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Weights and Biases 59

what was the ratio of the devon 2019s cumulative translation adjustments included in accumulated other comprehensive income for 2005 to 2004

Context: ['certain options to purchase shares of devon 2019s common stock were excluded from the dilution calculations because the options were antidilutive .', 'these excluded options totaled 2 million , 3 million and 0.2 million in 2007 , 2006 and 2005 , respectively .', 'foreign currency translation adjustments the u.s .', 'dollar is the functional currency for devon 2019s consolidated operations except its canadian subsidiaries , which use the canadian dollar as the functional currency .', 'therefore , the assets and liabilities of devon 2019s canadian subsidiaries are translated into u.s .', 'dollars based on the current exchange rate in effect at the balance sheet dates .', 'canadian income and expenses are translated at average rates for the periods presented .', 'translation adjustments have no effect on net income and are included in accumulated other comprehensive income in stockholders 2019 equity .', 'the following table presents the balances of devon 2019s cumulative translation adjustments included in accumulated other comprehensive income ( in millions ) . .'] Data Table: **************************************** december 31 2004 $ 1054 december 31 2005 $ 1216 december 31 2006 $ 1219 december 31 2007 $ 2566 **************************************** Post-table: ['statements of cash flows for purposes of the consolidated statements of cash flows , devon considers all highly liquid investments with original contractual maturities of three months or less to be cash equivalents .', 'commitments and contingencies liabilities for loss contingencies arising from claims , assessments , litigation or other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated .', 'liabilities for environmental remediation or restoration claims are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated .', 'expenditures related to such environmental matters are expensed or capitalized in accordance with devon 2019s accounting policy for property and equipment .', 'reference is made to note 8 for a discussion of amounts recorded for these liabilities .', 'recently issued accounting standards not yet adopted in december 2007 , the financial accounting standards board ( 201cfasb 201d ) issued statement of financial accounting standards no .', '141 ( r ) , business combinations , which replaces statement no .', '141 .', 'statement no .', '141 ( r ) retains the fundamental requirements of statement no .', '141 that an acquirer be identified and the acquisition method of accounting ( previously called the purchase method ) be used for all business combinations .', 'statement no .', '141 ( r ) 2019s scope is broader than that of statement no .', '141 , which applied only to business combinations in which control was obtained by transferring consideration .', 'by applying the acquisition method to all transactions and other events in which one entity obtains control over one or more other businesses , statement no .', '141 ( r ) improves the comparability of the information about business combinations provided in financial reports .', 'statement no .', '141 ( r ) establishes principles and requirements for how an acquirer recognizes and measures identifiable assets acquired , liabilities assumed and any noncontrolling interest in the acquiree , as well as any resulting goodwill .', 'statement no .', '141 ( r ) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after december 15 , 2008 .', 'devon will evaluate how the new requirements of statement no .', '141 ( r ) would impact any business combinations completed in 2009 or thereafter .', 'in december 2007 , the fasb also issued statement of financial accounting standards no .', '160 , noncontrolling interests in consolidated financial statements 2014an amendment of accounting research bulletin no .', '51 .', 'a noncontrolling interest , sometimes called a minority interest , is the portion of equity in a subsidiary not attributable , directly or indirectly , to a parent .', 'statement no .', '160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary .', 'under statement no .', '160 , noncontrolling interests in a subsidiary must be reported as a component of consolidated equity separate from the parent 2019s equity .', 'additionally , the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement .', 'statement no .', '160 is effective for fiscal years beginning on or after december 15 , 2008 and earlier adoption is prohibited .', 'devon does not expect the adoption of statement no .', '160 to have a material impact on its financial statements and related disclosures. .']

1.1537

DVN/2007/page_78.pdf-1

['certain options to purchase shares of devon 2019s common stock were excluded from the dilution calculations because the options were antidilutive .', 'these excluded options totaled 2 million , 3 million and 0.2 million in 2007 , 2006 and 2005 , respectively .', 'foreign currency translation adjustments the u.s .', 'dollar is the functional currency for devon 2019s consolidated operations except its canadian subsidiaries , which use the canadian dollar as the functional currency .', 'therefore , the assets and liabilities of devon 2019s canadian subsidiaries are translated into u.s .', 'dollars based on the current exchange rate in effect at the balance sheet dates .', 'canadian income and expenses are translated at average rates for the periods presented .', 'translation adjustments have no effect on net income and are included in accumulated other comprehensive income in stockholders 2019 equity .', 'the following table presents the balances of devon 2019s cumulative translation adjustments included in accumulated other comprehensive income ( in millions ) . .']

['statements of cash flows for purposes of the consolidated statements of cash flows , devon considers all highly liquid investments with original contractual maturities of three months or less to be cash equivalents .', 'commitments and contingencies liabilities for loss contingencies arising from claims , assessments , litigation or other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated .', 'liabilities for environmental remediation or restoration claims are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated .', 'expenditures related to such environmental matters are expensed or capitalized in accordance with devon 2019s accounting policy for property and equipment .', 'reference is made to note 8 for a discussion of amounts recorded for these liabilities .', 'recently issued accounting standards not yet adopted in december 2007 , the financial accounting standards board ( 201cfasb 201d ) issued statement of financial accounting standards no .', '141 ( r ) , business combinations , which replaces statement no .', '141 .', 'statement no .', '141 ( r ) retains the fundamental requirements of statement no .', '141 that an acquirer be identified and the acquisition method of accounting ( previously called the purchase method ) be used for all business combinations .', 'statement no .', '141 ( r ) 2019s scope is broader than that of statement no .', '141 , which applied only to business combinations in which control was obtained by transferring consideration .', 'by applying the acquisition method to all transactions and other events in which one entity obtains control over one or more other businesses , statement no .', '141 ( r ) improves the comparability of the information about business combinations provided in financial reports .', 'statement no .', '141 ( r ) establishes principles and requirements for how an acquirer recognizes and measures identifiable assets acquired , liabilities assumed and any noncontrolling interest in the acquiree , as well as any resulting goodwill .', 'statement no .', '141 ( r ) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after december 15 , 2008 .', 'devon will evaluate how the new requirements of statement no .', '141 ( r ) would impact any business combinations completed in 2009 or thereafter .', 'in december 2007 , the fasb also issued statement of financial accounting standards no .', '160 , noncontrolling interests in consolidated financial statements 2014an amendment of accounting research bulletin no .', '51 .', 'a noncontrolling interest , sometimes called a minority interest , is the portion of equity in a subsidiary not attributable , directly or indirectly , to a parent .', 'statement no .', '160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary .', 'under statement no .', '160 , noncontrolling interests in a subsidiary must be reported as a component of consolidated equity separate from the parent 2019s equity .', 'additionally , the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement .', 'statement no .', '160 is effective for fiscal years beginning on or after december 15 , 2008 and earlier adoption is prohibited .', 'devon does not expect the adoption of statement no .', '160 to have a material impact on its financial statements and related disclosures. .']

**************************************** december 31 2004 $ 1054 december 31 2005 $ 1216 december 31 2006 $ 1219 december 31 2007 $ 2566 ****************************************

divide(1216, 1054)

1.1537

what is the net change in net revenue during 2004 for entergy louisiana?

Context: ['entergy louisiana , inc .', "management's financial discussion and analysis results of operations net income 2004 compared to 2003 net income decreased $ 18.7 million primarily due to lower net revenue , partially offset by lower other operation and maintenance expenses .", '2003 compared to 2002 net income increased slightly primarily due to higher net revenue and lower interest charges , almost entirely offset by higher other operation and maintenance expenses , higher depreciation and amortization expenses , and higher taxes other than income taxes .', "net revenue 2004 compared to 2003 net revenue , which is entergy louisiana's measure of gross margin , consists of operating revenues net of : 1 ) fuel , fuel-related , and purchased power expenses and 2 ) other regulatory credits .", 'following is an analysis of the change in net revenue comparing 2004 to 2003. .'] Data Table: Row 1: , ( in millions ) Row 2: 2003 net revenue, $ 973.7 Row 3: price applied to unbilled sales, -31.9 ( 31.9 ) Row 4: deferred fuel cost revisions, -29.4 ( 29.4 ) Row 5: rate refund provisions, -12.2 ( 12.2 ) Row 6: volume/weather, 17.0 Row 7: summer capacity charges, 11.8 Row 8: other, 2.3 Row 9: 2004 net revenue, $ 931.3 Post-table: ['the price applied to the unbilled sales variance is due to a decrease in the fuel price included in unbilled sales in 2004 caused primarily by the effect of nuclear plant outages in 2003 on average fuel costs .', 'the deferred fuel cost revisions variance resulted from a revised unbilled sales pricing estimate made in the first quarter of 2003 to more closely align the fuel component of that pricing with expected recoverable fuel costs .', 'rate refund provisions caused a decrease in net revenue due to additional provisions recorded in 2004 compared to 2003 for potential rate actions and refunds .', 'the volume/weather variance is due to a total increase of 620 gwh in weather-adjusted usage in all sectors , partially offset by the effect of milder weather on billed sales in the residential and commercial sectors .', 'the summer capacity charges variance is due to the amortization in 2003 of deferred capacity charges for the summer of 2001 compared to the absence of the amortization in 2004 .', 'the amortization of these capacity charges began in august 2002 and ended in july 2003. .']

-42.4

ETR/2004/page_212.pdf-3

['entergy louisiana , inc .', "management's financial discussion and analysis results of operations net income 2004 compared to 2003 net income decreased $ 18.7 million primarily due to lower net revenue , partially offset by lower other operation and maintenance expenses .", '2003 compared to 2002 net income increased slightly primarily due to higher net revenue and lower interest charges , almost entirely offset by higher other operation and maintenance expenses , higher depreciation and amortization expenses , and higher taxes other than income taxes .', "net revenue 2004 compared to 2003 net revenue , which is entergy louisiana's measure of gross margin , consists of operating revenues net of : 1 ) fuel , fuel-related , and purchased power expenses and 2 ) other regulatory credits .", 'following is an analysis of the change in net revenue comparing 2004 to 2003. .']

['the price applied to the unbilled sales variance is due to a decrease in the fuel price included in unbilled sales in 2004 caused primarily by the effect of nuclear plant outages in 2003 on average fuel costs .', 'the deferred fuel cost revisions variance resulted from a revised unbilled sales pricing estimate made in the first quarter of 2003 to more closely align the fuel component of that pricing with expected recoverable fuel costs .', 'rate refund provisions caused a decrease in net revenue due to additional provisions recorded in 2004 compared to 2003 for potential rate actions and refunds .', 'the volume/weather variance is due to a total increase of 620 gwh in weather-adjusted usage in all sectors , partially offset by the effect of milder weather on billed sales in the residential and commercial sectors .', 'the summer capacity charges variance is due to the amortization in 2003 of deferred capacity charges for the summer of 2001 compared to the absence of the amortization in 2004 .', 'the amortization of these capacity charges began in august 2002 and ended in july 2003. .']

Row 1: , ( in millions ) Row 2: 2003 net revenue, $ 973.7 Row 3: price applied to unbilled sales, -31.9 ( 31.9 ) Row 4: deferred fuel cost revisions, -29.4 ( 29.4 ) Row 5: rate refund provisions, -12.2 ( 12.2 ) Row 6: volume/weather, 17.0 Row 7: summer capacity charges, 11.8 Row 8: other, 2.3 Row 9: 2004 net revenue, $ 931.3

subtract(931.3, 973.7)

-42.4

what portion of operating lease commitments is expected to be paid within 12 months?

Background: ['purchases of short-term marketable securities , net of sales of short-term marketable securities during the quarter .', 'additionally , we incurred $ 3.8 million related to cash expenditures for property and equipment primarily on computer software projects and manufacturing equipment related to our expansion in ireland .', 'our financing activities during the year ended march 31 , 2009 provided cash of $ 46.2 million as compared to $ 2.1 million during the same period in the prior year .', 'cash provided by financing activities for the year ended march 31 , 2009 was primarily comprised of $ 42.0 million in net proceeds related to our august 2008 public offering and $ 5.0 million attributable to the exercise of stock options and proceeds from our employee stock purchase plan .', 'capital expenditures for fiscal 2010 are estimated to be $ 2.5 to $ 3.0 million , which relate primarily to our planned manufacturing capacity increases for impella in germany , our expansion in ireland , and software development projects .', 'our liquidity is influenced by our ability to sell our products in a competitive industry and our customers 2019 ability to pay for our products .', 'factors that may affect liquidity include our ability to penetrate the market for our products , maintain or reduce the length of the selling cycle , and collect cash from clients after our products are sold .', 'exclusive of activities involving any future acquisitions of products or companies that complement or augment our existing line of products , we believe that current available funds and cash generated from operations will provide sufficient liquidity to meet operating requirements for the foreseeable future .', 'we believe that our existing cash balances and cash flow from operations will be sufficient to meet our projected capital expenditures , working capital , and other cash requirements at least through the next 12 months .', 'we continue to review our long-term cash needs on a regular basis .', 'currently , we have no debt outstanding .', 'contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2009 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 .'] ---- Data 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 | $ 10690 | $ 2313 | $ 4267 | $ 2592 | $ 1518 contractual obligations ( 1 ) | 9457 | 4619 | 4838 | 2014 | 2014 total obligations | $ 20147 | $ 6932 | $ 9105 | $ 2592 | $ 1518 **************************************** ---- Post-table: ['( 1 ) contractual obligations represent future cash commitments and expected liabilities under agreements with third parties for clinical trials .', 'we have no long-term debt , capital leases or other material commitments for open purchase orders and clinical trial agreements at march 31 , 2009 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 contingent payments , 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 .', 'at the time of the transaction , we agreed to make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to product sales and fda approvals in the amount of up to $ 16.8 million .', 'in january 2007 upon the sale of 1000 impella units , we paid $ 5.6 million in the form of common stock .', 'in june 2008 we received 510 ( k ) clearance of our impella 2.5 , and we paid $ 5.6 million in the form of common stock .', 'in april 2009 , we received 501 ( k ) clearance of our impella 5.0 , triggering an obligation to make the final$ 5.6 million milestone payment .', 'on may 15 , 2009 , we paid $ 1.75 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of our common stock .', 'this contingent payment will result in an increase to the carrying value of goodwill .', 'in june 2008 , we amended the lease for our facility in danvers , massachusetts .', 'the amendment extended the lease from february 28 , 2010 to february 28 , 2016 .', 'the lease continues to be accounted for as an operating lease .', 'the amendment changed the rent payments under the lease from $ 64350 per month to the following schedule : 2022 the base rent for july 2008 through october 2008 was $ 0 per month ; 2022 the base rent for november 2008 through june 2010 is $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 will be $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month. .']

0.21637

ABMD/2009/page_56.pdf-3

['purchases of short-term marketable securities , net of sales of short-term marketable securities during the quarter .', 'additionally , we incurred $ 3.8 million related to cash expenditures for property and equipment primarily on computer software projects and manufacturing equipment related to our expansion in ireland .', 'our financing activities during the year ended march 31 , 2009 provided cash of $ 46.2 million as compared to $ 2.1 million during the same period in the prior year .', 'cash provided by financing activities for the year ended march 31 , 2009 was primarily comprised of $ 42.0 million in net proceeds related to our august 2008 public offering and $ 5.0 million attributable to the exercise of stock options and proceeds from our employee stock purchase plan .', 'capital expenditures for fiscal 2010 are estimated to be $ 2.5 to $ 3.0 million , which relate primarily to our planned manufacturing capacity increases for impella in germany , our expansion in ireland , and software development projects .', 'our liquidity is influenced by our ability to sell our products in a competitive industry and our customers 2019 ability to pay for our products .', 'factors that may affect liquidity include our ability to penetrate the market for our products , maintain or reduce the length of the selling cycle , and collect cash from clients after our products are sold .', 'exclusive of activities involving any future acquisitions of products or companies that complement or augment our existing line of products , we believe that current available funds and cash generated from operations will provide sufficient liquidity to meet operating requirements for the foreseeable future .', 'we believe that our existing cash balances and cash flow from operations will be sufficient to meet our projected capital expenditures , working capital , and other cash requirements at least through the next 12 months .', 'we continue to review our long-term cash needs on a regular basis .', 'currently , we have no debt outstanding .', 'contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2009 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 .']

['( 1 ) contractual obligations represent future cash commitments and expected liabilities under agreements with third parties for clinical trials .', 'we have no long-term debt , capital leases or other material commitments for open purchase orders and clinical trial agreements at march 31 , 2009 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 contingent payments , 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 .', 'at the time of the transaction , we agreed to make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to product sales and fda approvals in the amount of up to $ 16.8 million .', 'in january 2007 upon the sale of 1000 impella units , we paid $ 5.6 million in the form of common stock .', 'in june 2008 we received 510 ( k ) clearance of our impella 2.5 , and we paid $ 5.6 million in the form of common stock .', 'in april 2009 , we received 501 ( k ) clearance of our impella 5.0 , triggering an obligation to make the final$ 5.6 million milestone payment .', 'on may 15 , 2009 , we paid $ 1.75 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of our common stock .', 'this contingent payment will result in an increase to the carrying value of goodwill .', 'in june 2008 , we amended the lease for our facility in danvers , massachusetts .', 'the amendment extended the lease from february 28 , 2010 to february 28 , 2016 .', 'the lease continues to be accounted for as an operating lease .', 'the amendment changed the rent payments under the lease from $ 64350 per month to the following schedule : 2022 the base rent for july 2008 through october 2008 was $ 0 per month ; 2022 the base rent for november 2008 through june 2010 is $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 will be $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month. .']

**************************************** 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 | $ 10690 | $ 2313 | $ 4267 | $ 2592 | $ 1518 contractual obligations ( 1 ) | 9457 | 4619 | 4838 | 2014 | 2014 total obligations | $ 20147 | $ 6932 | $ 9105 | $ 2592 | $ 1518 ****************************************

divide(2313, 10690)

0.21637

what was the difference in dollars of the high low sale price for the common stock in the third quarter of 2002?

Pre-text: ['part ii item 5 2014market for registrant 2019s common equity and related stockholder matters market information .', 'the common stock of the company is currently traded on the new york stock exchange ( nyse ) under the symbol 2018 2018aes . 2019 2019 the following tables set forth the high and low sale prices for the common stock as reported by the nyse for the periods indicated .', 'price range of common stock .'] ########## Table: ---------------------------------------- 2002 first quarter, high $ 17.84, low $ 4.11, 2001 first quarter, high $ 60.15, low $ 41.30 second quarter, 9.17, 3.55, second quarter, 52.25, 39.95 third quarter, 4.61, 1.56, third quarter, 44.50, 12.00 fourth quarter, 3.57, 0.95, fourth quarter, 17.80, 11.60 ---------------------------------------- ########## Post-table: ['holders .', 'as of march 3 , 2003 , there were 9663 record holders of the company 2019s common stock , par value $ 0.01 per share .', 'dividends .', 'under the terms of the company 2019s senior secured credit facilities entered into with a commercial bank syndicate , the company is not allowed to pay cash dividends .', 'in addition , the company is precluded from paying cash dividends on its common stock under the terms of a guaranty to the utility customer in connection with the aes thames project in the event certain net worth and liquidity tests of the company are not met .', 'the ability of the company 2019s project subsidiaries to declare and pay cash dividends to the company is subject to certain limitations in the project loans , governmental provisions and other agreements entered into by such project subsidiaries .', 'securities authorized for issuance under equity compensation plans .', 'see the information contained under the caption 2018 2018securities authorized for issuance under equity compensation plans 2019 2019 of the proxy statement for the annual meeting of stockholders of the registrant to be held on may 1 , 2003 , which information is incorporated herein by reference. .']

3.05

AES/2002/page_46.pdf-3

['part ii item 5 2014market for registrant 2019s common equity and related stockholder matters market information .', 'the common stock of the company is currently traded on the new york stock exchange ( nyse ) under the symbol 2018 2018aes . 2019 2019 the following tables set forth the high and low sale prices for the common stock as reported by the nyse for the periods indicated .', 'price range of common stock .']

['holders .', 'as of march 3 , 2003 , there were 9663 record holders of the company 2019s common stock , par value $ 0.01 per share .', 'dividends .', 'under the terms of the company 2019s senior secured credit facilities entered into with a commercial bank syndicate , the company is not allowed to pay cash dividends .', 'in addition , the company is precluded from paying cash dividends on its common stock under the terms of a guaranty to the utility customer in connection with the aes thames project in the event certain net worth and liquidity tests of the company are not met .', 'the ability of the company 2019s project subsidiaries to declare and pay cash dividends to the company is subject to certain limitations in the project loans , governmental provisions and other agreements entered into by such project subsidiaries .', 'securities authorized for issuance under equity compensation plans .', 'see the information contained under the caption 2018 2018securities authorized for issuance under equity compensation plans 2019 2019 of the proxy statement for the annual meeting of stockholders of the registrant to be held on may 1 , 2003 , which information is incorporated herein by reference. .']

---------------------------------------- 2002 first quarter, high $ 17.84, low $ 4.11, 2001 first quarter, high $ 60.15, low $ 41.30 second quarter, 9.17, 3.55, second quarter, 52.25, 39.95 third quarter, 4.61, 1.56, third quarter, 44.50, 12.00 fourth quarter, 3.57, 0.95, fourth quarter, 17.80, 11.60 ----------------------------------------

subtract(4.61, 1.56)

3.05

what was the debt to equity ratio in 2015

Context: ['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: .'] #### Data Table: **************************************** | 2015 | 2014 | 2013 total common stockholders' equity | 43.5% ( 43.5 % ) | 45.2% ( 45.2 % ) | 44.6% ( 44.6 % ) long-term debt and redeemable preferred stock at redemption value | 50.6% ( 50.6 % ) | 50.1% ( 50.1 % ) | 49.3% ( 49.3 % ) short-term debt and current portion of long-term debt | 5.9% ( 5.9 % ) | 4.7% ( 4.7 % ) | 6.1% ( 6.1 % ) total | 100% ( 100 % ) | 100% ( 100 % ) | 100% ( 100 % ) **************************************** #### Additional Information: ['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. .']

8.57627

AWK/2015/page_81.pdf-3

['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. .']

**************************************** | 2015 | 2014 | 2013 total common stockholders' equity | 43.5% ( 43.5 % ) | 45.2% ( 45.2 % ) | 44.6% ( 44.6 % ) long-term debt and redeemable preferred stock at redemption value | 50.6% ( 50.6 % ) | 50.1% ( 50.1 % ) | 49.3% ( 49.3 % ) short-term debt and current portion of long-term debt | 5.9% ( 5.9 % ) | 4.7% ( 4.7 % ) | 6.1% ( 6.1 % ) total | 100% ( 100 % ) | 100% ( 100 % ) | 100% ( 100 % ) ****************************************

divide(50.6, 5.9)

8.57627

what is the expense which relates to the acceleration of equity awards upon termination of employment of baker hughes employees as a percentage of stock based compensation expense?

Pre-text: ['baker hughes , a ge company notes to consolidated and combined financial statements bhge 2017 form 10-k | 83 issuance pursuant to awards granted under the lti plan over its term which expires on the date of the annual meeting of the company in 2027 .', 'a total of 53.7 million shares of class a common stock are available for issuance as of december 31 , 2017 .', 'as a result of the acquisition of baker hughes , on july 3 , 2017 , each outstanding baker hughes stock option was converted into an option to purchase a share of class a common stock in the company .', 'consequently , we issued 6.8 million stock options which are fully vested .', 'each converted option is subject to the same terms and conditions as applied to the original option , and the per share exercise price of each converted option was reduced by $ 17.50 to reflect the per share amount of the special dividend pursuant to the agreement associated with the transactions .', 'additionally , as a result of the acquisition of baker hughes , there were 1.7 million baker hughes restricted stock units ( rsus ) that were converted to bhge rsus at a fair value of $ 40.18 .', 'stock-based compensation cost is measured at the date of grant based on the calculated fair value of the award and is generally recognized on a straight-line basis over the vesting period of the equity grant .', 'the compensation cost is determined based on awards ultimately expected to vest ; therefore , we have reduced the cost for estimated forfeitures based on historical forfeiture rates .', 'forfeitures are estimated at the time of grant and revised , if necessary , in subsequent periods to reflect actual forfeitures .', 'there were no stock-based compensation costs capitalized as the amounts were not material .', 'during the year ended december 31 , 2017 , we issued 2.1 million rsus and 1.6 million stock options under the lti plan .', 'these rsus and stock options generally vest in equal amounts over a three-year vesting period provided that the employee has remained continuously employed by the company through such vesting date .', 'stock based compensation expense was $ 37 million in 2017 .', 'included in this amount is $ 15 million of expense which relates to the acceleration of equity awards upon termination of employment of baker hughes employees with change in control agreements , and are included as part of "merger and related costs" in the consolidated and combined statements of income ( loss ) .', 'as bhge llc is a pass through entity , any tax benefit would be recognized by its partners .', 'due to its cumulative losses , bhge is unable to recognize a tax benefit on its share of stock related expenses .', 'stock options the fair value of each stock option granted is estimated using the black-scholes option pricing model .', 'the following table presents the weighted average assumptions used in the option pricing model for options granted under the lti plan .', 'the expected life of the options represents the period of time the options are expected to be outstanding .', 'the expected life is based on a simple average of the vesting term and original contractual term of the awards .', 'the expected volatility is based on the historical volatility of our five main competitors over a six year period .', 'the risk-free interest rate is based on the observed u.s .', 'treasury yield curve in effect at the time the options were granted .', 'the dividend yield is based on a five year history of dividend payouts in baker hughes. .'] ---- Table: **************************************** 2017 expected life ( years ) 6 risk-free interest rate 2.1% ( 2.1 % ) volatility 36.4% ( 36.4 % ) dividend yield 1.2% ( 1.2 % ) weighted average fair value per share at grant date $ 12.32 **************************************** ---- Additional Information: ['.']

0.40541

BKR/2017/page_103.pdf-1

['baker hughes , a ge company notes to consolidated and combined financial statements bhge 2017 form 10-k | 83 issuance pursuant to awards granted under the lti plan over its term which expires on the date of the annual meeting of the company in 2027 .', 'a total of 53.7 million shares of class a common stock are available for issuance as of december 31 , 2017 .', 'as a result of the acquisition of baker hughes , on july 3 , 2017 , each outstanding baker hughes stock option was converted into an option to purchase a share of class a common stock in the company .', 'consequently , we issued 6.8 million stock options which are fully vested .', 'each converted option is subject to the same terms and conditions as applied to the original option , and the per share exercise price of each converted option was reduced by $ 17.50 to reflect the per share amount of the special dividend pursuant to the agreement associated with the transactions .', 'additionally , as a result of the acquisition of baker hughes , there were 1.7 million baker hughes restricted stock units ( rsus ) that were converted to bhge rsus at a fair value of $ 40.18 .', 'stock-based compensation cost is measured at the date of grant based on the calculated fair value of the award and is generally recognized on a straight-line basis over the vesting period of the equity grant .', 'the compensation cost is determined based on awards ultimately expected to vest ; therefore , we have reduced the cost for estimated forfeitures based on historical forfeiture rates .', 'forfeitures are estimated at the time of grant and revised , if necessary , in subsequent periods to reflect actual forfeitures .', 'there were no stock-based compensation costs capitalized as the amounts were not material .', 'during the year ended december 31 , 2017 , we issued 2.1 million rsus and 1.6 million stock options under the lti plan .', 'these rsus and stock options generally vest in equal amounts over a three-year vesting period provided that the employee has remained continuously employed by the company through such vesting date .', 'stock based compensation expense was $ 37 million in 2017 .', 'included in this amount is $ 15 million of expense which relates to the acceleration of equity awards upon termination of employment of baker hughes employees with change in control agreements , and are included as part of "merger and related costs" in the consolidated and combined statements of income ( loss ) .', 'as bhge llc is a pass through entity , any tax benefit would be recognized by its partners .', 'due to its cumulative losses , bhge is unable to recognize a tax benefit on its share of stock related expenses .', 'stock options the fair value of each stock option granted is estimated using the black-scholes option pricing model .', 'the following table presents the weighted average assumptions used in the option pricing model for options granted under the lti plan .', 'the expected life of the options represents the period of time the options are expected to be outstanding .', 'the expected life is based on a simple average of the vesting term and original contractual term of the awards .', 'the expected volatility is based on the historical volatility of our five main competitors over a six year period .', 'the risk-free interest rate is based on the observed u.s .', 'treasury yield curve in effect at the time the options were granted .', 'the dividend yield is based on a five year history of dividend payouts in baker hughes. .']

['.']

**************************************** 2017 expected life ( years ) 6 risk-free interest rate 2.1% ( 2.1 % ) volatility 36.4% ( 36.4 % ) dividend yield 1.2% ( 1.2 % ) weighted average fair value per share at grant date $ 12.32 ****************************************

divide(15, 37)

0.40541

what was the total net revenue between 2009 and 2010

Pre-text: ['entergy new orleans , inc .', 'management 2019s financial discussion and analysis the volume/weather variance is primarily due to an increase in electricity usage in the residential and commercial sectors due in part to a 4% ( 4 % ) increase in the average number of residential customers and a 3% ( 3 % ) increase in the average number of commercial customers , partially offset by the effect of less favorable weather on residential sales .', 'gross operating revenues gross operating revenues decreased primarily due to : a decrease of $ 16.2 million in electric fuel cost recovery revenues due to lower fuel rates ; a decrease of $ 15.4 million in gross gas revenues primarily due to lower fuel cost recovery revenues as a result of lower fuel rates and the effect of milder weather ; and formula rate plan decreases effective october 2010 and october 2011 , as discussed above .', 'the decrease was partially offset by an increase in gross wholesale revenue due to increased sales to affiliated customers and more favorable volume/weather , as discussed above .', '2010 compared to 2009 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) .', 'following is an analysis of the change in net revenue comparing 2010 to 2009 .', 'amount ( in millions ) .'] -------- Table: ---------------------------------------- | amount ( in millions ) 2009 net revenue | $ 243.0 volume/weather | 17.0 net gas revenue | 14.2 effect of 2009 rate case settlement | -6.6 ( 6.6 ) other | 5.3 2010 net revenue | $ 272.9 ---------------------------------------- -------- Follow-up: ['the volume/weather variance is primarily due to an increase of 348 gwh , or 7% ( 7 % ) , in billed retail electricity usage primarily due to more favorable weather compared to last year .', 'the net gas revenue variance is primarily due to more favorable weather compared to last year , along with the recognition of a gas regulatory asset associated with the settlement of entergy new orleans 2019s electric and gas formula rate plans .', 'see note 2 to the financial statements for further discussion of the formula rate plan settlement .', 'the effect of 2009 rate case settlement variance results from the april 2009 settlement of entergy new orleans 2019s rate case , and includes the effects of realigning non-fuel costs associated with the operation of grand gulf from the fuel adjustment clause to electric base rates effective june 2009 .', 'see note 2 to the financial statements for further discussion of the rate case settlement .', 'other income statement variances 2011 compared to 2010 other operation and maintenance expenses decreased primarily due to the deferral in 2011 of $ 13.4 million of 2010 michoud plant maintenance costs pursuant to the settlement of entergy new orleans 2019s 2010 test year formula rate plan filing approved by the city council in september 2011 and a decrease of $ 8.0 million in fossil- fueled generation expenses due to higher plant outage costs in 2010 due to a greater scope of work at the michoud plant .', 'see note 2 to the financial statements for more discussion of the 2010 test year formula rate plan filing. .']

515.9

ETR/2011/page_359.pdf-1

['entergy new orleans , inc .', 'management 2019s financial discussion and analysis the volume/weather variance is primarily due to an increase in electricity usage in the residential and commercial sectors due in part to a 4% ( 4 % ) increase in the average number of residential customers and a 3% ( 3 % ) increase in the average number of commercial customers , partially offset by the effect of less favorable weather on residential sales .', 'gross operating revenues gross operating revenues decreased primarily due to : a decrease of $ 16.2 million in electric fuel cost recovery revenues due to lower fuel rates ; a decrease of $ 15.4 million in gross gas revenues primarily due to lower fuel cost recovery revenues as a result of lower fuel rates and the effect of milder weather ; and formula rate plan decreases effective october 2010 and october 2011 , as discussed above .', 'the decrease was partially offset by an increase in gross wholesale revenue due to increased sales to affiliated customers and more favorable volume/weather , as discussed above .', '2010 compared to 2009 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) .', 'following is an analysis of the change in net revenue comparing 2010 to 2009 .', 'amount ( in millions ) .']

['the volume/weather variance is primarily due to an increase of 348 gwh , or 7% ( 7 % ) , in billed retail electricity usage primarily due to more favorable weather compared to last year .', 'the net gas revenue variance is primarily due to more favorable weather compared to last year , along with the recognition of a gas regulatory asset associated with the settlement of entergy new orleans 2019s electric and gas formula rate plans .', 'see note 2 to the financial statements for further discussion of the formula rate plan settlement .', 'the effect of 2009 rate case settlement variance results from the april 2009 settlement of entergy new orleans 2019s rate case , and includes the effects of realigning non-fuel costs associated with the operation of grand gulf from the fuel adjustment clause to electric base rates effective june 2009 .', 'see note 2 to the financial statements for further discussion of the rate case settlement .', 'other income statement variances 2011 compared to 2010 other operation and maintenance expenses decreased primarily due to the deferral in 2011 of $ 13.4 million of 2010 michoud plant maintenance costs pursuant to the settlement of entergy new orleans 2019s 2010 test year formula rate plan filing approved by the city council in september 2011 and a decrease of $ 8.0 million in fossil- fueled generation expenses due to higher plant outage costs in 2010 due to a greater scope of work at the michoud plant .', 'see note 2 to the financial statements for more discussion of the 2010 test year formula rate plan filing. .']

---------------------------------------- | amount ( in millions ) 2009 net revenue | $ 243.0 volume/weather | 17.0 net gas revenue | 14.2 effect of 2009 rate case settlement | -6.6 ( 6.6 ) other | 5.3 2010 net revenue | $ 272.9 ----------------------------------------

add(272.9, 243.0)

515.9

what is the percent change in receivables from the money pool between 2007 and 2008?

Context: ['system energy resources , inc .', "management's financial discussion and analysis with syndicated bank letters of credit .", 'in december 2004 , system energy amended these letters of credit and they now expire in may 2009 .', 'system energy may refinance or redeem debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable .', 'all debt and common stock issuances by system energy require prior regulatory approval .', 'debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements .', 'system energy has sufficient capacity under these tests to meet its foreseeable capital needs .', 'system energy has obtained a short-term borrowing authorization from the ferc under which it may borrow , through march 31 , 2010 , up to the aggregate amount , at any one time outstanding , of $ 200 million .', "see note 4 to the financial statements for further discussion of system energy's short-term borrowing limits .", 'system energy has also obtained an order from the ferc authorizing long-term securities issuances .', 'the current long- term authorization extends through june 2009 .', "system energy's receivables from the money pool were as follows as of december 31 for each of the following years: ."] Data Table: 2008 2007 2006 2005 ( in thousands ) ( in thousands ) ( in thousands ) ( in thousands ) $ 42915 $ 53620 $ 88231 $ 277287 Post-table: ["in may 2007 , $ 22.5 million of system energy's receivable from the money pool was replaced by a note receivable from entergy new orleans .", 'see note 4 to the financial statements for a description of the money pool .', 'nuclear matters system energy owns and operates grand gulf .', 'system energy is , therefore , subject to the risks related to owning and operating a nuclear plant .', 'these include risks from the use , storage , handling and disposal of high-level and low-level radioactive materials , regulatory requirement changes , including changes resulting from events at other plants , limitations on the amounts and types of insurance commercially available for losses in connection with nuclear operations , and technological and financial uncertainties related to decommissioning nuclear plants at the end of their licensed lives , including the sufficiency of funds in decommissioning trusts .', 'in the event of an unanticipated early shutdown of grand gulf , system energy may be required to provide additional funds or credit support to satisfy regulatory requirements for decommissioning .', "environmental risks system energy's facilities and operations are subject to regulation by various governmental authorities having jurisdiction over air quality , water quality , control of toxic substances and hazardous and solid wastes , and other environmental matters .", 'management believes that system energy is in substantial compliance with environmental regulations currently applicable to its facilities and operations .', 'because environmental regulations are subject to change , future compliance costs cannot be precisely estimated .', "critical accounting estimates the preparation of system energy's financial statements in conformity with generally accepted accounting principles requires management to apply appropriate accounting policies and to make estimates and judgments that ."]

0.24945

ETR/2008/page_401.pdf-2

['system energy resources , inc .', "management's financial discussion and analysis with syndicated bank letters of credit .", 'in december 2004 , system energy amended these letters of credit and they now expire in may 2009 .', 'system energy may refinance or redeem debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable .', 'all debt and common stock issuances by system energy require prior regulatory approval .', 'debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements .', 'system energy has sufficient capacity under these tests to meet its foreseeable capital needs .', 'system energy has obtained a short-term borrowing authorization from the ferc under which it may borrow , through march 31 , 2010 , up to the aggregate amount , at any one time outstanding , of $ 200 million .', "see note 4 to the financial statements for further discussion of system energy's short-term borrowing limits .", 'system energy has also obtained an order from the ferc authorizing long-term securities issuances .', 'the current long- term authorization extends through june 2009 .', "system energy's receivables from the money pool were as follows as of december 31 for each of the following years: ."]

["in may 2007 , $ 22.5 million of system energy's receivable from the money pool was replaced by a note receivable from entergy new orleans .", 'see note 4 to the financial statements for a description of the money pool .', 'nuclear matters system energy owns and operates grand gulf .', 'system energy is , therefore , subject to the risks related to owning and operating a nuclear plant .', 'these include risks from the use , storage , handling and disposal of high-level and low-level radioactive materials , regulatory requirement changes , including changes resulting from events at other plants , limitations on the amounts and types of insurance commercially available for losses in connection with nuclear operations , and technological and financial uncertainties related to decommissioning nuclear plants at the end of their licensed lives , including the sufficiency of funds in decommissioning trusts .', 'in the event of an unanticipated early shutdown of grand gulf , system energy may be required to provide additional funds or credit support to satisfy regulatory requirements for decommissioning .', "environmental risks system energy's facilities and operations are subject to regulation by various governmental authorities having jurisdiction over air quality , water quality , control of toxic substances and hazardous and solid wastes , and other environmental matters .", 'management believes that system energy is in substantial compliance with environmental regulations currently applicable to its facilities and operations .', 'because environmental regulations are subject to change , future compliance costs cannot be precisely estimated .', "critical accounting estimates the preparation of system energy's financial statements in conformity with generally accepted accounting principles requires management to apply appropriate accounting policies and to make estimates and judgments that ."]

2008 2007 2006 2005 ( in thousands ) ( in thousands ) ( in thousands ) ( in thousands ) $ 42915 $ 53620 $ 88231 $ 277287

subtract(53620, 42915), divide(#0, 42915)

0.24945

what is the percentage change in net reserves from 2011 to 2012?

Pre-text: ['the company endeavors to actively engage with every insured account posing significant potential asbestos exposure to mt .', 'mckinley .', 'such engagement can take the form of pursuing a final settlement , negotiation , litigation , or the monitoring of claim activity under settlement in place ( 201csip 201d ) agreements .', 'sip agreements generally condition an insurer 2019s payment upon the actual claim experience of the insured and may have annual payment caps or other measures to control the insurer 2019s payments .', 'the company 2019s mt .', 'mckinley operation is currently managing four sip agreements , one of which was executed prior to the acquisition of mt .', 'mckinley in 2000 .', 'the company 2019s preference with respect to coverage settlements is to execute settlements that call for a fixed schedule of payments , because such settlements eliminate future uncertainty .', 'the company has significantly enhanced its classification of insureds by exposure characteristics over time , as well as its analysis by insured for those it considers to be more exposed or active .', 'those insureds identified as relatively less exposed or active are subject to less rigorous , but still active management , with an emphasis on monitoring those characteristics , which may indicate an increasing exposure or levels of activity .', 'the company continually focuses on further enhancement of the detailed estimation processes used to evaluate potential exposure of policyholders .', 'everest re 2019s book of assumed a&e reinsurance is relatively concentrated within a limited number of contracts and for a limited period , from 1974 to 1984 .', 'because the book of business is relatively concentrated and the company has been managing the a&e exposures for many years , its claim staff is familiar with the ceding companies that have generated most of these liabilities in the past and which are therefore most likely to generate future liabilities .', 'the company 2019s claim staff has developed familiarity both with the nature of the business written by its ceding companies and the claims handling and reserving practices of those companies .', 'this level of familiarity enhances the quality of the company 2019s analysis of its exposure through those companies .', 'as a result , the company believes that it can identify those claims on which it has unusual exposure , such as non-products asbestos claims , for concentrated attention .', 'however , in setting reserves for its reinsurance liabilities , the company relies on claims data supplied , both formally and informally by its ceding companies and brokers .', 'this furnished information is not always timely or accurate and can impact the accuracy and timeliness of the company 2019s ultimate loss projections .', 'the following table summarizes the composition of the company 2019s total reserves for a&e losses , gross and net of reinsurance , for the periods indicated: .'] -------- Tabular Data: ( dollars in millions ) | years ended december 31 , 2012 | years ended december 31 , 2011 | years ended december 31 , 2010 ----------|----------|----------|---------- case reserves reported by ceding companies | $ 138.4 | $ 145.6 | $ 135.4 additional case reserves established by the company ( assumed reinsurance ) ( 1 ) | 90.6 | 102.9 | 116.1 case reserves established by the company ( direct insurance ) | 36.7 | 40.6 | 38.9 incurred but not reported reserves | 177.1 | 210.9 | 264.4 gross reserves | 442.8 | 499.9 | 554.8 reinsurance receivable | -17.1 ( 17.1 ) | -19.8 ( 19.8 ) | -21.9 ( 21.9 ) net reserves | $ 425.7 | $ 480.2 | $ 532.9 -------- Post-table: ['( 1 ) additional reserves are case specific reserves established by the company in excess of those reported by the ceding company , based on the company 2019s assessment of the covered loss .', '( some amounts may not reconcile due to rounding. ) additional losses , including those relating to latent injuries and other exposures , which are as yet unrecognized , the type or magnitude of which cannot be foreseen by either the company or the industry , may emerge in the future .', 'such future emergence could have material adverse effects on the company 2019s future financial condition , results of operations and cash flows. .']

-0.11349

RE/2012/page_31.pdf-3

['the company endeavors to actively engage with every insured account posing significant potential asbestos exposure to mt .', 'mckinley .', 'such engagement can take the form of pursuing a final settlement , negotiation , litigation , or the monitoring of claim activity under settlement in place ( 201csip 201d ) agreements .', 'sip agreements generally condition an insurer 2019s payment upon the actual claim experience of the insured and may have annual payment caps or other measures to control the insurer 2019s payments .', 'the company 2019s mt .', 'mckinley operation is currently managing four sip agreements , one of which was executed prior to the acquisition of mt .', 'mckinley in 2000 .', 'the company 2019s preference with respect to coverage settlements is to execute settlements that call for a fixed schedule of payments , because such settlements eliminate future uncertainty .', 'the company has significantly enhanced its classification of insureds by exposure characteristics over time , as well as its analysis by insured for those it considers to be more exposed or active .', 'those insureds identified as relatively less exposed or active are subject to less rigorous , but still active management , with an emphasis on monitoring those characteristics , which may indicate an increasing exposure or levels of activity .', 'the company continually focuses on further enhancement of the detailed estimation processes used to evaluate potential exposure of policyholders .', 'everest re 2019s book of assumed a&e reinsurance is relatively concentrated within a limited number of contracts and for a limited period , from 1974 to 1984 .', 'because the book of business is relatively concentrated and the company has been managing the a&e exposures for many years , its claim staff is familiar with the ceding companies that have generated most of these liabilities in the past and which are therefore most likely to generate future liabilities .', 'the company 2019s claim staff has developed familiarity both with the nature of the business written by its ceding companies and the claims handling and reserving practices of those companies .', 'this level of familiarity enhances the quality of the company 2019s analysis of its exposure through those companies .', 'as a result , the company believes that it can identify those claims on which it has unusual exposure , such as non-products asbestos claims , for concentrated attention .', 'however , in setting reserves for its reinsurance liabilities , the company relies on claims data supplied , both formally and informally by its ceding companies and brokers .', 'this furnished information is not always timely or accurate and can impact the accuracy and timeliness of the company 2019s ultimate loss projections .', 'the following table summarizes the composition of the company 2019s total reserves for a&e losses , gross and net of reinsurance , for the periods indicated: .']

['( 1 ) additional reserves are case specific reserves established by the company in excess of those reported by the ceding company , based on the company 2019s assessment of the covered loss .', '( some amounts may not reconcile due to rounding. ) additional losses , including those relating to latent injuries and other exposures , which are as yet unrecognized , the type or magnitude of which cannot be foreseen by either the company or the industry , may emerge in the future .', 'such future emergence could have material adverse effects on the company 2019s future financial condition , results of operations and cash flows. .']

( dollars in millions ) | years ended december 31 , 2012 | years ended december 31 , 2011 | years ended december 31 , 2010 ----------|----------|----------|---------- case reserves reported by ceding companies | $ 138.4 | $ 145.6 | $ 135.4 additional case reserves established by the company ( assumed reinsurance ) ( 1 ) | 90.6 | 102.9 | 116.1 case reserves established by the company ( direct insurance ) | 36.7 | 40.6 | 38.9 incurred but not reported reserves | 177.1 | 210.9 | 264.4 gross reserves | 442.8 | 499.9 | 554.8 reinsurance receivable | -17.1 ( 17.1 ) | -19.8 ( 19.8 ) | -21.9 ( 21.9 ) net reserves | $ 425.7 | $ 480.2 | $ 532.9

subtract(425.7, 480.2), divide(#0, 480.2)

-0.11349

what percentage of pmi-owned manufacturing facilities eema asia america canada are in asia?

Pre-text: ['2022 the failure of our information systems to function as intended or their penetration by outside parties with the intent to corrupt them or our failure to comply with privacy laws and regulations could result in business disruption , litigation and regulatory action , and loss of revenue , assets or personal or other confidential data .', 'we use information systems to help manage business processes , collect and interpret business data and communicate internally and externally with employees , suppliers , customers and others .', 'some of these information systems are managed by third-party service providers .', 'we have backup systems and business continuity plans in place , and we take care to protect our systems and data from unauthorized access .', 'nevertheless , failure of our systems to function as intended , or penetration of our systems by outside parties intent on extracting or corrupting information or otherwise disrupting business processes , could place us at a competitive disadvantage , result in a loss of revenue , assets or personal or other sensitive data , litigation and regulatory action , cause damage to our reputation and that of our brands and result in significant remediation and other costs .', 'failure to protect personal data and respect the rights of data subjects could subject us to substantial fines under regulations such as the eu general data protection regulation .', '2022 we may be required to replace third-party contract manufacturers or service providers with our own resources .', 'in certain instances , we contract with third parties to manufacture some of our products or product parts or to provide other services .', 'we may be unable to renew these agreements on satisfactory terms for numerous reasons , including government regulations .', 'accordingly , our costs may increase significantly if we must replace such third parties with our own resources .', 'item 1b .', 'unresolved staff comments .', 'item 2 .', 'properties .', 'at december 31 , 2017 , we operated and owned 46 manufacturing facilities and maintained contract manufacturing relationships with 25 third-party manufacturers across 23 markets .', 'in addition , we work with 38 third-party operators in indonesia who manufacture our hand-rolled cigarettes .', 'pmi-owned manufacturing facilities eema asia america canada total .'] Data Table: **************************************** • , eu ( 1 ), eema, asia, latinamerica&canada, total • fully integrated, 7, 8, 9, 7, 31 • make-pack, 3, 2014, 1, 2, 6 • other, 3, 1, 3, 2, 9 • total, 13, 9, 13, 11, 46 **************************************** Post-table: ['( 1 ) includes facilities that produced heated tobacco units in 2017 .', 'in 2017 , 23 of our facilities each manufactured over 10 billion cigarettes , of which eight facilities each produced over 30 billion units .', 'our largest factories are in karawang and sukorejo ( indonesia ) , izmir ( turkey ) , krakow ( poland ) , st .', 'petersburg and krasnodar ( russia ) , batangas and marikina ( philippines ) , berlin ( germany ) , kharkiv ( ukraine ) , and kutna hora ( czech republic ) .', 'our smallest factories are mostly in latin america and asia , where due to tariff and other constraints we have established small manufacturing units in individual markets .', 'we will continue to optimize our manufacturing base , taking into consideration the evolution of trade blocks .', 'the plants and properties owned or leased and operated by our subsidiaries are maintained in good condition and are believed to be suitable and adequate for our present needs .', 'we are integrating the production of heated tobacco units into a number of our existing manufacturing facilities and progressing with our plans to build manufacturing capacity for our other rrp platforms. .']

0.28261

PM/2017/page_23.pdf-4

['2022 the failure of our information systems to function as intended or their penetration by outside parties with the intent to corrupt them or our failure to comply with privacy laws and regulations could result in business disruption , litigation and regulatory action , and loss of revenue , assets or personal or other confidential data .', 'we use information systems to help manage business processes , collect and interpret business data and communicate internally and externally with employees , suppliers , customers and others .', 'some of these information systems are managed by third-party service providers .', 'we have backup systems and business continuity plans in place , and we take care to protect our systems and data from unauthorized access .', 'nevertheless , failure of our systems to function as intended , or penetration of our systems by outside parties intent on extracting or corrupting information or otherwise disrupting business processes , could place us at a competitive disadvantage , result in a loss of revenue , assets or personal or other sensitive data , litigation and regulatory action , cause damage to our reputation and that of our brands and result in significant remediation and other costs .', 'failure to protect personal data and respect the rights of data subjects could subject us to substantial fines under regulations such as the eu general data protection regulation .', '2022 we may be required to replace third-party contract manufacturers or service providers with our own resources .', 'in certain instances , we contract with third parties to manufacture some of our products or product parts or to provide other services .', 'we may be unable to renew these agreements on satisfactory terms for numerous reasons , including government regulations .', 'accordingly , our costs may increase significantly if we must replace such third parties with our own resources .', 'item 1b .', 'unresolved staff comments .', 'item 2 .', 'properties .', 'at december 31 , 2017 , we operated and owned 46 manufacturing facilities and maintained contract manufacturing relationships with 25 third-party manufacturers across 23 markets .', 'in addition , we work with 38 third-party operators in indonesia who manufacture our hand-rolled cigarettes .', 'pmi-owned manufacturing facilities eema asia america canada total .']

['( 1 ) includes facilities that produced heated tobacco units in 2017 .', 'in 2017 , 23 of our facilities each manufactured over 10 billion cigarettes , of which eight facilities each produced over 30 billion units .', 'our largest factories are in karawang and sukorejo ( indonesia ) , izmir ( turkey ) , krakow ( poland ) , st .', 'petersburg and krasnodar ( russia ) , batangas and marikina ( philippines ) , berlin ( germany ) , kharkiv ( ukraine ) , and kutna hora ( czech republic ) .', 'our smallest factories are mostly in latin america and asia , where due to tariff and other constraints we have established small manufacturing units in individual markets .', 'we will continue to optimize our manufacturing base , taking into consideration the evolution of trade blocks .', 'the plants and properties owned or leased and operated by our subsidiaries are maintained in good condition and are believed to be suitable and adequate for our present needs .', 'we are integrating the production of heated tobacco units into a number of our existing manufacturing facilities and progressing with our plans to build manufacturing capacity for our other rrp platforms. .']

**************************************** • , eu ( 1 ), eema, asia, latinamerica&canada, total • fully integrated, 7, 8, 9, 7, 31 • make-pack, 3, 2014, 1, 2, 6 • other, 3, 1, 3, 2, 9 • total, 13, 9, 13, 11, 46 ****************************************

divide(13, 46)

0.28261

what percentage of total leased locations are located in united states?

