 312008, december 312009, december 312010, december 312011, december 312012
• disca, $ 102.53, $ 222.09, $ 301.96, $ 296.67, $ 459.67
• discb, $ 78.53, $ 162.82, $ 225.95, $ 217.56, $ 327.11
• disck, $ 83.69, $ 165.75, $ 229.31, $ 235.63, $ 365.63
• s&p 500, $ 74.86, $ 92.42, $ 104.24, $ 104.23, $ 118.21
• peer group, $ 68.79, $ 100.70, $ 121.35, $ 138.19, $ 190.58
**************************************** | subtract(459.67, const_100), divide(#0, const_100) | 3.5967 |
what is the change in balance of accrued interest and penalties from 2016 to 2017? | Pre-text: ['able to reasonably estimate the timing of future cash flows beyond 12 months due to uncertainties in the timing of tax audit outcomes .', 'the remaining amount of our unrecognized tax liability was classified in other liabilities .', 'we report accrued interest and penalties related to unrecognized tax benefit liabilities in income tax expense .', 'for fiscal 2017 , we recognized a net benefit of $ 5.6 million of tax-related net interest and penalties , and had $ 23.1 million of accrued interest and penalties as of may 28 , 2017 .', 'for fiscal 2016 , we recognized a net benefit of $ 2.7 million of tax-related net interest and penalties , and had $ 32.1 million of accrued interest and penalties as of may 29 , 2016 .', 'note 15 .', 'leases , other commitments , and contingencies the company 2019s leases are generally for warehouse space and equipment .', 'rent expense under all operating leases from continuing operations was $ 188.1 million in fiscal 2017 , $ 189.1 million in fiscal 2016 , and $ 193.5 million in fiscal 2015 .', 'some operating leases require payment of property taxes , insurance , and maintenance costs in addition to the rent payments .', 'contingent and escalation rent in excess of minimum rent payments and sublease income netted in rent expense were insignificant .', 'noncancelable future lease commitments are : operating capital in millions leases leases .']
Data Table:
========================================
in millions | operating leases | capital leases
----------|----------|----------
fiscal 2018 | $ 118.8 | $ 0.4
fiscal 2019 | 101.7 | 0.4
fiscal 2020 | 80.7 | 0.2
fiscal 2021 | 60.7 | 0.1
fiscal 2022 | 49.7 | 2014
after fiscal 2022 | 89.1 | 0.1
total noncancelable future lease commitments | $ 500.7 | $ 1.2
less : interest | | -0.1 ( 0.1 )
present value of obligations under capital leases | | $ 1.1
========================================
Additional Information: ['depreciation on capital leases is recorded as deprecia- tion expense in our results of operations .', 'as of may 28 , 2017 , we have issued guarantees and comfort letters of $ 504.7 million for the debt and other obligations of consolidated subsidiaries , and guarantees and comfort letters of $ 165.3 million for the debt and other obligations of non-consolidated affiliates , mainly cpw .', 'in addition , off-balance sheet arrangements are generally limited to the future payments under non-cancelable operating leases , which totaled $ 500.7 million as of may 28 , 2017 .', 'note 16 .', 'business segment and geographic information we operate in the consumer foods industry .', 'in the third quarter of fiscal 2017 , we announced a new global orga- nization structure to streamline our leadership , enhance global scale , and drive improved operational agility to maximize our growth capabilities .', 'as a result of this global reorganization , beginning in the third quarter of fiscal 2017 , we reported results for our four operating segments as follows : north america retail , 65.3 percent of our fiscal 2017 consolidated net sales ; convenience stores & foodservice , 12.0 percent of our fiscal 2017 consolidated net sales ; europe & australia , 11.7 percent of our fiscal 2017 consolidated net sales ; and asia & latin america , 11.0 percent of our fiscal 2017 consoli- dated net sales .', 'we have restated our net sales by seg- ment and segment operating profit amounts to reflect our new operating segments .', 'these segment changes had no effect on previously reported consolidated net sales , operating profit , net earnings attributable to general mills , or earnings per share .', 'our north america retail operating segment consists of our former u.s .', 'retail operating units and our canada region .', 'within our north america retail operating seg- ment , our former u.s .', 'meals operating unit and u.s .', 'baking operating unit have been combined into one operating unit : u.s .', 'meals & baking .', 'our convenience stores & foodservice operating segment is unchanged .', 'our europe & australia operating segment consists of our former europe region .', 'our asia & latin america operating segment consists of our former asia/pacific and latin america regions .', 'under our new organization structure , our chief operating decision maker assesses performance and makes decisions about resources to be allocated to our segments at the north america retail , convenience stores & foodservice , europe & australia , and asia & latin america operating segment level .', 'our north america retail operating segment reflects business with a wide variety of grocery stores , mass merchandisers , membership stores , natural food chains , drug , dollar and discount chains , and e-commerce gro- cery providers .', 'our product categories in this business 84 general mills .'] | -9.0 | GIS/2017/page_86.pdf-3 | ['able to reasonably estimate the timing of future cash flows beyond 12 months due to uncertainties in the timing of tax audit outcomes .', 'the remaining amount of our unrecognized tax liability was classified in other liabilities .', 'we report accrued interest and penalties related to unrecognized tax benefit liabilities in income tax expense .', 'for fiscal 2017 , we recognized a net benefit of $ 5.6 million of tax-related net interest and penalties , and had $ 23.1 million of accrued interest and penalties as of may 28 , 2017 .', 'for fiscal 2016 , we recognized a net benefit of $ 2.7 million of tax-related net interest and penalties , and had $ 32.1 million of accrued interest and penalties as of may 29 , 2016 .', 'note 15 .', 'leases , other commitments , and contingencies the company 2019s leases are generally for warehouse space and equipment .', 'rent expense under all operating leases from continuing operations was $ 188.1 million in fiscal 2017 , $ 189.1 million in fiscal 2016 , and $ 193.5 million in fiscal 2015 .', 'some operating leases require payment of property taxes , insurance , and maintenance costs in addition to the rent payments .', 'contingent and escalation rent in excess of minimum rent payments and sublease income netted in rent expense were insignificant .', 'noncancelable future lease commitments are : operating capital in millions leases leases .'] | ['depreciation on capital leases is recorded as deprecia- tion expense in our results of operations .', 'as of may 28 , 2017 , we have issued guarantees and comfort letters of $ 504.7 million for the debt and other obligations of consolidated subsidiaries , and guarantees and comfort letters of $ 165.3 million for the debt and other obligations of non-consolidated affiliates , mainly cpw .', 'in addition , off-balance sheet arrangements are generally limited to the future payments under non-cancelable operating leases , which totaled $ 500.7 million as of may 28 , 2017 .', 'note 16 .', 'business segment and geographic information we operate in the consumer foods industry .', 'in the third quarter of fiscal 2017 , we announced a new global orga- nization structure to streamline our leadership , enhance global scale , and drive improved operational agility to maximize our growth capabilities .', 'as a result of this global reorganization , beginning in the third quarter of fiscal 2017 , we reported results for our four operating segments as follows : north america retail , 65.3 percent of our fiscal 2017 consolidated net sales ; convenience stores & foodservice , 12.0 percent of our fiscal 2017 consolidated net sales ; europe & australia , 11.7 percent of our fiscal 2017 consolidated net sales ; and asia & latin america , 11.0 percent of our fiscal 2017 consoli- dated net sales .', 'we have restated our net sales by seg- ment and segment operating profit amounts to reflect our new operating segments .', 'these segment changes had no effect on previously reported consolidated net sales , operating profit , net earnings attributable to general mills , or earnings per share .', 'our north america retail operating segment consists of our former u.s .', 'retail operating units and our canada region .', 'within our north america retail operating seg- ment , our former u.s .', 'meals operating unit and u.s .', 'baking operating unit have been combined into one operating unit : u.s .', 'meals & baking .', 'our convenience stores & foodservice operating segment is unchanged .', 'our europe & australia operating segment consists of our former europe region .', 'our asia & latin america operating segment consists of our former asia/pacific and latin america regions .', 'under our new organization structure , our chief operating decision maker assesses performance and makes decisions about resources to be allocated to our segments at the north america retail , convenience stores & foodservice , europe & australia , and asia & latin america operating segment level .', 'our north america retail operating segment reflects business with a wide variety of grocery stores , mass merchandisers , membership stores , natural food chains , drug , dollar and discount chains , and e-commerce gro- cery providers .', 'our product categories in this business 84 general mills .'] | ========================================
in millions | operating leases | capital leases
----------|----------|----------
fiscal 2018 | $ 118.8 | $ 0.4
fiscal 2019 | 101.7 | 0.4
fiscal 2020 | 80.7 | 0.2
fiscal 2021 | 60.7 | 0.1
fiscal 2022 | 49.7 | 2014
after fiscal 2022 | 89.1 | 0.1
total noncancelable future lease commitments | $ 500.7 | $ 1.2
less : interest | | -0.1 ( 0.1 )
present value of obligations under capital leases | | $ 1.1
======================================== | subtract(23.1, 32.1) | -9.0 |
what is the total long-term debt as a percentage of total contractual obligations? | Context: ['39 annual report 2010 duke realty corporation | | related party transactions we provide property and asset management , leasing , construction and other tenant related services to unconsolidated companies in which we have equity interests .', 'for the years ended december 31 , 2010 , 2009 and 2008 , respectively , we earned management fees of $ 7.6 million , $ 8.4 million and $ 7.8 million , leasing fees of $ 2.7 million , $ 4.2 million and $ 2.8 million and construction and development fees of $ 10.3 million , $ 10.2 million and $ 12.7 million from these companies .', 'we recorded these fees based on contractual terms that approximate market rates for these types of services , and we have eliminated our ownership percentages of these fees in the consolidated financial statements .', 'commitments and contingencies we have guaranteed the repayment of $ 95.4 million of economic development bonds issued by various municipalities in connection with certain commercial developments .', 'we will be required to make payments under our guarantees to the extent that incremental taxes from specified developments are not sufficient to pay the bond debt service .', 'management does not believe that it is probable that we will be required to make any significant payments in satisfaction of these guarantees .', 'we also have guaranteed the repayment of secured and unsecured loans of six of our unconsolidated subsidiaries .', 'at december 31 , 2010 , the maximum guarantee exposure for these loans was approximately $ 245.4 million .', 'with the exception of the guarantee of the debt of 3630 peachtree joint venture , for which we recorded a contingent liability in 2009 of $ 36.3 million , management believes it probable that we will not be required to satisfy these guarantees .', 'we lease certain land positions with terms extending to december 2080 , with a total obligation of $ 103.6 million .', 'no payments on these ground leases are material in any individual year .', 'we are subject to various legal proceedings and claims that arise in the ordinary course of business .', 'in the opinion of management , the amount of any ultimate liability with respect to these actions will not materially affect our consolidated financial statements or results of operations .', 'contractual obligations at december 31 , 2010 , we were subject to certain contractual payment obligations as described in the table below: .']
----
Data Table:
========================================
Row 1: contractual obligations, payments due by period ( in thousands ) total, payments due by period ( in thousands ) 2011, payments due by period ( in thousands ) 2012, payments due by period ( in thousands ) 2013, payments due by period ( in thousands ) 2014, payments due by period ( in thousands ) 2015, payments due by period ( in thousands ) thereafter
Row 2: long-term debt ( 1 ), $ 5413606, $ 629781, $ 548966, $ 725060, $ 498912, $ 473417, $ 2537470
Row 3: lines of credit ( 2 ), 214225, 28046, 9604, 176575, -, -, -
Row 4: share of debt of unconsolidated joint ventures ( 3 ), 447573, 87602, 27169, 93663, 34854, 65847, 138438
Row 5: ground leases, 103563, 2199, 2198, 2169, 2192, 2202, 92603
Row 6: operating leases, 2704, 840, 419, 395, 380, 370, 300
Row 7: development and construction backlog costs ( 4 ), 521041, 476314, 44727, -, -, -, -
Row 8: other, 1967, 1015, 398, 229, 90, 54, 181
Row 9: total contractual obligations, $ 6704679, $ 1225797, $ 633481, $ 998091, $ 536428, $ 541890, $ 2768992
========================================
----
Post-table: ['( 1 ) our long-term debt consists of both secured and unsecured debt and includes both principal and interest .', 'interest expense for variable rate debt was calculated using the interest rates as of december 31 , 2010 .', '( 2 ) our unsecured lines of credit consist of an operating line of credit that matures february 2013 and the line of credit of a consolidated subsidiary that matures july 2011 .', 'interest expense for our unsecured lines of credit was calculated using the most recent stated interest rates that were in effect .', '( 3 ) our share of unconsolidated joint venture debt includes both principal and interest .', 'interest expense for variable rate debt was calculated using the interest rate at december 31 , 2010 .', '( 4 ) represents estimated remaining costs on the completion of owned development projects and third-party construction projects. .'] | 80.7437 | DRE/2010/page_41.pdf-3 | ['39 annual report 2010 duke realty corporation | | related party transactions we provide property and asset management , leasing , construction and other tenant related services to unconsolidated companies in which we have equity interests .', 'for the years ended december 31 , 2010 , 2009 and 2008 , respectively , we earned management fees of $ 7.6 million , $ 8.4 million and $ 7.8 million , leasing fees of $ 2.7 million , $ 4.2 million and $ 2.8 million and construction and development fees of $ 10.3 million , $ 10.2 million and $ 12.7 million from these companies .', 'we recorded these fees based on contractual terms that approximate market rates for these types of services , and we have eliminated our ownership percentages of these fees in the consolidated financial statements .', 'commitments and contingencies we have guaranteed the repayment of $ 95.4 million of economic development bonds issued by various municipalities in connection with certain commercial developments .', 'we will be required to make payments under our guarantees to the extent that incremental taxes from specified developments are not sufficient to pay the bond debt service .', 'management does not believe that it is probable that we will be required to make any significant payments in satisfaction of these guarantees .', 'we also have guaranteed the repayment of secured and unsecured loans of six of our unconsolidated subsidiaries .', 'at december 31 , 2010 , the maximum guarantee exposure for these loans was approximately $ 245.4 million .', 'with the exception of the guarantee of the debt of 3630 peachtree joint venture , for which we recorded a contingent liability in 2009 of $ 36.3 million , management believes it probable that we will not be required to satisfy these guarantees .', 'we lease certain land positions with terms extending to december 2080 , with a total obligation of $ 103.6 million .', 'no payments on these ground leases are material in any individual year .', 'we are subject to various legal proceedings and claims that arise in the ordinary course of business .', 'in the opinion of management , the amount of any ultimate liability with respect to these actions will not materially affect our consolidated financial statements or results of operations .', 'contractual obligations at december 31 , 2010 , we were subject to certain contractual payment obligations as described in the table below: .'] | ['( 1 ) our long-term debt consists of both secured and unsecured debt and includes both principal and interest .', 'interest expense for variable rate debt was calculated using the interest rates as of december 31 , 2010 .', '( 2 ) our unsecured lines of credit consist of an operating line of credit that matures february 2013 and the line of credit of a consolidated subsidiary that matures july 2011 .', 'interest expense for our unsecured lines of credit was calculated using the most recent stated interest rates that were in effect .', '( 3 ) our share of unconsolidated joint venture debt includes both principal and interest .', 'interest expense for variable rate debt was calculated using the interest rate at december 31 , 2010 .', '( 4 ) represents estimated remaining costs on the completion of owned development projects and third-party construction projects. .'] | ========================================
Row 1: contractual obligations, payments due by period ( in thousands ) total, payments due by period ( in thousands ) 2011, payments due by period ( in thousands ) 2012, payments due by period ( in thousands ) 2013, payments due by period ( in thousands ) 2014, payments due by period ( in thousands ) 2015, payments due by period ( in thousands ) thereafter
Row 2: long-term debt ( 1 ), $ 5413606, $ 629781, $ 548966, $ 725060, $ 498912, $ 473417, $ 2537470
Row 3: lines of credit ( 2 ), 214225, 28046, 9604, 176575, -, -, -
Row 4: share of debt of unconsolidated joint ventures ( 3 ), 447573, 87602, 27169, 93663, 34854, 65847, 138438
Row 5: ground leases, 103563, 2199, 2198, 2169, 2192, 2202, 92603
Row 6: operating leases, 2704, 840, 419, 395, 380, 370, 300
Row 7: development and construction backlog costs ( 4 ), 521041, 476314, 44727, -, -, -, -
Row 8: other, 1967, 1015, 398, 229, 90, 54, 181
Row 9: total contractual obligations, $ 6704679, $ 1225797, $ 633481, $ 998091, $ 536428, $ 541890, $ 2768992
======================================== | divide(5413606, 6704679), multiply(#0, const_100) | 80.7437 |
total discontinued operations represent what percentage of total future minimum lease commitments? | Background: ['the contracts were valued as of april 1 , 2002 , and an asset and a corresponding gain of $ 127 million , net of income taxes , was recorded as a cumulative effect of a change in accounting principle in the second quarter of 2002 .', 'the majority of the gain recorded relates to the warrior run contract , as the asset value of the deepwater contract on april 1 , 2002 , was less than $ 1 million .', 'the warrior run contract qualifies and was designated as a cash flow hedge as defined by sfas no .', '133 and hedge accounting is applied for this contract subsequent to april 1 , 2002 .', 'the contract valuations were performed using current forward electricity and gas price quotes and current market data for other contract variables .', 'the forward curves used to value the contracts include certain assumptions , including projections of future electricity and gas prices in periods where future prices are not quoted .', 'fluctuations in market prices and their impact on the assumptions will cause the value of these contracts to change .', 'such fluctuations will increase the volatility of the company 2019s reported results of operations .', '11 .', 'commitments , contingencies and risks operating leases 2014as of december 31 , 2002 , the company was obligated under long-term non-cancelable operating leases , primarily for office rental and site leases .', 'rental expense for operating leases , excluding amounts related to the sale/leaseback discussed below , was $ 31 million $ 32 million and $ 13 million in the years ended december 31 , 2002 , 2001and 2000 , respectively , including commitments of businesses classified as discontinued amounting to $ 6 million in 2002 , $ 16 million in 2001 and $ 6 million in 2000 .', 'the future minimum lease commitments under these leases are as follows ( in millions ) : discontinued total operations .']
Tabular Data:
----------------------------------------
Row 1: , total, discontinued operations
Row 2: 2003, $ 30, $ 4
Row 3: 2004, 20, 4
Row 4: 2005, 15, 3
Row 5: 2006, 11, 1
Row 6: 2007, 9, 1
Row 7: thereafter, 84, 1
Row 8: total, $ 169, $ 14
----------------------------------------
Follow-up: ['sale/leaseback 2014in may 1999 , a subsidiary of the company acquired six electric generating stations from new york state electric and gas ( 2018 2018nyseg 2019 2019 ) .', 'concurrently , the subsidiary sold two of the plants to an unrelated third party for $ 666 million and simultaneously entered into a leasing arrangement with the unrelated party .', 'this transaction has been accounted for as a sale/leaseback with operating lease treatment .', 'rental expense was $ 54 million , $ 58 million and $ 54 million in 2002 , 2001 and 2000 , respectively .', 'future minimum lease commitments are as follows ( in millions ) : in connection with the lease of the two power plants , the subsidiary is required to maintain a rent reserve account equal to the maximum semi-annual payment with respect to the sum of the basic rent ( other then deferrable basic rent ) and fixed charges expected to become due in the immediately succeeding three-year period .', 'at december 31 , 2002 , 2001 and 2000 , the amount deposited in the rent reserve account approximated .'] | 0.08284 | AES/2002/page_128.pdf-1 | ['the contracts were valued as of april 1 , 2002 , and an asset and a corresponding gain of $ 127 million , net of income taxes , was recorded as a cumulative effect of a change in accounting principle in the second quarter of 2002 .', 'the majority of the gain recorded relates to the warrior run contract , as the asset value of the deepwater contract on april 1 , 2002 , was less than $ 1 million .', 'the warrior run contract qualifies and was designated as a cash flow hedge as defined by sfas no .', '133 and hedge accounting is applied for this contract subsequent to april 1 , 2002 .', 'the contract valuations were performed using current forward electricity and gas price quotes and current market data for other contract variables .', 'the forward curves used to value the contracts include certain assumptions , including projections of future electricity and gas prices in periods where future prices are not quoted .', 'fluctuations in market prices and their impact on the assumptions will cause the value of these contracts to change .', 'such fluctuations will increase the volatility of the company 2019s reported results of operations .', '11 .', 'commitments , contingencies and risks operating leases 2014as of december 31 , 2002 , the company was obligated under long-term non-cancelable operating leases , primarily for office rental and site leases .', 'rental expense for operating leases , excluding amounts related to the sale/leaseback discussed below , was $ 31 million $ 32 million and $ 13 million in the years ended december 31 , 2002 , 2001and 2000 , respectively , including commitments of businesses classified as discontinued amounting to $ 6 million in 2002 , $ 16 million in 2001 and $ 6 million in 2000 .', 'the future minimum lease commitments under these leases are as follows ( in millions ) : discontinued total operations .'] | ['sale/leaseback 2014in may 1999 , a subsidiary of the company acquired six electric generating stations from new york state electric and gas ( 2018 2018nyseg 2019 2019 ) .', 'concurrently , the subsidiary sold two of the plants to an unrelated third party for $ 666 million and simultaneously entered into a leasing arrangement with the unrelated party .', 'this transaction has been accounted for as a sale/leaseback with operating lease treatment .', 'rental expense was $ 54 million , $ 58 million and $ 54 million in 2002 , 2001 and 2000 , respectively .', 'future minimum lease commitments are as follows ( in millions ) : in connection with the lease of the two power plants , the subsidiary is required to maintain a rent reserve account equal to the maximum semi-annual payment with respect to the sum of the basic rent ( other then deferrable basic rent ) and fixed charges expected to become due in the immediately succeeding three-year period .', 'at december 31 , 2002 , 2001 and 2000 , the amount deposited in the rent reserve account approximated .'] | ----------------------------------------
Row 1: , total, discontinued operations
Row 2: 2003, $ 30, $ 4
Row 3: 2004, 20, 4
Row 4: 2005, 15, 3
Row 5: 2006, 11, 1
Row 6: 2007, 9, 1
Row 7: thereafter, 84, 1
Row 8: total, $ 169, $ 14
---------------------------------------- | divide(14, 169) | 0.08284 |
what percentage of doors in the wholesale segment as of march 30 , 2013 where in the asia geography? | Background: ['the primary product offerings sold through our wholesale channels of distribution include menswear , womenswear , childrenswear , accessories , and home furnishings .', 'our collection brands 2014 women 2019s ralph lauren collection and black label and men 2019s purple label and black label 2014 are distributed worldwide through a limited number of premier fashion retailers .', 'department stores are our major wholesale customers in north america .', 'in latin america , our wholesale products are sold in department stores and specialty stores .', 'in europe , our wholesale sales are a varying mix of sales to both department stores and specialty stores , depending on the country .', 'we also distribute product to certain licensed stores operated by franchisees in europe and asia .', 'in addition , our club monaco products are distributed through select department stores and specialty stores in europe .', "in japan , our wholesale products are distributed primarily through shop-within-shops at premier and top-tier department stores , and the mix of business is weighted to women 2019s and men's blue label .", 'in the greater china and southeast asia region , our wholesale products are sold at mid and top-tier department stores in china , thailand , and the philippines , and the mix of business is primarily weighted to men 2019s and women 2019s blue label .', 'we sell the majority of our excess and out-of-season products through secondary distribution channels worldwide , including our retail factory stores .', 'worldwide distribution channels the following table presents the number of doors by geographic location in which ralph lauren-branded products distributed by our wholesale segment were sold to consumers in our primary channels of distribution as of march 30 , 2013 : location number of .']
----
Table:
Row 1: location, number ofdoors
Row 2: the americas, 6043
Row 3: europe, 4504
Row 4: asia, 78
Row 5: total, 10625
----
Additional Information: ['in addition , chaps-branded products distributed by our wholesale segment were sold domestically through approximately 1200 doors as of march 30 , we have three key wholesale customers that generate significant sales volume .', 'for fiscal 2013 , these customers in the aggregate accounted for approximately 45% ( 45 % ) of our total wholesale revenues , with macy 2019s , inc .', '( "macy\'s" ) representing approximately 25% ( 25 % ) of our total wholesale revenues .', 'our products are sold primarily through our own sales forces .', 'our wholesale segment maintains its primary showrooms in new york city .', 'in addition , we maintain regional showrooms in boston , milan , paris , london , munich , madrid , and stockholm .', 'shop-within-shops .', 'as a critical element of our distribution to department stores , we and our licensing partners utilize shop-within-shops to enhance brand recognition , to permit more complete merchandising of our lines by the department stores , and to differentiate the presentation of our products .', 'shop- within-shop fixed assets primarily include items such as customized freestanding fixtures , wall cases and components , decorative items , and flooring .', 'as of march 30 , 2013 , we had approximately 20000 shop-within-shops dedicated to our ralph lauren-branded wholesale products worldwide .', 'the size of our shop-within-shops ranges from approximately 100 to 7400 square feet .', 'we normally share in the cost of building-out these shop-within-shops with our wholesale customers .', 'basic stock replenishment program .', 'basic products such as knit shirts , chino pants , oxford cloth shirts , selected accessories , and home products can be ordered by our wholesale customers at any time through our basic stock replenishment programs .', 'we generally ship these products within two-to-five days of order receipt .', 'our retail segment as of march 30 , 2013 , our retail segment consisted of 388 directly-operated freestanding stores worldwide , totaling approximately 3 million square feet , 494 concession-based shop-within-shops , and seven e-commerce websites .', 'the extension of our direct-to-consumer reach is one of our primary long-term strategic goals. .'] | 0.00734 | RL/2013/page_13.pdf-2 | ['the primary product offerings sold through our wholesale channels of distribution include menswear , womenswear , childrenswear , accessories , and home furnishings .', 'our collection brands 2014 women 2019s ralph lauren collection and black label and men 2019s purple label and black label 2014 are distributed worldwide through a limited number of premier fashion retailers .', 'department stores are our major wholesale customers in north america .', 'in latin america , our wholesale products are sold in department stores and specialty stores .', 'in europe , our wholesale sales are a varying mix of sales to both department stores and specialty stores , depending on the country .', 'we also distribute product to certain licensed stores operated by franchisees in europe and asia .', 'in addition , our club monaco products are distributed through select department stores and specialty stores in europe .', "in japan , our wholesale products are distributed primarily through shop-within-shops at premier and top-tier department stores , and the mix of business is weighted to women 2019s and men's blue label .", 'in the greater china and southeast asia region , our wholesale products are sold at mid and top-tier department stores in china , thailand , and the philippines , and the mix of business is primarily weighted to men 2019s and women 2019s blue label .', 'we sell the majority of our excess and out-of-season products through secondary distribution channels worldwide , including our retail factory stores .', 'worldwide distribution channels the following table presents the number of doors by geographic location in which ralph lauren-branded products distributed by our wholesale segment were sold to consumers in our primary channels of distribution as of march 30 , 2013 : location number of .'] | ['in addition , chaps-branded products distributed by our wholesale segment were sold domestically through approximately 1200 doors as of march 30 , we have three key wholesale customers that generate significant sales volume .', 'for fiscal 2013 , these customers in the aggregate accounted for approximately 45% ( 45 % ) of our total wholesale revenues , with macy 2019s , inc .', '( "macy\'s" ) representing approximately 25% ( 25 % ) of our total wholesale revenues .', 'our products are sold primarily through our own sales forces .', 'our wholesale segment maintains its primary showrooms in new york city .', 'in addition , we maintain regional showrooms in boston , milan , paris , london , munich , madrid , and stockholm .', 'shop-within-shops .', 'as a critical element of our distribution to department stores , we and our licensing partners utilize shop-within-shops to enhance brand recognition , to permit more complete merchandising of our lines by the department stores , and to differentiate the presentation of our products .', 'shop- within-shop fixed assets primarily include items such as customized freestanding fixtures , wall cases and components , decorative items , and flooring .', 'as of march 30 , 2013 , we had approximately 20000 shop-within-shops dedicated to our ralph lauren-branded wholesale products worldwide .', 'the size of our shop-within-shops ranges from approximately 100 to 7400 square feet .', 'we normally share in the cost of building-out these shop-within-shops with our wholesale customers .', 'basic stock replenishment program .', 'basic products such as knit shirts , chino pants , oxford cloth shirts , selected accessories , and home products can be ordered by our wholesale customers at any time through our basic stock replenishment programs .', 'we generally ship these products within two-to-five days of order receipt .', 'our retail segment as of march 30 , 2013 , our retail segment consisted of 388 directly-operated freestanding stores worldwide , totaling approximately 3 million square feet , 494 concession-based shop-within-shops , and seven e-commerce websites .', 'the extension of our direct-to-consumer reach is one of our primary long-term strategic goals. .'] | Row 1: location, number ofdoors
Row 2: the americas, 6043
Row 3: europe, 4504
Row 4: asia, 78
Row 5: total, 10625 | divide(78, 10625) | 0.00734 |
what was the percent of the total self-insurance reserves that was classified as current in 2018 | Background: ['warranty reserve some of our salvage mechanical products are sold with a standard six month warranty against defects .', 'additionally , some of our remanufactured engines are sold with a standard three year warranty against defects .', 'we also provide a limited lifetime warranty for certain of our aftermarket products .', 'these assurance-type warranties are not considered a separate performance obligation , and thus no transaction price is allocated to them .', 'we record the warranty costs in cost of goods sold on our consolidated statements of income .', 'our warranty reserve is calculated using historical claim information to project future warranty claims activity and is recorded within other accrued expenses and other noncurrent liabilities on our consolidated balance sheets based on the expected timing of the related payments .', 'the changes in the warranty reserve are as follows ( in thousands ) : .']
Table:
========================================
Row 1: balance as of january 1 2017, $ 19634
Row 2: warranty expense, 38608
Row 3: warranty claims, -35091 ( 35091 )
Row 4: balance as of december 31 2017, 23151
Row 5: warranty expense, 43682
Row 6: warranty claims, -43571 ( 43571 )
Row 7: balance as of december 31 2018, $ 23262
========================================
Additional Information: ['self-insurance reserves we self-insure a portion of employee medical benefits under the terms of our employee health insurance program .', 'we purchase certain stop-loss insurance to limit our liability exposure .', "we also self-insure a portion of our property and casualty risk , which includes automobile liability , general liability , directors and officers liability , workers' compensation , and property coverage , under deductible insurance programs .", 'the insurance premium costs are expensed over the contract periods .', 'a reserve for liabilities associated with these losses is established for claims filed and claims incurred but not yet reported based upon our estimate of ultimate cost , which is calculated using analysis of historical data .', 'we monitor new claims and claim development as well as trends related to the claims incurred but not reported in order to assess the adequacy of our insurance reserves .', 'total self-insurance reserves were $ 105 million and $ 94 million , of which $ 52 million and $ 43 million was classified as current , as of december 31 , 2018 and 2017 , respectively , and are classified as other accrued expenses in the consolidated balance sheets .', "the remaining balances of self-insurance reserves are classified as other noncurrent liabilities , which reflects management's estimates of when claims will be paid .", 'we had outstanding letters of credit of $ 65 million and $ 71 million at december 31 , 2018 and 2017 , respectively , to guarantee self-insurance claims payments .', 'while we do not expect the amounts ultimately paid to differ significantly from our estimates , our insurance reserves and corresponding expenses could be affected if future claims experience differs significantly from historical trends and assumptions .', "stockholders' equity on october 25 , 2018 , our board of directors authorized a stock repurchase program under which we may purchase up to $ 500 million of our common stock from time to time through october 25 , 2021 .", 'repurchases under the program may be made in the open market or in privately negotiated transactions , with the amount and timing of repurchases depending on market conditions and corporate needs .', 'the repurchase program does not obligate us to acquire any specific number of shares and may be suspended or discontinued at any time .', 'delaware law imposes restrictions on stock repurchases .', 'during 2018 , we repurchased 2.3 million shares of common stock for an aggregate price $ 60 million .', 'as of december 31 , 2018 , there is $ 440 million of remaining capacity under our repurchase program .', 'in 2019 , we have repurchased 1.8 million shares of common stock for an aggregate purchase price of $ 46 million during the period ended february 22 , 2019 .', 'treasury stock is accounted for using the cost method .', 'income taxes current income taxes are provided on income reported for financial reporting purposes , adjusted for transactions that do not enter into the computation of income taxes payable in the same year .', 'deferred income taxes have been provided to show the effect of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements .', 'a valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before we are able to realize their benefit or that future deductibility is uncertain .', 'provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be permanently invested. .'] | 0.49524 | LKQ/2018/page_83.pdf-3 | ['warranty reserve some of our salvage mechanical products are sold with a standard six month warranty against defects .', 'additionally , some of our remanufactured engines are sold with a standard three year warranty against defects .', 'we also provide a limited lifetime warranty for certain of our aftermarket products .', 'these assurance-type warranties are not considered a separate performance obligation , and thus no transaction price is allocated to them .', 'we record the warranty costs in cost of goods sold on our consolidated statements of income .', 'our warranty reserve is calculated using historical claim information to project future warranty claims activity and is recorded within other accrued expenses and other noncurrent liabilities on our consolidated balance sheets based on the expected timing of the related payments .', 'the changes in the warranty reserve are as follows ( in thousands ) : .'] | ['self-insurance reserves we self-insure a portion of employee medical benefits under the terms of our employee health insurance program .', 'we purchase certain stop-loss insurance to limit our liability exposure .', "we also self-insure a portion of our property and casualty risk , which includes automobile liability , general liability , directors and officers liability , workers' compensation , and property coverage , under deductible insurance programs .", 'the insurance premium costs are expensed over the contract periods .', 'a reserve for liabilities associated with these losses is established for claims filed and claims incurred but not yet reported based upon our estimate of ultimate cost , which is calculated using analysis of historical data .', 'we monitor new claims and claim development as well as trends related to the claims incurred but not reported in order to assess the adequacy of our insurance reserves .', 'total self-insurance reserves were $ 105 million and $ 94 million , of which $ 52 million and $ 43 million was classified as current , as of december 31 , 2018 and 2017 , respectively , and are classified as other accrued expenses in the consolidated balance sheets .', "the remaining balances of self-insurance reserves are classified as other noncurrent liabilities , which reflects management's estimates of when claims will be paid .", 'we had outstanding letters of credit of $ 65 million and $ 71 million at december 31 , 2018 and 2017 , respectively , to guarantee self-insurance claims payments .', 'while we do not expect the amounts ultimately paid to differ significantly from our estimates , our insurance reserves and corresponding expenses could be affected if future claims experience differs significantly from historical trends and assumptions .', "stockholders' equity on october 25 , 2018 , our board of directors authorized a stock repurchase program under which we may purchase up to $ 500 million of our common stock from time to time through october 25 , 2021 .", 'repurchases under the program may be made in the open market or in privately negotiated transactions , with the amount and timing of repurchases depending on market conditions and corporate needs .', 'the repurchase program does not obligate us to acquire any specific number of shares and may be suspended or discontinued at any time .', 'delaware law imposes restrictions on stock repurchases .', 'during 2018 , we repurchased 2.3 million shares of common stock for an aggregate price $ 60 million .', 'as of december 31 , 2018 , there is $ 440 million of remaining capacity under our repurchase program .', 'in 2019 , we have repurchased 1.8 million shares of common stock for an aggregate purchase price of $ 46 million during the period ended february 22 , 2019 .', 'treasury stock is accounted for using the cost method .', 'income taxes current income taxes are provided on income reported for financial reporting purposes , adjusted for transactions that do not enter into the computation of income taxes payable in the same year .', 'deferred income taxes have been provided to show the effect of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements .', 'a valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before we are able to realize their benefit or that future deductibility is uncertain .', 'provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be permanently invested. .'] | ========================================
Row 1: balance as of january 1 2017, $ 19634
Row 2: warranty expense, 38608
Row 3: warranty claims, -35091 ( 35091 )
Row 4: balance as of december 31 2017, 23151
Row 5: warranty expense, 43682
Row 6: warranty claims, -43571 ( 43571 )
Row 7: balance as of december 31 2018, $ 23262
======================================== | divide(52, 105) | 0.49524 |
what portion of equity compensation plan remains available for future issuance? | 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 , 2014 .', '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 ( 2 ) 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 1955024 $ 36.06 4078093 equity compensation plans not approved by security holders ( 3 ) 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 ( 2 ), 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, 1955024, $ 36.06, 4078093
equity compensation plans not approved by security holders ( 3 ), 2014, 2014, 2014
total, 1955024, $ 36.06, 4078093
========================================
----------
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 , 644321 were subject to stock options , 539742 were subject to outstanding restricted performance stock rights , and 63022 were stock rights granted under the 2011 plan .', 'in addition , this number includes 33571 stock rights , 11046 restricted stock rights and 663322 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement .', '( 2 ) this is the weighted average exercise price of the 644321 outstanding stock options only .', '( 3 ) 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 2015 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 2015 annual meeting of stockholders to be filed within 120 days after the end of the company 2019s fiscal year .', 'this proof is printed at 96% ( 96 % ) of original size this line represents final trim and will not print .'] | 0.67595 | HII/2014/page_133.pdf-3 | ['equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31 , 2014 .', '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 ( 2 ) 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 1955024 $ 36.06 4078093 equity compensation plans not approved by security holders ( 3 ) 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 , 644321 were subject to stock options , 539742 were subject to outstanding restricted performance stock rights , and 63022 were stock rights granted under the 2011 plan .', 'in addition , this number includes 33571 stock rights , 11046 restricted stock rights and 663322 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement .', '( 2 ) this is the weighted average exercise price of the 644321 outstanding stock options only .', '( 3 ) 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 2015 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 2015 annual meeting of stockholders to be filed within 120 days after the end of the company 2019s fiscal year .', 'this proof is printed at 96% ( 96 % ) of original size this line represents final trim and will not print .'] | ========================================
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 ( 2 ), 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, 1955024, $ 36.06, 4078093
equity compensation plans not approved by security holders ( 3 ), 2014, 2014, 2014
total, 1955024, $ 36.06, 4078093
======================================== | add(1955024, 4078093), divide(4078093, #0) | 0.67595 |
what is the growth rate in the balance of cash , cash equivalents and marketable securities from 2012 to 2013? | Background: ['management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) net cash used in investing activities during 2012 primarily related to payments for capital expenditures and acquisitions , partially offset by the net proceeds of $ 94.8 received from the sale of our remaining holdings in facebook .', 'capital expenditures of $ 169.2 primarily related to computer hardware and software , and leasehold improvements .', 'capital expenditures increased in 2012 compared to the prior year , primarily due to an increase in leasehold improvements made during the year .', 'payments for acquisitions of $ 145.5 primarily related to payments for new acquisitions .', 'financing activities net cash used in financing activities during 2013 primarily related to the purchase of long-term debt , the repurchase of our common stock , and payment of dividends .', 'we redeemed all $ 600.0 in aggregate principal amount of our 10.00% ( 10.00 % ) notes .', 'in addition , we repurchased 31.8 shares of our common stock for an aggregate cost of $ 481.8 , including fees , and made dividend payments of $ 126.0 on our common stock .', 'net cash provided by financing activities during 2012 primarily reflected net proceeds from our debt transactions .', 'we issued $ 300.0 in aggregate principal amount of 2.25% ( 2.25 % ) senior notes due 2017 ( the 201c2.25% ( 201c2.25 % ) notes 201d ) , $ 500.0 in aggregate principal amount of 3.75% ( 3.75 % ) senior notes due 2023 ( the 201c3.75% ( 201c3.75 % ) notes 201d ) and $ 250.0 in aggregate principal amount of 4.00% ( 4.00 % ) senior notes due 2022 ( the 201c4.00% ( 201c4.00 % ) notes 201d ) .', 'the proceeds from the issuance of the 4.00% ( 4.00 % ) notes were applied towards the repurchase and redemption of $ 399.6 in aggregate principal amount of our 4.25% ( 4.25 % ) notes .', 'offsetting the net proceeds from our debt transactions was the repurchase of 32.7 shares of our common stock for an aggregate cost of $ 350.5 , including fees , and dividend payments of $ 103.4 on our common stock .', 'foreign exchange rate changes the effect of foreign exchange rate changes on cash and cash equivalents included in the consolidated statements of cash flows resulted in a decrease of $ 94.1 in 2013 .', 'the decrease was primarily a result of the u.s .', 'dollar being stronger than several foreign currencies , including the australian dollar , brazilian real , japanese yen , canadian dollar and south african rand as of december 31 , 2013 compared to december 31 , 2012 .', 'the effect of foreign exchange rate changes on cash and cash equivalents included in the consolidated statements of cash flows resulted in a decrease of $ 6.2 in 2012 .', 'the decrease was a result of the u.s .', 'dollar being stronger than several foreign currencies , including the brazilian real and south african rand , offset by the u.s .', 'dollar being weaker than other foreign currencies , including the australian dollar , british pound and the euro , as of as of december 31 , 2012 compared to december 31 , 2011. .']
######
Data Table:
****************************************
balance sheet data, december 31 , 2013, december 31 , 2012
cash cash equivalents and marketable securities, $ 1642.1, $ 2590.8
short-term borrowings, $ 179.1, $ 172.1
current portion of long-term debt, 353.6, 216.6
long-term debt, 1129.8, 2060.8
total debt, $ 1662.5, $ 2449.5
****************************************
######
Follow-up: ['liquidity outlook we expect our cash flow from operations , cash and cash equivalents to be sufficient to meet our anticipated operating requirements at a minimum for the next twelve months .', 'we also have a committed corporate credit facility as well as uncommitted facilities available to support our operating needs .', 'we continue to maintain a disciplined approach to managing liquidity , with flexibility over significant uses of cash , including our capital expenditures , cash used for new acquisitions , our common stock repurchase program and our common stock dividends. .'] | -0.36618 | IPG/2013/page_36.pdf-4 | ['management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) net cash used in investing activities during 2012 primarily related to payments for capital expenditures and acquisitions , partially offset by the net proceeds of $ 94.8 received from the sale of our remaining holdings in facebook .', 'capital expenditures of $ 169.2 primarily related to computer hardware and software , and leasehold improvements .', 'capital expenditures increased in 2012 compared to the prior year , primarily due to an increase in leasehold improvements made during the year .', 'payments for acquisitions of $ 145.5 primarily related to payments for new acquisitions .', 'financing activities net cash used in financing activities during 2013 primarily related to the purchase of long-term debt , the repurchase of our common stock , and payment of dividends .', 'we redeemed all $ 600.0 in aggregate principal amount of our 10.00% ( 10.00 % ) notes .', 'in addition , we repurchased 31.8 shares of our common stock for an aggregate cost of $ 481.8 , including fees , and made dividend payments of $ 126.0 on our common stock .', 'net cash provided by financing activities during 2012 primarily reflected net proceeds from our debt transactions .', 'we issued $ 300.0 in aggregate principal amount of 2.25% ( 2.25 % ) senior notes due 2017 ( the 201c2.25% ( 201c2.25 % ) notes 201d ) , $ 500.0 in aggregate principal amount of 3.75% ( 3.75 % ) senior notes due 2023 ( the 201c3.75% ( 201c3.75 % ) notes 201d ) and $ 250.0 in aggregate principal amount of 4.00% ( 4.00 % ) senior notes due 2022 ( the 201c4.00% ( 201c4.00 % ) notes 201d ) .', 'the proceeds from the issuance of the 4.00% ( 4.00 % ) notes were applied towards the repurchase and redemption of $ 399.6 in aggregate principal amount of our 4.25% ( 4.25 % ) notes .', 'offsetting the net proceeds from our debt transactions was the repurchase of 32.7 shares of our common stock for an aggregate cost of $ 350.5 , including fees , and dividend payments of $ 103.4 on our common stock .', 'foreign exchange rate changes the effect of foreign exchange rate changes on cash and cash equivalents included in the consolidated statements of cash flows resulted in a decrease of $ 94.1 in 2013 .', 'the decrease was primarily a result of the u.s .', 'dollar being stronger than several foreign currencies , including the australian dollar , brazilian real , japanese yen , canadian dollar and south african rand as of december 31 , 2013 compared to december 31 , 2012 .', 'the effect of foreign exchange rate changes on cash and cash equivalents included in the consolidated statements of cash flows resulted in a decrease of $ 6.2 in 2012 .', 'the decrease was a result of the u.s .', 'dollar being stronger than several foreign currencies , including the brazilian real and south african rand , offset by the u.s .', 'dollar being weaker than other foreign currencies , including the australian dollar , british pound and the euro , as of as of december 31 , 2012 compared to december 31 , 2011. .'] | ['liquidity outlook we expect our cash flow from operations , cash and cash equivalents to be sufficient to meet our anticipated operating requirements at a minimum for the next twelve months .', 'we also have a committed corporate credit facility as well as uncommitted facilities available to support our operating needs .', 'we continue to maintain a disciplined approach to managing liquidity , with flexibility over significant uses of cash , including our capital expenditures , cash used for new acquisitions , our common stock repurchase program and our common stock dividends. .'] | ****************************************
balance sheet data, december 31 , 2013, december 31 , 2012
cash cash equivalents and marketable securities, $ 1642.1, $ 2590.8
short-term borrowings, $ 179.1, $ 172.1
current portion of long-term debt, 353.6, 216.6
long-term debt, 1129.8, 2060.8
total debt, $ 1662.5, $ 2449.5
**************************************** | subtract(1642.1, 2590.8), divide(#0, 2590.8) | -0.36618 |
in 2018 what was the ratio of the net sales from products and systems integration to the services and software | Pre-text: ['results of operations 20142018 compared to 2017 net sales .']
########
Table:
----------------------------------------
Row 1: ( in millions ), years ended december 31 2018, years ended december 31 2017, years ended december 31 % ( % ) change
Row 2: net sales from products and systems integration, $ 5100, $ 4513, 13% ( 13 % )
Row 3: net sales from services and software, 2243, 1867, 20% ( 20 % )
Row 4: net sales, $ 7343, $ 6380, 15% ( 15 % )
----------------------------------------
########
Follow-up: ['the products and systems integration segment 2019s net sales represented 69% ( 69 % ) of our consolidated net sales in 2018 , compared to 71% ( 71 % ) in 2017 .', 'the services and software segment 2019s net sales represented 31% ( 31 % ) of our consolidated net sales in 2018 , compared to 29% ( 29 % ) in 2017 .', 'net sales were up $ 963 million , or 15% ( 15 % ) , compared to 2017 .', 'the increase in net sales was driven by the americas and emea with a 13% ( 13 % ) increase in the products and systems integration segment and a 20% ( 20 % ) increase in the services and software segment .', 'this growth includes : 2022 $ 507 million of incremental revenue from the acquisitions of avigilon and plant in 2018 and kodiak networks and interexport which were acquired during 2017 ; 2022 $ 83 million from the adoption of accounting standards codification ( "asc" ) 606 ( see note 1 of our consolidated financial statements ) ; and 2022 $ 32 million from favorable currency rates .', 'regional results include : 2022 the americas grew 17% ( 17 % ) across all products within both the products and systems integration and the services and software segments , inclusive of incremental revenue from acquisitions ; 2022 emea grew 18% ( 18 % ) on broad-based growth within all offerings within our products and systems integration and services and software segments , inclusive of incremental revenue from acquisitions ; and 2022 ap was relatively flat with growth in the services and software segment offset by lower products and systems integration revenue .', 'products and systems integration the 13% ( 13 % ) growth in the products and systems integration segment was driven by the following : 2022 $ 318 million of incremental revenue from the acquisitions of avigilon in 2018 and interexport during 2017 ; 2022 $ 78 million from the adoption of asc 606 ; 2022 devices revenues were up significantly due to the acquisition of avigilon along with strong demand in the americas and emea ; and 2022 systems and systems integration revenues increased 10% ( 10 % ) in 2018 , as compared to 2017 driven by incremental revenue from avigilon , as well as system deployments in emea and ap .', 'services and software the 20% ( 20 % ) growth in the services and software segment was driven by the following : 2022 $ 189 million of incremental revenue primarily from the acquisitions of plant and avigilon in 2018 and kodiak networks and interexport during 2017 ; 2022 $ 5 million from the adoption of asc 606 ; 2022 services were up $ 174 million , or 9% ( 9 % ) , driven by growth in both maintenance and managed service revenues , and incremental revenue from the acquisitions of interexport and plant ; and 2022 software was up $ 202 million , or 89% ( 89 % ) , driven primarily by incremental revenue from the acquisitions of plant , avigilon , and kodiak networks , and growth in our command center software suite. .'] | 2.27374 | MSI/2018/page_32.pdf-3 | ['results of operations 20142018 compared to 2017 net sales .'] | ['the products and systems integration segment 2019s net sales represented 69% ( 69 % ) of our consolidated net sales in 2018 , compared to 71% ( 71 % ) in 2017 .', 'the services and software segment 2019s net sales represented 31% ( 31 % ) of our consolidated net sales in 2018 , compared to 29% ( 29 % ) in 2017 .', 'net sales were up $ 963 million , or 15% ( 15 % ) , compared to 2017 .', 'the increase in net sales was driven by the americas and emea with a 13% ( 13 % ) increase in the products and systems integration segment and a 20% ( 20 % ) increase in the services and software segment .', 'this growth includes : 2022 $ 507 million of incremental revenue from the acquisitions of avigilon and plant in 2018 and kodiak networks and interexport which were acquired during 2017 ; 2022 $ 83 million from the adoption of accounting standards codification ( "asc" ) 606 ( see note 1 of our consolidated financial statements ) ; and 2022 $ 32 million from favorable currency rates .', 'regional results include : 2022 the americas grew 17% ( 17 % ) across all products within both the products and systems integration and the services and software segments , inclusive of incremental revenue from acquisitions ; 2022 emea grew 18% ( 18 % ) on broad-based growth within all offerings within our products and systems integration and services and software segments , inclusive of incremental revenue from acquisitions ; and 2022 ap was relatively flat with growth in the services and software segment offset by lower products and systems integration revenue .', 'products and systems integration the 13% ( 13 % ) growth in the products and systems integration segment was driven by the following : 2022 $ 318 million of incremental revenue from the acquisitions of avigilon in 2018 and interexport during 2017 ; 2022 $ 78 million from the adoption of asc 606 ; 2022 devices revenues were up significantly due to the acquisition of avigilon along with strong demand in the americas and emea ; and 2022 systems and systems integration revenues increased 10% ( 10 % ) in 2018 , as compared to 2017 driven by incremental revenue from avigilon , as well as system deployments in emea and ap .', 'services and software the 20% ( 20 % ) growth in the services and software segment was driven by the following : 2022 $ 189 million of incremental revenue primarily from the acquisitions of plant and avigilon in 2018 and kodiak networks and interexport during 2017 ; 2022 $ 5 million from the adoption of asc 606 ; 2022 services were up $ 174 million , or 9% ( 9 % ) , driven by growth in both maintenance and managed service revenues , and incremental revenue from the acquisitions of interexport and plant ; and 2022 software was up $ 202 million , or 89% ( 89 % ) , driven primarily by incremental revenue from the acquisitions of plant , avigilon , and kodiak networks , and growth in our command center software suite. .'] | ----------------------------------------
Row 1: ( in millions ), years ended december 31 2018, years ended december 31 2017, years ended december 31 % ( % ) change
Row 2: net sales from products and systems integration, $ 5100, $ 4513, 13% ( 13 % )
Row 3: net sales from services and software, 2243, 1867, 20% ( 20 % )
Row 4: net sales, $ 7343, $ 6380, 15% ( 15 % )
---------------------------------------- | divide(5100, 2243) | 2.27374 |
what portion of the increase in net revenue from non-utility nuclear is attributed to the change in realized price? | Context: ["entergy corporation and subsidiaries management's financial discussion and analysis the purchased power capacity variance is primarily due to higher capacity charges .", 'a portion of the variance is due to the amortization of deferred capacity costs and is offset in base revenues due to base rate increases implemented to recover incremental deferred and ongoing purchased power capacity charges .', 'the volume/weather variance is primarily due to the effect of less favorable weather compared to the same period in 2007 and decreased electricity usage primarily during the unbilled sales period .', "hurricane gustav and hurricane ike , which hit the utility's service territories in september 2008 , contributed an estimated $ 46 million to the decrease in electricity usage .", 'industrial sales were also depressed by the continuing effects of the hurricanes and , especially in the latter part of the year , because of the overall decline of the economy , leading to lower usage in the latter part of the year affecting both the large customer industrial segment as well as small and mid-sized industrial customers .', 'the decreases in electricity usage were partially offset by an increase in residential and commercial customer electricity usage that occurred during the periods of the year not affected by the hurricanes .', 'the retail electric price variance is primarily due to : an increase in the attala power plant costs recovered through the power management rider by entergy mississippi .', 'the net income effect of this recovery is limited to a portion representing an allowed return on equity with the remainder offset by attala power plant costs in other operation and maintenance expenses , depreciation expenses , and taxes other than income taxes ; a storm damage rider that became effective in october 2007 at entergy mississippi ; and an energy efficiency rider that became effective in november 2007 at entergy arkansas .', 'the establishment of the storm damage rider and the energy efficiency rider results in an increase in rider revenue and a corresponding increase in other operation and maintenance expense with no impact on net income .', 'the retail electric price variance was partially offset by : the absence of interim storm recoveries through the formula rate plans at entergy louisiana and entergy gulf states louisiana which ceased upon the act 55 financing of storm costs in the third quarter 2008 ; and a credit passed on to customers as a result of the act 55 storm cost financings .', 'refer to "liquidity and capital resources - hurricane katrina and hurricane rita" below and note 2 to the financial statements for a discussion of the interim recovery of storm costs and the act 55 storm cost financings .', 'non-utility nuclear following is an analysis of the change in net revenue comparing 2008 to 2007 .', 'amount ( in millions ) .']
------
Data Table:
• , amount ( in millions )
• 2007 net revenue, $ 1839
• realized price changes, 309
• palisades acquisition, 98
• volume variance ( other than palisades ), 73
• fuel expenses ( other than palisades ), -19 ( 19 )
• other, 34
• 2008 net revenue, $ 2334
------
Follow-up: ['as shown in the table above , net revenue for non-utility nuclear increased by $ 495 million , or 27% ( 27 % ) , in 2008 compared to 2007 primarily due to higher pricing in its contracts to sell power , additional production available from the acquisition of palisades in april 2007 , and fewer outage days .', 'in addition to the refueling outages shown in the .'] | 0.62424 | ETR/2009/page_21.pdf-1 | ["entergy corporation and subsidiaries management's financial discussion and analysis the purchased power capacity variance is primarily due to higher capacity charges .", 'a portion of the variance is due to the amortization of deferred capacity costs and is offset in base revenues due to base rate increases implemented to recover incremental deferred and ongoing purchased power capacity charges .', 'the volume/weather variance is primarily due to the effect of less favorable weather compared to the same period in 2007 and decreased electricity usage primarily during the unbilled sales period .', "hurricane gustav and hurricane ike , which hit the utility's service territories in september 2008 , contributed an estimated $ 46 million to the decrease in electricity usage .", 'industrial sales were also depressed by the continuing effects of the hurricanes and , especially in the latter part of the year , because of the overall decline of the economy , leading to lower usage in the latter part of the year affecting both the large customer industrial segment as well as small and mid-sized industrial customers .', 'the decreases in electricity usage were partially offset by an increase in residential and commercial customer electricity usage that occurred during the periods of the year not affected by the hurricanes .', 'the retail electric price variance is primarily due to : an increase in the attala power plant costs recovered through the power management rider by entergy mississippi .', 'the net income effect of this recovery is limited to a portion representing an allowed return on equity with the remainder offset by attala power plant costs in other operation and maintenance expenses , depreciation expenses , and taxes other than income taxes ; a storm damage rider that became effective in october 2007 at entergy mississippi ; and an energy efficiency rider that became effective in november 2007 at entergy arkansas .', 'the establishment of the storm damage rider and the energy efficiency rider results in an increase in rider revenue and a corresponding increase in other operation and maintenance expense with no impact on net income .', 'the retail electric price variance was partially offset by : the absence of interim storm recoveries through the formula rate plans at entergy louisiana and entergy gulf states louisiana which ceased upon the act 55 financing of storm costs in the third quarter 2008 ; and a credit passed on to customers as a result of the act 55 storm cost financings .', 'refer to "liquidity and capital resources - hurricane katrina and hurricane rita" below and note 2 to the financial statements for a discussion of the interim recovery of storm costs and the act 55 storm cost financings .', 'non-utility nuclear following is an analysis of the change in net revenue comparing 2008 to 2007 .', 'amount ( in millions ) .'] | ['as shown in the table above , net revenue for non-utility nuclear increased by $ 495 million , or 27% ( 27 % ) , in 2008 compared to 2007 primarily due to higher pricing in its contracts to sell power , additional production available from the acquisition of palisades in april 2007 , and fewer outage days .', 'in addition to the refueling outages shown in the .'] | • , amount ( in millions )
• 2007 net revenue, $ 1839
• realized price changes, 309
• palisades acquisition, 98
• volume variance ( other than palisades ), 73
• fuel expenses ( other than palisades ), -19 ( 19 )
• other, 34
• 2008 net revenue, $ 2334 | divide(309, 495) | 0.62424 |
what percentage of major manufacturing sites are based in asia pacific? | Context: ['adequacy of our provision for income taxes , we regularly assess the likelihood of adverse outcomes resulting from tax examinations .', 'while it is often difficult to predict the final outcome or the timing of the resolution of a tax examination , our reserves for uncertain tax benefits reflect the outcome of tax positions that are more likely than not to occur .', 'while we believe that we have complied with all applicable tax laws , there can be no assurance that a taxing authority will not have a different interpretation of the law and assess us with additional taxes .', 'should additional taxes be assessed , this may result in a material adverse effect on our results of operations and financial condition .', 'item 1b .', 'unresolved staff comments we have no unresolved sec staff comments to report .', 'item 2 .', 'properties as of december 31 , 2018 , we owned or leased 126 major manufacturing sites and 15 major technical centers .', 'a manufacturing site may include multiple plants and may be wholly or partially owned or leased .', 'we also have many smaller manufacturing sites , sales offices , warehouses , engineering centers , joint ventures and other investments strategically located throughout the world .', 'we have a presence in 44 countries .', 'the following table shows the regional distribution of our major manufacturing sites by the operating segment that uses such facilities : north america europe , middle east & africa asia pacific south america total .']
Table:
----------------------------------------
| north america | europemiddle east& africa | asia pacific | south america | total
signal and power solutions | 45 | 33 | 33 | 5 | 116
advanced safety and user experience | 2 | 5 | 3 | 2014 | 10
total | 47 | 38 | 36 | 5 | 126
----------------------------------------
Additional Information: ['in addition to these manufacturing sites , we had 15 major technical centers : eight in north america ; two in europe , middle east and africa ; and five in asia pacific .', 'of our 126 major manufacturing sites and 15 major technical centers , which include facilities owned or leased by our consolidated subsidiaries , 61 are primarily owned and 80 are primarily leased .', 'we frequently review our real estate portfolio and develop footprint strategies to support our customers 2019 global plans , while at the same time supporting our technical needs and controlling operating expenses .', 'we believe our evolving portfolio will meet current and anticipated future needs .', 'item 3 .', 'legal proceedings we are from time to time subject to various actions , claims , suits , government investigations , and other proceedings incidental to our business , including those arising out of alleged defects , breach of contracts , competition and antitrust matters , product warranties , intellectual property matters , personal injury claims and employment-related matters .', 'it is our opinion that the outcome of such matters will not have a material adverse impact on our consolidated financial position , results of operations , or cash flows .', 'with respect to warranty matters , although we cannot ensure that the future costs of warranty claims by customers will not be material , we believe our established reserves are adequate to cover potential warranty settlements .', 'however , the final amounts required to resolve these matters could differ materially from our recorded estimates .', 'brazil matters aptiv conducts business operations in brazil that are subject to the brazilian federal labor , social security , environmental , tax and customs laws , as well as a variety of state and local laws .', 'while aptiv believes it complies with such laws , they are complex , subject to varying interpretations , and the company is often engaged in litigation with government agencies regarding the application of these laws to particular circumstances .', 'as of december 31 , 2018 , the majority of claims asserted against aptiv in brazil relate to such litigation .', 'the remaining claims in brazil relate to commercial and labor litigation with private parties .', 'as of december 31 , 2018 , claims totaling approximately $ 145 million ( using december 31 , 2018 foreign currency rates ) have been asserted against aptiv in brazil .', 'as of december 31 , 2018 , the company maintains accruals for these asserted claims of $ 30 million ( using december 31 , 2018 foreign currency rates ) .', 'the amounts accrued represent claims that are deemed probable of loss and are reasonably estimable based on the company 2019s analyses and assessment of the asserted claims and prior experience with similar matters .', 'while the company believes its accruals are adequate , the final amounts required to resolve these matters could differ materially from the company 2019s recorded estimates and aptiv 2019s results of .'] | 0.28571 | APTV/2018/page_34.pdf-2 | ['adequacy of our provision for income taxes , we regularly assess the likelihood of adverse outcomes resulting from tax examinations .', 'while it is often difficult to predict the final outcome or the timing of the resolution of a tax examination , our reserves for uncertain tax benefits reflect the outcome of tax positions that are more likely than not to occur .', 'while we believe that we have complied with all applicable tax laws , there can be no assurance that a taxing authority will not have a different interpretation of the law and assess us with additional taxes .', 'should additional taxes be assessed , this may result in a material adverse effect on our results of operations and financial condition .', 'item 1b .', 'unresolved staff comments we have no unresolved sec staff comments to report .', 'item 2 .', 'properties as of december 31 , 2018 , we owned or leased 126 major manufacturing sites and 15 major technical centers .', 'a manufacturing site may include multiple plants and may be wholly or partially owned or leased .', 'we also have many smaller manufacturing sites , sales offices , warehouses , engineering centers , joint ventures and other investments strategically located throughout the world .', 'we have a presence in 44 countries .', 'the following table shows the regional distribution of our major manufacturing sites by the operating segment that uses such facilities : north america europe , middle east & africa asia pacific south america total .'] | ['in addition to these manufacturing sites , we had 15 major technical centers : eight in north america ; two in europe , middle east and africa ; and five in asia pacific .', 'of our 126 major manufacturing sites and 15 major technical centers , which include facilities owned or leased by our consolidated subsidiaries , 61 are primarily owned and 80 are primarily leased .', 'we frequently review our real estate portfolio and develop footprint strategies to support our customers 2019 global plans , while at the same time supporting our technical needs and controlling operating expenses .', 'we believe our evolving portfolio will meet current and anticipated future needs .', 'item 3 .', 'legal proceedings we are from time to time subject to various actions , claims , suits , government investigations , and other proceedings incidental to our business , including those arising out of alleged defects , breach of contracts , competition and antitrust matters , product warranties , intellectual property matters , personal injury claims and employment-related matters .', 'it is our opinion that the outcome of such matters will not have a material adverse impact on our consolidated financial position , results of operations , or cash flows .', 'with respect to warranty matters , although we cannot ensure that the future costs of warranty claims by customers will not be material , we believe our established reserves are adequate to cover potential warranty settlements .', 'however , the final amounts required to resolve these matters could differ materially from our recorded estimates .', 'brazil matters aptiv conducts business operations in brazil that are subject to the brazilian federal labor , social security , environmental , tax and customs laws , as well as a variety of state and local laws .', 'while aptiv believes it complies with such laws , they are complex , subject to varying interpretations , and the company is often engaged in litigation with government agencies regarding the application of these laws to particular circumstances .', 'as of december 31 , 2018 , the majority of claims asserted against aptiv in brazil relate to such litigation .', 'the remaining claims in brazil relate to commercial and labor litigation with private parties .', 'as of december 31 , 2018 , claims totaling approximately $ 145 million ( using december 31 , 2018 foreign currency rates ) have been asserted against aptiv in brazil .', 'as of december 31 , 2018 , the company maintains accruals for these asserted claims of $ 30 million ( using december 31 , 2018 foreign currency rates ) .', 'the amounts accrued represent claims that are deemed probable of loss and are reasonably estimable based on the company 2019s analyses and assessment of the asserted claims and prior experience with similar matters .', 'while the company believes its accruals are adequate , the final amounts required to resolve these matters could differ materially from the company 2019s recorded estimates and aptiv 2019s results of .'] | ----------------------------------------
| north america | europemiddle east& africa | asia pacific | south america | total
signal and power solutions | 45 | 33 | 33 | 5 | 116
advanced safety and user experience | 2 | 5 | 3 | 2014 | 10
total | 47 | 38 | 36 | 5 | 126
---------------------------------------- | divide(36, 126) | 0.28571 |
what is the decrease of the cash perfomance bonds in the years of 2009 and 2010 in millions? | Background: ['anticipated or possible short-term cash needs , prevailing interest rates , our investment policy and alternative investment choices .', 'a majority of our cash and cash equivalents balance is invested in money market mutual funds that invest only in u.s .', 'treasury securities or u.s .', 'government agency securities .', 'our exposure to risk is minimal given the nature of the investments .', 'our practice is to have our pension plan 100% ( 100 % ) funded at each year end on a projected benefit obligation basis , while also satisfying any minimum required contribution and obtaining the maximum tax deduction .', 'based on our actuarial projections , we estimate that a $ 14.1 million contribution in 2011 will allow us to meet our funding goal .', 'however , the amount of the actual contribution is contingent on the actual rate of return on our plan assets during 2011 and the december 31 , 2011 discount rate .', 'net current deferred tax assets of $ 18.3 million and $ 23.8 million are included in other current assets at december 31 , 2010 and 2009 , respectively .', 'total net current deferred tax assets include unrealized losses , stock- based compensation and accrued expenses .', 'net long-term deferred tax liabilities were $ 7.8 billion and $ 7.6 billion at december 31 , 2010 and 2009 , respectively .', 'net deferred tax liabilities are principally the result of purchase accounting for intangible assets in our various mergers including cbot holdings and nymex holdings .', 'we have a long-term deferred tax asset of $ 145.7 million included within our domestic long-term deferred tax liability .', 'this deferred tax asset is for an unrealized capital loss incurred in brazil related to our investment in bm&fbovespa .', 'as of december 31 , 2010 , we do not believe that we currently meet the more-likely-than-not threshold that would allow us to fully realize the value of the unrealized capital loss .', 'as a result , a partial valuation allowance of $ 64.4 million has been provided for the amount of the unrealized capital loss that exceeds potential capital gains that could be used to offset the capital loss in future periods .', 'we also have a long-term deferred tax asset related to brazilian taxes of $ 125.3 million for an unrealized capital loss incurred in brazil related to our investment in bm&fbovespa .', 'a full valuation allowance of $ 125.3 million has been provided because we do not believe that we currently meet the more-likely-than-not threshold that would allow us to realize the value of the unrealized capital loss in brazil in the future .', 'valuation allowances of $ 49.4 million have also been provided for additional unrealized capital losses on various other investments .', 'net long-term deferred tax assets also include a $ 19.3 million deferred tax asset for foreign net operating losses related to swapstream .', 'our assessment at december 31 , 2010 was that we did not currently meet the more-likely- than-not threshold that would allow us to realize the value of acquired and accumulated foreign net operating losses in the future .', 'as a result , the $ 19.3 million deferred tax assets arising from these net operating losses have been fully reserved .', 'each clearing firm is required to deposit and maintain specified performance bond collateral .', 'performance bond requirements are determined by parameters established by the risk management department of the clearing house and may fluctuate over time .', 'we accept a variety of collateral to satisfy performance bond requirements .', 'cash performance bonds and guaranty fund contributions are included in our consolidated balance sheets .', 'clearing firm deposits , other than those retained in the form of cash , are not included in our consolidated balance sheets .', 'the balances in cash performance bonds and guaranty fund contributions may fluctuate significantly over time .', 'cash performance bonds and guaranty fund contributions consisted of the following at december 31: .']
----------
Tabular Data:
----------------------------------------
Row 1: ( in millions ), 2010, 2009
Row 2: cash performance bonds, $ 3717.0, $ 5834.6
Row 3: cash guaranty fund contributions, 231.8, 102.6
Row 4: cross-margin arrangements, 79.7, 10.6
Row 5: performance collateral for delivery, 10.0, 34.1
Row 6: total, $ 4038.5, $ 5981.9
----------------------------------------
----------
Post-table: ['.'] | -2117.6 | CME/2010/page_71.pdf-4 | ['anticipated or possible short-term cash needs , prevailing interest rates , our investment policy and alternative investment choices .', 'a majority of our cash and cash equivalents balance is invested in money market mutual funds that invest only in u.s .', 'treasury securities or u.s .', 'government agency securities .', 'our exposure to risk is minimal given the nature of the investments .', 'our practice is to have our pension plan 100% ( 100 % ) funded at each year end on a projected benefit obligation basis , while also satisfying any minimum required contribution and obtaining the maximum tax deduction .', 'based on our actuarial projections , we estimate that a $ 14.1 million contribution in 2011 will allow us to meet our funding goal .', 'however , the amount of the actual contribution is contingent on the actual rate of return on our plan assets during 2011 and the december 31 , 2011 discount rate .', 'net current deferred tax assets of $ 18.3 million and $ 23.8 million are included in other current assets at december 31 , 2010 and 2009 , respectively .', 'total net current deferred tax assets include unrealized losses , stock- based compensation and accrued expenses .', 'net long-term deferred tax liabilities were $ 7.8 billion and $ 7.6 billion at december 31 , 2010 and 2009 , respectively .', 'net deferred tax liabilities are principally the result of purchase accounting for intangible assets in our various mergers including cbot holdings and nymex holdings .', 'we have a long-term deferred tax asset of $ 145.7 million included within our domestic long-term deferred tax liability .', 'this deferred tax asset is for an unrealized capital loss incurred in brazil related to our investment in bm&fbovespa .', 'as of december 31 , 2010 , we do not believe that we currently meet the more-likely-than-not threshold that would allow us to fully realize the value of the unrealized capital loss .', 'as a result , a partial valuation allowance of $ 64.4 million has been provided for the amount of the unrealized capital loss that exceeds potential capital gains that could be used to offset the capital loss in future periods .', 'we also have a long-term deferred tax asset related to brazilian taxes of $ 125.3 million for an unrealized capital loss incurred in brazil related to our investment in bm&fbovespa .', 'a full valuation allowance of $ 125.3 million has been provided because we do not believe that we currently meet the more-likely-than-not threshold that would allow us to realize the value of the unrealized capital loss in brazil in the future .', 'valuation allowances of $ 49.4 million have also been provided for additional unrealized capital losses on various other investments .', 'net long-term deferred tax assets also include a $ 19.3 million deferred tax asset for foreign net operating losses related to swapstream .', 'our assessment at december 31 , 2010 was that we did not currently meet the more-likely- than-not threshold that would allow us to realize the value of acquired and accumulated foreign net operating losses in the future .', 'as a result , the $ 19.3 million deferred tax assets arising from these net operating losses have been fully reserved .', 'each clearing firm is required to deposit and maintain specified performance bond collateral .', 'performance bond requirements are determined by parameters established by the risk management department of the clearing house and may fluctuate over time .', 'we accept a variety of collateral to satisfy performance bond requirements .', 'cash performance bonds and guaranty fund contributions are included in our consolidated balance sheets .', 'clearing firm deposits , other than those retained in the form of cash , are not included in our consolidated balance sheets .', 'the balances in cash performance bonds and guaranty fund contributions may fluctuate significantly over time .', 'cash performance bonds and guaranty fund contributions consisted of the following at december 31: .'] | ['.'] | ----------------------------------------
Row 1: ( in millions ), 2010, 2009
Row 2: cash performance bonds, $ 3717.0, $ 5834.6
Row 3: cash guaranty fund contributions, 231.8, 102.6
Row 4: cross-margin arrangements, 79.7, 10.6
Row 5: performance collateral for delivery, 10.0, 34.1
Row 6: total, $ 4038.5, $ 5981.9
---------------------------------------- | subtract(3717.0, 5834.6) | -2117.6 |
what is the retail electric price as a percentage of net revenue in 2013? | Context: ['entergy corporation and subsidiaries management 2019s financial discussion and analysis net revenue utility following is an analysis of the change in net revenue comparing 2014 to 2013 .', 'amount ( in millions ) .']