Background: ['2022 the ability to identify suitable acquisition candidates and the ability to finance such acquisitions , which depends upon the availability of adequate cash reserves from operations or of acceptable financing terms and the variability of our stock price ; 2022 our ability to integrate any acquired business 2019 operations , services , clients , and personnel ; 2022 the effect of our substantial leverage , which may limit the funds available to make acquisitions and invest in our business ; 2022 changes in , or the failure to comply with , government regulations , including privacy regulations ; and 2022 other risks detailed elsewhere in this risk factors section and in our other filings with the securities and exchange commission .', 'we are not under any obligation ( and expressly disclaim any such obligation ) to update or alter our forward- looking statements , whether as a result of new information , future events or otherwise .', 'you should carefully consider the possibility that actual results may differ materially from our forward-looking statements .', 'item 1b .', 'unresolved staff comments .', 'item 2 .', 'properties .', 'our corporate headquarters are located in jacksonville , florida , in an owned facility .', 'fnf occupies and pays us rent for approximately 86000 square feet in this facility .', 'we lease office space as follows : number of locations ( 1 ) .'] ## Data Table: ======================================== state, number of locations ( 1 ) california, 44 texas, 21 florida, 18 georgia new york, 10 new jersey, 8 illinois massachusetts, 7 alabama arizona minnesota north carolina, 6 other, 64 ======================================== ## Follow-up: ['( 1 ) represents the number of locations in each state listed .', 'we also lease approximately 72 locations outside the united states .', 'we believe our properties are adequate for our business as presently conducted .', 'item 3 .', 'legal proceedings .', 'in the ordinary course of business , the company is involved in various pending and threatened litigation matters related to operations , some of which include claims for punitive or exemplary damages .', 'the company believes that no actions , other than the matters listed below , depart from customary litigation incidental to its business .', 'as background to the disclosure below , please note the following : 2022 these matters raise difficult and complicated factual and legal issues and are subject to many uncertainties and complexities .', '2022 the company reviews these matters on an on-going basis and follows the provisions of statement of financial accounting standards no .', '5 , accounting for contingencies ( 201csfas 5 201d ) , when making accrual and disclosure decisions .', 'when assessing reasonably possible and probable outcomes , the company bases decisions on the assessment of the ultimate outcome following all appeals. .']

0.47059

FIS/2007/page_33.pdf-2

['2022 the ability to identify suitable acquisition candidates and the ability to finance such acquisitions , which depends upon the availability of adequate cash reserves from operations or of acceptable financing terms and the variability of our stock price ; 2022 our ability to integrate any acquired business 2019 operations , services , clients , and personnel ; 2022 the effect of our substantial leverage , which may limit the funds available to make acquisitions and invest in our business ; 2022 changes in , or the failure to comply with , government regulations , including privacy regulations ; and 2022 other risks detailed elsewhere in this risk factors section and in our other filings with the securities and exchange commission .', 'we are not under any obligation ( and expressly disclaim any such obligation ) to update or alter our forward- looking statements , whether as a result of new information , future events or otherwise .', 'you should carefully consider the possibility that actual results may differ materially from our forward-looking statements .', 'item 1b .', 'unresolved staff comments .', 'item 2 .', 'properties .', 'our corporate headquarters are located in jacksonville , florida , in an owned facility .', 'fnf occupies and pays us rent for approximately 86000 square feet in this facility .', 'we lease office space as follows : number of locations ( 1 ) .']

['( 1 ) represents the number of locations in each state listed .', 'we also lease approximately 72 locations outside the united states .', 'we believe our properties are adequate for our business as presently conducted .', 'item 3 .', 'legal proceedings .', 'in the ordinary course of business , the company is involved in various pending and threatened litigation matters related to operations , some of which include claims for punitive or exemplary damages .', 'the company believes that no actions , other than the matters listed below , depart from customary litigation incidental to its business .', 'as background to the disclosure below , please note the following : 2022 these matters raise difficult and complicated factual and legal issues and are subject to many uncertainties and complexities .', '2022 the company reviews these matters on an on-going basis and follows the provisions of statement of financial accounting standards no .', '5 , accounting for contingencies ( 201csfas 5 201d ) , when making accrual and disclosure decisions .', 'when assessing reasonably possible and probable outcomes , the company bases decisions on the assessment of the ultimate outcome following all appeals. .']

======================================== state, number of locations ( 1 ) california, 44 texas, 21 florida, 18 georgia new york, 10 new jersey, 8 illinois massachusetts, 7 alabama arizona minnesota north carolina, 6 other, 64 ========================================

add(72, 64), divide(64, #0)

0.47059

in 2006 what was the total amount authorized by the board of directors authorized for the repurchase of shares in billions

Background: ['item 1b .', 'unresolved staff comments .', 'item 2 .', 'properties .', '3m 2019s general offices , corporate research laboratories , and certain division laboratories are located in st .', 'paul , minnesota .', 'in the united states , 3m has nine sales offices in eight states and operates 74 manufacturing facilities in 27 states .', 'internationally , 3m has 148 sales offices .', 'the company operates 93 manufacturing and converting facilities in 32 countries outside the united states .', '3m owns substantially all of its physical properties .', '3m 2019s physical facilities are highly suitable for the purposes for which they were designed .', 'because 3m is a global enterprise characterized by substantial intersegment cooperation , properties are often used by multiple business segments .', 'item 3 .', 'legal proceedings .', 'discussion of legal matters is incorporated by reference from part ii , item 8 , note 13 , 201ccommitments and contingencies , 201d of this document , and should be considered an integral part of part i , item 3 , 201clegal proceedings . 201d item 4 .', 'submission of matters to a vote of security holders .', 'none in the quarter ended december 31 , 2007 .', 'part ii item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities .', 'equity compensation plans 2019 information is incorporated by reference from part iii , item 12 , 201csecurity ownership of certain beneficial owners and management and related stockholder matters , 201d of this document , and should be considered an integral part of item 5 .', 'at january 31 , 2008 , there were approximately 121302 shareholders of record .', '3m 2019s stock is listed on the new york stock exchange , inc .', '( nyse ) , the chicago stock exchange , inc. , and the swx swiss exchange .', 'cash dividends declared and paid totaled $ .48 per share for each quarter of 2007 , and $ .46 per share for each quarter of 2006 .', 'stock price comparisons follow : stock price comparisons ( nyse composite transactions ) ( per share amounts ) quarter second quarter quarter fourth quarter year .'] ###### Tabular Data: **************************************** ( per share amounts ) first quarter second quarter third quarter fourth quarter year 2007 high $ 79.88 $ 89.03 $ 93.98 $ 97.00 $ 97.00 2007 low 72.90 75.91 83.21 78.98 72.90 2006 high $ 79.83 $ 88.35 $ 81.60 $ 81.95 $ 88.35 2006 low 70.30 75.76 67.05 73.00 67.05 **************************************** ###### Follow-up: ['issuer purchases of equity securities repurchases of common stock are made to support the company 2019s stock-based employee compensation plans and for other corporate purposes .', 'on february 13 , 2006 , the board of directors authorized the purchase of $ 2.0 billion of the company 2019s common stock between february 13 , 2006 and february 28 , 2007 .', 'in august 2006 , 3m 2019s board of directors authorized the repurchase of an additional $ 1.0 billion in share repurchases , raising the total authorization to $ 3.0 billion for the period from february 13 , 2006 to february 28 , 2007 .', '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. .']

3.0

MMM/2007/page_15.pdf-2

['item 1b .', 'unresolved staff comments .', 'item 2 .', 'properties .', '3m 2019s general offices , corporate research laboratories , and certain division laboratories are located in st .', 'paul , minnesota .', 'in the united states , 3m has nine sales offices in eight states and operates 74 manufacturing facilities in 27 states .', 'internationally , 3m has 148 sales offices .', 'the company operates 93 manufacturing and converting facilities in 32 countries outside the united states .', '3m owns substantially all of its physical properties .', '3m 2019s physical facilities are highly suitable for the purposes for which they were designed .', 'because 3m is a global enterprise characterized by substantial intersegment cooperation , properties are often used by multiple business segments .', 'item 3 .', 'legal proceedings .', 'discussion of legal matters is incorporated by reference from part ii , item 8 , note 13 , 201ccommitments and contingencies , 201d of this document , and should be considered an integral part of part i , item 3 , 201clegal proceedings . 201d item 4 .', 'submission of matters to a vote of security holders .', 'none in the quarter ended december 31 , 2007 .', 'part ii item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities .', 'equity compensation plans 2019 information is incorporated by reference from part iii , item 12 , 201csecurity ownership of certain beneficial owners and management and related stockholder matters , 201d of this document , and should be considered an integral part of item 5 .', 'at january 31 , 2008 , there were approximately 121302 shareholders of record .', '3m 2019s stock is listed on the new york stock exchange , inc .', '( nyse ) , the chicago stock exchange , inc. , and the swx swiss exchange .', 'cash dividends declared and paid totaled $ .48 per share for each quarter of 2007 , and $ .46 per share for each quarter of 2006 .', 'stock price comparisons follow : stock price comparisons ( nyse composite transactions ) ( per share amounts ) quarter second quarter quarter fourth quarter year .']

['issuer purchases of equity securities repurchases of common stock are made to support the company 2019s stock-based employee compensation plans and for other corporate purposes .', 'on february 13 , 2006 , the board of directors authorized the purchase of $ 2.0 billion of the company 2019s common stock between february 13 , 2006 and february 28 , 2007 .', 'in august 2006 , 3m 2019s board of directors authorized the repurchase of an additional $ 1.0 billion in share repurchases , raising the total authorization to $ 3.0 billion for the period from february 13 , 2006 to february 28 , 2007 .', '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. .']

**************************************** ( per share amounts ) first quarter second quarter third quarter fourth quarter year 2007 high $ 79.88 $ 89.03 $ 93.98 $ 97.00 $ 97.00 2007 low 72.90 75.91 83.21 78.98 72.90 2006 high $ 79.83 $ 88.35 $ 81.60 $ 81.95 $ 88.35 2006 low 70.30 75.76 67.05 73.00 67.05 ****************************************

add(const_2, const_1)

3.0

in 2016 what was the ratio of the five-year cumulative total return for citi compared to s&p 500

Background: ['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 .'] Data 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: ['.']

1.3167

C/2016/page_333.pdf-3

['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(229.3, const_100), subtract(198.2, const_100), divide(#0, #1)

1.3167

on february 17 , 2017 , what was the company's market capitalization as reported on the nyse.\\n\\n

Pre-text: ['part ii item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the nyse for the years 2016 and 2015. .'] Table: ======================================== 2016 | high | low ----------|----------|---------- quarter ended march 31 | $ 102.93 | $ 83.07 quarter ended june 30 | 113.63 | 101.87 quarter ended september 30 | 118.26 | 107.57 quarter ended december 31 | 118.09 | 99.72 2015 | high | low quarter ended march 31 | $ 101.88 | $ 93.21 quarter ended june 30 | 98.64 | 91.99 quarter ended september 30 | 101.54 | 86.83 quarter ended december 31 | 104.12 | 87.23 ======================================== Follow-up: ['on february 17 , 2017 , the closing price of our common stock was $ 108.11 per share as reported on the nyse .', 'as of february 17 , 2017 , we had 427195037 outstanding shares of common stock and 153 registered holders .', 'dividends as a reit , we must annually distribute to our stockholders an amount equal to at least 90% ( 90 % ) of our reit taxable income ( determined before the deduction for distributed earnings and excluding any net capital gain ) .', 'generally , we have distributed and expect to continue to distribute all or substantially all of our reit taxable income after taking into consideration our utilization of net operating losses ( 201cnols 201d ) .', 'we have two series of preferred stock outstanding , 5.25% ( 5.25 % ) mandatory convertible preferred stock , series a ( the 201cseries a preferred stock 201d ) , issued in may 2014 , with a dividend rate of 5.25% ( 5.25 % ) , and the 5.50% ( 5.50 % ) mandatory convertible preferred stock , series b ( the 201cseries b preferred stock 201d ) , issued in march 2015 , with a dividend rate of 5.50% ( 5.50 % ) .', 'dividends are payable quarterly in arrears , subject to declaration by our board of directors .', 'the amount , timing and frequency of future distributions will be at the sole discretion of our board of directors and will depend upon various factors , a number of which may be beyond our control , including our financial condition and operating cash flows , the amount required to maintain our qualification for taxation as a reit and reduce any income and excise taxes that we otherwise would be required to pay , limitations on distributions in our existing and future debt and preferred equity instruments , our ability to utilize nols to offset our distribution requirements , limitations on our ability to fund distributions using cash generated through our trss and other factors that our board of directors may deem relevant .', 'we have distributed an aggregate of approximately $ 3.2 billion to our common stockholders , including the dividend paid in january 2017 , primarily subject to taxation as ordinary income. .']

46184055450.07

AMT/2016/page_49.pdf-2

['part ii item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the nyse for the years 2016 and 2015. .']

['on february 17 , 2017 , the closing price of our common stock was $ 108.11 per share as reported on the nyse .', 'as of february 17 , 2017 , we had 427195037 outstanding shares of common stock and 153 registered holders .', 'dividends as a reit , we must annually distribute to our stockholders an amount equal to at least 90% ( 90 % ) of our reit taxable income ( determined before the deduction for distributed earnings and excluding any net capital gain ) .', 'generally , we have distributed and expect to continue to distribute all or substantially all of our reit taxable income after taking into consideration our utilization of net operating losses ( 201cnols 201d ) .', 'we have two series of preferred stock outstanding , 5.25% ( 5.25 % ) mandatory convertible preferred stock , series a ( the 201cseries a preferred stock 201d ) , issued in may 2014 , with a dividend rate of 5.25% ( 5.25 % ) , and the 5.50% ( 5.50 % ) mandatory convertible preferred stock , series b ( the 201cseries b preferred stock 201d ) , issued in march 2015 , with a dividend rate of 5.50% ( 5.50 % ) .', 'dividends are payable quarterly in arrears , subject to declaration by our board of directors .', 'the amount , timing and frequency of future distributions will be at the sole discretion of our board of directors and will depend upon various factors , a number of which may be beyond our control , including our financial condition and operating cash flows , the amount required to maintain our qualification for taxation as a reit and reduce any income and excise taxes that we otherwise would be required to pay , limitations on distributions in our existing and future debt and preferred equity instruments , our ability to utilize nols to offset our distribution requirements , limitations on our ability to fund distributions using cash generated through our trss and other factors that our board of directors may deem relevant .', 'we have distributed an aggregate of approximately $ 3.2 billion to our common stockholders , including the dividend paid in january 2017 , primarily subject to taxation as ordinary income. .']

======================================== 2016 | high | low ----------|----------|---------- quarter ended march 31 | $ 102.93 | $ 83.07 quarter ended june 30 | 113.63 | 101.87 quarter ended september 30 | 118.26 | 107.57 quarter ended december 31 | 118.09 | 99.72 2015 | high | low quarter ended march 31 | $ 101.88 | $ 93.21 quarter ended june 30 | 98.64 | 91.99 quarter ended september 30 | 101.54 | 86.83 quarter ended december 31 | 104.12 | 87.23 ========================================

multiply(427195037, 108.11)

46184055450.07

what is the average yearly benefit payment for the years 2015-2019?

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 .'] ---------- Tabular Data: **************************************** , 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 **************************************** ---------- Post-table: ['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. .']

4537.2

MA/2009/page_115.pdf-3

['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(22686, const_5)

4537.2

how many shares in millions are available to be repurchased under the approved share repurchase program?

Pre-text: ['issuer purchases of equity securities the following table provides information about our repurchases of common stock during the three-month period ended december 31 , 2007 .', 'period total number of shares purchased average price paid per total number of shares purchased as part of publicly announced program ( a ) maximum number of shares that may yet be purchased under the program ( b ) .'] ---- Data Table: Row 1: period, total number ofshares purchased, average pricepaid pershare, total number of sharespurchased as part ofpubliclyannouncedprogram ( a ), maximum number ofshares that may yet bepurchased under theprogram ( b ) Row 2: october, 127100, $ 108.58, 127100, 35573131 Row 3: november, 1504300, 109.07, 1504300, 34068831 Row 4: december, 1325900, 108.78, 1325900, 32742931 ---- Additional Information: ['( a ) we repurchased a total of 2957300 shares of our common stock during the quarter ended december 31 , 2007 under a share repurchase program that we announced in october 2002 .', '( b ) our board of directors has approved a share repurchase program for the repurchase of up to 128 million shares of our common stock from time-to-time , including 20 million shares approved for repurchase by our board of directors in september 2007 .', 'under the program , management has discretion to determine the number and price of the shares to be repurchased , and the timing of any repurchases , in compliance with applicable law and regulation .', 'as of december 31 , 2007 , we had repurchased a total of 95.3 million shares under the program .', 'in 2007 , we did not make any unregistered sales of equity securities. .']

32.7

LMT/2007/page_37.pdf-1

['issuer purchases of equity securities the following table provides information about our repurchases of common stock during the three-month period ended december 31 , 2007 .', 'period total number of shares purchased average price paid per total number of shares purchased as part of publicly announced program ( a ) maximum number of shares that may yet be purchased under the program ( b ) .']

['( a ) we repurchased a total of 2957300 shares of our common stock during the quarter ended december 31 , 2007 under a share repurchase program that we announced in october 2002 .', '( b ) our board of directors has approved a share repurchase program for the repurchase of up to 128 million shares of our common stock from time-to-time , including 20 million shares approved for repurchase by our board of directors in september 2007 .', 'under the program , management has discretion to determine the number and price of the shares to be repurchased , and the timing of any repurchases , in compliance with applicable law and regulation .', 'as of december 31 , 2007 , we had repurchased a total of 95.3 million shares under the program .', 'in 2007 , we did not make any unregistered sales of equity securities. .']

Row 1: period, total number ofshares purchased, average pricepaid pershare, total number of sharespurchased as part ofpubliclyannouncedprogram ( a ), maximum number ofshares that may yet bepurchased under theprogram ( b ) Row 2: october, 127100, $ 108.58, 127100, 35573131 Row 3: november, 1504300, 109.07, 1504300, 34068831 Row 4: december, 1325900, 108.78, 1325900, 32742931

subtract(128, 95.3)

32.7

what was the operating margin for 2003?

Background: ['other expense , net , decreased $ 6.2 million , or 50.0% ( 50.0 % ) , for the year ended december 31 , 2004 compared to the year ended december 31 , 2003 .', 'the decrease was primarily due to a reduction in charges on disposal and transfer costs of fixed assets and facility closure costs of $ 3.3 million , reduced legal charges of $ 1.5 million , and a reduction in expenses of $ 1.4 million consisting of individually insignificant items .', 'interest expense and income taxes interest expense decreased in 2004 by $ 92.2 million , or 75.7% ( 75.7 % ) , from 2003 .', 'this decrease included $ 73.3 million of expenses related to the company 2019s debt refinancing , which was completed in july 2003 .', 'the $ 73.3 million of expenses consisted of $ 55.9 million paid in premiums for the tender of the 95 20448% ( 20448 % ) senior subordinated notes , and a $ 17.4 million non-cash charge for the write-off of deferred financing fees related to the 95 20448% ( 20448 % ) notes and pca 2019s original revolving credit facility .', 'excluding the $ 73.3 million charge , interest expense was $ 18.9 million lower than in 2003 as a result of lower interest rates attributable to the company 2019s july 2003 refinancing and lower debt levels .', 'pca 2019s effective tax rate was 38.0% ( 38.0 % ) for the year ended december 31 , 2004 and 42.3% ( 42.3 % ) for the year ended december 31 , 2003 .', 'the higher tax rate in 2003 is due to stable permanent items over lower book income ( loss ) .', 'for both years 2004 and 2003 tax rates are higher than the federal statutory rate of 35.0% ( 35.0 % ) due to state income taxes .', 'year ended december 31 , 2003 compared to year ended december 31 , 2002 the historical results of operations of pca for the years ended december 31 , 2003 and 2002 are set forth below : for the year ended december 31 , ( in millions ) 2003 2002 change .'] -------- Table: ( in millions ) | 2003 | 2002 | change ----------|----------|----------|---------- net sales | $ 1735.5 | $ 1735.9 | $ -0.4 ( 0.4 ) income before interest and taxes | $ 96.9 | $ 145.3 | $ -48.4 ( 48.4 ) interest expense net | -121.8 ( 121.8 ) | -67.7 ( 67.7 ) | -54.1 ( 54.1 ) income ( loss ) before taxes | -24.9 ( 24.9 ) | 77.6 | -102.5 ( 102.5 ) ( provision ) benefit for income taxes | 10.5 | -29.4 ( 29.4 ) | 39.9 net income ( loss ) | $ -14.4 ( 14.4 ) | $ 48.2 | $ -62.6 ( 62.6 ) -------- Follow-up: ['net sales net sales decreased by $ 0.4 million , or 0.0% ( 0.0 % ) , for the year ended december 31 , 2003 from the year ended december 31 , 2002 .', 'net sales increased due to improved sales volumes compared to 2002 , however , this increase was entirely offset by lower sales prices .', 'total corrugated products volume sold increased 2.1% ( 2.1 % ) to 28.1 billion square feet in 2003 compared to 27.5 billion square feet in 2002 .', 'on a comparable shipment-per-workday basis , corrugated products sales volume increased 1.7% ( 1.7 % ) in 2003 from 2002 .', 'shipments-per-workday is calculated by dividing our total corrugated products volume during the year by the number of workdays within the year .', 'the lower percentage increase was due to the fact that 2003 had one more workday ( 252 days ) , those days not falling on a weekend or holiday , than 2002 ( 251 days ) .', 'containerboard sales volume to external domestic and export customers decreased 6.7% ( 6.7 % ) to 445000 tons for the year ended december 31 , 2003 from 477000 tons in the comparable period of 2002 .', 'income before interest and taxes income before interest and taxes decreased by $ 48.4 million , or 33.3% ( 33.3 % ) , for the year ended december 31 , 2003 compared to 2002 .', 'included in income before interest and taxes for the twelve months .']

0.05583

PKG/2004/page_23.pdf-3

['other expense , net , decreased $ 6.2 million , or 50.0% ( 50.0 % ) , for the year ended december 31 , 2004 compared to the year ended december 31 , 2003 .', 'the decrease was primarily due to a reduction in charges on disposal and transfer costs of fixed assets and facility closure costs of $ 3.3 million , reduced legal charges of $ 1.5 million , and a reduction in expenses of $ 1.4 million consisting of individually insignificant items .', 'interest expense and income taxes interest expense decreased in 2004 by $ 92.2 million , or 75.7% ( 75.7 % ) , from 2003 .', 'this decrease included $ 73.3 million of expenses related to the company 2019s debt refinancing , which was completed in july 2003 .', 'the $ 73.3 million of expenses consisted of $ 55.9 million paid in premiums for the tender of the 95 20448% ( 20448 % ) senior subordinated notes , and a $ 17.4 million non-cash charge for the write-off of deferred financing fees related to the 95 20448% ( 20448 % ) notes and pca 2019s original revolving credit facility .', 'excluding the $ 73.3 million charge , interest expense was $ 18.9 million lower than in 2003 as a result of lower interest rates attributable to the company 2019s july 2003 refinancing and lower debt levels .', 'pca 2019s effective tax rate was 38.0% ( 38.0 % ) for the year ended december 31 , 2004 and 42.3% ( 42.3 % ) for the year ended december 31 , 2003 .', 'the higher tax rate in 2003 is due to stable permanent items over lower book income ( loss ) .', 'for both years 2004 and 2003 tax rates are higher than the federal statutory rate of 35.0% ( 35.0 % ) due to state income taxes .', 'year ended december 31 , 2003 compared to year ended december 31 , 2002 the historical results of operations of pca for the years ended december 31 , 2003 and 2002 are set forth below : for the year ended december 31 , ( in millions ) 2003 2002 change .']

['net sales net sales decreased by $ 0.4 million , or 0.0% ( 0.0 % ) , for the year ended december 31 , 2003 from the year ended december 31 , 2002 .', 'net sales increased due to improved sales volumes compared to 2002 , however , this increase was entirely offset by lower sales prices .', 'total corrugated products volume sold increased 2.1% ( 2.1 % ) to 28.1 billion square feet in 2003 compared to 27.5 billion square feet in 2002 .', 'on a comparable shipment-per-workday basis , corrugated products sales volume increased 1.7% ( 1.7 % ) in 2003 from 2002 .', 'shipments-per-workday is calculated by dividing our total corrugated products volume during the year by the number of workdays within the year .', 'the lower percentage increase was due to the fact that 2003 had one more workday ( 252 days ) , those days not falling on a weekend or holiday , than 2002 ( 251 days ) .', 'containerboard sales volume to external domestic and export customers decreased 6.7% ( 6.7 % ) to 445000 tons for the year ended december 31 , 2003 from 477000 tons in the comparable period of 2002 .', 'income before interest and taxes income before interest and taxes decreased by $ 48.4 million , or 33.3% ( 33.3 % ) , for the year ended december 31 , 2003 compared to 2002 .', 'included in income before interest and taxes for the twelve months .']

( in millions ) | 2003 | 2002 | change ----------|----------|----------|---------- net sales | $ 1735.5 | $ 1735.9 | $ -0.4 ( 0.4 ) income before interest and taxes | $ 96.9 | $ 145.3 | $ -48.4 ( 48.4 ) interest expense net | -121.8 ( 121.8 ) | -67.7 ( 67.7 ) | -54.1 ( 54.1 ) income ( loss ) before taxes | -24.9 ( 24.9 ) | 77.6 | -102.5 ( 102.5 ) ( provision ) benefit for income taxes | 10.5 | -29.4 ( 29.4 ) | 39.9 net income ( loss ) | $ -14.4 ( 14.4 ) | $ 48.2 | $ -62.6 ( 62.6 )

divide(96.9, 1735.5)

0.05583

what was the difference in percent cumulative total return on citigroup's common stock compared to the s&p 500 index for five year period ended 2009?

Pre-text: ['comparison of five-year cumulative total return the following graph compares the cumulative total return on citigroup 2019s common stock with the s&p 500 index and the s&p financial index over the five-year period extending through december 31 , 2009 .', 'the graph assumes that $ 100 was invested on december 31 , 2004 in citigroup 2019s common stock , the s&p 500 index and the s&p financial index and that all dividends were reinvested .', 'citigroup s&p 500 index s&p financial index 2005 2006 2007 2008 2009 comparison of five-year cumulative total return for the years ended .'] ## Tabular Data: **************************************** Row 1: december 31, citigroup, s&p 500 index, s&p financial index Row 2: 2005, 104.38, 104.83, 106.30 Row 3: 2006, 124.02, 121.20, 126.41 Row 4: 2007, 70.36, 127.85, 103.47 Row 5: 2008, 18.71, 81.12, 47.36 Row 6: 2009, 9.26, 102.15, 55.27 **************************************** ## Post-table: ['.']

-0.9289

C/2009/page_279.pdf-4

['comparison of five-year cumulative total return the following graph compares the cumulative total return on citigroup 2019s common stock with the s&p 500 index and the s&p financial index over the five-year period extending through december 31 , 2009 .', 'the graph assumes that $ 100 was invested on december 31 , 2004 in citigroup 2019s common stock , the s&p 500 index and the s&p financial index and that all dividends were reinvested .', 'citigroup s&p 500 index s&p financial index 2005 2006 2007 2008 2009 comparison of five-year cumulative total return for the years ended .']

['.']

**************************************** Row 1: december 31, citigroup, s&p 500 index, s&p financial index Row 2: 2005, 104.38, 104.83, 106.30 Row 3: 2006, 124.02, 121.20, 126.41 Row 4: 2007, 70.36, 127.85, 103.47 Row 5: 2008, 18.71, 81.12, 47.36 Row 6: 2009, 9.26, 102.15, 55.27 ****************************************

subtract(9.26, 100), divide(#0, 100), subtract(102.15, 100), divide(#2, 100), subtract(#1, #3)

-0.9289

what portion of the total entergy employees is represented by unions?

Pre-text: ['part i item 1 entergy corporation , domestic utility companies , and system energy research spending entergy is a member of the electric power research institute ( epri ) .', 'epri conducts a broad range of research in major technical fields related to the electric utility industry .', "entergy participates in various epri projects based on entergy's needs and available resources .", 'the domestic utility companies contributed $ 1.5 million in 2003 , $ 2.1 million in 2002 , and $ 4 million in 2001 to epri .', 'the non-utility nuclear business contributed $ 3 million in 2003 and 2002 and $ 2 million in 2001 to epri .', "employees employees are an integral part of entergy's commitment to serving its customers .", 'as of december 31 , 2003 , entergy employed 14773 people. .'] -------- Table: ---------------------------------------- • entergy arkansas, 1516 • entergy gulf states, 1676 • entergy louisiana, 918 • entergy mississippi, 810 • entergy new orleans, 375 • system energy, - • entergy operations, 2902 • entergy services, 2755 • entergy nuclear operations, 3357 • other subsidiaries, 255 • total full-time, 14564 • part-time, 209 • total entergy, 14773 ---------------------------------------- -------- Additional Information: ['approximately 4900 employees are represented by the international brotherhood of electrical workers union , the utility workers union of america , and the international brotherhood of teamsters union. .']

0.33169

ETR/2003/page_157.pdf-1

['part i item 1 entergy corporation , domestic utility companies , and system energy research spending entergy is a member of the electric power research institute ( epri ) .', 'epri conducts a broad range of research in major technical fields related to the electric utility industry .', "entergy participates in various epri projects based on entergy's needs and available resources .", 'the domestic utility companies contributed $ 1.5 million in 2003 , $ 2.1 million in 2002 , and $ 4 million in 2001 to epri .', 'the non-utility nuclear business contributed $ 3 million in 2003 and 2002 and $ 2 million in 2001 to epri .', "employees employees are an integral part of entergy's commitment to serving its customers .", 'as of december 31 , 2003 , entergy employed 14773 people. .']

['approximately 4900 employees are represented by the international brotherhood of electrical workers union , the utility workers union of america , and the international brotherhood of teamsters union. .']

---------------------------------------- • entergy arkansas, 1516 • entergy gulf states, 1676 • entergy louisiana, 918 • entergy mississippi, 810 • entergy new orleans, 375 • system energy, - • entergy operations, 2902 • entergy services, 2755 • entergy nuclear operations, 3357 • other subsidiaries, 255 • total full-time, 14564 • part-time, 209 • total entergy, 14773 ----------------------------------------

divide(4900, 14773)

0.33169

what is the net change in net revenue during 2015 for entergy corporation?

Background: ['entergy corporation and subsidiaries management 2019s financial discussion and analysis a result of the entergy louisiana and entergy gulf states louisiana business combination , results of operations for 2015 also include two items that occurred in october 2015 : 1 ) a deferred tax asset and resulting net increase in tax basis of approximately $ 334 million and 2 ) a regulatory liability of $ 107 million ( $ 66 million net-of-tax ) as a result of customer credits to be realized by electric customers of entergy louisiana , consistent with the terms of the stipulated settlement in the business combination proceeding .', 'see note 2 to the financial statements for further discussion of the business combination and customer credits .', 'results of operations for 2015 also include the sale in december 2015 of the 583 mw rhode island state energy center for a realized gain of $ 154 million ( $ 100 million net-of-tax ) on the sale and the $ 77 million ( $ 47 million net-of-tax ) write-off and regulatory charges to recognize that a portion of the assets associated with the waterford 3 replacement steam generator project is no longer probable of recovery .', 'see note 14 to the financial statements for further discussion of the rhode island state energy center sale .', 'see note 2 to the financial statements for further discussion of the waterford 3 write-off .', 'results of operations for 2014 include $ 154 million ( $ 100 million net-of-tax ) of charges related to vermont yankee primarily resulting from the effects of an updated decommissioning cost study completed in the third quarter 2014 along with reassessment of the assumptions regarding the timing of decommissioning cash flows and severance and employee retention costs .', 'see note 14 to the financial statements for further discussion of the charges .', 'results of operations for 2014 also include the $ 56.2 million ( $ 36.7 million net-of-tax ) write-off in 2014 of entergy mississippi 2019s regulatory asset associated with new nuclear generation development costs as a result of a joint stipulation entered into with the mississippi public utilities staff , subsequently approved by the mpsc , in which entergy mississippi agreed not to pursue recovery of the costs deferred by an mpsc order in the new nuclear generation docket .', 'see note 2 to the financial statements for further discussion of the new nuclear generation development costs and the joint stipulation .', 'net revenue utility following is an analysis of the change in net revenue comparing 2015 to 2014 .', 'amount ( in millions ) .'] -------- Data Table: , amount ( in millions ) 2014 net revenue, $ 5735 retail electric price, 187 volume/weather, 95 waterford 3 replacement steam generator provision, -32 ( 32 ) miso deferral, -35 ( 35 ) louisiana business combination customer credits, -107 ( 107 ) other, -14 ( 14 ) 2015 net revenue, $ 5829 -------- Post-table: ['the retail electric price variance is primarily due to : 2022 formula rate plan increases at entergy louisiana , as approved by the lpsc , effective december 2014 and january 2015 ; 2022 an increase in energy efficiency rider revenue primarily due to increases in the energy efficiency rider at entergy arkansas , as approved by the apsc , effective july 2015 and july 2014 , and new energy efficiency riders at entergy louisiana and entergy mississippi that began in the fourth quarter 2014 ; and 2022 an annual net rate increase at entergy mississippi of $ 16 million , effective february 2015 , as a result of the mpsc order in the june 2014 rate case .', 'see note 2 to the financial statements for a discussion of rate and regulatory proceedings. .']

94.0

ETR/2016/page_23.pdf-2

['entergy corporation and subsidiaries management 2019s financial discussion and analysis a result of the entergy louisiana and entergy gulf states louisiana business combination , results of operations for 2015 also include two items that occurred in october 2015 : 1 ) a deferred tax asset and resulting net increase in tax basis of approximately $ 334 million and 2 ) a regulatory liability of $ 107 million ( $ 66 million net-of-tax ) as a result of customer credits to be realized by electric customers of entergy louisiana , consistent with the terms of the stipulated settlement in the business combination proceeding .', 'see note 2 to the financial statements for further discussion of the business combination and customer credits .', 'results of operations for 2015 also include the sale in december 2015 of the 583 mw rhode island state energy center for a realized gain of $ 154 million ( $ 100 million net-of-tax ) on the sale and the $ 77 million ( $ 47 million net-of-tax ) write-off and regulatory charges to recognize that a portion of the assets associated with the waterford 3 replacement steam generator project is no longer probable of recovery .', 'see note 14 to the financial statements for further discussion of the rhode island state energy center sale .', 'see note 2 to the financial statements for further discussion of the waterford 3 write-off .', 'results of operations for 2014 include $ 154 million ( $ 100 million net-of-tax ) of charges related to vermont yankee primarily resulting from the effects of an updated decommissioning cost study completed in the third quarter 2014 along with reassessment of the assumptions regarding the timing of decommissioning cash flows and severance and employee retention costs .', 'see note 14 to the financial statements for further discussion of the charges .', 'results of operations for 2014 also include the $ 56.2 million ( $ 36.7 million net-of-tax ) write-off in 2014 of entergy mississippi 2019s regulatory asset associated with new nuclear generation development costs as a result of a joint stipulation entered into with the mississippi public utilities staff , subsequently approved by the mpsc , in which entergy mississippi agreed not to pursue recovery of the costs deferred by an mpsc order in the new nuclear generation docket .', 'see note 2 to the financial statements for further discussion of the new nuclear generation development costs and the joint stipulation .', 'net revenue utility following is an analysis of the change in net revenue comparing 2015 to 2014 .', 'amount ( in millions ) .']

['the retail electric price variance is primarily due to : 2022 formula rate plan increases at entergy louisiana , as approved by the lpsc , effective december 2014 and january 2015 ; 2022 an increase in energy efficiency rider revenue primarily due to increases in the energy efficiency rider at entergy arkansas , as approved by the apsc , effective july 2015 and july 2014 , and new energy efficiency riders at entergy louisiana and entergy mississippi that began in the fourth quarter 2014 ; and 2022 an annual net rate increase at entergy mississippi of $ 16 million , effective february 2015 , as a result of the mpsc order in the june 2014 rate case .', 'see note 2 to the financial statements for a discussion of rate and regulatory proceedings. .']

, amount ( in millions ) 2014 net revenue, $ 5735 retail electric price, 187 volume/weather, 95 waterford 3 replacement steam generator provision, -32 ( 32 ) miso deferral, -35 ( 35 ) louisiana business combination customer credits, -107 ( 107 ) other, -14 ( 14 ) 2015 net revenue, $ 5829

subtract(5829, 5735)

94.0

what was the percent of the growth in the sales from 2011 to 2012

Pre-text: ['aeronautics business segment 2019s results of operations discussion .', 'the increase in our consolidated net adjustments for 2011 as compared to 2010 primarily was due to an increase in profit booking rate adjustments at our is&gs and aeronautics business segments .', 'aeronautics our aeronautics business segment is engaged in the research , design , development , manufacture , integration , sustainment , support , and upgrade of advanced military aircraft , including combat and air mobility aircraft , unmanned air vehicles , and related technologies .', 'aeronautics 2019 major programs include the f-35 lightning ii joint strike fighter , f-22 raptor , f-16 fighting falcon , c-130 hercules , and the c-5m super galaxy .', 'aeronautics 2019 operating results included the following ( in millions ) : .'] ---- Tabular Data: ======================================== • , 2012, 2011, 2010 • net sales, $ 14953, $ 14362, $ 13109 • operating profit, 1699, 1630, 1498 • operating margins, 11.4% ( 11.4 % ), 11.3% ( 11.3 % ), 11.4% ( 11.4 % ) • backlog at year-end, 30100, 30500, 27500 ======================================== ---- Additional Information: ['2012 compared to 2011 aeronautics 2019 net sales for 2012 increased $ 591 million , or 4% ( 4 % ) , compared to 2011 .', 'the increase was attributable to higher net sales of approximately $ 745 million from f-35 lrip contracts principally due to increased production volume ; about $ 285 million from f-16 programs primarily due to higher aircraft deliveries ( 37 f-16 aircraft delivered in 2012 compared to 22 in 2011 ) partially offset by lower volume on sustainment activities due to the completion of modification programs for certain international customers ; and approximately $ 140 million from c-5 programs due to higher aircraft deliveries ( four c-5m aircraft delivered in 2012 compared to two in 2011 ) .', 'partially offsetting the increases were lower net sales of approximately $ 365 million from decreased production volume and lower risk retirements on the f-22 program as final aircraft deliveries were completed in the second quarter of 2012 ; approximately $ 110 million from the f-35 development contract primarily due to the inception-to-date effect of reducing the profit booking rate in the second quarter of 2012 and to a lesser extent lower volume ; and about $ 95 million from a decrease in volume on other sustainment activities partially offset by various other aeronautics programs due to higher volume .', 'net sales for c-130 programs were comparable to 2011 as a decline in sustainment activities largely was offset by increased aircraft deliveries .', 'aeronautics 2019 operating profit for 2012 increased $ 69 million , or 4% ( 4 % ) , compared to 2011 .', 'the increase was attributable to higher operating profit of approximately $ 105 million from c-130 programs due to an increase in risk retirements ; about $ 50 million from f-16 programs due to higher aircraft deliveries partially offset by a decline in risk retirements ; approximately $ 50 million from f-35 lrip contracts due to increased production volume and risk retirements ; and about $ 50 million from the completion of purchased intangible asset amortization on certain f-16 contracts .', 'partially offsetting the increases was lower operating profit of about $ 90 million from the f-35 development contract primarily due to the inception- to-date effect of reducing the profit booking rate in the second quarter of 2012 ; approximately $ 50 million from decreased production volume and risk retirements on the f-22 program partially offset by a resolution of a contractual matter in the second quarter of 2012 ; and approximately $ 45 million primarily due to a decrease in risk retirements on other sustainment activities partially offset by various other aeronautics programs due to increased risk retirements and volume .', 'operating profit for c-5 programs was comparable to 2011 .', 'adjustments not related to volume , including net profit booking rate adjustments and other matters described above , were approximately $ 30 million lower for 2012 compared to 2011 .', '2011 compared to 2010 aeronautics 2019 net sales for 2011 increased $ 1.3 billion , or 10% ( 10 % ) , compared to 2010 .', 'the growth in net sales primarily was due to higher volume of about $ 850 million for work performed on the f-35 lrip contracts as production increased ; higher volume of about $ 745 million for c-130 programs due to an increase in deliveries ( 33 c-130j aircraft delivered in 2011 compared to 25 during 2010 ) and support activities ; about $ 425 million for f-16 support activities and an increase in aircraft deliveries ( 22 f-16 aircraft delivered in 2011 compared to 20 during 2010 ) ; and approximately $ 90 million for higher volume on c-5 programs ( two c-5m aircraft delivered in 2011 compared to one during 2010 ) .', 'these increases partially were offset by a decline in net sales of approximately $ 675 million due to lower volume on the f-22 program and lower net sales of about $ 155 million for the f-35 development contract as development work decreased. .']

0.04115

LMT/2012/page_43.pdf-2

['aeronautics business segment 2019s results of operations discussion .', 'the increase in our consolidated net adjustments for 2011 as compared to 2010 primarily was due to an increase in profit booking rate adjustments at our is&gs and aeronautics business segments .', 'aeronautics our aeronautics business segment is engaged in the research , design , development , manufacture , integration , sustainment , support , and upgrade of advanced military aircraft , including combat and air mobility aircraft , unmanned air vehicles , and related technologies .', 'aeronautics 2019 major programs include the f-35 lightning ii joint strike fighter , f-22 raptor , f-16 fighting falcon , c-130 hercules , and the c-5m super galaxy .', 'aeronautics 2019 operating results included the following ( in millions ) : .']

['2012 compared to 2011 aeronautics 2019 net sales for 2012 increased $ 591 million , or 4% ( 4 % ) , compared to 2011 .', 'the increase was attributable to higher net sales of approximately $ 745 million from f-35 lrip contracts principally due to increased production volume ; about $ 285 million from f-16 programs primarily due to higher aircraft deliveries ( 37 f-16 aircraft delivered in 2012 compared to 22 in 2011 ) partially offset by lower volume on sustainment activities due to the completion of modification programs for certain international customers ; and approximately $ 140 million from c-5 programs due to higher aircraft deliveries ( four c-5m aircraft delivered in 2012 compared to two in 2011 ) .', 'partially offsetting the increases were lower net sales of approximately $ 365 million from decreased production volume and lower risk retirements on the f-22 program as final aircraft deliveries were completed in the second quarter of 2012 ; approximately $ 110 million from the f-35 development contract primarily due to the inception-to-date effect of reducing the profit booking rate in the second quarter of 2012 and to a lesser extent lower volume ; and about $ 95 million from a decrease in volume on other sustainment activities partially offset by various other aeronautics programs due to higher volume .', 'net sales for c-130 programs were comparable to 2011 as a decline in sustainment activities largely was offset by increased aircraft deliveries .', 'aeronautics 2019 operating profit for 2012 increased $ 69 million , or 4% ( 4 % ) , compared to 2011 .', 'the increase was attributable to higher operating profit of approximately $ 105 million from c-130 programs due to an increase in risk retirements ; about $ 50 million from f-16 programs due to higher aircraft deliveries partially offset by a decline in risk retirements ; approximately $ 50 million from f-35 lrip contracts due to increased production volume and risk retirements ; and about $ 50 million from the completion of purchased intangible asset amortization on certain f-16 contracts .', 'partially offsetting the increases was lower operating profit of about $ 90 million from the f-35 development contract primarily due to the inception- to-date effect of reducing the profit booking rate in the second quarter of 2012 ; approximately $ 50 million from decreased production volume and risk retirements on the f-22 program partially offset by a resolution of a contractual matter in the second quarter of 2012 ; and approximately $ 45 million primarily due to a decrease in risk retirements on other sustainment activities partially offset by various other aeronautics programs due to increased risk retirements and volume .', 'operating profit for c-5 programs was comparable to 2011 .', 'adjustments not related to volume , including net profit booking rate adjustments and other matters described above , were approximately $ 30 million lower for 2012 compared to 2011 .', '2011 compared to 2010 aeronautics 2019 net sales for 2011 increased $ 1.3 billion , or 10% ( 10 % ) , compared to 2010 .', 'the growth in net sales primarily was due to higher volume of about $ 850 million for work performed on the f-35 lrip contracts as production increased ; higher volume of about $ 745 million for c-130 programs due to an increase in deliveries ( 33 c-130j aircraft delivered in 2011 compared to 25 during 2010 ) and support activities ; about $ 425 million for f-16 support activities and an increase in aircraft deliveries ( 22 f-16 aircraft delivered in 2011 compared to 20 during 2010 ) ; and approximately $ 90 million for higher volume on c-5 programs ( two c-5m aircraft delivered in 2011 compared to one during 2010 ) .', 'these increases partially were offset by a decline in net sales of approximately $ 675 million due to lower volume on the f-22 program and lower net sales of about $ 155 million for the f-35 development contract as development work decreased. .']

======================================== • , 2012, 2011, 2010 • net sales, $ 14953, $ 14362, $ 13109 • operating profit, 1699, 1630, 1498 • operating margins, 11.4% ( 11.4 % ), 11.3% ( 11.3 % ), 11.4% ( 11.4 % ) • backlog at year-end, 30100, 30500, 27500 ========================================

subtract(14953, 14362), divide(#0, 14362)

0.04115

what was the growth rate of the cash flows from operations from 2011 to 2012

Pre-text: ['during the fourth quarter of 2010 , schlumberger issued 20ac1.0 billion 2.75% ( 2.75 % ) guaranteed notes due under this program .', 'schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity , effectively making this a us denominated debt on which schlumberger will pay interest in us dollars at a rate of 2.56% ( 2.56 % ) .', 'during the first quarter of 2009 , schlumberger issued 20ac1.0 billion 4.50% ( 4.50 % ) guaranteed notes due 2014 under this program .', 'schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity , effectively making this a us dollar denominated debt on which schlumberger will pay interest in us dollars at a rate of 4.95% ( 4.95 % ) .', '0160 on april 17 , 2008 , the schlumberger board of directors approved an $ 8 billion share repurchase program for shares of schlumberger common stock , to be acquired in the open market before december 31 , 2011 .', 'on july 21 , 2011 , the schlumberger board of directors approved an extension of this repurchase program to december 31 , 2013 .', 'schlumberger had repurchased $ 7.12 billion of shares under this program as of december 31 , 2012 .', 'the following table summarizes the activity under this share repurchase program during 2012 , 2011 and 2010 : ( stated in thousands except per share amounts ) total cost of shares purchased total number of shares purchased average price paid per share .'] ---- Tabular Data: ---------------------------------------- Row 1: , total cost of shares purchased, total number of shares purchased, average price paid per share Row 2: 2012, $ 971883, 14087.8, $ 68.99 Row 3: 2011, $ 2997688, 36940.4, $ 81.15 Row 4: 2010, $ 1716675, 26624.8, $ 64.48 ---------------------------------------- ---- Additional Information: ['0160 cash flow provided by operations was $ 6.8 billion in 2012 , $ 6.1 billion in 2011 and $ 5.5 billion in 2010 .', 'in recent years , schlumberger has actively managed its activity levels in venezuela relative to its accounts receivable balance , and has recently experienced an increased delay in payment from its national oil company customer there .', 'schlumberger operates in approximately 85 countries .', 'at december 31 , 2012 , only five of those countries ( including venezuela ) individually accounted for greater than 5% ( 5 % ) of schlumberger 2019s accounts receivable balance of which only one , the united states , represented greater than 10% ( 10 % ) .', '0160 dividends paid during 2012 , 2011 and 2010 were $ 1.43 billion , $ 1.30 billion and $ 1.04 billion , respectively .', 'on january 17 , 2013 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 13.6% ( 13.6 % ) , to $ 0.3125 .', 'on january 19 , 2012 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 10% ( 10 % ) , to $ 0.275 .', 'on january 21 , 2011 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 19% ( 19 % ) , to $ 0.25 .', '0160 capital expenditures were $ 4.7 billion in 2012 , $ 4.0 billion in 2011 and $ 2.9 billion in 2010 .', 'capital expenditures are expected to approach $ 3.9 billion for the full year 2013 .', '0160 during 2012 , 2011 and 2010 schlumberger made contributions of $ 673 million , $ 601 million and $ 868 million , respectively , to its postretirement benefit plans .', 'the us pension plans were 82% ( 82 % ) funded at december 31 , 2012 based on the projected benefit obligation .', 'this compares to 87% ( 87 % ) funded at december 31 , 2011 .', 'schlumberger 2019s international defined benefit pension plans are a combined 88% ( 88 % ) funded at december 31 , 2012 based on the projected benefit obligation .', 'this compares to 88% ( 88 % ) funded at december 31 , 2011 .', 'schlumberger currently anticipates contributing approximately $ 650 million to its postretirement benefit plans in 2013 , subject to market and business conditions .', '0160 there were $ 321 million outstanding series b debentures at december 31 , 2009 .', 'during 2010 , the remaining $ 320 million of the 2.125% ( 2.125 % ) series b convertible debentures due june 1 , 2023 were converted by holders into 8.0 million shares of schlumberger common stock and the remaining $ 1 million of outstanding series b debentures were redeemed for cash. .']

0.11475

SLB/2012/page_44.pdf-4

['during the fourth quarter of 2010 , schlumberger issued 20ac1.0 billion 2.75% ( 2.75 % ) guaranteed notes due under this program .', 'schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity , effectively making this a us denominated debt on which schlumberger will pay interest in us dollars at a rate of 2.56% ( 2.56 % ) .', 'during the first quarter of 2009 , schlumberger issued 20ac1.0 billion 4.50% ( 4.50 % ) guaranteed notes due 2014 under this program .', 'schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity , effectively making this a us dollar denominated debt on which schlumberger will pay interest in us dollars at a rate of 4.95% ( 4.95 % ) .', '0160 on april 17 , 2008 , the schlumberger board of directors approved an $ 8 billion share repurchase program for shares of schlumberger common stock , to be acquired in the open market before december 31 , 2011 .', 'on july 21 , 2011 , the schlumberger board of directors approved an extension of this repurchase program to december 31 , 2013 .', 'schlumberger had repurchased $ 7.12 billion of shares under this program as of december 31 , 2012 .', 'the following table summarizes the activity under this share repurchase program during 2012 , 2011 and 2010 : ( stated in thousands except per share amounts ) total cost of shares purchased total number of shares purchased average price paid per share .']

['0160 cash flow provided by operations was $ 6.8 billion in 2012 , $ 6.1 billion in 2011 and $ 5.5 billion in 2010 .', 'in recent years , schlumberger has actively managed its activity levels in venezuela relative to its accounts receivable balance , and has recently experienced an increased delay in payment from its national oil company customer there .', 'schlumberger operates in approximately 85 countries .', 'at december 31 , 2012 , only five of those countries ( including venezuela ) individually accounted for greater than 5% ( 5 % ) of schlumberger 2019s accounts receivable balance of which only one , the united states , represented greater than 10% ( 10 % ) .', '0160 dividends paid during 2012 , 2011 and 2010 were $ 1.43 billion , $ 1.30 billion and $ 1.04 billion , respectively .', 'on january 17 , 2013 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 13.6% ( 13.6 % ) , to $ 0.3125 .', 'on january 19 , 2012 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 10% ( 10 % ) , to $ 0.275 .', 'on january 21 , 2011 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 19% ( 19 % ) , to $ 0.25 .', '0160 capital expenditures were $ 4.7 billion in 2012 , $ 4.0 billion in 2011 and $ 2.9 billion in 2010 .', 'capital expenditures are expected to approach $ 3.9 billion for the full year 2013 .', '0160 during 2012 , 2011 and 2010 schlumberger made contributions of $ 673 million , $ 601 million and $ 868 million , respectively , to its postretirement benefit plans .', 'the us pension plans were 82% ( 82 % ) funded at december 31 , 2012 based on the projected benefit obligation .', 'this compares to 87% ( 87 % ) funded at december 31 , 2011 .', 'schlumberger 2019s international defined benefit pension plans are a combined 88% ( 88 % ) funded at december 31 , 2012 based on the projected benefit obligation .', 'this compares to 88% ( 88 % ) funded at december 31 , 2011 .', 'schlumberger currently anticipates contributing approximately $ 650 million to its postretirement benefit plans in 2013 , subject to market and business conditions .', '0160 there were $ 321 million outstanding series b debentures at december 31 , 2009 .', 'during 2010 , the remaining $ 320 million of the 2.125% ( 2.125 % ) series b convertible debentures due june 1 , 2023 were converted by holders into 8.0 million shares of schlumberger common stock and the remaining $ 1 million of outstanding series b debentures were redeemed for cash. .']

---------------------------------------- Row 1: , total cost of shares purchased, total number of shares purchased, average price paid per share Row 2: 2012, $ 971883, 14087.8, $ 68.99 Row 3: 2011, $ 2997688, 36940.4, $ 81.15 Row 4: 2010, $ 1716675, 26624.8, $ 64.48 ----------------------------------------

subtract(6.8, 6.1), divide(#0, 6.1)

0.11475

what was the actual return on assets as a percentage of the 2015 ending balance?

Background: ['the following tables present a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs ( level 3 ) for 2015 and 2014 , respectively: .'] ---- Tabular Data: • , level 3 • balance as of january 1 2015, $ 127 • actual return on assets, 12 • purchases issuances and settlements net, -3 ( 3 ) • balance as of december 31 2015, $ 136 ---- Post-table: ['purchases , issuances and settlements , net .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '76 balance as of december 31 , 2014 .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ 127 the company 2019s other postretirement benefit plans are partially funded and the assets are held under various trusts .', 'the investments and risk mitigation strategies for the plans are tailored specifically for each trust .', 'in setting new strategic asset mixes , consideration is given to the likelihood that the selected asset allocation will effectively fund the projected plan liabilities and the risk tolerance of the company .', 'the company periodically updates the long-term , strategic asset allocations and uses various analytics to determine the optimal asset allocation .', 'considerations include plan liability characteristics , liquidity characteristics , funding requirements , expected rates of return and the distribution of returns .', 'in june 2012 , the company implemented a de-risking strategy for the medical bargaining trust within the plan to minimize volatility .', 'as part of the de-risking strategy , the company revised the asset allocations to increase the matching characteristics of assets relative to liabilities .', 'the initial de-risking asset allocation for the plan was 60% ( 60 % ) return-generating assets and 40% ( 40 % ) liability-driven assets .', 'the investment strategies and policies for the plan reflect a balance of liability driven and return-generating considerations .', 'the objective of minimizing the volatility of assets relative to liabilities is addressed primarily through asset 2014liability matching , asset diversification and hedging .', 'the fixed income target asset allocation matches the bond-like and long-dated nature of the postretirement liabilities .', 'assets are broadly diversified within asset classes to achieve risk-adjusted returns that in total lower asset volatility relative to the liabilities .', 'the company assesses the investment strategy regularly to ensure actual allocations are in line with target allocations as appropriate .', 'strategies to address the goal of ensuring sufficient assets to pay benefits include target allocations to a broad array of asset classes and , within asset classes strategies are employed to provide adequate returns , diversification and liquidity .', 'the assets of the company 2019s other trusts , within the other postretirement benefit plans , have been primarily invested in equities and fixed income funds .', 'the assets under the various other postretirement benefit trusts are invested differently based on the assets and liabilities of each trust .', 'the obligations of the other postretirement benefit plans are dominated by obligations for the medical bargaining trust .', 'thirty-nine percent and four percent of the total postretirement plan benefit obligations are related to the medical non-bargaining and life insurance trusts , respectively .', 'because expected benefit payments related to the benefit obligations are so far into the future , and the size of the medical non-bargaining and life insurance trusts 2019 obligations are large compared to each trusts 2019 assets , the investment strategy is to allocate a significant portion of the assets 2019 investment to equities , which the company believes will provide the highest long-term return and improve the funding ratio .', 'the company engages third party investment managers for all invested assets .', 'managers are not permitted to invest outside of the asset class ( e.g .', 'fixed income , equity , alternatives ) or strategy for which they have been appointed .', 'investment management agreements and recurring performance and attribution analysis are used as tools to ensure investment managers invest solely within the investment strategy they have been provided .', 'futures and options may be used to adjust portfolio duration to align with a plan 2019s targeted investment policy. .']

0.08824

AWK/2015/page_127.pdf-2

['the following tables present a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs ( level 3 ) for 2015 and 2014 , respectively: .']

['purchases , issuances and settlements , net .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '76 balance as of december 31 , 2014 .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ 127 the company 2019s other postretirement benefit plans are partially funded and the assets are held under various trusts .', 'the investments and risk mitigation strategies for the plans are tailored specifically for each trust .', 'in setting new strategic asset mixes , consideration is given to the likelihood that the selected asset allocation will effectively fund the projected plan liabilities and the risk tolerance of the company .', 'the company periodically updates the long-term , strategic asset allocations and uses various analytics to determine the optimal asset allocation .', 'considerations include plan liability characteristics , liquidity characteristics , funding requirements , expected rates of return and the distribution of returns .', 'in june 2012 , the company implemented a de-risking strategy for the medical bargaining trust within the plan to minimize volatility .', 'as part of the de-risking strategy , the company revised the asset allocations to increase the matching characteristics of assets relative to liabilities .', 'the initial de-risking asset allocation for the plan was 60% ( 60 % ) return-generating assets and 40% ( 40 % ) liability-driven assets .', 'the investment strategies and policies for the plan reflect a balance of liability driven and return-generating considerations .', 'the objective of minimizing the volatility of assets relative to liabilities is addressed primarily through asset 2014liability matching , asset diversification and hedging .', 'the fixed income target asset allocation matches the bond-like and long-dated nature of the postretirement liabilities .', 'assets are broadly diversified within asset classes to achieve risk-adjusted returns that in total lower asset volatility relative to the liabilities .', 'the company assesses the investment strategy regularly to ensure actual allocations are in line with target allocations as appropriate .', 'strategies to address the goal of ensuring sufficient assets to pay benefits include target allocations to a broad array of asset classes and , within asset classes strategies are employed to provide adequate returns , diversification and liquidity .', 'the assets of the company 2019s other trusts , within the other postretirement benefit plans , have been primarily invested in equities and fixed income funds .', 'the assets under the various other postretirement benefit trusts are invested differently based on the assets and liabilities of each trust .', 'the obligations of the other postretirement benefit plans are dominated by obligations for the medical bargaining trust .', 'thirty-nine percent and four percent of the total postretirement plan benefit obligations are related to the medical non-bargaining and life insurance trusts , respectively .', 'because expected benefit payments related to the benefit obligations are so far into the future , and the size of the medical non-bargaining and life insurance trusts 2019 obligations are large compared to each trusts 2019 assets , the investment strategy is to allocate a significant portion of the assets 2019 investment to equities , which the company believes will provide the highest long-term return and improve the funding ratio .', 'the company engages third party investment managers for all invested assets .', 'managers are not permitted to invest outside of the asset class ( e.g .', 'fixed income , equity , alternatives ) or strategy for which they have been appointed .', 'investment management agreements and recurring performance and attribution analysis are used as tools to ensure investment managers invest solely within the investment strategy they have been provided .', 'futures and options may be used to adjust portfolio duration to align with a plan 2019s targeted investment policy. .']

• , level 3 • balance as of january 1 2015, $ 127 • actual return on assets, 12 • purchases issuances and settlements net, -3 ( 3 ) • balance as of december 31 2015, $ 136

divide(12, 136)

0.08824

in millions for 2017 , 2016 , and 2015 , what was the minimum amount of equity securities?

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 , including our relationship lending activities , to provide financing to clients .', 'these investments and loans are typically longer-term in nature .', 'we make investments , some of which are consolidated , including through our merchant banking business and our special situations group , in debt securities and loans , public and private equity securities , infrastructure and real estate entities .', 'some of these investments are made indirectly through funds that we manage .', 'we also make unsecured and secured loans to retail clients through our digital platforms , marcus and goldman sachs private bank select ( gs select ) , respectively .', 'the table below presents the operating results of our investing & lending segment. .'] ########## Data Table: $ in millions | year ended december 2017 | year ended december 2016 | year ended december 2015 equity securities | $ 4578 | $ 2573 | $ 3781 debt securities and loans | 2003 | 1507 | 1655 total net revenues | 6581 | 4080 | 5436 operating expenses | 2796 | 2386 | 2402 pre-taxearnings | $ 3785 | $ 1694 | $ 3034 ########## Follow-up: ['operating environment .', 'during 2017 , generally higher global equity prices and tighter credit spreads contributed to a favorable environment for our equity and debt investments .', 'results also reflected net gains from company- specific events , including sales , and corporate performance .', 'this environment contrasts with 2016 , where , in the first quarter of 2016 , market conditions were difficult and corporate performance , particularly in the energy sector , was impacted by a challenging macroeconomic environment .', 'however , market conditions improved during the rest of 2016 as macroeconomic concerns moderated .', 'if macroeconomic concerns negatively affect company-specific events or corporate performance , or if global equity markets decline or credit spreads widen , net revenues in investing & lending would likely be negatively impacted .', '2017 versus 2016 .', 'net revenues in investing & lending were $ 6.58 billion for 2017 , 61% ( 61 % ) higher than 2016 .', 'net revenues in equity securities were $ 4.58 billion , including $ 3.82 billion of net gains from private equities and $ 762 million in net gains from public equities .', 'net revenues in equity securities were 78% ( 78 % ) higher than 2016 , primarily reflecting a significant increase in net gains from private equities , which were positively impacted by company- specific events and corporate performance .', 'in addition , net gains from public equities were significantly higher , as global equity prices increased during the year .', 'of the $ 4.58 billion of net revenues in equity securities , approximately 60% ( 60 % ) was driven by net gains from company-specific events , such as sales , and public equities .', 'net revenues in debt securities and loans were $ 2.00 billion , 33% ( 33 % ) higher than 2016 , reflecting significantly higher net interest income ( 2017 included approximately $ 1.80 billion of net interest income ) .', 'net revenues in debt securities and loans for 2017 also included an impairment of approximately $ 130 million on a secured operating expenses were $ 2.80 billion for 2017 , 17% ( 17 % ) higher than 2016 , due to increased compensation and benefits expenses , reflecting higher net revenues , increased expenses related to consolidated investments , and increased expenses related to marcus .', 'pre-tax earnings were $ 3.79 billion in 2017 compared with $ 1.69 billion in 2016 .', '2016 versus 2015 .', 'net revenues in investing & lending were $ 4.08 billion for 2016 , 25% ( 25 % ) lower than 2015 .', 'net revenues in equity securities were $ 2.57 billion , including $ 2.17 billion of net gains from private equities and $ 402 million in net gains from public equities .', 'net revenues in equity securities were 32% ( 32 % ) lower than 2015 , primarily reflecting a significant decrease in net gains from private equities , driven by company-specific events and corporate performance .', 'net revenues in debt securities and loans were $ 1.51 billion , 9% ( 9 % ) lower than 2015 , reflecting significantly lower net revenues related to relationship lending activities , due to the impact of changes in credit spreads on economic hedges .', 'losses related to these hedges were $ 596 million in 2016 , compared with gains of $ 329 million in 2015 .', 'this decrease was partially offset by higher net gains from investments in debt instruments and higher net interest income .', 'see note 9 to the consolidated financial statements for further information about economic hedges related to our relationship lending activities .', 'operating expenses were $ 2.39 billion for 2016 , essentially unchanged compared with 2015 .', 'pre-tax earnings were $ 1.69 billion in 2016 , 44% ( 44 % ) lower than 2015 .', 'goldman sachs 2017 form 10-k 61 .']

2573.0

GS/2017/page_74.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 , including our relationship lending activities , to provide financing to clients .', 'these investments and loans are typically longer-term in nature .', 'we make investments , some of which are consolidated , including through our merchant banking business and our special situations group , in debt securities and loans , public and private equity securities , infrastructure and real estate entities .', 'some of these investments are made indirectly through funds that we manage .', 'we also make unsecured and secured loans to retail clients through our digital platforms , marcus and goldman sachs private bank select ( gs select ) , respectively .', 'the table below presents the operating results of our investing & lending segment. .']

['operating environment .', 'during 2017 , generally higher global equity prices and tighter credit spreads contributed to a favorable environment for our equity and debt investments .', 'results also reflected net gains from company- specific events , including sales , and corporate performance .', 'this environment contrasts with 2016 , where , in the first quarter of 2016 , market conditions were difficult and corporate performance , particularly in the energy sector , was impacted by a challenging macroeconomic environment .', 'however , market conditions improved during the rest of 2016 as macroeconomic concerns moderated .', 'if macroeconomic concerns negatively affect company-specific events or corporate performance , or if global equity markets decline or credit spreads widen , net revenues in investing & lending would likely be negatively impacted .', '2017 versus 2016 .', 'net revenues in investing & lending were $ 6.58 billion for 2017 , 61% ( 61 % ) higher than 2016 .', 'net revenues in equity securities were $ 4.58 billion , including $ 3.82 billion of net gains from private equities and $ 762 million in net gains from public equities .', 'net revenues in equity securities were 78% ( 78 % ) higher than 2016 , primarily reflecting a significant increase in net gains from private equities , which were positively impacted by company- specific events and corporate performance .', 'in addition , net gains from public equities were significantly higher , as global equity prices increased during the year .', 'of the $ 4.58 billion of net revenues in equity securities , approximately 60% ( 60 % ) was driven by net gains from company-specific events , such as sales , and public equities .', 'net revenues in debt securities and loans were $ 2.00 billion , 33% ( 33 % ) higher than 2016 , reflecting significantly higher net interest income ( 2017 included approximately $ 1.80 billion of net interest income ) .', 'net revenues in debt securities and loans for 2017 also included an impairment of approximately $ 130 million on a secured operating expenses were $ 2.80 billion for 2017 , 17% ( 17 % ) higher than 2016 , due to increased compensation and benefits expenses , reflecting higher net revenues , increased expenses related to consolidated investments , and increased expenses related to marcus .', 'pre-tax earnings were $ 3.79 billion in 2017 compared with $ 1.69 billion in 2016 .', '2016 versus 2015 .', 'net revenues in investing & lending were $ 4.08 billion for 2016 , 25% ( 25 % ) lower than 2015 .', 'net revenues in equity securities were $ 2.57 billion , including $ 2.17 billion of net gains from private equities and $ 402 million in net gains from public equities .', 'net revenues in equity securities were 32% ( 32 % ) lower than 2015 , primarily reflecting a significant decrease in net gains from private equities , driven by company-specific events and corporate performance .', 'net revenues in debt securities and loans were $ 1.51 billion , 9% ( 9 % ) lower than 2015 , reflecting significantly lower net revenues related to relationship lending activities , due to the impact of changes in credit spreads on economic hedges .', 'losses related to these hedges were $ 596 million in 2016 , compared with gains of $ 329 million in 2015 .', 'this decrease was partially offset by higher net gains from investments in debt instruments and higher net interest income .', 'see note 9 to the consolidated financial statements for further information about economic hedges related to our relationship lending activities .', 'operating expenses were $ 2.39 billion for 2016 , essentially unchanged compared with 2015 .', 'pre-tax earnings were $ 1.69 billion in 2016 , 44% ( 44 % ) lower than 2015 .', 'goldman sachs 2017 form 10-k 61 .']

$ in millions | year ended december 2017 | year ended december 2016 | year ended december 2015 equity securities | $ 4578 | $ 2573 | $ 3781 debt securities and loans | 2003 | 1507 | 1655 total net revenues | 6581 | 4080 | 5436 operating expenses | 2796 | 2386 | 2402 pre-taxearnings | $ 3785 | $ 1694 | $ 3034

table_min(equity securities, none)

2573.0

what is the total return if $ 100000 are invested in fidelity national information system in 12/11 and sold in 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 **************************************** Follow-up: ['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. .']

2118100.0

FIS/2016/page_31.pdf-4

['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(311.81, const_100), divide(const_1000000, const_100), multiply(#1, #0)

2118100.0

what is the percentage of consolidated communities among the total communities?

Background: ['2022 level and volatility of interest or capitalization rates or capital market conditions ; 2022 loss of hedge accounting treatment for interest rate swaps ; 2022 the continuation of the good credit of our interest rate swap providers ; 2022 price volatility , dislocations and liquidity disruptions in the financial markets and the resulting impact on financing ; 2022 the effect of any rating agency actions on the cost and availability of new debt financing ; 2022 significant decline in market value of real estate serving as collateral for mortgage obligations ; 2022 significant change in the mortgage financing market that would cause single-family housing , either as an owned or rental product , to become a more significant competitive product ; 2022 our ability to continue to satisfy complex rules in order to maintain our status as a reit for federal income tax purposes , the ability of the operating partnership to satisfy the rules to maintain its status as a partnership for federal income tax purposes , the ability of our taxable reit subsidiaries to maintain their status as such for federal income tax purposes , and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules ; 2022 inability to attract and retain qualified personnel ; 2022 cyber liability or potential liability for breaches of our privacy or information security systems ; 2022 potential liability for environmental contamination ; 2022 adverse legislative or regulatory tax changes ; 2022 legal proceedings relating to various issues , which , among other things , could result in a class action lawsuit ; 2022 compliance costs associated with laws requiring access for disabled persons ; and 2022 other risks identified in this annual report on form 10-k including under the caption "item 1a .', 'risk factors" and , from time to time , in other reports we file with the securities and exchange commission , or the sec , or in other documents that we publicly disseminate .', 'new factors may also emerge from time to time that could have a material adverse effect on our business .', 'except as required by law , we undertake no obligation to publicly update or revise forward-looking statements contained in this annual report on form 10-k to reflect events , circumstances or changes in expectations after the date on which this annual report on form 10-k is filed .', 'item 1 .', 'business .', 'overview maa is a multifamily focused , self-administered and self-managed real estate investment trust , or reit .', 'we own , operate , acquire and selectively develop apartment communities located in the southeast , southwest and mid-atlantic regions of the united states .', 'as of december 31 , 2018 , we maintained full or partial ownership of apartment communities and commercial properties across 17 states and the district of columbia , summarized as follows: .'] Data Table: multifamily communities units consolidated 303 100595 unconsolidated 1 269 total 304 100864 commercial properties sq . ft. ( 1 ) consolidated 4 260000 Post-table: ['( 1 ) excludes commercial space located at our multifamily apartment communities , which totals approximately 615000 square feet of gross leasable space .', 'our business is conducted principally through the operating partnership .', 'maa is the sole general partner of the operating partnership , holding 113844267 op units , comprising a 96.5% ( 96.5 % ) partnership interest in the operating partnership as of december 31 , 2018 .', 'maa and maalp were formed in tennessee in 1993 .', 'as of december 31 , 2018 , we had 2508 full- time employees and 44 part-time employees. .']

0.99671

MAA/2018/page_19.pdf-2

['2022 level and volatility of interest or capitalization rates or capital market conditions ; 2022 loss of hedge accounting treatment for interest rate swaps ; 2022 the continuation of the good credit of our interest rate swap providers ; 2022 price volatility , dislocations and liquidity disruptions in the financial markets and the resulting impact on financing ; 2022 the effect of any rating agency actions on the cost and availability of new debt financing ; 2022 significant decline in market value of real estate serving as collateral for mortgage obligations ; 2022 significant change in the mortgage financing market that would cause single-family housing , either as an owned or rental product , to become a more significant competitive product ; 2022 our ability to continue to satisfy complex rules in order to maintain our status as a reit for federal income tax purposes , the ability of the operating partnership to satisfy the rules to maintain its status as a partnership for federal income tax purposes , the ability of our taxable reit subsidiaries to maintain their status as such for federal income tax purposes , and our ability and the ability of our subsidiaries to operate effectively within the limitations imposed by these rules ; 2022 inability to attract and retain qualified personnel ; 2022 cyber liability or potential liability for breaches of our privacy or information security systems ; 2022 potential liability for environmental contamination ; 2022 adverse legislative or regulatory tax changes ; 2022 legal proceedings relating to various issues , which , among other things , could result in a class action lawsuit ; 2022 compliance costs associated with laws requiring access for disabled persons ; and 2022 other risks identified in this annual report on form 10-k including under the caption "item 1a .', 'risk factors" and , from time to time , in other reports we file with the securities and exchange commission , or the sec , or in other documents that we publicly disseminate .', 'new factors may also emerge from time to time that could have a material adverse effect on our business .', 'except as required by law , we undertake no obligation to publicly update or revise forward-looking statements contained in this annual report on form 10-k to reflect events , circumstances or changes in expectations after the date on which this annual report on form 10-k is filed .', 'item 1 .', 'business .', 'overview maa is a multifamily focused , self-administered and self-managed real estate investment trust , or reit .', 'we own , operate , acquire and selectively develop apartment communities located in the southeast , southwest and mid-atlantic regions of the united states .', 'as of december 31 , 2018 , we maintained full or partial ownership of apartment communities and commercial properties across 17 states and the district of columbia , summarized as follows: .']

['( 1 ) excludes commercial space located at our multifamily apartment communities , which totals approximately 615000 square feet of gross leasable space .', 'our business is conducted principally through the operating partnership .', 'maa is the sole general partner of the operating partnership , holding 113844267 op units , comprising a 96.5% ( 96.5 % ) partnership interest in the operating partnership as of december 31 , 2018 .', 'maa and maalp were formed in tennessee in 1993 .', 'as of december 31 , 2018 , we had 2508 full- time employees and 44 part-time employees. .']

multifamily communities units consolidated 303 100595 unconsolidated 1 269 total 304 100864 commercial properties sq . ft. ( 1 ) consolidated 4 260000

divide(303, 304)

0.99671

what is the growth rate of the operating income from 2013 to 2014?

Pre-text: ['equity equity at december 31 , 2014 was $ 6.6 billion , a decrease of $ 1.6 billion from december 31 , 2013 .', 'the decrease resulted primarily due to share repurchases of $ 2.3 billion , $ 273 million of dividends to shareholders , and an increase in accumulated other comprehensive loss of $ 760 million , partially offset by net income of $ 1.4 billion .', 'the $ 760 million increase in accumulated other comprehensive loss from december 31 , 2013 , primarily reflects the following : 2022 negative net foreign currency translation adjustments of $ 504 million , which are attributable to the strengthening of the u.s .', 'dollar against certain foreign currencies , 2022 an increase of $ 260 million in net post-retirement benefit obligations , 2022 net derivative gains of $ 5 million , and 2022 net investment losses of $ 1 million .', 'review by segment general we serve clients through the following segments : 2022 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 our global distribution network .', '2022 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 .', 'risk solutions .'] ---- Table: ---------------------------------------- years ended december 31 ( millions except percentage data ), 2014, 2013, 2012 revenue, $ 7834, $ 7789, $ 7632 operating income, 1648, 1540, 1493 operating margin, 21.0% ( 21.0 % ), 19.8% ( 19.8 % ), 19.6% ( 19.6 % ) ---------------------------------------- ---- Additional Information: ['the demand for property and casualty insurance generally rises as the overall level of economic activity increases and generally falls as such activity decreases , affecting both the commissions and fees generated by our brokerage business .', 'the economic activity that impacts property and casualty insurance is described as exposure units , and is most closely correlated with employment levels , corporate revenue and asset values .', 'during 2014 , pricing was flat on average globally , and we would still consider this to be a "soft market." in a soft market , premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity .', 'changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the premiums paid by insureds .', 'additionally , continuing through 2014 , we faced difficult conditions as a result of continued weakness in the global economy , the repricing of credit risk and the deterioration of the financial markets .', "weak economic conditions in many markets around the globe have reduced our customers' demand for our retail brokerage and reinsurance brokerage products , which have had a negative impact on our operational results .", 'risk solutions generated approximately 65% ( 65 % ) of our consolidated total revenues in 2014 .', 'revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients .', "our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients' policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates .", 'we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage .', 'specifically , we address the highly specialized .']

0.07013

AON/2014/page_45.pdf-3

['equity equity at december 31 , 2014 was $ 6.6 billion , a decrease of $ 1.6 billion from december 31 , 2013 .', 'the decrease resulted primarily due to share repurchases of $ 2.3 billion , $ 273 million of dividends to shareholders , and an increase in accumulated other comprehensive loss of $ 760 million , partially offset by net income of $ 1.4 billion .', 'the $ 760 million increase in accumulated other comprehensive loss from december 31 , 2013 , primarily reflects the following : 2022 negative net foreign currency translation adjustments of $ 504 million , which are attributable to the strengthening of the u.s .', 'dollar against certain foreign currencies , 2022 an increase of $ 260 million in net post-retirement benefit obligations , 2022 net derivative gains of $ 5 million , and 2022 net investment losses of $ 1 million .', 'review by segment general we serve clients through the following segments : 2022 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 our global distribution network .', '2022 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 .', 'risk solutions .']

['the demand for property and casualty insurance generally rises as the overall level of economic activity increases and generally falls as such activity decreases , affecting both the commissions and fees generated by our brokerage business .', 'the economic activity that impacts property and casualty insurance is described as exposure units , and is most closely correlated with employment levels , corporate revenue and asset values .', 'during 2014 , pricing was flat on average globally , and we would still consider this to be a "soft market." in a soft market , premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity .', 'changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the premiums paid by insureds .', 'additionally , continuing through 2014 , we faced difficult conditions as a result of continued weakness in the global economy , the repricing of credit risk and the deterioration of the financial markets .', "weak economic conditions in many markets around the globe have reduced our customers' demand for our retail brokerage and reinsurance brokerage products , which have had a negative impact on our operational results .", 'risk solutions generated approximately 65% ( 65 % ) of our consolidated total revenues in 2014 .', 'revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients .', "our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients' policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates .", 'we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage .', 'specifically , we address the highly specialized .']

---------------------------------------- years ended december 31 ( millions except percentage data ), 2014, 2013, 2012 revenue, $ 7834, $ 7789, $ 7632 operating income, 1648, 1540, 1493 operating margin, 21.0% ( 21.0 % ), 19.8% ( 19.8 % ), 19.6% ( 19.6 % ) ----------------------------------------

subtract(1648, 1540), divide(#0, 1540)

0.07013

what is the growth rate in operating income from 2015 to 2016?

Pre-text: ['2016 compared with 2015 net gains on investments of $ 57 million in 2016 decreased $ 52 million from 2015 due to lower net gains in 2016 .', 'net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment .', 'interest and dividend income increased $ 14 million from 2015 primarily due to higher dividend income in 2016 .', '2015 compared with 2014 net gains on investments of $ 109 million in 2015 decreased $ 45 million from 2014 due to lower net gains in 2015 .', 'net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment .', 'net gains on investments in 2014 included the positive impact of the monetization of a nonstrategic , opportunistic private equity investment .', 'interest expense decreased $ 28 million from 2014 primarily due to repayments of long-term borrowings in the fourth quarter of 2014 .', 'income tax expense .'] Table: ---------------------------------------- Row 1: ( in millions ), gaap 2016, gaap 2015, gaap 2014, gaap 2016, gaap 2015, 2014 Row 2: operating income ( 1 ), $ 4570, $ 4664, $ 4474, $ 4674, $ 4695, $ 4563 Row 3: total nonoperating income ( expense ) ( 1 ) ( 2 ), -108 ( 108 ), -69 ( 69 ), -49 ( 49 ), -108 ( 108 ), -70 ( 70 ), -56 ( 56 ) Row 4: income before income taxes ( 2 ), $ 4462, $ 4595, $ 4425, $ 4566, $ 4625, $ 4507 Row 5: income tax expense, $ 1290, $ 1250, $ 1131, $ 1352, $ 1312, $ 1197 Row 6: effective tax rate, 28.9% ( 28.9 % ), 27.2% ( 27.2 % ), 25.6% ( 25.6 % ), 29.6% ( 29.6 % ), 28.4% ( 28.4 % ), 26.6% ( 26.6 % ) ---------------------------------------- Additional Information: ['( 1 ) see non-gaap financial measures for further information on and reconciliation of as adjusted items .', '( 2 ) net of net income ( loss ) attributable to nci .', 'the company 2019s tax rate is affected by tax rates in foreign jurisdictions and the relative amount of income earned in those jurisdictions , which the company expects to be fairly consistent in the near term .', 'the significant foreign jurisdictions that have lower statutory tax rates than the u.s .', 'federal statutory rate of 35% ( 35 % ) include the united kingdom , channel islands , ireland and canada .', 'u.s .', 'income taxes were not provided for certain undistributed foreign earnings intended to be indefinitely reinvested outside the united states .', '2016 .', 'income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 30 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 65 million of nonrecurring items , including the resolution of certain outstanding tax matters .', 'the as adjusted effective tax rate of 29.6% ( 29.6 % ) for 2016 excluded the net noncash benefit of $ 30 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented .', '2015 .', 'income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 54 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 75 million of nonrecurring items , primarily due to the realization of losses from changes in the company 2019s organizational tax structure and the resolution of certain outstanding tax matters .', 'the as adjusted effective tax rate of 28.4% ( 28.4 % ) for 2015 excluded the net noncash benefit of $ 54 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented .', '2014 .', 'income tax expense ( gaap ) reflected : 2022 a $ 94 million tax benefit , primarily due to the resolution of certain outstanding tax matters related to the acquisition of bgi , including the previously mentioned $ 50 million tax benefit ( see executive summary for more information ) ; 2022 a $ 73 million net tax benefit related to several favorable nonrecurring items ; and 2022 a net noncash benefit of $ 9 million associated with the revaluation of deferred income tax liabilities .', 'the as adjusted effective tax rate of 26.6% ( 26.6 % ) for 2014 excluded the $ 9 million net noncash benefit as it will not have a cash flow impact and to ensure comparability among periods presented and the $ 50 million tax benefit mentioned above .', 'the $ 50 million general and administrative expense and $ 50 million tax benefit have been excluded from as adjusted results as there is no impact on blackrock 2019s book value .', 'balance sheet overview as adjusted balance sheet the following table presents a reconciliation of the consolidated statement of financial condition presented on a gaap basis to the consolidated statement of financial condition , excluding the impact of separate account assets and separate account collateral held under securities lending agreements ( directly related to lending separate account securities ) and separate account liabilities and separate account collateral liabilities under securities lending agreements and consolidated sponsored investment funds , including consolidated vies .', 'the company presents the as adjusted balance sheet as additional information to enable investors to exclude certain .']

-0.02015

BLK/2016/page_75.pdf-3

['2016 compared with 2015 net gains on investments of $ 57 million in 2016 decreased $ 52 million from 2015 due to lower net gains in 2016 .', 'net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment .', 'interest and dividend income increased $ 14 million from 2015 primarily due to higher dividend income in 2016 .', '2015 compared with 2014 net gains on investments of $ 109 million in 2015 decreased $ 45 million from 2014 due to lower net gains in 2015 .', 'net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment .', 'net gains on investments in 2014 included the positive impact of the monetization of a nonstrategic , opportunistic private equity investment .', 'interest expense decreased $ 28 million from 2014 primarily due to repayments of long-term borrowings in the fourth quarter of 2014 .', 'income tax expense .']

['( 1 ) see non-gaap financial measures for further information on and reconciliation of as adjusted items .', '( 2 ) net of net income ( loss ) attributable to nci .', 'the company 2019s tax rate is affected by tax rates in foreign jurisdictions and the relative amount of income earned in those jurisdictions , which the company expects to be fairly consistent in the near term .', 'the significant foreign jurisdictions that have lower statutory tax rates than the u.s .', 'federal statutory rate of 35% ( 35 % ) include the united kingdom , channel islands , ireland and canada .', 'u.s .', 'income taxes were not provided for certain undistributed foreign earnings intended to be indefinitely reinvested outside the united states .', '2016 .', 'income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 30 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 65 million of nonrecurring items , including the resolution of certain outstanding tax matters .', 'the as adjusted effective tax rate of 29.6% ( 29.6 % ) for 2016 excluded the net noncash benefit of $ 30 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented .', '2015 .', 'income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 54 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 75 million of nonrecurring items , primarily due to the realization of losses from changes in the company 2019s organizational tax structure and the resolution of certain outstanding tax matters .', 'the as adjusted effective tax rate of 28.4% ( 28.4 % ) for 2015 excluded the net noncash benefit of $ 54 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented .', '2014 .', 'income tax expense ( gaap ) reflected : 2022 a $ 94 million tax benefit , primarily due to the resolution of certain outstanding tax matters related to the acquisition of bgi , including the previously mentioned $ 50 million tax benefit ( see executive summary for more information ) ; 2022 a $ 73 million net tax benefit related to several favorable nonrecurring items ; and 2022 a net noncash benefit of $ 9 million associated with the revaluation of deferred income tax liabilities .', 'the as adjusted effective tax rate of 26.6% ( 26.6 % ) for 2014 excluded the $ 9 million net noncash benefit as it will not have a cash flow impact and to ensure comparability among periods presented and the $ 50 million tax benefit mentioned above .', 'the $ 50 million general and administrative expense and $ 50 million tax benefit have been excluded from as adjusted results as there is no impact on blackrock 2019s book value .', 'balance sheet overview as adjusted balance sheet the following table presents a reconciliation of the consolidated statement of financial condition presented on a gaap basis to the consolidated statement of financial condition , excluding the impact of separate account assets and separate account collateral held under securities lending agreements ( directly related to lending separate account securities ) and separate account liabilities and separate account collateral liabilities under securities lending agreements and consolidated sponsored investment funds , including consolidated vies .', 'the company presents the as adjusted balance sheet as additional information to enable investors to exclude certain .']

---------------------------------------- Row 1: ( in millions ), gaap 2016, gaap 2015, gaap 2014, gaap 2016, gaap 2015, 2014 Row 2: operating income ( 1 ), $ 4570, $ 4664, $ 4474, $ 4674, $ 4695, $ 4563 Row 3: total nonoperating income ( expense ) ( 1 ) ( 2 ), -108 ( 108 ), -69 ( 69 ), -49 ( 49 ), -108 ( 108 ), -70 ( 70 ), -56 ( 56 ) Row 4: income before income taxes ( 2 ), $ 4462, $ 4595, $ 4425, $ 4566, $ 4625, $ 4507 Row 5: income tax expense, $ 1290, $ 1250, $ 1131, $ 1352, $ 1312, $ 1197 Row 6: effective tax rate, 28.9% ( 28.9 % ), 27.2% ( 27.2 % ), 25.6% ( 25.6 % ), 29.6% ( 29.6 % ), 28.4% ( 28.4 % ), 26.6% ( 26.6 % ) ----------------------------------------

subtract(4570, 4664), divide(#0, 4664)

-0.02015

what was the percentage increase in the cash provided by operating activities from 2015 to 2016

Context: ['to , rather than as a substitute for , cash provided by operating activities .', 'the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : .'] ------ Data Table: • millions, 2016, 2015, 2014 • cash provided by operating activities, $ 7525, $ 7344, $ 7385 • cash used in investing activities, -3393 ( 3393 ), -4476 ( 4476 ), -4249 ( 4249 ) • dividends paid, -1879 ( 1879 ), -2344 ( 2344 ), -1632 ( 1632 ) • free cash flow, $ 2253, $ 524, $ 1504 ------ Post-table: ['2017 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve .', 'we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , training and employee engagement , quality control , and targeted capital investments .', 'we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety .', 'we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network .', 'f0b7 network operations 2013 in 2017 , we will continue to align resources with customer demand , maintain an efficient network , and ensure surge capability with our assets .', 'f0b7 fuel prices 2013 fuel price projections for crude oil and natural gas continue to fluctuate in the current environment .', 'we again could see volatile fuel prices during the year , as they are sensitive to global and u.s .', 'domestic demand , refining capacity , geopolitical events , weather conditions and other factors .', 'as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail increases or decreases in fuel price by approximately two months .', 'continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport .', 'alternatively , lower fuel prices could likely have a negative impact on other commodities such as coal and domestic drilling-related shipments .', 'f0b7 capital plan 2013 in 2017 , we expect our capital plan to be approximately $ 3.1 billion , including expenditures for ptc , approximately 60 locomotives scheduled to be delivered , and intermodal containers and chassis , and freight cars .', 'the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .', '( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels .', 'we expect volume to grow in the low single digit range in 2017 compared to 2016 , but it will depend on the overall economy and market conditions .', 'one of the more significant uncertainties is the outlook for energy markets , which will bring both challenges and opportunities .', 'in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise .', 'over the longer term , we expect the overall u.s .', 'economy to continue to improve at a modest pace , with some markets outperforming others. .']

0.02465

UNP/2016/page_24.pdf-1

['to , rather than as a substitute for , cash provided by operating activities .', 'the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : .']

['2017 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve .', 'we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , training and employee engagement , quality control , and targeted capital investments .', 'we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety .', 'we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network .', 'f0b7 network operations 2013 in 2017 , we will continue to align resources with customer demand , maintain an efficient network , and ensure surge capability with our assets .', 'f0b7 fuel prices 2013 fuel price projections for crude oil and natural gas continue to fluctuate in the current environment .', 'we again could see volatile fuel prices during the year , as they are sensitive to global and u.s .', 'domestic demand , refining capacity , geopolitical events , weather conditions and other factors .', 'as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail increases or decreases in fuel price by approximately two months .', 'continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport .', 'alternatively , lower fuel prices could likely have a negative impact on other commodities such as coal and domestic drilling-related shipments .', 'f0b7 capital plan 2013 in 2017 , we expect our capital plan to be approximately $ 3.1 billion , including expenditures for ptc , approximately 60 locomotives scheduled to be delivered , and intermodal containers and chassis , and freight cars .', 'the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .', '( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels .', 'we expect volume to grow in the low single digit range in 2017 compared to 2016 , but it will depend on the overall economy and market conditions .', 'one of the more significant uncertainties is the outlook for energy markets , which will bring both challenges and opportunities .', 'in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise .', 'over the longer term , we expect the overall u.s .', 'economy to continue to improve at a modest pace , with some markets outperforming others. .']

• millions, 2016, 2015, 2014 • cash provided by operating activities, $ 7525, $ 7344, $ 7385 • cash used in investing activities, -3393 ( 3393 ), -4476 ( 4476 ), -4249 ( 4249 ) • dividends paid, -1879 ( 1879 ), -2344 ( 2344 ), -1632 ( 1632 ) • free cash flow, $ 2253, $ 524, $ 1504

subtract(7525, 7344), divide(#0, 7344)

0.02465

for 2017 what was net interest income on average managed interest-earning assets in us$ m?

Pre-text: ['jpmorgan chase & co./2017 annual report 53 net interest income excluding cib 2019s markets businesses in addition to reviewing net interest income on a managed basis , management also reviews net interest income excluding net interest income arising from cib 2019s markets businesses to assess the performance of the firm 2019s lending , investing ( including asset-liability management ) and deposit-raising activities .', 'this net interest income is referred to as non-markets related net interest income .', 'cib 2019s markets businesses are fixed income markets and equity markets .', 'management believes that disclosure of non-markets related net interest income provides investors and analysts with another measure by which to analyze the non-markets-related business trends of the firm and provides a comparable measure to other financial institutions that are primarily focused on lending , investing and deposit-raising activities .', 'the data presented below are non-gaap financial measures due to the exclusion of markets related net interest income arising from cib .', 'year ended december 31 , ( in millions , except rates ) 2017 2016 2015 net interest income 2013 managed basis ( a ) ( b ) $ 51410 $ 47292 $ 44620 less : cib markets net interest income ( c ) 4630 6334 5298 net interest income excluding cib markets ( a ) $ 46780 $ 40958 $ 39322 average interest-earning assets $ 2180592 $ 2101604 $ 2088242 less : average cib markets interest-earning assets ( c ) 540835 520307 510292 average interest-earning assets excluding cib markets $ 1639757 $ 1581297 $ 1577950 net interest yield on average interest-earning assets 2013 managed basis 2.36% ( 2.36 % ) 2.25% ( 2.25 % ) 2.14% ( 2.14 % ) net interest yield on average cib markets interest-earning assets ( c ) 0.86 1.22 1.04 net interest yield on average interest-earning assets excluding cib markets 2.85% ( 2.85 % ) 2.59% ( 2.59 % ) 2.49% ( 2.49 % ) ( a ) interest includes the effect of related hedges .', 'taxable-equivalent amounts are used where applicable .', '( b ) for a reconciliation of net interest income on a reported and managed basis , see reconciliation from the firm 2019s reported u.s .', 'gaap results to managed basis on page 52 .', '( c ) the amounts in this table differ from the prior-period presentation to align with cib 2019s markets businesses .', 'for further information on cib 2019s markets businesses , see page 65 .', 'calculation of certain u.s .', 'gaap and non-gaap financial measures certain u.s .', 'gaap and non-gaap financial measures are calculated as follows : book value per share ( 201cbvps 201d ) common stockholders 2019 equity at period-end / common shares at period-end overhead ratio total noninterest expense / total net revenue return on assets ( 201croa 201d ) reported net income / total average assets return on common equity ( 201croe 201d ) net income* / average common stockholders 2019 equity return on tangible common equity ( 201crotce 201d ) net income* / average tangible common equity tangible book value per share ( 201ctbvps 201d ) tangible common equity at period-end / common shares at period-end * represents net income applicable to common equity .'] #### Tabular Data: ======================================== year ended december 31 ( in millions except rates ) | 2017 | 2016 | 2015 ----------|----------|----------|---------- net interest income 2013 managed basis ( a ) ( b ) | $ 51410 | $ 47292 | $ 44620 less : cib markets net interest income ( c ) | 4630 | 6334 | 5298 net interest income excluding cib markets ( a ) | $ 46780 | $ 40958 | $ 39322 average interest-earning assets | $ 2180592 | $ 2101604 | $ 2088242 less : average cib markets interest-earning assets ( c ) | 540835 | 520307 | 510292 average interest-earning assets excluding cib markets | $ 1639757 | $ 1581297 | $ 1577950 net interest yield on average interest-earning assets 2013 managed basis | 2.36% ( 2.36 % ) | 2.25% ( 2.25 % ) | 2.14% ( 2.14 % ) net interest yield on average cib markets interest-earning assets ( c ) | 0.86 | 1.22 | 1.04 net interest yield on average interest-earning assets excluding cib markets | 2.85% ( 2.85 % ) | 2.59% ( 2.59 % ) | 2.49% ( 2.49 % ) ======================================== #### Follow-up: ['jpmorgan chase & co./2017 annual report 53 net interest income excluding cib 2019s markets businesses in addition to reviewing net interest income on a managed basis , management also reviews net interest income excluding net interest income arising from cib 2019s markets businesses to assess the performance of the firm 2019s lending , investing ( including asset-liability management ) and deposit-raising activities .', 'this net interest income is referred to as non-markets related net interest income .', 'cib 2019s markets businesses are fixed income markets and equity markets .', 'management believes that disclosure of non-markets related net interest income provides investors and analysts with another measure by which to analyze the non-markets-related business trends of the firm and provides a comparable measure to other financial institutions that are primarily focused on lending , investing and deposit-raising activities .', 'the data presented below are non-gaap financial measures due to the exclusion of markets related net interest income arising from cib .', 'year ended december 31 , ( in millions , except rates ) 2017 2016 2015 net interest income 2013 managed basis ( a ) ( b ) $ 51410 $ 47292 $ 44620 less : cib markets net interest income ( c ) 4630 6334 5298 net interest income excluding cib markets ( a ) $ 46780 $ 40958 $ 39322 average interest-earning assets $ 2180592 $ 2101604 $ 2088242 less : average cib markets interest-earning assets ( c ) 540835 520307 510292 average interest-earning assets excluding cib markets $ 1639757 $ 1581297 $ 1577950 net interest yield on average interest-earning assets 2013 managed basis 2.36% ( 2.36 % ) 2.25% ( 2.25 % ) 2.14% ( 2.14 % ) net interest yield on average cib markets interest-earning assets ( c ) 0.86 1.22 1.04 net interest yield on average interest-earning assets excluding cib markets 2.85% ( 2.85 % ) 2.59% ( 2.59 % ) 2.49% ( 2.49 % ) ( a ) interest includes the effect of related hedges .', 'taxable-equivalent amounts are used where applicable .', '( b ) for a reconciliation of net interest income on a reported and managed basis , see reconciliation from the firm 2019s reported u.s .', 'gaap results to managed basis on page 52 .', '( c ) the amounts in this table differ from the prior-period presentation to align with cib 2019s markets businesses .', 'for further information on cib 2019s markets businesses , see page 65 .', 'calculation of certain u.s .', 'gaap and non-gaap financial measures certain u.s .', 'gaap and non-gaap financial measures are calculated as follows : book value per share ( 201cbvps 201d ) common stockholders 2019 equity at period-end / common shares at period-end overhead ratio total noninterest expense / total net revenue return on assets ( 201croa 201d ) reported net income / total average assets return on common equity ( 201croe 201d ) net income* / average common stockholders 2019 equity return on tangible common equity ( 201crotce 201d ) net income* / average tangible common equity tangible book value per share ( 201ctbvps 201d ) tangible common equity at period-end / common shares at period-end * represents net income applicable to common equity .']

51461.9712

JPM/2017/page_83.pdf-3

['jpmorgan chase & co./2017 annual report 53 net interest income excluding cib 2019s markets businesses in addition to reviewing net interest income on a managed basis , management also reviews net interest income excluding net interest income arising from cib 2019s markets businesses to assess the performance of the firm 2019s lending , investing ( including asset-liability management ) and deposit-raising activities .', 'this net interest income is referred to as non-markets related net interest income .', 'cib 2019s markets businesses are fixed income markets and equity markets .', 'management believes that disclosure of non-markets related net interest income provides investors and analysts with another measure by which to analyze the non-markets-related business trends of the firm and provides a comparable measure to other financial institutions that are primarily focused on lending , investing and deposit-raising activities .', 'the data presented below are non-gaap financial measures due to the exclusion of markets related net interest income arising from cib .', 'year ended december 31 , ( in millions , except rates ) 2017 2016 2015 net interest income 2013 managed basis ( a ) ( b ) $ 51410 $ 47292 $ 44620 less : cib markets net interest income ( c ) 4630 6334 5298 net interest income excluding cib markets ( a ) $ 46780 $ 40958 $ 39322 average interest-earning assets $ 2180592 $ 2101604 $ 2088242 less : average cib markets interest-earning assets ( c ) 540835 520307 510292 average interest-earning assets excluding cib markets $ 1639757 $ 1581297 $ 1577950 net interest yield on average interest-earning assets 2013 managed basis 2.36% ( 2.36 % ) 2.25% ( 2.25 % ) 2.14% ( 2.14 % ) net interest yield on average cib markets interest-earning assets ( c ) 0.86 1.22 1.04 net interest yield on average interest-earning assets excluding cib markets 2.85% ( 2.85 % ) 2.59% ( 2.59 % ) 2.49% ( 2.49 % ) ( a ) interest includes the effect of related hedges .', 'taxable-equivalent amounts are used where applicable .', '( b ) for a reconciliation of net interest income on a reported and managed basis , see reconciliation from the firm 2019s reported u.s .', 'gaap results to managed basis on page 52 .', '( c ) the amounts in this table differ from the prior-period presentation to align with cib 2019s markets businesses .', 'for further information on cib 2019s markets businesses , see page 65 .', 'calculation of certain u.s .', 'gaap and non-gaap financial measures certain u.s .', 'gaap and non-gaap financial measures are calculated as follows : book value per share ( 201cbvps 201d ) common stockholders 2019 equity at period-end / common shares at period-end overhead ratio total noninterest expense / total net revenue return on assets ( 201croa 201d ) reported net income / total average assets return on common equity ( 201croe 201d ) net income* / average common stockholders 2019 equity return on tangible common equity ( 201crotce 201d ) net income* / average tangible common equity tangible book value per share ( 201ctbvps 201d ) tangible common equity at period-end / common shares at period-end * represents net income applicable to common equity .']

['jpmorgan chase & co./2017 annual report 53 net interest income excluding cib 2019s markets businesses in addition to reviewing net interest income on a managed basis , management also reviews net interest income excluding net interest income arising from cib 2019s markets businesses to assess the performance of the firm 2019s lending , investing ( including asset-liability management ) and deposit-raising activities .', 'this net interest income is referred to as non-markets related net interest income .', 'cib 2019s markets businesses are fixed income markets and equity markets .', 'management believes that disclosure of non-markets related net interest income provides investors and analysts with another measure by which to analyze the non-markets-related business trends of the firm and provides a comparable measure to other financial institutions that are primarily focused on lending , investing and deposit-raising activities .', 'the data presented below are non-gaap financial measures due to the exclusion of markets related net interest income arising from cib .', 'year ended december 31 , ( in millions , except rates ) 2017 2016 2015 net interest income 2013 managed basis ( a ) ( b ) $ 51410 $ 47292 $ 44620 less : cib markets net interest income ( c ) 4630 6334 5298 net interest income excluding cib markets ( a ) $ 46780 $ 40958 $ 39322 average interest-earning assets $ 2180592 $ 2101604 $ 2088242 less : average cib markets interest-earning assets ( c ) 540835 520307 510292 average interest-earning assets excluding cib markets $ 1639757 $ 1581297 $ 1577950 net interest yield on average interest-earning assets 2013 managed basis 2.36% ( 2.36 % ) 2.25% ( 2.25 % ) 2.14% ( 2.14 % ) net interest yield on average cib markets interest-earning assets ( c ) 0.86 1.22 1.04 net interest yield on average interest-earning assets excluding cib markets 2.85% ( 2.85 % ) 2.59% ( 2.59 % ) 2.49% ( 2.49 % ) ( a ) interest includes the effect of related hedges .', 'taxable-equivalent amounts are used where applicable .', '( b ) for a reconciliation of net interest income on a reported and managed basis , see reconciliation from the firm 2019s reported u.s .', 'gaap results to managed basis on page 52 .', '( c ) the amounts in this table differ from the prior-period presentation to align with cib 2019s markets businesses .', 'for further information on cib 2019s markets businesses , see page 65 .', 'calculation of certain u.s .', 'gaap and non-gaap financial measures certain u.s .', 'gaap and non-gaap financial measures are calculated as follows : book value per share ( 201cbvps 201d ) common stockholders 2019 equity at period-end / common shares at period-end overhead ratio total noninterest expense / total net revenue return on assets ( 201croa 201d ) reported net income / total average assets return on common equity ( 201croe 201d ) net income* / average common stockholders 2019 equity return on tangible common equity ( 201crotce 201d ) net income* / average tangible common equity tangible book value per share ( 201ctbvps 201d ) tangible common equity at period-end / common shares at period-end * represents net income applicable to common equity .']

======================================== year ended december 31 ( in millions except rates ) | 2017 | 2016 | 2015 ----------|----------|----------|---------- net interest income 2013 managed basis ( a ) ( b ) | $ 51410 | $ 47292 | $ 44620 less : cib markets net interest income ( c ) | 4630 | 6334 | 5298 net interest income excluding cib markets ( a ) | $ 46780 | $ 40958 | $ 39322 average interest-earning assets | $ 2180592 | $ 2101604 | $ 2088242 less : average cib markets interest-earning assets ( c ) | 540835 | 520307 | 510292 average interest-earning assets excluding cib markets | $ 1639757 | $ 1581297 | $ 1577950 net interest yield on average interest-earning assets 2013 managed basis | 2.36% ( 2.36 % ) | 2.25% ( 2.25 % ) | 2.14% ( 2.14 % ) net interest yield on average cib markets interest-earning assets ( c ) | 0.86 | 1.22 | 1.04 net interest yield on average interest-earning assets excluding cib markets | 2.85% ( 2.85 % ) | 2.59% ( 2.59 % ) | 2.49% ( 2.49 % ) ========================================

multiply(2.36%, 2180592)

51461.9712

what percentage of the total purchase price consideration was identifiable intangible assets?