Tabular Data:
, amount ( in millions )
2013 net revenue, $ 5524
retail electric price, 135
asset retirement obligation, 56
volume/weather, 36
miso deferral, 16
net wholesale revenue, -29 ( 29 )
other, -3 ( 3 )
2014 net revenue, $ 5735
Additional Information: ['the retail electric price variance is primarily due to : 2022 increases in the energy efficiency rider at entergy arkansas , as approved by the apsc , effective july 2013 and july 2014 .', 'energy efficiency revenues are offset by costs included in other operation and maintenance expenses and have minimal effect on net income ; 2022 the effect of the apsc 2019s order in entergy arkansas 2019s 2013 rate case , including an annual base rate increase effective january 2014 offset by a miso rider to provide customers credits in rates for transmission revenue received through miso ; 2022 a formula rate plan increase at entergy mississippi , as approved by the mspc , effective september 2013 ; 2022 an increase in entergy mississippi 2019s storm damage rider , as approved by the mpsc , effective october 2013 .', 'the increase in the storm damage rider is offset by other operation and maintenance expenses and has no effect on net income ; 2022 an annual base rate increase at entergy texas , effective april 2014 , as a result of the puct 2019s order in the september 2013 rate case ; and 2022 a formula rate plan increase at entergy louisiana , as approved by the lpsc , effective december 2014 .', 'see note 2 to the financial statements for a discussion of rate proceedings .', 'the asset retirement obligation affects net revenue because entergy records a regulatory debit or credit for the difference between asset retirement obligation-related expenses and trust earnings plus asset retirement obligation- related costs collected in revenue .', 'the variance is primarily caused by increases in regulatory credits because of decreases in decommissioning trust earnings and increases in depreciation and accretion expenses and increases in regulatory credits to realign the asset retirement obligation regulatory assets with regulatory treatment .', 'the volume/weather variance is primarily due to an increase of 3129 gwh , or 3% ( 3 % ) , in billed electricity usage primarily due to an increase in sales to industrial customers and the effect of more favorable weather on residential sales .', 'the increase in industrial sales was primarily due to expansions , recovery of a major refining customer from an unplanned outage in 2013 , and continued moderate growth in the manufacturing sector .', 'the miso deferral variance is primarily due to the deferral in 2014 of the non-fuel miso-related charges , as approved by the lpsc and the mpsc , partially offset by the deferral in april 2013 , as approved by the apsc , of costs incurred from march 2010 through december 2012 related to the transition and implementation of joining the miso .'] | 0.02444 | ETR/2015/page_24.pdf-2 | ['entergy corporation and subsidiaries management 2019s financial discussion and analysis net revenue utility following is an analysis of the change in net revenue comparing 2014 to 2013 .', 'amount ( in millions ) .'] | ['the retail electric price variance is primarily due to : 2022 increases in the energy efficiency rider at entergy arkansas , as approved by the apsc , effective july 2013 and july 2014 .', 'energy efficiency revenues are offset by costs included in other operation and maintenance expenses and have minimal effect on net income ; 2022 the effect of the apsc 2019s order in entergy arkansas 2019s 2013 rate case , including an annual base rate increase effective january 2014 offset by a miso rider to provide customers credits in rates for transmission revenue received through miso ; 2022 a formula rate plan increase at entergy mississippi , as approved by the mspc , effective september 2013 ; 2022 an increase in entergy mississippi 2019s storm damage rider , as approved by the mpsc , effective october 2013 .', 'the increase in the storm damage rider is offset by other operation and maintenance expenses and has no effect on net income ; 2022 an annual base rate increase at entergy texas , effective april 2014 , as a result of the puct 2019s order in the september 2013 rate case ; and 2022 a formula rate plan increase at entergy louisiana , as approved by the lpsc , effective december 2014 .', 'see note 2 to the financial statements for a discussion of rate proceedings .', 'the asset retirement obligation affects net revenue because entergy records a regulatory debit or credit for the difference between asset retirement obligation-related expenses and trust earnings plus asset retirement obligation- related costs collected in revenue .', 'the variance is primarily caused by increases in regulatory credits because of decreases in decommissioning trust earnings and increases in depreciation and accretion expenses and increases in regulatory credits to realign the asset retirement obligation regulatory assets with regulatory treatment .', 'the volume/weather variance is primarily due to an increase of 3129 gwh , or 3% ( 3 % ) , in billed electricity usage primarily due to an increase in sales to industrial customers and the effect of more favorable weather on residential sales .', 'the increase in industrial sales was primarily due to expansions , recovery of a major refining customer from an unplanned outage in 2013 , and continued moderate growth in the manufacturing sector .', 'the miso deferral variance is primarily due to the deferral in 2014 of the non-fuel miso-related charges , as approved by the lpsc and the mpsc , partially offset by the deferral in april 2013 , as approved by the apsc , of costs incurred from march 2010 through december 2012 related to the transition and implementation of joining the miso .'] | , amount ( in millions )
2013 net revenue, $ 5524
retail electric price, 135
asset retirement obligation, 56
volume/weather, 36
miso deferral, 16
net wholesale revenue, -29 ( 29 )
other, -3 ( 3 )
2014 net revenue, $ 5735 | divide(135, 5524) | 0.02444 |
in millions for 2015 , 2014 , and 2013 , what was the lowest amount of commissions and fees? | Background: ['the goldman sachs group , inc .', 'and subsidiaries management 2019s discussion and analysis 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 otc 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 2015 | year ended december 2014 | year ended december 2013
fixed income currency and commodities client execution | $ 7322 | $ 8461 | $ 8651
equities client execution1 | 3028 | 2079 | 2594
commissions and fees | 3156 | 3153 | 3103
securities services | 1645 | 1504 | 1373
total equities | 7829 | 6736 | 7070
total net revenues | 15151 | 15197 | 15721
operating expenses | 13938 | 10880 | 11792
pre-tax earnings | $ 1213 | $ 4317 | $ 3929
****************************************
Follow-up: ['1 .', 'net revenues related to the americas reinsurance business were $ 317 million for 2013 .', 'in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business .', '2015 versus 2014 .', 'net revenues in institutional client services were $ 15.15 billion for 2015 , essentially unchanged compared with 2014 .', 'net revenues in fixed income , currency and commodities client execution were $ 7.32 billion for 2015 , 13% ( 13 % ) lower than 2014 .', 'excluding a gain of $ 168 million in 2014 related to the extinguishment of certain of our junior subordinated debt , net revenues in fixed income , currency and commodities client execution were 12% ( 12 % ) lower than 2014 , reflecting significantly lower net revenues in mortgages , credit products and commodities .', 'the decreases in mortgages and credit products reflected challenging market-making conditions and generally low levels of activity during 2015 .', 'the decline in commodities primarily reflected less favorable market-making conditions compared with 2014 , which included a strong first quarter of 2014 .', 'these decreases were partially offset by significantly higher net revenues in interest rate products and currencies , reflecting higher volatility levels which contributed to higher client activity levels , particularly during the first quarter of 2015 .', 'net revenues in equities were $ 7.83 billion for 2015 , 16% ( 16 % ) higher than 2014 .', 'excluding a gain of $ 121 million ( $ 30 million and $ 91 million included in equities client execution and securities services , respectively ) in 2014 related to the extinguishment of certain of our junior subordinated debt , net revenues in equities were 18% ( 18 % ) higher than 2014 , primarily due to significantly higher net revenues in equities client execution across the major regions , reflecting significantly higher results in both derivatives and cash products , and higher net revenues in securities services , reflecting the impact of higher average customer balances and improved securities lending spreads .', 'commissions and fees were essentially unchanged compared with 2014 .', 'the firm elects the fair value option for certain unsecured borrowings .', 'the fair value net gain attributable to the impact of changes in our credit spreads on these borrowings was $ 255 million ( $ 214 million and $ 41 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2015 , compared with a net gain of $ 144 million ( $ 108 million and $ 36 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2014 .', 'during 2015 , the operating environment for institutional client services was positively impacted by diverging central bank monetary policies in the united states and the euro area in the first quarter , as increased volatility levels contributed to strong client activity levels in currencies , interest rate products and equity products , and market- making conditions improved .', 'however , during the remainder of the year , concerns about global growth and uncertainty about the u.s .', 'federal reserve 2019s interest rate policy , along with lower global equity prices , widening high-yield credit spreads and declining commodity prices , contributed to lower levels of client activity , particularly in mortgages and credit , and more difficult market-making conditions .', 'if macroeconomic concerns continue over the long term and activity levels decline , net revenues in institutional client services would likely be negatively impacted .', 'operating expenses were $ 13.94 billion for 2015 , 28% ( 28 % ) higher than 2014 , due to significantly higher net provisions for mortgage-related litigation and regulatory matters , partially offset by decreased compensation and benefits expenses .', 'pre-tax earnings were $ 1.21 billion in 2015 , 72% ( 72 % ) lower than 2014 .', '62 goldman sachs 2015 form 10-k .'] | 3103.0 | GS/2015/page_74.pdf-3 | ['the goldman sachs group , inc .', 'and subsidiaries management 2019s discussion and analysis 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 otc 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 .', 'net revenues related to the americas reinsurance business were $ 317 million for 2013 .', 'in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business .', '2015 versus 2014 .', 'net revenues in institutional client services were $ 15.15 billion for 2015 , essentially unchanged compared with 2014 .', 'net revenues in fixed income , currency and commodities client execution were $ 7.32 billion for 2015 , 13% ( 13 % ) lower than 2014 .', 'excluding a gain of $ 168 million in 2014 related to the extinguishment of certain of our junior subordinated debt , net revenues in fixed income , currency and commodities client execution were 12% ( 12 % ) lower than 2014 , reflecting significantly lower net revenues in mortgages , credit products and commodities .', 'the decreases in mortgages and credit products reflected challenging market-making conditions and generally low levels of activity during 2015 .', 'the decline in commodities primarily reflected less favorable market-making conditions compared with 2014 , which included a strong first quarter of 2014 .', 'these decreases were partially offset by significantly higher net revenues in interest rate products and currencies , reflecting higher volatility levels which contributed to higher client activity levels , particularly during the first quarter of 2015 .', 'net revenues in equities were $ 7.83 billion for 2015 , 16% ( 16 % ) higher than 2014 .', 'excluding a gain of $ 121 million ( $ 30 million and $ 91 million included in equities client execution and securities services , respectively ) in 2014 related to the extinguishment of certain of our junior subordinated debt , net revenues in equities were 18% ( 18 % ) higher than 2014 , primarily due to significantly higher net revenues in equities client execution across the major regions , reflecting significantly higher results in both derivatives and cash products , and higher net revenues in securities services , reflecting the impact of higher average customer balances and improved securities lending spreads .', 'commissions and fees were essentially unchanged compared with 2014 .', 'the firm elects the fair value option for certain unsecured borrowings .', 'the fair value net gain attributable to the impact of changes in our credit spreads on these borrowings was $ 255 million ( $ 214 million and $ 41 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2015 , compared with a net gain of $ 144 million ( $ 108 million and $ 36 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2014 .', 'during 2015 , the operating environment for institutional client services was positively impacted by diverging central bank monetary policies in the united states and the euro area in the first quarter , as increased volatility levels contributed to strong client activity levels in currencies , interest rate products and equity products , and market- making conditions improved .', 'however , during the remainder of the year , concerns about global growth and uncertainty about the u.s .', 'federal reserve 2019s interest rate policy , along with lower global equity prices , widening high-yield credit spreads and declining commodity prices , contributed to lower levels of client activity , particularly in mortgages and credit , and more difficult market-making conditions .', 'if macroeconomic concerns continue over the long term and activity levels decline , net revenues in institutional client services would likely be negatively impacted .', 'operating expenses were $ 13.94 billion for 2015 , 28% ( 28 % ) higher than 2014 , due to significantly higher net provisions for mortgage-related litigation and regulatory matters , partially offset by decreased compensation and benefits expenses .', 'pre-tax earnings were $ 1.21 billion in 2015 , 72% ( 72 % ) lower than 2014 .', '62 goldman sachs 2015 form 10-k .'] | ****************************************
$ in millions | year ended december 2015 | year ended december 2014 | year ended december 2013
fixed income currency and commodities client execution | $ 7322 | $ 8461 | $ 8651
equities client execution1 | 3028 | 2079 | 2594
commissions and fees | 3156 | 3153 | 3103
securities services | 1645 | 1504 | 1373
total equities | 7829 | 6736 | 7070
total net revenues | 15151 | 15197 | 15721
operating expenses | 13938 | 10880 | 11792
pre-tax earnings | $ 1213 | $ 4317 | $ 3929
**************************************** | table_min(commissions and fees, none) | 3103.0 |
for the investment management segment , what was the change in pre-tax earnings between 2012 and 2011 , in millions? | Pre-text: ['management 2019s discussion and analysis 2011 versus 2010 .', 'net revenues in investing & lending were $ 2.14 billion and $ 7.54 billion for 2011 and 2010 , respectively .', 'during 2011 , investing & lending results reflected an operating environment characterized by a significant decline in equity markets in europe and asia , and unfavorable credit markets that were negatively impacted by increased concerns regarding the weakened state of global economies , including heightened european sovereign debt risk .', 'results for 2011 included a loss of $ 517 million from our investment in the ordinary shares of icbc and net gains of $ 1.12 billion from other investments in equities , primarily in private equities , partially offset by losses from public equities .', 'in addition , investing & lending included net revenues of $ 96 million from debt securities and loans .', 'this amount includes approximately $ 1 billion of unrealized losses related to relationship lending activities , including the effect of hedges , offset by net interest income and net gains from other debt securities and loans .', 'results for 2011 also included other net revenues of $ 1.44 billion , principally related to our consolidated investment entities .', 'results for 2010 included a gain of $ 747 million from our investment in the ordinary shares of icbc , a net gain of $ 2.69 billion from other investments in equities , a net gain of $ 2.60 billion from debt securities and loans and other net revenues of $ 1.51 billion , principally related to our consolidated investment entities .', 'the net gain from other investments in equities was primarily driven by an increase in global equity markets , which resulted in appreciation of both our public and private equity positions and provided favorable conditions for initial public offerings .', 'the net gains and net interest from debt securities and loans primarily reflected the impact of tighter credit spreads and favorable credit markets during the year , which provided favorable conditions for borrowers to refinance .', 'operating expenses were $ 2.67 billion for 2011 , 20% ( 20 % ) lower than 2010 , due to decreased compensation and benefits expenses , primarily resulting from lower net revenues .', 'this decrease was partially offset by the impact of impairment charges related to consolidated investments during 2011 .', 'pre-tax loss was $ 531 million in 2011 , compared with pre-tax earnings of $ 4.18 billion in 2010 .', 'investment management investment management provides investment management services and offers investment products ( primarily through separately managed accounts and commingled vehicles , such as mutual funds and private investment funds ) across all major asset classes to a diverse set of institutional and individual clients .', 'investment management also offers wealth advisory services , including portfolio management and financial counseling , and brokerage and other transaction services to high-net-worth individuals and families .', 'assets under supervision include assets under management and other client assets .', 'assets under management include client assets where we earn a fee for managing assets on a discretionary basis .', 'this includes net assets in our mutual funds , hedge funds , credit funds and private equity funds ( including real estate funds ) , and separately managed accounts for institutional and individual investors .', 'other client assets include client assets invested with third-party managers , private bank deposits and assets related to advisory relationships where we earn a fee for advisory and other services , but do not have discretion over the assets .', 'assets under supervision do not include the self-directed brokerage accounts of our clients .', 'assets under management and other client assets typically generate fees as a percentage of net asset value , which vary by asset class and are affected by investment performance as well as asset inflows and redemptions .', 'in certain circumstances , we are also entitled to receive incentive fees based on a percentage of a fund 2019s return or when the return exceeds a specified benchmark or other performance targets .', 'incentive fees are recognized only when all material contingencies are resolved .', 'the table below presents the operating results of our investment management segment. .']
########
Tabular Data:
----------------------------------------
in millions | year ended december 2012 | year ended december 2011 | year ended december 2010
----------|----------|----------|----------
management and other fees | $ 4105 | $ 4188 | $ 3956
incentive fees | 701 | 323 | 527
transaction revenues | 416 | 523 | 531
total net revenues | 5222 | 5034 | 5014
operating expenses | 4294 | 4020 | 4082
pre-tax earnings | $ 928 | $ 1014 | $ 932
----------------------------------------
########
Post-table: ['56 goldman sachs 2012 annual report .'] | 86.0 | GS/2012/page_58.pdf-1 | ['management 2019s discussion and analysis 2011 versus 2010 .', 'net revenues in investing & lending were $ 2.14 billion and $ 7.54 billion for 2011 and 2010 , respectively .', 'during 2011 , investing & lending results reflected an operating environment characterized by a significant decline in equity markets in europe and asia , and unfavorable credit markets that were negatively impacted by increased concerns regarding the weakened state of global economies , including heightened european sovereign debt risk .', 'results for 2011 included a loss of $ 517 million from our investment in the ordinary shares of icbc and net gains of $ 1.12 billion from other investments in equities , primarily in private equities , partially offset by losses from public equities .', 'in addition , investing & lending included net revenues of $ 96 million from debt securities and loans .', 'this amount includes approximately $ 1 billion of unrealized losses related to relationship lending activities , including the effect of hedges , offset by net interest income and net gains from other debt securities and loans .', 'results for 2011 also included other net revenues of $ 1.44 billion , principally related to our consolidated investment entities .', 'results for 2010 included a gain of $ 747 million from our investment in the ordinary shares of icbc , a net gain of $ 2.69 billion from other investments in equities , a net gain of $ 2.60 billion from debt securities and loans and other net revenues of $ 1.51 billion , principally related to our consolidated investment entities .', 'the net gain from other investments in equities was primarily driven by an increase in global equity markets , which resulted in appreciation of both our public and private equity positions and provided favorable conditions for initial public offerings .', 'the net gains and net interest from debt securities and loans primarily reflected the impact of tighter credit spreads and favorable credit markets during the year , which provided favorable conditions for borrowers to refinance .', 'operating expenses were $ 2.67 billion for 2011 , 20% ( 20 % ) lower than 2010 , due to decreased compensation and benefits expenses , primarily resulting from lower net revenues .', 'this decrease was partially offset by the impact of impairment charges related to consolidated investments during 2011 .', 'pre-tax loss was $ 531 million in 2011 , compared with pre-tax earnings of $ 4.18 billion in 2010 .', 'investment management investment management provides investment management services and offers investment products ( primarily through separately managed accounts and commingled vehicles , such as mutual funds and private investment funds ) across all major asset classes to a diverse set of institutional and individual clients .', 'investment management also offers wealth advisory services , including portfolio management and financial counseling , and brokerage and other transaction services to high-net-worth individuals and families .', 'assets under supervision include assets under management and other client assets .', 'assets under management include client assets where we earn a fee for managing assets on a discretionary basis .', 'this includes net assets in our mutual funds , hedge funds , credit funds and private equity funds ( including real estate funds ) , and separately managed accounts for institutional and individual investors .', 'other client assets include client assets invested with third-party managers , private bank deposits and assets related to advisory relationships where we earn a fee for advisory and other services , but do not have discretion over the assets .', 'assets under supervision do not include the self-directed brokerage accounts of our clients .', 'assets under management and other client assets typically generate fees as a percentage of net asset value , which vary by asset class and are affected by investment performance as well as asset inflows and redemptions .', 'in certain circumstances , we are also entitled to receive incentive fees based on a percentage of a fund 2019s return or when the return exceeds a specified benchmark or other performance targets .', 'incentive fees are recognized only when all material contingencies are resolved .', 'the table below presents the operating results of our investment management segment. .'] | ['56 goldman sachs 2012 annual report .'] | ----------------------------------------
in millions | year ended december 2012 | year ended december 2011 | year ended december 2010
----------|----------|----------|----------
management and other fees | $ 4105 | $ 4188 | $ 3956
incentive fees | 701 | 323 | 527
transaction revenues | 416 | 523 | 531
total net revenues | 5222 | 5034 | 5014
operating expenses | 4294 | 4020 | 4082
pre-tax earnings | $ 928 | $ 1014 | $ 932
---------------------------------------- | subtract(1014, 928) | 86.0 |
if the company were to buy the remaining securities at the average price of $ 34.92 , what would be the total payments from the company? | Pre-text: ['item 11 2014executive compensation we incorporate by reference in this item 11 the information relating to executive and director compensation contained under the headings 201cother information about the board and its committees , 201d 201ccompensation and other benefits 201d and 201creport of the compensation committee 201d from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013 .', 'item 12 2014security ownership of certain beneficial owners and management and related stockholder matters we incorporate by reference in this item 12 the information relating to ownership of our common stock by certain persons contained under the headings 201ccommon stock ownership of management 201d and 201ccommon stock ownership by certain other persons 201d from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013 .', 'the following table provides certain information as of may 31 , 2013 concerning the shares of the company 2019s common stock that may be issued under existing equity compensation plans .', 'for more information on these plans , see note 11 to notes to consolidated financial statements .', 'plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted- average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders : 1765510 $ 34.92 7927210 ( 1 ) equity compensation plans not approved by security holders : 2014 2014 2014 .']
######
Table:
plan category | number of securities to be issued upon exercise of outstanding options warrants and rights ( a ) | weighted-average exerciseprice of outstanding options warrants and rights ( b ) | number of securitiesremaining available forfuture issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c ) |
equity compensation plans approved by security holders: | 1765510 | $ 34.92 | 7927210 | -1 ( 1 )
equity compensation plans not approved by security holders: | 2014 | 2014 | 2014 |
total | 1765510 | $ 34.92 | 7927210 | -1 ( 1 )
######
Additional Information: ['( 1 ) also includes shares of common stock available for issuance other than upon the exercise of an option , warrant or right under the global payments inc .', '2000 long-term incentive plan , as amended and restated , the global payments inc .', 'amended and restated 2005 incentive plan , amended and restated 2000 non- employee director stock option plan , global payments employee stock purchase plan and the global payments inc .', '2011 incentive plan .', 'item 13 2014certain relationships and related transactions , and director independence we incorporate by reference in this item 13 the information regarding certain relationships and related transactions between us and some of our affiliates and the independence of our board of directors contained under the headings 201ccertain relationships and related transactions 201d and 201cother information about the board and its committees 201d from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013 .', 'item 14 2014principal accounting fees and services we incorporate by reference in this item 14 the information regarding principal accounting fees and services contained under the section ratification of the reappointment of auditors from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013. .'] | 276818173.2 | GPN/2013/page_98.pdf-2 | ['item 11 2014executive compensation we incorporate by reference in this item 11 the information relating to executive and director compensation contained under the headings 201cother information about the board and its committees , 201d 201ccompensation and other benefits 201d and 201creport of the compensation committee 201d from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013 .', 'item 12 2014security ownership of certain beneficial owners and management and related stockholder matters we incorporate by reference in this item 12 the information relating to ownership of our common stock by certain persons contained under the headings 201ccommon stock ownership of management 201d and 201ccommon stock ownership by certain other persons 201d from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013 .', 'the following table provides certain information as of may 31 , 2013 concerning the shares of the company 2019s common stock that may be issued under existing equity compensation plans .', 'for more information on these plans , see note 11 to notes to consolidated financial statements .', 'plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted- average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders : 1765510 $ 34.92 7927210 ( 1 ) equity compensation plans not approved by security holders : 2014 2014 2014 .'] | ['( 1 ) also includes shares of common stock available for issuance other than upon the exercise of an option , warrant or right under the global payments inc .', '2000 long-term incentive plan , as amended and restated , the global payments inc .', 'amended and restated 2005 incentive plan , amended and restated 2000 non- employee director stock option plan , global payments employee stock purchase plan and the global payments inc .', '2011 incentive plan .', 'item 13 2014certain relationships and related transactions , and director independence we incorporate by reference in this item 13 the information regarding certain relationships and related transactions between us and some of our affiliates and the independence of our board of directors contained under the headings 201ccertain relationships and related transactions 201d and 201cother information about the board and its committees 201d from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013 .', 'item 14 2014principal accounting fees and services we incorporate by reference in this item 14 the information regarding principal accounting fees and services contained under the section ratification of the reappointment of auditors from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013. .'] | plan category | number of securities to be issued upon exercise of outstanding options warrants and rights ( a ) | weighted-average exerciseprice of outstanding options warrants and rights ( b ) | number of securitiesremaining available forfuture issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c ) |
equity compensation plans approved by security holders: | 1765510 | $ 34.92 | 7927210 | -1 ( 1 )
equity compensation plans not approved by security holders: | 2014 | 2014 | 2014 |
total | 1765510 | $ 34.92 | 7927210 | -1 ( 1 ) | multiply(7927210, 34.92) | 276818173.2 |
what percentage of total aggregate contractual obligations is due to purchase obligationst? | Background: ['table of contents item 7 2013 management 2019s discussion and analysis of financial condition and results of operations liquidity and capital resources we recorded net earnings of $ 35.4 million or $ 1.18 per share in 2004 , compared with $ 52.2 million or $ 1.76 per share recorded in 2003 and $ 51.3 million or $ 1.86 per share in 2002 .', 'net earnings recorded in 2004 were negatively impacted by cost increases to steel and freight , as well as manufacturing inefficiencies during the first nine months of the year in our ashland city plant and higher selling , general and administrative expense ( sg&a ) .', 'while net earnings were flat in 2003 compared with 2002 , the lower earnings per share amount in 2003 as compared with 2002 reflected the full-year impact of our stock offering in may 2002 .', 'our individual segment performance will be discussed later in this section .', 'our working capital , excluding short-term debt , was $ 339.8 million at december 31 , 2004 , compared with $ 305.9 million and $ 225.1 million at december 31 , 2003 , and december 31 , 2002 , respectively .', 'the $ 33.9 million increase in 2004 reflects $ 44.9 million higher receivable balances due to longer payment terms experienced by both of our businesses as well as higher sales levels in the fourth quarter .', 'offsetting the increase in receivable balances were $ 13.5 million lower inventory levels split about equally between water systems and electrical products and $ 14.3 million higher accounts payable balances .', 'the $ 80.8 million increase in 2003 reflects $ 46.6 million higher inventory balances due primarily to extensive manufacturing repositioning in our electric motor business and several new product introductions and manufacturing consolidation in our water systems business .', 'additionally , receivable balances were $ 21.2 million higher due to price increases associated with new product introductions in our water systems business and an increase in international sales , which tend to have longer payment terms .', 'finally , a $ 13.1 million increase in accounts payable balances was largely offset by $ 9.4 million in restructuring expenses paid out in 2003 .', 'reducing working capital is one of our major initiatives in 2005 .', 'cash provided by operating activities during 2004 was $ 67.2 million compared with $ 29.0 million during 2003 and $ 116.0 million during 2002 .', 'despite lower earnings in 2004 , a smaller investment in working capital explains the majority of the improvement in cash flow compared with 2003 .', 'the higher investment in working capital in 2003 ( as discussed above ) , explains the majority of the difference between 2003 and our capital expenditures were $ 48.5 million in 2004 , essentially the same as in 2003 and approximately $ 2.2 million higher than in 2002 .', 'the increase in 2003 was associated with new product launches in our water systems business .', 'we are projecting 2005 capital expenditures to be approximately $ 55 million , essentially the same as our projected 2005 depreciation expense .', 'we believe that our present facilities and planned capital expenditures are sufficient to provide adequate capacity for our operations in 2005 .', 'in june 2004 , we completed a $ 265 million , five-year revolving credit facility with a group of eight banks .', 'the new facility expires on june 10 , 2009 , and it replaced a $ 250 million credit facility which expired on august 2 , 2004 , and was terminated on june 10 , 2004 .', 'the new facility backs up commercial paper and credit line borrowings .', 'as a result of the long-term nature of this facility , the commercial paper and credit line borrowings are now classified as long-term debt .', 'at december 31 , 2004 , we had available borrowing capacity of $ 153.9 million under this facility .', 'we believe that the combination of available borrowing capacity and operating cash flow will provide sufficient funds to finance our existing operations for the foreseeable future .', 'to take advantage of historically low long-term borrowing rates , we issued $ 50.0 million in senior notes with two insurance companies in june 2003 .', 'the notes range in maturity between 2013 and 2016 and carry a weighted average interest rate of slightly less than 4.5 percent .', 'the proceeds of the notes were used to repay commercial paper and borrowing under the credit facility .', 'our leverage , as measured by the ratio of total debt to total capitalization , was 32 percent at the end of 2004 and the end of 2003 .', 'aggregate contractual obligations a summary of our contractual obligations as of december 31 , 2004 , is as follows: .']
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Table:
========================================
( dollars in millions ) contractual obligation | ( dollars in millions ) total | ( dollars in millions ) less than 1 year | ( dollars in millions ) 1 - 3 years | ( dollars in millions ) 3 - 5 years | more than 5 years
----------|----------|----------|----------|----------|----------
long-term debt | $ 275.1 | $ 8.6 | $ 13.8 | $ 138.2 | $ 114.5
capital leases | 6.0 | 2014 | 2014 | 6.0 | 2014
operating leases | 62.9 | 14.4 | 20.7 | 11.6 | 16.2
purchase obligations | 177.3 | 176.6 | 0.7 | 2014 | 2014
total | $ 521.3 | $ 199.6 | $ 35.2 | $ 155.8 | $ 130.7
========================================
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Post-table: ['.'] | 0.34011 | AOS/2004/page_11.pdf-2 | ['table of contents item 7 2013 management 2019s discussion and analysis of financial condition and results of operations liquidity and capital resources we recorded net earnings of $ 35.4 million or $ 1.18 per share in 2004 , compared with $ 52.2 million or $ 1.76 per share recorded in 2003 and $ 51.3 million or $ 1.86 per share in 2002 .', 'net earnings recorded in 2004 were negatively impacted by cost increases to steel and freight , as well as manufacturing inefficiencies during the first nine months of the year in our ashland city plant and higher selling , general and administrative expense ( sg&a ) .', 'while net earnings were flat in 2003 compared with 2002 , the lower earnings per share amount in 2003 as compared with 2002 reflected the full-year impact of our stock offering in may 2002 .', 'our individual segment performance will be discussed later in this section .', 'our working capital , excluding short-term debt , was $ 339.8 million at december 31 , 2004 , compared with $ 305.9 million and $ 225.1 million at december 31 , 2003 , and december 31 , 2002 , respectively .', 'the $ 33.9 million increase in 2004 reflects $ 44.9 million higher receivable balances due to longer payment terms experienced by both of our businesses as well as higher sales levels in the fourth quarter .', 'offsetting the increase in receivable balances were $ 13.5 million lower inventory levels split about equally between water systems and electrical products and $ 14.3 million higher accounts payable balances .', 'the $ 80.8 million increase in 2003 reflects $ 46.6 million higher inventory balances due primarily to extensive manufacturing repositioning in our electric motor business and several new product introductions and manufacturing consolidation in our water systems business .', 'additionally , receivable balances were $ 21.2 million higher due to price increases associated with new product introductions in our water systems business and an increase in international sales , which tend to have longer payment terms .', 'finally , a $ 13.1 million increase in accounts payable balances was largely offset by $ 9.4 million in restructuring expenses paid out in 2003 .', 'reducing working capital is one of our major initiatives in 2005 .', 'cash provided by operating activities during 2004 was $ 67.2 million compared with $ 29.0 million during 2003 and $ 116.0 million during 2002 .', 'despite lower earnings in 2004 , a smaller investment in working capital explains the majority of the improvement in cash flow compared with 2003 .', 'the higher investment in working capital in 2003 ( as discussed above ) , explains the majority of the difference between 2003 and our capital expenditures were $ 48.5 million in 2004 , essentially the same as in 2003 and approximately $ 2.2 million higher than in 2002 .', 'the increase in 2003 was associated with new product launches in our water systems business .', 'we are projecting 2005 capital expenditures to be approximately $ 55 million , essentially the same as our projected 2005 depreciation expense .', 'we believe that our present facilities and planned capital expenditures are sufficient to provide adequate capacity for our operations in 2005 .', 'in june 2004 , we completed a $ 265 million , five-year revolving credit facility with a group of eight banks .', 'the new facility expires on june 10 , 2009 , and it replaced a $ 250 million credit facility which expired on august 2 , 2004 , and was terminated on june 10 , 2004 .', 'the new facility backs up commercial paper and credit line borrowings .', 'as a result of the long-term nature of this facility , the commercial paper and credit line borrowings are now classified as long-term debt .', 'at december 31 , 2004 , we had available borrowing capacity of $ 153.9 million under this facility .', 'we believe that the combination of available borrowing capacity and operating cash flow will provide sufficient funds to finance our existing operations for the foreseeable future .', 'to take advantage of historically low long-term borrowing rates , we issued $ 50.0 million in senior notes with two insurance companies in june 2003 .', 'the notes range in maturity between 2013 and 2016 and carry a weighted average interest rate of slightly less than 4.5 percent .', 'the proceeds of the notes were used to repay commercial paper and borrowing under the credit facility .', 'our leverage , as measured by the ratio of total debt to total capitalization , was 32 percent at the end of 2004 and the end of 2003 .', 'aggregate contractual obligations a summary of our contractual obligations as of december 31 , 2004 , is as follows: .'] | ['.'] | ========================================
( dollars in millions ) contractual obligation | ( dollars in millions ) total | ( dollars in millions ) less than 1 year | ( dollars in millions ) 1 - 3 years | ( dollars in millions ) 3 - 5 years | more than 5 years
----------|----------|----------|----------|----------|----------
long-term debt | $ 275.1 | $ 8.6 | $ 13.8 | $ 138.2 | $ 114.5
capital leases | 6.0 | 2014 | 2014 | 6.0 | 2014
operating leases | 62.9 | 14.4 | 20.7 | 11.6 | 16.2
purchase obligations | 177.3 | 176.6 | 0.7 | 2014 | 2014
total | $ 521.3 | $ 199.6 | $ 35.2 | $ 155.8 | $ 130.7
======================================== | divide(177.3, 521.3) | 0.34011 |
what is the percentage net effect of the cumulative effect adjustments , net of income tax effects , to beginning retained earnings for new accounting standards adopted by cadence on the retained earnings balance as adjusted for december 30 , 2017? | Pre-text: ['entity transfers of inventory , the income tax effects will continue to be deferred until the inventory has been sold to a third party .', 'cadence adopted the new standard on the first day of fiscal 2018 using the modified retrospective transition approach and recorded a cumulative-effect adjustment to decrease retained earnings in the amount of $ 8.3 million .', 'the cumulative-effect adjustment includes the write-off of income tax consequences deferred from prior intra-entity transfers involving assets other than inventory and new deferred tax assets for amounts not recognized under u.s .', 'gaap .', 'we anticipate the potential for increased volatility in future effective tax rates from the adoption of this guidance .', 'stock-based compensation in may 2017 , the fasb issued asu 2017-09 , 201ccompensation 2014stock compensation ( topic 718 ) : scope of modification accounting , 201d that provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting .', 'cadence adopted the standard on the first day of fiscal 2018 .', 'the adoption of this standard did not impact cadence 2019s consolidated financial statements or the related disclosures .', 'cumulative effect adjustments to retained earnings the following table presents the cumulative effect adjustments , net of income tax effects , to beginning retained earnings for new accounting standards adopted by cadence on the first day of fiscal 2018 : retained earnings ( in thousands ) .']
Tabular Data:
----------------------------------------
, retained earnings ( in thousands )
balance december 30 2017 as previously reported, $ 341003
cumulative effect adjustment from the adoption of new accounting standards:,
revenue from contracts with customers ( topic 606 ) *, 91640
financial instruments 2014overall ( subtopic 825-10 ) : recognition and measurement of financial assets and financial liabilities, 2638
income taxes ( topic 740 ) : intra-entity transfers of assets other than inventory, -8349 ( 8349 )
balance december 30 2017 as adjusted, 426932
net income, 345777
balance december 29 2018, $ 772709
----------------------------------------
Follow-up: ['* the cumulative effect adjustment from the adoption of revenue from contracts with customers ( topic 606 ) is presented net of the related income tax effect of $ 17.5 million .', 'new accounting standards not yet adopted leases in february 2016 , the fasb issued asu 2016-02 , 201cleases ( topic 842 ) , 201d requiring , among other things , the recognition of lease liabilities and corresponding right-of-use assets on the balance sheet by lessees for all leases with a term longer than 12 months .', 'the new standard is effective for cadence in the first quarter of fiscal 2019 .', 'a modified retrospective approach is required , applying the new standard to leases existing as of the date of initial application .', 'an entity may choose to apply the standard as of either its effective date or the beginning of the earliest comparative period presented in the financial statements .', 'cadence adopted the new standard on december 30 , 2018 , the first day of fiscal 2019 , and used the effective date as the date of initial application .', 'consequently , financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods prior to the first quarter of fiscal 2019 .', 'cadence elected certain practical expedients permitted under the transition guidance within the new standard , which among other things , allowed cadence to carry forward its prior conclusions about lease identification and classification. .'] | 0.25199 | CDNS/2018/page_66.pdf-2 | ['entity transfers of inventory , the income tax effects will continue to be deferred until the inventory has been sold to a third party .', 'cadence adopted the new standard on the first day of fiscal 2018 using the modified retrospective transition approach and recorded a cumulative-effect adjustment to decrease retained earnings in the amount of $ 8.3 million .', 'the cumulative-effect adjustment includes the write-off of income tax consequences deferred from prior intra-entity transfers involving assets other than inventory and new deferred tax assets for amounts not recognized under u.s .', 'gaap .', 'we anticipate the potential for increased volatility in future effective tax rates from the adoption of this guidance .', 'stock-based compensation in may 2017 , the fasb issued asu 2017-09 , 201ccompensation 2014stock compensation ( topic 718 ) : scope of modification accounting , 201d that provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting .', 'cadence adopted the standard on the first day of fiscal 2018 .', 'the adoption of this standard did not impact cadence 2019s consolidated financial statements or the related disclosures .', 'cumulative effect adjustments to retained earnings the following table presents the cumulative effect adjustments , net of income tax effects , to beginning retained earnings for new accounting standards adopted by cadence on the first day of fiscal 2018 : retained earnings ( in thousands ) .'] | ['* the cumulative effect adjustment from the adoption of revenue from contracts with customers ( topic 606 ) is presented net of the related income tax effect of $ 17.5 million .', 'new accounting standards not yet adopted leases in february 2016 , the fasb issued asu 2016-02 , 201cleases ( topic 842 ) , 201d requiring , among other things , the recognition of lease liabilities and corresponding right-of-use assets on the balance sheet by lessees for all leases with a term longer than 12 months .', 'the new standard is effective for cadence in the first quarter of fiscal 2019 .', 'a modified retrospective approach is required , applying the new standard to leases existing as of the date of initial application .', 'an entity may choose to apply the standard as of either its effective date or the beginning of the earliest comparative period presented in the financial statements .', 'cadence adopted the new standard on december 30 , 2018 , the first day of fiscal 2019 , and used the effective date as the date of initial application .', 'consequently , financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods prior to the first quarter of fiscal 2019 .', 'cadence elected certain practical expedients permitted under the transition guidance within the new standard , which among other things , allowed cadence to carry forward its prior conclusions about lease identification and classification. .'] | ----------------------------------------
, retained earnings ( in thousands )
balance december 30 2017 as previously reported, $ 341003
cumulative effect adjustment from the adoption of new accounting standards:,
revenue from contracts with customers ( topic 606 ) *, 91640
financial instruments 2014overall ( subtopic 825-10 ) : recognition and measurement of financial assets and financial liabilities, 2638
income taxes ( topic 740 ) : intra-entity transfers of assets other than inventory, -8349 ( 8349 )
balance december 30 2017 as adjusted, 426932
net income, 345777
balance december 29 2018, $ 772709
---------------------------------------- | subtract(426932, 341003), divide(#0, 341003) | 0.25199 |
as of january 31 , 2009 what percentage of employees were subject to collective bargaining contracts? | Pre-text: ['pollutants discharged to waters of the united states and remediation of waters affected by such discharge .', 'to our knowledge , we are in compliance with all material requirements associated with the various regulations .', 'the united states congress is actively considering legislation to reduce emissions of greenhouse gases , including carbon dioxide and methane .', 'in addition , state and regional initiatives to regulate greenhouse gas emissions are underway .', 'we are monitoring federal and state legislation to assess the potential impact on our operations .', 'our most recent calculation of direct greenhouse gas emissions for oneok and oneok partners is estimated to be less than 6 million metric tons of carbon dioxide equivalents on an annual basis .', 'we will continue efforts to quantify our direct greenhouse gas emissions and will report such emissions as required by any mandatory reporting rule , including the rules anticipated to be issued by the epa in mid-2009 .', 'superfund - the comprehensive environmental response , compensation and liability act , also known as cercla or superfund , imposes liability , without regard to fault or the legality of the original act , on certain classes of persons who contributed to the release of a hazardous substance into the environment .', 'these persons include the owner or operator of a facility where the release occurred and companies that disposed or arranged for the disposal of the hazardous substances found at the facility .', 'under cercla , these persons may be liable for the costs of cleaning up the hazardous substances released into the environment , damages to natural resources and the costs of certain health studies .', 'chemical site security - the united states department of homeland security ( homeland security ) released an interim rule in april 2007 that requires companies to provide reports on sites where certain chemicals , including many hydrocarbon products , are stored .', 'we completed the homeland security assessments and our facilities were subsequently assigned to one of four risk-based tiers ranging from high ( tier 1 ) to low ( tier 4 ) risk , or not tiered at all due to low risk .', 'a majority of our facilities were not tiered .', 'we are waiting for homeland security 2019s analysis to determine if any of the tiered facilities will require site security plans and possible physical security enhancements .', 'climate change - our environmental and climate change strategy focuses on taking steps to minimize the impact of our operations on the environment .', 'these strategies include : ( i ) developing and maintaining an accurate greenhouse gas emissions inventory , according to rules anticipated to be issued by the epa in mid-2009 ; ( ii ) improving the efficiency of our various pipelines , natural gas processing facilities and natural gas liquids fractionation facilities ; ( iii ) following developing technologies for emission control ; ( iv ) following developing technologies to capture carbon dioxide to keep it from reaching the atmosphere ; and ( v ) analyzing options for future energy investment .', 'currently , certain subsidiaries of oneok partners participate in the processing and transmission sectors and ldcs in our distribution segment participate in the distribution sector of the epa 2019s natural gas star program to voluntarily reduce methane emissions .', 'a subsidiary in our oneok partners 2019 segment was honored in 2008 as the 201cnatural gas star gathering and processing partner of the year 201d for its efforts to positively address environmental issues through voluntary implementation of emission-reduction opportunities .', 'in addition , we continue to focus on maintaining low rates of lost-and- unaccounted-for methane gas through expanded implementation of best practices to limit the release of methane during pipeline and facility maintenance and operations .', 'our most recent calculation of our annual lost-and-unaccounted-for natural gas , for all of our business operations , is less than 1 percent of total throughput .', 'employees we employed 4742 people at january 31 , 2009 , including 739 people employed by kansas gas service , who were subject to collective bargaining contracts .', 'the following table sets forth our contracts with collective bargaining units at january 31 , employees contract expires .']
Tabular Data:
----------------------------------------
union | employees | contract expires
united steelworkers of america | 414 | june 30 2009
international union of operating engineers | 13 | june 30 2009
international brotherhood of electrical workers | 312 | june 30 2010
----------------------------------------
Additional Information: ['.'] | 0.15584 | OKE/2008/page_38.pdf-1 | ['pollutants discharged to waters of the united states and remediation of waters affected by such discharge .', 'to our knowledge , we are in compliance with all material requirements associated with the various regulations .', 'the united states congress is actively considering legislation to reduce emissions of greenhouse gases , including carbon dioxide and methane .', 'in addition , state and regional initiatives to regulate greenhouse gas emissions are underway .', 'we are monitoring federal and state legislation to assess the potential impact on our operations .', 'our most recent calculation of direct greenhouse gas emissions for oneok and oneok partners is estimated to be less than 6 million metric tons of carbon dioxide equivalents on an annual basis .', 'we will continue efforts to quantify our direct greenhouse gas emissions and will report such emissions as required by any mandatory reporting rule , including the rules anticipated to be issued by the epa in mid-2009 .', 'superfund - the comprehensive environmental response , compensation and liability act , also known as cercla or superfund , imposes liability , without regard to fault or the legality of the original act , on certain classes of persons who contributed to the release of a hazardous substance into the environment .', 'these persons include the owner or operator of a facility where the release occurred and companies that disposed or arranged for the disposal of the hazardous substances found at the facility .', 'under cercla , these persons may be liable for the costs of cleaning up the hazardous substances released into the environment , damages to natural resources and the costs of certain health studies .', 'chemical site security - the united states department of homeland security ( homeland security ) released an interim rule in april 2007 that requires companies to provide reports on sites where certain chemicals , including many hydrocarbon products , are stored .', 'we completed the homeland security assessments and our facilities were subsequently assigned to one of four risk-based tiers ranging from high ( tier 1 ) to low ( tier 4 ) risk , or not tiered at all due to low risk .', 'a majority of our facilities were not tiered .', 'we are waiting for homeland security 2019s analysis to determine if any of the tiered facilities will require site security plans and possible physical security enhancements .', 'climate change - our environmental and climate change strategy focuses on taking steps to minimize the impact of our operations on the environment .', 'these strategies include : ( i ) developing and maintaining an accurate greenhouse gas emissions inventory , according to rules anticipated to be issued by the epa in mid-2009 ; ( ii ) improving the efficiency of our various pipelines , natural gas processing facilities and natural gas liquids fractionation facilities ; ( iii ) following developing technologies for emission control ; ( iv ) following developing technologies to capture carbon dioxide to keep it from reaching the atmosphere ; and ( v ) analyzing options for future energy investment .', 'currently , certain subsidiaries of oneok partners participate in the processing and transmission sectors and ldcs in our distribution segment participate in the distribution sector of the epa 2019s natural gas star program to voluntarily reduce methane emissions .', 'a subsidiary in our oneok partners 2019 segment was honored in 2008 as the 201cnatural gas star gathering and processing partner of the year 201d for its efforts to positively address environmental issues through voluntary implementation of emission-reduction opportunities .', 'in addition , we continue to focus on maintaining low rates of lost-and- unaccounted-for methane gas through expanded implementation of best practices to limit the release of methane during pipeline and facility maintenance and operations .', 'our most recent calculation of our annual lost-and-unaccounted-for natural gas , for all of our business operations , is less than 1 percent of total throughput .', 'employees we employed 4742 people at january 31 , 2009 , including 739 people employed by kansas gas service , who were subject to collective bargaining contracts .', 'the following table sets forth our contracts with collective bargaining units at january 31 , employees contract expires .'] | ['.'] | ----------------------------------------
union | employees | contract expires
united steelworkers of america | 414 | june 30 2009
international union of operating engineers | 13 | june 30 2009
international brotherhood of electrical workers | 312 | june 30 2010
---------------------------------------- | divide(739, 4742) | 0.15584 |
what was the ratio of the square footage in alpharetta georgia to jersey city new jersey as december 2014 | Context: ['.']
Tabular Data:
----------------------------------------
location | approximate square footage
alpharetta georgia | 260000
jersey city new jersey | 109000
arlington virginia | 102000
sandy utah | 66000
menlo park california | 63000
new york new york | 39000
----------------------------------------
Follow-up: ['all facilities are leased at december 31 , 2014 , including 165000 square feet of our office in alpharetta , georgia .', 'we executed a sale-leaseback transaction on this office during 2014 .', 'see note 9 2014property and equipment , net in item 8 .', 'financial statements and supplementary data for more information .', '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 2015 .', 'item 3 .', 'legal proceedings on october 27 , 2000 , ajaxo , inc .', '( "ajaxo" ) filed a complaint in the superior court for the state of california , county of santa clara .', 'ajaxo sought damages and certain non-monetary relief for the company 2019s alleged breach of a non-disclosure agreement with ajaxo pertaining to certain wireless technology that ajaxo offered the company as well as damages and other relief against the company for their alleged misappropriation of ajaxo 2019s trade secrets .', 'following a jury trial , a judgment was entered in 2003 in favor of ajaxo against the company for $ 1 million for breach of the ajaxo non-disclosure agreement .', 'although the jury found in favor of ajaxo on its claim against the company for misappropriation of trade secrets , the trial court subsequently denied ajaxo 2019s requests for additional damages and relief .', 'on december 21 , 2005 , the california court of appeal affirmed the above-described award against the company for breach of the nondisclosure agreement but remanded the case to the trial court for the limited purpose of determining what , if any , additional damages ajaxo may be entitled to as a result of the jury 2019s previous finding in favor of ajaxo on its claim against the company for misappropriation of trade secrets .', 'although the company paid ajaxo the full amount due on the above-described judgment , the case was remanded back to the trial court , and on may 30 , 2008 , a jury returned a verdict in favor of the company denying all claims raised and demands for damages against the company .', 'following the trial court 2019s entry of judgment in favor of the company on september 5 , 2008 , ajaxo filed post- trial motions for vacating this entry of judgment and requesting a new trial .', 'the trial court denied these motions .', 'on december 2 , 2008 , ajaxo filed a notice of appeal with the court of appeal of the state of california for the sixth district .', 'on august 30 , 2010 , the court of appeal affirmed the trial court 2019s verdict in part and reversed the verdict in part , remanding the case .', 'the company petitioned the supreme court of california for review of the court of appeal decision .', 'on december 16 , 2010 , the california supreme court denied the company 2019s petition for review and remanded for further proceedings to the trial court .', 'the testimonial phase of the third trial in this matter concluded on june 12 , 2012 .', 'by order dated may 28 , 2014 , the court determined to conduct a second phase of this bench trial to allow ajaxo to attempt to prove entitlement to additional royalties .', 'hearings in phase two of the trial concluded january 8 , 2015 , and final written closing statements will be submitted march 16 , 2015 .', 'the company will continue to defend itself vigorously .', 'on may 16 , 2011 , droplets inc. , the holder of two patents pertaining to user interface servers , filed a complaint in the u.s .', 'district court for the eastern district of texas against e*trade financial corporation , e*trade securities llc , e*trade bank and multiple other unaffiliated financial services firms .', 'plaintiff contends that the defendants engaged in patent infringement under federal law .', 'plaintiff seeks unspecified damages and an injunction against future infringements , plus royalties , costs , interest and attorneys 2019 fees .', 'on september 30 , 2011 , the company and several co-defendants filed a motion to transfer the case to the southern district of new york .', 'venue discovery occurred throughout december 2011 .', 'on january 1 , 2012 , a new judge was assigned to the case .', 'on march 28 , 2012 , a change of venue was granted and the case was transferred to the united states district court for the southern district of new york .', 'the company filed its answer and counterclaim on june 13 , 2012 and plaintiff moved to dismiss the counterclaim .', 'the company filed a motion for summary judgment .', 'plaintiffs sought to change venue back to the eastern district of texas on the theory that this case is one of several matters that should be consolidated in a single multi-district litigation .', 'on december 12 , 2012 , the multidistrict litigation panel denied the transfer of this action to texas .', 'by opinion dated april 4 , 2013 , the court denied defendants 2019 motion for summary judgment and plaintiff 2019s motion to dismiss the counterclaims .', "the court issued its order on claim construction on october 22 , 2013 , and by order dated january 28 , 2014 , the court adopted the defendants' proposed claims construction .", 'on march 25 , 2014 , the court granted plaintiff leave to amend its complaint to add a newly-issued patent , but stayed all litigation pertaining to that patent until a covered business method review could be heard by the patent and trademark appeals board .', "the defendants' petitions for table of contents ."] | 2.38532 | ETFC/2014/page_22.pdf-1 | ['.'] | ['all facilities are leased at december 31 , 2014 , including 165000 square feet of our office in alpharetta , georgia .', 'we executed a sale-leaseback transaction on this office during 2014 .', 'see note 9 2014property and equipment , net in item 8 .', 'financial statements and supplementary data for more information .', '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 2015 .', 'item 3 .', 'legal proceedings on october 27 , 2000 , ajaxo , inc .', '( "ajaxo" ) filed a complaint in the superior court for the state of california , county of santa clara .', 'ajaxo sought damages and certain non-monetary relief for the company 2019s alleged breach of a non-disclosure agreement with ajaxo pertaining to certain wireless technology that ajaxo offered the company as well as damages and other relief against the company for their alleged misappropriation of ajaxo 2019s trade secrets .', 'following a jury trial , a judgment was entered in 2003 in favor of ajaxo against the company for $ 1 million for breach of the ajaxo non-disclosure agreement .', 'although the jury found in favor of ajaxo on its claim against the company for misappropriation of trade secrets , the trial court subsequently denied ajaxo 2019s requests for additional damages and relief .', 'on december 21 , 2005 , the california court of appeal affirmed the above-described award against the company for breach of the nondisclosure agreement but remanded the case to the trial court for the limited purpose of determining what , if any , additional damages ajaxo may be entitled to as a result of the jury 2019s previous finding in favor of ajaxo on its claim against the company for misappropriation of trade secrets .', 'although the company paid ajaxo the full amount due on the above-described judgment , the case was remanded back to the trial court , and on may 30 , 2008 , a jury returned a verdict in favor of the company denying all claims raised and demands for damages against the company .', 'following the trial court 2019s entry of judgment in favor of the company on september 5 , 2008 , ajaxo filed post- trial motions for vacating this entry of judgment and requesting a new trial .', 'the trial court denied these motions .', 'on december 2 , 2008 , ajaxo filed a notice of appeal with the court of appeal of the state of california for the sixth district .', 'on august 30 , 2010 , the court of appeal affirmed the trial court 2019s verdict in part and reversed the verdict in part , remanding the case .', 'the company petitioned the supreme court of california for review of the court of appeal decision .', 'on december 16 , 2010 , the california supreme court denied the company 2019s petition for review and remanded for further proceedings to the trial court .', 'the testimonial phase of the third trial in this matter concluded on june 12 , 2012 .', 'by order dated may 28 , 2014 , the court determined to conduct a second phase of this bench trial to allow ajaxo to attempt to prove entitlement to additional royalties .', 'hearings in phase two of the trial concluded january 8 , 2015 , and final written closing statements will be submitted march 16 , 2015 .', 'the company will continue to defend itself vigorously .', 'on may 16 , 2011 , droplets inc. , the holder of two patents pertaining to user interface servers , filed a complaint in the u.s .', 'district court for the eastern district of texas against e*trade financial corporation , e*trade securities llc , e*trade bank and multiple other unaffiliated financial services firms .', 'plaintiff contends that the defendants engaged in patent infringement under federal law .', 'plaintiff seeks unspecified damages and an injunction against future infringements , plus royalties , costs , interest and attorneys 2019 fees .', 'on september 30 , 2011 , the company and several co-defendants filed a motion to transfer the case to the southern district of new york .', 'venue discovery occurred throughout december 2011 .', 'on january 1 , 2012 , a new judge was assigned to the case .', 'on march 28 , 2012 , a change of venue was granted and the case was transferred to the united states district court for the southern district of new york .', 'the company filed its answer and counterclaim on june 13 , 2012 and plaintiff moved to dismiss the counterclaim .', 'the company filed a motion for summary judgment .', 'plaintiffs sought to change venue back to the eastern district of texas on the theory that this case is one of several matters that should be consolidated in a single multi-district litigation .', 'on december 12 , 2012 , the multidistrict litigation panel denied the transfer of this action to texas .', 'by opinion dated april 4 , 2013 , the court denied defendants 2019 motion for summary judgment and plaintiff 2019s motion to dismiss the counterclaims .', "the court issued its order on claim construction on october 22 , 2013 , and by order dated january 28 , 2014 , the court adopted the defendants' proposed claims construction .", 'on march 25 , 2014 , the court granted plaintiff leave to amend its complaint to add a newly-issued patent , but stayed all litigation pertaining to that patent until a covered business method review could be heard by the patent and trademark appeals board .', "the defendants' petitions for table of contents ."] | ----------------------------------------
location | approximate square footage
alpharetta georgia | 260000
jersey city new jersey | 109000
arlington virginia | 102000
sandy utah | 66000
menlo park california | 63000
new york new york | 39000
---------------------------------------- | divide(260000, 109000) | 2.38532 |
what is the difference between carrying amounts of long-term debt and fair value? | Context: ['scheduled maturities of our marketable securities are as follows: .']
Data Table:
========================================
in millions available for sale cost available for sale fair value
under 1 year ( current ) $ 25.4 $ 25.4
equity securities 0.3 3.5
total $ 25.7 $ 28.9
========================================
Follow-up: ['as of may 27 , 2018 , we did not any have cash and cash equivalents pledged as collateral for derivative contracts .', 'as of may 27 , 2018 , $ 0.9 million of certain accounts receivable were pledged as collateral against a foreign uncommitted line of credit .', 'the fair value and carrying amounts of long-term debt , including the current portion , were $ 14169.7 million and $ 14268.8 million , respectively , as of may 27 , 2018 .', 'the fair value of long-term debt was estimated using market quotations and discounted cash flows based on our current incremental borrowing rates for similar types of instruments .', 'long-term debt is a level 2 liability in the fair value hierarchy .', 'risk management activities as a part of our ongoing operations , we are exposed to market risks such as changes in interest and foreign currency exchange rates and commodity and equity prices .', 'to manage these risks , we may enter into various derivative transactions ( e.g. , futures , options , and swaps ) pursuant to our established policies .', 'commodity price risk many commodities we use in the production and distribution of our products are exposed to market price risks .', 'we utilize derivatives to manage price risk for our principal ingredients and energy costs , including grains ( oats , wheat , and corn ) , oils ( principally soybean ) , dairy products , natural gas , and diesel fuel .', 'our primary objective when entering into these derivative contracts is to achieve certainty with regard to the future price of commodities purchased for use in our supply chain .', 'we manage our exposures through a combination of purchase orders , long-term contracts with suppliers , exchange-traded futures and options , and over-the-counter options and swaps .', 'we offset our exposures based on current and projected market conditions and generally seek to acquire the inputs at as close to our planned cost as possible .', 'we use derivatives to manage our exposure to changes in commodity prices .', 'we do not perform the assessments required to achieve hedge accounting for commodity derivative positions .', 'accordingly , the changes in the values of these derivatives are recorded currently in cost of sales in our consolidated statements of earnings .', 'although we do not meet the criteria for cash flow hedge accounting , we believe that these instruments are effective in achieving our objective of providing certainty in the future price of commodities purchased for use in our supply chain .', 'accordingly , for purposes of measuring segment operating performance these gains and losses are reported in unallocated corporate items outside of segment operating results until such time that the exposure we are managing affects earnings .', 'at that time we reclassify the gain or loss from unallocated corporate items to segment operating profit , allowing our operating segments to realize the economic effects of the derivative without experiencing any resulting mark-to-market volatility , which remains in unallocated corporate items. .'] | 99.1 | GIS/2018/page_82.pdf-2 | ['scheduled maturities of our marketable securities are as follows: .'] | ['as of may 27 , 2018 , we did not any have cash and cash equivalents pledged as collateral for derivative contracts .', 'as of may 27 , 2018 , $ 0.9 million of certain accounts receivable were pledged as collateral against a foreign uncommitted line of credit .', 'the fair value and carrying amounts of long-term debt , including the current portion , were $ 14169.7 million and $ 14268.8 million , respectively , as of may 27 , 2018 .', 'the fair value of long-term debt was estimated using market quotations and discounted cash flows based on our current incremental borrowing rates for similar types of instruments .', 'long-term debt is a level 2 liability in the fair value hierarchy .', 'risk management activities as a part of our ongoing operations , we are exposed to market risks such as changes in interest and foreign currency exchange rates and commodity and equity prices .', 'to manage these risks , we may enter into various derivative transactions ( e.g. , futures , options , and swaps ) pursuant to our established policies .', 'commodity price risk many commodities we use in the production and distribution of our products are exposed to market price risks .', 'we utilize derivatives to manage price risk for our principal ingredients and energy costs , including grains ( oats , wheat , and corn ) , oils ( principally soybean ) , dairy products , natural gas , and diesel fuel .', 'our primary objective when entering into these derivative contracts is to achieve certainty with regard to the future price of commodities purchased for use in our supply chain .', 'we manage our exposures through a combination of purchase orders , long-term contracts with suppliers , exchange-traded futures and options , and over-the-counter options and swaps .', 'we offset our exposures based on current and projected market conditions and generally seek to acquire the inputs at as close to our planned cost as possible .', 'we use derivatives to manage our exposure to changes in commodity prices .', 'we do not perform the assessments required to achieve hedge accounting for commodity derivative positions .', 'accordingly , the changes in the values of these derivatives are recorded currently in cost of sales in our consolidated statements of earnings .', 'although we do not meet the criteria for cash flow hedge accounting , we believe that these instruments are effective in achieving our objective of providing certainty in the future price of commodities purchased for use in our supply chain .', 'accordingly , for purposes of measuring segment operating performance these gains and losses are reported in unallocated corporate items outside of segment operating results until such time that the exposure we are managing affects earnings .', 'at that time we reclassify the gain or loss from unallocated corporate items to segment operating profit , allowing our operating segments to realize the economic effects of the derivative without experiencing any resulting mark-to-market volatility , which remains in unallocated corporate items. .'] | ========================================
in millions available for sale cost available for sale fair value
under 1 year ( current ) $ 25.4 $ 25.4
equity securities 0.3 3.5
total $ 25.7 $ 28.9
======================================== | subtract(14268.8, 14169.7) | 99.1 |
for the 2012 acquisition , hard assets were what percent of the total fair value of net assets acquired? | Pre-text: ['american tower corporation and subsidiaries notes to consolidated financial statements the allocation of the purchase price was finalized during the year ended december 31 , 2012 .', 'the following table summarizes the allocation of the aggregate purchase consideration paid and the amounts of assets acquired and liabilities assumed based upon their estimated fair value at the date of acquisition ( in thousands ) : purchase price allocation .']
######
Data Table:
========================================
, final purchase price allocation
non-current assets, $ 2
property and equipment, 3590
intangible assets ( 1 ), 1062
other non-current liabilities, -91 ( 91 )
fair value of net assets acquired, $ 4563
goodwill ( 2 ), 89
========================================
######
Post-table: ['( 1 ) consists of customer-related intangibles of approximately $ 0.4 million and network location intangibles of approximately $ 0.7 million .', 'the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years .', '( 2 ) the company expects that the goodwill recorded will be deductible for tax purposes .', 'the goodwill was allocated to the company 2019s international rental and management segment .', 'colombia 2014colombia movil acquisition 2014on july 17 , 2011 , the company entered into a definitive agreement with colombia movil s.a .', 'e.s.p .', '( 201ccolombia movil 201d ) , whereby atc sitios infraco , s.a.s. , a colombian subsidiary of the company ( 201catc infraco 201d ) , would purchase up to 2126 communications sites from colombia movil for an aggregate purchase price of approximately $ 182.0 million .', 'from december 21 , 2011 through the year ended december 31 , 2012 , atc infraco completed the purchase of 1526 communications sites for an aggregate purchase price of $ 136.2 million ( including contingent consideration of $ 17.3 million ) , subject to post-closing adjustments .', 'through a subsidiary , millicom international cellular s.a .', '( 201cmillicom 201d ) exercised its option to acquire an indirect , substantial non-controlling interest in atc infraco .', 'under the terms of the agreement , the company is required to make additional payments upon the conversion of certain barter agreements with other wireless carriers to cash paying lease agreements .', 'based on the company 2019s current estimates , the value of potential contingent consideration payments required to be made under the amended agreement is expected to be between zero and $ 32.8 million and is estimated to be $ 17.3 million using a probability weighted average of the expected outcomes at december 31 , 2012 .', 'during the year ended december 31 , 2012 , the company recorded a reduction in fair value of $ 1.2 million , which is included in other operating expenses in the consolidated statements of operations. .'] | 0.78676 | AMT/2012/page_123.pdf-2 | ['american tower corporation and subsidiaries notes to consolidated financial statements the allocation of the purchase price was finalized during the year ended december 31 , 2012 .', 'the following table summarizes the allocation of the aggregate purchase consideration paid and the amounts of assets acquired and liabilities assumed based upon their estimated fair value at the date of acquisition ( in thousands ) : purchase price allocation .'] | ['( 1 ) consists of customer-related intangibles of approximately $ 0.4 million and network location intangibles of approximately $ 0.7 million .', 'the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years .', '( 2 ) the company expects that the goodwill recorded will be deductible for tax purposes .', 'the goodwill was allocated to the company 2019s international rental and management segment .', 'colombia 2014colombia movil acquisition 2014on july 17 , 2011 , the company entered into a definitive agreement with colombia movil s.a .', 'e.s.p .', '( 201ccolombia movil 201d ) , whereby atc sitios infraco , s.a.s. , a colombian subsidiary of the company ( 201catc infraco 201d ) , would purchase up to 2126 communications sites from colombia movil for an aggregate purchase price of approximately $ 182.0 million .', 'from december 21 , 2011 through the year ended december 31 , 2012 , atc infraco completed the purchase of 1526 communications sites for an aggregate purchase price of $ 136.2 million ( including contingent consideration of $ 17.3 million ) , subject to post-closing adjustments .', 'through a subsidiary , millicom international cellular s.a .', '( 201cmillicom 201d ) exercised its option to acquire an indirect , substantial non-controlling interest in atc infraco .', 'under the terms of the agreement , the company is required to make additional payments upon the conversion of certain barter agreements with other wireless carriers to cash paying lease agreements .', 'based on the company 2019s current estimates , the value of potential contingent consideration payments required to be made under the amended agreement is expected to be between zero and $ 32.8 million and is estimated to be $ 17.3 million using a probability weighted average of the expected outcomes at december 31 , 2012 .', 'during the year ended december 31 , 2012 , the company recorded a reduction in fair value of $ 1.2 million , which is included in other operating expenses in the consolidated statements of operations. .'] | ========================================
, final purchase price allocation
non-current assets, $ 2
property and equipment, 3590
intangible assets ( 1 ), 1062
other non-current liabilities, -91 ( 91 )
fair value of net assets acquired, $ 4563
goodwill ( 2 ), 89
======================================== | divide(3590, 4563) | 0.78676 |
in 2010 , what was the cumulative total return of the s&p 500? | Pre-text: ['18 2015 annual report performance graph the following chart presents a comparison for the five-year period ended june 30 , 2015 , of the market performance of the company 2019s common stock with the s&p 500 index and an index of peer companies selected by the company : comparison of 5 year cumulative total return among jack henry & associates , inc. , the s&p 500 index , and a peer group the following information depicts a line graph with the following values: .']
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Tabular Data:
========================================
Row 1: , 2010, 2011, 2012, 2013, 2014, 2015
Row 2: jkhy, 100.00, 127.44, 148.62, 205.60, 263.21, 290.88
Row 3: peer group, 100.00, 136.78, 148.10, 174.79, 239.10, 301.34
Row 4: s&p 500, 100.00, 130.69, 137.81, 166.20, 207.10, 222.47
========================================
------
Follow-up: ['this comparison assumes $ 100 was invested on june 30 , 2010 , and assumes reinvestments of dividends .', 'total returns are calculated according to market capitalization of peer group members at the beginning of each period .', 'peer companies selected are in the business of providing specialized computer software , hardware and related services to financial institutions and other businesses .', 'companies in the peer group are aci worldwide , inc. , bottomline technology , inc. , broadridge financial solutions , cardtronics , inc. , convergys corp. , corelogic , inc. , dst systems , inc. , euronet worldwide , inc. , fair isaac corp. , fidelity national information services , inc. , fiserv , inc. , global payments , inc. , heartland payment systems , inc. , moneygram international , inc. , ss&c technologies holdings , inc. , total systems services , inc. , tyler technologies , inc. , verifone systems , inc. , and wex , inc. .', 'micros systems , inc .', 'was removed from the peer group as it was acquired in september 2014. .'] | 30.69 | JKHY/2015/page_20.pdf-3 | ['18 2015 annual report performance graph the following chart presents a comparison for the five-year period ended june 30 , 2015 , of the market performance of the company 2019s common stock with the s&p 500 index and an index of peer companies selected by the company : comparison of 5 year cumulative total return among jack henry & associates , inc. , the s&p 500 index , and a peer group the following information depicts a line graph with the following values: .'] | ['this comparison assumes $ 100 was invested on june 30 , 2010 , and assumes reinvestments of dividends .', 'total returns are calculated according to market capitalization of peer group members at the beginning of each period .', 'peer companies selected are in the business of providing specialized computer software , hardware and related services to financial institutions and other businesses .', 'companies in the peer group are aci worldwide , inc. , bottomline technology , inc. , broadridge financial solutions , cardtronics , inc. , convergys corp. , corelogic , inc. , dst systems , inc. , euronet worldwide , inc. , fair isaac corp. , fidelity national information services , inc. , fiserv , inc. , global payments , inc. , heartland payment systems , inc. , moneygram international , inc. , ss&c technologies holdings , inc. , total systems services , inc. , tyler technologies , inc. , verifone systems , inc. , and wex , inc. .', 'micros systems , inc .', 'was removed from the peer group as it was acquired in september 2014. .'] | ========================================
Row 1: , 2010, 2011, 2012, 2013, 2014, 2015
Row 2: jkhy, 100.00, 127.44, 148.62, 205.60, 263.21, 290.88
Row 3: peer group, 100.00, 136.78, 148.10, 174.79, 239.10, 301.34
Row 4: s&p 500, 100.00, 130.69, 137.81, 166.20, 207.10, 222.47
======================================== | subtract(130.69, 100.00) | 30.69 |
what portion of the total expected payment for benefits is related to pension benefits? | Pre-text: ['notes to consolidated financial statements ( continued ) 17 .', 'pension plans and postretirement health care and life insurance benefit plans ( continued ) benefit payments the following table sets forth amounts of benefits expected to be paid over the next ten years from the company 2019s pension and postretirement plans as of december 31 , 2004: .']