Context: ['synopsys , inc .', 'notes to consolidated financial statements 2014 ( continued ) and other electronic applications markets .', 'the company believes the acquisition will expand its technology portfolio , channel reach and total addressable market by adding complementary products and expertise for fpga solutions and rapid asic prototyping .', 'purchase price .', 'synopsys paid $ 8.00 per share for all outstanding shares including certain vested options of synplicity for an aggregate cash payment of $ 223.3 million .', 'additionally , synopsys assumed certain employee stock options and restricted stock units , collectively called 201cstock awards . 201d the total purchase consideration consisted of: .'] Table: ---------------------------------------- , ( in thousands ) cash paid net of cash acquired, $ 180618 fair value of assumed vested or earned stock awards, 4169 acquisition related costs, 8016 total purchase price consideration, $ 192803 ---------------------------------------- Post-table: ['acquisition related costs consist primarily of professional services , severance and employee related costs and facilities closure costs of which $ 6.8 million have been paid as of october 31 , 2009 .', 'fair value of stock awards assumed .', 'an aggregate of 4.7 million shares of synplicity stock options and restricted stock units were exchanged for synopsys stock options and restricted stock units at an exchange ratio of 0.3392 per share .', 'the fair value of stock options assumed was determined using a black-scholes valuation model .', 'the fair value of stock awards vested or earned of $ 4.2 million was included as part of the purchase price .', 'the fair value of unvested awards of $ 5.0 million will be recorded as operating expense over the remaining service periods on a straight-line basis .', 'purchase price allocation .', 'the company allocated $ 80.0 million of the purchase price to identifiable intangible assets to be amortized over two to seven years .', 'in-process research and development expense related to these acquisitions was $ 4.8 million .', 'goodwill , representing the excess of the purchase price over the fair value of tangible and identifiable intangible assets acquired , was $ 120.3 million and will not be amortized .', 'goodwill primarily resulted from the company 2019s expectation of cost synergies and sales growth from the integration of synplicity 2019s technology with the company 2019s technology and operations to provide an expansion of products and market reach .', 'fiscal 2007 acquisitions during fiscal year 2007 , the company completed certain purchase acquisitions for cash .', 'the company allocated the total purchase considerations of $ 54.8 million ( which included acquisition related costs of $ 1.4 million ) to the assets and liabilities acquired , including identifiable intangible assets , based on their respective fair values at the acquisition dates , resulting in aggregate goodwill of $ 36.6 million .', 'acquired identifiable intangible assets of $ 14.3 million are being amortized over two to nine years .', 'in-process research and development expense related to these acquisitions was $ 3.2 million. .']

0.41493

SNPS/2009/page_59.pdf-3

['synopsys , inc .', 'notes to consolidated financial statements 2014 ( continued ) and other electronic applications markets .', 'the company believes the acquisition will expand its technology portfolio , channel reach and total addressable market by adding complementary products and expertise for fpga solutions and rapid asic prototyping .', 'purchase price .', 'synopsys paid $ 8.00 per share for all outstanding shares including certain vested options of synplicity for an aggregate cash payment of $ 223.3 million .', 'additionally , synopsys assumed certain employee stock options and restricted stock units , collectively called 201cstock awards . 201d the total purchase consideration consisted of: .']

['acquisition related costs consist primarily of professional services , severance and employee related costs and facilities closure costs of which $ 6.8 million have been paid as of october 31 , 2009 .', 'fair value of stock awards assumed .', 'an aggregate of 4.7 million shares of synplicity stock options and restricted stock units were exchanged for synopsys stock options and restricted stock units at an exchange ratio of 0.3392 per share .', 'the fair value of stock options assumed was determined using a black-scholes valuation model .', 'the fair value of stock awards vested or earned of $ 4.2 million was included as part of the purchase price .', 'the fair value of unvested awards of $ 5.0 million will be recorded as operating expense over the remaining service periods on a straight-line basis .', 'purchase price allocation .', 'the company allocated $ 80.0 million of the purchase price to identifiable intangible assets to be amortized over two to seven years .', 'in-process research and development expense related to these acquisitions was $ 4.8 million .', 'goodwill , representing the excess of the purchase price over the fair value of tangible and identifiable intangible assets acquired , was $ 120.3 million and will not be amortized .', 'goodwill primarily resulted from the company 2019s expectation of cost synergies and sales growth from the integration of synplicity 2019s technology with the company 2019s technology and operations to provide an expansion of products and market reach .', 'fiscal 2007 acquisitions during fiscal year 2007 , the company completed certain purchase acquisitions for cash .', 'the company allocated the total purchase considerations of $ 54.8 million ( which included acquisition related costs of $ 1.4 million ) to the assets and liabilities acquired , including identifiable intangible assets , based on their respective fair values at the acquisition dates , resulting in aggregate goodwill of $ 36.6 million .', 'acquired identifiable intangible assets of $ 14.3 million are being amortized over two to nine years .', 'in-process research and development expense related to these acquisitions was $ 3.2 million. .']

---------------------------------------- , ( in thousands ) cash paid net of cash acquired, $ 180618 fair value of assumed vested or earned stock awards, 4169 acquisition related costs, 8016 total purchase price consideration, $ 192803 ----------------------------------------

multiply(80.0, const_1000), divide(#0, 192803)

0.41493

what was the percent change in salaries and employee benefits between 1999 and 2000?

Pre-text: ['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 ) .'] ---- Table: **************************************** Row 1: ( dollars in millions ), 2001, 2000, 1999, change 00-01, adjusted change 00-01 ( 1 ) Row 2: salaries and employee benefits, $ 1663, $ 1524, $ 1313, 9% ( 9 % ), 11% ( 11 % ) Row 3: information systems and communications, 365, 305, 287, 20, 22 Row 4: transaction processing services, 247, 268, 237, -8 ( 8 ), -7 ( 7 ) Row 5: occupancy, 229, 201, 188, 15, 16 Row 6: other, 363, 346, 311, 5, 7 Row 7: total operating expenses, $ 2867, $ 2644, $ 2336, 8, 10 Row 8: 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 .']

0.1607

STT/2001/page_41.pdf-2

['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 .']

**************************************** Row 1: ( dollars in millions ), 2001, 2000, 1999, change 00-01, adjusted change 00-01 ( 1 ) Row 2: salaries and employee benefits, $ 1663, $ 1524, $ 1313, 9% ( 9 % ), 11% ( 11 % ) Row 3: information systems and communications, 365, 305, 287, 20, 22 Row 4: transaction processing services, 247, 268, 237, -8 ( 8 ), -7 ( 7 ) Row 5: occupancy, 229, 201, 188, 15, 16 Row 6: other, 363, 346, 311, 5, 7 Row 7: total operating expenses, $ 2867, $ 2644, $ 2336, 8, 10 Row 8: number of employees, 19753, 17604, 17213, 12, ****************************************

subtract(1524, 1313), divide(#0, 1313)

0.1607

as of december 31 , 2016 what percentage by square feet of major facilities are owned?

Background: ['there are inherent limitations on the effectiveness of our controls .', 'we do not expect that our disclosure controls or our internal control over financial reporting will prevent or detect all errors and all fraud .', 'a control system , no matter how well-designed and operated , can provide only reasonable , not absolute , assurance that the control system 2019s objectives will be met .', 'the design of a control system must reflect the fact that resource constraints exist , and the benefits of controls must be considered relative to their costs .', 'further , because of the inherent limitations in all control systems , no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud , if any , have been detected .', 'the design of any system of controls is based in part on certain assumptions about the likelihood of future events , and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions .', 'projections of any evaluation of the effectiveness of controls to future periods are subject to risks .', 'over time , controls may become inadequate due to changes in conditions or deterioration in the degree of compliance with policies or procedures .', 'if our controls become inadequate , we could fail to meet our financial reporting obligations , our reputation may be adversely affected , our business and operating results could be harmed , and the market price of our stock could decline .', 'item 1b .', 'unresolved staff comments not applicable .', 'item 2 .', 'properties as of december 31 , 2016 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '31.5 19.2 50.7 leased facilities2 .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '2.5 7.1 9.6 .'] ------ Data Table: ( square feet in millions ) | unitedstates | othercountries | total owned facilities1 | 31.5 | 19.2 | 50.7 leased facilities2 | 2.5 | 7.1 | 9.6 total facilities | 34.0 | 26.3 | 60.3 ------ Post-table: ['1 leases and municipal grants on portions of the land used for these facilities expire on varying dates through 2109 .', '2 leases expire on varying dates through 2058 and generally include renewals at our option .', 'our principal executive offices are located in the u.s .', 'and the majority of our wafer manufacturing activities in 2016 were also located in the u.s .', 'one of our arizona wafer fabrication facilities is currently on hold and held in a safe state , and we are reserving the building for additional capacity and future technologies .', 'incremental construction and equipment installation are required to ready the facility for its intended use .', 'for more information on our wafer fabrication and our assembly and test facilities , see 201cmanufacturing and assembly and test 201d in part i , item 1 of this form 10-k .', 'we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it .', 'we do not identify or allocate assets by operating segment .', 'for information on net property , plant and equipment by country , see 201cnote 4 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k .', 'item 3 .', 'legal proceedings for a discussion of legal proceedings , see 201cnote 20 : commitments and contingencies 201d in part ii , item 8 of this form 10-k .', 'item 4 .', 'mine safety disclosures not applicable. .']

0.8408

INTC/2016/page_33.pdf-1

['there are inherent limitations on the effectiveness of our controls .', 'we do not expect that our disclosure controls or our internal control over financial reporting will prevent or detect all errors and all fraud .', 'a control system , no matter how well-designed and operated , can provide only reasonable , not absolute , assurance that the control system 2019s objectives will be met .', 'the design of a control system must reflect the fact that resource constraints exist , and the benefits of controls must be considered relative to their costs .', 'further , because of the inherent limitations in all control systems , no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud , if any , have been detected .', 'the design of any system of controls is based in part on certain assumptions about the likelihood of future events , and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions .', 'projections of any evaluation of the effectiveness of controls to future periods are subject to risks .', 'over time , controls may become inadequate due to changes in conditions or deterioration in the degree of compliance with policies or procedures .', 'if our controls become inadequate , we could fail to meet our financial reporting obligations , our reputation may be adversely affected , our business and operating results could be harmed , and the market price of our stock could decline .', 'item 1b .', 'unresolved staff comments not applicable .', 'item 2 .', 'properties as of december 31 , 2016 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '31.5 19.2 50.7 leased facilities2 .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '2.5 7.1 9.6 .']

['1 leases and municipal grants on portions of the land used for these facilities expire on varying dates through 2109 .', '2 leases expire on varying dates through 2058 and generally include renewals at our option .', 'our principal executive offices are located in the u.s .', 'and the majority of our wafer manufacturing activities in 2016 were also located in the u.s .', 'one of our arizona wafer fabrication facilities is currently on hold and held in a safe state , and we are reserving the building for additional capacity and future technologies .', 'incremental construction and equipment installation are required to ready the facility for its intended use .', 'for more information on our wafer fabrication and our assembly and test facilities , see 201cmanufacturing and assembly and test 201d in part i , item 1 of this form 10-k .', 'we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it .', 'we do not identify or allocate assets by operating segment .', 'for information on net property , plant and equipment by country , see 201cnote 4 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k .', 'item 3 .', 'legal proceedings for a discussion of legal proceedings , see 201cnote 20 : commitments and contingencies 201d in part ii , item 8 of this form 10-k .', 'item 4 .', 'mine safety disclosures not applicable. .']

( square feet in millions ) | unitedstates | othercountries | total owned facilities1 | 31.5 | 19.2 | 50.7 leased facilities2 | 2.5 | 7.1 | 9.6 total facilities | 34.0 | 26.3 | 60.3

divide(50.7, 60.3)

0.8408

what was the percentage change in the royal caribbean cruises ltd . performance from 2014 to 2015

Context: ['table of contents performance graph the following graph compares the total return , assuming reinvestment of dividends , on an investment in the company , based on performance of the company\'s common stock , with the total return of the standard & poor\'s 500 composite stock index ( "s&p 500" ) and the dow jones united states travel and leisure index for a five year period by measuring the changes in common stock prices from december 31 , 2013 to december 31 , 2018. .'] Tabular Data: ---------------------------------------- | 12/13 | 12/14 | 12/15 | 12/16 | 12/17 | 12/18 ----------|----------|----------|----------|----------|----------|---------- royal caribbean cruises ltd . | 100.00 | 176.94 | 220.72 | 182.99 | 271.25 | 227.46 s&p 500 | 100.00 | 113.69 | 115.26 | 129.05 | 157.22 | 150.33 dow jones u.s . travel & leisure | 100.00 | 116.37 | 123.23 | 132.56 | 164.13 | 154.95 ---------------------------------------- Additional Information: ["the stock performance graph assumes for comparison that the value of the company's common stock and of each index was $ 100 on december 31 , 2013 and that all dividends were reinvested .", 'past performance is not necessarily an indicator of future results. .']

0.24743

RCL/2018/page_38.pdf-1

['table of contents performance graph the following graph compares the total return , assuming reinvestment of dividends , on an investment in the company , based on performance of the company\'s common stock , with the total return of the standard & poor\'s 500 composite stock index ( "s&p 500" ) and the dow jones united states travel and leisure index for a five year period by measuring the changes in common stock prices from december 31 , 2013 to december 31 , 2018. .']

["the stock performance graph assumes for comparison that the value of the company's common stock and of each index was $ 100 on december 31 , 2013 and that all dividends were reinvested .", 'past performance is not necessarily an indicator of future results. .']

---------------------------------------- | 12/13 | 12/14 | 12/15 | 12/16 | 12/17 | 12/18 ----------|----------|----------|----------|----------|----------|---------- royal caribbean cruises ltd . | 100.00 | 176.94 | 220.72 | 182.99 | 271.25 | 227.46 s&p 500 | 100.00 | 113.69 | 115.26 | 129.05 | 157.22 | 150.33 dow jones u.s . travel & leisure | 100.00 | 116.37 | 123.23 | 132.56 | 164.13 | 154.95 ----------------------------------------

subtract(220.72, 176.94), divide(#0, 176.94)

0.24743

what portion of the total other expenses is related to customer indemnification obligation in 2008?

Background: ['note 21 .', 'expenses during the fourth quarter of 2008 , we elected to provide support to certain investment accounts managed by ssga through the purchase of asset- and mortgage-backed securities and a cash infusion , which resulted in a charge of $ 450 million .', 'ssga manages certain investment accounts , offered to retirement plans , that allow participants to purchase and redeem units at a constant net asset value regardless of volatility in the underlying value of the assets held by the account .', 'the accounts enter into contractual arrangements with independent third-party financial institutions that agree to make up any shortfall in the account if all the units are redeemed at the constant net asset value .', 'the financial institutions have the right , under certain circumstances , to terminate this guarantee with respect to future investments in the account .', 'during 2008 , the liquidity and pricing issues in the fixed-income markets adversely affected the market value of the securities in these accounts to the point that the third-party guarantors considered terminating their financial guarantees with the accounts .', 'although we were not statutorily or contractually obligated to do so , we elected to purchase approximately $ 2.49 billion of asset- and mortgage-backed securities from these accounts that had been identified as presenting increased risk in the current market environment and to contribute an aggregate of $ 450 million to the accounts to improve the ratio of the market value of the accounts 2019 portfolio holdings to the book value of the accounts .', 'we have no ongoing commitment or intent to provide support to these accounts .', 'the securities are carried in investment securities available for sale in our consolidated statement of condition .', 'the components of other expenses were as follows for the years ended december 31: .'] ---- Tabular Data: ( in millions ) 2008 2007 2006 customer indemnification obligation $ 200 securities processing 187 $ 79 $ 37 other 505 399 281 total other expenses $ 892 $ 478 $ 318 ---- Follow-up: ['in september and october 2008 , lehman brothers holdings inc. , or lehman brothers , and certain of its affiliates filed for bankruptcy or other insolvency proceedings .', 'while we had no unsecured financial exposure to lehman brothers or its affiliates , we indemnified certain customers in connection with these and other collateralized repurchase agreements with lehman brothers entities .', 'in the then current market environment , the market value of the underlying collateral had declined .', 'during the third quarter of 2008 , to the extent these declines resulted in collateral value falling below the indemnification obligation , we recorded a reserve to provide for our estimated net exposure .', 'the reserve , which totaled $ 200 million , was based on the cost of satisfying the indemnification obligation net of the fair value of the collateral , which we purchased during the fourth quarter of 2008 .', 'the collateral , composed of commercial real estate loans which are discussed in note 5 , is recorded in loans and leases in our consolidated statement of condition. .']

0.22422

STT/2008/page_139.pdf-1

['note 21 .', 'expenses during the fourth quarter of 2008 , we elected to provide support to certain investment accounts managed by ssga through the purchase of asset- and mortgage-backed securities and a cash infusion , which resulted in a charge of $ 450 million .', 'ssga manages certain investment accounts , offered to retirement plans , that allow participants to purchase and redeem units at a constant net asset value regardless of volatility in the underlying value of the assets held by the account .', 'the accounts enter into contractual arrangements with independent third-party financial institutions that agree to make up any shortfall in the account if all the units are redeemed at the constant net asset value .', 'the financial institutions have the right , under certain circumstances , to terminate this guarantee with respect to future investments in the account .', 'during 2008 , the liquidity and pricing issues in the fixed-income markets adversely affected the market value of the securities in these accounts to the point that the third-party guarantors considered terminating their financial guarantees with the accounts .', 'although we were not statutorily or contractually obligated to do so , we elected to purchase approximately $ 2.49 billion of asset- and mortgage-backed securities from these accounts that had been identified as presenting increased risk in the current market environment and to contribute an aggregate of $ 450 million to the accounts to improve the ratio of the market value of the accounts 2019 portfolio holdings to the book value of the accounts .', 'we have no ongoing commitment or intent to provide support to these accounts .', 'the securities are carried in investment securities available for sale in our consolidated statement of condition .', 'the components of other expenses were as follows for the years ended december 31: .']

['in september and october 2008 , lehman brothers holdings inc. , or lehman brothers , and certain of its affiliates filed for bankruptcy or other insolvency proceedings .', 'while we had no unsecured financial exposure to lehman brothers or its affiliates , we indemnified certain customers in connection with these and other collateralized repurchase agreements with lehman brothers entities .', 'in the then current market environment , the market value of the underlying collateral had declined .', 'during the third quarter of 2008 , to the extent these declines resulted in collateral value falling below the indemnification obligation , we recorded a reserve to provide for our estimated net exposure .', 'the reserve , which totaled $ 200 million , was based on the cost of satisfying the indemnification obligation net of the fair value of the collateral , which we purchased during the fourth quarter of 2008 .', 'the collateral , composed of commercial real estate loans which are discussed in note 5 , is recorded in loans and leases in our consolidated statement of condition. .']

( in millions ) 2008 2007 2006 customer indemnification obligation $ 200 securities processing 187 $ 79 $ 37 other 505 399 281 total other expenses $ 892 $ 478 $ 318

divide(200, 892)

0.22422

what portion of 2009 operating leases are current liabilities?

Pre-text: ['14 .', 'leases we lease certain locomotives , freight cars , and other property .', 'the consolidated statement of financial position as of december 31 , 2009 and 2008 included $ 2754 million , net of $ 927 million of accumulated depreciation , and $ 2024 million , net of $ 869 million of accumulated depreciation , respectively , for properties held under capital leases .', 'a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .', 'future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2009 were as follows : millions of dollars operating leases capital leases .'] -------- Data Table: ======================================== millions of dollars | operatingleases | capital leases 2010 | $ 576 | $ 290 2011 | 570 | 292 2012 | 488 | 247 2013 | 425 | 256 2014 | 352 | 267 later years | 2901 | 1623 total minimum lease payments | $ 5312 | $ 2975 amount representing interest | n/a | -914 ( 914 ) present value of minimum lease payments | n/a | $ 2061 ======================================== -------- Follow-up: ['the majority of capital lease payments relate to locomotives .', 'rent expense for operating leases with terms exceeding one month was $ 686 million in 2009 , $ 747 million in 2008 , and $ 810 million in 2007 .', 'when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .', 'contingent rentals and sub-rentals are not significant .', '15 .', 'commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries .', 'we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity ; however , to the extent possible , where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated , we have recorded a liability .', 'we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters .', 'personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year .', 'we use third-party actuaries to assist us in measuring the expense and liability , including unasserted claims .', 'the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents .', 'under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements .', 'we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at .']

0.10843

UNP/2009/page_89.pdf-1

['14 .', 'leases we lease certain locomotives , freight cars , and other property .', 'the consolidated statement of financial position as of december 31 , 2009 and 2008 included $ 2754 million , net of $ 927 million of accumulated depreciation , and $ 2024 million , net of $ 869 million of accumulated depreciation , respectively , for properties held under capital leases .', 'a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .', 'future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2009 were as follows : millions of dollars operating leases capital leases .']

['the majority of capital lease payments relate to locomotives .', 'rent expense for operating leases with terms exceeding one month was $ 686 million in 2009 , $ 747 million in 2008 , and $ 810 million in 2007 .', 'when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .', 'contingent rentals and sub-rentals are not significant .', '15 .', 'commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries .', 'we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity ; however , to the extent possible , where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated , we have recorded a liability .', 'we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters .', 'personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year .', 'we use third-party actuaries to assist us in measuring the expense and liability , including unasserted claims .', 'the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents .', 'under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements .', 'we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at .']

======================================== millions of dollars | operatingleases | capital leases 2010 | $ 576 | $ 290 2011 | 570 | 292 2012 | 488 | 247 2013 | 425 | 256 2014 | 352 | 267 later years | 2901 | 1623 total minimum lease payments | $ 5312 | $ 2975 amount representing interest | n/a | -914 ( 914 ) present value of minimum lease payments | n/a | $ 2061 ========================================

divide(576, 5312)

0.10843

for equity awards where the performance criteria has been met in 2012 , what is the average compensation expense per year over which the cost will be expensed?

Background: ['abiomed , inc .', 'and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 8 .', 'stock award plans and stock-based compensation ( continued ) restricted stock and restricted stock units the following table summarizes restricted stock and restricted stock unit activity for the fiscal year ended march 31 , 2012 : number of shares ( in thousands ) weighted average grant date fair value ( per share ) .'] Table: **************************************** , number of shares ( in thousands ), weighted average grant date fair value ( per share ) restricted stock and restricted stock units at beginning of year, 407, $ 9.84 granted, 607, 18.13 vested, -134 ( 134 ), 10.88 forfeited, -9 ( 9 ), 13.72 restricted stock and restricted stock units at end of year, 871, $ 15.76 **************************************** Follow-up: ['the remaining unrecognized compensation expense for outstanding restricted stock and restricted stock units , including performance-based awards , as of march 31 , 2012 was $ 7.1 million and the weighted-average period over which this cost will be recognized is 2.2 years .', 'the weighted average grant-date fair value for restricted stock and restricted stock units granted during the years ended march 31 , 2012 , 2011 , and 2010 was $ 18.13 , $ 10.00 and $ 7.67 per share , respectively .', 'the total fair value of restricted stock and restricted stock units vested in fiscal years 2012 , 2011 , and 2010 was $ 1.5 million , $ 1.0 million and $ 0.4 million , respectively .', 'performance-based awards included in the restricted stock and restricted stock units activity discussed above are certain awards granted in fiscal years 2012 , 2011 and 2010 that vest subject to certain performance-based criteria .', 'in june 2010 , 311000 shares of restricted stock and a performance-based award for the potential issuance of 45000 shares of common stock were issued to certain executive officers and members of senior management of the company , all of which would vest upon achievement of prescribed service milestones by the award recipients and performance milestones by the company .', 'during the year ended march 31 , 2011 , the company determined that it met the prescribed performance targets and a portion of these shares and stock options vested .', 'the remaining shares will vest upon satisfaction of prescribed service conditions by the award recipients .', 'during the three months ended june 30 , 2011 , the company determined that it should have been using the graded vesting method instead of the straight-line method to expense stock-based compensation for the performance-based awards issued in june 2010 .', 'this resulted in additional stock based compensation expense of approximately $ 0.6 million being recorded during the three months ended june 30 , 2011 that should have been recorded during the year ended march 31 , 2011 .', 'the company believes that the amount is not material to its march 31 , 2011 consolidated financial statements and therefore recorded the adjustment in the quarter ended june 30 , 2011 .', 'during the three months ended june 30 , 2011 , performance-based awards of restricted stock units for the potential issuance of 284000 shares of common stock were issued to certain executive officers and members of the senior management , all of which would vest upon achievement of prescribed service milestones by the award recipients and revenue performance milestones by the company .', 'as of march 31 , 2012 , the company determined that it met the prescribed targets for 184000 shares underlying these awards and it believes it is probable that the prescribed performance targets will be met for the remaining 100000 shares , and the compensation expense is being recognized accordingly .', 'during the year ended march 31 , 2012 , the company has recorded $ 3.3 million in stock-based compensation expense for equity awards in which the prescribed performance milestones have been achieved or are probable of being achieved .', 'the remaining unrecognized compensation expense related to these equity awards at march 31 , 2012 is $ 3.6 million based on the company 2019s current assessment of probability of achieving the performance milestones .', 'the weighted-average period over which this cost will be recognized is 2.1 years. .']

1714285.71429

ABMD/2012/page_75.pdf-2

['abiomed , inc .', 'and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 8 .', 'stock award plans and stock-based compensation ( continued ) restricted stock and restricted stock units the following table summarizes restricted stock and restricted stock unit activity for the fiscal year ended march 31 , 2012 : number of shares ( in thousands ) weighted average grant date fair value ( per share ) .']

['the remaining unrecognized compensation expense for outstanding restricted stock and restricted stock units , including performance-based awards , as of march 31 , 2012 was $ 7.1 million and the weighted-average period over which this cost will be recognized is 2.2 years .', 'the weighted average grant-date fair value for restricted stock and restricted stock units granted during the years ended march 31 , 2012 , 2011 , and 2010 was $ 18.13 , $ 10.00 and $ 7.67 per share , respectively .', 'the total fair value of restricted stock and restricted stock units vested in fiscal years 2012 , 2011 , and 2010 was $ 1.5 million , $ 1.0 million and $ 0.4 million , respectively .', 'performance-based awards included in the restricted stock and restricted stock units activity discussed above are certain awards granted in fiscal years 2012 , 2011 and 2010 that vest subject to certain performance-based criteria .', 'in june 2010 , 311000 shares of restricted stock and a performance-based award for the potential issuance of 45000 shares of common stock were issued to certain executive officers and members of senior management of the company , all of which would vest upon achievement of prescribed service milestones by the award recipients and performance milestones by the company .', 'during the year ended march 31 , 2011 , the company determined that it met the prescribed performance targets and a portion of these shares and stock options vested .', 'the remaining shares will vest upon satisfaction of prescribed service conditions by the award recipients .', 'during the three months ended june 30 , 2011 , the company determined that it should have been using the graded vesting method instead of the straight-line method to expense stock-based compensation for the performance-based awards issued in june 2010 .', 'this resulted in additional stock based compensation expense of approximately $ 0.6 million being recorded during the three months ended june 30 , 2011 that should have been recorded during the year ended march 31 , 2011 .', 'the company believes that the amount is not material to its march 31 , 2011 consolidated financial statements and therefore recorded the adjustment in the quarter ended june 30 , 2011 .', 'during the three months ended june 30 , 2011 , performance-based awards of restricted stock units for the potential issuance of 284000 shares of common stock were issued to certain executive officers and members of the senior management , all of which would vest upon achievement of prescribed service milestones by the award recipients and revenue performance milestones by the company .', 'as of march 31 , 2012 , the company determined that it met the prescribed targets for 184000 shares underlying these awards and it believes it is probable that the prescribed performance targets will be met for the remaining 100000 shares , and the compensation expense is being recognized accordingly .', 'during the year ended march 31 , 2012 , the company has recorded $ 3.3 million in stock-based compensation expense for equity awards in which the prescribed performance milestones have been achieved or are probable of being achieved .', 'the remaining unrecognized compensation expense related to these equity awards at march 31 , 2012 is $ 3.6 million based on the company 2019s current assessment of probability of achieving the performance milestones .', 'the weighted-average period over which this cost will be recognized is 2.1 years. .']

**************************************** , number of shares ( in thousands ), weighted average grant date fair value ( per share ) restricted stock and restricted stock units at beginning of year, 407, $ 9.84 granted, 607, 18.13 vested, -134 ( 134 ), 10.88 forfeited, -9 ( 9 ), 13.72 restricted stock and restricted stock units at end of year, 871, $ 15.76 ****************************************

multiply(3.6, const_1000000), divide(#0, 2.1)

1714285.71429

as of december 312018 what was the percent of restricted cash and marketable securities dedicated to the support our insurance programs

Pre-text: ['republic services , inc .', 'notes to consolidated financial statements 2014 ( continued ) high quality financial institutions .', 'such balances may be in excess of fdic insured limits .', 'to manage the related credit exposure , we continually monitor the credit worthiness of the financial institutions where we have deposits .', 'concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services , as well as the dispersion of our operations across many geographic areas .', 'we provide services to small-container , large-container , municipal and residential , and energy services customers in the united states and puerto rico .', 'we perform ongoing credit evaluations of our customers , but generally do not require collateral to support customer receivables .', 'we establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers , age of receivables outstanding , historical trends , economic conditions and other information .', 'accounts receivable , net accounts receivable represent receivables from customers for collection , transfer , recycling , disposal , energy services and other services .', 'our receivables are recorded when billed or when the related revenue is earned and represent claims against third parties that will be settled in cash .', 'the carrying value of our receivables , net of the allowance for doubtful accounts and customer credits , represents their estimated net realizable value .', 'provisions for doubtful accounts are evaluated on a monthly basis and are recorded based on our historical collection experience , the age of the receivables , specific customer information and economic conditions .', 'we also review outstanding balances on an account-specific basis .', 'in general , reserves are provided for accounts receivable in excess of 90 days outstanding .', 'past due receivable balances are written-off when our collection efforts have been unsuccessful in collecting amounts due .', 'the following table reflects the activity in our allowance for doubtful accounts for the years ended december 31: .'] -------- Table: **************************************** Row 1: , 2018, 2017, 2016 Row 2: balance at beginning of year, $ 38.9, $ 44.0, $ 46.7 Row 3: additions charged to expense, 34.8, 30.6, 20.4 Row 4: accounts written-off, ( 39.4 ), ( 35.7 ), ( 23.1 ) Row 5: balance at end of year, $ 34.3, $ 38.9, $ 44.0 **************************************** -------- Post-table: ['restricted cash and marketable securities as of december 31 , 2018 , we had $ 108.1 million of restricted cash and marketable securities of which $ 78.6 million supports our insurance programs for workers 2019 compensation , commercial general liability , and commercial auto liability .', 'additionally , we obtain funds through the issuance of tax-exempt bonds for the purpose of financing qualifying expenditures at our landfills , transfer stations , collection and recycling processing centers .', 'the funds are deposited directly into trust accounts by the bonding authorities at the time of issuance .', 'as the use of these funds is contractually restricted , and we do not have the ability to use these funds for general operating purposes , they are classified as restricted cash and marketable securities in our consolidated balance sheets .', 'in the normal course of business , we may be required to provide financial assurance to governmental agencies and a variety of other entities in connection with municipal residential collection contracts , closure or post- closure of landfills , environmental remediation , environmental permits , and business licenses and permits as a financial guarantee of our performance .', 'at several of our landfills , we satisfy financial assurance requirements by depositing cash into restricted trust funds or escrow accounts. .']

0.7271

RSG/2018/page_94.pdf-2

['republic services , inc .', 'notes to consolidated financial statements 2014 ( continued ) high quality financial institutions .', 'such balances may be in excess of fdic insured limits .', 'to manage the related credit exposure , we continually monitor the credit worthiness of the financial institutions where we have deposits .', 'concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services , as well as the dispersion of our operations across many geographic areas .', 'we provide services to small-container , large-container , municipal and residential , and energy services customers in the united states and puerto rico .', 'we perform ongoing credit evaluations of our customers , but generally do not require collateral to support customer receivables .', 'we establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers , age of receivables outstanding , historical trends , economic conditions and other information .', 'accounts receivable , net accounts receivable represent receivables from customers for collection , transfer , recycling , disposal , energy services and other services .', 'our receivables are recorded when billed or when the related revenue is earned and represent claims against third parties that will be settled in cash .', 'the carrying value of our receivables , net of the allowance for doubtful accounts and customer credits , represents their estimated net realizable value .', 'provisions for doubtful accounts are evaluated on a monthly basis and are recorded based on our historical collection experience , the age of the receivables , specific customer information and economic conditions .', 'we also review outstanding balances on an account-specific basis .', 'in general , reserves are provided for accounts receivable in excess of 90 days outstanding .', 'past due receivable balances are written-off when our collection efforts have been unsuccessful in collecting amounts due .', 'the following table reflects the activity in our allowance for doubtful accounts for the years ended december 31: .']

['restricted cash and marketable securities as of december 31 , 2018 , we had $ 108.1 million of restricted cash and marketable securities of which $ 78.6 million supports our insurance programs for workers 2019 compensation , commercial general liability , and commercial auto liability .', 'additionally , we obtain funds through the issuance of tax-exempt bonds for the purpose of financing qualifying expenditures at our landfills , transfer stations , collection and recycling processing centers .', 'the funds are deposited directly into trust accounts by the bonding authorities at the time of issuance .', 'as the use of these funds is contractually restricted , and we do not have the ability to use these funds for general operating purposes , they are classified as restricted cash and marketable securities in our consolidated balance sheets .', 'in the normal course of business , we may be required to provide financial assurance to governmental agencies and a variety of other entities in connection with municipal residential collection contracts , closure or post- closure of landfills , environmental remediation , environmental permits , and business licenses and permits as a financial guarantee of our performance .', 'at several of our landfills , we satisfy financial assurance requirements by depositing cash into restricted trust funds or escrow accounts. .']

**************************************** Row 1: , 2018, 2017, 2016 Row 2: balance at beginning of year, $ 38.9, $ 44.0, $ 46.7 Row 3: additions charged to expense, 34.8, 30.6, 20.4 Row 4: accounts written-off, ( 39.4 ), ( 35.7 ), ( 23.1 ) Row 5: balance at end of year, $ 34.3, $ 38.9, $ 44.0 ****************************************

divide(78.6, 108.1)

0.7271

what is the net cash outflow related to future lease payments in 2004?

Background: ['remarketing proceeds and the lease balance , up to the maximum recourse amount of $ 90.8 million ( 201cresidual value guarantee 201d ) .', 'in august 1999 , we entered into a five-year lease agreement for our other two office buildings that currently serve as our corporate headquarters in san jose , california .', 'under the agreement , we have the option to purchase the buildings at any time during the lease term for the lease balance , which is approximately $ 142.5 million .', 'the lease is subject to standard covenants including liquidity , leverage and profitability ratios that are reported to the lessor quarterly .', 'as of november 28 , 2003 , we were in compliance with all covenants .', 'in the case of a default , the lessor may demand we purchase the buildings for an amount equal to the lease balance , or require that we remarket or relinquish the buildings .', 'the agreement qualifies for operating lease accounting treatment under sfas 13 and , as such , the buildings and the related obligation are not included on our balance sheet .', 'we utilized this type of financing because it allows us to access bank-provided funding at the most favorable rates and allows us to maintain our cash balances for other corporate purposes .', 'at the end of the lease term , we can purchase the buildings for the lease balance , remarket or relinquish the buildings .', 'if we choose to remarket or are required to do so upon relinquishing the buildings , we are bound to arrange the sale of the buildings to an unrelated party and will be required to pay the lessor any shortfall between the net remarketing proceeds and the lease balance , up to the maximum recourse amount of $ 132.6 million ( 201cresidual value guarantee 201d ) .', 'there were no changes in the agreement or level of obligations from the end of fiscal 2002 .', 'we are in the process of evaluating alternative financing methods at expiration of the lease in fiscal 2004 and believe that several suitable financing options will be available to us .', 'as of november 28 , 2003 , future minimum lease payments under noncancelable operating leases and future minimum sublease income under noncancelable subleases are as follows : fiscal year future minimum lease payments future minimum sublease income .'] ------ Data Table: ---------------------------------------- • fiscal year, future minimum lease payments, future minimum sublease income • 2004, $ 29454, $ 5859 • 2005, 20746, 5798 • 2006, 16796, 5839 • 2007, 12188, 3819 • 2008, 9596, 1678 • thereafter, 20900, 2811 • total, $ 109680, $ 25804 ---------------------------------------- ------ Additional Information: ['royalties we have certain royalty commitments associated with the shipment and licensing of certain products .', 'royalty expense is generally based on a dollar amount per unit shipped or a percentage of the underlying revenue .', 'royalty expense , which was recorded under our cost of products revenue on our consolidated statements of income , was approximately $ 14.5 million , $ 14.4 million and $ 14.1 million in fiscal 2003 , 2002 and 2001 , respectively .', 'guarantees we adopted fin 45 at the beginning of our fiscal year 2003 .', 'see 201cguarantees 201d and 201crecent accounting pronouncements 201d in note 1 of our notes to consolidated financial statements for further information regarding fin 45 .', "legal actions in early 2002 , international typeface corporation ( 201citc 201d ) and agfa monotype corporation ( 201camt 201d ) , companies which have common ownership and management , each charged , by way of informal letters to adobe , that adobe's distribution of font software , which generates itc and amt typefaces , breaches its contracts with itc and amt , respectively , pursuant to which adobe licensed certain rights with respect to itc and amt typefaces .", "amt and itc further charged that adobe violated the digital millennium copyright act ( 201cdmca 201d ) with respect to , or induced or contributed to , the infringement of copyrights in , itc 2019s and amt's truetype font software. ."]

23595.0

ADBE/2003/page_126.pdf-1

['remarketing proceeds and the lease balance , up to the maximum recourse amount of $ 90.8 million ( 201cresidual value guarantee 201d ) .', 'in august 1999 , we entered into a five-year lease agreement for our other two office buildings that currently serve as our corporate headquarters in san jose , california .', 'under the agreement , we have the option to purchase the buildings at any time during the lease term for the lease balance , which is approximately $ 142.5 million .', 'the lease is subject to standard covenants including liquidity , leverage and profitability ratios that are reported to the lessor quarterly .', 'as of november 28 , 2003 , we were in compliance with all covenants .', 'in the case of a default , the lessor may demand we purchase the buildings for an amount equal to the lease balance , or require that we remarket or relinquish the buildings .', 'the agreement qualifies for operating lease accounting treatment under sfas 13 and , as such , the buildings and the related obligation are not included on our balance sheet .', 'we utilized this type of financing because it allows us to access bank-provided funding at the most favorable rates and allows us to maintain our cash balances for other corporate purposes .', 'at the end of the lease term , we can purchase the buildings for the lease balance , remarket or relinquish the buildings .', 'if we choose to remarket or are required to do so upon relinquishing the buildings , we are bound to arrange the sale of the buildings to an unrelated party and will be required to pay the lessor any shortfall between the net remarketing proceeds and the lease balance , up to the maximum recourse amount of $ 132.6 million ( 201cresidual value guarantee 201d ) .', 'there were no changes in the agreement or level of obligations from the end of fiscal 2002 .', 'we are in the process of evaluating alternative financing methods at expiration of the lease in fiscal 2004 and believe that several suitable financing options will be available to us .', 'as of november 28 , 2003 , future minimum lease payments under noncancelable operating leases and future minimum sublease income under noncancelable subleases are as follows : fiscal year future minimum lease payments future minimum sublease income .']

['royalties we have certain royalty commitments associated with the shipment and licensing of certain products .', 'royalty expense is generally based on a dollar amount per unit shipped or a percentage of the underlying revenue .', 'royalty expense , which was recorded under our cost of products revenue on our consolidated statements of income , was approximately $ 14.5 million , $ 14.4 million and $ 14.1 million in fiscal 2003 , 2002 and 2001 , respectively .', 'guarantees we adopted fin 45 at the beginning of our fiscal year 2003 .', 'see 201cguarantees 201d and 201crecent accounting pronouncements 201d in note 1 of our notes to consolidated financial statements for further information regarding fin 45 .', "legal actions in early 2002 , international typeface corporation ( 201citc 201d ) and agfa monotype corporation ( 201camt 201d ) , companies which have common ownership and management , each charged , by way of informal letters to adobe , that adobe's distribution of font software , which generates itc and amt typefaces , breaches its contracts with itc and amt , respectively , pursuant to which adobe licensed certain rights with respect to itc and amt typefaces .", "amt and itc further charged that adobe violated the digital millennium copyright act ( 201cdmca 201d ) with respect to , or induced or contributed to , the infringement of copyrights in , itc 2019s and amt's truetype font software. ."]

---------------------------------------- • fiscal year, future minimum lease payments, future minimum sublease income • 2004, $ 29454, $ 5859 • 2005, 20746, 5798 • 2006, 16796, 5839 • 2007, 12188, 3819 • 2008, 9596, 1678 • thereafter, 20900, 2811 • total, $ 109680, $ 25804 ----------------------------------------

subtract(29454, 5859)

23595.0

what is the total amount amortized to revenue in the last three years , ( in millions ) ?

Pre-text: ['entergy corporation and subsidiaries notes to financial statements amount ( in millions ) .'] Table: ---------------------------------------- | amount ( in millions ) plant ( including nuclear fuel ) | $ 727 decommissioning trust funds | 252 other assets | 41 total assets acquired | 1020 purchased power agreement ( below market ) | 420 decommissioning liability | 220 other liabilities | 44 total liabilities assumed | 684 net assets acquired | $ 336 ---------------------------------------- Post-table: ['subsequent to the closing , entergy received approximately $ 6 million from consumers energy company as part of the post-closing adjustment defined in the asset sale agreement .', 'the post-closing adjustment amount resulted in an approximately $ 6 million reduction in plant and a corresponding reduction in other liabilities .', 'for the ppa , which was at below-market prices at the time of the acquisition , non-utility nuclear will amortize a liability to revenue over the life of the agreement .', "the amount that will be amortized each period is based upon the difference between the present value calculated at the date of acquisition of each year's difference between revenue under the agreement and revenue based on estimated market prices .", 'amounts amortized to revenue were $ 53 million in 2009 , $ 76 million in 2008 , and $ 50 million in 2007 .', 'the amounts to be amortized to revenue for the next five years will be $ 46 million for 2010 , $ 43 million for 2011 , $ 17 million in 2012 , $ 18 million for 2013 , and $ 16 million for 2014 .', "nypa value sharing agreements non-utility nuclear's purchase of the fitzpatrick and indian point 3 plants from nypa included value sharing agreements with nypa .", 'in october 2007 , non-utility nuclear and nypa amended and restated the value sharing agreements to clarify and amend certain provisions of the original terms .', 'under the amended value sharing agreements , non-utility nuclear will make annual payments to nypa based on the generation output of the indian point 3 and fitzpatrick plants from january 2007 through december 2014 .', 'non-utility nuclear will pay nypa $ 6.59 per mwh for power sold from indian point 3 , up to an annual cap of $ 48 million , and $ 3.91 per mwh for power sold from fitzpatrick , up to an annual cap of $ 24 million .', "the annual payment for each year's output is due by january 15 of the following year .", 'non-utility nuclear will record its liability for payments to nypa as power is generated and sold by indian point 3 and fitzpatrick .', 'an amount equal to the liability will be recorded to the plant asset account as contingent purchase price consideration for the plants .', 'in 2009 , 2008 , and 2007 , non-utility nuclear recorded $ 72 million as plant for generation during each of those years .', 'this amount will be depreciated over the expected remaining useful life of the plants .', 'in august 2008 , non-utility nuclear entered into a resolution of a dispute with nypa over the applicability of the value sharing agreements to its fitzpatrick and indian point 3 nuclear power plants after the planned spin-off of the non-utility nuclear business .', 'under the resolution , non-utility nuclear agreed not to treat the separation as a "cessation event" that would terminate its obligation to make the payments under the value sharing agreements .', 'as a result , after the spin-off transaction , enexus will continue to be obligated to make payments to nypa under the amended and restated value sharing agreements. .']

179.0

ETR/2009/page_141.pdf-4

['entergy corporation and subsidiaries notes to financial statements amount ( in millions ) .']

['subsequent to the closing , entergy received approximately $ 6 million from consumers energy company as part of the post-closing adjustment defined in the asset sale agreement .', 'the post-closing adjustment amount resulted in an approximately $ 6 million reduction in plant and a corresponding reduction in other liabilities .', 'for the ppa , which was at below-market prices at the time of the acquisition , non-utility nuclear will amortize a liability to revenue over the life of the agreement .', "the amount that will be amortized each period is based upon the difference between the present value calculated at the date of acquisition of each year's difference between revenue under the agreement and revenue based on estimated market prices .", 'amounts amortized to revenue were $ 53 million in 2009 , $ 76 million in 2008 , and $ 50 million in 2007 .', 'the amounts to be amortized to revenue for the next five years will be $ 46 million for 2010 , $ 43 million for 2011 , $ 17 million in 2012 , $ 18 million for 2013 , and $ 16 million for 2014 .', "nypa value sharing agreements non-utility nuclear's purchase of the fitzpatrick and indian point 3 plants from nypa included value sharing agreements with nypa .", 'in october 2007 , non-utility nuclear and nypa amended and restated the value sharing agreements to clarify and amend certain provisions of the original terms .', 'under the amended value sharing agreements , non-utility nuclear will make annual payments to nypa based on the generation output of the indian point 3 and fitzpatrick plants from january 2007 through december 2014 .', 'non-utility nuclear will pay nypa $ 6.59 per mwh for power sold from indian point 3 , up to an annual cap of $ 48 million , and $ 3.91 per mwh for power sold from fitzpatrick , up to an annual cap of $ 24 million .', "the annual payment for each year's output is due by january 15 of the following year .", 'non-utility nuclear will record its liability for payments to nypa as power is generated and sold by indian point 3 and fitzpatrick .', 'an amount equal to the liability will be recorded to the plant asset account as contingent purchase price consideration for the plants .', 'in 2009 , 2008 , and 2007 , non-utility nuclear recorded $ 72 million as plant for generation during each of those years .', 'this amount will be depreciated over the expected remaining useful life of the plants .', 'in august 2008 , non-utility nuclear entered into a resolution of a dispute with nypa over the applicability of the value sharing agreements to its fitzpatrick and indian point 3 nuclear power plants after the planned spin-off of the non-utility nuclear business .', 'under the resolution , non-utility nuclear agreed not to treat the separation as a "cessation event" that would terminate its obligation to make the payments under the value sharing agreements .', 'as a result , after the spin-off transaction , enexus will continue to be obligated to make payments to nypa under the amended and restated value sharing agreements. .']

---------------------------------------- | amount ( in millions ) plant ( including nuclear fuel ) | $ 727 decommissioning trust funds | 252 other assets | 41 total assets acquired | 1020 purchased power agreement ( below market ) | 420 decommissioning liability | 220 other liabilities | 44 total liabilities assumed | 684 net assets acquired | $ 336 ----------------------------------------

add(53, 76), add(#0, 50)

179.0

what was the percentage increase in stores from 2007 to 2011?

Pre-text: ['the following table sets forth information concerning increases in the total number of our aap stores during the past five years : beginning stores new stores ( 1 ) stores closed ending stores ( 1 ) does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores .', 'our store-based information systems , which are designed to improve the efficiency of our operations and enhance customer service , are comprised of a proprietary pos system and electronic parts catalog , or epc , system .', 'information maintained by our pos system is used to formulate pricing , marketing and merchandising strategies and to replenish inventory accurately and rapidly .', 'our pos system is fully integrated with our epc system and enables our store team members to assist our customers in their parts selection and ordering based on the year , make , model and engine type of their vehicles .', 'our centrally-based epc data management system enables us to reduce the time needed to ( i ) exchange data with our vendors and ( ii ) catalog and deliver updated , accurate parts information .', "our epc system also contains enhanced search engines and user-friendly navigation tools that enhance our team members' ability to look up any needed parts as well as additional products the customer needs to complete an automotive repair project .", 'if a hard-to-find part or accessory is not available at one of our stores , the epc system can determine whether the part is carried and in-stock through our hub or pdq ae networks or can be ordered directly from one of our vendors .', 'available parts and accessories are then ordered electronically from another store , hub , pdq ae or directly from the vendor with immediate confirmation of price , availability and estimated delivery time .', 'we also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities .', 'our store-level inventory management system provides real-time inventory tracking at the store level .', 'with the store-level system , store team members can check the quantity of on-hand inventory for any sku , adjust stock levels for select items for store specific events , automatically process returns and defective merchandise , designate skus for cycle counts and track merchandise transfers .', 'our stores use radio frequency hand-held devices to help ensure the accuracy of our inventory .', 'our standard operating procedure , or sop , system is a web-based , electronic data management system that provides our team members with instant access to any of our standard operating procedures through a comprehensive on-line search function .', 'all of these systems are tightly integrated and provide real-time , comprehensive information to store personnel , resulting in improved customer service levels , team member productivity and in-stock availability .', 'purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; and 2022 global sourcing office in taipei , taiwan .', 'our roanoke team is primarily responsible for the parts categories and our minnesota team is primarily responsible for accessories , oil and chemicals .', 'our global sourcing team works closely with both teams .', 'in fiscal 2011 , we purchased merchandise from approximately 500 vendors , with no single vendor accounting for more than 9% ( 9 % ) of purchases .', 'our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms , including pricing , payment terms and volume .', 'the merchandising team has developed strong vendor relationships in the industry and , in a collaborative effort with our vendor partners , utilizes a category management process where we manage the mix of our product offerings to meet customer demand .', 'we believe this process , which develops a customer-focused business plan for each merchandise category , and our global sourcing operation are critical to improving comparable store sales , gross margin and inventory productivity. .'] ------ Tabular Data: ---------------------------------------- | 2011 | 2010 | 2009 | 2008 | 2007 beginning stores | 3369 | 3264 | 3243 | 3153 | 2995 new stores ( 1 ) | 95 | 110 | 75 | 109 | 175 stores closed | -4 ( 4 ) | -5 ( 5 ) | -54 ( 54 ) | -19 ( 19 ) | -17 ( 17 ) ending stores | 3460 | 3369 | 3264 | 3243 | 3153 ---------------------------------------- ------ Follow-up: ['the following table sets forth information concerning increases in the total number of our aap stores during the past five years : beginning stores new stores ( 1 ) stores closed ending stores ( 1 ) does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores .', 'our store-based information systems , which are designed to improve the efficiency of our operations and enhance customer service , are comprised of a proprietary pos system and electronic parts catalog , or epc , system .', 'information maintained by our pos system is used to formulate pricing , marketing and merchandising strategies and to replenish inventory accurately and rapidly .', 'our pos system is fully integrated with our epc system and enables our store team members to assist our customers in their parts selection and ordering based on the year , make , model and engine type of their vehicles .', 'our centrally-based epc data management system enables us to reduce the time needed to ( i ) exchange data with our vendors and ( ii ) catalog and deliver updated , accurate parts information .', "our epc system also contains enhanced search engines and user-friendly navigation tools that enhance our team members' ability to look up any needed parts as well as additional products the customer needs to complete an automotive repair project .", 'if a hard-to-find part or accessory is not available at one of our stores , the epc system can determine whether the part is carried and in-stock through our hub or pdq ae networks or can be ordered directly from one of our vendors .', 'available parts and accessories are then ordered electronically from another store , hub , pdq ae or directly from the vendor with immediate confirmation of price , availability and estimated delivery time .', 'we also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities .', 'our store-level inventory management system provides real-time inventory tracking at the store level .', 'with the store-level system , store team members can check the quantity of on-hand inventory for any sku , adjust stock levels for select items for store specific events , automatically process returns and defective merchandise , designate skus for cycle counts and track merchandise transfers .', 'our stores use radio frequency hand-held devices to help ensure the accuracy of our inventory .', 'our standard operating procedure , or sop , system is a web-based , electronic data management system that provides our team members with instant access to any of our standard operating procedures through a comprehensive on-line search function .', 'all of these systems are tightly integrated and provide real-time , comprehensive information to store personnel , resulting in improved customer service levels , team member productivity and in-stock availability .', 'purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; and 2022 global sourcing office in taipei , taiwan .', 'our roanoke team is primarily responsible for the parts categories and our minnesota team is primarily responsible for accessories , oil and chemicals .', 'our global sourcing team works closely with both teams .', 'in fiscal 2011 , we purchased merchandise from approximately 500 vendors , with no single vendor accounting for more than 9% ( 9 % ) of purchases .', 'our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms , including pricing , payment terms and volume .', 'the merchandising team has developed strong vendor relationships in the industry and , in a collaborative effort with our vendor partners , utilizes a category management process where we manage the mix of our product offerings to meet customer demand .', 'we believe this process , which develops a customer-focused business plan for each merchandise category , and our global sourcing operation are critical to improving comparable store sales , gross margin and inventory productivity. .']