##
Data Table:
| pension benefits | other postretirement benefits
2005 | $ 125 | $ 30
2006 | 132 | 31
2007 | 143 | 31
2008 | 154 | 33
2009 | 166 | 34
2010-2014 | 1052 | 193
total | $ 1772 | $ 352
##
Follow-up: ['18 .', 'stock compensation plans on may 18 , 2000 , the shareholders of the hartford approved the hartford incentive stock plan ( the 201c2000 plan 201d ) , which replaced the hartford 1995 incentive stock plan ( the 201c1995 plan 201d ) .', 'the terms of the 2000 plan were substantially similar to the terms of the 1995 plan except that the 1995 plan had an annual award limit and a higher maximum award limit .', 'under the 2000 plan , awards may be granted in the form of non-qualified or incentive stock options qualifying under section 422a of the internal revenue code , performance shares or restricted stock , or any combination of the foregoing .', 'in addition , stock appreciation rights may be granted in connection with all or part of any stock options granted under the 2000 plan .', 'in december 2004 , the 2000 plan was amended to allow for grants of restricted stock units effective as of january 1 , 2005 .', 'the aggregate number of shares of stock , which may be awarded , is subject to a maximum limit of 17211837 shares applicable to all awards for the ten-year duration of the 2000 plan .', 'all options granted have an exercise price equal to the market price of the company 2019s common stock on the date of grant , and an option 2019s maximum term is ten years and two days .', 'certain options become exercisable over a three year period commencing one year from the date of grant , while certain other options become exercisable upon the attainment of specified market price appreciation of the company 2019s common shares .', 'for any year , no individual employee may receive an award of options for more than 1000000 shares .', 'as of december 31 , 2004 , the hartford had not issued any incentive stock options under the 2000 plan .', 'performance awards of common stock granted under the 2000 plan become payable upon the attainment of specific performance goals achieved over a period of not less than one nor more than five years , and the restricted stock granted is subject to a restriction period .', 'on a cumulative basis , no more than 20% ( 20 % ) of the aggregate number of shares which may be awarded under the 2000 plan are available for performance shares and restricted stock awards .', 'also , the maximum award of performance shares for any individual employee in any year is 200000 shares .', 'in 2004 , 2003 and 2002 , the company granted shares of common stock of 315452 , 333712 and 40852 with weighted average prices of $ 64.93 , $ 38.13 and $ 62.28 , respectively , related to performance share and restricted stock awards .', 'in 1996 , the company established the hartford employee stock purchase plan ( 201cespp 201d ) .', 'under this plan , eligible employees of the hartford may purchase common stock of the company at a 15% ( 15 % ) discount from the lower of the closing market price at the beginning or end of the quarterly offering period .', 'the company may sell up to 5400000 shares of stock to eligible employees under the espp .', 'in 2004 , 2003 and 2002 , 345262 , 443467 and 408304 shares were sold , respectively .', 'the per share weighted average fair value of the discount under the espp was $ 9.31 , $ 11.96 , and $ 11.70 in 2004 , 2003 and 2002 , respectively .', 'additionally , during 1997 , the hartford established employee stock purchase plans for certain employees of the company 2019s international subsidiaries .', 'under these plans , participants may purchase common stock of the hartford at a fixed price at the end of a three-year period .', 'the activity under these programs is not material. .'] | 0.83427 | HIG/2004/page_192.pdf-2 | ['notes to consolidated financial statements ( continued ) 17 .', 'pension plans and postretirement health care and life insurance benefit plans ( continued ) benefit payments the following table sets forth amounts of benefits expected to be paid over the next ten years from the company 2019s pension and postretirement plans as of december 31 , 2004: .'] | ['18 .', 'stock compensation plans on may 18 , 2000 , the shareholders of the hartford approved the hartford incentive stock plan ( the 201c2000 plan 201d ) , which replaced the hartford 1995 incentive stock plan ( the 201c1995 plan 201d ) .', 'the terms of the 2000 plan were substantially similar to the terms of the 1995 plan except that the 1995 plan had an annual award limit and a higher maximum award limit .', 'under the 2000 plan , awards may be granted in the form of non-qualified or incentive stock options qualifying under section 422a of the internal revenue code , performance shares or restricted stock , or any combination of the foregoing .', 'in addition , stock appreciation rights may be granted in connection with all or part of any stock options granted under the 2000 plan .', 'in december 2004 , the 2000 plan was amended to allow for grants of restricted stock units effective as of january 1 , 2005 .', 'the aggregate number of shares of stock , which may be awarded , is subject to a maximum limit of 17211837 shares applicable to all awards for the ten-year duration of the 2000 plan .', 'all options granted have an exercise price equal to the market price of the company 2019s common stock on the date of grant , and an option 2019s maximum term is ten years and two days .', 'certain options become exercisable over a three year period commencing one year from the date of grant , while certain other options become exercisable upon the attainment of specified market price appreciation of the company 2019s common shares .', 'for any year , no individual employee may receive an award of options for more than 1000000 shares .', 'as of december 31 , 2004 , the hartford had not issued any incentive stock options under the 2000 plan .', 'performance awards of common stock granted under the 2000 plan become payable upon the attainment of specific performance goals achieved over a period of not less than one nor more than five years , and the restricted stock granted is subject to a restriction period .', 'on a cumulative basis , no more than 20% ( 20 % ) of the aggregate number of shares which may be awarded under the 2000 plan are available for performance shares and restricted stock awards .', 'also , the maximum award of performance shares for any individual employee in any year is 200000 shares .', 'in 2004 , 2003 and 2002 , the company granted shares of common stock of 315452 , 333712 and 40852 with weighted average prices of $ 64.93 , $ 38.13 and $ 62.28 , respectively , related to performance share and restricted stock awards .', 'in 1996 , the company established the hartford employee stock purchase plan ( 201cespp 201d ) .', 'under this plan , eligible employees of the hartford may purchase common stock of the company at a 15% ( 15 % ) discount from the lower of the closing market price at the beginning or end of the quarterly offering period .', 'the company may sell up to 5400000 shares of stock to eligible employees under the espp .', 'in 2004 , 2003 and 2002 , 345262 , 443467 and 408304 shares were sold , respectively .', 'the per share weighted average fair value of the discount under the espp was $ 9.31 , $ 11.96 , and $ 11.70 in 2004 , 2003 and 2002 , respectively .', 'additionally , during 1997 , the hartford established employee stock purchase plans for certain employees of the company 2019s international subsidiaries .', 'under these plans , participants may purchase common stock of the hartford at a fixed price at the end of a three-year period .', 'the activity under these programs is not material. .'] | | pension benefits | other postretirement benefits
2005 | $ 125 | $ 30
2006 | 132 | 31
2007 | 143 | 31
2008 | 154 | 33
2009 | 166 | 34
2010-2014 | 1052 | 193
total | $ 1772 | $ 352 | add(1772, 352), divide(1772, #0) | 0.83427 |
what was the average investment income ( loss ) net 2013 to 2015 | Background: ['consolidated other income ( expense ) items , net .']
####
Data Table:
----------------------------------------
year ended december 31 ( in millions ) 2015 2014 2013
interest expense $ -2702 ( 2702 ) $ -2617 ( 2617 ) $ -2574 ( 2574 )
investment income ( loss ) net 81 296 576
equity in net income ( losses ) of investees net -325 ( 325 ) 97 -86 ( 86 )
other income ( expense ) net 320 -215 ( 215 ) -364 ( 364 )
total $ -2626 ( 2626 ) $ -2439 ( 2439 ) $ -2448 ( 2448 )
----------------------------------------
####
Follow-up: ['interest expense interest expense increased in 2015 primarily due to an increase in our debt outstanding and $ 47 million of additional interest expense associated with the early redemption in june 2015 of our $ 750 million aggregate principal amount of 5.85% ( 5.85 % ) senior notes due november 2015 and our $ 1.0 billion aggregate principal amount of 5.90% ( 5.90 % ) senior notes due march 2016 .', 'interest expense increased in 2014 primarily due to the effect of our interest rate derivative financial instruments .', 'investment income ( loss ) , net the change in investment income ( loss ) , net in 2015 was primarily due to a $ 154 million gain related to the sale of our shares of arris group common stock in 2014 .', 'the change in investment income ( loss ) , net in 2014 was primarily due to a $ 443 million gain related to the sale of our investment in clearwire corporation in 2013 .', 'the components of investment income ( loss ) , net are presented in a table in note 7 to comcast 2019s consolidated financial statements .', 'equity in net income ( losses ) of investees , net the change in equity in net income ( losses ) of investees , net in 2015 was primarily due to twcc holding corp .', '( 201cthe weather channel 201d ) recording impairment charges related to goodwill .', 'we recorded expenses of $ 333 million in 2015 that represent nbcuniversal 2019s proportionate share of these impairment charges .', 'the change in 2015 was also due to an increase in our proportionate share of losses in hulu , llc ( 201chulu 201d ) , which were driven by hulu 2019s higher programming and marketing costs .', 'in 2015 and 2014 , we recognized our pro- portionate share of losses of $ 106 million and $ 20 million , respectively , related to our investment in hulu .', 'the change in equity in net income ( losses ) of investees , net in 2014 was primarily due to $ 142 million of total equity losses recorded in 2013 attributable to our investment in hulu .', 'in july 2013 , we entered into an agreement to provide capital contributions totaling $ 247 million to hulu , which we had previously accounted for as a cost method investment .', 'this represented an agreement to provide our first capital contribution to hulu since we acquired our interest in it as part of our acquisition of a controlling interest in nbcuniversal in 2011 ( the 201cnbcuniversal transaction 201d ) ; therefore , we began to apply the equity method of accounting for this investment .', 'the change in the method of accounting for this investment required us to recognize our propor- tionate share of hulu 2019s accumulated losses from the date of the nbcuniversal transaction through july 2013 .', 'other income ( expense ) , net other income ( expense ) , net for 2015 included gains of $ 335 million on the sales of a business and an invest- ment , $ 240 million recorded on the settlement of a contingent consideration liability with general electric company ( 201cge 201d ) related to the acquisition of nbcuniversal , and $ 43 million related to an equity method investment .', 'these gains were partially offset by $ 236 million of expenses related to fair value adjustments to a contractual obligation .', 'see note 11 to comcast 2019s consolidated financial statements for additional information on this contractual obligation .', 'other income ( expense ) , net for 2014 included a $ 27 million favorable settlement of a contingency related to the at&t broadband transaction in 2002 , which was more than offset by $ 208 million of expenses related to 61 comcast 2015 annual report on form 10-k .'] | 478.0 | CMCSA/2015/page_64.pdf-3 | ['consolidated other income ( expense ) items , net .'] | ['interest expense interest expense increased in 2015 primarily due to an increase in our debt outstanding and $ 47 million of additional interest expense associated with the early redemption in june 2015 of our $ 750 million aggregate principal amount of 5.85% ( 5.85 % ) senior notes due november 2015 and our $ 1.0 billion aggregate principal amount of 5.90% ( 5.90 % ) senior notes due march 2016 .', 'interest expense increased in 2014 primarily due to the effect of our interest rate derivative financial instruments .', 'investment income ( loss ) , net the change in investment income ( loss ) , net in 2015 was primarily due to a $ 154 million gain related to the sale of our shares of arris group common stock in 2014 .', 'the change in investment income ( loss ) , net in 2014 was primarily due to a $ 443 million gain related to the sale of our investment in clearwire corporation in 2013 .', 'the components of investment income ( loss ) , net are presented in a table in note 7 to comcast 2019s consolidated financial statements .', 'equity in net income ( losses ) of investees , net the change in equity in net income ( losses ) of investees , net in 2015 was primarily due to twcc holding corp .', '( 201cthe weather channel 201d ) recording impairment charges related to goodwill .', 'we recorded expenses of $ 333 million in 2015 that represent nbcuniversal 2019s proportionate share of these impairment charges .', 'the change in 2015 was also due to an increase in our proportionate share of losses in hulu , llc ( 201chulu 201d ) , which were driven by hulu 2019s higher programming and marketing costs .', 'in 2015 and 2014 , we recognized our pro- portionate share of losses of $ 106 million and $ 20 million , respectively , related to our investment in hulu .', 'the change in equity in net income ( losses ) of investees , net in 2014 was primarily due to $ 142 million of total equity losses recorded in 2013 attributable to our investment in hulu .', 'in july 2013 , we entered into an agreement to provide capital contributions totaling $ 247 million to hulu , which we had previously accounted for as a cost method investment .', 'this represented an agreement to provide our first capital contribution to hulu since we acquired our interest in it as part of our acquisition of a controlling interest in nbcuniversal in 2011 ( the 201cnbcuniversal transaction 201d ) ; therefore , we began to apply the equity method of accounting for this investment .', 'the change in the method of accounting for this investment required us to recognize our propor- tionate share of hulu 2019s accumulated losses from the date of the nbcuniversal transaction through july 2013 .', 'other income ( expense ) , net other income ( expense ) , net for 2015 included gains of $ 335 million on the sales of a business and an invest- ment , $ 240 million recorded on the settlement of a contingent consideration liability with general electric company ( 201cge 201d ) related to the acquisition of nbcuniversal , and $ 43 million related to an equity method investment .', 'these gains were partially offset by $ 236 million of expenses related to fair value adjustments to a contractual obligation .', 'see note 11 to comcast 2019s consolidated financial statements for additional information on this contractual obligation .', 'other income ( expense ) , net for 2014 included a $ 27 million favorable settlement of a contingency related to the at&t broadband transaction in 2002 , which was more than offset by $ 208 million of expenses related to 61 comcast 2015 annual report on form 10-k .'] | ----------------------------------------
year ended december 31 ( in millions ) 2015 2014 2013
interest expense $ -2702 ( 2702 ) $ -2617 ( 2617 ) $ -2574 ( 2574 )
investment income ( loss ) net 81 296 576
equity in net income ( losses ) of investees net -325 ( 325 ) 97 -86 ( 86 )
other income ( expense ) net 320 -215 ( 215 ) -364 ( 364 )
total $ -2626 ( 2626 ) $ -2439 ( 2439 ) $ -2448 ( 2448 )
---------------------------------------- | add(81, 296), add(576, #0), add(#1, const_3), divide(#2, const_2) | 478.0 |
what percentage of the total for 2015 were due to to operating leases? | Pre-text: ['part ii on november 1 , 2011 , we entered into a committed credit facility agreement with a syndicate of banks which provides for up to $ 1 billion of borrowings with the option to increase borrowings to $ 1.5 billion with lender approval .', 'following an extension agreement on september 17 , 2013 between the company and the syndicate of banks , the facility matures november 1 , 2017 , with a one-year extension option exercisable through october 31 , 2014 .', 'no amounts were outstanding under this facility as of may 31 , 2014 or 2013 .', 'we currently have long-term debt ratings of aa- and a1 from standard and poor 2019s corporation and moody 2019s investor services , respectively .', 'if our long- term debt rating were to decline , the facility fee and interest rate under our committed credit facility would increase .', 'conversely , if our long-term debt rating were to improve , the facility fee and interest rate would decrease .', 'changes in our long-term debt rating would not trigger acceleration of maturity of any then-outstanding borrowings or any future borrowings under the committed credit facility .', 'under this committed revolving credit facility , we have agreed to various covenants .', 'these covenants include limits on our disposal of fixed assets , the amount of debt secured by liens we may incur , as well as a minimum capitalization ratio .', 'in the event we were to have any borrowings outstanding under this facility and failed to meet any covenant , and were unable to obtain a waiver from a majority of the banks in the syndicate , any borrowings would become immediately due and payable .', 'as of may 31 , 2014 , we were in full compliance with each of these covenants and believe it is unlikely we will fail to meet any of these covenants in the foreseeable future .', 'liquidity is also provided by our $ 1 billion commercial paper program .', 'during the year ended may 31 , 2014 , we did not issue commercial paper , and as of may 31 , 2014 , there were no outstanding borrowings under this program .', 'we may continue to issue commercial paper or other debt securities during fiscal 2015 depending on general corporate needs .', 'we currently have short-term debt ratings of a1+ and p1 from standard and poor 2019s corporation and moody 2019s investor services , respectively .', 'as of may 31 , 2014 , we had cash , cash equivalents , and short-term investments totaling $ 5.1 billion , of which $ 2.5 billion was held by our foreign subsidiaries .', 'cash equivalents and short-term investments consist primarily of deposits held at major banks , money market funds , commercial paper , corporate notes , u.s .', 'treasury obligations , u.s .', 'government sponsored enterprise obligations , and other investment grade fixed income securities .', 'our fixed income investments are exposed to both credit and interest rate risk .', 'all of our investments are investment grade to minimize our credit risk .', 'while individual securities have varying durations , as of may 31 , 2014 the average duration of our short-term investments and cash equivalents portfolio was 126 days .', 'to date we have not experienced difficulty accessing the credit markets or incurred higher interest costs .', 'future volatility in the capital markets , however , may increase costs associated with issuing commercial paper or other debt instruments or affect our ability to access those markets .', 'we believe that existing cash , cash equivalents , short-term investments , and cash generated by operations , together with access to external sources of funds as described above , will be sufficient to meet our domestic and foreign capital needs in the foreseeable future .', 'we utilize a variety of tax planning and financing strategies to manage our worldwide cash and deploy funds to locations where they are needed .', 'we routinely repatriate a portion of our foreign earnings for which u.s .', 'taxes have previously been provided .', 'we also indefinitely reinvest a significant portion of our foreign earnings , and our current plans do not demonstrate a need to repatriate these earnings .', 'should we require additional capital in the united states , we may elect to repatriate indefinitely reinvested foreign funds or raise capital in the united states through debt .', 'if we were to repatriate indefinitely reinvested foreign funds , we would be required to accrue and pay additional u.s .', 'taxes less applicable foreign tax credits .', 'if we elect to raise capital in the united states through debt , we would incur additional interest expense .', 'off-balance sheet arrangements in connection with various contracts and agreements , we routinely provide indemnification relating to the enforceability of intellectual property rights , coverage for legal issues that arise and other items where we are acting as the guarantor .', 'currently , we have several such agreements in place .', 'however , based on our historical experience and the estimated probability of future loss , we have determined that the fair value of such indemnification is not material to our financial position or results of operations .', 'contractual obligations our significant long-term contractual obligations as of may 31 , 2014 and significant endorsement contracts entered into through the date of this report are as follows: .']
##
Data Table:
****************************************
• description of commitment ( in millions ), description of commitment 2015, description of commitment 2016, description of commitment 2017, description of commitment 2018, description of commitment 2019, description of commitment thereafter, total
• operating leases, $ 427, $ 399, $ 366, $ 311, $ 251, $ 1050, $ 2804
• capital leases, 36, 35, 1, 1, 1, 2014, 74
• long-term debt ( 1 ), 46, 145, 79, 56, 37, 1488, 1851
• endorsement contracts ( 2 ), 991, 787, 672, 524, 349, 1381, 4704
• product purchase obligations ( 3 ), 3688, 2014, 2014, 2014, 2014, 2014, 3688
• other ( 4 ), 309, 108, 78, 7, 3, 12, 517
• total, $ 5497, $ 1474, $ 1196, $ 899, $ 641, $ 3931, $ 13638
****************************************
##
Post-table: ['( 1 ) the cash payments due for long-term debt include estimated interest payments .', 'estimates of interest payments are based on outstanding principal amounts , applicable fixed interest rates or currently effective interest rates as of may 31 , 2014 ( if variable ) , timing of scheduled payments , and the term of the debt obligations .', '( 2 ) the amounts listed for endorsement contracts represent approximate amounts of base compensation and minimum guaranteed royalty fees we are obligated to pay athlete and sport team endorsers of our products .', 'actual payments under some contracts may be higher than the amounts listed as these contracts provide for bonuses to be paid to the endorsers based upon athletic achievements and/or royalties on product sales in future periods .', 'actual payments under some contracts may also be lower as these contracts include provisions for reduced payments if athletic performance declines in future periods .', 'in addition to the cash payments , we are obligated to furnish our endorsers with nike product for their use .', 'it is not possible to determine how much we will spend on this product on an annual basis as the contracts generally do not stipulate a specific amount of cash to be spent on the product .', 'the amount of product provided to the endorsers will depend on many factors , including general playing conditions , the number of sporting events in which they participate , and our own decisions regarding product and marketing initiatives .', 'in addition , the costs to design , develop , source , and purchase the products furnished to the endorsers are incurred over a period of time and are not necessarily tracked separately from similar costs incurred for products sold to customers .', '( 3 ) we generally order product at least four to five months in advance of sale based primarily on futures orders received from customers .', 'the amounts listed for product purchase obligations represent agreements ( including open purchase orders ) to purchase products in the ordinary course of business that are enforceable and legally binding and that specify all significant terms .', 'in some cases , prices are subject to change throughout the production process .', 'the reported amounts exclude product purchase liabilities included in accounts payable on the consolidated balance sheet as of may 31 , 2014 .', '( 4 ) other amounts primarily include service and marketing commitments made in the ordinary course of business .', 'the amounts represent the minimum payments required by legally binding contracts and agreements that specify all significant terms , including open purchase orders for non-product purchases .', 'the reported amounts exclude those liabilities included in accounts payable or accrued liabilities on the consolidated balance sheet as of may 31 , 2014 .', 'nike , inc .', '2014 annual report and notice of annual meeting 79 .'] | 0.07768 | NKE/2014/page_36.pdf-1 | ['part ii on november 1 , 2011 , we entered into a committed credit facility agreement with a syndicate of banks which provides for up to $ 1 billion of borrowings with the option to increase borrowings to $ 1.5 billion with lender approval .', 'following an extension agreement on september 17 , 2013 between the company and the syndicate of banks , the facility matures november 1 , 2017 , with a one-year extension option exercisable through october 31 , 2014 .', 'no amounts were outstanding under this facility as of may 31 , 2014 or 2013 .', 'we currently have long-term debt ratings of aa- and a1 from standard and poor 2019s corporation and moody 2019s investor services , respectively .', 'if our long- term debt rating were to decline , the facility fee and interest rate under our committed credit facility would increase .', 'conversely , if our long-term debt rating were to improve , the facility fee and interest rate would decrease .', 'changes in our long-term debt rating would not trigger acceleration of maturity of any then-outstanding borrowings or any future borrowings under the committed credit facility .', 'under this committed revolving credit facility , we have agreed to various covenants .', 'these covenants include limits on our disposal of fixed assets , the amount of debt secured by liens we may incur , as well as a minimum capitalization ratio .', 'in the event we were to have any borrowings outstanding under this facility and failed to meet any covenant , and were unable to obtain a waiver from a majority of the banks in the syndicate , any borrowings would become immediately due and payable .', 'as of may 31 , 2014 , we were in full compliance with each of these covenants and believe it is unlikely we will fail to meet any of these covenants in the foreseeable future .', 'liquidity is also provided by our $ 1 billion commercial paper program .', 'during the year ended may 31 , 2014 , we did not issue commercial paper , and as of may 31 , 2014 , there were no outstanding borrowings under this program .', 'we may continue to issue commercial paper or other debt securities during fiscal 2015 depending on general corporate needs .', 'we currently have short-term debt ratings of a1+ and p1 from standard and poor 2019s corporation and moody 2019s investor services , respectively .', 'as of may 31 , 2014 , we had cash , cash equivalents , and short-term investments totaling $ 5.1 billion , of which $ 2.5 billion was held by our foreign subsidiaries .', 'cash equivalents and short-term investments consist primarily of deposits held at major banks , money market funds , commercial paper , corporate notes , u.s .', 'treasury obligations , u.s .', 'government sponsored enterprise obligations , and other investment grade fixed income securities .', 'our fixed income investments are exposed to both credit and interest rate risk .', 'all of our investments are investment grade to minimize our credit risk .', 'while individual securities have varying durations , as of may 31 , 2014 the average duration of our short-term investments and cash equivalents portfolio was 126 days .', 'to date we have not experienced difficulty accessing the credit markets or incurred higher interest costs .', 'future volatility in the capital markets , however , may increase costs associated with issuing commercial paper or other debt instruments or affect our ability to access those markets .', 'we believe that existing cash , cash equivalents , short-term investments , and cash generated by operations , together with access to external sources of funds as described above , will be sufficient to meet our domestic and foreign capital needs in the foreseeable future .', 'we utilize a variety of tax planning and financing strategies to manage our worldwide cash and deploy funds to locations where they are needed .', 'we routinely repatriate a portion of our foreign earnings for which u.s .', 'taxes have previously been provided .', 'we also indefinitely reinvest a significant portion of our foreign earnings , and our current plans do not demonstrate a need to repatriate these earnings .', 'should we require additional capital in the united states , we may elect to repatriate indefinitely reinvested foreign funds or raise capital in the united states through debt .', 'if we were to repatriate indefinitely reinvested foreign funds , we would be required to accrue and pay additional u.s .', 'taxes less applicable foreign tax credits .', 'if we elect to raise capital in the united states through debt , we would incur additional interest expense .', 'off-balance sheet arrangements in connection with various contracts and agreements , we routinely provide indemnification relating to the enforceability of intellectual property rights , coverage for legal issues that arise and other items where we are acting as the guarantor .', 'currently , we have several such agreements in place .', 'however , based on our historical experience and the estimated probability of future loss , we have determined that the fair value of such indemnification is not material to our financial position or results of operations .', 'contractual obligations our significant long-term contractual obligations as of may 31 , 2014 and significant endorsement contracts entered into through the date of this report are as follows: .'] | ['( 1 ) the cash payments due for long-term debt include estimated interest payments .', 'estimates of interest payments are based on outstanding principal amounts , applicable fixed interest rates or currently effective interest rates as of may 31 , 2014 ( if variable ) , timing of scheduled payments , and the term of the debt obligations .', '( 2 ) the amounts listed for endorsement contracts represent approximate amounts of base compensation and minimum guaranteed royalty fees we are obligated to pay athlete and sport team endorsers of our products .', 'actual payments under some contracts may be higher than the amounts listed as these contracts provide for bonuses to be paid to the endorsers based upon athletic achievements and/or royalties on product sales in future periods .', 'actual payments under some contracts may also be lower as these contracts include provisions for reduced payments if athletic performance declines in future periods .', 'in addition to the cash payments , we are obligated to furnish our endorsers with nike product for their use .', 'it is not possible to determine how much we will spend on this product on an annual basis as the contracts generally do not stipulate a specific amount of cash to be spent on the product .', 'the amount of product provided to the endorsers will depend on many factors , including general playing conditions , the number of sporting events in which they participate , and our own decisions regarding product and marketing initiatives .', 'in addition , the costs to design , develop , source , and purchase the products furnished to the endorsers are incurred over a period of time and are not necessarily tracked separately from similar costs incurred for products sold to customers .', '( 3 ) we generally order product at least four to five months in advance of sale based primarily on futures orders received from customers .', 'the amounts listed for product purchase obligations represent agreements ( including open purchase orders ) to purchase products in the ordinary course of business that are enforceable and legally binding and that specify all significant terms .', 'in some cases , prices are subject to change throughout the production process .', 'the reported amounts exclude product purchase liabilities included in accounts payable on the consolidated balance sheet as of may 31 , 2014 .', '( 4 ) other amounts primarily include service and marketing commitments made in the ordinary course of business .', 'the amounts represent the minimum payments required by legally binding contracts and agreements that specify all significant terms , including open purchase orders for non-product purchases .', 'the reported amounts exclude those liabilities included in accounts payable or accrued liabilities on the consolidated balance sheet as of may 31 , 2014 .', 'nike , inc .', '2014 annual report and notice of annual meeting 79 .'] | ****************************************
• description of commitment ( in millions ), description of commitment 2015, description of commitment 2016, description of commitment 2017, description of commitment 2018, description of commitment 2019, description of commitment thereafter, total
• operating leases, $ 427, $ 399, $ 366, $ 311, $ 251, $ 1050, $ 2804
• capital leases, 36, 35, 1, 1, 1, 2014, 74
• long-term debt ( 1 ), 46, 145, 79, 56, 37, 1488, 1851
• endorsement contracts ( 2 ), 991, 787, 672, 524, 349, 1381, 4704
• product purchase obligations ( 3 ), 3688, 2014, 2014, 2014, 2014, 2014, 3688
• other ( 4 ), 309, 108, 78, 7, 3, 12, 517
• total, $ 5497, $ 1474, $ 1196, $ 899, $ 641, $ 3931, $ 13638
**************************************** | divide(427, 5497) | 0.07768 |
what is the percent change in net revenue between 2007 and 2008? | Background: ['entergy arkansas , inc .', "management's financial discussion and analysis results of operations net income 2008 compared to 2007 net income decreased $ 92.0 million primarily due to higher other operation and maintenance expenses , higher depreciation and amortization expenses , and a higher effective income tax rate , partially offset by higher net revenue .", "the higher other operation and maintenance expenses resulted primarily from the write-off of approximately $ 70.8 million of costs as a result of the december 2008 arkansas court of appeals decision in entergy arkansas' base rate case .", 'the base rate case is discussed in more detail in note 2 to the financial statements .', '2007 compared to 2006 net income decreased $ 34.0 million primarily due to higher other operation and maintenance expenses , higher depreciation and amortization expenses , and a higher effective income tax rate .', 'the decrease was partially offset by higher net revenue .', 'net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory credits .', 'following is an analysis of the change in net revenue comparing 2008 to 2007 .', 'amount ( in millions ) .']
Table:
========================================
, amount ( in millions )
2007 net revenue, $ 1110.6
rider revenue, 13.6
purchased power capacity, 4.8
volume/weather, -14.6 ( 14.6 )
other, 3.5
2008 net revenue, $ 1117.9
========================================
Post-table: ['the rider revenue variance is primarily due to an energy efficiency rider which became effective in november 2007 .', 'the establishment of the rider results in an increase in rider revenue and a corresponding increase in other operation and maintenance expense with no effect on net income .', 'also contributing to the variance was an increase in franchise tax rider revenue as a result of higher retail revenues .', 'the corresponding increase is in taxes other than income taxes , resulting in no effect on net income .', 'the purchased power capacity variance is primarily due to lower reserve equalization expenses .', 'the volume/weather variance is primarily due to the effect of less favorable weather on residential and commercial sales during the billed and unbilled sales periods compared to 2007 and a 2.9% ( 2.9 % ) volume decrease in industrial sales , primarily in the wood industry and the small customer class .', 'billed electricity usage decreased 333 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. .'] | -0.00653 | ETR/2008/page_266.pdf-1 | ['entergy arkansas , inc .', "management's financial discussion and analysis results of operations net income 2008 compared to 2007 net income decreased $ 92.0 million primarily due to higher other operation and maintenance expenses , higher depreciation and amortization expenses , and a higher effective income tax rate , partially offset by higher net revenue .", "the higher other operation and maintenance expenses resulted primarily from the write-off of approximately $ 70.8 million of costs as a result of the december 2008 arkansas court of appeals decision in entergy arkansas' base rate case .", 'the base rate case is discussed in more detail in note 2 to the financial statements .', '2007 compared to 2006 net income decreased $ 34.0 million primarily due to higher other operation and maintenance expenses , higher depreciation and amortization expenses , and a higher effective income tax rate .', 'the decrease was partially offset by higher net revenue .', 'net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory credits .', 'following is an analysis of the change in net revenue comparing 2008 to 2007 .', 'amount ( in millions ) .'] | ['the rider revenue variance is primarily due to an energy efficiency rider which became effective in november 2007 .', 'the establishment of the rider results in an increase in rider revenue and a corresponding increase in other operation and maintenance expense with no effect on net income .', 'also contributing to the variance was an increase in franchise tax rider revenue as a result of higher retail revenues .', 'the corresponding increase is in taxes other than income taxes , resulting in no effect on net income .', 'the purchased power capacity variance is primarily due to lower reserve equalization expenses .', 'the volume/weather variance is primarily due to the effect of less favorable weather on residential and commercial sales during the billed and unbilled sales periods compared to 2007 and a 2.9% ( 2.9 % ) volume decrease in industrial sales , primarily in the wood industry and the small customer class .', 'billed electricity usage decreased 333 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. .'] | ========================================
, amount ( in millions )
2007 net revenue, $ 1110.6
rider revenue, 13.6
purchased power capacity, 4.8
volume/weather, -14.6 ( 14.6 )
other, 3.5
2008 net revenue, $ 1117.9
======================================== | subtract(1110.6, 1117.9), divide(#0, 1117.9) | -0.00653 |
what is the growth rate of operating income for technical solutions segment from 2017 to 2018? | Pre-text: ['december 2016 acquisition of camber and higher volumes in fleet support and oil and gas services , partially offset by lower nuclear and environmental volumes due to the resolution in 2016 of outstanding contract changes on a nuclear and environmental commercial contract .', 'segment operating income 2018 - operating income in the technical solutions segment for the year ended december 31 , 2018 , was $ 32 million , compared to operating income of $ 21 million in 2017 .', 'the increase was primarily due to an allowance for accounts receivable in 2017 on a nuclear and environmental commercial contract and higher income from operating investments at our nuclear and environmental joint ventures , partially offset by one time employee bonus payments in 2018 related to the tax act and lower performance in fleet support services .', '2017 - operating income in the technical solutions segment for the year ended december 31 , 2017 , was $ 21 million , compared to operating income of $ 8 million in 2016 .', 'the increase was primarily due to improved performance in oil and gas services and higher volume in mdis services following the december 2016 acquisition of camber , partially offset by the establishment of an allowance for accounts receivable on a nuclear and environmental commercial contract in 2017 and the resolution in 2016 of outstanding contract changes on a nuclear and environmental commercial contract .', 'backlog total backlog as of december 31 , 2018 , was approximately $ 23 billion .', 'total backlog includes both funded backlog ( firm orders for which funding is contractually obligated by the customer ) and unfunded backlog ( firm orders for which funding is not currently contractually obligated by the customer ) .', 'backlog excludes unexercised contract options and unfunded idiq orders .', 'for contracts having no stated contract values , backlog includes only the amounts committed by the customer .', 'the following table presents funded and unfunded backlog by segment as of december 31 , 2018 and 2017: .']
Tabular Data:
----------------------------------------
( $ in millions ) | december 31 2018 funded | december 31 2018 unfunded | december 31 2018 total backlog | december 31 2018 funded | december 31 2018 unfunded | total backlog
----------|----------|----------|----------|----------|----------|----------
ingalls | $ 9943 | $ 1422 | $ 11365 | $ 5920 | $ 2071 | $ 7991
newport news | 6767 | 4144 | 10911 | 6976 | 5608 | 12584
technical solutions | 339 | 380 | 719 | 478 | 314 | 792
total backlog | $ 17049 | $ 5946 | $ 22995 | $ 13374 | $ 7993 | $ 21367
----------------------------------------
Follow-up: ['we expect approximately 30% ( 30 % ) of the $ 23 billion total backlog as of december 31 , 2018 , to be converted into sales in 2019 .', 'u.s .', 'government orders comprised substantially all of the backlog as of december 31 , 2018 and 2017 .', 'awards 2018 - the value of new contract awards during the year ended december 31 , 2018 , was approximately $ 9.8 billion .', 'significant new awards during the period included contracts for the construction of three arleigh burke class ( ddg 51 ) destroyers , for the detail design and construction of richard m .', 'mccool jr .', '( lpd 29 ) , for procurement of long-lead-time material for enterprise ( cvn 80 ) , and for the construction of nsc 10 ( unnamed ) and nsc 11 ( unnamed ) .', 'in addition , we received awards in 2019 valued at $ 15.2 billion for detail design and construction of the gerald r .', 'ford class ( cvn 78 ) aircraft carriers enterprise ( cvn 80 ) and cvn 81 ( unnamed ) .', '2017 - the value of new contract awards during the year ended december 31 , 2017 , was approximately $ 8.1 billion .', 'significant new awards during this period included the detailed design and construction contract for bougainville ( lha 8 ) and the execution contract for the rcoh of uss george washington ( cvn 73 ) . .'] | 0.52381 | HII/2018/page_64.pdf-2 | ['december 2016 acquisition of camber and higher volumes in fleet support and oil and gas services , partially offset by lower nuclear and environmental volumes due to the resolution in 2016 of outstanding contract changes on a nuclear and environmental commercial contract .', 'segment operating income 2018 - operating income in the technical solutions segment for the year ended december 31 , 2018 , was $ 32 million , compared to operating income of $ 21 million in 2017 .', 'the increase was primarily due to an allowance for accounts receivable in 2017 on a nuclear and environmental commercial contract and higher income from operating investments at our nuclear and environmental joint ventures , partially offset by one time employee bonus payments in 2018 related to the tax act and lower performance in fleet support services .', '2017 - operating income in the technical solutions segment for the year ended december 31 , 2017 , was $ 21 million , compared to operating income of $ 8 million in 2016 .', 'the increase was primarily due to improved performance in oil and gas services and higher volume in mdis services following the december 2016 acquisition of camber , partially offset by the establishment of an allowance for accounts receivable on a nuclear and environmental commercial contract in 2017 and the resolution in 2016 of outstanding contract changes on a nuclear and environmental commercial contract .', 'backlog total backlog as of december 31 , 2018 , was approximately $ 23 billion .', 'total backlog includes both funded backlog ( firm orders for which funding is contractually obligated by the customer ) and unfunded backlog ( firm orders for which funding is not currently contractually obligated by the customer ) .', 'backlog excludes unexercised contract options and unfunded idiq orders .', 'for contracts having no stated contract values , backlog includes only the amounts committed by the customer .', 'the following table presents funded and unfunded backlog by segment as of december 31 , 2018 and 2017: .'] | ['we expect approximately 30% ( 30 % ) of the $ 23 billion total backlog as of december 31 , 2018 , to be converted into sales in 2019 .', 'u.s .', 'government orders comprised substantially all of the backlog as of december 31 , 2018 and 2017 .', 'awards 2018 - the value of new contract awards during the year ended december 31 , 2018 , was approximately $ 9.8 billion .', 'significant new awards during the period included contracts for the construction of three arleigh burke class ( ddg 51 ) destroyers , for the detail design and construction of richard m .', 'mccool jr .', '( lpd 29 ) , for procurement of long-lead-time material for enterprise ( cvn 80 ) , and for the construction of nsc 10 ( unnamed ) and nsc 11 ( unnamed ) .', 'in addition , we received awards in 2019 valued at $ 15.2 billion for detail design and construction of the gerald r .', 'ford class ( cvn 78 ) aircraft carriers enterprise ( cvn 80 ) and cvn 81 ( unnamed ) .', '2017 - the value of new contract awards during the year ended december 31 , 2017 , was approximately $ 8.1 billion .', 'significant new awards during this period included the detailed design and construction contract for bougainville ( lha 8 ) and the execution contract for the rcoh of uss george washington ( cvn 73 ) . .'] | ----------------------------------------
( $ in millions ) | december 31 2018 funded | december 31 2018 unfunded | december 31 2018 total backlog | december 31 2018 funded | december 31 2018 unfunded | total backlog
----------|----------|----------|----------|----------|----------|----------
ingalls | $ 9943 | $ 1422 | $ 11365 | $ 5920 | $ 2071 | $ 7991
newport news | 6767 | 4144 | 10911 | 6976 | 5608 | 12584
technical solutions | 339 | 380 | 719 | 478 | 314 | 792
total backlog | $ 17049 | $ 5946 | $ 22995 | $ 13374 | $ 7993 | $ 21367
---------------------------------------- | subtract(32, 21), divide(#0, 21) | 0.52381 |
what was the percent of the growth for s&p financials cumulative total return from 2013 to 2014 | Pre-text: ['performance graph comparison of five-year cumulative total return the following graph and table compare the cumulative total return on citi 2019s common stock , which is listed on the nyse under the ticker symbol 201cc 201d and held by 77787 common stockholders of record as of january 31 , 2017 , with the cumulative total return of the s&p 500 index and the s&p financial index over the five-year period through december 31 , 2016 .', 'the graph and table assume that $ 100 was invested on december 31 , 2011 in citi 2019s common stock , the s&p 500 index and the s&p financial index , and that all dividends were reinvested .', 'comparison of five-year cumulative total return for the years ended date citi s&p 500 financials .']
--------
Table:
----------------------------------------
date citi s&p 500 s&p financials
31-dec-2011 100.0 100.0 100.0
31-dec-2012 150.6 116.0 128.8
31-dec-2013 198.5 153.6 174.7
31-dec-2014 206.3 174.6 201.3
31-dec-2015 197.8 177.0 198.2
31-dec-2016 229.3 198.2 243.4
----------------------------------------
--------
Follow-up: ['.'] | 26.6 | C/2016/page_333.pdf-2 | ['performance graph comparison of five-year cumulative total return the following graph and table compare the cumulative total return on citi 2019s common stock , which is listed on the nyse under the ticker symbol 201cc 201d and held by 77787 common stockholders of record as of january 31 , 2017 , with the cumulative total return of the s&p 500 index and the s&p financial index over the five-year period through december 31 , 2016 .', 'the graph and table assume that $ 100 was invested on december 31 , 2011 in citi 2019s common stock , the s&p 500 index and the s&p financial index , and that all dividends were reinvested .', 'comparison of five-year cumulative total return for the years ended date citi s&p 500 financials .'] | ['.'] | ----------------------------------------
date citi s&p 500 s&p financials
31-dec-2011 100.0 100.0 100.0
31-dec-2012 150.6 116.0 128.8
31-dec-2013 198.5 153.6 174.7
31-dec-2014 206.3 174.6 201.3
31-dec-2015 197.8 177.0 198.2
31-dec-2016 229.3 198.2 243.4
---------------------------------------- | subtract(201.3, 174.7) | 26.6 |
what is the difference in the initial health care trend rate and the ultimate health care trend rate in 2016? | Background: ['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 .']
######
Table:
****************************************
2017 2016 2015
initial health care trend rate 8.00% ( 8.00 % ) 8.25% ( 8.25 % ) 8.00% ( 8.00 % )
ultimate trend rate 4.70% ( 4.70 % ) 4.50% ( 4.50 % ) 4.50% ( 4.50 % )
year ultimate trend rate is reached 2025 2025 2024
****************************************
######
Post-table: ['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 .', '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 .', '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 , 2017 and 2016 .', 'cash and cash equivalents 2013 cash and cash equivalents are valued using a market approach and are considered level 1 .', 'this investment also includes a cash reserve account ( a collective short-term investment fund ) that is valued using an income approach and is considered level 2 .', 'equity securities - investments in common stock and preferred 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 .', 'these private equity investments are considered level 3 .', 'investments in pooled funds are valued using a market approach at the net asset value ( "nav" ) of units held .', 'the various funds consist of either an equity or fixed income investment portfolio with underlying investments held in u.s .', 'and non-u.s .', 'securities .', 'nearly all of the underlying investments are publicly-traded .', 'the majority of the pooled funds are benchmarked against a relative public index .', 'these are considered level 2 .', 'fixed income securities - fixed income securities are valued using a market approach .', 'u.s .', 'treasury notes and exchange traded funds ( "etfs" ) are valued at the closing price reported in an active market and are considered level 1 .', 'corporate bonds , non-u.s .', 'government bonds , private placements , taxable municipals , gnma/fnma pools , and yankee bonds are valued using calculated yield curves created by models that incorporate various market factors .', 'primarily investments are held in u.s .', 'and non-u.s .', 'corporate bonds in diverse industries and are considered level 2 .', 'other fixed income investments include futures contracts , real estate investment trusts , credit default , zero coupon , and interest rate swaps .', 'the investment in the commingled .'] | 0.0375 | MRO/2017/page_96.pdf-4 | ['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 .'] | ['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 .', '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 .', '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 , 2017 and 2016 .', 'cash and cash equivalents 2013 cash and cash equivalents are valued using a market approach and are considered level 1 .', 'this investment also includes a cash reserve account ( a collective short-term investment fund ) that is valued using an income approach and is considered level 2 .', 'equity securities - investments in common stock and preferred 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 .', 'these private equity investments are considered level 3 .', 'investments in pooled funds are valued using a market approach at the net asset value ( "nav" ) of units held .', 'the various funds consist of either an equity or fixed income investment portfolio with underlying investments held in u.s .', 'and non-u.s .', 'securities .', 'nearly all of the underlying investments are publicly-traded .', 'the majority of the pooled funds are benchmarked against a relative public index .', 'these are considered level 2 .', 'fixed income securities - fixed income securities are valued using a market approach .', 'u.s .', 'treasury notes and exchange traded funds ( "etfs" ) are valued at the closing price reported in an active market and are considered level 1 .', 'corporate bonds , non-u.s .', 'government bonds , private placements , taxable municipals , gnma/fnma pools , and yankee bonds are valued using calculated yield curves created by models that incorporate various market factors .', 'primarily investments are held in u.s .', 'and non-u.s .', 'corporate bonds in diverse industries and are considered level 2 .', 'other fixed income investments include futures contracts , real estate investment trusts , credit default , zero coupon , and interest rate swaps .', 'the investment in the commingled .'] | ****************************************
2017 2016 2015
initial health care trend rate 8.00% ( 8.00 % ) 8.25% ( 8.25 % ) 8.00% ( 8.00 % )
ultimate trend rate 4.70% ( 4.70 % ) 4.50% ( 4.50 % ) 4.50% ( 4.50 % )
year ultimate trend rate is reached 2025 2025 2024
**************************************** | subtract(8.25%, 4.50%) | 0.0375 |
what was the change in millions in other income from 2014 to 2015? | Background: ['addition , fuel costs were lower as gross-ton miles decreased 9% ( 9 % ) .', 'the fuel consumption rate ( c-rate ) , computed as gallons of fuel consumed divided by gross ton-miles in thousands , increased 1% ( 1 % ) compared to 2014 .', 'decreases in heavier , more fuel-efficient shipments , decreased gross-ton miles and increased the c-rate .', 'volume growth of 7% ( 7 % ) , as measured by gross ton-miles , drove the increase in fuel expense in 2014 compared to 2013 .', 'this was essentially offset by lower locomotive diesel fuel prices , which averaged $ 2.97 per gallon ( including taxes and transportation costs ) in 2014 , compared to $ 3.15 in 2013 , along with a slight improvement in c-rate , computed as gallons of fuel consumed divided by gross ton-miles .', 'depreciation 2013 the majority of depreciation relates to road property , including rail , ties , ballast , and other track material .', 'a higher depreciable asset base , reflecting higher capital spending in recent years , increased depreciation expense in 2015 compared to 2014 .', 'this increase was partially offset by our recent depreciation studies that resulted in lower depreciation rates for some asset classes .', 'depreciation was up 7% ( 7 % ) in 2014 compared to 2013 .', 'a higher depreciable asset base , reflecting higher ongoing capital spending drove the increase .', 'equipment and other rents 2013 equipment and other rents expense primarily includes rental expense that the railroad pays for freight cars owned by other railroads or private companies ; freight car , intermodal , and locomotive leases ; and office and other rent expenses .', 'equipment and other rents expense decreased $ 4 million compared to 2014 primarily from a decrease in manifest and intermodal shipments , partially offset by growth in finished vehicle shipments .', 'higher intermodal volumes and longer cycle times increased short-term freight car rental expense in 2014 compared to 2013 .', 'lower equipment leases essentially offset the higher freight car rental expense , as we exercised purchase options on some of our leased equipment .', 'other 2013 other expenses include state and local taxes , freight , equipment and property damage , utilities , insurance , personal injury , environmental , employee travel , telephone and cellular , computer software , bad debt , and other general expenses .', 'other expenses were flat in 2015 compared to 2014 as higher property taxes were offset by lower costs in other areas .', 'higher property taxes , personal injury expense and utilities costs partially offset by lower environmental expense and costs associated with damaged freight resulted in an increase in other costs in 2014 compared to 2013 .', 'non-operating items % ( % ) change % ( % ) change millions 2015 2014 2013 2015 v 2014 2014 v 2013 .']
Data Table:
----------------------------------------
millions, 2015, 2014, 2013, % ( % ) change 2015 v 2014, % ( % ) change 2014 v 2013
other income, $ 226, $ 151, $ 128, 50% ( 50 % ), 18% ( 18 % )
interest expense, -622 ( 622 ), -561 ( 561 ), -526 ( 526 ), 11, 7
income taxes, -2884 ( 2884 ), -3163 ( 3163 ), -2660 ( 2660 ), ( 9 ) % ( % ), 19% ( 19 % )
----------------------------------------
Post-table: ['other income 2013 other income increased in 2015 compared to 2014 primarily due to a $ 113 million gain from a real estate sale in the second quarter of 2015 , partially offset by a gain from the sale of a permanent easement in 2014 .', 'other income increased in 2014 versus 2013 due to higher gains from real estate sales and a sale of a permanent easement .', 'these gains were partially offset by higher environmental costs on non-operating property in 2014 and lower lease income due to the $ 17 million settlement of a land lease contract in interest expense 2013 interest expense increased in 2015 compared to 2014 due to an increased weighted- average debt level of $ 13.0 billion in 2015 from $ 10.7 billion in 2014 , partially offset by the impact of a lower effective interest rate of 4.8% ( 4.8 % ) in 2015 compared to 5.3% ( 5.3 % ) in 2014 .', 'interest expense increased in 2014 versus 2013 due to an increased weighted-average debt level of $ 10.7 billion in 2014 from $ 9.6 billion in 2013 , which more than offset the impact of the lower effective interest rate of 5.3% ( 5.3 % ) in 2014 versus 5.7% ( 5.7 % ) in 2013. .'] | 75.0 | UNP/2015/page_31.pdf-1 | ['addition , fuel costs were lower as gross-ton miles decreased 9% ( 9 % ) .', 'the fuel consumption rate ( c-rate ) , computed as gallons of fuel consumed divided by gross ton-miles in thousands , increased 1% ( 1 % ) compared to 2014 .', 'decreases in heavier , more fuel-efficient shipments , decreased gross-ton miles and increased the c-rate .', 'volume growth of 7% ( 7 % ) , as measured by gross ton-miles , drove the increase in fuel expense in 2014 compared to 2013 .', 'this was essentially offset by lower locomotive diesel fuel prices , which averaged $ 2.97 per gallon ( including taxes and transportation costs ) in 2014 , compared to $ 3.15 in 2013 , along with a slight improvement in c-rate , computed as gallons of fuel consumed divided by gross ton-miles .', 'depreciation 2013 the majority of depreciation relates to road property , including rail , ties , ballast , and other track material .', 'a higher depreciable asset base , reflecting higher capital spending in recent years , increased depreciation expense in 2015 compared to 2014 .', 'this increase was partially offset by our recent depreciation studies that resulted in lower depreciation rates for some asset classes .', 'depreciation was up 7% ( 7 % ) in 2014 compared to 2013 .', 'a higher depreciable asset base , reflecting higher ongoing capital spending drove the increase .', 'equipment and other rents 2013 equipment and other rents expense primarily includes rental expense that the railroad pays for freight cars owned by other railroads or private companies ; freight car , intermodal , and locomotive leases ; and office and other rent expenses .', 'equipment and other rents expense decreased $ 4 million compared to 2014 primarily from a decrease in manifest and intermodal shipments , partially offset by growth in finished vehicle shipments .', 'higher intermodal volumes and longer cycle times increased short-term freight car rental expense in 2014 compared to 2013 .', 'lower equipment leases essentially offset the higher freight car rental expense , as we exercised purchase options on some of our leased equipment .', 'other 2013 other expenses include state and local taxes , freight , equipment and property damage , utilities , insurance , personal injury , environmental , employee travel , telephone and cellular , computer software , bad debt , and other general expenses .', 'other expenses were flat in 2015 compared to 2014 as higher property taxes were offset by lower costs in other areas .', 'higher property taxes , personal injury expense and utilities costs partially offset by lower environmental expense and costs associated with damaged freight resulted in an increase in other costs in 2014 compared to 2013 .', 'non-operating items % ( % ) change % ( % ) change millions 2015 2014 2013 2015 v 2014 2014 v 2013 .'] | ['other income 2013 other income increased in 2015 compared to 2014 primarily due to a $ 113 million gain from a real estate sale in the second quarter of 2015 , partially offset by a gain from the sale of a permanent easement in 2014 .', 'other income increased in 2014 versus 2013 due to higher gains from real estate sales and a sale of a permanent easement .', 'these gains were partially offset by higher environmental costs on non-operating property in 2014 and lower lease income due to the $ 17 million settlement of a land lease contract in interest expense 2013 interest expense increased in 2015 compared to 2014 due to an increased weighted- average debt level of $ 13.0 billion in 2015 from $ 10.7 billion in 2014 , partially offset by the impact of a lower effective interest rate of 4.8% ( 4.8 % ) in 2015 compared to 5.3% ( 5.3 % ) in 2014 .', 'interest expense increased in 2014 versus 2013 due to an increased weighted-average debt level of $ 10.7 billion in 2014 from $ 9.6 billion in 2013 , which more than offset the impact of the lower effective interest rate of 5.3% ( 5.3 % ) in 2014 versus 5.7% ( 5.7 % ) in 2013. .'] | ----------------------------------------
millions, 2015, 2014, 2013, % ( % ) change 2015 v 2014, % ( % ) change 2014 v 2013
other income, $ 226, $ 151, $ 128, 50% ( 50 % ), 18% ( 18 % )
interest expense, -622 ( 622 ), -561 ( 561 ), -526 ( 526 ), 11, 7
income taxes, -2884 ( 2884 ), -3163 ( 3163 ), -2660 ( 2660 ), ( 9 ) % ( % ), 19% ( 19 % )
---------------------------------------- | subtract(226, 151) | 75.0 |
what is the estimated fair value of hologic common stock? | Context: ['table of contents hologic , inc .', 'notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) cytyc , headquartered in marlborough , massachusetts , is a diversified diagnostic and medical device company that designs , develops , manufactures , and markets innovative and clinically effective diagnostics and surgical products .', 'cytyc products cover a range of cancer and women 2019s health applications , including cervical cancer screening , prenatal diagnostics , treatment of excessive menstrual bleeding and radiation treatment of early-stage breast cancer .', 'upon the close of the merger , cytyc shareholders received an aggregate of 132038 shares of hologic common stock and approximately $ 2094800 in cash .', 'in connection with the close of the merger , the company entered into a credit agreement relating to a senior secured credit facility ( the 201ccredit agreement 201d ) with goldman sachs credit partners l.p .', 'and certain other lenders , in which the lenders committed to provide , in the aggregate , senior secured financing of up to approximately $ 2550000 to pay for the cash portion of the merger consideration , repayment of existing debt of cytyc , expenses relating to the merger and working capital following the completion of the merger .', 'as of the closing of the merger , the company borrowed $ 2350000 under this credit agreement .', 'see note 5 for further discussion .', 'the aggregate purchase price of approximately $ 6156900 included $ 2094800 in cash ; 132038 shares of hologic common stock at an estimated fair value of $ 3671500 ; 16465 of fully vested stock options granted to cytyc employees in exchange for their vested cytyc stock options , with an estimated fair value of approximately $ 241400 ; the fair value of cytyc 2019s outstanding convertible notes assumed in the merger of approximately $ 125000 ; and approximately $ 24200 of direct acquisition costs .', 'there are no potential contingent consideration arrangements payable to the former cytyc shareholders in connection with this transaction .', 'the company measured the fair value of the 132038 shares of the company common stock issued as consideration in connection with the merger under eitf 99-12 .', 'the company determined the measurement date to be may 20 , 2007 , the date the transaction was announced , as the number of shares to be issued according to the exchange ratio was fixed without subsequent revision .', 'the company valued the securities based on the average market price a few days before and after the measurement date .', 'the weighted average stock price was determined to be $ 27.81 .', '( i ) purchase price the purchase price is as follows: .']
##########
Table:
========================================
cash portion of consideration $ 2094800
fair value of securities issued 3671500
fair value of vested options exchanged 241400
fair value of cytyc 2019s outstanding convertible notes 125000
direct acquisition costs 24200
total estimated purchase price $ 6156900
========================================
##########
Additional Information: ['source : hologic inc , 10-k , november 24 , 2009 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely .', 'the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law .', 'past financial performance is no guarantee of future results. .'] | 27.80639 | HOLX/2009/page_127.pdf-1 | ['table of contents hologic , inc .', 'notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) cytyc , headquartered in marlborough , massachusetts , is a diversified diagnostic and medical device company that designs , develops , manufactures , and markets innovative and clinically effective diagnostics and surgical products .', 'cytyc products cover a range of cancer and women 2019s health applications , including cervical cancer screening , prenatal diagnostics , treatment of excessive menstrual bleeding and radiation treatment of early-stage breast cancer .', 'upon the close of the merger , cytyc shareholders received an aggregate of 132038 shares of hologic common stock and approximately $ 2094800 in cash .', 'in connection with the close of the merger , the company entered into a credit agreement relating to a senior secured credit facility ( the 201ccredit agreement 201d ) with goldman sachs credit partners l.p .', 'and certain other lenders , in which the lenders committed to provide , in the aggregate , senior secured financing of up to approximately $ 2550000 to pay for the cash portion of the merger consideration , repayment of existing debt of cytyc , expenses relating to the merger and working capital following the completion of the merger .', 'as of the closing of the merger , the company borrowed $ 2350000 under this credit agreement .', 'see note 5 for further discussion .', 'the aggregate purchase price of approximately $ 6156900 included $ 2094800 in cash ; 132038 shares of hologic common stock at an estimated fair value of $ 3671500 ; 16465 of fully vested stock options granted to cytyc employees in exchange for their vested cytyc stock options , with an estimated fair value of approximately $ 241400 ; the fair value of cytyc 2019s outstanding convertible notes assumed in the merger of approximately $ 125000 ; and approximately $ 24200 of direct acquisition costs .', 'there are no potential contingent consideration arrangements payable to the former cytyc shareholders in connection with this transaction .', 'the company measured the fair value of the 132038 shares of the company common stock issued as consideration in connection with the merger under eitf 99-12 .', 'the company determined the measurement date to be may 20 , 2007 , the date the transaction was announced , as the number of shares to be issued according to the exchange ratio was fixed without subsequent revision .', 'the company valued the securities based on the average market price a few days before and after the measurement date .', 'the weighted average stock price was determined to be $ 27.81 .', '( i ) purchase price the purchase price is as follows: .'] | ['source : hologic inc , 10-k , november 24 , 2009 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely .', 'the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law .', 'past financial performance is no guarantee of future results. .'] | ========================================
cash portion of consideration $ 2094800
fair value of securities issued 3671500
fair value of vested options exchanged 241400
fair value of cytyc 2019s outstanding convertible notes 125000
direct acquisition costs 24200
total estimated purchase price $ 6156900
======================================== | divide(3671500, 132038) | 27.80639 |
what portion of the total future minimum lease payments for system energy is due in the next 12 months? | Context: ['entergy corporation and subsidiaries notes to financial statements 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 $ 61.6 million and $ 27.8 million as of december 31 , 2013 and 2012 , respectively .', 'as of december 31 , 2013 , system energy had future minimum lease payments ( reflecting an implicit rate of 5.13% ( 5.13 % ) ) , which are recorded as long-term debt , as follows : amount ( in thousands ) .']
--
Table:
, amount ( in thousands )
2014, $ 51637
2015, 52253
2016, 13750
2017, 13750
2018, 13750
years thereafter, 247500
total, 392640
less : amount representing interest, 295226
present value of net minimum lease payments, $ 97414
--
Additional Information: ['.'] | 0.13151 | ETR/2013/page_136.pdf-2 | ['entergy corporation and subsidiaries notes to financial statements 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 $ 61.6 million and $ 27.8 million as of december 31 , 2013 and 2012 , respectively .', 'as of december 31 , 2013 , system energy had future minimum lease payments ( reflecting an implicit rate of 5.13% ( 5.13 % ) ) , which are recorded as long-term debt , as follows : amount ( in thousands ) .'] | ['.'] | , amount ( in thousands )
2014, $ 51637
2015, 52253
2016, 13750
2017, 13750
2018, 13750
years thereafter, 247500
total, 392640
less : amount representing interest, 295226
present value of net minimum lease payments, $ 97414 | divide(51637, 392640) | 0.13151 |
what was the percentage change in rent expenses included in selling , general and administrative expense from 2015 to 2016? | Pre-text: ['interest expense , net was $ 26.4 million , $ 14.6 million , and $ 5.3 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .', 'interest expense includes the amortization of deferred financing costs , bank fees , capital and built-to-suit lease interest and interest expense under the credit and other long term debt facilities .', 'amortization of deferred financing costs was $ 1.2 million , $ 0.8 million , and $ 0.6 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .', 'the company monitors the financial health and stability of its lenders under the credit and other long term debt facilities , however during any period of significant instability in the credit markets lenders could be negatively impacted in their ability to perform under these facilities .', '6 .', 'commitments and contingencies obligations under operating leases the company leases warehouse space , office facilities , space for its brand and factory house stores and certain equipment under non-cancelable operating leases .', 'the leases expire at various dates through 2033 , excluding extensions at the company 2019s option , and include provisions for rental adjustments .', 'the table below includes executed lease agreements for brand and factory house stores that the company did not yet occupy as of december 31 , 2016 and does not include contingent rent the company may incur at its stores based on future sales above a specified minimum or payments made for maintenance , insurance and real estate taxes .', 'the following is a schedule of future minimum lease payments for non-cancelable real property operating leases as of december 31 , 2016 as well as significant operating lease agreements entered into during the period after december 31 , 2016 through the date of this report : ( in thousands ) .']
Table:
2017, $ 114857
2018, 127504
2019, 136040
2020, 133092
2021, 122753
2022 and thereafter, 788180
total future minimum lease payments, $ 1422426
Post-table: ['included in selling , general and administrative expense was rent expense of $ 109.0 million , $ 83.0 million and $ 59.0 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively , under non-cancelable operating lease agreements .', 'included in these amounts was contingent rent expense of $ 13.0 million , $ 11.0 million and $ 11.0 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .', 'sports marketing and other commitments within the normal course of business , the company enters into contractual commitments in order to promote the company 2019s brand and products .', 'these commitments include sponsorship agreements with teams and athletes on the collegiate and professional levels , official supplier agreements , athletic event sponsorships and other marketing commitments .', 'the following is a schedule of the company 2019s future minimum payments under its sponsorship and other marketing agreements as of december 31 .'] | 0.31325 | UAA/2016/page_82.pdf-4 | ['interest expense , net was $ 26.4 million , $ 14.6 million , and $ 5.3 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .', 'interest expense includes the amortization of deferred financing costs , bank fees , capital and built-to-suit lease interest and interest expense under the credit and other long term debt facilities .', 'amortization of deferred financing costs was $ 1.2 million , $ 0.8 million , and $ 0.6 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .', 'the company monitors the financial health and stability of its lenders under the credit and other long term debt facilities , however during any period of significant instability in the credit markets lenders could be negatively impacted in their ability to perform under these facilities .', '6 .', 'commitments and contingencies obligations under operating leases the company leases warehouse space , office facilities , space for its brand and factory house stores and certain equipment under non-cancelable operating leases .', 'the leases expire at various dates through 2033 , excluding extensions at the company 2019s option , and include provisions for rental adjustments .', 'the table below includes executed lease agreements for brand and factory house stores that the company did not yet occupy as of december 31 , 2016 and does not include contingent rent the company may incur at its stores based on future sales above a specified minimum or payments made for maintenance , insurance and real estate taxes .', 'the following is a schedule of future minimum lease payments for non-cancelable real property operating leases as of december 31 , 2016 as well as significant operating lease agreements entered into during the period after december 31 , 2016 through the date of this report : ( in thousands ) .'] | ['included in selling , general and administrative expense was rent expense of $ 109.0 million , $ 83.0 million and $ 59.0 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively , under non-cancelable operating lease agreements .', 'included in these amounts was contingent rent expense of $ 13.0 million , $ 11.0 million and $ 11.0 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .', 'sports marketing and other commitments within the normal course of business , the company enters into contractual commitments in order to promote the company 2019s brand and products .', 'these commitments include sponsorship agreements with teams and athletes on the collegiate and professional levels , official supplier agreements , athletic event sponsorships and other marketing commitments .', 'the following is a schedule of the company 2019s future minimum payments under its sponsorship and other marketing agreements as of december 31 .'] | 2017, $ 114857
2018, 127504
2019, 136040
2020, 133092
2021, 122753
2022 and thereafter, 788180
total future minimum lease payments, $ 1422426 | subtract(109.0, 83.0), divide(#0, 83.0) | 0.31325 |
what was the lockheed martin corporation profit margin in 2002 | Background: ['lockheed martin corporation management 2019s discussion and analysis of financial condition and results of operations december 31 , 2002 space systems space systems 2019 operating results included the following : ( in millions ) 2002 2001 2000 .']
##########
Table:
========================================
( in millions ) | 2002 | 2001 | 2000
net sales | $ 7384 | $ 6836 | $ 7339
operating profit | 443 | 360 | 345
========================================
##########
Post-table: ['net sales for space systems increased by 8% ( 8 % ) in 2002 compared to 2001 .', 'the increase in sales for 2002 resulted from higher volume in government space of $ 370 million and commercial space of $ 180 million .', 'in government space , increases of $ 470 million in government satellite programs and $ 130 million in ground systems activities more than offset volume declines of $ 175 million on government launch vehi- cles and $ 55 million on strategic missile programs .', 'the increase in commercial space sales is primarily attributable to an increase in launch vehicle activities , with nine commercial launches during 2002 compared to six in 2001 .', 'net sales for the segment decreased by 7% ( 7 % ) in 2001 com- pared to 2000 .', 'the decrease in sales for 2001 resulted from volume declines in commercial space of $ 560 million , which more than offset increases in government space of $ 60 million .', 'in commercial space , sales declined due to volume reductions of $ 480 million in commercial launch vehicle activities and $ 80 million in satellite programs .', 'there were six launches in 2001 compared to 14 launches in 2000 .', 'the increase in gov- ernment space resulted from a combined increase of $ 230 mil- lion related to higher volume on government satellite programs and ground systems activities .', 'these increases were partially offset by a $ 110 million decrease related to volume declines in government launch vehicle activity , primarily due to program maturities , and by $ 50 million due to the absence in 2001 of favorable adjustments recorded on the titan iv pro- gram in 2000 .', 'operating profit for the segment increased 23% ( 23 % ) in 2002 as compared to 2001 , mainly driven by the commercial space business .', 'reduced losses in commercial space during 2002 resulted in increased operating profit of $ 90 million when compared to 2001 .', 'commercial satellite manufacturing losses declined $ 100 million in 2002 as operating performance improved and satellite deliveries increased .', 'in the first quarter of 2001 , a $ 40 million loss provision was recorded on certain commercial satellite manufacturing contracts .', 'due to the industry-wide oversupply and deterioration of pricing in the commercial launch market , financial results on commercial launch vehicles continue to be challenging .', 'during 2002 , this trend led to a decline in operating profit of $ 10 million on commercial launch vehicles when compared to 2001 .', 'this decrease was primarily due to lower profitability of $ 55 mil- lion on the three additional launches in the current year , addi- tional charges of $ 60 million ( net of a favorable contract adjustment of $ 20 million ) for market and pricing pressures and included the adverse effect of a $ 35 million adjustment for commercial launch vehicle contract settlement costs .', 'the 2001 results also included charges for market and pricing pressures , which reduced that year 2019s operating profit by $ 145 million .', 'the $ 10 million decrease in government space 2019s operating profit for the year is primarily due to the reduced volume on government launch vehicles and strategic missile programs , which combined to decrease operating profit by $ 80 million , partially offset by increases of $ 40 million in government satellite programs and $ 30 million in ground systems activities .', 'operating profit for the segment increased by 4% ( 4 % ) in 2001 compared to 2000 .', 'operating profit increased in 2001 due to a $ 35 million increase in government space partially offset by higher year-over-year losses of $ 20 million in commercial space .', 'in government space , operating profit increased due to the impact of higher volume and improved performance in ground systems and government satellite programs .', 'the year- to-year comparison of operating profit was not affected by the $ 50 million favorable titan iv adjustment recorded in 2000 discussed above , due to a $ 55 million charge related to a more conservative assessment of government launch vehi- cle programs that was recorded in the fourth quarter of 2000 .', 'in commercial space , decreased operating profit of $ 15 mil- lion on launch vehicles more than offset lower losses on satel- lite manufacturing activities .', 'the commercial launch vehicle operating results included $ 60 million in higher charges for market and pricing pressures when compared to 2000 .', 'these negative adjustments were partially offset by $ 50 million of favorable contract adjustments on certain launch vehicle con- tracts .', 'commercial satellite manufacturing losses decreased slightly from 2000 and included the adverse impact of a $ 40 million loss provision recorded in the first quarter of 2001 for certain commercial satellite contracts related to schedule and technical issues. .'] | 0.05999 | LMT/2002/page_33.pdf-1 | ['lockheed martin corporation management 2019s discussion and analysis of financial condition and results of operations december 31 , 2002 space systems space systems 2019 operating results included the following : ( in millions ) 2002 2001 2000 .'] | ['net sales for space systems increased by 8% ( 8 % ) in 2002 compared to 2001 .', 'the increase in sales for 2002 resulted from higher volume in government space of $ 370 million and commercial space of $ 180 million .', 'in government space , increases of $ 470 million in government satellite programs and $ 130 million in ground systems activities more than offset volume declines of $ 175 million on government launch vehi- cles and $ 55 million on strategic missile programs .', 'the increase in commercial space sales is primarily attributable to an increase in launch vehicle activities , with nine commercial launches during 2002 compared to six in 2001 .', 'net sales for the segment decreased by 7% ( 7 % ) in 2001 com- pared to 2000 .', 'the decrease in sales for 2001 resulted from volume declines in commercial space of $ 560 million , which more than offset increases in government space of $ 60 million .', 'in commercial space , sales declined due to volume reductions of $ 480 million in commercial launch vehicle activities and $ 80 million in satellite programs .', 'there were six launches in 2001 compared to 14 launches in 2000 .', 'the increase in gov- ernment space resulted from a combined increase of $ 230 mil- lion related to higher volume on government satellite programs and ground systems activities .', 'these increases were partially offset by a $ 110 million decrease related to volume declines in government launch vehicle activity , primarily due to program maturities , and by $ 50 million due to the absence in 2001 of favorable adjustments recorded on the titan iv pro- gram in 2000 .', 'operating profit for the segment increased 23% ( 23 % ) in 2002 as compared to 2001 , mainly driven by the commercial space business .', 'reduced losses in commercial space during 2002 resulted in increased operating profit of $ 90 million when compared to 2001 .', 'commercial satellite manufacturing losses declined $ 100 million in 2002 as operating performance improved and satellite deliveries increased .', 'in the first quarter of 2001 , a $ 40 million loss provision was recorded on certain commercial satellite manufacturing contracts .', 'due to the industry-wide oversupply and deterioration of pricing in the commercial launch market , financial results on commercial launch vehicles continue to be challenging .', 'during 2002 , this trend led to a decline in operating profit of $ 10 million on commercial launch vehicles when compared to 2001 .', 'this decrease was primarily due to lower profitability of $ 55 mil- lion on the three additional launches in the current year , addi- tional charges of $ 60 million ( net of a favorable contract adjustment of $ 20 million ) for market and pricing pressures and included the adverse effect of a $ 35 million adjustment for commercial launch vehicle contract settlement costs .', 'the 2001 results also included charges for market and pricing pressures , which reduced that year 2019s operating profit by $ 145 million .', 'the $ 10 million decrease in government space 2019s operating profit for the year is primarily due to the reduced volume on government launch vehicles and strategic missile programs , which combined to decrease operating profit by $ 80 million , partially offset by increases of $ 40 million in government satellite programs and $ 30 million in ground systems activities .', 'operating profit for the segment increased by 4% ( 4 % ) in 2001 compared to 2000 .', 'operating profit increased in 2001 due to a $ 35 million increase in government space partially offset by higher year-over-year losses of $ 20 million in commercial space .', 'in government space , operating profit increased due to the impact of higher volume and improved performance in ground systems and government satellite programs .', 'the year- to-year comparison of operating profit was not affected by the $ 50 million favorable titan iv adjustment recorded in 2000 discussed above , due to a $ 55 million charge related to a more conservative assessment of government launch vehi- cle programs that was recorded in the fourth quarter of 2000 .', 'in commercial space , decreased operating profit of $ 15 mil- lion on launch vehicles more than offset lower losses on satel- lite manufacturing activities .', 'the commercial launch vehicle operating results included $ 60 million in higher charges for market and pricing pressures when compared to 2000 .', 'these negative adjustments were partially offset by $ 50 million of favorable contract adjustments on certain launch vehicle con- tracts .', 'commercial satellite manufacturing losses decreased slightly from 2000 and included the adverse impact of a $ 40 million loss provision recorded in the first quarter of 2001 for certain commercial satellite contracts related to schedule and technical issues. .'] | ========================================
( in millions ) | 2002 | 2001 | 2000
net sales | $ 7384 | $ 6836 | $ 7339
operating profit | 443 | 360 | 345
======================================== | divide(443, 7384) | 0.05999 |
what is the average net rentals for 2013-2014 , in millions? | Pre-text: ['kimco realty corporation and subsidiaries notes to consolidated financial statements , continued during 2012 , the albertsons joint venture distributed $ 50.3 million of which the company received $ 6.9 million , which was recognized as income from cash received in excess of the company 2019s investment , before income tax , and is included in equity in income from other real estate investments , net on the company 2019s consolidated statements of income .', 'in january 2015 , the company invested an additional $ 85.3 million of new equity in the company 2019s albertsons joint venture to facilitate the acquisition of safeway inc .', 'by the cerberus lead consortium .', 'as a result , kimco now holds a 9.8% ( 9.8 % ) ownership interest in the combined company which operates 2230 stores across 34 states .', 'leveraged lease - during june 2002 , the company acquired a 90% ( 90 % ) equity participation interest in an existing leveraged lease of 30 properties .', 'the properties are leased under a long-term bond-type net lease whose primary term expires in 2016 , with the lessee having certain renewal option rights .', 'the company 2019s cash equity investment was $ 4.0 million .', 'this equity investment is reported as a net investment in leveraged lease in accordance with the fasb 2019s lease guidance .', 'as of december 31 , 2014 , 19 of these properties were sold , whereby the proceeds from the sales were used to pay down $ 32.3 million in mortgage debt and the remaining 11 properties remain encumbered by third-party non-recourse debt of $ 11.2 million that is scheduled to fully amortize during the primary term of the lease from a portion of the periodic net rents receivable under the net lease .', 'as an equity participant in the leveraged lease , the company has no recourse obligation for principal or interest payments on the debt , which is collateralized by a first mortgage lien on the properties and collateral assignment of the lease .', 'accordingly , this obligation has been offset against the related net rental receivable under the lease .', 'at december 31 , 2014 and 2013 , the company 2019s net investment in the leveraged lease consisted of the following ( in millions ) : .']