0.09737

AAP/2011/page_16.pdf-3

['the following table sets forth information concerning increases in the total number of our aap stores during the past five years : beginning stores new stores ( 1 ) stores closed ending stores ( 1 ) does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores .', 'our store-based information systems , which are designed to improve the efficiency of our operations and enhance customer service , are comprised of a proprietary pos system and electronic parts catalog , or epc , system .', 'information maintained by our pos system is used to formulate pricing , marketing and merchandising strategies and to replenish inventory accurately and rapidly .', 'our pos system is fully integrated with our epc system and enables our store team members to assist our customers in their parts selection and ordering based on the year , make , model and engine type of their vehicles .', 'our centrally-based epc data management system enables us to reduce the time needed to ( i ) exchange data with our vendors and ( ii ) catalog and deliver updated , accurate parts information .', "our epc system also contains enhanced search engines and user-friendly navigation tools that enhance our team members' ability to look up any needed parts as well as additional products the customer needs to complete an automotive repair project .", 'if a hard-to-find part or accessory is not available at one of our stores , the epc system can determine whether the part is carried and in-stock through our hub or pdq ae networks or can be ordered directly from one of our vendors .', 'available parts and accessories are then ordered electronically from another store , hub , pdq ae or directly from the vendor with immediate confirmation of price , availability and estimated delivery time .', 'we also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities .', 'our store-level inventory management system provides real-time inventory tracking at the store level .', 'with the store-level system , store team members can check the quantity of on-hand inventory for any sku , adjust stock levels for select items for store specific events , automatically process returns and defective merchandise , designate skus for cycle counts and track merchandise transfers .', 'our stores use radio frequency hand-held devices to help ensure the accuracy of our inventory .', 'our standard operating procedure , or sop , system is a web-based , electronic data management system that provides our team members with instant access to any of our standard operating procedures through a comprehensive on-line search function .', 'all of these systems are tightly integrated and provide real-time , comprehensive information to store personnel , resulting in improved customer service levels , team member productivity and in-stock availability .', 'purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; and 2022 global sourcing office in taipei , taiwan .', 'our roanoke team is primarily responsible for the parts categories and our minnesota team is primarily responsible for accessories , oil and chemicals .', 'our global sourcing team works closely with both teams .', 'in fiscal 2011 , we purchased merchandise from approximately 500 vendors , with no single vendor accounting for more than 9% ( 9 % ) of purchases .', 'our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms , including pricing , payment terms and volume .', 'the merchandising team has developed strong vendor relationships in the industry and , in a collaborative effort with our vendor partners , utilizes a category management process where we manage the mix of our product offerings to meet customer demand .', 'we believe this process , which develops a customer-focused business plan for each merchandise category , and our global sourcing operation are critical to improving comparable store sales , gross margin and inventory productivity. .']

['the following table sets forth information concerning increases in the total number of our aap stores during the past five years : beginning stores new stores ( 1 ) stores closed ending stores ( 1 ) does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores .', 'our store-based information systems , which are designed to improve the efficiency of our operations and enhance customer service , are comprised of a proprietary pos system and electronic parts catalog , or epc , system .', 'information maintained by our pos system is used to formulate pricing , marketing and merchandising strategies and to replenish inventory accurately and rapidly .', 'our pos system is fully integrated with our epc system and enables our store team members to assist our customers in their parts selection and ordering based on the year , make , model and engine type of their vehicles .', 'our centrally-based epc data management system enables us to reduce the time needed to ( i ) exchange data with our vendors and ( ii ) catalog and deliver updated , accurate parts information .', "our epc system also contains enhanced search engines and user-friendly navigation tools that enhance our team members' ability to look up any needed parts as well as additional products the customer needs to complete an automotive repair project .", 'if a hard-to-find part or accessory is not available at one of our stores , the epc system can determine whether the part is carried and in-stock through our hub or pdq ae networks or can be ordered directly from one of our vendors .', 'available parts and accessories are then ordered electronically from another store , hub , pdq ae or directly from the vendor with immediate confirmation of price , availability and estimated delivery time .', 'we also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities .', 'our store-level inventory management system provides real-time inventory tracking at the store level .', 'with the store-level system , store team members can check the quantity of on-hand inventory for any sku , adjust stock levels for select items for store specific events , automatically process returns and defective merchandise , designate skus for cycle counts and track merchandise transfers .', 'our stores use radio frequency hand-held devices to help ensure the accuracy of our inventory .', 'our standard operating procedure , or sop , system is a web-based , electronic data management system that provides our team members with instant access to any of our standard operating procedures through a comprehensive on-line search function .', 'all of these systems are tightly integrated and provide real-time , comprehensive information to store personnel , resulting in improved customer service levels , team member productivity and in-stock availability .', 'purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; and 2022 global sourcing office in taipei , taiwan .', 'our roanoke team is primarily responsible for the parts categories and our minnesota team is primarily responsible for accessories , oil and chemicals .', 'our global sourcing team works closely with both teams .', 'in fiscal 2011 , we purchased merchandise from approximately 500 vendors , with no single vendor accounting for more than 9% ( 9 % ) of purchases .', 'our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms , including pricing , payment terms and volume .', 'the merchandising team has developed strong vendor relationships in the industry and , in a collaborative effort with our vendor partners , utilizes a category management process where we manage the mix of our product offerings to meet customer demand .', 'we believe this process , which develops a customer-focused business plan for each merchandise category , and our global sourcing operation are critical to improving comparable store sales , gross margin and inventory productivity. .']

---------------------------------------- | 2011 | 2010 | 2009 | 2008 | 2007 beginning stores | 3369 | 3264 | 3243 | 3153 | 2995 new stores ( 1 ) | 95 | 110 | 75 | 109 | 175 stores closed | -4 ( 4 ) | -5 ( 5 ) | -54 ( 54 ) | -19 ( 19 ) | -17 ( 17 ) ending stores | 3460 | 3369 | 3264 | 3243 | 3153 ----------------------------------------

subtract(3460, 3153), divide(#0, 3153)

0.09737

what percent of non-cancelable future minimum lease payments are current?

Background: ['note 11 .', 'commitments and contingencies commitments leases the company fffds corporate headquarters is located in danvers , massachusetts .', 'this facility encompasses most of the company fffds u.s .', 'operations , including research and development , manufacturing , sales and marketing and general and administrative departments .', 'in october 2017 , the acquired its corporate headquarters for approximately $ 16.5 million and terminated its existing lease arrangement ( see note 6 ) .', 'future minimum lease payments under non-cancelable leases as of march 31 , 2018 are approximately as follows : fiscal years ending march 31 , operating leases ( in $ 000s ) .'] -- Table: ---------------------------------------- fiscal years ending march 31, operating leases ( in $ 000s ) 2019 $ 2078 2020 1888 2021 1901 2022 1408 2023 891 thereafter 1923 total minimum lease payments $ 10089 ---------------------------------------- -- Additional Information: ['in february 2017 , the company entered into a lease agreement for an additional 21603 square feet of office space in danvers , massachusetts which expires on july 31 , 2022 .', 'in december 2017 , the company entered into an amendment to this lease to extend the term through august 31 , 2025 and to add an additional 6607 square feet of space in which rent would begin around june 1 , 2018 .', 'the amendment also allows the company a right of first offer to purchase the property from january 1 , 2018 through august 31 , 2035 , if the lessor decides to sell the building or receives an offer to purchase the building from a third-party buyer .', 'in march 2018 , the company entered into an amendment to the lease to add an additional 11269 square feet of space for which rent will begin on or around june 1 , 2018 through august 31 , 2025 .', 'the annual rent expense for this lease agreement is estimated to be $ 0.4 million .', 'in september 2016 , the company entered into a lease agreement in berlin , germany which commenced in may 2017 and expires in may 2024 .', 'the annual rent expense for the lease is estimated to be $ 0.3 million .', 'in october 2016 , the company entered into a lease agreement for an office in tokyokk japan and expires in september 2021 .', 'the office houses administrative , regulatory , and training personnel in connection with the company fffds commercial launch in japan .', 'the annual rent expense for the lease is estimated to be $ 0.9 million .', 'license agreements in april 2014 , the company entered into an exclusive license agreement for the rights to certain optical sensor technologies in the field of cardio-circulatory assist devices .', 'pursuant to the terms of the license agreement , the company agreed to make potential payments of $ 6.0 million .', 'through march 31 , 2018 , the company has made $ 3.5 million in milestones payments which included a $ 1.5 million upfront payment upon the execution of the agreement .', 'any potential future milestone payment amounts have not been included in the contractual obligations table above due to the uncertainty related to the successful achievement of these milestones .', 'contingencies from time to time , the company is involved in legal and administrative proceedings and claims of various types .', 'in some actions , the claimants seek damages , as well as other relief , which , if granted , would require significant expenditures .', 'the company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated .', 'the company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate .', 'if a matter is both probable to result in liability and the amount of loss can be reasonably estimated , the company estimates and discloses the possible loss or range of loss .', 'if the loss is not probable or cannot be reasonably estimated , a liability is not recorded in its consolidated financial statements. .']

0.20597

ABMD/2018/page_112.pdf-1

['note 11 .', 'commitments and contingencies commitments leases the company fffds corporate headquarters is located in danvers , massachusetts .', 'this facility encompasses most of the company fffds u.s .', 'operations , including research and development , manufacturing , sales and marketing and general and administrative departments .', 'in october 2017 , the acquired its corporate headquarters for approximately $ 16.5 million and terminated its existing lease arrangement ( see note 6 ) .', 'future minimum lease payments under non-cancelable leases as of march 31 , 2018 are approximately as follows : fiscal years ending march 31 , operating leases ( in $ 000s ) .']

['in february 2017 , the company entered into a lease agreement for an additional 21603 square feet of office space in danvers , massachusetts which expires on july 31 , 2022 .', 'in december 2017 , the company entered into an amendment to this lease to extend the term through august 31 , 2025 and to add an additional 6607 square feet of space in which rent would begin around june 1 , 2018 .', 'the amendment also allows the company a right of first offer to purchase the property from january 1 , 2018 through august 31 , 2035 , if the lessor decides to sell the building or receives an offer to purchase the building from a third-party buyer .', 'in march 2018 , the company entered into an amendment to the lease to add an additional 11269 square feet of space for which rent will begin on or around june 1 , 2018 through august 31 , 2025 .', 'the annual rent expense for this lease agreement is estimated to be $ 0.4 million .', 'in september 2016 , the company entered into a lease agreement in berlin , germany which commenced in may 2017 and expires in may 2024 .', 'the annual rent expense for the lease is estimated to be $ 0.3 million .', 'in october 2016 , the company entered into a lease agreement for an office in tokyokk japan and expires in september 2021 .', 'the office houses administrative , regulatory , and training personnel in connection with the company fffds commercial launch in japan .', 'the annual rent expense for the lease is estimated to be $ 0.9 million .', 'license agreements in april 2014 , the company entered into an exclusive license agreement for the rights to certain optical sensor technologies in the field of cardio-circulatory assist devices .', 'pursuant to the terms of the license agreement , the company agreed to make potential payments of $ 6.0 million .', 'through march 31 , 2018 , the company has made $ 3.5 million in milestones payments which included a $ 1.5 million upfront payment upon the execution of the agreement .', 'any potential future milestone payment amounts have not been included in the contractual obligations table above due to the uncertainty related to the successful achievement of these milestones .', 'contingencies from time to time , the company is involved in legal and administrative proceedings and claims of various types .', 'in some actions , the claimants seek damages , as well as other relief , which , if granted , would require significant expenditures .', 'the company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated .', 'the company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate .', 'if a matter is both probable to result in liability and the amount of loss can be reasonably estimated , the company estimates and discloses the possible loss or range of loss .', 'if the loss is not probable or cannot be reasonably estimated , a liability is not recorded in its consolidated financial statements. .']

---------------------------------------- fiscal years ending march 31, operating leases ( in $ 000s ) 2019 $ 2078 2020 1888 2021 1901 2022 1408 2023 891 thereafter 1923 total minimum lease payments $ 10089 ----------------------------------------

divide(2078, 10089)

0.20597

what portion of the rent obligations will be paid-off through sublease rental income for 2008?

Context: ['future minimum lease commitments for office premises and equipment under non-cancelable leases , along with minimum sublease rental income to be received under non-cancelable subleases , are as follows : period rent obligations sublease rental income net rent .'] #### Table: ---------------------------------------- period | rent obligations | sublease rental income | net rent 2008 | $ 323.9 | $ -40.9 ( 40.9 ) | $ 283.0 2009 | 300.9 | -37.5 ( 37.5 ) | 263.4 2010 | 267.7 | -31.0 ( 31.0 ) | 236.7 2011 | 233.7 | -25.7 ( 25.7 ) | 208.0 2012 | 197.9 | -20.2 ( 20.2 ) | 177.7 2013 and thereafter | 871.0 | -33.1 ( 33.1 ) | 837.9 total | $ 2195.1 | $ -188.4 ( 188.4 ) | $ 2006.7 ---------------------------------------- #### Additional Information: ['guarantees we have certain contingent obligations under guarantees of certain of our subsidiaries ( 201cparent company guarantees 201d ) relating principally to credit facilities , guarantees of certain media payables and operating leases .', 'the amount of such parent company guarantees was $ 327.1 and $ 327.9 as of december 31 , 2007 and 2006 , 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 , 2007 , there are no material assets pledged as security for such parent company guarantees .', 'contingent acquisition obligations we have structured certain acquisitions with additional contingent purchase price obligations in order to reduce the potential risk associated with negative future performance of the acquired entity .', 'in addition , we have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries .', 'the amounts relating to these transactions are based on estimates of the future financial performance of the acquired entity , the timing of the exercise of these rights , changes in foreign currency exchange rates and other factors .', 'we have not recorded a liability for these items since the definitive amounts payable are not determinable or distributable .', 'when the contingent acquisition obligations have been met and consideration is determinable and distributable , we record the fair value of this consideration as an additional cost of the acquired entity .', 'however , we recognize deferred payments and purchases of additional interests after the effective date of purchase that are contingent upon the future employment of owners as compensation expense .', 'compensation expense is determined based on the terms and conditions of the respective acquisition agreements and employment terms of the former owners of the acquired businesses .', 'this future expense will not be allocated to the assets and liabilities acquired and is amortized over the required employment terms of the former owners .', 'the following table details the estimated liability with respect to our contingent acquisition obligations and the estimated amount that would be paid under the options , in the event of exercise at the earliest exercise date .', 'all payments are contingent upon achieving projected operating performance targets and satisfying other notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) .']

0.12627

IPG/2007/page_97.pdf-1

['future minimum lease commitments for office premises and equipment under non-cancelable leases , along with minimum sublease rental income to be received under non-cancelable subleases , are as follows : period rent obligations sublease rental income net rent .']

['guarantees we have certain contingent obligations under guarantees of certain of our subsidiaries ( 201cparent company guarantees 201d ) relating principally to credit facilities , guarantees of certain media payables and operating leases .', 'the amount of such parent company guarantees was $ 327.1 and $ 327.9 as of december 31 , 2007 and 2006 , 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 , 2007 , there are no material assets pledged as security for such parent company guarantees .', 'contingent acquisition obligations we have structured certain acquisitions with additional contingent purchase price obligations in order to reduce the potential risk associated with negative future performance of the acquired entity .', 'in addition , we have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries .', 'the amounts relating to these transactions are based on estimates of the future financial performance of the acquired entity , the timing of the exercise of these rights , changes in foreign currency exchange rates and other factors .', 'we have not recorded a liability for these items since the definitive amounts payable are not determinable or distributable .', 'when the contingent acquisition obligations have been met and consideration is determinable and distributable , we record the fair value of this consideration as an additional cost of the acquired entity .', 'however , we recognize deferred payments and purchases of additional interests after the effective date of purchase that are contingent upon the future employment of owners as compensation expense .', 'compensation expense is determined based on the terms and conditions of the respective acquisition agreements and employment terms of the former owners of the acquired businesses .', 'this future expense will not be allocated to the assets and liabilities acquired and is amortized over the required employment terms of the former owners .', 'the following table details the estimated liability with respect to our contingent acquisition obligations and the estimated amount that would be paid under the options , in the event of exercise at the earliest exercise date .', 'all payments are contingent upon achieving projected operating performance targets and satisfying other notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) .']

---------------------------------------- period | rent obligations | sublease rental income | net rent 2008 | $ 323.9 | $ -40.9 ( 40.9 ) | $ 283.0 2009 | 300.9 | -37.5 ( 37.5 ) | 263.4 2010 | 267.7 | -31.0 ( 31.0 ) | 236.7 2011 | 233.7 | -25.7 ( 25.7 ) | 208.0 2012 | 197.9 | -20.2 ( 20.2 ) | 177.7 2013 and thereafter | 871.0 | -33.1 ( 33.1 ) | 837.9 total | $ 2195.1 | $ -188.4 ( 188.4 ) | $ 2006.7 ----------------------------------------

divide(40.9, 323.9)

0.12627

what portion of the sentinelle medical's purchase price was paid in cash?

Background: ['table of contents the company concluded that the acquisition of sentinelle medical did not represent a material business combination , and therefore , no pro forma financial information has been provided herein .', 'subsequent to the acquisition date , the company 2019s results of operations include the results of sentinelle medical , which is included within the company 2019s breast health reporting segment .', 'the company accounted for the sentinelle medical acquisition as a purchase of a business under asc 805 .', 'the purchase price was comprised of an $ 84.8 million cash payment , which was net of certain adjustments , plus three contingent payments up to a maximum of an additional $ 250.0 million in cash .', 'the contingent payments are based on a multiple of incremental revenue growth during the two-year period following the completion of the acquisition as follows : six months after acquisition , 12 months after acquisition , and 24 months after acquisition .', 'pursuant to asc 805 , the company recorded its estimate of the fair value of the contingent consideration liability based on future revenue projections of the sentinelle medical business under various potential scenarios and weighted probability assumptions of these outcomes .', 'as of the date of acquisition , these cash flow projections were discounted using a rate of 16.5% ( 16.5 % ) .', 'the discount rate is based on the weighted-average cost of capital of the acquired business plus a credit risk premium for non-performance risk related to the liability pursuant to asc 820 .', 'this analysis resulted in an initial contingent consideration liability of $ 29.5 million , which will be adjusted periodically as a component of operating expenses based on changes in the fair value of the liability driven by the accretion of the liability for the time value of money and changes in the assumptions pertaining to the achievement of the defined revenue growth milestones .', 'this fair value measurement was based on significant inputs not observable in the market and thus represented a level 3 measurement as defined in asc during each quarter in fiscal 2011 , the company has re-evaluated its assumptions and updated the revenue and probability assumptions for future earn-out periods and lowered its projections .', 'as a result of these adjustments , which were partially offset by the accretion of the liability , and using a current discount rate of approximately 17.0% ( 17.0 % ) , the company recorded a reversal of expense of $ 14.3 million in fiscal 2011 to record the contingent consideration liability at fair value .', 'in addition , during the second quarter of fiscal 2011 , the first earn-out period ended , and the company adjusted the fair value of the contingent consideration liability for actual results during the earn-out period .', 'this payment of $ 4.3 million was made in the third quarter of fiscal 2011 .', 'at september 24 , 2011 , the fair value of the liability is $ 10.9 million .', 'the company did not issue any equity awards in connection with this acquisition .', 'the company incurred third-party transaction costs of $ 1.2 million , which were expensed within general and administrative expenses in fiscal 2010 .', 'the purchase price was as follows: .'] -- Data Table: **************************************** cash | $ 84751 contingent consideration | 29500 total purchase price | $ 114251 **************************************** -- Additional Information: ['source : hologic inc , 10-k , november 23 , 2011 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely .', 'the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law .', 'past financial performance is no guarantee of future results. .']

0.7418

HOLX/2011/page_122.pdf-1

['table of contents the company concluded that the acquisition of sentinelle medical did not represent a material business combination , and therefore , no pro forma financial information has been provided herein .', 'subsequent to the acquisition date , the company 2019s results of operations include the results of sentinelle medical , which is included within the company 2019s breast health reporting segment .', 'the company accounted for the sentinelle medical acquisition as a purchase of a business under asc 805 .', 'the purchase price was comprised of an $ 84.8 million cash payment , which was net of certain adjustments , plus three contingent payments up to a maximum of an additional $ 250.0 million in cash .', 'the contingent payments are based on a multiple of incremental revenue growth during the two-year period following the completion of the acquisition as follows : six months after acquisition , 12 months after acquisition , and 24 months after acquisition .', 'pursuant to asc 805 , the company recorded its estimate of the fair value of the contingent consideration liability based on future revenue projections of the sentinelle medical business under various potential scenarios and weighted probability assumptions of these outcomes .', 'as of the date of acquisition , these cash flow projections were discounted using a rate of 16.5% ( 16.5 % ) .', 'the discount rate is based on the weighted-average cost of capital of the acquired business plus a credit risk premium for non-performance risk related to the liability pursuant to asc 820 .', 'this analysis resulted in an initial contingent consideration liability of $ 29.5 million , which will be adjusted periodically as a component of operating expenses based on changes in the fair value of the liability driven by the accretion of the liability for the time value of money and changes in the assumptions pertaining to the achievement of the defined revenue growth milestones .', 'this fair value measurement was based on significant inputs not observable in the market and thus represented a level 3 measurement as defined in asc during each quarter in fiscal 2011 , the company has re-evaluated its assumptions and updated the revenue and probability assumptions for future earn-out periods and lowered its projections .', 'as a result of these adjustments , which were partially offset by the accretion of the liability , and using a current discount rate of approximately 17.0% ( 17.0 % ) , the company recorded a reversal of expense of $ 14.3 million in fiscal 2011 to record the contingent consideration liability at fair value .', 'in addition , during the second quarter of fiscal 2011 , the first earn-out period ended , and the company adjusted the fair value of the contingent consideration liability for actual results during the earn-out period .', 'this payment of $ 4.3 million was made in the third quarter of fiscal 2011 .', 'at september 24 , 2011 , the fair value of the liability is $ 10.9 million .', 'the company did not issue any equity awards in connection with this acquisition .', 'the company incurred third-party transaction costs of $ 1.2 million , which were expensed within general and administrative expenses in fiscal 2010 .', 'the purchase price was as follows: .']

['source : hologic inc , 10-k , november 23 , 2011 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 | $ 84751 contingent consideration | 29500 total purchase price | $ 114251 ****************************************

divide(84751, 114251)

0.7418

what was the gross margin change in basis points for south america?

Pre-text: ['the breakdown of aes 2019s gross margin for the years ended december 31 , 2000 and 1999 , based on the geographic region in which they were earned , is set forth below. .'] ------ Data Table: ---------------------------------------- • north america, 2000 $ 844 million, % ( % ) of revenue 25% ( 25 % ), 1999 $ 649 million, % ( % ) of revenue 32% ( 32 % ), % ( % ) change 30% ( 30 % ) • south america, $ 416 million, 36% ( 36 % ), $ 232 million, 28% ( 28 % ), 79% ( 79 % ) • caribbean*, $ 226 million, 21% ( 21 % ), $ 75 million, 24% ( 24 % ), 201% ( 201 % ) • europe/africa, $ 371 million, 29% ( 29 % ), $ 124 million, 29% ( 29 % ), 199% ( 199 % ) • asia, $ 138 million, 22% ( 22 % ), $ 183 million, 37% ( 37 % ), ( 26% ( 26 % ) ) ---------------------------------------- ------ Additional Information: ['* includes venezuela and colombia .', 'selling , general and administrative expenses selling , general and administrative expenses increased $ 11 million , or 15% ( 15 % ) , to $ 82 million in 2000 from $ 71 million in 1999 .', 'selling , general and administrative expenses as a percentage of revenues remained constant at 1% ( 1 % ) in both 2000 and 1999 .', 'the increase is due to an increase in business development activities .', 'interest expense , net net interest expense increased $ 506 million , or 80% ( 80 % ) , to $ 1.1 billion in 2000 from $ 632 million in 1999 .', 'interest expense as a percentage of revenues remained constant at 15% ( 15 % ) in both 2000 and 1999 .', 'interest expense increased primarily due to the interest at new businesses , including drax , tiete , cilcorp and edc , as well as additional corporate interest costs resulting from the senior debt and convertible securities issued within the past two years .', 'other income , net other income increased $ 16 million , or 107% ( 107 % ) , to $ 31 million in 2000 from $ 15 million in 1999 .', 'other income includes foreign currency transaction gains and losses as well as other non-operating income .', 'the increase in other income is due primarily to a favorable legal judgment and the sale of development projects .', 'severance and transaction costs during the fourth quarter of 2000 , the company incurred approximately $ 79 million of transaction and contractual severance costs related to the acquisition of ipalco .', 'gain on sale of assets during 2000 , ipalco sold certain assets ( 2018 2018thermal assets 2019 2019 ) for approximately $ 162 million .', 'the transaction resulted in a gain to the company of approximately $ 31 million .', 'of the net proceeds , $ 88 million was used to retire debt specifically assignable to the thermal assets .', 'during 1999 , the company recorded a $ 29 million gain ( before extraordinary loss ) from the buyout of its long-term power sales agreement at placerita .', 'the company received gross proceeds of $ 110 million which were offset by transaction related costs of $ 19 million and an impairment loss of $ 62 million to reduce the carrying value of the electric generation assets to their estimated fair value after termination of the contract .', 'the estimated fair value was determined by an independent appraisal .', 'concurrent with the buyout of the power sales agreement , the company repaid the related non-recourse debt prior to its scheduled maturity and recorded an extraordinary loss of $ 11 million , net of income taxes. .']

80.0

AES/2001/page_51.pdf-2

['the breakdown of aes 2019s gross margin for the years ended december 31 , 2000 and 1999 , based on the geographic region in which they were earned , is set forth below. .']

['* includes venezuela and colombia .', 'selling , general and administrative expenses selling , general and administrative expenses increased $ 11 million , or 15% ( 15 % ) , to $ 82 million in 2000 from $ 71 million in 1999 .', 'selling , general and administrative expenses as a percentage of revenues remained constant at 1% ( 1 % ) in both 2000 and 1999 .', 'the increase is due to an increase in business development activities .', 'interest expense , net net interest expense increased $ 506 million , or 80% ( 80 % ) , to $ 1.1 billion in 2000 from $ 632 million in 1999 .', 'interest expense as a percentage of revenues remained constant at 15% ( 15 % ) in both 2000 and 1999 .', 'interest expense increased primarily due to the interest at new businesses , including drax , tiete , cilcorp and edc , as well as additional corporate interest costs resulting from the senior debt and convertible securities issued within the past two years .', 'other income , net other income increased $ 16 million , or 107% ( 107 % ) , to $ 31 million in 2000 from $ 15 million in 1999 .', 'other income includes foreign currency transaction gains and losses as well as other non-operating income .', 'the increase in other income is due primarily to a favorable legal judgment and the sale of development projects .', 'severance and transaction costs during the fourth quarter of 2000 , the company incurred approximately $ 79 million of transaction and contractual severance costs related to the acquisition of ipalco .', 'gain on sale of assets during 2000 , ipalco sold certain assets ( 2018 2018thermal assets 2019 2019 ) for approximately $ 162 million .', 'the transaction resulted in a gain to the company of approximately $ 31 million .', 'of the net proceeds , $ 88 million was used to retire debt specifically assignable to the thermal assets .', 'during 1999 , the company recorded a $ 29 million gain ( before extraordinary loss ) from the buyout of its long-term power sales agreement at placerita .', 'the company received gross proceeds of $ 110 million which were offset by transaction related costs of $ 19 million and an impairment loss of $ 62 million to reduce the carrying value of the electric generation assets to their estimated fair value after termination of the contract .', 'the estimated fair value was determined by an independent appraisal .', 'concurrent with the buyout of the power sales agreement , the company repaid the related non-recourse debt prior to its scheduled maturity and recorded an extraordinary loss of $ 11 million , net of income taxes. .']

---------------------------------------- • north america, 2000 $ 844 million, % ( % ) of revenue 25% ( 25 % ), 1999 $ 649 million, % ( % ) of revenue 32% ( 32 % ), % ( % ) change 30% ( 30 % ) • south america, $ 416 million, 36% ( 36 % ), $ 232 million, 28% ( 28 % ), 79% ( 79 % ) • caribbean*, $ 226 million, 21% ( 21 % ), $ 75 million, 24% ( 24 % ), 201% ( 201 % ) • europe/africa, $ 371 million, 29% ( 29 % ), $ 124 million, 29% ( 29 % ), 199% ( 199 % ) • asia, $ 138 million, 22% ( 22 % ), $ 183 million, 37% ( 37 % ), ( 26% ( 26 % ) ) ----------------------------------------

subtract(36%, 28%), multiply(#0, const_1000)

80.0

what was the ratio of the pension trust assets for 2017 to 2016 $ 1739 million and $ 1632

Background: ['for securities that are quoted in active markets , the trustee/ custodian determines fair value by applying securities 2019 prices obtained from its pricing vendors .', 'for commingled funds that are not actively traded , the trustee applies pricing information provided by investment management firms to the unit quanti- ties of such funds .', 'investment management firms employ their own pricing vendors to value the securities underlying each commingled fund .', 'underlying securities that are not actively traded derive their prices from investment managers , which in turn , employ vendors that use pricing models ( e.g. , discounted cash flow , comparables ) .', 'the domestic defined benefit plans have no investment in our stock , except through the s&p 500 commingled trust index fund .', 'the trustee obtains estimated prices from vendors for secu- rities that are not easily quotable and they are categorized accordingly as level 3 .', 'the following table details further information on our plan assets where we have used significant unobservable inputs ( level 3 ) : .'] #### Data Table: ---------------------------------------- Row 1: ( in millions ), level 3 Row 2: balance as of december 31 2016, $ 11 Row 3: purchases, 28 Row 4: distributions, -1 ( 1 ) Row 5: gain ( loss ), 1 Row 6: balance as of december 31 2017, $ 39 ---------------------------------------- #### Post-table: ['pension trusts 2019 asset allocations there are two pension trusts , one in the u.s .', 'and one in the u.k .', 'the u.s .', 'pension trust had assets of $ 1739 a0 million and $ 1632 a0million as of december a031 , 2017 and 2016 respectively , and the target allocations in 2017 include 68% ( 68 % ) fixed income , 27% ( 27 % ) domestic equities and 5% ( 5 % ) international equities .', 'the u.k .', 'pension trust had assets of $ 480 a0 million and $ 441 a0 million as of december a0 31 , 2017 and 2016 , respec- tively , and the target allocations in 2017 include 40% ( 40 % ) fixed income , 30% ( 30 % ) diversified growth funds , 20% ( 20 % ) equities and 10% ( 10 % ) real estate .', 'the pension assets are invested with the goal of producing a combination of capital growth , income and a liability hedge .', 'the mix of assets is established after consideration of the long- term performance and risk characteristics of asset classes .', 'investments are selected based on their potential to enhance returns , preserve capital and reduce overall volatility .', 'holdings are diversified within each asset class .', 'the portfolios employ a mix of index and actively managed equity strategies by market capitalization , style , geographic regions and economic sec- tors .', 'the fixed income strategies include u.s .', 'long duration securities , opportunistic fixed income securities and u.k .', 'debt instruments .', 'the short-term portfolio , whose primary goal is capital preservation for liquidity purposes , is composed of gov- ernment and government- agency securities , uninvested cash , receivables and payables .', 'the portfolios do not employ any financial leverage .', 'u.s .', 'defined contribution plans assets of the defined contribution plans in the u.s .', 'consist pri- marily of investment options which include actively managed equity , indexed equity , actively managed equity/bond funds , target date funds , s&p global inc .', 'common stock , stable value and money market strategies .', 'there is also a self- directed mutual fund investment option .', 'the plans purchased 228248 shares and sold 297750 shares of s&p global inc .', 'common stock in 2017 and purchased 216035 shares and sold 437283 shares of s&p global inc .', 'common stock in 2016 .', 'the plans held approximately 1.5 a0million shares of s&p global inc .', 'com- mon stock as of december a031 , 2017 and 1.6 a0million shares as of december a031 , 2016 , with market values of $ 255 a0million and $ 171 a0million , respectively .', 'the plans received dividends on s&p global inc .', 'common stock of $ 3 a0million and $ 2 a0million during the years ended december a031 , 2017 and december a031 , 2016 respectively .', '8 .', 'stock-based compensation we issue stock-based incentive awards to our eligible employ- ees and directors under the 2002 employee stock incentive plan and a director deferred stock ownership plan .', '2002 employee stock incentive plan ( the 201c2002 plan 201d ) 2014 the 2002 plan permits the granting of nonquali- fied stock options , stock appreciation rights , performance stock , restricted stock and other stock-based awards .', 'director deferred stock ownership plan 2014 under this plan , common stock reserved may be credited to deferred stock accounts for eligible directors .', 'in general , the plan requires that 50% ( 50 % ) of eligible directors 2019 annual com- pensation plus dividend equivalents be credited to deferred stock accounts .', 'each director may also elect to defer all or a portion of the remaining compensation and have an equiva- lent number of shares credited to the deferred stock account .', 'recipients under this plan are not required to provide con- sideration to us other than rendering service .', 'shares will be delivered as of the date a recipient ceases to be a member of the board of directors or within five years thereafter , if so elected .', 'the plan will remain in effect until terminated by the board of directors or until no shares of stock remain avail- able under the plan .', 's&p global 2017 annual report 71 .']

1.06556

SPGI/2017/page_73.pdf-1

['for securities that are quoted in active markets , the trustee/ custodian determines fair value by applying securities 2019 prices obtained from its pricing vendors .', 'for commingled funds that are not actively traded , the trustee applies pricing information provided by investment management firms to the unit quanti- ties of such funds .', 'investment management firms employ their own pricing vendors to value the securities underlying each commingled fund .', 'underlying securities that are not actively traded derive their prices from investment managers , which in turn , employ vendors that use pricing models ( e.g. , discounted cash flow , comparables ) .', 'the domestic defined benefit plans have no investment in our stock , except through the s&p 500 commingled trust index fund .', 'the trustee obtains estimated prices from vendors for secu- rities that are not easily quotable and they are categorized accordingly as level 3 .', 'the following table details further information on our plan assets where we have used significant unobservable inputs ( level 3 ) : .']

['pension trusts 2019 asset allocations there are two pension trusts , one in the u.s .', 'and one in the u.k .', 'the u.s .', 'pension trust had assets of $ 1739 a0 million and $ 1632 a0million as of december a031 , 2017 and 2016 respectively , and the target allocations in 2017 include 68% ( 68 % ) fixed income , 27% ( 27 % ) domestic equities and 5% ( 5 % ) international equities .', 'the u.k .', 'pension trust had assets of $ 480 a0 million and $ 441 a0 million as of december a0 31 , 2017 and 2016 , respec- tively , and the target allocations in 2017 include 40% ( 40 % ) fixed income , 30% ( 30 % ) diversified growth funds , 20% ( 20 % ) equities and 10% ( 10 % ) real estate .', 'the pension assets are invested with the goal of producing a combination of capital growth , income and a liability hedge .', 'the mix of assets is established after consideration of the long- term performance and risk characteristics of asset classes .', 'investments are selected based on their potential to enhance returns , preserve capital and reduce overall volatility .', 'holdings are diversified within each asset class .', 'the portfolios employ a mix of index and actively managed equity strategies by market capitalization , style , geographic regions and economic sec- tors .', 'the fixed income strategies include u.s .', 'long duration securities , opportunistic fixed income securities and u.k .', 'debt instruments .', 'the short-term portfolio , whose primary goal is capital preservation for liquidity purposes , is composed of gov- ernment and government- agency securities , uninvested cash , receivables and payables .', 'the portfolios do not employ any financial leverage .', 'u.s .', 'defined contribution plans assets of the defined contribution plans in the u.s .', 'consist pri- marily of investment options which include actively managed equity , indexed equity , actively managed equity/bond funds , target date funds , s&p global inc .', 'common stock , stable value and money market strategies .', 'there is also a self- directed mutual fund investment option .', 'the plans purchased 228248 shares and sold 297750 shares of s&p global inc .', 'common stock in 2017 and purchased 216035 shares and sold 437283 shares of s&p global inc .', 'common stock in 2016 .', 'the plans held approximately 1.5 a0million shares of s&p global inc .', 'com- mon stock as of december a031 , 2017 and 1.6 a0million shares as of december a031 , 2016 , with market values of $ 255 a0million and $ 171 a0million , respectively .', 'the plans received dividends on s&p global inc .', 'common stock of $ 3 a0million and $ 2 a0million during the years ended december a031 , 2017 and december a031 , 2016 respectively .', '8 .', 'stock-based compensation we issue stock-based incentive awards to our eligible employ- ees and directors under the 2002 employee stock incentive plan and a director deferred stock ownership plan .', '2002 employee stock incentive plan ( the 201c2002 plan 201d ) 2014 the 2002 plan permits the granting of nonquali- fied stock options , stock appreciation rights , performance stock , restricted stock and other stock-based awards .', 'director deferred stock ownership plan 2014 under this plan , common stock reserved may be credited to deferred stock accounts for eligible directors .', 'in general , the plan requires that 50% ( 50 % ) of eligible directors 2019 annual com- pensation plus dividend equivalents be credited to deferred stock accounts .', 'each director may also elect to defer all or a portion of the remaining compensation and have an equiva- lent number of shares credited to the deferred stock account .', 'recipients under this plan are not required to provide con- sideration to us other than rendering service .', 'shares will be delivered as of the date a recipient ceases to be a member of the board of directors or within five years thereafter , if so elected .', 'the plan will remain in effect until terminated by the board of directors or until no shares of stock remain avail- able under the plan .', 's&p global 2017 annual report 71 .']

---------------------------------------- Row 1: ( in millions ), level 3 Row 2: balance as of december 31 2016, $ 11 Row 3: purchases, 28 Row 4: distributions, -1 ( 1 ) Row 5: gain ( loss ), 1 Row 6: balance as of december 31 2017, $ 39 ----------------------------------------

divide(1739, 1632)

1.06556

as of december 31 , 2017 what was the percent of the entergy new orleans credit facility allowance for the for the issue letters of credit that was outstanding

Pre-text: ['the city council 2019s advisors and entergy new orleans .', 'in february 2018 the city council approved the settlement , which deferred cost recovery to the 2018 entergy new orleans rate case , but also stated that an adjustment for 2018-2019 ami costs can be filed in the rate case and that , for all subsequent ami costs , the mechanism to be approved in the 2018 rate case will allow for the timely recovery of such costs .', 'sources of capital entergy new orleans 2019s sources to meet its capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt and preferred membership interest issuances ; and 2022 bank financing under new or existing facilities .', 'entergy new orleans may refinance , redeem , or otherwise retire debt prior to maturity , to the extent market conditions and interest rates are favorable .', 'entergy new orleans 2019s receivables from the money pool were as follows as of december 31 for each of the following years. .'] ########## Data Table: **************************************** 2017 2016 2015 2014 ( in thousands ) ( in thousands ) ( in thousands ) ( in thousands ) $ 12723 $ 14215 $ 15794 $ 442 **************************************** ########## Additional Information: ['see note 4 to the financial statements for a description of the money pool .', 'entergy new orleans has a credit facility in the amount of $ 25 million scheduled to expire in november 2018 .', 'the credit facility allows entergy new orleans to issue letters of credit against $ 10 million of the borrowing capacity of the facility .', 'as of december 31 , 2017 , there were no cash borrowings and a $ 0.8 million letter of credit was outstanding under the facility .', 'in addition , entergy new orleans is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations to miso . a0 as of december 31 , 2017 , a $ 1.4 million letter of credit was outstanding under entergy new orleans 2019s letter of credit a0facility .', 'see note 4 to the financial statements for additional discussion of the credit facilities .', 'entergy new orleans obtained authorization from the ferc through october 2019 for short-term borrowings not to exceed an aggregate amount of $ 150 million at any time outstanding and long-term borrowings and securities issuances .', 'see note 4 to the financial statements for further discussion of entergy new orleans 2019s short-term borrowing limits .', 'the long-term securities issuances of entergy new orleans are limited to amounts authorized not only by the ferc , but also by the city council , and the current city council authorization extends through june 2018 .', 'entergy new orleans , llc and subsidiaries management 2019s financial discussion and analysis state and local rate regulation the rates that entergy new orleans charges for electricity and natural gas significantly influence its financial position , results of operations , and liquidity .', 'entergy new orleans is regulated and the rates charged to its customers are determined in regulatory proceedings .', 'a governmental agency , the city council , is primarily responsible for approval of the rates charged to customers .', 'retail rates see 201calgiers asset transfer 201d below for discussion of the algiers asset transfer .', 'as a provision of the settlement agreement approved by the city council in may 2015 providing for the algiers asset transfer , it was agreed that , with limited exceptions , no action may be taken with respect to entergy new orleans 2019s base rates until rates are implemented .']

0.08

ETR/2017/page_401.pdf-4

['the city council 2019s advisors and entergy new orleans .', 'in february 2018 the city council approved the settlement , which deferred cost recovery to the 2018 entergy new orleans rate case , but also stated that an adjustment for 2018-2019 ami costs can be filed in the rate case and that , for all subsequent ami costs , the mechanism to be approved in the 2018 rate case will allow for the timely recovery of such costs .', 'sources of capital entergy new orleans 2019s sources to meet its capital requirements include : 2022 internally generated funds ; 2022 cash on hand ; 2022 debt and preferred membership interest issuances ; and 2022 bank financing under new or existing facilities .', 'entergy new orleans may refinance , redeem , or otherwise retire debt prior to maturity , to the extent market conditions and interest rates are favorable .', 'entergy new orleans 2019s receivables from the money pool were as follows as of december 31 for each of the following years. .']

['see note 4 to the financial statements for a description of the money pool .', 'entergy new orleans has a credit facility in the amount of $ 25 million scheduled to expire in november 2018 .', 'the credit facility allows entergy new orleans to issue letters of credit against $ 10 million of the borrowing capacity of the facility .', 'as of december 31 , 2017 , there were no cash borrowings and a $ 0.8 million letter of credit was outstanding under the facility .', 'in addition , entergy new orleans is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations to miso . a0 as of december 31 , 2017 , a $ 1.4 million letter of credit was outstanding under entergy new orleans 2019s letter of credit a0facility .', 'see note 4 to the financial statements for additional discussion of the credit facilities .', 'entergy new orleans obtained authorization from the ferc through october 2019 for short-term borrowings not to exceed an aggregate amount of $ 150 million at any time outstanding and long-term borrowings and securities issuances .', 'see note 4 to the financial statements for further discussion of entergy new orleans 2019s short-term borrowing limits .', 'the long-term securities issuances of entergy new orleans are limited to amounts authorized not only by the ferc , but also by the city council , and the current city council authorization extends through june 2018 .', 'entergy new orleans , llc and subsidiaries management 2019s financial discussion and analysis state and local rate regulation the rates that entergy new orleans charges for electricity and natural gas significantly influence its financial position , results of operations , and liquidity .', 'entergy new orleans is regulated and the rates charged to its customers are determined in regulatory proceedings .', 'a governmental agency , the city council , is primarily responsible for approval of the rates charged to customers .', 'retail rates see 201calgiers asset transfer 201d below for discussion of the algiers asset transfer .', 'as a provision of the settlement agreement approved by the city council in may 2015 providing for the algiers asset transfer , it was agreed that , with limited exceptions , no action may be taken with respect to entergy new orleans 2019s base rates until rates are implemented .']

**************************************** 2017 2016 2015 2014 ( in thousands ) ( in thousands ) ( in thousands ) ( in thousands ) $ 12723 $ 14215 $ 15794 $ 442 ****************************************

divide(0.8, const_10)

0.08

what percentage of crude oil refining capacity is located in garyville louisiana?

Background: ['technical and research personnel and lab facilities , and significantly expanded the portfolio of patents available to us via license and through a cooperative development program .', 'in addition , we have acquired a 20 percent interest in grt , inc .', 'the gtftm technology is protected by an intellectual property protection program .', 'the u.s .', 'has granted 17 patents for the technology , with another 22 pending .', 'worldwide , there are over 300 patents issued or pending , covering over 100 countries including regional and direct foreign filings .', 'another innovative technology that we are developing focuses on reducing the processing and transportation costs of natural gas by artificially creating natural gas hydrates , which are more easily transportable than natural gas in its gaseous form .', 'much like lng , gas hydrates would then be regasified upon delivery to the receiving market .', 'we have an active pilot program in place to test and further develop a proprietary natural gas hydrates manufacturing system .', 'the above discussion of the integrated gas segment contains forward-looking statements with respect to the possible expansion of the lng production facility .', 'factors that could potentially affect the possible expansion of the lng production facility include partner and government approvals , access to sufficient natural gas volumes through exploration or commercial negotiations with other resource owners and access to sufficient regasification capacity .', 'the foregoing factors ( among others ) could cause actual results to differ materially from those set forth in the forward-looking statements .', 'refining , marketing and transportation we have refining , marketing and transportation operations concentrated primarily in the midwest , upper great plains , gulf coast and southeast regions of the u.s .', 'we rank as the fifth largest crude oil refiner in the u.s .', 'and the largest in the midwest .', 'our operations include a seven-plant refining network and an integrated terminal and transportation system which supplies wholesale and marathon-brand customers as well as our own retail operations .', 'our wholly-owned retail marketing subsidiary speedway superamerica llc ( 201cssa 201d ) is the third largest chain of company-owned and -operated retail gasoline and convenience stores in the u.s .', 'and the largest in the midwest .', 'refining we own and operate seven refineries with an aggregate refining capacity of 1.188 million barrels per day ( 201cmmbpd 201d ) of crude oil as of december 31 , 2009 .', 'during 2009 , our refineries processed 957 mbpd of crude oil and 196 mbpd of other charge and blend stocks .', 'the table below sets forth the location and daily crude oil refining capacity of each of our refineries as of december 31 , 2009 .', 'crude oil refining capacity ( thousands of barrels per day ) 2009 .'] -------- Table: **************************************** ( thousands of barrels per day ), 2009 garyville louisiana, 436 catlettsburg kentucky, 212 robinson illinois, 206 detroit michigan, 106 canton ohio, 78 texas city texas, 76 st . paul park minnesota, 74 total, 1188 **************************************** -------- Follow-up: ['our refineries include crude oil atmospheric and vacuum distillation , fluid catalytic cracking , catalytic reforming , desulfurization and sulfur recovery units .', 'the refineries process a wide variety of crude oils and produce numerous refined products , ranging from transportation fuels , such as reformulated gasolines , blend- grade gasolines intended for blending with fuel ethanol and ultra-low sulfur diesel fuel , to heavy fuel oil and asphalt .', 'additionally , we manufacture aromatics , cumene , propane , propylene , sulfur and maleic anhydride .', 'our garyville , louisiana , refinery is located along the mississippi river in southeastern louisiana between new orleans and baton rouge .', 'the garyville refinery predominantly processes heavy sour crude oil into products .']

0.367

MRO/2009/page_32.pdf-1

['technical and research personnel and lab facilities , and significantly expanded the portfolio of patents available to us via license and through a cooperative development program .', 'in addition , we have acquired a 20 percent interest in grt , inc .', 'the gtftm technology is protected by an intellectual property protection program .', 'the u.s .', 'has granted 17 patents for the technology , with another 22 pending .', 'worldwide , there are over 300 patents issued or pending , covering over 100 countries including regional and direct foreign filings .', 'another innovative technology that we are developing focuses on reducing the processing and transportation costs of natural gas by artificially creating natural gas hydrates , which are more easily transportable than natural gas in its gaseous form .', 'much like lng , gas hydrates would then be regasified upon delivery to the receiving market .', 'we have an active pilot program in place to test and further develop a proprietary natural gas hydrates manufacturing system .', 'the above discussion of the integrated gas segment contains forward-looking statements with respect to the possible expansion of the lng production facility .', 'factors that could potentially affect the possible expansion of the lng production facility include partner and government approvals , access to sufficient natural gas volumes through exploration or commercial negotiations with other resource owners and access to sufficient regasification capacity .', 'the foregoing factors ( among others ) could cause actual results to differ materially from those set forth in the forward-looking statements .', 'refining , marketing and transportation we have refining , marketing and transportation operations concentrated primarily in the midwest , upper great plains , gulf coast and southeast regions of the u.s .', 'we rank as the fifth largest crude oil refiner in the u.s .', 'and the largest in the midwest .', 'our operations include a seven-plant refining network and an integrated terminal and transportation system which supplies wholesale and marathon-brand customers as well as our own retail operations .', 'our wholly-owned retail marketing subsidiary speedway superamerica llc ( 201cssa 201d ) is the third largest chain of company-owned and -operated retail gasoline and convenience stores in the u.s .', 'and the largest in the midwest .', 'refining we own and operate seven refineries with an aggregate refining capacity of 1.188 million barrels per day ( 201cmmbpd 201d ) of crude oil as of december 31 , 2009 .', 'during 2009 , our refineries processed 957 mbpd of crude oil and 196 mbpd of other charge and blend stocks .', 'the table below sets forth the location and daily crude oil refining capacity of each of our refineries as of december 31 , 2009 .', 'crude oil refining capacity ( thousands of barrels per day ) 2009 .']

['our refineries include crude oil atmospheric and vacuum distillation , fluid catalytic cracking , catalytic reforming , desulfurization and sulfur recovery units .', 'the refineries process a wide variety of crude oils and produce numerous refined products , ranging from transportation fuels , such as reformulated gasolines , blend- grade gasolines intended for blending with fuel ethanol and ultra-low sulfur diesel fuel , to heavy fuel oil and asphalt .', 'additionally , we manufacture aromatics , cumene , propane , propylene , sulfur and maleic anhydride .', 'our garyville , louisiana , refinery is located along the mississippi river in southeastern louisiana between new orleans and baton rouge .', 'the garyville refinery predominantly processes heavy sour crude oil into products .']