Tabular Data:
========================================
| 2014 | 2013
remaining net rentals | $ 8.3 | $ 15.9
estimated unguaranteed residual value | 30.3 | 30.3
non-recourse mortgage debt | -10.1 ( 10.1 ) | -16.1 ( 16.1 )
unearned and deferred income | -12.9 ( 12.9 ) | -19.9 ( 19.9 )
net investment in leveraged lease | $ 15.6 | $ 10.2
========================================
Post-table: ['9 .', 'variable interest entities : consolidated ground-up development projects included within the company 2019s ground-up development projects at december 31 , 2014 , is an entity that is a vie , for which the company is the primary beneficiary .', 'this entity was established to develop real estate property to hold as a long-term investment .', 'the company 2019s involvement with this entity is through its majority ownership and management of the property .', 'this entity was deemed a vie primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support .', 'the initial equity contributed to this entity was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period .', 'the company determined that it was the primary beneficiary of this vie as a result of its controlling financial interest .', 'at december 31 , 2014 , total assets of this ground-up development vie were $ 77.7 million and total liabilities were $ 0.1 million .', 'the classification of these assets is primarily within real estate under development in the company 2019s consolidated balance sheets and the classifications of liabilities are primarily within accounts payable and accrued expenses on the company 2019s consolidated balance sheets .', 'substantially all of the projected development costs to be funded for this ground-up development vie , aggregating $ 32.8 million , will be funded with capital contributions from the company and by the outside partners , when contractually obligated .', 'the company has not provided financial support to this vie that it was not previously contractually required to provide. .'] | 12.1 | KIM/2014/page_108.pdf-2 | ['kimco realty corporation and subsidiaries notes to consolidated financial statements , continued during 2012 , the albertsons joint venture distributed $ 50.3 million of which the company received $ 6.9 million , which was recognized as income from cash received in excess of the company 2019s investment , before income tax , and is included in equity in income from other real estate investments , net on the company 2019s consolidated statements of income .', 'in january 2015 , the company invested an additional $ 85.3 million of new equity in the company 2019s albertsons joint venture to facilitate the acquisition of safeway inc .', 'by the cerberus lead consortium .', 'as a result , kimco now holds a 9.8% ( 9.8 % ) ownership interest in the combined company which operates 2230 stores across 34 states .', 'leveraged lease - during june 2002 , the company acquired a 90% ( 90 % ) equity participation interest in an existing leveraged lease of 30 properties .', 'the properties are leased under a long-term bond-type net lease whose primary term expires in 2016 , with the lessee having certain renewal option rights .', 'the company 2019s cash equity investment was $ 4.0 million .', 'this equity investment is reported as a net investment in leveraged lease in accordance with the fasb 2019s lease guidance .', 'as of december 31 , 2014 , 19 of these properties were sold , whereby the proceeds from the sales were used to pay down $ 32.3 million in mortgage debt and the remaining 11 properties remain encumbered by third-party non-recourse debt of $ 11.2 million that is scheduled to fully amortize during the primary term of the lease from a portion of the periodic net rents receivable under the net lease .', 'as an equity participant in the leveraged lease , the company has no recourse obligation for principal or interest payments on the debt , which is collateralized by a first mortgage lien on the properties and collateral assignment of the lease .', 'accordingly , this obligation has been offset against the related net rental receivable under the lease .', 'at december 31 , 2014 and 2013 , the company 2019s net investment in the leveraged lease consisted of the following ( in millions ) : .'] | ['9 .', 'variable interest entities : consolidated ground-up development projects included within the company 2019s ground-up development projects at december 31 , 2014 , is an entity that is a vie , for which the company is the primary beneficiary .', 'this entity was established to develop real estate property to hold as a long-term investment .', 'the company 2019s involvement with this entity is through its majority ownership and management of the property .', 'this entity was deemed a vie primarily based on the fact that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support .', 'the initial equity contributed to this entity was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period .', 'the company determined that it was the primary beneficiary of this vie as a result of its controlling financial interest .', 'at december 31 , 2014 , total assets of this ground-up development vie were $ 77.7 million and total liabilities were $ 0.1 million .', 'the classification of these assets is primarily within real estate under development in the company 2019s consolidated balance sheets and the classifications of liabilities are primarily within accounts payable and accrued expenses on the company 2019s consolidated balance sheets .', 'substantially all of the projected development costs to be funded for this ground-up development vie , aggregating $ 32.8 million , will be funded with capital contributions from the company and by the outside partners , when contractually obligated .', 'the company has not provided financial support to this vie that it was not previously contractually required to provide. .'] | ========================================
| 2014 | 2013
remaining net rentals | $ 8.3 | $ 15.9
estimated unguaranteed residual value | 30.3 | 30.3
non-recourse mortgage debt | -10.1 ( 10.1 ) | -16.1 ( 16.1 )
unearned and deferred income | -12.9 ( 12.9 ) | -19.9 ( 19.9 )
net investment in leveraged lease | $ 15.6 | $ 10.2
======================================== | add(8.3, 15.9), divide(#0, const_2) | 12.1 |
what is the highest value for total operating segments during this period? | Context: ['aon has certain contractual contingent guarantees for premium payments owed by clients to certain insurance companies .', 'the maximum exposure with respect to such contractual contingent guarantees was approximately $ 48 million at december 31 , 2011 .', 'aon has provided commitments to fund certain limited partnerships in which it has an interest in the event that the general partners request funding .', 'some of these commitments have specific expiration dates and the maximum potential funding under these commitments was $ 64 million at december 31 , 2011 .', 'during 2011 , the company funded $ 15 million of these commitments .', 'aon expects that as prudent business interests dictate , additional guarantees and indemnifications may be issued from time to time .', '17 .', 'related party transactions during 2011 , the company , in the ordinary course of business , provided retail brokerage , consulting and financial advisory services to , and received wholesale brokerage services from , an entity that is controlled by one of the company 2019s stockholders .', 'these transactions were negotiated at an arms-length basis and contain customary terms and conditions .', 'during 2011 , commissions and fee revenue from these transactions was approximately $ 9 million .', '18 .', 'segment information the company has two reportable operating segments : risk solutions and hr solutions .', 'unallocated income and expenses , when combined with the operating segments and after the elimination of intersegment revenues and expenses , total to the amounts in the consolidated financial statements .', 'reportable operating segments have been determined using a management approach , which is consistent with the basis and manner in which aon 2019s chief operating decision maker ( 2018 2018codm 2019 2019 ) uses financial information for the purposes of allocating resources and assessing performance .', 'the codm assesses performance based on operating segment operating income and generally accounts for intersegment revenue as if the revenue were from third parties and at what management believes are current market prices .', 'the company does not present net assets by segment as this information is not reviewed by the codm .', 'risk solutions acts as an advisor and insurance and reinsurance broker , helping clients manage their risks , via consultation , as well as negotiation and placement of insurance risk with insurance carriers through aon 2019s global distribution network .', 'hr solutions partners with organizations to solve their most complex benefits , talent and related financial challenges , and improve business performance by designing , implementing , communicating and administering a wide range of human capital , retirement , investment management , health care , compensation and talent management strategies .', 'aon 2019s total revenue is as follows ( in millions ) : .']
Data Table:
========================================
years ended december 31 2011 2010 2009
risk solutions $ 6817 $ 6423 $ 6305
hr solutions 4501 2111 1267
intersegment elimination -31 ( 31 ) -22 ( 22 ) -26 ( 26 )
total operating segments 11287 8512 7546
unallocated 2014 2014 49
total revenue $ 11287 $ 8512 $ 7595
========================================
Additional Information: ['.'] | 11287.0 | AON/2011/page_134.pdf-3 | ['aon has certain contractual contingent guarantees for premium payments owed by clients to certain insurance companies .', 'the maximum exposure with respect to such contractual contingent guarantees was approximately $ 48 million at december 31 , 2011 .', 'aon has provided commitments to fund certain limited partnerships in which it has an interest in the event that the general partners request funding .', 'some of these commitments have specific expiration dates and the maximum potential funding under these commitments was $ 64 million at december 31 , 2011 .', 'during 2011 , the company funded $ 15 million of these commitments .', 'aon expects that as prudent business interests dictate , additional guarantees and indemnifications may be issued from time to time .', '17 .', 'related party transactions during 2011 , the company , in the ordinary course of business , provided retail brokerage , consulting and financial advisory services to , and received wholesale brokerage services from , an entity that is controlled by one of the company 2019s stockholders .', 'these transactions were negotiated at an arms-length basis and contain customary terms and conditions .', 'during 2011 , commissions and fee revenue from these transactions was approximately $ 9 million .', '18 .', 'segment information the company has two reportable operating segments : risk solutions and hr solutions .', 'unallocated income and expenses , when combined with the operating segments and after the elimination of intersegment revenues and expenses , total to the amounts in the consolidated financial statements .', 'reportable operating segments have been determined using a management approach , which is consistent with the basis and manner in which aon 2019s chief operating decision maker ( 2018 2018codm 2019 2019 ) uses financial information for the purposes of allocating resources and assessing performance .', 'the codm assesses performance based on operating segment operating income and generally accounts for intersegment revenue as if the revenue were from third parties and at what management believes are current market prices .', 'the company does not present net assets by segment as this information is not reviewed by the codm .', 'risk solutions acts as an advisor and insurance and reinsurance broker , helping clients manage their risks , via consultation , as well as negotiation and placement of insurance risk with insurance carriers through aon 2019s global distribution network .', 'hr solutions partners with organizations to solve their most complex benefits , talent and related financial challenges , and improve business performance by designing , implementing , communicating and administering a wide range of human capital , retirement , investment management , health care , compensation and talent management strategies .', 'aon 2019s total revenue is as follows ( in millions ) : .'] | ['.'] | ========================================
years ended december 31 2011 2010 2009
risk solutions $ 6817 $ 6423 $ 6305
hr solutions 4501 2111 1267
intersegment elimination -31 ( 31 ) -22 ( 22 ) -26 ( 26 )
total operating segments 11287 8512 7546
unallocated 2014 2014 49
total revenue $ 11287 $ 8512 $ 7595
======================================== | table_max(total operating segments, none) | 11287.0 |
what is the percentage increase in interest expanse and penalties in 2009? | Pre-text: ['included in other non-current liabilities , because the company believes that the ultimate payment or settlement of these liabilities will not occur within the next twelve months .', 'prior to the adoption of these provisions , these amounts were included in current income tax payable .', 'the company includes interest and penalties related to unrecognized tax benefits within the provision for taxes in the condensed consolidated statements of income , and as a result , no change in classification was made upon adopting these provisions .', 'the condensed consolidated statements of income for fiscal year 2009 and fiscal year 2008 include $ 1.7 million and $ 1.3 million , respectively , of interest and penalties related to these uncertain tax positions .', 'due to the complexity associated with its tax uncertainties , the company cannot make a reasonably reliable estimate as to the period in which it expects to settle the liabilities associated with these uncertain tax positions .', 'the following table summarizes the changes in the total amounts of uncertain tax positions for fiscal 2008 and fiscal 2009. .']
####
Table:
****************************************
Row 1: balance november 3 2007, $ 9889
Row 2: additions for tax positions of current year, 3861
Row 3: balance november 1 2008, 13750
Row 4: additions for tax positions of current year, 4411
Row 5: balance october 31 2009, $ 18161
****************************************
####
Post-table: ['fiscal year 2004 and 2005 irs examination during the fourth quarter of fiscal 2007 , the irs completed its field examination of the company 2019s fiscal years 2004 and 2005 .', 'on january 2 , 2008 , the irs issued its report for fiscal 2004 and 2005 , which included proposed adjustments related to these two fiscal years .', 'the company has recorded taxes and penalties related to certain of these proposed adjustments .', 'there are four items with an additional potential total tax liability of $ 46 million .', 'the company has concluded , based on discussions with its tax advisors , that these four items are not likely to result in any additional tax liability .', 'therefore , the company has not recorded any additional tax liability for these items and is appealing these proposed adjustments through the normal processes for the resolution of differences between the irs and taxpayers .', 'the company 2019s initial meetings with the appellate division of the irs were held during fiscal year 2009 .', 'two of the unresolved matters are one-time issues and pertain to section 965 of the internal revenue code related to the beneficial tax treatment of dividends from foreign owned companies under the american jobs creation act .', 'the other matters pertain to the computation of research and development ( r&d ) tax credits and the profits earned from manufacturing activities carried on outside the united states .', 'these latter two matters could impact taxes payable for fiscal 2004 and 2005 as well as for subsequent years .', 'fiscal year 2006 and 2007 irs examination during the third quarter of fiscal 2009 , the irs completed its field examination of the company 2019s fiscal years 2006 and 2007 .', 'the irs and the company have agreed on the treatment of a number of issues that have been included in an issue resolutions agreement related to the 2006 and 2007 tax returns .', 'however , no agreement was reached on the tax treatment of a number of issues , including the same r&d credit and foreign manufacturing issues mentioned above related to fiscal 2004 and 2005 , the pricing of intercompany sales ( transfer pricing ) , and the deductibility of certain stock option compensation expenses .', 'during the third quarter of fiscal 2009 , the irs issued its report for fiscal 2006 and fiscal 2007 , which included proposed adjustments related to these two fiscal years .', 'the company has recorded taxes and penalties related to certain of these proposed adjustments .', 'there are four items with an additional potential total tax liability of $ 195 million .', 'the company concluded , based on discussions with its tax advisors , that these four items are not likely to result in any additional tax liability .', 'therefore , the company has not recorded any additional tax liability for these items and is appealing these proposed adjustments through the normal processes for the resolution of differences between the irs and taxpayers .', 'with the exception of the analog devices , inc .', 'notes to consolidated financial statements 2014 ( continued ) .'] | 0.30769 | ADI/2009/page_90.pdf-1 | ['included in other non-current liabilities , because the company believes that the ultimate payment or settlement of these liabilities will not occur within the next twelve months .', 'prior to the adoption of these provisions , these amounts were included in current income tax payable .', 'the company includes interest and penalties related to unrecognized tax benefits within the provision for taxes in the condensed consolidated statements of income , and as a result , no change in classification was made upon adopting these provisions .', 'the condensed consolidated statements of income for fiscal year 2009 and fiscal year 2008 include $ 1.7 million and $ 1.3 million , respectively , of interest and penalties related to these uncertain tax positions .', 'due to the complexity associated with its tax uncertainties , the company cannot make a reasonably reliable estimate as to the period in which it expects to settle the liabilities associated with these uncertain tax positions .', 'the following table summarizes the changes in the total amounts of uncertain tax positions for fiscal 2008 and fiscal 2009. .'] | ['fiscal year 2004 and 2005 irs examination during the fourth quarter of fiscal 2007 , the irs completed its field examination of the company 2019s fiscal years 2004 and 2005 .', 'on january 2 , 2008 , the irs issued its report for fiscal 2004 and 2005 , which included proposed adjustments related to these two fiscal years .', 'the company has recorded taxes and penalties related to certain of these proposed adjustments .', 'there are four items with an additional potential total tax liability of $ 46 million .', 'the company has concluded , based on discussions with its tax advisors , that these four items are not likely to result in any additional tax liability .', 'therefore , the company has not recorded any additional tax liability for these items and is appealing these proposed adjustments through the normal processes for the resolution of differences between the irs and taxpayers .', 'the company 2019s initial meetings with the appellate division of the irs were held during fiscal year 2009 .', 'two of the unresolved matters are one-time issues and pertain to section 965 of the internal revenue code related to the beneficial tax treatment of dividends from foreign owned companies under the american jobs creation act .', 'the other matters pertain to the computation of research and development ( r&d ) tax credits and the profits earned from manufacturing activities carried on outside the united states .', 'these latter two matters could impact taxes payable for fiscal 2004 and 2005 as well as for subsequent years .', 'fiscal year 2006 and 2007 irs examination during the third quarter of fiscal 2009 , the irs completed its field examination of the company 2019s fiscal years 2006 and 2007 .', 'the irs and the company have agreed on the treatment of a number of issues that have been included in an issue resolutions agreement related to the 2006 and 2007 tax returns .', 'however , no agreement was reached on the tax treatment of a number of issues , including the same r&d credit and foreign manufacturing issues mentioned above related to fiscal 2004 and 2005 , the pricing of intercompany sales ( transfer pricing ) , and the deductibility of certain stock option compensation expenses .', 'during the third quarter of fiscal 2009 , the irs issued its report for fiscal 2006 and fiscal 2007 , which included proposed adjustments related to these two fiscal years .', 'the company has recorded taxes and penalties related to certain of these proposed adjustments .', 'there are four items with an additional potential total tax liability of $ 195 million .', 'the company concluded , based on discussions with its tax advisors , that these four items are not likely to result in any additional tax liability .', 'therefore , the company has not recorded any additional tax liability for these items and is appealing these proposed adjustments through the normal processes for the resolution of differences between the irs and taxpayers .', 'with the exception of the analog devices , inc .', 'notes to consolidated financial statements 2014 ( continued ) .'] | ****************************************
Row 1: balance november 3 2007, $ 9889
Row 2: additions for tax positions of current year, 3861
Row 3: balance november 1 2008, 13750
Row 4: additions for tax positions of current year, 4411
Row 5: balance october 31 2009, $ 18161
**************************************** | subtract(1.7, 1.3), divide(#0, 1.3) | 0.30769 |
what percent of future minimum lease payments are due currently? | Background: ['abiomed , inc .', 'and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 15 .', 'commitments and contingencies ( continued ) the company applies the disclosure provisions of fin no .', '45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no .', '5 , 57 and 107 and rescission of fasb interpretation no .', '34 ( fin no .', '45 ) to its agreements that contain guarantee or indemnification clauses .', 'these disclosure provisions expand those required by sfas no .', '5 , accounting for contingencies , by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote .', 'in addition to product warranties , the following is a description of arrangements in which the company is a guarantor .', 'indemnifications 2014in many sales transactions , the company indemnifies customers against possible claims of patent infringement caused by the company 2019s products .', 'the indemnifications contained within sales contracts usually do not include limits on the claims .', 'the company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions .', 'under the provisions of fin no .', '45 , intellectual property indemnifications require disclosure only .', 'the company enters into agreements with other companies in the ordinary course of business , typically with underwriters , contractors , clinical sites and customers that include indemnification provisions .', 'under these provisions the company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of its activities .', 'these indemnification provisions generally survive termination of the underlying agreement .', 'the maximum potential amount of future payments the company could be required to make under these indemnification provisions is unlimited .', 'abiomed has never incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements .', 'as a result , the estimated fair value of these agreements is minimal .', 'accordingly , the company has no liabilities recorded for these agreements as of march 31 , 2008 .', 'clinical study agreements 2014in the company 2019s clinical study agreements , abiomed has agreed to indemnify the participating institutions against losses incurred by them for claims related to any personal injury of subjects taking part in the study to the extent they relate to uses of the company 2019s devices in accordance with the clinical study agreement , the protocol for the device and abiomed 2019s instructions .', 'the indemnification provisions contained within the company 2019s clinical study agreements do not generally include limits on the claims .', 'the company has never incurred any material costs related to the indemnification provisions contained in its clinical study agreements .', 'facilities leases 2014as of march 31 , 2008 , the company had entered into leases for its facilities , including its primary operating facility in danvers , massachusetts with terms through fiscal 2010 .', 'the danvers lease may be extended , at the company 2019s option , for two successive additional periods of five years each with monthly rent charges to be determined based on then current fair rental values .', 'the company 2019s lease for its aachen location expires in december 2012 .', 'total rent expense under these leases , included in the accompanying consolidated statements of operations approximated $ 2.2 million , $ 1.6 million , and $ 1.3 million for the fiscal years ended march 31 , 2008 , 2007 and 2006 , respectively .', 'future minimum lease payments under all significant non-cancelable operating leases as of march 31 , 2008 are approximately as follows : fiscal year ending march 31 , operating leases ( in $ 000 2019s ) .']
##
Tabular Data:
========================================
fiscal year ending march 31,, operating leases ( in $ 000 2019s )
2009, 2544
2010, 2220
2011, 1287
2012, 973
2013, 730
thereafter, 2014
total future minimum lease payments, $ 7754
========================================
##
Additional Information: ['litigation 2014from time-to-time , the company is involved in legal and administrative proceedings and claims of various types .', 'while any litigation contains an element of uncertainty , management presently believes that the outcome of each such other proceedings or claims which are pending or known to be threatened , or all of them combined , is not expected to have a material adverse effect on the company 2019s financial position , cash flow and results. .'] | 0.32809 | ABMD/2008/page_87.pdf-2 | ['abiomed , inc .', 'and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 15 .', 'commitments and contingencies ( continued ) the company applies the disclosure provisions of fin no .', '45 , guarantor 2019s accounting and disclosure requirements for guarantees , including guarantees of indebtedness of others , and interpretation of fasb statements no .', '5 , 57 and 107 and rescission of fasb interpretation no .', '34 ( fin no .', '45 ) to its agreements that contain guarantee or indemnification clauses .', 'these disclosure provisions expand those required by sfas no .', '5 , accounting for contingencies , by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote .', 'in addition to product warranties , the following is a description of arrangements in which the company is a guarantor .', 'indemnifications 2014in many sales transactions , the company indemnifies customers against possible claims of patent infringement caused by the company 2019s products .', 'the indemnifications contained within sales contracts usually do not include limits on the claims .', 'the company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions .', 'under the provisions of fin no .', '45 , intellectual property indemnifications require disclosure only .', 'the company enters into agreements with other companies in the ordinary course of business , typically with underwriters , contractors , clinical sites and customers that include indemnification provisions .', 'under these provisions the company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of its activities .', 'these indemnification provisions generally survive termination of the underlying agreement .', 'the maximum potential amount of future payments the company could be required to make under these indemnification provisions is unlimited .', 'abiomed has never incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements .', 'as a result , the estimated fair value of these agreements is minimal .', 'accordingly , the company has no liabilities recorded for these agreements as of march 31 , 2008 .', 'clinical study agreements 2014in the company 2019s clinical study agreements , abiomed has agreed to indemnify the participating institutions against losses incurred by them for claims related to any personal injury of subjects taking part in the study to the extent they relate to uses of the company 2019s devices in accordance with the clinical study agreement , the protocol for the device and abiomed 2019s instructions .', 'the indemnification provisions contained within the company 2019s clinical study agreements do not generally include limits on the claims .', 'the company has never incurred any material costs related to the indemnification provisions contained in its clinical study agreements .', 'facilities leases 2014as of march 31 , 2008 , the company had entered into leases for its facilities , including its primary operating facility in danvers , massachusetts with terms through fiscal 2010 .', 'the danvers lease may be extended , at the company 2019s option , for two successive additional periods of five years each with monthly rent charges to be determined based on then current fair rental values .', 'the company 2019s lease for its aachen location expires in december 2012 .', 'total rent expense under these leases , included in the accompanying consolidated statements of operations approximated $ 2.2 million , $ 1.6 million , and $ 1.3 million for the fiscal years ended march 31 , 2008 , 2007 and 2006 , respectively .', 'future minimum lease payments under all significant non-cancelable operating leases as of march 31 , 2008 are approximately as follows : fiscal year ending march 31 , operating leases ( in $ 000 2019s ) .'] | ['litigation 2014from time-to-time , the company is involved in legal and administrative proceedings and claims of various types .', 'while any litigation contains an element of uncertainty , management presently believes that the outcome of each such other proceedings or claims which are pending or known to be threatened , or all of them combined , is not expected to have a material adverse effect on the company 2019s financial position , cash flow and results. .'] | ========================================
fiscal year ending march 31,, operating leases ( in $ 000 2019s )
2009, 2544
2010, 2220
2011, 1287
2012, 973
2013, 730
thereafter, 2014
total future minimum lease payments, $ 7754
======================================== | divide(2544, 7754) | 0.32809 |
what is the percentage change in interest payments from 2010 to 2011? | Context: ['note 8 2013 debt our long-term debt consisted of the following ( in millions ) : .']
######
Table:
****************************************
2012 2011
notes with rates from 2.13% ( 2.13 % ) to 6.15% ( 6.15 % ) due 2016 to 2042 $ 5642 $ 5308
notes with rates from 7.00% ( 7.00 % ) to 7.75% ( 7.75 % ) due 2013 to 2036 1080 1239
other debt 478 19
total long-term debt 7200 6966
less : unamortized discounts -892 ( 892 ) -506 ( 506 )
total long-term debt net of unamortized discounts 6308 6460
less : current maturities of long-term debt -150 ( 150 ) 2014
total long-term debt net $ 6158 $ 6460
****************************************
######
Post-table: ['in december 2012 , we issued notes totaling $ 1.3 billion with a fixed interest rate of 4.07% ( 4.07 % ) maturing in december 2042 ( the new notes ) in exchange for outstanding notes totaling $ 1.2 billion with interest rates ranging from 5.50% ( 5.50 % ) to 8.50% ( 8.50 % ) maturing in 2023 to 2040 ( the old notes ) .', 'in connection with the exchange , we paid a premium of $ 393 million , of which $ 225 million was paid in cash and $ 168 million was in the form of new notes .', 'this premium , in addition to $ 194 million in remaining unamortized discounts related to the old notes , will be amortized as additional interest expense over the term of the new notes using the effective interest method .', 'we may , at our option , redeem some or all of the new notes at any time by paying the principal amount of notes being redeemed plus a make-whole premium and accrued and unpaid interest .', 'interest on the new notes is payable on june 15 and december 15 of each year , beginning on june 15 , 2013 .', 'the new notes are unsecured senior obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness .', 'on september 9 , 2011 , we issued $ 2.0 billion of long-term notes in a registered public offering consisting of $ 500 million maturing in 2016 with a fixed interest rate of 2.13% ( 2.13 % ) , $ 900 million maturing in 2021 with a fixed interest rate of 3.35% ( 3.35 % ) , and $ 600 million maturing in 2041 with a fixed interest rate of 4.85% ( 4.85 % ) .', 'we may , at our option , redeem some or all of the notes at any time by paying the principal amount of notes being redeemed plus a make-whole premium and accrued and unpaid interest .', 'interest on the notes is payable on march 15 and september 15 of each year , beginning on march 15 , 2012 .', 'in october 2011 , we used a portion of the proceeds to redeem all of our $ 500 million long-term notes maturing in 2013 .', 'in 2011 , we repurchased $ 84 million of our long-term notes through open-market purchases .', 'we paid premiums of $ 48 million in connection with the early extinguishments of debt , which were recognized in other non-operating income ( expense ) , net .', 'in august 2011 , we entered into a $ 1.5 billion revolving credit facility with a group of banks and terminated our existing $ 1.5 billion revolving credit facility that was to expire in june 2012 .', 'the credit facility expires august 2016 , and we may request and the banks may grant , at their discretion , an increase to the credit facility by an additional amount up to $ 500 million .', 'there were no borrowings outstanding under either facility through december 31 , 2012 .', 'borrowings under the credit facility would be unsecured and bear interest at rates based , at our option , on a eurodollar rate or a base rate , as defined in the credit facility .', 'each bank 2019s obligation to make loans under the credit facility is subject to , among other things , our compliance with various representations , warranties and covenants , including covenants limiting our ability and certain of our subsidiaries 2019 ability to encumber assets and a covenant not to exceed a maximum leverage ratio , as defined in the credit facility .', 'the leverage ratio covenant excludes the adjustments recognized in stockholders 2019 equity related to postretirement benefit plans .', 'as of december 31 , 2012 , we were in compliance with all covenants contained in the credit facility , as well as in our debt agreements .', 'we have agreements in place with banking institutions to provide for the issuance of commercial paper .', 'there were no commercial paper borrowings outstanding during 2012 or 2011 .', 'if we were to issue commercial paper , the borrowings would be supported by the credit facility .', 'during the next five years , we have scheduled long-term debt maturities of $ 150 million due in 2013 and $ 952 million due in 2016 .', 'interest payments were $ 378 million in 2012 , $ 326 million in 2011 , and $ 337 million in 2010. .'] | -0.03264 | LMT/2012/page_81.pdf-3 | ['note 8 2013 debt our long-term debt consisted of the following ( in millions ) : .'] | ['in december 2012 , we issued notes totaling $ 1.3 billion with a fixed interest rate of 4.07% ( 4.07 % ) maturing in december 2042 ( the new notes ) in exchange for outstanding notes totaling $ 1.2 billion with interest rates ranging from 5.50% ( 5.50 % ) to 8.50% ( 8.50 % ) maturing in 2023 to 2040 ( the old notes ) .', 'in connection with the exchange , we paid a premium of $ 393 million , of which $ 225 million was paid in cash and $ 168 million was in the form of new notes .', 'this premium , in addition to $ 194 million in remaining unamortized discounts related to the old notes , will be amortized as additional interest expense over the term of the new notes using the effective interest method .', 'we may , at our option , redeem some or all of the new notes at any time by paying the principal amount of notes being redeemed plus a make-whole premium and accrued and unpaid interest .', 'interest on the new notes is payable on june 15 and december 15 of each year , beginning on june 15 , 2013 .', 'the new notes are unsecured senior obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness .', 'on september 9 , 2011 , we issued $ 2.0 billion of long-term notes in a registered public offering consisting of $ 500 million maturing in 2016 with a fixed interest rate of 2.13% ( 2.13 % ) , $ 900 million maturing in 2021 with a fixed interest rate of 3.35% ( 3.35 % ) , and $ 600 million maturing in 2041 with a fixed interest rate of 4.85% ( 4.85 % ) .', 'we may , at our option , redeem some or all of the notes at any time by paying the principal amount of notes being redeemed plus a make-whole premium and accrued and unpaid interest .', 'interest on the notes is payable on march 15 and september 15 of each year , beginning on march 15 , 2012 .', 'in october 2011 , we used a portion of the proceeds to redeem all of our $ 500 million long-term notes maturing in 2013 .', 'in 2011 , we repurchased $ 84 million of our long-term notes through open-market purchases .', 'we paid premiums of $ 48 million in connection with the early extinguishments of debt , which were recognized in other non-operating income ( expense ) , net .', 'in august 2011 , we entered into a $ 1.5 billion revolving credit facility with a group of banks and terminated our existing $ 1.5 billion revolving credit facility that was to expire in june 2012 .', 'the credit facility expires august 2016 , and we may request and the banks may grant , at their discretion , an increase to the credit facility by an additional amount up to $ 500 million .', 'there were no borrowings outstanding under either facility through december 31 , 2012 .', 'borrowings under the credit facility would be unsecured and bear interest at rates based , at our option , on a eurodollar rate or a base rate , as defined in the credit facility .', 'each bank 2019s obligation to make loans under the credit facility is subject to , among other things , our compliance with various representations , warranties and covenants , including covenants limiting our ability and certain of our subsidiaries 2019 ability to encumber assets and a covenant not to exceed a maximum leverage ratio , as defined in the credit facility .', 'the leverage ratio covenant excludes the adjustments recognized in stockholders 2019 equity related to postretirement benefit plans .', 'as of december 31 , 2012 , we were in compliance with all covenants contained in the credit facility , as well as in our debt agreements .', 'we have agreements in place with banking institutions to provide for the issuance of commercial paper .', 'there were no commercial paper borrowings outstanding during 2012 or 2011 .', 'if we were to issue commercial paper , the borrowings would be supported by the credit facility .', 'during the next five years , we have scheduled long-term debt maturities of $ 150 million due in 2013 and $ 952 million due in 2016 .', 'interest payments were $ 378 million in 2012 , $ 326 million in 2011 , and $ 337 million in 2010. .'] | ****************************************
2012 2011
notes with rates from 2.13% ( 2.13 % ) to 6.15% ( 6.15 % ) due 2016 to 2042 $ 5642 $ 5308
notes with rates from 7.00% ( 7.00 % ) to 7.75% ( 7.75 % ) due 2013 to 2036 1080 1239
other debt 478 19
total long-term debt 7200 6966
less : unamortized discounts -892 ( 892 ) -506 ( 506 )
total long-term debt net of unamortized discounts 6308 6460
less : current maturities of long-term debt -150 ( 150 ) 2014
total long-term debt net $ 6158 $ 6460
**************************************** | subtract(326, 337), divide(#0, 337) | -0.03264 |
what percentage of total net revenues in the investing & lending segment is attributable to equity securities in 2015? | Pre-text: ['the goldman sachs group , inc .', 'and subsidiaries management 2019s discussion and analysis investing & lending investing & lending includes our investing activities and the origination of loans to provide financing to clients .', 'these investments and loans are typically longer-term in nature .', 'we make investments , some of which are consolidated , directly and indirectly through funds and separate accounts that we manage , in debt securities and loans , public and private equity securities , and real estate entities .', 'the table below presents the operating results of our investing & lending segment. .']
Tabular Data:
$ in millions | year ended december 2015 | year ended december 2014 | year ended december 2013
----------|----------|----------|----------
equity securities | $ 3781 | $ 4579 | $ 4974
debt securities and loans | 1655 | 2246 | 2044
total net revenues1 | 5436 | 6825 | 7018
operating expenses | 2402 | 2819 | 2686
pre-tax earnings | $ 3034 | $ 4006 | $ 4332
Additional Information: ['1 .', 'net revenues related to our consolidated investments , previously reported in other net revenues within investing & lending , are now reported in equity securities and debt securities and loans , as results from these activities ( $ 391 million for 2015 ) are no longer significant principally due to the sale of metro in the fourth quarter of 2014 .', 'reclassifications have been made to previously reported amounts to conform to the current presentation .', '2015 versus 2014 .', 'net revenues in investing & lending were $ 5.44 billion for 2015 , 20% ( 20 % ) lower than 2014 .', 'this decrease was primarily due to lower net revenues from investments in equities , principally reflecting the sale of metro in the fourth quarter of 2014 and lower net gains from investments in private equities , driven by corporate performance .', 'in addition , net revenues in debt securities and loans were significantly lower , reflecting lower net gains from investments .', 'although net revenues in investing & lending for 2015 benefited from favorable company-specific events , including sales , initial public offerings and financings , a decline in global equity prices and widening high-yield credit spreads during the second half of the year impacted results .', 'concern about the outlook for the global economy continues to be a meaningful consideration for the global marketplace .', 'if equity markets continue to decline or credit spreads widen further , net revenues in investing & lending would likely continue to be negatively impacted .', 'operating expenses were $ 2.40 billion for 2015 , 15% ( 15 % ) lower than 2014 , due to lower depreciation and amortization expenses , primarily reflecting lower impairment charges related to consolidated investments , and a reduction in expenses related to the sale of metro in the fourth quarter of 2014 .', 'pre-tax earnings were $ 3.03 billion in 2015 , 24% ( 24 % ) lower than 2014 .', '2014 versus 2013 .', 'net revenues in investing & lending were $ 6.83 billion for 2014 , 3% ( 3 % ) lower than 2013 .', 'net revenues from investments in equity securities were lower due to a significant decrease in net gains from investments in public equities , as movements in global equity prices during 2014 were less favorable compared with 2013 , as well as significantly lower net revenues related to our consolidated investments , reflecting a decrease in operating revenues from commodities-related consolidated investments .', 'these decreases were partially offset by an increase in net gains from investments in private equities , primarily driven by company-specific events .', 'net revenues from debt securities and loans were higher than 2013 , reflecting a significant increase in net interest income , primarily driven by increased lending , and a slight increase in net gains , primarily due to sales of certain investments during 2014 .', 'during 2014 , net revenues in investing & lending generally reflected favorable company-specific events , including initial public offerings and financings , and strong corporate performance , as well as net gains from sales of certain investments .', 'operating expenses were $ 2.82 billion for 2014 , 5% ( 5 % ) higher than 2013 , reflecting higher compensation and benefits expenses , partially offset by lower expenses related to consolidated investments .', 'pre-tax earnings were $ 4.01 billion in 2014 , 8% ( 8 % ) lower than 2013 .', '64 goldman sachs 2015 form 10-k .'] | 0.69555 | GS/2015/page_76.pdf-3 | ['the goldman sachs group , inc .', 'and subsidiaries management 2019s discussion and analysis investing & lending investing & lending includes our investing activities and the origination of loans to provide financing to clients .', 'these investments and loans are typically longer-term in nature .', 'we make investments , some of which are consolidated , directly and indirectly through funds and separate accounts that we manage , in debt securities and loans , public and private equity securities , and real estate entities .', 'the table below presents the operating results of our investing & lending segment. .'] | ['1 .', 'net revenues related to our consolidated investments , previously reported in other net revenues within investing & lending , are now reported in equity securities and debt securities and loans , as results from these activities ( $ 391 million for 2015 ) are no longer significant principally due to the sale of metro in the fourth quarter of 2014 .', 'reclassifications have been made to previously reported amounts to conform to the current presentation .', '2015 versus 2014 .', 'net revenues in investing & lending were $ 5.44 billion for 2015 , 20% ( 20 % ) lower than 2014 .', 'this decrease was primarily due to lower net revenues from investments in equities , principally reflecting the sale of metro in the fourth quarter of 2014 and lower net gains from investments in private equities , driven by corporate performance .', 'in addition , net revenues in debt securities and loans were significantly lower , reflecting lower net gains from investments .', 'although net revenues in investing & lending for 2015 benefited from favorable company-specific events , including sales , initial public offerings and financings , a decline in global equity prices and widening high-yield credit spreads during the second half of the year impacted results .', 'concern about the outlook for the global economy continues to be a meaningful consideration for the global marketplace .', 'if equity markets continue to decline or credit spreads widen further , net revenues in investing & lending would likely continue to be negatively impacted .', 'operating expenses were $ 2.40 billion for 2015 , 15% ( 15 % ) lower than 2014 , due to lower depreciation and amortization expenses , primarily reflecting lower impairment charges related to consolidated investments , and a reduction in expenses related to the sale of metro in the fourth quarter of 2014 .', 'pre-tax earnings were $ 3.03 billion in 2015 , 24% ( 24 % ) lower than 2014 .', '2014 versus 2013 .', 'net revenues in investing & lending were $ 6.83 billion for 2014 , 3% ( 3 % ) lower than 2013 .', 'net revenues from investments in equity securities were lower due to a significant decrease in net gains from investments in public equities , as movements in global equity prices during 2014 were less favorable compared with 2013 , as well as significantly lower net revenues related to our consolidated investments , reflecting a decrease in operating revenues from commodities-related consolidated investments .', 'these decreases were partially offset by an increase in net gains from investments in private equities , primarily driven by company-specific events .', 'net revenues from debt securities and loans were higher than 2013 , reflecting a significant increase in net interest income , primarily driven by increased lending , and a slight increase in net gains , primarily due to sales of certain investments during 2014 .', 'during 2014 , net revenues in investing & lending generally reflected favorable company-specific events , including initial public offerings and financings , and strong corporate performance , as well as net gains from sales of certain investments .', 'operating expenses were $ 2.82 billion for 2014 , 5% ( 5 % ) higher than 2013 , reflecting higher compensation and benefits expenses , partially offset by lower expenses related to consolidated investments .', 'pre-tax earnings were $ 4.01 billion in 2014 , 8% ( 8 % ) lower than 2013 .', '64 goldman sachs 2015 form 10-k .'] | $ in millions | year ended december 2015 | year ended december 2014 | year ended december 2013
----------|----------|----------|----------
equity securities | $ 3781 | $ 4579 | $ 4974
debt securities and loans | 1655 | 2246 | 2044
total net revenues1 | 5436 | 6825 | 7018
operating expenses | 2402 | 2819 | 2686
pre-tax earnings | $ 3034 | $ 4006 | $ 4332 | divide(3781, 5436) | 0.69555 |
what was percentage change in net earnings including earnings attributable to redeemable and non controlling interests from 2017 to 2018 | Pre-text: ['cash flows from operations .']
######
Tabular Data:
****************************************
Row 1: in millions, fiscal year 2018, fiscal year 2017, fiscal year 2016
Row 2: net earnings including earnings attributable to redeemable and noncontrollinginterests, $ 2163.0, $ 1701.1, $ 1736.8
Row 3: depreciation and amortization, 618.8, 603.6, 608.1
Row 4: after-taxearnings from joint ventures, -84.7 ( 84.7 ), -85.0 ( 85.0 ), -88.4 ( 88.4 )
Row 5: distributions of earnings from joint ventures, 113.2, 75.6, 75.1
Row 6: stock-based compensation, 77.0, 95.7, 89.8
Row 7: deferred income taxes, -504.3 ( 504.3 ), 183.9, 120.6
Row 8: pension and other postretirement benefit plan contributions, -31.8 ( 31.8 ), -45.4 ( 45.4 ), -47.8 ( 47.8 )
Row 9: pension and other postretirement benefit plan costs, 4.6, 35.7, 118.1
Row 10: divestitures loss ( gain ), -, 13.5, -148.2 ( 148.2 )
Row 11: restructuring impairment and other exit costs, 126.0, 117.0, 107.2
Row 12: changes in current assets and liabilities excluding the effects of acquisitions anddivestitures, 542.1, -194.2 ( 194.2 ), 298.5
Row 13: other net, -182.9 ( 182.9 ), -86.3 ( 86.3 ), -105.6 ( 105.6 )
Row 14: net cash provided by operating activities, $ 2841.0, $ 2415.2, $ 2764.2
****************************************
######
Additional Information: ['in fiscal 2018 , cash provided by operations was $ 2.8 billion compared to $ 2.4 billion in fiscal 2017 .', 'the $ 426 million increase was primarily driven by the $ 462 million increase in net earnings and the $ 736 million change in current assets and liabilities , partially offset by a $ 688 million change in deferred income taxes .', 'the change in deferred income taxes was primarily related to the $ 638 million provisional benefit from revaluing our net u.s .', 'deferred tax liabilities to reflect the new u.s .', 'corporate tax rate as a result of the tcja .', 'the $ 736 million change in current assets and liabilities was primarily due to changes in accounts payable of $ 476 million related to the extension of payment terms and timing of payments , and $ 264 million of changes in other current liabilities primarily driven by changes in income taxes payable , trade and advertising accruals , and incentive accruals .', 'we strive to grow core working capital at or below the rate of growth in our net sales .', 'for fiscal 2018 , core working capital decreased 27 percent , compared to a net sales increase of 1 percent .', 'in fiscal 2017 , core working capital increased 9 percent , compared to a net sales decline of 6 percent , and in fiscal 2016 , core working capital decreased 41 percent , compared to net sales decline of 6 percent .', 'in fiscal 2017 , our operations generated $ 2.4 billion of cash , compared to $ 2.8 billion in fiscal 2016 .', 'the $ 349 million decrease was primarily driven by a $ 493 million change in current assets and liabilities .', 'the $ 493 million change in current assets and liabilities was primarily due to changes in other current liabilities driven by changes in income taxes payable , a decrease in incentive accruals , and changes in trade and advertising accruals due to reduced spending .', 'the change in current assets and liabilities was also impacted by the timing of accounts payable .', 'additionally , we recorded a $ 14 million loss on a divestiture during fiscal 2017 , compared to a $ 148 million net gain on divestitures during fiscal 2016 , and classified the related cash flows as investing activities. .'] | 0.27153 | GIS/2018/page_39.pdf-1 | ['cash flows from operations .'] | ['in fiscal 2018 , cash provided by operations was $ 2.8 billion compared to $ 2.4 billion in fiscal 2017 .', 'the $ 426 million increase was primarily driven by the $ 462 million increase in net earnings and the $ 736 million change in current assets and liabilities , partially offset by a $ 688 million change in deferred income taxes .', 'the change in deferred income taxes was primarily related to the $ 638 million provisional benefit from revaluing our net u.s .', 'deferred tax liabilities to reflect the new u.s .', 'corporate tax rate as a result of the tcja .', 'the $ 736 million change in current assets and liabilities was primarily due to changes in accounts payable of $ 476 million related to the extension of payment terms and timing of payments , and $ 264 million of changes in other current liabilities primarily driven by changes in income taxes payable , trade and advertising accruals , and incentive accruals .', 'we strive to grow core working capital at or below the rate of growth in our net sales .', 'for fiscal 2018 , core working capital decreased 27 percent , compared to a net sales increase of 1 percent .', 'in fiscal 2017 , core working capital increased 9 percent , compared to a net sales decline of 6 percent , and in fiscal 2016 , core working capital decreased 41 percent , compared to net sales decline of 6 percent .', 'in fiscal 2017 , our operations generated $ 2.4 billion of cash , compared to $ 2.8 billion in fiscal 2016 .', 'the $ 349 million decrease was primarily driven by a $ 493 million change in current assets and liabilities .', 'the $ 493 million change in current assets and liabilities was primarily due to changes in other current liabilities driven by changes in income taxes payable , a decrease in incentive accruals , and changes in trade and advertising accruals due to reduced spending .', 'the change in current assets and liabilities was also impacted by the timing of accounts payable .', 'additionally , we recorded a $ 14 million loss on a divestiture during fiscal 2017 , compared to a $ 148 million net gain on divestitures during fiscal 2016 , and classified the related cash flows as investing activities. .'] | ****************************************
Row 1: in millions, fiscal year 2018, fiscal year 2017, fiscal year 2016
Row 2: net earnings including earnings attributable to redeemable and noncontrollinginterests, $ 2163.0, $ 1701.1, $ 1736.8
Row 3: depreciation and amortization, 618.8, 603.6, 608.1
Row 4: after-taxearnings from joint ventures, -84.7 ( 84.7 ), -85.0 ( 85.0 ), -88.4 ( 88.4 )
Row 5: distributions of earnings from joint ventures, 113.2, 75.6, 75.1
Row 6: stock-based compensation, 77.0, 95.7, 89.8
Row 7: deferred income taxes, -504.3 ( 504.3 ), 183.9, 120.6
Row 8: pension and other postretirement benefit plan contributions, -31.8 ( 31.8 ), -45.4 ( 45.4 ), -47.8 ( 47.8 )
Row 9: pension and other postretirement benefit plan costs, 4.6, 35.7, 118.1
Row 10: divestitures loss ( gain ), -, 13.5, -148.2 ( 148.2 )
Row 11: restructuring impairment and other exit costs, 126.0, 117.0, 107.2
Row 12: changes in current assets and liabilities excluding the effects of acquisitions anddivestitures, 542.1, -194.2 ( 194.2 ), 298.5
Row 13: other net, -182.9 ( 182.9 ), -86.3 ( 86.3 ), -105.6 ( 105.6 )
Row 14: net cash provided by operating activities, $ 2841.0, $ 2415.2, $ 2764.2
**************************************** | subtract(2163.0, 1701.1), divide(#0, 1701.1) | 0.27153 |
what is the percentage change in the effective price per share from december 2011 to july 2012? | Context: ['visa inc .', 'notes to consolidated financial statements 2014 ( continued ) september 30 , 2013 in july 2013 , the company 2019s board of directors authorized a $ 1.5 billion share repurchase program to be in effect through july 2014 .', 'as of september 30 , 2013 , the program had remaining authorized funds of $ 251 million .', 'all share repurchase programs authorized prior to july 2013 have been completed .', 'in october 2013 , the company 2019s board of directors authorized a new $ 5.0 billion share repurchase program .', 'under the terms of the retrospective responsibility plan , when the company makes a deposit into the litigation escrow account , the shares of class b common stock are subject to dilution through an adjustment to the conversion rate of the shares of class b common stock to shares of class a common stock .', 'these deposits have the same economic effect on earnings per share as repurchasing the company 2019s class a common stock , because they reduce the class b conversion rate and consequently the as-converted class a common stock share count .', 'the following table presents as-converted class b common stock after deposits into the litigation escrow account in fiscal 2012 .', 'there were no deposits into the litigation escrow account in fiscal 2013. .']
Tabular Data:
========================================
( in millions except per share and conversion rate data ) | fiscal 2012 july 2012 | fiscal 2012 december 2011
----------|----------|----------
deposits under the retrospective responsibility plan | $ 150 | $ 1565
effective price per share ( 1 ) | $ 125.50 | $ 101.75
reduction in equivalent number of shares of class a common stock | 1 | 15
conversion rate of class b common stock to class a common stock after deposits | 0.4206 | 0.4254
as-converted class b common stock after deposits | 103 | 104
========================================
Additional Information: ['( 1 ) effective price per share calculated using the volume-weighted average price of the company 2019s class a common stock over a pricing period in accordance with the company 2019s current certificate of incorporation .', 'class b common stock .', 'the class b common stock is not convertible or transferable until the date on which all of the covered litigation has been finally resolved .', 'this transfer restriction is subject to limited exceptions , including transfers to other holders of class b common stock .', 'after termination of the restrictions , the class b common stock will be convertible into class a common stock if transferred to a person that was not a visa member ( as defined in the current certificate of incorporation ) or similar person or an affiliate of a visa member or similar person .', 'upon such transfer , each share of class b common stock will automatically convert into a number of shares of class a common stock based upon the applicable conversion rate in effect at the time of such transfer .', 'adjustment of the conversion rate occurs upon : ( i ) the completion of any follow-on offering of class a common stock completed to increase the size of the litigation escrow account ( or any cash deposit by the company in lieu thereof ) resulting in a further corresponding decrease in the conversion rate ; or ( ii ) the final resolution of the covered litigation and the release of funds remaining on deposit in the litigation escrow account to the company resulting in a corresponding increase in the conversion rate. .'] | 0.23342 | V/2013/page_110.pdf-1 | ['visa inc .', 'notes to consolidated financial statements 2014 ( continued ) september 30 , 2013 in july 2013 , the company 2019s board of directors authorized a $ 1.5 billion share repurchase program to be in effect through july 2014 .', 'as of september 30 , 2013 , the program had remaining authorized funds of $ 251 million .', 'all share repurchase programs authorized prior to july 2013 have been completed .', 'in october 2013 , the company 2019s board of directors authorized a new $ 5.0 billion share repurchase program .', 'under the terms of the retrospective responsibility plan , when the company makes a deposit into the litigation escrow account , the shares of class b common stock are subject to dilution through an adjustment to the conversion rate of the shares of class b common stock to shares of class a common stock .', 'these deposits have the same economic effect on earnings per share as repurchasing the company 2019s class a common stock , because they reduce the class b conversion rate and consequently the as-converted class a common stock share count .', 'the following table presents as-converted class b common stock after deposits into the litigation escrow account in fiscal 2012 .', 'there were no deposits into the litigation escrow account in fiscal 2013. .'] | ['( 1 ) effective price per share calculated using the volume-weighted average price of the company 2019s class a common stock over a pricing period in accordance with the company 2019s current certificate of incorporation .', 'class b common stock .', 'the class b common stock is not convertible or transferable until the date on which all of the covered litigation has been finally resolved .', 'this transfer restriction is subject to limited exceptions , including transfers to other holders of class b common stock .', 'after termination of the restrictions , the class b common stock will be convertible into class a common stock if transferred to a person that was not a visa member ( as defined in the current certificate of incorporation ) or similar person or an affiliate of a visa member or similar person .', 'upon such transfer , each share of class b common stock will automatically convert into a number of shares of class a common stock based upon the applicable conversion rate in effect at the time of such transfer .', 'adjustment of the conversion rate occurs upon : ( i ) the completion of any follow-on offering of class a common stock completed to increase the size of the litigation escrow account ( or any cash deposit by the company in lieu thereof ) resulting in a further corresponding decrease in the conversion rate ; or ( ii ) the final resolution of the covered litigation and the release of funds remaining on deposit in the litigation escrow account to the company resulting in a corresponding increase in the conversion rate. .'] | ========================================
( in millions except per share and conversion rate data ) | fiscal 2012 july 2012 | fiscal 2012 december 2011
----------|----------|----------
deposits under the retrospective responsibility plan | $ 150 | $ 1565
effective price per share ( 1 ) | $ 125.50 | $ 101.75
reduction in equivalent number of shares of class a common stock | 1 | 15
conversion rate of class b common stock to class a common stock after deposits | 0.4206 | 0.4254
as-converted class b common stock after deposits | 103 | 104
======================================== | subtract(125.50, 101.75), divide(#0, 101.75) | 0.23342 |
what portion of total obligations are due within the next 3 years? | Pre-text: ['the following table identifies the company 2019s aggregate contractual obligations due by payment period : payments due by period .']
------
Data Table:
****************************************
| total | less than 1 year | 1-3 years | 3-5 years | more than 5 years
----------|----------|----------|----------|----------|----------
property and casualty obligations [1] | $ 21885 | $ 5777 | $ 6150 | $ 3016 | $ 6942
life annuity and disability obligations [2] | 281998 | 18037 | 37318 | 40255 | 186388
long-term debt obligations [3] | 9093 | 536 | 1288 | 1613 | 5656
operating lease obligations | 723 | 175 | 285 | 162 | 101
purchase obligations [4] [5] | 1764 | 1614 | 120 | 14 | 16
other long-term liabilities reflected onthe balance sheet [6] [7] | 1642 | 1590 | 2014 | 52 | 2014
total | $ 317105 | $ 27729 | $ 45161 | $ 45112 | $ 199103
****************************************
------
Additional Information: ['[1] the following points are significant to understanding the cash flows estimated for obligations under property and casualty contracts : reserves for property & casualty unpaid claim and claim adjustment expenses include case reserves for reported claims and reserves for claims incurred but not reported ( ibnr ) .', 'while payments due on claim reserves are considered contractual obligations because they relate to insurance policies issued by the company , the ultimate amount to be paid to settle both case reserves and ibnr is an estimate , subject to significant uncertainty .', 'the actual amount to be paid is not determined until the company reaches a settlement with the claimant .', 'final claim settlements may vary significantly from the present estimates , particularly since many claims will not be settled until well into the future .', 'in estimating the timing of future payments by year , the company has assumed that its historical payment patterns will continue .', 'however , the actual timing of future payments will likely vary materially from these estimates due to , among other things , changes in claim reporting and payment patterns and large unanticipated settlements .', 'in particular , there is significant uncertainty over the claim payment patterns of asbestos and environmental claims .', 'also , estimated payments in 2005 do not include payments that will be made on claims incurred in 2005 on policies that were in force as of december 31 , 2004 .', 'in addition , the table does not include future cash flows related to the receipt of premiums that will be used , in part , to fund loss payments .', 'under generally accepted accounting principles , the company is only permitted to discount reserves for claim and claim adjustment expenses in cases where the payment pattern and ultimate loss costs are fixed and reliably determinable on an individual claim basis .', 'for the company , these include claim settlements with permanently disabled claimants and certain structured settlement contracts that fund loss runoffs for unrelated parties .', 'as of december 31 , 2004 , the total property and casualty reserves in the above table of $ 21885 are gross of the reserve discount of $ 556 .', '[2] estimated life , annuity and disability obligations include death and disability claims , policy surrenders , policyholder dividends and trail commissions offset by expected future deposits and premiums on in-force contracts .', 'estimated contractual policyholder obligations are based on mortality , morbidity and lapse assumptions comparable with life 2019s historical experience , modified for recent observed trends .', 'life has also assumed market growth and interest crediting consistent with assumptions used in amortizing deferred acquisition costs .', 'in contrast to this table , the majority of life 2019s obligations are recorded on the balance sheet at the current account value , as described in critical accounting estimates , and do not incorporate an expectation of future market growth , interest crediting , or future deposits .', 'therefore , the estimated contractual policyholder obligations presented in this table significantly exceed the liabilities recorded in reserve for future policy benefits and unpaid claims and claim adjustment expenses , other policyholder funds and benefits payable and separate account liabilities .', 'due to the significance of the assumptions used , the amounts presented could materially differ from actual results .', 'as separate account obligations are legally insulated from general account obligations , the separate account obligations will be fully funded by cash flows from separate account assets .', 'life expects to fully fund the general account obligations from cash flows from general account investments and future deposits and premiums .', '[3] includes contractual principal and interest payments .', 'payments exclude amounts associated with fair-value hedges of certain of the company 2019s long-term debt .', 'all long-term debt obligations have fixed rates of interest .', 'long-term debt obligations also includes principal and interest payments of $ 700 and $ 2.4 billion , respectively , related to junior subordinated debentures which are callable beginning in 2006 .', 'see note 14 of notes to consolidated financial statements for additional discussion of long-term debt obligations .', '[4] includes $ 1.4 billion in commitments to purchase investments including $ 330 of limited partnerships and $ 299 of mortgage loans .', 'outstanding commitments under these limited partnerships and mortgage loans are included in payments due in less than 1 year since the timing of funding these commitments cannot be estimated .', 'the remaining $ 759 relates to payables for securities purchased which are reflected on the company 2019s consolidated balance sheet .', '[5] includes estimated contribution of $ 200 to the company 2019s pension plan in 2005 .', '[6] as of december 31 , 2004 , the company has accepted cash collateral of $ 1.6 billion in connection with the company 2019s securities lending program and derivative instruments .', 'since the timing of the return of the collateral is uncertain , the return of the collateral has been included in the payments due in less than 1 year .', '[7] includes $ 52 in collateralized loan obligations ( 201cclos 201d ) issued to third-party investors by a consolidated investment management entity sponsored by the company in connection with synthetic clo transactions .', 'the clo investors have no recourse to the company 2019s assets other than the dedicated assets collateralizing the clos .', 'refer to note 4 of notes to consolidated financial statements for additional discussion of .'] | 0.22986 | HIG/2004/page_122.pdf-2 | ['the following table identifies the company 2019s aggregate contractual obligations due by payment period : payments due by period .'] | ['[1] the following points are significant to understanding the cash flows estimated for obligations under property and casualty contracts : reserves for property & casualty unpaid claim and claim adjustment expenses include case reserves for reported claims and reserves for claims incurred but not reported ( ibnr ) .', 'while payments due on claim reserves are considered contractual obligations because they relate to insurance policies issued by the company , the ultimate amount to be paid to settle both case reserves and ibnr is an estimate , subject to significant uncertainty .', 'the actual amount to be paid is not determined until the company reaches a settlement with the claimant .', 'final claim settlements may vary significantly from the present estimates , particularly since many claims will not be settled until well into the future .', 'in estimating the timing of future payments by year , the company has assumed that its historical payment patterns will continue .', 'however , the actual timing of future payments will likely vary materially from these estimates due to , among other things , changes in claim reporting and payment patterns and large unanticipated settlements .', 'in particular , there is significant uncertainty over the claim payment patterns of asbestos and environmental claims .', 'also , estimated payments in 2005 do not include payments that will be made on claims incurred in 2005 on policies that were in force as of december 31 , 2004 .', 'in addition , the table does not include future cash flows related to the receipt of premiums that will be used , in part , to fund loss payments .', 'under generally accepted accounting principles , the company is only permitted to discount reserves for claim and claim adjustment expenses in cases where the payment pattern and ultimate loss costs are fixed and reliably determinable on an individual claim basis .', 'for the company , these include claim settlements with permanently disabled claimants and certain structured settlement contracts that fund loss runoffs for unrelated parties .', 'as of december 31 , 2004 , the total property and casualty reserves in the above table of $ 21885 are gross of the reserve discount of $ 556 .', '[2] estimated life , annuity and disability obligations include death and disability claims , policy surrenders , policyholder dividends and trail commissions offset by expected future deposits and premiums on in-force contracts .', 'estimated contractual policyholder obligations are based on mortality , morbidity and lapse assumptions comparable with life 2019s historical experience , modified for recent observed trends .', 'life has also assumed market growth and interest crediting consistent with assumptions used in amortizing deferred acquisition costs .', 'in contrast to this table , the majority of life 2019s obligations are recorded on the balance sheet at the current account value , as described in critical accounting estimates , and do not incorporate an expectation of future market growth , interest crediting , or future deposits .', 'therefore , the estimated contractual policyholder obligations presented in this table significantly exceed the liabilities recorded in reserve for future policy benefits and unpaid claims and claim adjustment expenses , other policyholder funds and benefits payable and separate account liabilities .', 'due to the significance of the assumptions used , the amounts presented could materially differ from actual results .', 'as separate account obligations are legally insulated from general account obligations , the separate account obligations will be fully funded by cash flows from separate account assets .', 'life expects to fully fund the general account obligations from cash flows from general account investments and future deposits and premiums .', '[3] includes contractual principal and interest payments .', 'payments exclude amounts associated with fair-value hedges of certain of the company 2019s long-term debt .', 'all long-term debt obligations have fixed rates of interest .', 'long-term debt obligations also includes principal and interest payments of $ 700 and $ 2.4 billion , respectively , related to junior subordinated debentures which are callable beginning in 2006 .', 'see note 14 of notes to consolidated financial statements for additional discussion of long-term debt obligations .', '[4] includes $ 1.4 billion in commitments to purchase investments including $ 330 of limited partnerships and $ 299 of mortgage loans .', 'outstanding commitments under these limited partnerships and mortgage loans are included in payments due in less than 1 year since the timing of funding these commitments cannot be estimated .', 'the remaining $ 759 relates to payables for securities purchased which are reflected on the company 2019s consolidated balance sheet .', '[5] includes estimated contribution of $ 200 to the company 2019s pension plan in 2005 .', '[6] as of december 31 , 2004 , the company has accepted cash collateral of $ 1.6 billion in connection with the company 2019s securities lending program and derivative instruments .', 'since the timing of the return of the collateral is uncertain , the return of the collateral has been included in the payments due in less than 1 year .', '[7] includes $ 52 in collateralized loan obligations ( 201cclos 201d ) issued to third-party investors by a consolidated investment management entity sponsored by the company in connection with synthetic clo transactions .', 'the clo investors have no recourse to the company 2019s assets other than the dedicated assets collateralizing the clos .', 'refer to note 4 of notes to consolidated financial statements for additional discussion of .'] | ****************************************
| total | less than 1 year | 1-3 years | 3-5 years | more than 5 years
----------|----------|----------|----------|----------|----------
property and casualty obligations [1] | $ 21885 | $ 5777 | $ 6150 | $ 3016 | $ 6942
life annuity and disability obligations [2] | 281998 | 18037 | 37318 | 40255 | 186388
long-term debt obligations [3] | 9093 | 536 | 1288 | 1613 | 5656
operating lease obligations | 723 | 175 | 285 | 162 | 101
purchase obligations [4] [5] | 1764 | 1614 | 120 | 14 | 16
other long-term liabilities reflected onthe balance sheet [6] [7] | 1642 | 1590 | 2014 | 52 | 2014
total | $ 317105 | $ 27729 | $ 45161 | $ 45112 | $ 199103
**************************************** | add(27729, 45161), divide(#0, 317105) | 0.22986 |
what was the percentage decrease in the 2013 balance from the beginning of the year to the end of the year? | Context: ['kimco realty corporation and subsidiaries notes to consolidated financial statements , continued uncertain tax positions : the company is subject to income tax in certain jurisdictions outside the u.s. , principally canada and mexico .', 'the statute of limitations on assessment of tax varies from three to seven years depending on the jurisdiction and tax issue .', 'tax returns filed in each jurisdiction are subject to examination by local tax authorities .', 'the company is currently under audit by the canadian revenue agency , mexican tax authority and the u.s .', 'internal revenue service ( 201cirs 201d ) .', 'in october 2011 , the irs issued a notice of proposed adjustment , which proposes pursuant to section 482 of the code , to disallow a capital loss claimed by krs on the disposition of common shares of valad property ltd. , an australian publicly listed company .', 'because the adjustment is being made pursuant to section 482 of the code , the irs believes it can assert a 100 percent 201cpenalty 201d tax pursuant to section 857 ( b ) ( 7 ) of the code and disallow the capital loss deduction .', 'the notice of proposed adjustment indicates the irs 2019 intention to impose the 100 percent 201cpenalty 201d tax on the company in the amount of $ 40.9 million and disallowing the capital loss claimed by krs .', 'the company and its outside counsel have considered the irs 2019 assessment and believe that there is sufficient documentation establishing a valid business purpose for the transfer , including recent case history showing support for similar positions .', 'accordingly , the company strongly disagrees with the irs 2019 position on the application of section 482 of the code to the disposition of the shares , the imposition of the 100 percent penalty tax and the simultaneous assertion of the penalty tax and disallowance of the capital loss deduction .', 'the company received a notice of proposed assessment and filed a written protest and requested an irs appeals office conference .', 'an appeals hearing was attended by management and its attorneys , the irs compliance group and an irs appeals officer in november , 2014 , at which time irs compliance presented arguments in support of their position , as noted herein .', 'management and its attorneys presented rebuttal arguments in support of its position .', 'the matter is currently under consideration by the appeals officer .', 'the company intends to vigorously defend its position in this matter and believes it will prevail .', 'resolutions of these audits are not expected to have a material effect on the company 2019s financial statements .', 'during 2013 , the company early adopted asu 2013-11 prospectively and reclassified a portion of its reserve for uncertain tax positions .', 'the reserve for uncertain tax positions included amounts related to the company 2019s canadian operations .', 'the company has unrecognized tax benefits reported as deferred tax assets and are available to settle adjustments made with respect to the company 2019s uncertain tax positions in canada .', 'the company reduced its reserve for uncertain tax positions by $ 12.3 million associated with its canadian operations and reduced its deferred tax assets in accordance with asu 2013-11 .', 'the company does not believe that the total amount of unrecognized tax benefits as of december 31 , 2014 , will significantly increase or decrease within the next 12 months .', 'as of december 31 , 2014 , the company 2019s canadian uncertain tax positions , which reduce its deferred tax assets , aggregated $ 10.4 million .', 'the liability for uncertain tax benefits principally consists of estimated foreign , federal and state income tax liabilities in years for which the statute of limitations is open .', 'open years range from 2008 through 2014 and vary by jurisdiction and issue .', 'the aggregate changes in the balance of unrecognized tax benefits for the years ended december 31 , 2014 and 2013 were as follows ( in thousands ) : .']
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Table:
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Row 1: , 201 4, 2013
Row 2: balance beginning of year, $ 4590, $ 16890
Row 3: increases for tax positions related to current year, 59, 15
Row 4: reduction due to adoption of asu 2013-11 ( a ), -, -12315 ( 12315 )
Row 5: balance end of year, $ 4649, $ 4590
****************************************
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Follow-up: ['( a ) this amount was reclassified against the related deferred tax asset relating to the company 2019s early adoption of asu 2013-11 as discussed above. .'] | 0.72824 | KIM/2014/page_131.pdf-3 | ['kimco realty corporation and subsidiaries notes to consolidated financial statements , continued uncertain tax positions : the company is subject to income tax in certain jurisdictions outside the u.s. , principally canada and mexico .', 'the statute of limitations on assessment of tax varies from three to seven years depending on the jurisdiction and tax issue .', 'tax returns filed in each jurisdiction are subject to examination by local tax authorities .', 'the company is currently under audit by the canadian revenue agency , mexican tax authority and the u.s .', 'internal revenue service ( 201cirs 201d ) .', 'in october 2011 , the irs issued a notice of proposed adjustment , which proposes pursuant to section 482 of the code , to disallow a capital loss claimed by krs on the disposition of common shares of valad property ltd. , an australian publicly listed company .', 'because the adjustment is being made pursuant to section 482 of the code , the irs believes it can assert a 100 percent 201cpenalty 201d tax pursuant to section 857 ( b ) ( 7 ) of the code and disallow the capital loss deduction .', 'the notice of proposed adjustment indicates the irs 2019 intention to impose the 100 percent 201cpenalty 201d tax on the company in the amount of $ 40.9 million and disallowing the capital loss claimed by krs .', 'the company and its outside counsel have considered the irs 2019 assessment and believe that there is sufficient documentation establishing a valid business purpose for the transfer , including recent case history showing support for similar positions .', 'accordingly , the company strongly disagrees with the irs 2019 position on the application of section 482 of the code to the disposition of the shares , the imposition of the 100 percent penalty tax and the simultaneous assertion of the penalty tax and disallowance of the capital loss deduction .', 'the company received a notice of proposed assessment and filed a written protest and requested an irs appeals office conference .', 'an appeals hearing was attended by management and its attorneys , the irs compliance group and an irs appeals officer in november , 2014 , at which time irs compliance presented arguments in support of their position , as noted herein .', 'management and its attorneys presented rebuttal arguments in support of its position .', 'the matter is currently under consideration by the appeals officer .', 'the company intends to vigorously defend its position in this matter and believes it will prevail .', 'resolutions of these audits are not expected to have a material effect on the company 2019s financial statements .', 'during 2013 , the company early adopted asu 2013-11 prospectively and reclassified a portion of its reserve for uncertain tax positions .', 'the reserve for uncertain tax positions included amounts related to the company 2019s canadian operations .', 'the company has unrecognized tax benefits reported as deferred tax assets and are available to settle adjustments made with respect to the company 2019s uncertain tax positions in canada .', 'the company reduced its reserve for uncertain tax positions by $ 12.3 million associated with its canadian operations and reduced its deferred tax assets in accordance with asu 2013-11 .', 'the company does not believe that the total amount of unrecognized tax benefits as of december 31 , 2014 , will significantly increase or decrease within the next 12 months .', 'as of december 31 , 2014 , the company 2019s canadian uncertain tax positions , which reduce its deferred tax assets , aggregated $ 10.4 million .', 'the liability for uncertain tax benefits principally consists of estimated foreign , federal and state income tax liabilities in years for which the statute of limitations is open .', 'open years range from 2008 through 2014 and vary by jurisdiction and issue .', 'the aggregate changes in the balance of unrecognized tax benefits for the years ended december 31 , 2014 and 2013 were as follows ( in thousands ) : .'] | ['( a ) this amount was reclassified against the related deferred tax asset relating to the company 2019s early adoption of asu 2013-11 as discussed above. .'] | ****************************************
Row 1: , 201 4, 2013
Row 2: balance beginning of year, $ 4590, $ 16890
Row 3: increases for tax positions related to current year, 59, 15
Row 4: reduction due to adoption of asu 2013-11 ( a ), -, -12315 ( 12315 )
Row 5: balance end of year, $ 4649, $ 4590
**************************************** | subtract(16890, 4590), divide(#0, 16890) | 0.72824 |
Subsets and Splits