**************************************** ( thousands of barrels per day ), 2009 garyville louisiana, 436 catlettsburg kentucky, 212 robinson illinois, 206 detroit michigan, 106 canton ohio, 78 texas city texas, 76 st . paul park minnesota, 74 total, 1188 ****************************************

divide(436, 1188)

0.367

by what percentage did the average crack spread for the midwest ( chicago ) decrease from 2007 to 2009?

Context: ['our refining and wholesale marketing gross margin is the difference between the prices of refined products sold and the costs of crude oil and other charge and blendstocks refined , including the costs to transport these inputs to our refineries , the costs of purchased products and manufacturing expenses , including depreciation .', 'the crack spread is a measure of the difference between market prices for refined products and crude oil , commonly used by the industry as a proxy for the refining margin .', 'crack spreads can fluctuate significantly , particularly when prices of refined products do not move in the same relationship as the cost of crude oil .', 'as a performance benchmark and a comparison with other industry participants , we calculate midwest ( chicago ) and u.s .', 'gulf coast crack spreads that we feel most closely track our operations and slate of products .', 'posted light louisiana sweet ( 201clls 201d ) prices and a 6-3-2-1 ratio of products ( 6 barrels of crude oil producing 3 barrels of gasoline , 2 barrels of distillate and 1 barrel of residual fuel ) are used for the crack spread calculation .', 'our refineries can process significant amounts of sour crude oil which typically can be purchased at a discount to sweet crude oil .', 'the amount of this discount , the sweet/sour differential , can vary significantly causing our refining and wholesale marketing gross margin to differ from the crack spreads which are based upon sweet crude .', 'in general , a larger sweet/sour differential will enhance our refining and wholesale marketing gross margin .', 'in 2009 , the sweet/sour differential narrowed , due to a variety of worldwide economic and petroleum industry related factors , primarily related to lower hydrocarbon demand .', 'sour crude accounted for 50 percent , 52 percent and 54 percent of our crude oil processed in 2009 , 2008 and 2007 .', 'the following table lists calculated average crack spreads for the midwest ( chicago ) and gulf coast markets and the sweet/sour differential for the past three years .', '( dollars per barrel ) 2009 2008 2007 .'] -------- Tabular Data: ======================================== ( dollars per barrel ) | 2009 | 2008 | 2007 chicago lls 6-3-2-1 | $ 3.52 | $ 3.27 | $ 8.87 u.s . gulf coast lls 6-3-2-1 | $ 2.54 | $ 2.45 | $ 6.42 sweet/sour differential ( a ) | $ 5.82 | $ 11.99 | $ 11.59 ======================================== -------- Additional Information: ['sweet/sour differential ( a ) $ 5.82 $ 11.99 $ 11.59 ( a ) calculated using the following mix of crude types as compared to lls. : 15% ( 15 % ) arab light , 20% ( 20 % ) kuwait , 10% ( 10 % ) maya , 15% ( 15 % ) western canadian select , 40% ( 40 % ) mars .', 'in addition to the market changes indicated by the crack spreads and sweet/sour differential , our refining and wholesale marketing gross margin is impacted by factors such as : 2022 the types of crude oil and other charge and blendstocks processed , 2022 the selling prices realized for refined products , 2022 the impact of commodity derivative instruments used to manage price risk , 2022 the cost of products purchased for resale , and 2022 changes in manufacturing costs , which include depreciation .', 'manufacturing costs are primarily driven by the cost of energy used by our refineries and the level of maintenance costs .', 'planned turnaround and major maintenance activities were completed at our catlettsburg , garyville , and robinson refineries in 2009 .', 'we performed turnaround and major maintenance activities at our robinson , catlettsburg , garyville and canton refineries in 2008 and at our catlettsburg , robinson and st .', 'paul park refineries in 2007 .', 'our retail marketing gross margin for gasoline and distillates , which is the difference between the ultimate price paid by consumers and the cost of refined products , including secondary transportation and consumer excise taxes , also impacts rm&t segment profitability .', 'there are numerous factors including local competition , seasonal demand fluctuations , the available wholesale supply , the level of economic activity in our marketing areas and weather conditions that impact gasoline and distillate demand throughout the year .', 'refined product demand increased for several years until 2008 when it decreased due to the combination of significant increases in retail petroleum prices , a broad slowdown in general economic activity , and the impact of increased ethanol blending into gasoline .', 'in 2009 refined product demand continued to decline .', 'for our marketing area , we estimate a gasoline demand decline of about one percent and a distillate demand decline of about 12 percent from 2008 levels .', 'market demand declines for gasoline and distillates generally reduce the product margin we can realize .', 'we also estimate gasoline and distillate demand in our marketing area decreased about three percent in 2008 compared to 2007 levels .', 'the gross margin on merchandise sold at retail outlets has been historically less volatile. .']

-0.60316

MRO/2009/page_58.pdf-2

['our refining and wholesale marketing gross margin is the difference between the prices of refined products sold and the costs of crude oil and other charge and blendstocks refined , including the costs to transport these inputs to our refineries , the costs of purchased products and manufacturing expenses , including depreciation .', 'the crack spread is a measure of the difference between market prices for refined products and crude oil , commonly used by the industry as a proxy for the refining margin .', 'crack spreads can fluctuate significantly , particularly when prices of refined products do not move in the same relationship as the cost of crude oil .', 'as a performance benchmark and a comparison with other industry participants , we calculate midwest ( chicago ) and u.s .', 'gulf coast crack spreads that we feel most closely track our operations and slate of products .', 'posted light louisiana sweet ( 201clls 201d ) prices and a 6-3-2-1 ratio of products ( 6 barrels of crude oil producing 3 barrels of gasoline , 2 barrels of distillate and 1 barrel of residual fuel ) are used for the crack spread calculation .', 'our refineries can process significant amounts of sour crude oil which typically can be purchased at a discount to sweet crude oil .', 'the amount of this discount , the sweet/sour differential , can vary significantly causing our refining and wholesale marketing gross margin to differ from the crack spreads which are based upon sweet crude .', 'in general , a larger sweet/sour differential will enhance our refining and wholesale marketing gross margin .', 'in 2009 , the sweet/sour differential narrowed , due to a variety of worldwide economic and petroleum industry related factors , primarily related to lower hydrocarbon demand .', 'sour crude accounted for 50 percent , 52 percent and 54 percent of our crude oil processed in 2009 , 2008 and 2007 .', 'the following table lists calculated average crack spreads for the midwest ( chicago ) and gulf coast markets and the sweet/sour differential for the past three years .', '( dollars per barrel ) 2009 2008 2007 .']

['sweet/sour differential ( a ) $ 5.82 $ 11.99 $ 11.59 ( a ) calculated using the following mix of crude types as compared to lls. : 15% ( 15 % ) arab light , 20% ( 20 % ) kuwait , 10% ( 10 % ) maya , 15% ( 15 % ) western canadian select , 40% ( 40 % ) mars .', 'in addition to the market changes indicated by the crack spreads and sweet/sour differential , our refining and wholesale marketing gross margin is impacted by factors such as : 2022 the types of crude oil and other charge and blendstocks processed , 2022 the selling prices realized for refined products , 2022 the impact of commodity derivative instruments used to manage price risk , 2022 the cost of products purchased for resale , and 2022 changes in manufacturing costs , which include depreciation .', 'manufacturing costs are primarily driven by the cost of energy used by our refineries and the level of maintenance costs .', 'planned turnaround and major maintenance activities were completed at our catlettsburg , garyville , and robinson refineries in 2009 .', 'we performed turnaround and major maintenance activities at our robinson , catlettsburg , garyville and canton refineries in 2008 and at our catlettsburg , robinson and st .', 'paul park refineries in 2007 .', 'our retail marketing gross margin for gasoline and distillates , which is the difference between the ultimate price paid by consumers and the cost of refined products , including secondary transportation and consumer excise taxes , also impacts rm&t segment profitability .', 'there are numerous factors including local competition , seasonal demand fluctuations , the available wholesale supply , the level of economic activity in our marketing areas and weather conditions that impact gasoline and distillate demand throughout the year .', 'refined product demand increased for several years until 2008 when it decreased due to the combination of significant increases in retail petroleum prices , a broad slowdown in general economic activity , and the impact of increased ethanol blending into gasoline .', 'in 2009 refined product demand continued to decline .', 'for our marketing area , we estimate a gasoline demand decline of about one percent and a distillate demand decline of about 12 percent from 2008 levels .', 'market demand declines for gasoline and distillates generally reduce the product margin we can realize .', 'we also estimate gasoline and distillate demand in our marketing area decreased about three percent in 2008 compared to 2007 levels .', 'the gross margin on merchandise sold at retail outlets has been historically less volatile. .']

======================================== ( dollars per barrel ) | 2009 | 2008 | 2007 chicago lls 6-3-2-1 | $ 3.52 | $ 3.27 | $ 8.87 u.s . gulf coast lls 6-3-2-1 | $ 2.54 | $ 2.45 | $ 6.42 sweet/sour differential ( a ) | $ 5.82 | $ 11.99 | $ 11.59 ========================================

subtract(3.52, 8.87), divide(#0, 8.87)

-0.60316

what was the percentage change in total interest payments from 2009 to 2010?

Background: ['notes to the consolidated financial statements at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest .', 'cash proceeds from the sale of these notes was $ 983 million ( net of discount and issuance costs ) .', 'the discount and issuance costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes .', 'in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the 201ccredit agreement 201d ) .', 'the credit agreement provides for a $ 1.2 billion unsecured revolving credit facility .', 'in connection with entering into this credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 .', 'there were no outstanding amounts due under either revolving facility at the times of their termination .', 'the company has the ability to increase the size of the credit agreement by up to an additional $ 300 million , subject to the receipt of lender commitments and other conditions .', 'the credit agreement will terminate and all amounts outstanding will be due and payable on august 5 , 2013 .', 'the credit agreement provides that loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement .', 'additionally , the credit agreement contains a commitment fee on the amount of unused commitment under the credit agreement ranging from 0.125% ( 0.125 % ) to 0.625% ( 0.625 % ) per annum .', 'the applicable interest rate and the fee will vary depending on the ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc .', 'for the company 2019s non-credit enhanced , long- term , senior , unsecured debt .', 'there were no amounts outstanding under the credit agreement at december 31 , 2011 ; however , the available borrowing rate on a one month , u.s .', 'dollar denominated borrowing would have been 1.05 percent .', 'the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the company 2019s ability to create liens or other encumbrances , to enter into sale and leaseback transactions and to enter into consolidations , mergers or transfers of all or substantially all of its assets .', 'the credit agreement also requires the company to maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of 60 percent or less .', 'the credit agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency .', 'ppg 2019s non-u.s .', 'operations have uncommitted lines of credit totaling $ 679 million of which $ 36 million was used as of december 31 , 2011 .', 'these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees .', 'short-term debt outstanding as of december 31 , 2011 and 2010 , was as follows : ( millions ) 2011 2010 other , weighted average 3.72% ( 3.72 % ) as of dec .', '31 , 2011 and 3.39% ( 3.39 % ) as of december 31 , 2010 33 24 total $ 33 $ 24 ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .', 'the company 2019s revolving credit agreements include a financial ratio covenant .', 'the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .', 'as of december 31 , 2011 , total indebtedness was 43 percent of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .', 'additionally , substantially all of the company 2019s debt agreements contain customary cross-default provisions .', 'those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .', 'none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .', 'interest payments in 2011 , 2010 and 2009 totaled $ 212 million , $ 189 million and $ 201 million , respectively .', 'in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) .', 'the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares .', 'in december 2008 , the company entered into an agreement with a counterparty to repurchase 1.5 million 44 2011 ppg annual report and form 10-k .'] Tabular Data: ---------------------------------------- ( millions ), 2011, 2010 other weighted average 3.72% ( 3.72 % ) as of dec . 31 2011 and 3.39% ( 3.39 % ) as of december 31 2010, 33, 24 total, $ 33, $ 24 ---------------------------------------- Additional Information: ['notes to the consolidated financial statements at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest .', 'cash proceeds from the sale of these notes was $ 983 million ( net of discount and issuance costs ) .', 'the discount and issuance costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes .', 'in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the 201ccredit agreement 201d ) .', 'the credit agreement provides for a $ 1.2 billion unsecured revolving credit facility .', 'in connection with entering into this credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 .', 'there were no outstanding amounts due under either revolving facility at the times of their termination .', 'the company has the ability to increase the size of the credit agreement by up to an additional $ 300 million , subject to the receipt of lender commitments and other conditions .', 'the credit agreement will terminate and all amounts outstanding will be due and payable on august 5 , 2013 .', 'the credit agreement provides that loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement .', 'additionally , the credit agreement contains a commitment fee on the amount of unused commitment under the credit agreement ranging from 0.125% ( 0.125 % ) to 0.625% ( 0.625 % ) per annum .', 'the applicable interest rate and the fee will vary depending on the ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc .', 'for the company 2019s non-credit enhanced , long- term , senior , unsecured debt .', 'there were no amounts outstanding under the credit agreement at december 31 , 2011 ; however , the available borrowing rate on a one month , u.s .', 'dollar denominated borrowing would have been 1.05 percent .', 'the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the company 2019s ability to create liens or other encumbrances , to enter into sale and leaseback transactions and to enter into consolidations , mergers or transfers of all or substantially all of its assets .', 'the credit agreement also requires the company to maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of 60 percent or less .', 'the credit agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency .', 'ppg 2019s non-u.s .', 'operations have uncommitted lines of credit totaling $ 679 million of which $ 36 million was used as of december 31 , 2011 .', 'these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees .', 'short-term debt outstanding as of december 31 , 2011 and 2010 , was as follows : ( millions ) 2011 2010 other , weighted average 3.72% ( 3.72 % ) as of dec .', '31 , 2011 and 3.39% ( 3.39 % ) as of december 31 , 2010 33 24 total $ 33 $ 24 ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .', 'the company 2019s revolving credit agreements include a financial ratio covenant .', 'the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .', 'as of december 31 , 2011 , total indebtedness was 43 percent of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .', 'additionally , substantially all of the company 2019s debt agreements contain customary cross-default provisions .', 'those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .', 'none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .', 'interest payments in 2011 , 2010 and 2009 totaled $ 212 million , $ 189 million and $ 201 million , respectively .', 'in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) .', 'the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares .', 'in december 2008 , the company entered into an agreement with a counterparty to repurchase 1.5 million 44 2011 ppg annual report and form 10-k .']

-0.0597

PPG/2011/page_46.pdf-3

['notes to the consolidated financial statements at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest .', 'cash proceeds from the sale of these notes was $ 983 million ( net of discount and issuance costs ) .', 'the discount and issuance costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes .', 'in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the 201ccredit agreement 201d ) .', 'the credit agreement provides for a $ 1.2 billion unsecured revolving credit facility .', 'in connection with entering into this credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 .', 'there were no outstanding amounts due under either revolving facility at the times of their termination .', 'the company has the ability to increase the size of the credit agreement by up to an additional $ 300 million , subject to the receipt of lender commitments and other conditions .', 'the credit agreement will terminate and all amounts outstanding will be due and payable on august 5 , 2013 .', 'the credit agreement provides that loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement .', 'additionally , the credit agreement contains a commitment fee on the amount of unused commitment under the credit agreement ranging from 0.125% ( 0.125 % ) to 0.625% ( 0.625 % ) per annum .', 'the applicable interest rate and the fee will vary depending on the ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc .', 'for the company 2019s non-credit enhanced , long- term , senior , unsecured debt .', 'there were no amounts outstanding under the credit agreement at december 31 , 2011 ; however , the available borrowing rate on a one month , u.s .', 'dollar denominated borrowing would have been 1.05 percent .', 'the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the company 2019s ability to create liens or other encumbrances , to enter into sale and leaseback transactions and to enter into consolidations , mergers or transfers of all or substantially all of its assets .', 'the credit agreement also requires the company to maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of 60 percent or less .', 'the credit agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency .', 'ppg 2019s non-u.s .', 'operations have uncommitted lines of credit totaling $ 679 million of which $ 36 million was used as of december 31 , 2011 .', 'these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees .', 'short-term debt outstanding as of december 31 , 2011 and 2010 , was as follows : ( millions ) 2011 2010 other , weighted average 3.72% ( 3.72 % ) as of dec .', '31 , 2011 and 3.39% ( 3.39 % ) as of december 31 , 2010 33 24 total $ 33 $ 24 ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .', 'the company 2019s revolving credit agreements include a financial ratio covenant .', 'the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .', 'as of december 31 , 2011 , total indebtedness was 43 percent of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .', 'additionally , substantially all of the company 2019s debt agreements contain customary cross-default provisions .', 'those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .', 'none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .', 'interest payments in 2011 , 2010 and 2009 totaled $ 212 million , $ 189 million and $ 201 million , respectively .', 'in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) .', 'the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares .', 'in december 2008 , the company entered into an agreement with a counterparty to repurchase 1.5 million 44 2011 ppg annual report and form 10-k .']

['notes to the consolidated financial statements at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest .', 'cash proceeds from the sale of these notes was $ 983 million ( net of discount and issuance costs ) .', 'the discount and issuance costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes .', 'in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the 201ccredit agreement 201d ) .', 'the credit agreement provides for a $ 1.2 billion unsecured revolving credit facility .', 'in connection with entering into this credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 .', 'there were no outstanding amounts due under either revolving facility at the times of their termination .', 'the company has the ability to increase the size of the credit agreement by up to an additional $ 300 million , subject to the receipt of lender commitments and other conditions .', 'the credit agreement will terminate and all amounts outstanding will be due and payable on august 5 , 2013 .', 'the credit agreement provides that loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement .', 'additionally , the credit agreement contains a commitment fee on the amount of unused commitment under the credit agreement ranging from 0.125% ( 0.125 % ) to 0.625% ( 0.625 % ) per annum .', 'the applicable interest rate and the fee will vary depending on the ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc .', 'for the company 2019s non-credit enhanced , long- term , senior , unsecured debt .', 'there were no amounts outstanding under the credit agreement at december 31 , 2011 ; however , the available borrowing rate on a one month , u.s .', 'dollar denominated borrowing would have been 1.05 percent .', 'the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the company 2019s ability to create liens or other encumbrances , to enter into sale and leaseback transactions and to enter into consolidations , mergers or transfers of all or substantially all of its assets .', 'the credit agreement also requires the company to maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of 60 percent or less .', 'the credit agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency .', 'ppg 2019s non-u.s .', 'operations have uncommitted lines of credit totaling $ 679 million of which $ 36 million was used as of december 31 , 2011 .', 'these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees .', 'short-term debt outstanding as of december 31 , 2011 and 2010 , was as follows : ( millions ) 2011 2010 other , weighted average 3.72% ( 3.72 % ) as of dec .', '31 , 2011 and 3.39% ( 3.39 % ) as of december 31 , 2010 33 24 total $ 33 $ 24 ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .', 'the company 2019s revolving credit agreements include a financial ratio covenant .', 'the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .', 'as of december 31 , 2011 , total indebtedness was 43 percent of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .', 'additionally , substantially all of the company 2019s debt agreements contain customary cross-default provisions .', 'those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .', 'none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .', 'interest payments in 2011 , 2010 and 2009 totaled $ 212 million , $ 189 million and $ 201 million , respectively .', 'in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) .', 'the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares .', 'in december 2008 , the company entered into an agreement with a counterparty to repurchase 1.5 million 44 2011 ppg annual report and form 10-k .']

---------------------------------------- ( millions ), 2011, 2010 other weighted average 3.72% ( 3.72 % ) as of dec . 31 2011 and 3.39% ( 3.39 % ) as of december 31 2010, 33, 24 total, $ 33, $ 24 ----------------------------------------

subtract(189, 201), divide(#0, 201)

-0.0597

in 2010 what was the ratio of the net gas revenue to the gas cost recovery asset ( 3.0 )

Context: ['entergy new orleans , inc .', 'management 2019s financial discussion and analysis plan to spin off the utility 2019s transmission business see the 201cplan to spin off the utility 2019s transmission business 201d section of entergy corporation and subsidiaries management 2019s financial discussion and analysis for a discussion of this matter , including the planned retirement of debt and preferred securities .', 'results of operations net income 2011 compared to 2010 net income increased $ 4.9 million primarily due to lower other operation and maintenance expenses , lower taxes other than income taxes , a lower effective income tax rate , and lower interest expense , partially offset by lower net revenue .', '2010 compared to 2009 net income remained relatively unchanged , increasing $ 0.6 million , primarily due to higher net revenue and lower interest expense , almost entirely offset by higher other operation and maintenance expenses , higher taxes other than income taxes , lower other income , and higher depreciation and amortization expenses .', 'net revenue 2011 compared to 2010 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) .', 'following is an analysis of the change in net revenue comparing 2011 to 2010 .', 'amount ( in millions ) .'] ---------- Table: ======================================== amount ( in millions ) 2010 net revenue $ 272.9 retail electric price -16.9 ( 16.9 ) net gas revenue -9.1 ( 9.1 ) gas cost recovery asset -3.0 ( 3.0 ) volume/weather 5.4 other -2.3 ( 2.3 ) 2011 net revenue $ 247.0 ======================================== ---------- Additional Information: ['the retail electric price variance is primarily due to formula rate plan decreases effective october 2010 and october 2011 .', 'see note 2 to the financial statements for a discussion of the formula rate plan filing .', 'the net gas revenue variance is primarily due to milder weather in 2011 compared to 2010 .', 'the gas cost recovery asset variance is primarily due to the recognition in 2010 of a $ 3 million gas operations regulatory asset associated with the settlement of entergy new orleans 2019s electric and gas formula rate plan case and the amortization of that asset .', 'see note 2 to the financial statements for additional discussion of the formula rate plan settlement. .']

3.03333

ETR/2011/page_358.pdf-3

['entergy new orleans , inc .', 'management 2019s financial discussion and analysis plan to spin off the utility 2019s transmission business see the 201cplan to spin off the utility 2019s transmission business 201d section of entergy corporation and subsidiaries management 2019s financial discussion and analysis for a discussion of this matter , including the planned retirement of debt and preferred securities .', 'results of operations net income 2011 compared to 2010 net income increased $ 4.9 million primarily due to lower other operation and maintenance expenses , lower taxes other than income taxes , a lower effective income tax rate , and lower interest expense , partially offset by lower net revenue .', '2010 compared to 2009 net income remained relatively unchanged , increasing $ 0.6 million , primarily due to higher net revenue and lower interest expense , almost entirely offset by higher other operation and maintenance expenses , higher taxes other than income taxes , lower other income , and higher depreciation and amortization expenses .', 'net revenue 2011 compared to 2010 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) .', 'following is an analysis of the change in net revenue comparing 2011 to 2010 .', 'amount ( in millions ) .']

['the retail electric price variance is primarily due to formula rate plan decreases effective october 2010 and october 2011 .', 'see note 2 to the financial statements for a discussion of the formula rate plan filing .', 'the net gas revenue variance is primarily due to milder weather in 2011 compared to 2010 .', 'the gas cost recovery asset variance is primarily due to the recognition in 2010 of a $ 3 million gas operations regulatory asset associated with the settlement of entergy new orleans 2019s electric and gas formula rate plan case and the amortization of that asset .', 'see note 2 to the financial statements for additional discussion of the formula rate plan settlement. .']

======================================== amount ( in millions ) 2010 net revenue $ 272.9 retail electric price -16.9 ( 16.9 ) net gas revenue -9.1 ( 9.1 ) gas cost recovery asset -3.0 ( 3.0 ) volume/weather 5.4 other -2.3 ( 2.3 ) 2011 net revenue $ 247.0 ========================================

divide(9.1, 3.0)

3.03333

considering the years 2016-2017 , what is the percentual increase observed in the payment amount per share?

Context: ['humana inc .', 'notes to consolidated financial statements 2014 ( continued ) 15 .', 'stockholders 2019 equity dividends the following table provides details of dividend payments , excluding dividend equivalent rights , in 2015 , 2016 , and 2017 under our board approved quarterly cash dividend policy : payment amount per share amount ( in millions ) .'] ------ Data Table: **************************************** paymentdate, amountper share, totalamount ( in millions ) 2015, $ 1.14, $ 170 2016, $ 1.16, $ 172 2017, $ 1.49, $ 216 **************************************** ------ Post-table: ['on november 2 , 2017 , the board declared a cash dividend of $ 0.40 per share that was paid on january 26 , 2018 to stockholders of record on december 29 , 2017 , for an aggregate amount of $ 55 million .', 'declaration and payment of future quarterly dividends is at the discretion of our board and may be adjusted as business needs or market conditions change .', 'stock repurchases in september 2014 , our board of directors replaced a previous share repurchase authorization of up to $ 1 billion ( of which $ 816 million remained unused ) with an authorization for repurchases of up to $ 2 billion of our common shares exclusive of shares repurchased in connection with employee stock plans , which expired on december 31 , 2016 .', 'under the share repurchase authorization , shares may have been purchased from time to time at prevailing prices in the open market , by block purchases , through plans designed to comply with rule 10b5-1 under the securities exchange act of 1934 , as amended , or in privately-negotiated transactions ( including pursuant to accelerated share repurchase agreements with investment banks ) , subject to certain regulatory restrictions on volume , pricing , and timing .', 'pursuant to the merger agreement , after july 2 , 2015 , we were prohibited from repurchasing any of our outstanding securities without the prior written consent of aetna , other than repurchases of shares of our common stock in connection with the exercise of outstanding stock options or the vesting or settlement of outstanding restricted stock awards .', 'accordingly , as announced on july 3 , 2015 , we suspended our share repurchase program .', 'on february 14 , 2017 , we and aetna agreed to mutually terminate the merger agreement .', 'we also announced that the board had approved a new authorization for share repurchases of up to $ 2.25 billion of our common stock exclusive of shares repurchased in connection with employee stock plans , expiring on december 31 , 2017 .', 'on february 16 , 2017 , we entered into an accelerated share repurchase agreement , the february 2017 asr , with goldman , sachs & co .', 'llc , or goldman sachs , to repurchase $ 1.5 billion of our common stock as part of the $ 2.25 billion share repurchase program referred to above .', 'on february 22 , 2017 , we made a payment of $ 1.5 billion to goldman sachs from available cash on hand and received an initial delivery of 5.83 million shares of our common stock from goldman sachs based on the then current market price of humana common stock .', 'the payment to goldman sachs was recorded as a reduction to stockholders 2019 equity , consisting of a $ 1.2 billion increase in treasury stock , which reflected the value of the initial 5.83 million shares received upon initial settlement , and a $ 300 million decrease in capital in excess of par value , which reflected the value of stock held back by goldman sachs pending final settlement of the february 2017 asr .', 'upon settlement of the february 2017 asr on august 28 , 2017 , we received an additional 0.84 million shares as determined by the average daily volume weighted-average share price of our common stock during the term of the agreement of $ 224.81 , bringing the total shares received under this program to 6.67 million .', 'in addition , upon settlement we reclassified the $ 300 million value of stock initially held back by goldman sachs from capital in excess of par value to treasury stock .', 'subsequent to settlement of the february 2017 asr , we repurchased an additional 3.04 million shares in the open market , utilizing the remaining $ 750 million of the $ 2.25 billion authorization prior to expiration. .']

0.28448

HUM/2017/page_133.pdf-4

['humana inc .', 'notes to consolidated financial statements 2014 ( continued ) 15 .', 'stockholders 2019 equity dividends the following table provides details of dividend payments , excluding dividend equivalent rights , in 2015 , 2016 , and 2017 under our board approved quarterly cash dividend policy : payment amount per share amount ( in millions ) .']

['on november 2 , 2017 , the board declared a cash dividend of $ 0.40 per share that was paid on january 26 , 2018 to stockholders of record on december 29 , 2017 , for an aggregate amount of $ 55 million .', 'declaration and payment of future quarterly dividends is at the discretion of our board and may be adjusted as business needs or market conditions change .', 'stock repurchases in september 2014 , our board of directors replaced a previous share repurchase authorization of up to $ 1 billion ( of which $ 816 million remained unused ) with an authorization for repurchases of up to $ 2 billion of our common shares exclusive of shares repurchased in connection with employee stock plans , which expired on december 31 , 2016 .', 'under the share repurchase authorization , shares may have been purchased from time to time at prevailing prices in the open market , by block purchases , through plans designed to comply with rule 10b5-1 under the securities exchange act of 1934 , as amended , or in privately-negotiated transactions ( including pursuant to accelerated share repurchase agreements with investment banks ) , subject to certain regulatory restrictions on volume , pricing , and timing .', 'pursuant to the merger agreement , after july 2 , 2015 , we were prohibited from repurchasing any of our outstanding securities without the prior written consent of aetna , other than repurchases of shares of our common stock in connection with the exercise of outstanding stock options or the vesting or settlement of outstanding restricted stock awards .', 'accordingly , as announced on july 3 , 2015 , we suspended our share repurchase program .', 'on february 14 , 2017 , we and aetna agreed to mutually terminate the merger agreement .', 'we also announced that the board had approved a new authorization for share repurchases of up to $ 2.25 billion of our common stock exclusive of shares repurchased in connection with employee stock plans , expiring on december 31 , 2017 .', 'on february 16 , 2017 , we entered into an accelerated share repurchase agreement , the february 2017 asr , with goldman , sachs & co .', 'llc , or goldman sachs , to repurchase $ 1.5 billion of our common stock as part of the $ 2.25 billion share repurchase program referred to above .', 'on february 22 , 2017 , we made a payment of $ 1.5 billion to goldman sachs from available cash on hand and received an initial delivery of 5.83 million shares of our common stock from goldman sachs based on the then current market price of humana common stock .', 'the payment to goldman sachs was recorded as a reduction to stockholders 2019 equity , consisting of a $ 1.2 billion increase in treasury stock , which reflected the value of the initial 5.83 million shares received upon initial settlement , and a $ 300 million decrease in capital in excess of par value , which reflected the value of stock held back by goldman sachs pending final settlement of the february 2017 asr .', 'upon settlement of the february 2017 asr on august 28 , 2017 , we received an additional 0.84 million shares as determined by the average daily volume weighted-average share price of our common stock during the term of the agreement of $ 224.81 , bringing the total shares received under this program to 6.67 million .', 'in addition , upon settlement we reclassified the $ 300 million value of stock initially held back by goldman sachs from capital in excess of par value to treasury stock .', 'subsequent to settlement of the february 2017 asr , we repurchased an additional 3.04 million shares in the open market , utilizing the remaining $ 750 million of the $ 2.25 billion authorization prior to expiration. .']

**************************************** paymentdate, amountper share, totalamount ( in millions ) 2015, $ 1.14, $ 170 2016, $ 1.16, $ 172 2017, $ 1.49, $ 216 ****************************************

divide(1.49, 1.16), subtract(#0, const_1)

0.28448

what is the percentage change in the balance of gross liability for unrecognized tax benefits from 2015 to 2016?

Context: ['the company 2019s 2017 reported tax rate includes $ 160.9 million of net tax benefits associated with the tax act , $ 6.2 million of net tax benefits on special gains and charges , and net tax benefits of $ 25.3 million associated with discrete tax items .', 'in connection with the company 2019s initial analysis of the impact of the tax act , as noted above , a provisional net discrete tax benefit of $ 160.9 million was recorded in the period ended december 31 , 2017 , which includes $ 321.0 million tax benefit for recording deferred tax assets and liabilities at the u.s .', 'enacted tax rate , and a net expense for the one-time transition tax of $ 160.1 million .', 'while the company was able to make an estimate of the impact of the reduction in the u.s .', 'rate on deferred tax assets and liabilities and the one-time transition tax , it may be affected by other analyses related to the tax act , as indicated above .', 'special ( gains ) and charges represent the tax impact of special ( gains ) and charges , as well as additional tax benefits utilized in anticipation of u.s .', 'tax reform of $ 7.8 million .', 'during 2017 , the company recorded a discrete tax benefit of $ 39.7 million related to excess tax benefits , resulting from the adoption of accounting changes regarding the treatment of tax benefits on share-based compensation .', 'the extent of excess tax benefits is subject to variation in stock price and stock option exercises .', 'in addition , the company recorded net discrete expenses of $ 14.4 million related to recognizing adjustments from filing the 2016 u.s .', 'federal income tax return and international adjustments due to changes in estimates , partially offset by the release of reserves for uncertain tax positions due to the expiration of statute of limitations in state tax matters .', 'during 2016 , the company recognized net expense related to discrete tax items of $ 3.9 million .', 'the net expenses were driven primarily by recognizing adjustments from filing the company 2019s 2015 u.s .', 'federal income tax return , partially offset by settlement of international tax matters and remeasurement of certain deferred tax assets and liabilities resulting from the application of updated tax rates in international jurisdictions .', 'net expense was also impacted by adjustments to deferred tax asset and liability positions and the release of reserves for uncertain tax positions due to the expiration of statute of limitations in non-u.s .', 'jurisdictions .', 'during 2015 , the company recognized net benefits related to discrete tax items of $ 63.3 million .', 'the net benefits were driven primarily by the release of $ 20.6 million of valuation allowances , based on the realizability of foreign deferred tax assets and the ability to recognize a worthless stock deduction of $ 39.0 million for the tax basis in a wholly-owned domestic subsidiary .', 'a reconciliation of the beginning and ending amount of gross liability for unrecognized tax benefits is as follows: .'] ---------- Table: **************************************** • ( millions ), 2017, 2016, 2015 • balance at beginning of year, $ 75.9, $ 74.6, $ 78.7 • additions based on tax positions related to the current year, 3.2, 8.8, 5.8 • additions for tax positions of prior years, -, 2.1, 0.9 • reductions for tax positions of prior years, -4.9 ( 4.9 ), -1.0 ( 1.0 ), -8.8 ( 8.8 ) • reductions for tax positions due to statute of limitations, -14.0 ( 14.0 ), -5.5 ( 5.5 ), -1.6 ( 1.6 ) • settlements, -10.8 ( 10.8 ), -2.0 ( 2.0 ), -4.2 ( 4.2 ) • assumed in connection with acquisitions, 10.0, -, 8.0 • foreign currency translation, 2.1, -1.1 ( 1.1 ), -4.2 ( 4.2 ) • balance at end of year, $ 61.5, $ 75.9, $ 74.6 **************************************** ---------- Additional Information: ['the total amount of unrecognized tax benefits , if recognized would have affected the effective tax rate by $ 47.1 million as of december 31 , 2017 , $ 57.5 million as of december 31 , 2016 and $ 59.2 million as of december 31 , 2015 .', 'the company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes .', 'during 2017 , 2016 and 2015 the company released $ 0.9 million , $ 2.9 million and $ 1.4 million related to interest and penalties , respectively .', 'the company had $ 9.3 million , $ 10.2 million and $ 13.1 million of accrued interest , including minor amounts for penalties , at december 31 , 2017 , 2016 , and 2015 , respectively. .']

0.01743

ECL/2017/page_95.pdf-3

['the company 2019s 2017 reported tax rate includes $ 160.9 million of net tax benefits associated with the tax act , $ 6.2 million of net tax benefits on special gains and charges , and net tax benefits of $ 25.3 million associated with discrete tax items .', 'in connection with the company 2019s initial analysis of the impact of the tax act , as noted above , a provisional net discrete tax benefit of $ 160.9 million was recorded in the period ended december 31 , 2017 , which includes $ 321.0 million tax benefit for recording deferred tax assets and liabilities at the u.s .', 'enacted tax rate , and a net expense for the one-time transition tax of $ 160.1 million .', 'while the company was able to make an estimate of the impact of the reduction in the u.s .', 'rate on deferred tax assets and liabilities and the one-time transition tax , it may be affected by other analyses related to the tax act , as indicated above .', 'special ( gains ) and charges represent the tax impact of special ( gains ) and charges , as well as additional tax benefits utilized in anticipation of u.s .', 'tax reform of $ 7.8 million .', 'during 2017 , the company recorded a discrete tax benefit of $ 39.7 million related to excess tax benefits , resulting from the adoption of accounting changes regarding the treatment of tax benefits on share-based compensation .', 'the extent of excess tax benefits is subject to variation in stock price and stock option exercises .', 'in addition , the company recorded net discrete expenses of $ 14.4 million related to recognizing adjustments from filing the 2016 u.s .', 'federal income tax return and international adjustments due to changes in estimates , partially offset by the release of reserves for uncertain tax positions due to the expiration of statute of limitations in state tax matters .', 'during 2016 , the company recognized net expense related to discrete tax items of $ 3.9 million .', 'the net expenses were driven primarily by recognizing adjustments from filing the company 2019s 2015 u.s .', 'federal income tax return , partially offset by settlement of international tax matters and remeasurement of certain deferred tax assets and liabilities resulting from the application of updated tax rates in international jurisdictions .', 'net expense was also impacted by adjustments to deferred tax asset and liability positions and the release of reserves for uncertain tax positions due to the expiration of statute of limitations in non-u.s .', 'jurisdictions .', 'during 2015 , the company recognized net benefits related to discrete tax items of $ 63.3 million .', 'the net benefits were driven primarily by the release of $ 20.6 million of valuation allowances , based on the realizability of foreign deferred tax assets and the ability to recognize a worthless stock deduction of $ 39.0 million for the tax basis in a wholly-owned domestic subsidiary .', 'a reconciliation of the beginning and ending amount of gross liability for unrecognized tax benefits is as follows: .']

['the total amount of unrecognized tax benefits , if recognized would have affected the effective tax rate by $ 47.1 million as of december 31 , 2017 , $ 57.5 million as of december 31 , 2016 and $ 59.2 million as of december 31 , 2015 .', 'the company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes .', 'during 2017 , 2016 and 2015 the company released $ 0.9 million , $ 2.9 million and $ 1.4 million related to interest and penalties , respectively .', 'the company had $ 9.3 million , $ 10.2 million and $ 13.1 million of accrued interest , including minor amounts for penalties , at december 31 , 2017 , 2016 , and 2015 , respectively. .']

**************************************** • ( millions ), 2017, 2016, 2015 • balance at beginning of year, $ 75.9, $ 74.6, $ 78.7 • additions based on tax positions related to the current year, 3.2, 8.8, 5.8 • additions for tax positions of prior years, -, 2.1, 0.9 • reductions for tax positions of prior years, -4.9 ( 4.9 ), -1.0 ( 1.0 ), -8.8 ( 8.8 ) • reductions for tax positions due to statute of limitations, -14.0 ( 14.0 ), -5.5 ( 5.5 ), -1.6 ( 1.6 ) • settlements, -10.8 ( 10.8 ), -2.0 ( 2.0 ), -4.2 ( 4.2 ) • assumed in connection with acquisitions, 10.0, -, 8.0 • foreign currency translation, 2.1, -1.1 ( 1.1 ), -4.2 ( 4.2 ) • balance at end of year, $ 61.5, $ 75.9, $ 74.6 ****************************************

subtract(75.9, 74.6), divide(#0, 74.6)

0.01743

what is the total return if 1000000 is invested in s&p500 in 2011 and sold in 2012?

Context: ['performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 30 , 2011 through october 30 , 2016 .', '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 30 , 2011 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 10/30/11 in stock or 10/31/11 in index , including reinvestment of dividends .', 'indexes calculated on month-end basis .', 'copyright a9 2016 standard & poor 2019s , a division of s&p global .', 'all rights reserved. .'] Data Table: **************************************** , 10/30/2011, 10/28/2012, 10/27/2013, 10/26/2014, 10/25/2015, 10/30/2016 applied materials, 100.00, 86.93, 148.68, 179.96, 143.74, 255.27 s&p 500 index, 100.00, 115.21, 146.52, 171.82, 180.75, 188.90 rdg semiconductor composite index, 100.00, 96.65, 127.68, 160.86, 154.90, 191.65 **************************************** Additional Information: ['dividends during each of fiscal 2016 , 2015 , and 2014 , applied 2019s board of directors declared four quarterly cash dividends in the amount of $ 0.10 per share .', 'applied currently anticipates that cash dividends will continue to be paid on a quarterly basis , although the declaration of any future cash dividend is at the discretion of the board of directors and will depend on applied 2019s financial condition , results of operations , capital requirements , business conditions and other factors , as well as a determination by the board of directors that cash dividends are in the best interests of applied 2019s stockholders .', '10/30/11 10/28/12 10/27/13 10/26/14 10/25/15 10/30/16 applied materials , inc .', 's&p 500 rdg semiconductor composite .']

152100.0

AMAT/2016/page_32.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 30 , 2011 through october 30 , 2016 .', '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 30 , 2011 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 10/30/11 in stock or 10/31/11 in index , including reinvestment of dividends .', 'indexes calculated on month-end basis .', 'copyright a9 2016 standard & poor 2019s , a division of s&p global .', 'all rights reserved. .']

['dividends during each of fiscal 2016 , 2015 , and 2014 , applied 2019s board of directors declared four quarterly cash dividends in the amount of $ 0.10 per share .', 'applied currently anticipates that cash dividends will continue to be paid on a quarterly basis , although the declaration of any future cash dividend is at the discretion of the board of directors and will depend on applied 2019s financial condition , results of operations , capital requirements , business conditions and other factors , as well as a determination by the board of directors that cash dividends are in the best interests of applied 2019s stockholders .', '10/30/11 10/28/12 10/27/13 10/26/14 10/25/15 10/30/16 applied materials , inc .', 's&p 500 rdg semiconductor composite .']

**************************************** , 10/30/2011, 10/28/2012, 10/27/2013, 10/26/2014, 10/25/2015, 10/30/2016 applied materials, 100.00, 86.93, 148.68, 179.96, 143.74, 255.27 s&p 500 index, 100.00, 115.21, 146.52, 171.82, 180.75, 188.90 rdg semiconductor composite index, 100.00, 96.65, 127.68, 160.86, 154.90, 191.65 ****************************************

subtract(115.21, const_100), divide(1000000, const_100), multiply(#1, #0)

152100.0

what is the difference between the high wti crude oil and western canadian select prices?

Pre-text: ['crude oil , and political unrest in the middle east and elsewhere .', 'later in 2008 , crude oil prices dropped more rapidly than they had climbed as the u.s .', 'dollar rebounded and other countries entered recessions which decreased demand .', 'during 2008 , the average spot price per barrel for wti was $ 99.75 , up from an average of $ 72.41 in 2007 , but ended the year at $ 44.60 .', 'the average spot price per barrel for brent was $ 97.26 in 2008 , up from an average of $ 72.39 in 2007 , but ended the year at $ 36.55 .', 'the differential between wti and brent average prices widened to $ 2.49 in 2008 from $ 0.02 in 2007 .', 'our domestic crude oil production is on average heavier and higher in sulfur content than light sweet wti .', 'heavier and higher sulfur crude oil ( commonly referred to as heavy sour crude oil ) sells at a discount to light sweet crude oil .', 'our international crude oil production is relatively sweet and is generally sold in relation to the brent crude oil benchmark .', 'natural gas prices on average were higher in 2008 than in 2007 .', 'a significant portion of our u.s .', 'lower 48 states natural gas production is sold at bid-week prices or first-of-month indices relative to our specific producing areas .', 'the average henry hub first-of-month price index was $ 2.18 per thousand cubic feet ( 201cmcf 201d ) higher in 2008 than the 2007 average .', 'natural gas sales in alaska are subject to term contracts .', 'our other major natural gas-producing regions are europe and equatorial guinea , where large portions of our natural gas sales are subject to term contracts , making realized prices in these areas less volatile .', 'as we sell larger quantities of natural gas from these regions , to the extent that these fixed prices are lower than prevailing prices , our reported average natural gas prices realizations may decrease .', 'e&p segment income during 2008 was up 57 percent from 2007 , with revenue increases tied to these increases in average commodity prices accounting for almost half of the income improvement .', 'liquid hydrocarbon and natural gas sales volumes were also higher in 2008 than 2007 .', 'oil sands mining oil sands mining segment revenues correlate with prevailing market prices for the various qualities of synthetic crude oil and vacuum gas oil we produce .', 'roughly two-thirds of the normal output mix will track movements in wti and one-third will track movements in the canadian heavy sour crude oil marker , primarily western canadian select .', 'output mix can be impacted by operational problems or planned unit outages at the mine or upgrader .', 'during 2008 , our average realized price for synthetic crude oil and vacuum gas oil was $ 91.90 per barrel , up from 2007 , but ended the year at $ 24.97 per barrel impacted by a heavier yield in december and a seasonal decrease in the value of our heavy output .', 'the operating cost structure of the oil sands mining operations is predominantly fixed , and therefore many of the costs incurred in times of full operation continue during production downtime .', 'per unit costs are sensitive to production rates .', 'key variable costs are natural gas and diesel fuel , which track commodity markets such as the canadian aeco natural gas sales index and crude prices respectively .', 'the table below shows benchmark prices that impact both our revenues and variable costs , listing high and low spot prices during the year. .'] Table: **************************************** benchmark wti crude oil ( dollars per barrel ) high $ 145.29 date july 3 low $ 33.87 date december 19 western canadian select ( dollars per barrel ) ( a ) $ 114.95 july $ 23.18 december aeco natural gas sales index ( canadian dollars per gigajoule ) ( b ) $ 11.34 july 1 $ 5.42 september 19 **************************************** Post-table: ['wti crude oil ( dollars per barrel ) $ 145.29 july 3 $ 33.87 december 19 western canadian select ( dollars per barrel ) ( a ) $ 114.95 july $ 23.18 december aeco natural gas sales index ( canadian dollars per gigajoule ) ( b ) $ 11.34 july 1 $ 5.42 september 19 ( a ) monthly pricing based upon average wti adjusted for differentials unique to western canada .', '( b ) alberta energy company day ahead index .', 'our osm segment reported income of $ 258 million for 2008 , reflecting synthetic crude oil and vacuum gas oil sales averaging 32 mboepd .', 'derivative instruments intended to hedge price risk on future sales have impacted revenues in the periods presented , with net gains of $ 48 million in 2008 and net losses of $ 53 million in 2007 .', 'in the first quarter of 2009 , we entered into derivative instruments which effectively offset certain of our open derivative positions .', 'refining , marketing and transportation rm&t segment income depends largely on our refining and wholesale marketing gross margin , refinery throughputs , retail marketing gross margins for gasoline , distillates and merchandise , and the profitability of our pipeline transportation operations. .']

30.34

MRO/2008/page_69.pdf-1

['crude oil , and political unrest in the middle east and elsewhere .', 'later in 2008 , crude oil prices dropped more rapidly than they had climbed as the u.s .', 'dollar rebounded and other countries entered recessions which decreased demand .', 'during 2008 , the average spot price per barrel for wti was $ 99.75 , up from an average of $ 72.41 in 2007 , but ended the year at $ 44.60 .', 'the average spot price per barrel for brent was $ 97.26 in 2008 , up from an average of $ 72.39 in 2007 , but ended the year at $ 36.55 .', 'the differential between wti and brent average prices widened to $ 2.49 in 2008 from $ 0.02 in 2007 .', 'our domestic crude oil production is on average heavier and higher in sulfur content than light sweet wti .', 'heavier and higher sulfur crude oil ( commonly referred to as heavy sour crude oil ) sells at a discount to light sweet crude oil .', 'our international crude oil production is relatively sweet and is generally sold in relation to the brent crude oil benchmark .', 'natural gas prices on average were higher in 2008 than in 2007 .', 'a significant portion of our u.s .', 'lower 48 states natural gas production is sold at bid-week prices or first-of-month indices relative to our specific producing areas .', 'the average henry hub first-of-month price index was $ 2.18 per thousand cubic feet ( 201cmcf 201d ) higher in 2008 than the 2007 average .', 'natural gas sales in alaska are subject to term contracts .', 'our other major natural gas-producing regions are europe and equatorial guinea , where large portions of our natural gas sales are subject to term contracts , making realized prices in these areas less volatile .', 'as we sell larger quantities of natural gas from these regions , to the extent that these fixed prices are lower than prevailing prices , our reported average natural gas prices realizations may decrease .', 'e&p segment income during 2008 was up 57 percent from 2007 , with revenue increases tied to these increases in average commodity prices accounting for almost half of the income improvement .', 'liquid hydrocarbon and natural gas sales volumes were also higher in 2008 than 2007 .', 'oil sands mining oil sands mining segment revenues correlate with prevailing market prices for the various qualities of synthetic crude oil and vacuum gas oil we produce .', 'roughly two-thirds of the normal output mix will track movements in wti and one-third will track movements in the canadian heavy sour crude oil marker , primarily western canadian select .', 'output mix can be impacted by operational problems or planned unit outages at the mine or upgrader .', 'during 2008 , our average realized price for synthetic crude oil and vacuum gas oil was $ 91.90 per barrel , up from 2007 , but ended the year at $ 24.97 per barrel impacted by a heavier yield in december and a seasonal decrease in the value of our heavy output .', 'the operating cost structure of the oil sands mining operations is predominantly fixed , and therefore many of the costs incurred in times of full operation continue during production downtime .', 'per unit costs are sensitive to production rates .', 'key variable costs are natural gas and diesel fuel , which track commodity markets such as the canadian aeco natural gas sales index and crude prices respectively .', 'the table below shows benchmark prices that impact both our revenues and variable costs , listing high and low spot prices during the year. .']

['wti crude oil ( dollars per barrel ) $ 145.29 july 3 $ 33.87 december 19 western canadian select ( dollars per barrel ) ( a ) $ 114.95 july $ 23.18 december aeco natural gas sales index ( canadian dollars per gigajoule ) ( b ) $ 11.34 july 1 $ 5.42 september 19 ( a ) monthly pricing based upon average wti adjusted for differentials unique to western canada .', '( b ) alberta energy company day ahead index .', 'our osm segment reported income of $ 258 million for 2008 , reflecting synthetic crude oil and vacuum gas oil sales averaging 32 mboepd .', 'derivative instruments intended to hedge price risk on future sales have impacted revenues in the periods presented , with net gains of $ 48 million in 2008 and net losses of $ 53 million in 2007 .', 'in the first quarter of 2009 , we entered into derivative instruments which effectively offset certain of our open derivative positions .', 'refining , marketing and transportation rm&t segment income depends largely on our refining and wholesale marketing gross margin , refinery throughputs , retail marketing gross margins for gasoline , distillates and merchandise , and the profitability of our pipeline transportation operations. .']

**************************************** benchmark wti crude oil ( dollars per barrel ) high $ 145.29 date july 3 low $ 33.87 date december 19 western canadian select ( dollars per barrel ) ( a ) $ 114.95 july $ 23.18 december aeco natural gas sales index ( canadian dollars per gigajoule ) ( b ) $ 11.34 july 1 $ 5.42 september 19 ****************************************

subtract(145.29, 114.95)

30.34

what is the difference between the highest and average value of operating profit?

Background: ['higher in the first half of the year , but declined dur- ing the second half of the year reflecting the pass- through to customers of lower resin input costs .', 'however , average margins benefitted from a more favorable mix of products sold .', 'raw material costs were lower , primarily for resins .', 'freight costs were also favorable , while operating costs increased .', 'shorewood sales volumes in 2009 declined from 2008 levels reflecting weaker demand in the home entertainment segment and a decrease in tobacco segment orders as customers have shifted pro- duction outside of the united states , partially offset by higher shipments in the consumer products segment .', 'average sales margins improved reflecting a more favorable mix of products sold .', 'raw material costs were higher , but were partially offset by lower freight costs .', 'operating costs were favorable , reflect- ing benefits from business reorganization and cost reduction actions taken in 2008 and 2009 .', 'charges to restructure operations totaled $ 7 million in 2009 and $ 30 million in 2008 .', 'entering 2010 , coated paperboard sales volumes are expected to increase , while average sales price real- izations should be comparable to 2009 fourth-quarter levels .', 'raw material costs are expected to be sig- nificantly higher for wood , energy and chemicals , but planned maintenance downtime costs will decrease .', 'foodservice sales volumes are expected to remain about flat , but average sales price realizations should improve slightly .', 'input costs for resins should be higher , but will be partially offset by lower costs for bleached board .', 'shorewood sales volumes are expected to decline reflecting seasonal decreases in home entertainment segment shipments .', 'operating costs are expected to be favorable reflecting the benefits of business reorganization efforts .', 'european consumer packaging net sales in 2009 were $ 315 million compared with $ 300 million in 2008 and $ 280 million in 2007 .', 'operating earnings in 2009 of $ 66 million increased from $ 22 million in 2008 and $ 30 million in 2007 .', 'sales volumes in 2009 were higher than in 2008 reflecting increased ship- ments to export markets .', 'average sales margins declined due to increased shipments to lower- margin export markets and lower average sales prices in western europe .', 'entering 2010 , sales volumes for the first quarter are expected to remain strong .', 'average margins should improve reflecting increased sales price realizations and a more favorable geographic mix of products sold .', 'input costs are expected to be higher due to increased wood prices in poland and annual energy tariff increases in russia .', 'asian consumer packaging net sales were $ 545 million in 2009 compared with $ 390 million in 2008 and $ 330 million in 2007 .', 'operating earnings in 2009 were $ 24 million compared with a loss of $ 13 million in 2008 and earnings of $ 12 million in 2007 .', 'the improved operating earnings in 2009 reflect increased sales volumes , higher average sales mar- gins and lower input costs , primarily for chemicals .', 'the loss in 2008 was primarily due to a $ 12 million charge to revalue pulp inventories at our shandong international paper and sun coated paperboard co. , ltd .', 'joint venture and start-up costs associated with the joint venture 2019s new folding box board paper machine .', 'distribution xpedx , our distribution business , markets a diverse array of products and supply chain services to cus- tomers in many business segments .', 'customer demand is generally sensitive to changes in general economic conditions , although the commercial printing segment is also dependent on consumer advertising and promotional spending .', 'distribution 2019s margins are relatively stable across an economic cycle .', 'providing customers with the best choice and value in both products and supply chain services is a key competitive factor .', 'additionally , efficient customer service , cost-effective logistics and focused working capital management are key factors in this segment 2019s profitability .', 'distribution in millions 2009 2008 2007 .'] ########## Data Table: ---------------------------------------- in millions | 2009 | 2008 | 2007 sales | $ 6525 | $ 7970 | $ 7320 operating profit | 50 | 103 | 108 ---------------------------------------- ########## Additional Information: ['distribution 2019s 2009 annual sales decreased 18% ( 18 % ) from 2008 and 11% ( 11 % ) from 2007 while operating profits in 2009 decreased 51% ( 51 % ) compared with 2008 and 54% ( 54 % ) compared with 2007 .', 'annual sales of printing papers and graphic arts supplies and equipment totaled $ 4.1 billion in 2009 compared with $ 5.2 billion in 2008 and $ 4.7 billion in 2007 , reflecting weak economic conditions in 2009 .', 'trade margins as a percent of sales for printing papers increased from 2008 but decreased from 2007 due to a higher mix of lower margin direct ship- ments from manufacturers .', 'revenue from packaging products was $ 1.3 billion in 2009 compared with $ 1.7 billion in 2008 and $ 1.5 billion in 2007 .', 'trade margins as a percent of sales for packaging products were higher than in the past two years reflecting an improved product and service mix .', 'facility supplies annual revenue was $ 1.1 billion in 2009 , essentially .']

21.0

IP/2009/page_38.pdf-3

['higher in the first half of the year , but declined dur- ing the second half of the year reflecting the pass- through to customers of lower resin input costs .', 'however , average margins benefitted from a more favorable mix of products sold .', 'raw material costs were lower , primarily for resins .', 'freight costs were also favorable , while operating costs increased .', 'shorewood sales volumes in 2009 declined from 2008 levels reflecting weaker demand in the home entertainment segment and a decrease in tobacco segment orders as customers have shifted pro- duction outside of the united states , partially offset by higher shipments in the consumer products segment .', 'average sales margins improved reflecting a more favorable mix of products sold .', 'raw material costs were higher , but were partially offset by lower freight costs .', 'operating costs were favorable , reflect- ing benefits from business reorganization and cost reduction actions taken in 2008 and 2009 .', 'charges to restructure operations totaled $ 7 million in 2009 and $ 30 million in 2008 .', 'entering 2010 , coated paperboard sales volumes are expected to increase , while average sales price real- izations should be comparable to 2009 fourth-quarter levels .', 'raw material costs are expected to be sig- nificantly higher for wood , energy and chemicals , but planned maintenance downtime costs will decrease .', 'foodservice sales volumes are expected to remain about flat , but average sales price realizations should improve slightly .', 'input costs for resins should be higher , but will be partially offset by lower costs for bleached board .', 'shorewood sales volumes are expected to decline reflecting seasonal decreases in home entertainment segment shipments .', 'operating costs are expected to be favorable reflecting the benefits of business reorganization efforts .', 'european consumer packaging net sales in 2009 were $ 315 million compared with $ 300 million in 2008 and $ 280 million in 2007 .', 'operating earnings in 2009 of $ 66 million increased from $ 22 million in 2008 and $ 30 million in 2007 .', 'sales volumes in 2009 were higher than in 2008 reflecting increased ship- ments to export markets .', 'average sales margins declined due to increased shipments to lower- margin export markets and lower average sales prices in western europe .', 'entering 2010 , sales volumes for the first quarter are expected to remain strong .', 'average margins should improve reflecting increased sales price realizations and a more favorable geographic mix of products sold .', 'input costs are expected to be higher due to increased wood prices in poland and annual energy tariff increases in russia .', 'asian consumer packaging net sales were $ 545 million in 2009 compared with $ 390 million in 2008 and $ 330 million in 2007 .', 'operating earnings in 2009 were $ 24 million compared with a loss of $ 13 million in 2008 and earnings of $ 12 million in 2007 .', 'the improved operating earnings in 2009 reflect increased sales volumes , higher average sales mar- gins and lower input costs , primarily for chemicals .', 'the loss in 2008 was primarily due to a $ 12 million charge to revalue pulp inventories at our shandong international paper and sun coated paperboard co. , ltd .', 'joint venture and start-up costs associated with the joint venture 2019s new folding box board paper machine .', 'distribution xpedx , our distribution business , markets a diverse array of products and supply chain services to cus- tomers in many business segments .', 'customer demand is generally sensitive to changes in general economic conditions , although the commercial printing segment is also dependent on consumer advertising and promotional spending .', 'distribution 2019s margins are relatively stable across an economic cycle .', 'providing customers with the best choice and value in both products and supply chain services is a key competitive factor .', 'additionally , efficient customer service , cost-effective logistics and focused working capital management are key factors in this segment 2019s profitability .', 'distribution in millions 2009 2008 2007 .']

['distribution 2019s 2009 annual sales decreased 18% ( 18 % ) from 2008 and 11% ( 11 % ) from 2007 while operating profits in 2009 decreased 51% ( 51 % ) compared with 2008 and 54% ( 54 % ) compared with 2007 .', 'annual sales of printing papers and graphic arts supplies and equipment totaled $ 4.1 billion in 2009 compared with $ 5.2 billion in 2008 and $ 4.7 billion in 2007 , reflecting weak economic conditions in 2009 .', 'trade margins as a percent of sales for printing papers increased from 2008 but decreased from 2007 due to a higher mix of lower margin direct ship- ments from manufacturers .', 'revenue from packaging products was $ 1.3 billion in 2009 compared with $ 1.7 billion in 2008 and $ 1.5 billion in 2007 .', 'trade margins as a percent of sales for packaging products were higher than in the past two years reflecting an improved product and service mix .', 'facility supplies annual revenue was $ 1.1 billion in 2009 , essentially .']

---------------------------------------- in millions | 2009 | 2008 | 2007 sales | $ 6525 | $ 7970 | $ 7320 operating profit | 50 | 103 | 108 ----------------------------------------

table_max(operating profit, none), table_average(operating profit, none), subtract(#0, #1)

21.0

what was the percentage change in cash from operating activities from 2009 to 2010?

Background: ['liquidity and capital resources during the past three years , we had sufficient financial resources to meet our operating requirements , to fund our capital spending , share repurchases and pension plans and to pay increasing dividends to our shareholders .', 'cash from operating activities was $ 1436 million , $ 1310 million , and $ 1345 million in 2011 , 2010 , and 2009 , respectively .', 'higher earnings increased cash from operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 .', 'cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings .', 'operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first-in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities .', 'see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital .', 'we believe operating working capital represents the key components of working capital under the operating control of our businesses .', 'operating working capital at december 31 , 2011 and 2010 was $ 2.7 billion and $ 2.6 billion , respectively .', 'a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) .', '( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( % ) of sales 19.5% ( 19.5 % ) 19.2% ( 19.2 % ) the change in operating working capital elements , excluding the impact of currency and acquisitions , was an increase of $ 195 million during the year ended december 31 , 2011 .', 'this increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in fifo inventory slightly offset by an increase in trade creditors 2019 liabilities .', 'trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2011 was 17.9 percent , down slightly from 18.1 percent for 2010 .', 'days sales outstanding was 66 days in 2011 , level with 2010 .', 'inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2011 was 13.1 percent level with 2010 .', 'inventory turnover was 5.0 times in 2011 and 4.6 times in 2010 .', 'total capital spending , including acquisitions , was $ 446 million , $ 341 million and $ 265 million in 2011 , 2010 , and 2009 , respectively .', 'spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 390 million , $ 307 million and $ 239 million in 2011 , 2010 , and 2009 , respectively , and is expected to be in the range of $ 450-$ 550 million during 2012 .', 'capital spending , excluding acquisitions , as a percentage of sales was 2.6% ( 2.6 % ) , 2.3% ( 2.3 % ) and 2.0% ( 2.0 % ) in 2011 , 2010 and 2009 , respectively .', 'capital spending related to business acquisitions amounted to $ 56 million , $ 34 million , and $ 26 million in 2011 , 2010 and 2009 , respectively .', 'we continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions , as part of a balanced deployment of our cash to support growth in earnings .', 'in january 2012 , the company closed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company .', 'the cost of these acquisitions , including assumed debt , was $ 193 million .', 'dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011 , 2010 and 2009 , respectively .', 'ppg has paid uninterrupted annual dividends since 1899 , and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders .', 'we did not have a mandatory contribution to our u.s .', 'defined benefit pension plans in 2011 ; however , we made voluntary contributions to these plans in 2011 totaling $ 50 million .', 'in 2010 and 2009 , we made voluntary contributions to our u.s .', 'defined benefit pension plans of $ 250 and $ 360 million ( of which $ 100 million was made in ppg stock ) , respectively .', 'we expect to make voluntary contributions to our u.s .', 'defined benefit pension plans in 2012 of up to $ 60 million .', 'contributions were made to our non-u.s .', 'defined benefit pension plans of $ 71 million , $ 87 million and $ 90 million ( of which approximately $ 20 million was made in ppg stock ) for 2011 , 2010 and 2009 , respectively , some of which were required by local funding requirements .', 'we expect to make mandatory contributions to our non-u.s .', 'plans in 2012 of approximately $ 90 million .', 'the company 2019s share repurchase activity in 2011 , 2010 and 2009 was 10.2 million shares at a cost of $ 858 million , 8.1 million shares at a cost of $ 586 million and 1.5 million shares at a cost of $ 59 million , respectively .', 'we expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth .', 'the amount of spending will depend on the level of acquisition spending and other uses of cash , but we currently expect to spend in the range of $ 250 million to $ 500 million on share repurchases in 2012 .', 'we can repurchase about 9 million shares under the current authorization from the board of directors .', '26 2011 ppg annual report and form 10-k .'] ########## Data Table: ---------------------------------------- ( millions ) | 2011 | 2010 | ----------|----------|----------|---------- operating working capital | $ 2739 | $ 2595 | operating working capital as % ( % ) of sales | 19.5% ( 19.5 % ) | 19.2 | % ( % ) ---------------------------------------- ########## Additional Information: ['liquidity and capital resources during the past three years , we had sufficient financial resources to meet our operating requirements , to fund our capital spending , share repurchases and pension plans and to pay increasing dividends to our shareholders .', 'cash from operating activities was $ 1436 million , $ 1310 million , and $ 1345 million in 2011 , 2010 , and 2009 , respectively .', 'higher earnings increased cash from operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 .', 'cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings .', 'operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first-in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities .', 'see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital .', 'we believe operating working capital represents the key components of working capital under the operating control of our businesses .', 'operating working capital at december 31 , 2011 and 2010 was $ 2.7 billion and $ 2.6 billion , respectively .', 'a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) .', '( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( % ) of sales 19.5% ( 19.5 % ) 19.2% ( 19.2 % ) the change in operating working capital elements , excluding the impact of currency and acquisitions , was an increase of $ 195 million during the year ended december 31 , 2011 .', 'this increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in fifo inventory slightly offset by an increase in trade creditors 2019 liabilities .', 'trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2011 was 17.9 percent , down slightly from 18.1 percent for 2010 .', 'days sales outstanding was 66 days in 2011 , level with 2010 .', 'inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2011 was 13.1 percent level with 2010 .', 'inventory turnover was 5.0 times in 2011 and 4.6 times in 2010 .', 'total capital spending , including acquisitions , was $ 446 million , $ 341 million and $ 265 million in 2011 , 2010 , and 2009 , respectively .', 'spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 390 million , $ 307 million and $ 239 million in 2011 , 2010 , and 2009 , respectively , and is expected to be in the range of $ 450-$ 550 million during 2012 .', 'capital spending , excluding acquisitions , as a percentage of sales was 2.6% ( 2.6 % ) , 2.3% ( 2.3 % ) and 2.0% ( 2.0 % ) in 2011 , 2010 and 2009 , respectively .', 'capital spending related to business acquisitions amounted to $ 56 million , $ 34 million , and $ 26 million in 2011 , 2010 and 2009 , respectively .', 'we continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions , as part of a balanced deployment of our cash to support growth in earnings .', 'in january 2012 , the company closed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company .', 'the cost of these acquisitions , including assumed debt , was $ 193 million .', 'dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011 , 2010 and 2009 , respectively .', 'ppg has paid uninterrupted annual dividends since 1899 , and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders .', 'we did not have a mandatory contribution to our u.s .', 'defined benefit pension plans in 2011 ; however , we made voluntary contributions to these plans in 2011 totaling $ 50 million .', 'in 2010 and 2009 , we made voluntary contributions to our u.s .', 'defined benefit pension plans of $ 250 and $ 360 million ( of which $ 100 million was made in ppg stock ) , respectively .', 'we expect to make voluntary contributions to our u.s .', 'defined benefit pension plans in 2012 of up to $ 60 million .', 'contributions were made to our non-u.s .', 'defined benefit pension plans of $ 71 million , $ 87 million and $ 90 million ( of which approximately $ 20 million was made in ppg stock ) for 2011 , 2010 and 2009 , respectively , some of which were required by local funding requirements .', 'we expect to make mandatory contributions to our non-u.s .', 'plans in 2012 of approximately $ 90 million .', 'the company 2019s share repurchase activity in 2011 , 2010 and 2009 was 10.2 million shares at a cost of $ 858 million , 8.1 million shares at a cost of $ 586 million and 1.5 million shares at a cost of $ 59 million , respectively .', 'we expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth .', 'the amount of spending will depend on the level of acquisition spending and other uses of cash , but we currently expect to spend in the range of $ 250 million to $ 500 million on share repurchases in 2012 .', 'we can repurchase about 9 million shares under the current authorization from the board of directors .', '26 2011 ppg annual report and form 10-k .']

-0.02602

PPG/2011/page_28.pdf-3

['liquidity and capital resources during the past three years , we had sufficient financial resources to meet our operating requirements , to fund our capital spending , share repurchases and pension plans and to pay increasing dividends to our shareholders .', 'cash from operating activities was $ 1436 million , $ 1310 million , and $ 1345 million in 2011 , 2010 , and 2009 , respectively .', 'higher earnings increased cash from operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 .', 'cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings .', 'operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first-in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities .', 'see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital .', 'we believe operating working capital represents the key components of working capital under the operating control of our businesses .', 'operating working capital at december 31 , 2011 and 2010 was $ 2.7 billion and $ 2.6 billion , respectively .', 'a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) .', '( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( % ) of sales 19.5% ( 19.5 % ) 19.2% ( 19.2 % ) the change in operating working capital elements , excluding the impact of currency and acquisitions , was an increase of $ 195 million during the year ended december 31 , 2011 .', 'this increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in fifo inventory slightly offset by an increase in trade creditors 2019 liabilities .', 'trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2011 was 17.9 percent , down slightly from 18.1 percent for 2010 .', 'days sales outstanding was 66 days in 2011 , level with 2010 .', 'inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2011 was 13.1 percent level with 2010 .', 'inventory turnover was 5.0 times in 2011 and 4.6 times in 2010 .', 'total capital spending , including acquisitions , was $ 446 million , $ 341 million and $ 265 million in 2011 , 2010 , and 2009 , respectively .', 'spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 390 million , $ 307 million and $ 239 million in 2011 , 2010 , and 2009 , respectively , and is expected to be in the range of $ 450-$ 550 million during 2012 .', 'capital spending , excluding acquisitions , as a percentage of sales was 2.6% ( 2.6 % ) , 2.3% ( 2.3 % ) and 2.0% ( 2.0 % ) in 2011 , 2010 and 2009 , respectively .', 'capital spending related to business acquisitions amounted to $ 56 million , $ 34 million , and $ 26 million in 2011 , 2010 and 2009 , respectively .', 'we continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions , as part of a balanced deployment of our cash to support growth in earnings .', 'in january 2012 , the company closed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company .', 'the cost of these acquisitions , including assumed debt , was $ 193 million .', 'dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011 , 2010 and 2009 , respectively .', 'ppg has paid uninterrupted annual dividends since 1899 , and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders .', 'we did not have a mandatory contribution to our u.s .', 'defined benefit pension plans in 2011 ; however , we made voluntary contributions to these plans in 2011 totaling $ 50 million .', 'in 2010 and 2009 , we made voluntary contributions to our u.s .', 'defined benefit pension plans of $ 250 and $ 360 million ( of which $ 100 million was made in ppg stock ) , respectively .', 'we expect to make voluntary contributions to our u.s .', 'defined benefit pension plans in 2012 of up to $ 60 million .', 'contributions were made to our non-u.s .', 'defined benefit pension plans of $ 71 million , $ 87 million and $ 90 million ( of which approximately $ 20 million was made in ppg stock ) for 2011 , 2010 and 2009 , respectively , some of which were required by local funding requirements .', 'we expect to make mandatory contributions to our non-u.s .', 'plans in 2012 of approximately $ 90 million .', 'the company 2019s share repurchase activity in 2011 , 2010 and 2009 was 10.2 million shares at a cost of $ 858 million , 8.1 million shares at a cost of $ 586 million and 1.5 million shares at a cost of $ 59 million , respectively .', 'we expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth .', 'the amount of spending will depend on the level of acquisition spending and other uses of cash , but we currently expect to spend in the range of $ 250 million to $ 500 million on share repurchases in 2012 .', 'we can repurchase about 9 million shares under the current authorization from the board of directors .', '26 2011 ppg annual report and form 10-k .']

['liquidity and capital resources during the past three years , we had sufficient financial resources to meet our operating requirements , to fund our capital spending , share repurchases and pension plans and to pay increasing dividends to our shareholders .', 'cash from operating activities was $ 1436 million , $ 1310 million , and $ 1345 million in 2011 , 2010 , and 2009 , respectively .', 'higher earnings increased cash from operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 .', 'cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings .', 'operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first-in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities .', 'see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital .', 'we believe operating working capital represents the key components of working capital under the operating control of our businesses .', 'operating working capital at december 31 , 2011 and 2010 was $ 2.7 billion and $ 2.6 billion , respectively .', 'a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) .', '( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( % ) of sales 19.5% ( 19.5 % ) 19.2% ( 19.2 % ) the change in operating working capital elements , excluding the impact of currency and acquisitions , was an increase of $ 195 million during the year ended december 31 , 2011 .', 'this increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in fifo inventory slightly offset by an increase in trade creditors 2019 liabilities .', 'trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2011 was 17.9 percent , down slightly from 18.1 percent for 2010 .', 'days sales outstanding was 66 days in 2011 , level with 2010 .', 'inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2011 was 13.1 percent level with 2010 .', 'inventory turnover was 5.0 times in 2011 and 4.6 times in 2010 .', 'total capital spending , including acquisitions , was $ 446 million , $ 341 million and $ 265 million in 2011 , 2010 , and 2009 , respectively .', 'spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 390 million , $ 307 million and $ 239 million in 2011 , 2010 , and 2009 , respectively , and is expected to be in the range of $ 450-$ 550 million during 2012 .', 'capital spending , excluding acquisitions , as a percentage of sales was 2.6% ( 2.6 % ) , 2.3% ( 2.3 % ) and 2.0% ( 2.0 % ) in 2011 , 2010 and 2009 , respectively .', 'capital spending related to business acquisitions amounted to $ 56 million , $ 34 million , and $ 26 million in 2011 , 2010 and 2009 , respectively .', 'we continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions , as part of a balanced deployment of our cash to support growth in earnings .', 'in january 2012 , the company closed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company .', 'the cost of these acquisitions , including assumed debt , was $ 193 million .', 'dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011 , 2010 and 2009 , respectively .', 'ppg has paid uninterrupted annual dividends since 1899 , and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders .', 'we did not have a mandatory contribution to our u.s .', 'defined benefit pension plans in 2011 ; however , we made voluntary contributions to these plans in 2011 totaling $ 50 million .', 'in 2010 and 2009 , we made voluntary contributions to our u.s .', 'defined benefit pension plans of $ 250 and $ 360 million ( of which $ 100 million was made in ppg stock ) , respectively .', 'we expect to make voluntary contributions to our u.s .', 'defined benefit pension plans in 2012 of up to $ 60 million .', 'contributions were made to our non-u.s .', 'defined benefit pension plans of $ 71 million , $ 87 million and $ 90 million ( of which approximately $ 20 million was made in ppg stock ) for 2011 , 2010 and 2009 , respectively , some of which were required by local funding requirements .', 'we expect to make mandatory contributions to our non-u.s .', 'plans in 2012 of approximately $ 90 million .', 'the company 2019s share repurchase activity in 2011 , 2010 and 2009 was 10.2 million shares at a cost of $ 858 million , 8.1 million shares at a cost of $ 586 million and 1.5 million shares at a cost of $ 59 million , respectively .', 'we expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth .', 'the amount of spending will depend on the level of acquisition spending and other uses of cash , but we currently expect to spend in the range of $ 250 million to $ 500 million on share repurchases in 2012 .', 'we can repurchase about 9 million shares under the current authorization from the board of directors .', '26 2011 ppg annual report and form 10-k .']

---------------------------------------- ( millions ) | 2011 | 2010 | ----------|----------|----------|---------- operating working capital | $ 2739 | $ 2595 | operating working capital as % ( % ) of sales | 19.5% ( 19.5 % ) | 19.2 | % ( % ) ----------------------------------------

subtract(1310, 1345), divide(#0, 1345)

-0.02602

in 2010 what was the percent of the lifetime loss estimates from home equity

Context: ['management 2019s discussion and analysis 132 jpmorgan chase & co./2010 annual report unpaid principal balance due to negative amortization of option arms was $ 24 million and $ 78 million at december 31 , 2010 and 2009 , respectively .', 'the firm estimates the following balances of option arm loans will experience a recast that results in a payment increase : $ 72 million in 2011 , $ 241 million in 2012 and $ 784 million in 2013 .', 'the firm did not originate option arms and new originations of option arms were discontinued by washington mutual prior to the date of jpmorgan chase 2019s acquisition of its banking operations .', 'subprime mortgages at december 31 , 2010 were $ 11.3 billion , compared with $ 12.5 billion at december 31 , 2009 .', 'the decrease was due to paydowns and charge-offs on delinquent loans , partially offset by the addition of loans as a result of the adoption of the accounting guidance related to vies .', 'late-stage delinquencies remained elevated but continued to improve , albeit at a slower rate during the second half of the year , while early-stage delinquencies stabilized at an elevated level during this period .', 'nonaccrual loans improved largely as a result of the improvement in late-stage delinquencies .', 'charge-offs reflected modest improvement .', 'auto : auto loans at december 31 , 2010 , were $ 48.4 billion , compared with $ 46.0 billion at december 31 , 2009 .', 'delinquent and nonaccrual loans have decreased .', 'in addition , net charge-offs have declined 52% ( 52 % ) from the prior year .', 'provision expense de- creased due to favorable loss severity as a result of a strong used- car market nationwide and reduced loss frequency due to the tightening of underwriting criteria in earlier periods .', 'the auto loan portfolio reflected a high concentration of prime quality credits .', 'business banking : business banking loans at december 31 , 2010 , were $ 16.8 billion , compared with $ 17.0 billion at december 31 , 2009 .', 'the decrease was primarily a result of run-off of the washington mutual portfolio and charge-offs on delinquent loans .', 'these loans primarily include loans which are highly collateralized , often with personal loan guarantees .', 'nonaccrual loans continued to remain elevated .', 'after having increased during the first half of 2010 , nonaccrual loans as of december 31 , 2010 , declined to year-end 2009 levels .', 'student and other : student and other loans at december 31 , 2010 , including loans held-for-sale , were $ 15.3 billion , compared with $ 16.4 billion at december 31 , 2009 .', 'other loans primarily include other secured and unsecured consumer loans .', 'delinquencies reflected some stabilization in the second half of 2010 , but remained elevated .', 'charge-offs during 2010 remained relatively flat with 2009 levels reflecting the impact of elevated unemployment levels .', 'purchased credit-impaired loans : pci loans at december 31 , 2010 , were $ 72.8 billion compared with $ 81.2 billion at december 31 , 2009 .', 'this portfolio represents loans acquired in the washing- ton mutual transaction that were recorded at fair value at the time of acquisition .', 'that fair value included an estimate of credit losses expected to be realized over the remaining lives of the loans , and therefore no allowance for loan losses was recorded for these loans as of the acquisition date .', 'the firm regularly updates the amount of principal and interest cash flows expected to be collected for these loans .', 'probable decreases in expected loan principal cash flows would trigger the recognition of impairment through the provision for loan losses .', 'probable and significant increases in expected cash flows ( e.g. , decreased principal credit losses , the net benefit of modifications ) would first reverse any previously recorded allowance for loan losses , with any remaining increase in the expected cash flows recognized prospectively in interest income over the remaining estimated lives of the underlying loans .', 'during 2010 , management concluded as part of the firm 2019s regular assessment of the pci pools that it was probable that higher expected principal credit losses would result in a decrease in expected cash flows .', 'accordingly , the firm recognized an aggregate $ 3.4 billion impairment related to the home equity , prime mortgage , option arm and subprime mortgage pci portfolios .', 'as a result of this impairment , the firm 2019s allowance for loan losses for the home equity , prime mortgage , option arm and subprime mortgage pci portfolios was $ 1.6 billion , $ 1.8 billion , $ 1.5 billion and $ 98 million , respectively , at december 31 , 2010 , compared with an allowance for loan losses of $ 1.1 billion and $ 491 million for the prime mortgage and option arm pci portfolios , respectively , at december 31 , 2009 .', 'approximately 39% ( 39 % ) of the option arm borrowers were delinquent , 5% ( 5 % ) were making interest-only or negatively amortizing payments , and 56% ( 56 % ) were making amortizing payments .', 'approximately 50% ( 50 % ) of current borrowers are subject to risk of payment shock due to future payment recast ; substantially all of the remaining loans have been modified to a fixed rate fully amortizing loan .', 'the cumulative amount of unpaid interest added to the unpaid principal balance of the option arm pci pool was $ 1.4 billion and $ 1.9 billion at de- cember 31 , 2010 and 2009 , respectively .', 'the firm estimates the following balances of option arm pci loans will experience a recast that results in a payment increase : $ 1.2 billion in 2011 , $ 2.7 billion in 2012 and $ 508 million in 2013 .', 'the following table provides a summary of lifetime loss estimates included in both the nonaccretable difference and the allowance for loan losses .', 'principal charge-offs will not be recorded on these pools until the nonaccretable difference has been fully depleted .', 'lifetime loss estimates ( a ) ltd liquidation losses ( b ) .'] #### Tabular Data: ======================================== december 31 ( in millions ), lifetime loss estimates ( a ) 2010, lifetime loss estimates ( a ) 2009, lifetime loss estimates ( a ) 2010, 2009 option arms, $ 11588, $ 10650, $ 4860, $ 1744 home equity, 14698, 13138, 8810, 6060 prime mortgage, 4870, 4240, 1495, 794 subprime mortgage, 3732, 3842, 1250, 796 total, $ 34888, $ 31870, $ 16415, $ 9394 ======================================== #### Follow-up: ['( a ) includes the original nonaccretable difference established in purchase accounting of $ 30.5 billion for principal losses only .', 'the remaining nonaccretable difference for principal losses only was $ 14.1 billion and $ 21.1 billion at december 31 , 2010 and 2009 , respectively .', 'all probable increases in principal losses and foregone interest subsequent to the purchase date are reflected in the allowance for loan losses .', '( b ) life-to-date ( 201cltd 201d ) liquidation losses represent realization of loss upon loan resolution. .']

0.42129

JPM/2010/page_132.pdf-3

['management 2019s discussion and analysis 132 jpmorgan chase & co./2010 annual report unpaid principal balance due to negative amortization of option arms was $ 24 million and $ 78 million at december 31 , 2010 and 2009 , respectively .', 'the firm estimates the following balances of option arm loans will experience a recast that results in a payment increase : $ 72 million in 2011 , $ 241 million in 2012 and $ 784 million in 2013 .', 'the firm did not originate option arms and new originations of option arms were discontinued by washington mutual prior to the date of jpmorgan chase 2019s acquisition of its banking operations .', 'subprime mortgages at december 31 , 2010 were $ 11.3 billion , compared with $ 12.5 billion at december 31 , 2009 .', 'the decrease was due to paydowns and charge-offs on delinquent loans , partially offset by the addition of loans as a result of the adoption of the accounting guidance related to vies .', 'late-stage delinquencies remained elevated but continued to improve , albeit at a slower rate during the second half of the year , while early-stage delinquencies stabilized at an elevated level during this period .', 'nonaccrual loans improved largely as a result of the improvement in late-stage delinquencies .', 'charge-offs reflected modest improvement .', 'auto : auto loans at december 31 , 2010 , were $ 48.4 billion , compared with $ 46.0 billion at december 31 , 2009 .', 'delinquent and nonaccrual loans have decreased .', 'in addition , net charge-offs have declined 52% ( 52 % ) from the prior year .', 'provision expense de- creased due to favorable loss severity as a result of a strong used- car market nationwide and reduced loss frequency due to the tightening of underwriting criteria in earlier periods .', 'the auto loan portfolio reflected a high concentration of prime quality credits .', 'business banking : business banking loans at december 31 , 2010 , were $ 16.8 billion , compared with $ 17.0 billion at december 31 , 2009 .', 'the decrease was primarily a result of run-off of the washington mutual portfolio and charge-offs on delinquent loans .', 'these loans primarily include loans which are highly collateralized , often with personal loan guarantees .', 'nonaccrual loans continued to remain elevated .', 'after having increased during the first half of 2010 , nonaccrual loans as of december 31 , 2010 , declined to year-end 2009 levels .', 'student and other : student and other loans at december 31 , 2010 , including loans held-for-sale , were $ 15.3 billion , compared with $ 16.4 billion at december 31 , 2009 .', 'other loans primarily include other secured and unsecured consumer loans .', 'delinquencies reflected some stabilization in the second half of 2010 , but remained elevated .', 'charge-offs during 2010 remained relatively flat with 2009 levels reflecting the impact of elevated unemployment levels .', 'purchased credit-impaired loans : pci loans at december 31 , 2010 , were $ 72.8 billion compared with $ 81.2 billion at december 31 , 2009 .', 'this portfolio represents loans acquired in the washing- ton mutual transaction that were recorded at fair value at the time of acquisition .', 'that fair value included an estimate of credit losses expected to be realized over the remaining lives of the loans , and therefore no allowance for loan losses was recorded for these loans as of the acquisition date .', 'the firm regularly updates the amount of principal and interest cash flows expected to be collected for these loans .', 'probable decreases in expected loan principal cash flows would trigger the recognition of impairment through the provision for loan losses .', 'probable and significant increases in expected cash flows ( e.g. , decreased principal credit losses , the net benefit of modifications ) would first reverse any previously recorded allowance for loan losses , with any remaining increase in the expected cash flows recognized prospectively in interest income over the remaining estimated lives of the underlying loans .', 'during 2010 , management concluded as part of the firm 2019s regular assessment of the pci pools that it was probable that higher expected principal credit losses would result in a decrease in expected cash flows .', 'accordingly , the firm recognized an aggregate $ 3.4 billion impairment related to the home equity , prime mortgage , option arm and subprime mortgage pci portfolios .', 'as a result of this impairment , the firm 2019s allowance for loan losses for the home equity , prime mortgage , option arm and subprime mortgage pci portfolios was $ 1.6 billion , $ 1.8 billion , $ 1.5 billion and $ 98 million , respectively , at december 31 , 2010 , compared with an allowance for loan losses of $ 1.1 billion and $ 491 million for the prime mortgage and option arm pci portfolios , respectively , at december 31 , 2009 .', 'approximately 39% ( 39 % ) of the option arm borrowers were delinquent , 5% ( 5 % ) were making interest-only or negatively amortizing payments , and 56% ( 56 % ) were making amortizing payments .', 'approximately 50% ( 50 % ) of current borrowers are subject to risk of payment shock due to future payment recast ; substantially all of the remaining loans have been modified to a fixed rate fully amortizing loan .', 'the cumulative amount of unpaid interest added to the unpaid principal balance of the option arm pci pool was $ 1.4 billion and $ 1.9 billion at de- cember 31 , 2010 and 2009 , respectively .', 'the firm estimates the following balances of option arm pci loans will experience a recast that results in a payment increase : $ 1.2 billion in 2011 , $ 2.7 billion in 2012 and $ 508 million in 2013 .', 'the following table provides a summary of lifetime loss estimates included in both the nonaccretable difference and the allowance for loan losses .', 'principal charge-offs will not be recorded on these pools until the nonaccretable difference has been fully depleted .', 'lifetime loss estimates ( a ) ltd liquidation losses ( b ) .']

['( a ) includes the original nonaccretable difference established in purchase accounting of $ 30.5 billion for principal losses only .', 'the remaining nonaccretable difference for principal losses only was $ 14.1 billion and $ 21.1 billion at december 31 , 2010 and 2009 , respectively .', 'all probable increases in principal losses and foregone interest subsequent to the purchase date are reflected in the allowance for loan losses .', '( b ) life-to-date ( 201cltd 201d ) liquidation losses represent realization of loss upon loan resolution. .']

======================================== december 31 ( in millions ), lifetime loss estimates ( a ) 2010, lifetime loss estimates ( a ) 2009, lifetime loss estimates ( a ) 2010, 2009 option arms, $ 11588, $ 10650, $ 4860, $ 1744 home equity, 14698, 13138, 8810, 6060 prime mortgage, 4870, 4240, 1495, 794 subprime mortgage, 3732, 3842, 1250, 796 total, $ 34888, $ 31870, $ 16415, $ 9394 ========================================

divide(14698, 34888)

0.42129

what percentage of tangible book value is made up of cash and cash equivalents and mutual fund investment holdings at december 31 , 2009?

Context: ['administrative fees , which increased $ 5.8 million to $ 353.9 million , are generally offset by related operating expenses that are incurred to provide services to the funds and their investors .', 'our largest expense , compensation and related costs , increased $ 18.4 million or 2.3% ( 2.3 % ) from 2007 .', 'this increase includes $ 37.2 million in salaries resulting from an 8.4% ( 8.4 % ) increase in our average staff count and an increase of our associates 2019 base salaries at the beginning of the year .', 'at december 31 , 2008 , we employed 5385 associates , up 6.0% ( 6.0 % ) from the end of 2007 , primarily to add capabilities and support increased volume-related activities and other growth over the past few years .', 'over the course of 2008 , we slowed the growth of our associate base from earlier plans and the prior year .', 'we also reduced our annual bonuses $ 27.6 million versus the 2007 year in response to unfavorable financial market conditions that negatively impacted our operating results .', 'the balance of the increase is attributable to higher employee benefits and employment-related expenses , including an increase of $ 5.7 million in stock-based compensation .', 'after higher spending during the first quarter of 2008 versus 2007 , investor sentiment in the uncertain and volatile market environment caused us to reduce advertising and promotion spending , which for the year was down $ 3.8 million from 2007 .', 'occupancy and facility costs together with depreciation expense increased $ 18 million , or 12% ( 12 % ) compared to 2007 .', 'we expanded and renovated our facilities in 2008 to accommodate the growth in our associates to meet business demands .', 'other operating expenses were up $ 3.3 million from 2007 .', 'we increased our spending $ 9.8 million , primarily for professional fees and information and other third-party services .', 'reductions in travel and charitable contributions partially offset these increases .', 'our non-operating investment activity resulted in a net loss of $ 52.3 million in 2008 as compared to a net gain of $ 80.4 million in 2007 .', 'this change of $ 132.7 million is primarily attributable to losses recognized in 2008 on our investments in sponsored mutual funds , which resulted from declines in financial market values during the year. .'] Table: **************************************** | 2007 | 2008 | change capital gain distributions received | $ 22.1 | $ 5.6 | $ -16.5 ( 16.5 ) other than temporary impairments recognized | -.3 ( .3 ) | -91.3 ( 91.3 ) | -91.0 ( 91.0 ) net gains ( losses ) realized onfund dispositions | 5.5 | -4.5 ( 4.5 ) | -10.0 ( 10.0 ) net gain ( loss ) recognized on fund holdings | $ 27.3 | $ -90.2 ( 90.2 ) | $ -117.5 ( 117.5 ) **************************************** Post-table: ['we recognized other than temporary impairments of our investments in sponsored mutual funds because of declines in fair value below cost for an extended period .', 'the significant declines in fair value below cost that occurred in 2008 were generally attributable to adverse market conditions .', 'in addition , income from money market and bond fund holdings was $ 19.3 million lower than in 2007 due to the significantly lower interest rate environment of 2008 .', 'lower interest rates also led to substantial capital appreciation on our $ 40 million holding of u.s .', 'treasury notes that we sold in december 2008 at a $ 2.6 million gain .', 'the 2008 provision for income taxes as a percentage of pretax income is 38.4% ( 38.4 % ) , up from 37.7% ( 37.7 % ) in 2007 , primarily to reflect changes in state income tax rates and regulations and certain adjustments made prospectively based on our annual income tax return filings for 2007 .', 'c a p i t a l r e s o u r c e s a n d l i q u i d i t y .', 'during 2009 , stockholders 2019 equity increased from $ 2.5 billion to $ 2.9 billion .', 'we repurchased nearly 2.3 million common shares for $ 67 million in 2009 .', 'tangible book value is $ 2.2 billion at december 31 , 2009 , and our cash and cash equivalents and our mutual fund investment holdings total $ 1.4 billion .', 'given the availability of these financial resources , we do not maintain an available external source of liquidity .', 'on january 20 , 2010 , we purchased a 26% ( 26 % ) equity interest in uti asset management company and an affiliate for $ 142.4 million .', 'we funded the acquisition from our cash holdings .', 'in addition to the pending uti acquisition , we had outstanding commitments to fund other investments totaling $ 35.4 million at december 31 , 2009 .', 'we presently anticipate funding 2010 property and equipment expenditures of about $ 150 million from our cash balances and operating cash inflows .', '22 t .', 'rowe price group annual report 2009 .']

0.63636

TROW/2009/page_24.pdf-4

['administrative fees , which increased $ 5.8 million to $ 353.9 million , are generally offset by related operating expenses that are incurred to provide services to the funds and their investors .', 'our largest expense , compensation and related costs , increased $ 18.4 million or 2.3% ( 2.3 % ) from 2007 .', 'this increase includes $ 37.2 million in salaries resulting from an 8.4% ( 8.4 % ) increase in our average staff count and an increase of our associates 2019 base salaries at the beginning of the year .', 'at december 31 , 2008 , we employed 5385 associates , up 6.0% ( 6.0 % ) from the end of 2007 , primarily to add capabilities and support increased volume-related activities and other growth over the past few years .', 'over the course of 2008 , we slowed the growth of our associate base from earlier plans and the prior year .', 'we also reduced our annual bonuses $ 27.6 million versus the 2007 year in response to unfavorable financial market conditions that negatively impacted our operating results .', 'the balance of the increase is attributable to higher employee benefits and employment-related expenses , including an increase of $ 5.7 million in stock-based compensation .', 'after higher spending during the first quarter of 2008 versus 2007 , investor sentiment in the uncertain and volatile market environment caused us to reduce advertising and promotion spending , which for the year was down $ 3.8 million from 2007 .', 'occupancy and facility costs together with depreciation expense increased $ 18 million , or 12% ( 12 % ) compared to 2007 .', 'we expanded and renovated our facilities in 2008 to accommodate the growth in our associates to meet business demands .', 'other operating expenses were up $ 3.3 million from 2007 .', 'we increased our spending $ 9.8 million , primarily for professional fees and information and other third-party services .', 'reductions in travel and charitable contributions partially offset these increases .', 'our non-operating investment activity resulted in a net loss of $ 52.3 million in 2008 as compared to a net gain of $ 80.4 million in 2007 .', 'this change of $ 132.7 million is primarily attributable to losses recognized in 2008 on our investments in sponsored mutual funds , which resulted from declines in financial market values during the year. .']

['we recognized other than temporary impairments of our investments in sponsored mutual funds because of declines in fair value below cost for an extended period .', 'the significant declines in fair value below cost that occurred in 2008 were generally attributable to adverse market conditions .', 'in addition , income from money market and bond fund holdings was $ 19.3 million lower than in 2007 due to the significantly lower interest rate environment of 2008 .', 'lower interest rates also led to substantial capital appreciation on our $ 40 million holding of u.s .', 'treasury notes that we sold in december 2008 at a $ 2.6 million gain .', 'the 2008 provision for income taxes as a percentage of pretax income is 38.4% ( 38.4 % ) , up from 37.7% ( 37.7 % ) in 2007 , primarily to reflect changes in state income tax rates and regulations and certain adjustments made prospectively based on our annual income tax return filings for 2007 .', 'c a p i t a l r e s o u r c e s a n d l i q u i d i t y .', 'during 2009 , stockholders 2019 equity increased from $ 2.5 billion to $ 2.9 billion .', 'we repurchased nearly 2.3 million common shares for $ 67 million in 2009 .', 'tangible book value is $ 2.2 billion at december 31 , 2009 , and our cash and cash equivalents and our mutual fund investment holdings total $ 1.4 billion .', 'given the availability of these financial resources , we do not maintain an available external source of liquidity .', 'on january 20 , 2010 , we purchased a 26% ( 26 % ) equity interest in uti asset management company and an affiliate for $ 142.4 million .', 'we funded the acquisition from our cash holdings .', 'in addition to the pending uti acquisition , we had outstanding commitments to fund other investments totaling $ 35.4 million at december 31 , 2009 .', 'we presently anticipate funding 2010 property and equipment expenditures of about $ 150 million from our cash balances and operating cash inflows .', '22 t .', 'rowe price group annual report 2009 .']

**************************************** | 2007 | 2008 | change capital gain distributions received | $ 22.1 | $ 5.6 | $ -16.5 ( 16.5 ) other than temporary impairments recognized | -.3 ( .3 ) | -91.3 ( 91.3 ) | -91.0 ( 91.0 ) net gains ( losses ) realized onfund dispositions | 5.5 | -4.5 ( 4.5 ) | -10.0 ( 10.0 ) net gain ( loss ) recognized on fund holdings | $ 27.3 | $ -90.2 ( 90.2 ) | $ -117.5 ( 117.5 ) ****************************************

divide(1.4, 2.2)

0.63636

what percentage of the aggregate consideration for the greenline acquisition was paid to the sellers in 2009 based on the 2008 earn-out target?

Context: ['table of contents marketaxess holdings inc .', 'notes to consolidated financial statements 2014 ( continued ) of this standard had no material effect on the company 2019s consolidated statements of financial condition and consolidated statements of operations .', 'reclassifications certain reclassifications have been made to the prior years 2019 financial statements in order to conform to the current year presentation .', 'such reclassifications had no effect on previously reported net income .', 'on march 5 , 2008 , the company acquired all of the outstanding capital stock of greenline financial technologies , inc .', '( 201cgreenline 201d ) , an illinois-based provider of integration , testing and management solutions for fix-related products and services designed to optimize electronic trading of fixed-income , equity and other exchange-based products , and approximately ten percent of the outstanding capital stock of tradehelm , inc. , a delaware corporation that was spun-out from greenline immediately prior to the acquisition .', 'the acquisition of greenline broadens the range of technology services that the company offers to institutional financial markets , provides an expansion of the company 2019s client base , including global exchanges and hedge funds , and further diversifies the company 2019s revenues beyond the core electronic credit trading products .', 'the results of operations of greenline are included in the consolidated financial statements from the date of the acquisition .', 'the aggregate consideration for the greenline acquisition was $ 41.1 million , comprised of $ 34.7 million in cash , 725923 shares of common stock valued at $ 5.8 million and $ 0.6 million of acquisition-related costs .', 'in addition , the sellers were eligible to receive up to an aggregate of $ 3.0 million in cash , subject to greenline attaining certain earn- out targets in 2008 and 2009 .', 'a total of $ 1.4 million was paid to the sellers in 2009 based on the 2008 earn-out target , bringing the aggregate consideration to $ 42.4 million .', 'the 2009 earn-out target was not met .', 'a total of $ 2.0 million of the purchase price , which had been deposited into escrow accounts to satisfy potential indemnity claims , was distributed to the sellers in march 2009 .', 'the shares of common stock issued to each selling shareholder of greenline were released in two equal installments on december 20 , 2008 and december 20 , 2009 , respectively .', 'the value ascribed to the shares was discounted from the market value to reflect the non-marketability of such shares during the restriction period .', 'the purchase price allocation is as follows ( in thousands ) : the amortizable intangibles include $ 3.2 million of acquired technology , $ 3.3 million of customer relationships , $ 1.3 million of non-competition agreements and $ 0.5 million of tradenames .', 'useful lives of ten years and five years have been assigned to the customer relationships intangible and all other amortizable intangibles , respectively .', 'the identifiable intangible assets and goodwill are not deductible for tax purposes .', 'the following unaudited pro forma consolidated financial information reflects the results of operations of the company for the years ended december 31 , 2008 and 2007 , as if the acquisition of greenline had occurred as of the beginning of the period presented , after giving effect to certain purchase accounting adjustments .', 'these pro forma results are not necessarily indicative of what the company 2019s operating results would have been had the acquisition actually taken place as of the beginning of the earliest period presented .', 'the pro forma financial information 3 .', 'acquisitions .'] ########## Table: **************************************** cash | $ 6406 ----------|---------- accounts receivable | 2139 amortizable intangibles | 8330 goodwill | 29405 deferred tax assets net | 3410 other assets including investment in tradehelm | 1429 accounts payable accrued expenses and deferred revenue | -8701 ( 8701 ) total purchase price | $ 42418 **************************************** ########## Post-table: ['.']

0.03302

MKTX/2009/page_79.pdf-1

['table of contents marketaxess holdings inc .', 'notes to consolidated financial statements 2014 ( continued ) of this standard had no material effect on the company 2019s consolidated statements of financial condition and consolidated statements of operations .', 'reclassifications certain reclassifications have been made to the prior years 2019 financial statements in order to conform to the current year presentation .', 'such reclassifications had no effect on previously reported net income .', 'on march 5 , 2008 , the company acquired all of the outstanding capital stock of greenline financial technologies , inc .', '( 201cgreenline 201d ) , an illinois-based provider of integration , testing and management solutions for fix-related products and services designed to optimize electronic trading of fixed-income , equity and other exchange-based products , and approximately ten percent of the outstanding capital stock of tradehelm , inc. , a delaware corporation that was spun-out from greenline immediately prior to the acquisition .', 'the acquisition of greenline broadens the range of technology services that the company offers to institutional financial markets , provides an expansion of the company 2019s client base , including global exchanges and hedge funds , and further diversifies the company 2019s revenues beyond the core electronic credit trading products .', 'the results of operations of greenline are included in the consolidated financial statements from the date of the acquisition .', 'the aggregate consideration for the greenline acquisition was $ 41.1 million , comprised of $ 34.7 million in cash , 725923 shares of common stock valued at $ 5.8 million and $ 0.6 million of acquisition-related costs .', 'in addition , the sellers were eligible to receive up to an aggregate of $ 3.0 million in cash , subject to greenline attaining certain earn- out targets in 2008 and 2009 .', 'a total of $ 1.4 million was paid to the sellers in 2009 based on the 2008 earn-out target , bringing the aggregate consideration to $ 42.4 million .', 'the 2009 earn-out target was not met .', 'a total of $ 2.0 million of the purchase price , which had been deposited into escrow accounts to satisfy potential indemnity claims , was distributed to the sellers in march 2009 .', 'the shares of common stock issued to each selling shareholder of greenline were released in two equal installments on december 20 , 2008 and december 20 , 2009 , respectively .', 'the value ascribed to the shares was discounted from the market value to reflect the non-marketability of such shares during the restriction period .', 'the purchase price allocation is as follows ( in thousands ) : the amortizable intangibles include $ 3.2 million of acquired technology , $ 3.3 million of customer relationships , $ 1.3 million of non-competition agreements and $ 0.5 million of tradenames .', 'useful lives of ten years and five years have been assigned to the customer relationships intangible and all other amortizable intangibles , respectively .', 'the identifiable intangible assets and goodwill are not deductible for tax purposes .', 'the following unaudited pro forma consolidated financial information reflects the results of operations of the company for the years ended december 31 , 2008 and 2007 , as if the acquisition of greenline had occurred as of the beginning of the period presented , after giving effect to certain purchase accounting adjustments .', 'these pro forma results are not necessarily indicative of what the company 2019s operating results would have been had the acquisition actually taken place as of the beginning of the earliest period presented .', 'the pro forma financial information 3 .', 'acquisitions .']

['.']

**************************************** cash | $ 6406 ----------|---------- accounts receivable | 2139 amortizable intangibles | 8330 goodwill | 29405 deferred tax assets net | 3410 other assets including investment in tradehelm | 1429 accounts payable accrued expenses and deferred revenue | -8701 ( 8701 ) total purchase price | $ 42418 ****************************************

divide(1.4, 42.4)

0.03302

what was the unrecognized tax benefit at december 31 , 2013?

Background: ['table of contents notes to consolidated financial statements of american airlines , inc .', 'american files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates .', 'american 2019s 2004 through 2013 tax years are still subject to examination by the internal revenue service .', 'various state and foreign jurisdiction tax years remain open to examination and american is under examination , in administrative appeals , or engaged in tax litigation in certain jurisdictions .', 'american believes that the effect of additional assessments will be immaterial to its consolidated financial statements .', 'american has an unrecognized tax benefit of approximately $ 5 million , which did not change during the twelve months ended december 31 , 2014 .', 'changes in the unrecognized tax benefit have no impact on the effective tax rate due to the existence of the valuation allowance .', 'accrued interest on tax positions is recorded as a component of interest expense but was not significant at december 31 , 2014 .', 'the reconciliation of the beginning and ending amounts of unrecognized tax benefit are ( in millions ) : .'] #### Tabular Data: **************************************** • , 2014, 2013 • unrecognized tax benefit at january 1, $ 5, $ 5 • no activity, 2014, 2014 • unrecognized tax benefit at december 31, $ 5, $ 5 **************************************** #### Post-table: ['american estimates that the unrecognized tax benefit will be realized within the next twelve months .', '8 .', 'risk management and financial instruments american 2019s economic prospects are heavily dependent upon two variables it cannot control : the health of the economy and the price of fuel .', 'due to the discretionary nature of business and leisure travel spending , airline industry revenues are heavily influenced by the condition of the u.s .', 'economy and economies in other regions of the world .', 'unfavorable conditions in these broader economies have resulted , and may result in the future , in decreased passenger demand for air travel and changes in booking practices , both of which in turn have had , and may have in the future , a strong negative effect on american 2019s revenues .', 'in addition , during challenging economic times , actions by our competitors to increase their revenues can have an adverse impact on american 2019s revenues .', 'american 2019s operating results are materially impacted by changes in the availability , price volatility and cost of aircraft fuel , which represents one of the largest single cost items in american 2019s business .', 'because of the amount of fuel needed to operate american 2019s business , even a relatively small increase in the price of fuel can have a material adverse aggregate effect on american 2019s operating results and liquidity .', 'jet fuel market prices have fluctuated substantially over the past several years and prices continued to be volatile in 2014 .', 'these factors could impact american 2019s results of operations , financial performance and liquidity .', '( a ) fuel price risk management during the second quarter of 2014 , american sold its portfolio of fuel hedging contracts that were scheduled to settle on or after june 30 , 2014 .', 'american has not entered into any transactions to hedge its fuel consumption since december 9 , 2013 and , accordingly , as of december 31 , 2014 , american did not have any fuel hedging contracts outstanding .', 'as such , and assuming american does not enter into any future transactions to hedge its fuel consumption , american will continue to be fully exposed to fluctuations in fuel prices .', 'american 2019s current policy is not to enter into transactions to hedge its fuel consumption , although american reviews that policy from time to time based on market conditions and other factors. .']

5.0

AAL/2014/page_219.pdf-2

['table of contents notes to consolidated financial statements of american airlines , inc .', 'american files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates .', 'american 2019s 2004 through 2013 tax years are still subject to examination by the internal revenue service .', 'various state and foreign jurisdiction tax years remain open to examination and american is under examination , in administrative appeals , or engaged in tax litigation in certain jurisdictions .', 'american believes that the effect of additional assessments will be immaterial to its consolidated financial statements .', 'american has an unrecognized tax benefit of approximately $ 5 million , which did not change during the twelve months ended december 31 , 2014 .', 'changes in the unrecognized tax benefit have no impact on the effective tax rate due to the existence of the valuation allowance .', 'accrued interest on tax positions is recorded as a component of interest expense but was not significant at december 31 , 2014 .', 'the reconciliation of the beginning and ending amounts of unrecognized tax benefit are ( in millions ) : .']

['american estimates that the unrecognized tax benefit will be realized within the next twelve months .', '8 .', 'risk management and financial instruments american 2019s economic prospects are heavily dependent upon two variables it cannot control : the health of the economy and the price of fuel .', 'due to the discretionary nature of business and leisure travel spending , airline industry revenues are heavily influenced by the condition of the u.s .', 'economy and economies in other regions of the world .', 'unfavorable conditions in these broader economies have resulted , and may result in the future , in decreased passenger demand for air travel and changes in booking practices , both of which in turn have had , and may have in the future , a strong negative effect on american 2019s revenues .', 'in addition , during challenging economic times , actions by our competitors to increase their revenues can have an adverse impact on american 2019s revenues .', 'american 2019s operating results are materially impacted by changes in the availability , price volatility and cost of aircraft fuel , which represents one of the largest single cost items in american 2019s business .', 'because of the amount of fuel needed to operate american 2019s business , even a relatively small increase in the price of fuel can have a material adverse aggregate effect on american 2019s operating results and liquidity .', 'jet fuel market prices have fluctuated substantially over the past several years and prices continued to be volatile in 2014 .', 'these factors could impact american 2019s results of operations , financial performance and liquidity .', '( a ) fuel price risk management during the second quarter of 2014 , american sold its portfolio of fuel hedging contracts that were scheduled to settle on or after june 30 , 2014 .', 'american has not entered into any transactions to hedge its fuel consumption since december 9 , 2013 and , accordingly , as of december 31 , 2014 , american did not have any fuel hedging contracts outstanding .', 'as such , and assuming american does not enter into any future transactions to hedge its fuel consumption , american will continue to be fully exposed to fluctuations in fuel prices .', 'american 2019s current policy is not to enter into transactions to hedge its fuel consumption , although american reviews that policy from time to time based on market conditions and other factors. .']

**************************************** • , 2014, 2013 • unrecognized tax benefit at january 1, $ 5, $ 5 • no activity, 2014, 2014 • unrecognized tax benefit at december 31, $ 5, $ 5 ****************************************

multiply(5, 1)

5.0

what is the difference between the highest and the second highest base salary?

Pre-text: ['based on the foregoing evaluation of management performance , the personnel committee approved the following annual incentive plan payouts to each named executive officer for 2017 : named executive officer base salary target as percentage of base salary payout as percentage of target 2017 annual incentive award .'] ---- Data Table: ======================================== named executive officer, base salary, target as percentage of base salary, payout as percentage of target, 2017 annualincentive award a . christopher bakken iii, $ 620125, 70% ( 70 % ), 129% ( 129 % ), $ 559973 marcus v . brown, $ 630000, 70% ( 70 % ), 129% ( 129 % ), $ 568890 leo p . denault, $ 1230000, 135% ( 135 % ), 129% ( 129 % ), $ 2142045 haley r . fisackerly, $ 355300, 40% ( 40 % ), 119% ( 119 % ), $ 169123 andrew s . marsh, $ 600000, 70% ( 70 % ), 129% ( 129 % ), $ 541800 phillip r . may jr ., $ 366150, 60% ( 60 % ), 137% ( 137 % ), $ 300000 sallie t . rainer, $ 328275, 40% ( 40 % ), 119% ( 119 % ), $ 156259 charles l . rice jr ., $ 286424, 40% ( 40 % ), 79% ( 79 % ), $ 91000 richard c . riley, $ 344200, 40% ( 40 % ), 204% ( 204 % ), $ 280661 roderick k . west, $ 675598, 70% ( 70 % ), 129% ( 129 % ), $ 610065 ======================================== ---- Follow-up: ['nuclear retention plan mr . a0bakken participates in the nuclear retention plan , a retention plan for officers and other leaders with expertise in the nuclear industry .', 'the personnel committee authorized this plan to attract and retain key management and employee talent in the nuclear power field , a field that requires unique technical and other expertise that is in great demand in the utility industry .', 'the plan provides for bonuses to be paid annually over a three-year employment period with the bonus opportunity dependent on the participant 2019s management level and continued employment .', 'each annual payment is equal to an amount ranging from 15% ( 15 % ) to 30% ( 30 % ) of the employee 2019s base salary as of their date of enrollment in the plan .', 'mr . a0bakken 2019s participation in the plan commenced in may 2016 and in accordance with the terms and conditions of the plan , in may 2017 , 2018 , and 2019 , subject to his continued employment , mr . a0bakken will receive a cash bonus equal to 30% ( 30 % ) of his base salary as of may a01 , 2016 .', 'this plan does not allow for accelerated or prorated payout upon termination of any kind .', 'the three-year coverage period and percentage of base salary payable under the plan are consistent with the terms of participation of other senior nuclear officers who participate in this plan .', 'in may 2017 , mr .', 'bakken received a cash bonus of $ 181500 which equaled 30% ( 30 % ) of his may a01 , 2016 , base salary of $ 605000 .', 'long-term incentive compensation entergy corporation 2019s goal for its long-term incentive compensation is to focus the executive officers on building shareholder value and to increase the executive officers 2019 ownership of entergy corporation 2019s common stock in order to more closely align their interest with those of entergy corporation 2019s shareholders .', 'in its long-term incentive compensation programs , entergy corporation uses a mix of performance units , restricted stock , and stock options .', 'performance units are used to deliver more than a majority of the total target long-term incentive awards .', 'for periods through the end of 2017 , performance units reward the named executive officers on the basis of total shareholder return , which is a measure of stock price appreciation and dividend payments , in relation to the companies in the philadelphia utility index .', 'beginning with the 2018-2020 performance period , a cumulative utility earnings metric has been added to the long-term performance unit program to supplement the relative total shareholder return measure that historically has been used in this program with each measure equally weighted .', 'restricted stock ties the executive officers 2019 long-term financial interest to the long-term financial interests of entergy corporation 2019s shareholders .', 'stock options provide a direct incentive to increase the value of entergy corporation 2019s common stock .', 'in general , entergy corporation seeks to allocate the total value of long-term incentive compensation 60% ( 60 % ) to performance units and 40% ( 40 % ) to a combination of stock options and restricted stock , equally divided in value , based on the value the compensation model seeks to deliver .', 'awards for individual named executive officers may vary from this target as a result of individual performance , promotions , and internal pay equity .', 'the performance units for the 2015-2017 performance period were awarded under the 2011 equity ownership plan and long-term cash incentive plan ( the 201c2011 equity ownership plan 201d ) and the performance units for the .']

554402.0

ETR/2017/page_477.pdf-1

['based on the foregoing evaluation of management performance , the personnel committee approved the following annual incentive plan payouts to each named executive officer for 2017 : named executive officer base salary target as percentage of base salary payout as percentage of target 2017 annual incentive award .']

['nuclear retention plan mr . a0bakken participates in the nuclear retention plan , a retention plan for officers and other leaders with expertise in the nuclear industry .', 'the personnel committee authorized this plan to attract and retain key management and employee talent in the nuclear power field , a field that requires unique technical and other expertise that is in great demand in the utility industry .', 'the plan provides for bonuses to be paid annually over a three-year employment period with the bonus opportunity dependent on the participant 2019s management level and continued employment .', 'each annual payment is equal to an amount ranging from 15% ( 15 % ) to 30% ( 30 % ) of the employee 2019s base salary as of their date of enrollment in the plan .', 'mr . a0bakken 2019s participation in the plan commenced in may 2016 and in accordance with the terms and conditions of the plan , in may 2017 , 2018 , and 2019 , subject to his continued employment , mr . a0bakken will receive a cash bonus equal to 30% ( 30 % ) of his base salary as of may a01 , 2016 .', 'this plan does not allow for accelerated or prorated payout upon termination of any kind .', 'the three-year coverage period and percentage of base salary payable under the plan are consistent with the terms of participation of other senior nuclear officers who participate in this plan .', 'in may 2017 , mr .', 'bakken received a cash bonus of $ 181500 which equaled 30% ( 30 % ) of his may a01 , 2016 , base salary of $ 605000 .', 'long-term incentive compensation entergy corporation 2019s goal for its long-term incentive compensation is to focus the executive officers on building shareholder value and to increase the executive officers 2019 ownership of entergy corporation 2019s common stock in order to more closely align their interest with those of entergy corporation 2019s shareholders .', 'in its long-term incentive compensation programs , entergy corporation uses a mix of performance units , restricted stock , and stock options .', 'performance units are used to deliver more than a majority of the total target long-term incentive awards .', 'for periods through the end of 2017 , performance units reward the named executive officers on the basis of total shareholder return , which is a measure of stock price appreciation and dividend payments , in relation to the companies in the philadelphia utility index .', 'beginning with the 2018-2020 performance period , a cumulative utility earnings metric has been added to the long-term performance unit program to supplement the relative total shareholder return measure that historically has been used in this program with each measure equally weighted .', 'restricted stock ties the executive officers 2019 long-term financial interest to the long-term financial interests of entergy corporation 2019s shareholders .', 'stock options provide a direct incentive to increase the value of entergy corporation 2019s common stock .', 'in general , entergy corporation seeks to allocate the total value of long-term incentive compensation 60% ( 60 % ) to performance units and 40% ( 40 % ) to a combination of stock options and restricted stock , equally divided in value , based on the value the compensation model seeks to deliver .', 'awards for individual named executive officers may vary from this target as a result of individual performance , promotions , and internal pay equity .', 'the performance units for the 2015-2017 performance period were awarded under the 2011 equity ownership plan and long-term cash incentive plan ( the 201c2011 equity ownership plan 201d ) and the performance units for the .']

======================================== named executive officer, base salary, target as percentage of base salary, payout as percentage of target, 2017 annualincentive award a . christopher bakken iii, $ 620125, 70% ( 70 % ), 129% ( 129 % ), $ 559973 marcus v . brown, $ 630000, 70% ( 70 % ), 129% ( 129 % ), $ 568890 leo p . denault, $ 1230000, 135% ( 135 % ), 129% ( 129 % ), $ 2142045 haley r . fisackerly, $ 355300, 40% ( 40 % ), 119% ( 119 % ), $ 169123 andrew s . marsh, $ 600000, 70% ( 70 % ), 129% ( 129 % ), $ 541800 phillip r . may jr ., $ 366150, 60% ( 60 % ), 137% ( 137 % ), $ 300000 sallie t . rainer, $ 328275, 40% ( 40 % ), 119% ( 119 % ), $ 156259 charles l . rice jr ., $ 286424, 40% ( 40 % ), 79% ( 79 % ), $ 91000 richard c . riley, $ 344200, 40% ( 40 % ), 204% ( 204 % ), $ 280661 roderick k . west, $ 675598, 70% ( 70 % ), 129% ( 129 % ), $ 610065 ========================================

subtract(1230000, 675598)

554402.0

what was the percentage change in total expense for repairs and maintenance from 2012 to 2013?

Pre-text: ['the analysis of our depreciation studies .', 'changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively .', 'under group depreciation , the historical cost ( net of salvage ) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized .', 'the historical cost of certain track assets is estimated using ( i ) inflation indices published by the bureau of labor statistics and ( ii ) the estimated useful lives of the assets as determined by our depreciation studies .', 'the indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes .', 'because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired , we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate .', 'in addition , we determine if the recorded amount of accumulated depreciation is deficient ( or in excess ) of the amount indicated by our depreciation studies .', 'any deficiency ( or excess ) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets .', 'for retirements of depreciable railroad properties that do not occur in the normal course of business , a gain or loss may be recognized if the retirement meets each of the following three conditions : ( i ) is unusual , ( ii ) is material in amount , and ( iii ) varies significantly from the retirement profile identified through our depreciation studies .', 'a gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations .', 'when we purchase an asset , we capitalize all costs necessary to make the asset ready for its intended use .', 'however , many of our assets are self-constructed .', 'a large portion of our capital expenditures is for replacement of existing track assets and other road properties , which is typically performed by our employees , and for track line expansion and other capacity projects .', 'costs that are directly attributable to capital projects ( including overhead costs ) are capitalized .', 'direct costs that are capitalized as part of self- constructed assets include material , labor , and work equipment .', 'indirect costs are capitalized if they clearly relate to the construction of the asset .', 'general and administrative expenditures are expensed as incurred .', 'normal repairs and maintenance are also expensed as incurred , while costs incurred that extend the useful life of an asset , improve the safety of our operations or improve operating efficiency are capitalized .', 'these costs are allocated using appropriate statistical bases .', 'total expense for repairs and maintenance incurred was $ 2.3 billion for 2013 , $ 2.1 billion for 2012 , and $ 2.2 billion for 2011 .', 'assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease .', 'amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease .', '12 .', 'accounts payable and other current liabilities dec .', '31 , dec .', '31 , millions 2013 2012 .'] ------ Data Table: ---------------------------------------- millions dec . 31 2013 dec . 312012 accounts payable $ 803 $ 825 income and other taxes payable 491 368 accrued wages and vacation 385 376 dividends payable 356 318 accrued casualty costs 207 213 interest payable 169 172 equipment rents payable 96 95 other 579 556 total accounts payable and othercurrent liabilities $ 3086 $ 2923 ---------------------------------------- ------ Additional Information: ['.']

0.09524

UNP/2013/page_73.pdf-4

['the analysis of our depreciation studies .', 'changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively .', 'under group depreciation , the historical cost ( net of salvage ) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized .', 'the historical cost of certain track assets is estimated using ( i ) inflation indices published by the bureau of labor statistics and ( ii ) the estimated useful lives of the assets as determined by our depreciation studies .', 'the indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes .', 'because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired , we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate .', 'in addition , we determine if the recorded amount of accumulated depreciation is deficient ( or in excess ) of the amount indicated by our depreciation studies .', 'any deficiency ( or excess ) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets .', 'for retirements of depreciable railroad properties that do not occur in the normal course of business , a gain or loss may be recognized if the retirement meets each of the following three conditions : ( i ) is unusual , ( ii ) is material in amount , and ( iii ) varies significantly from the retirement profile identified through our depreciation studies .', 'a gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations .', 'when we purchase an asset , we capitalize all costs necessary to make the asset ready for its intended use .', 'however , many of our assets are self-constructed .', 'a large portion of our capital expenditures is for replacement of existing track assets and other road properties , which is typically performed by our employees , and for track line expansion and other capacity projects .', 'costs that are directly attributable to capital projects ( including overhead costs ) are capitalized .', 'direct costs that are capitalized as part of self- constructed assets include material , labor , and work equipment .', 'indirect costs are capitalized if they clearly relate to the construction of the asset .', 'general and administrative expenditures are expensed as incurred .', 'normal repairs and maintenance are also expensed as incurred , while costs incurred that extend the useful life of an asset , improve the safety of our operations or improve operating efficiency are capitalized .', 'these costs are allocated using appropriate statistical bases .', 'total expense for repairs and maintenance incurred was $ 2.3 billion for 2013 , $ 2.1 billion for 2012 , and $ 2.2 billion for 2011 .', 'assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease .', 'amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease .', '12 .', 'accounts payable and other current liabilities dec .', '31 , dec .', '31 , millions 2013 2012 .']

['.']

---------------------------------------- millions dec . 31 2013 dec . 312012 accounts payable $ 803 $ 825 income and other taxes payable 491 368 accrued wages and vacation 385 376 dividends payable 356 318 accrued casualty costs 207 213 interest payable 169 172 equipment rents payable 96 95 other 579 556 total accounts payable and othercurrent liabilities $ 3086 $ 2923 ----------------------------------------

subtract(2.3, 2.1), divide(#0, 2.1)

0.09524

what was the net change in other income from 2004 to 2005 in millions?

Background: ['increased over 4% ( 4 % ) in 2005 , costs for trucking services provided by intermodal carriers remained flat as we substantially reduced expenses associated with network inefficiencies .', 'higher diesel fuel prices increased sales and use taxes in 2005 , which resulted in higher state and local taxes .', 'other contract expenses for equipment maintenance and other services increased in 2005 .', 'the 2005 january west coast storm and hurricanes katrina and rita also contributed to higher expenses in 2005 ( net of insurance settlements received ) .', 'partially offsetting these increases was a reduction in relocation expenses as we incurred higher relocation costs associated with moving support personnel to omaha , nebraska during 2004 .', 'non-operating items millions of dollars 2006 2005 2004 % ( % ) change 2006 v 2005 % ( % ) change 2005 v 2004 .'] Table: **************************************** millions of dollars, 2006, 2005, 2004, % ( % ) change 2006 v 2005, % ( % ) change 2005 v 2004 other income, $ 118, $ 145, $ 88, ( 19 ) % ( % ), 65% ( 65 % ) interest expense, -477 ( 477 ), -504 ( 504 ), -527 ( 527 ), -5 ( 5 ), -4 ( 4 ) income taxes, -919 ( 919 ), -410 ( 410 ), -252 ( 252 ), 124, 63 **************************************** Post-table: ['other income 2013 lower net gains from non-operating asset sales and higher expenses due to rising interest rates associated with our sale of receivables program resulted in a reduction in other income in 2006 , which was partially offset by higher rental income for the use of our right-of-way ( including 2006 settlements of rate disputes from prior years ) and cash investment returns due to higher interest rates .', 'in 2005 , other income increased largely as a result of higher gains from real estate sales partially offset by higher expenses due to rising interest rates associated with our sale of receivables program .', 'interest expense 2013 lower interest expense in 2006 and 2005 was primarily due to declining weighted-average debt levels of $ 7.1 billion , $ 7.8 billion , and $ 8.1 billion in 2006 , 2005 , and 2004 , respectively .', 'a higher effective interest rate of 6.7% ( 6.7 % ) in 2006 , compared to 6.5% ( 6.5 % ) in both 2005 and 2004 , partially offset the effects of the declining debt level .', 'income taxes 2013 income tax expense was $ 509 million higher in 2006 than 2005 .', 'higher pre-tax income resulted in additional taxes of $ 414 million and $ 118 million of the increase resulted from the one-time reduction in 2005 described below .', 'our effective tax rate was 36.4% ( 36.4 % ) and 28.6% ( 28.6 % ) in 2006 and 2005 , respectively .', 'income taxes were greater in 2005 than 2004 due to higher pre-tax income partially offset by a previously reported reduction in income tax expense .', 'in our quarterly report on form 10-q for the quarter ended june 30 , 2005 , we reported that the corporation analyzed the impact that final settlements of pre-1995 tax years had on previously recorded estimates of deferred tax assets and liabilities .', 'the completed analysis of the final settlements for pre-1995 tax years , along with internal revenue service examination reports for tax years 1995 through 2002 were considered , among other things , in a review and re-evaluation of the corporation 2019s estimated deferred tax assets and liabilities as of september 30 , 2005 , resulting in an income tax expense reduction of $ 118 million in .']

57.0

UNP/2006/page_33.pdf-2

['increased over 4% ( 4 % ) in 2005 , costs for trucking services provided by intermodal carriers remained flat as we substantially reduced expenses associated with network inefficiencies .', 'higher diesel fuel prices increased sales and use taxes in 2005 , which resulted in higher state and local taxes .', 'other contract expenses for equipment maintenance and other services increased in 2005 .', 'the 2005 january west coast storm and hurricanes katrina and rita also contributed to higher expenses in 2005 ( net of insurance settlements received ) .', 'partially offsetting these increases was a reduction in relocation expenses as we incurred higher relocation costs associated with moving support personnel to omaha , nebraska during 2004 .', 'non-operating items millions of dollars 2006 2005 2004 % ( % ) change 2006 v 2005 % ( % ) change 2005 v 2004 .']

['other income 2013 lower net gains from non-operating asset sales and higher expenses due to rising interest rates associated with our sale of receivables program resulted in a reduction in other income in 2006 , which was partially offset by higher rental income for the use of our right-of-way ( including 2006 settlements of rate disputes from prior years ) and cash investment returns due to higher interest rates .', 'in 2005 , other income increased largely as a result of higher gains from real estate sales partially offset by higher expenses due to rising interest rates associated with our sale of receivables program .', 'interest expense 2013 lower interest expense in 2006 and 2005 was primarily due to declining weighted-average debt levels of $ 7.1 billion , $ 7.8 billion , and $ 8.1 billion in 2006 , 2005 , and 2004 , respectively .', 'a higher effective interest rate of 6.7% ( 6.7 % ) in 2006 , compared to 6.5% ( 6.5 % ) in both 2005 and 2004 , partially offset the effects of the declining debt level .', 'income taxes 2013 income tax expense was $ 509 million higher in 2006 than 2005 .', 'higher pre-tax income resulted in additional taxes of $ 414 million and $ 118 million of the increase resulted from the one-time reduction in 2005 described below .', 'our effective tax rate was 36.4% ( 36.4 % ) and 28.6% ( 28.6 % ) in 2006 and 2005 , respectively .', 'income taxes were greater in 2005 than 2004 due to higher pre-tax income partially offset by a previously reported reduction in income tax expense .', 'in our quarterly report on form 10-q for the quarter ended june 30 , 2005 , we reported that the corporation analyzed the impact that final settlements of pre-1995 tax years had on previously recorded estimates of deferred tax assets and liabilities .', 'the completed analysis of the final settlements for pre-1995 tax years , along with internal revenue service examination reports for tax years 1995 through 2002 were considered , among other things , in a review and re-evaluation of the corporation 2019s estimated deferred tax assets and liabilities as of september 30 , 2005 , resulting in an income tax expense reduction of $ 118 million in .']

**************************************** millions of dollars, 2006, 2005, 2004, % ( % ) change 2006 v 2005, % ( % ) change 2005 v 2004 other income, $ 118, $ 145, $ 88, ( 19 ) % ( % ), 65% ( 65 % ) interest expense, -477 ( 477 ), -504 ( 504 ), -527 ( 527 ), -5 ( 5 ), -4 ( 4 ) income taxes, -919 ( 919 ), -410 ( 410 ), -252 ( 252 ), 124, 63 ****************************************

subtract(145, 88)

57.0

what was the total fees earned in 2016 for management , leasing and construction and development

Background: ['.'] #### Table: **************************************** • contractual obligations, payments due by period ( in thousands ) total, payments due by period ( in thousands ) 2017, payments due by period ( in thousands ) 2018, payments due by period ( in thousands ) 2019, payments due by period ( in thousands ) 2020, payments due by period ( in thousands ) 2021, payments due by period ( in thousands ) thereafter • long-term debt ( 1 ), $ 3508789, $ 203244, $ 409257, $ 366456, $ 461309, $ 329339, $ 1739184 • line of credit ( 2 ), 56127, 2650, 2650, 2650, 48177, 2014, 2014 • share of unconsolidated joint ventures' debt ( 3 ), 91235, 2444, 28466, 5737, 11598, 1236, 41754 • ground leases, 311120, 10745, 5721, 5758, 5793, 5822, 277281 • development and construction backlog costs ( 4 ), 344700, 331553, 13147, 2014, 2014, 2014, 2014 • other, 43357, 7502, 7342, 5801, 4326, 3906, 14480 • total contractual obligations, $ 4355328, $ 558138, $ 466583, $ 386402, $ 531203, $ 340303, $ 2072699 **************************************** #### Additional Information: ['( 1 ) our long-term debt consists of both secured and unsecured debt and includes both principal and interest .', 'interest payments for variable rate debt were calculated using the interest rates as of december 31 , 2016 .', 'repayment of our $ 250.0 million variable rate term note , which has a contractual maturity date in january 2019 , is reflected as a 2020 obligation in the table above based on the ability to exercise a one-year extension , which we may exercise at our discretion .', '( 2 ) our unsecured line of credit has a contractual maturity date in january 2019 , but is reflected as a 2020 obligation in the table above based on the ability to exercise a one-year extension , which we may exercise at our discretion .', 'interest payments for our unsecured line of credit were calculated using the most recent stated interest rate that was in effect.ff ( 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 , 2016 .', '( 4 ) represents estimated remaining costs on the completion of owned development projects and third-party construction projects .', 'related party y transactionstt we provide property and asset management , leasing , construction and other tenant-related services to ww unconsolidated companies in which we have equity interests .', 'for the years ended december 31 , 2016 , 2015 and 2014 we earned management fees of $ 4.5 million , $ 6.8 million and $ 8.5 million , leasing fees of $ 2.4 million , $ 3.0 million and $ 3.4 million and construction and development fees of $ 8.0 million , $ 6.1 million and $ 5.8 million , respectively , from these companies , prior to elimination of our ownership percentage .', 'yy we recorded these fees based ww on contractual terms that approximate market rates for these types of services and have eliminated our ownership percentages of these fees in the consolidated financial statements .', 'commitments and contingenciesg the partnership has guaranteed the repayment of $ 32.9 million of economic development bonds issued by various municipalities in connection with certain commercial developments .', 'we will be required to make payments under ww our guarantees to the extent that incremental taxes from specified developments are not sufficient to pay the bond ff 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 .', 'the partnership also has guaranteed the repayment of an unsecured loan of one of our unconsolidated subsidiaries .', 'at december 31 , 2016 , the maximum guarantee exposure for this loan was approximately $ 52.1 million .', 'we lease certain land positions with terms extending toww march 2114 , with a total future payment obligation of $ 311.1 million .', 'the payments on these ground leases , which are classified as operating leases , are not material in any individual year .', 'in addition to ground leases , we are party to other operating leases as part of conducting our business , including leases of office space from third parties , with a total future payment obligation of ff $ 43.4 million at december 31 , 2016 .', 'no future payments on these 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 ww of management , the amount of any ultimate liability with respect to these actions is not expected to materially affect ff our consolidated financial statements or results of operations .', 'we own certain parcels of land that are subject to special property tax assessments levied by quasi municipalww entities .', 'to the extent that such special assessments are fixed and determinable , the discounted value of the fulltt .']

14.9

DRE/2016/page_64.pdf-4

['.']

['( 1 ) our long-term debt consists of both secured and unsecured debt and includes both principal and interest .', 'interest payments for variable rate debt were calculated using the interest rates as of december 31 , 2016 .', 'repayment of our $ 250.0 million variable rate term note , which has a contractual maturity date in january 2019 , is reflected as a 2020 obligation in the table above based on the ability to exercise a one-year extension , which we may exercise at our discretion .', '( 2 ) our unsecured line of credit has a contractual maturity date in january 2019 , but is reflected as a 2020 obligation in the table above based on the ability to exercise a one-year extension , which we may exercise at our discretion .', 'interest payments for our unsecured line of credit were calculated using the most recent stated interest rate that was in effect.ff ( 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 , 2016 .', '( 4 ) represents estimated remaining costs on the completion of owned development projects and third-party construction projects .', 'related party y transactionstt we provide property and asset management , leasing , construction and other tenant-related services to ww unconsolidated companies in which we have equity interests .', 'for the years ended december 31 , 2016 , 2015 and 2014 we earned management fees of $ 4.5 million , $ 6.8 million and $ 8.5 million , leasing fees of $ 2.4 million , $ 3.0 million and $ 3.4 million and construction and development fees of $ 8.0 million , $ 6.1 million and $ 5.8 million , respectively , from these companies , prior to elimination of our ownership percentage .', 'yy we recorded these fees based ww on contractual terms that approximate market rates for these types of services and have eliminated our ownership percentages of these fees in the consolidated financial statements .', 'commitments and contingenciesg the partnership has guaranteed the repayment of $ 32.9 million of economic development bonds issued by various municipalities in connection with certain commercial developments .', 'we will be required to make payments under ww our guarantees to the extent that incremental taxes from specified developments are not sufficient to pay the bond ff 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 .', 'the partnership also has guaranteed the repayment of an unsecured loan of one of our unconsolidated subsidiaries .', 'at december 31 , 2016 , the maximum guarantee exposure for this loan was approximately $ 52.1 million .', 'we lease certain land positions with terms extending toww march 2114 , with a total future payment obligation of $ 311.1 million .', 'the payments on these ground leases , which are classified as operating leases , are not material in any individual year .', 'in addition to ground leases , we are party to other operating leases as part of conducting our business , including leases of office space from third parties , with a total future payment obligation of ff $ 43.4 million at december 31 , 2016 .', 'no future payments on these 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 ww of management , the amount of any ultimate liability with respect to these actions is not expected to materially affect ff our consolidated financial statements or results of operations .', 'we own certain parcels of land that are subject to special property tax assessments levied by quasi municipalww entities .', 'to the extent that such special assessments are fixed and determinable , the discounted value of the fulltt .']

**************************************** • contractual obligations, payments due by period ( in thousands ) total, payments due by period ( in thousands ) 2017, payments due by period ( in thousands ) 2018, payments due by period ( in thousands ) 2019, payments due by period ( in thousands ) 2020, payments due by period ( in thousands ) 2021, payments due by period ( in thousands ) thereafter • long-term debt ( 1 ), $ 3508789, $ 203244, $ 409257, $ 366456, $ 461309, $ 329339, $ 1739184 • line of credit ( 2 ), 56127, 2650, 2650, 2650, 48177, 2014, 2014 • share of unconsolidated joint ventures' debt ( 3 ), 91235, 2444, 28466, 5737, 11598, 1236, 41754 • ground leases, 311120, 10745, 5721, 5758, 5793, 5822, 277281 • development and construction backlog costs ( 4 ), 344700, 331553, 13147, 2014, 2014, 2014, 2014 • other, 43357, 7502, 7342, 5801, 4326, 3906, 14480 • total contractual obligations, $ 4355328, $ 558138, $ 466583, $ 386402, $ 531203, $ 340303, $ 2072699 ****************************************

add(4.5, 2.4), add(8.0, #0)

14.9

what was the difference in percentage return for lilly compared to the peer group for the five years ended dec-18?

Context: ['performance graph this graph compares the return on lilly stock with that of the standard & poor 2019s 500 stock index and our peer group for the years 2014 through 2018 .', "the graph assumes that , on december 31 , 2013 , a person invested $ 100 each in lilly stock , the s&p 500 stock index , and the peer groups' common stock .", 'the graph measures total shareholder return , which takes into account both stock price and dividends .', 'it assumes that dividends paid by a company are reinvested in that company 2019s stock .', 'value of $ 100 invested on last business day of 2013 comparison of five-year cumulative total return among lilly , s&p 500 stock index , peer group ( 1 ) .'] Table: Row 1: , lilly, peer group, s&p 500 Row 2: dec-13, $ 100.00, $ 100.00, $ 100.00 Row 3: dec-14, $ 139.75, $ 114.39, $ 113.69 Row 4: dec-15, $ 175.21, $ 116.56, $ 115.26 Row 5: dec-16, $ 157.03, $ 112.80, $ 129.05 Row 6: dec-17, $ 185.04, $ 128.90, $ 157.22 Row 7: dec-18, $ 259.88, $ 136.56, $ 150.33 Additional Information: ['( 1 ) we constructed the peer group as the industry index for this graph .', 'it comprises the companies in the pharmaceutical and biotech industries that we used to benchmark the compensation of our executive officers for 2018 : abbvie inc. ; amgen inc. ; astrazeneca plc ; baxter international inc. ; biogen idec inc. ; bristol-myers squibb company ; celgene corporation ; gilead sciences inc. ; glaxosmithkline plc ; johnson & johnson ; medtronic plc ; merck & co. , inc. ; novartis ag. ; pfizer inc. ; roche holdings ag ; sanofi ; and shire plc. .']

1.2332

LLY/2018/page_99.pdf-3

['performance graph this graph compares the return on lilly stock with that of the standard & poor 2019s 500 stock index and our peer group for the years 2014 through 2018 .', "the graph assumes that , on december 31 , 2013 , a person invested $ 100 each in lilly stock , the s&p 500 stock index , and the peer groups' common stock .", 'the graph measures total shareholder return , which takes into account both stock price and dividends .', 'it assumes that dividends paid by a company are reinvested in that company 2019s stock .', 'value of $ 100 invested on last business day of 2013 comparison of five-year cumulative total return among lilly , s&p 500 stock index , peer group ( 1 ) .']

['( 1 ) we constructed the peer group as the industry index for this graph .', 'it comprises the companies in the pharmaceutical and biotech industries that we used to benchmark the compensation of our executive officers for 2018 : abbvie inc. ; amgen inc. ; astrazeneca plc ; baxter international inc. ; biogen idec inc. ; bristol-myers squibb company ; celgene corporation ; gilead sciences inc. ; glaxosmithkline plc ; johnson & johnson ; medtronic plc ; merck & co. , inc. ; novartis ag. ; pfizer inc. ; roche holdings ag ; sanofi ; and shire plc. .']

Row 1: , lilly, peer group, s&p 500 Row 2: dec-13, $ 100.00, $ 100.00, $ 100.00 Row 3: dec-14, $ 139.75, $ 114.39, $ 113.69 Row 4: dec-15, $ 175.21, $ 116.56, $ 115.26 Row 5: dec-16, $ 157.03, $ 112.80, $ 129.05 Row 6: dec-17, $ 185.04, $ 128.90, $ 157.22 Row 7: dec-18, $ 259.88, $ 136.56, $ 150.33

subtract(259.88, const_100), divide(#0, const_100), subtract(136.56, const_100), divide(#2, const_100), subtract(#1, #3)

1.2332

as of december 31 , 2009 , what was the average cost per share of the acquired 66 million common shares under the program?

Context: ['marathon oil corporation notes to consolidated financial statements restricted stock awards the following is a summary of restricted stock award activity .', 'awards weighted-average grant date fair value .'] ------ Data Table: ---------------------------------------- | awards | weighted-averagegrant datefair value ----------|----------|---------- unvested at december 31 2008 | 2049255 | $ 47.72 granted | 251335 | 24.74 vested | -762466 ( 762466 ) | 46.03 forfeited | -96625 ( 96625 ) | 43.56 unvested at december 31 2009 | 1441499 | 44.89 ---------------------------------------- ------ Post-table: ['the vesting date fair value of restricted stock awards which vested during 2009 , 2008 and 2007 was $ 24 million , $ 38 million and $ 29 million .', 'the weighted average grant date fair value of restricted stock awards was $ 44.89 , $ 47.72 , and $ 39.87 for awards unvested at december 31 , 2009 , 2008 and 2007 .', 'as of december 31 , 2009 , there was $ 43 million of unrecognized compensation cost related to restricted stock awards which is expected to be recognized over a weighted average period of 1.6 years .', 'stock-based performance awards all stock-based performance awards have either vested or been forfeited .', 'the vesting date fair value of stock- based performance awards which vested during 2007 was $ 38 .', '24 .', 'stockholders 2019 equity in each year , 2009 and 2008 , we issued 2 million in common stock upon the redemption of the exchangeable shares described below in addition to treasury shares issued for employee stock-based awards .', 'the board of directors has authorized the repurchase of up to $ 5 billion of marathon common stock .', 'purchases under the program may be in either open market transactions , including block purchases , or in privately negotiated transactions .', 'we will use cash on hand , cash generated from operations , proceeds from potential asset sales or cash from available borrowings to acquire shares .', 'this program may be changed based upon our financial condition or changes in market conditions and is subject to termination prior to completion .', 'the repurchase program does not include specific price targets or timetables .', 'as of december 31 , 2009 , we have acquired 66 million common shares at a cost of $ 2922 million under the program .', 'no shares have been acquired since august 2008 .', 'securities exchangeable into marathon common stock 2013 as discussed in note 6 , we acquired all of the outstanding shares of western on october 18 , 2007 .', 'the western shareholders who were canadian residents received , at their election , cash , marathon common stock , securities exchangeable into marathon common stock ( the 201cexchangeable shares 201d ) or a combination thereof .', 'the western shareholders elected to receive 5 million exchangeable shares as part of the acquisition consideration .', 'the exchangeable shares are shares of an indirect canadian subsidiary of marathon and , at the acquisition date , were exchangeable on a one-for-one basis into marathon common stock .', 'subsequent to the acquisition , the exchange ratio is adjusted to reflect cash dividends , if any , paid on marathon common stock and cash dividends , if any , paid on the exchangeable shares .', 'the exchange ratio at december 31 , 2009 , was 1.06109 common shares for each exchangeable share .', 'the exchangeable shares are exchangeable at the option of the holder at any time and are automatically redeemable on october 18 , 2011 .', 'holders of exchangeable shares are entitled to instruct a trustee to vote ( or obtain a proxy from the trustee to vote directly ) on all matters submitted to the holders of marathon common stock .', 'the number of votes to which each holder is entitled is equal to the whole number of shares of marathon common stock into which such holder 2019s exchangeable shares would be exchangeable based on the exchange ratio in effect on the record date for the vote .', 'the voting right is attached to voting preferred shares of marathon that were issued to a trustee in an amount .']

44.27273

MRO/2009/page_137.pdf-4

['marathon oil corporation notes to consolidated financial statements restricted stock awards the following is a summary of restricted stock award activity .', 'awards weighted-average grant date fair value .']

['the vesting date fair value of restricted stock awards which vested during 2009 , 2008 and 2007 was $ 24 million , $ 38 million and $ 29 million .', 'the weighted average grant date fair value of restricted stock awards was $ 44.89 , $ 47.72 , and $ 39.87 for awards unvested at december 31 , 2009 , 2008 and 2007 .', 'as of december 31 , 2009 , there was $ 43 million of unrecognized compensation cost related to restricted stock awards which is expected to be recognized over a weighted average period of 1.6 years .', 'stock-based performance awards all stock-based performance awards have either vested or been forfeited .', 'the vesting date fair value of stock- based performance awards which vested during 2007 was $ 38 .', '24 .', 'stockholders 2019 equity in each year , 2009 and 2008 , we issued 2 million in common stock upon the redemption of the exchangeable shares described below in addition to treasury shares issued for employee stock-based awards .', 'the board of directors has authorized the repurchase of up to $ 5 billion of marathon common stock .', 'purchases under the program may be in either open market transactions , including block purchases , or in privately negotiated transactions .', 'we will use cash on hand , cash generated from operations , proceeds from potential asset sales or cash from available borrowings to acquire shares .', 'this program may be changed based upon our financial condition or changes in market conditions and is subject to termination prior to completion .', 'the repurchase program does not include specific price targets or timetables .', 'as of december 31 , 2009 , we have acquired 66 million common shares at a cost of $ 2922 million under the program .', 'no shares have been acquired since august 2008 .', 'securities exchangeable into marathon common stock 2013 as discussed in note 6 , we acquired all of the outstanding shares of western on october 18 , 2007 .', 'the western shareholders who were canadian residents received , at their election , cash , marathon common stock , securities exchangeable into marathon common stock ( the 201cexchangeable shares 201d ) or a combination thereof .', 'the western shareholders elected to receive 5 million exchangeable shares as part of the acquisition consideration .', 'the exchangeable shares are shares of an indirect canadian subsidiary of marathon and , at the acquisition date , were exchangeable on a one-for-one basis into marathon common stock .', 'subsequent to the acquisition , the exchange ratio is adjusted to reflect cash dividends , if any , paid on marathon common stock and cash dividends , if any , paid on the exchangeable shares .', 'the exchange ratio at december 31 , 2009 , was 1.06109 common shares for each exchangeable share .', 'the exchangeable shares are exchangeable at the option of the holder at any time and are automatically redeemable on october 18 , 2011 .', 'holders of exchangeable shares are entitled to instruct a trustee to vote ( or obtain a proxy from the trustee to vote directly ) on all matters submitted to the holders of marathon common stock .', 'the number of votes to which each holder is entitled is equal to the whole number of shares of marathon common stock into which such holder 2019s exchangeable shares would be exchangeable based on the exchange ratio in effect on the record date for the vote .', 'the voting right is attached to voting preferred shares of marathon that were issued to a trustee in an amount .']

---------------------------------------- | awards | weighted-averagegrant datefair value ----------|----------|---------- unvested at december 31 2008 | 2049255 | $ 47.72 granted | 251335 | 24.74 vested | -762466 ( 762466 ) | 46.03 forfeited | -96625 ( 96625 ) | 43.56 unvested at december 31 2009 | 1441499 | 44.89 ----------------------------------------

divide(2922, 66)

44.27273

was 2016 spending greater for international e&p than for oil sands mining?

Context: ['outlook commodity prices are the most significant factor impacting our revenues , profitability , operating cash flows and the amount of capital available to reinvest into our business .', 'commodity prices began declining in the second half of 2014 and continued through 2015 and into 2016 .', 'we believe we can manage in this lower commodity price cycle through operational execution , efficiency improvements , cost reductions , capital discipline and portfolio optimization , while continuing to focus on balance sheet protection .', 'capital program our board of directors approved a capital program of $ 1.4 billion for 2016 .', 'we intend to be flexible with respect to our capital allocation decisions in light of this challenged commodity pricing environment .', 'with that in mind , we have engaged in an active program to divest of non-core assets , which together with our anticipated cash flows from operations , plus the savings embedded from the cost reductions we have put in place , should allow us to meet our current capital program , operating costs , debt service and dividends .', 'the discipline undertaken as part of a real-time evaluation of our revenues , expenditures , and asset dispositions should allow us to live within our means .', 'our capital program is broken down by reportable segment in the table below : ( in millions ) 2016 capital program percent of .'] Tabular Data: ( in millions ) 2016 capital program percent of total north america e&p $ 1166 81% ( 81 % ) international e&p 185 13% ( 13 % ) oil sands mining 41 3% ( 3 % ) segment total 1392 97% ( 97 % ) corporate and other 40 3% ( 3 % ) total capital program $ 1432 100% ( 100 % ) Additional Information: ['north america e&p 2013 approximately $ 1.2 billion of our capital program is allocated to our three core u.s .', 'resource plays .', 'eagle ford - approximately $ 600 million is planned , we expect to average five rigs and bring 124-132 gross-operated wells to sales .', 'included in eagle ford spending is approximately $ 520 million for drilling and completions .', 'the 2016 drilling program will continue to focus on the co-development of the lower and upper eagle ford horizons as well as austin chalk in the core of the play .', 'oklahoma resource basins - spending of approximately $ 200 million is targeted , we expect to average two rigs which will focus primarily on lease retention in the stack and delineation of the meramec , and bring 20-22 gross-operated wells to sales .', 'spending includes approximately $ 195 million for drilling and completions , including $ 55 million for outside-operated activity .', 'we expect to be approximately 70% ( 70 % ) held by production in the stack by year end , with scoop already 90% ( 90 % ) held by production .', 'bakken - we plan to spend just under $ 200 million in north dakota .', 'drilling activity will average one rig for half of 2016 and bring online 13-15 gross-operated wells .', 'bakken spending includes approximately $ 150 million for drilling and completions , including $ 75 million for outside-operated activity .', 'facilities and infrastructure spending will be significantly lower than 2015 with the next phase of the water-gathering system scheduled to be complete in the second half of 2016 .', 'international e&p 2013 approximately $ 170 million of our capital program is dedicated to our international assets , primarily in e.g .', 'and the kurdistan region of iraq .', 'the alba field compression project in e.g .', 'remains on schedule to start up by mid- year , and will extend plateau production by two years as well as the asset 2019s life by up to eight years .', 'approximately $ 30 million of our capital program will be spent on a targeted exploration program impacting both the north america e&p and the international e&p segments .', 'activity in 2016 is limited to fulfilling existing commitments in the gulf of mexico and gabon , with no operated exploration wells planned .', 'oil sands mining 2013 we expect to spend $ 40 million of the capital program for sustaining capital projects .', 'the remainder of our capital program consists of corporate and other and is expected to total approximately $ 40 million .', 'for information about expected exploration and development activities more specific to individual assets , see item 1 .', 'business .', 'production volumes we forecast 2016 production available for sale from the combined north america e&p and international e&p segments , excluding libya , to average 335 to 355 net mboed and the osm segment to average 40 to 50 net mbbld of synthetic crude oil. .']

yes

MRO/2015/page_43.pdf-2

['outlook commodity prices are the most significant factor impacting our revenues , profitability , operating cash flows and the amount of capital available to reinvest into our business .', 'commodity prices began declining in the second half of 2014 and continued through 2015 and into 2016 .', 'we believe we can manage in this lower commodity price cycle through operational execution , efficiency improvements , cost reductions , capital discipline and portfolio optimization , while continuing to focus on balance sheet protection .', 'capital program our board of directors approved a capital program of $ 1.4 billion for 2016 .', 'we intend to be flexible with respect to our capital allocation decisions in light of this challenged commodity pricing environment .', 'with that in mind , we have engaged in an active program to divest of non-core assets , which together with our anticipated cash flows from operations , plus the savings embedded from the cost reductions we have put in place , should allow us to meet our current capital program , operating costs , debt service and dividends .', 'the discipline undertaken as part of a real-time evaluation of our revenues , expenditures , and asset dispositions should allow us to live within our means .', 'our capital program is broken down by reportable segment in the table below : ( in millions ) 2016 capital program percent of .']

['north america e&p 2013 approximately $ 1.2 billion of our capital program is allocated to our three core u.s .', 'resource plays .', 'eagle ford - approximately $ 600 million is planned , we expect to average five rigs and bring 124-132 gross-operated wells to sales .', 'included in eagle ford spending is approximately $ 520 million for drilling and completions .', 'the 2016 drilling program will continue to focus on the co-development of the lower and upper eagle ford horizons as well as austin chalk in the core of the play .', 'oklahoma resource basins - spending of approximately $ 200 million is targeted , we expect to average two rigs which will focus primarily on lease retention in the stack and delineation of the meramec , and bring 20-22 gross-operated wells to sales .', 'spending includes approximately $ 195 million for drilling and completions , including $ 55 million for outside-operated activity .', 'we expect to be approximately 70% ( 70 % ) held by production in the stack by year end , with scoop already 90% ( 90 % ) held by production .', 'bakken - we plan to spend just under $ 200 million in north dakota .', 'drilling activity will average one rig for half of 2016 and bring online 13-15 gross-operated wells .', 'bakken spending includes approximately $ 150 million for drilling and completions , including $ 75 million for outside-operated activity .', 'facilities and infrastructure spending will be significantly lower than 2015 with the next phase of the water-gathering system scheduled to be complete in the second half of 2016 .', 'international e&p 2013 approximately $ 170 million of our capital program is dedicated to our international assets , primarily in e.g .', 'and the kurdistan region of iraq .', 'the alba field compression project in e.g .', 'remains on schedule to start up by mid- year , and will extend plateau production by two years as well as the asset 2019s life by up to eight years .', 'approximately $ 30 million of our capital program will be spent on a targeted exploration program impacting both the north america e&p and the international e&p segments .', 'activity in 2016 is limited to fulfilling existing commitments in the gulf of mexico and gabon , with no operated exploration wells planned .', 'oil sands mining 2013 we expect to spend $ 40 million of the capital program for sustaining capital projects .', 'the remainder of our capital program consists of corporate and other and is expected to total approximately $ 40 million .', 'for information about expected exploration and development activities more specific to individual assets , see item 1 .', 'business .', 'production volumes we forecast 2016 production available for sale from the combined north america e&p and international e&p segments , excluding libya , to average 335 to 355 net mboed and the osm segment to average 40 to 50 net mbbld of synthetic crude oil. .']

( in millions ) 2016 capital program percent of total north america e&p $ 1166 81% ( 81 % ) international e&p 185 13% ( 13 % ) oil sands mining 41 3% ( 3 % ) segment total 1392 97% ( 97 % ) corporate and other 40 3% ( 3 % ) total capital program $ 1432 100% ( 100 % )

greater(185, 41)

yes

how much more money would jp morgan need to meet management 2019s plan to reach an estimated basel iii tier i common ratio of 9.5%?

Pre-text: ['jpmorgan chase & co./2012 annual report 119 implementing further revisions to the capital accord in the u.s .', '( such further revisions are commonly referred to as 201cbasel iii 201d ) .', 'basel iii revised basel ii by , among other things , narrowing the definition of capital , and increasing capital requirements for specific exposures .', 'basel iii also includes higher capital ratio requirements and provides that the tier 1 common capital requirement will be increased to 7% ( 7 % ) , comprised of a minimum ratio of 4.5% ( 4.5 % ) plus a 2.5% ( 2.5 % ) capital conservation buffer .', 'implementation of the 7% ( 7 % ) tier 1 common capital requirement is required by january 1 , in addition , global systemically important banks ( 201cgsibs 201d ) will be required to maintain tier 1 common requirements above the 7% ( 7 % ) minimum in amounts ranging from an additional 1% ( 1 % ) to an additional 2.5% ( 2.5 % ) .', 'in november 2012 , the financial stability board ( 201cfsb 201d ) indicated that it would require the firm , as well as three other banks , to hold the additional 2.5% ( 2.5 % ) of tier 1 common ; the requirement will be phased in beginning in 2016 .', 'the basel committee also stated it intended to require certain gsibs to hold an additional 1% ( 1 % ) of tier 1 common under certain circumstances , to act as a disincentive for the gsib from taking actions that would further increase its systemic importance .', 'currently , no gsib ( including the firm ) is required to hold this additional 1% ( 1 % ) of tier 1 common .', 'in addition , pursuant to the requirements of the dodd-frank act , u.s .', 'federal banking agencies have proposed certain permanent basel i floors under basel ii and basel iii capital calculations .', 'the following table presents a comparison of the firm 2019s tier 1 common under basel i rules to its estimated tier 1 common under basel iii rules , along with the firm 2019s estimated risk-weighted assets .', 'tier 1 common under basel iii includes additional adjustments and deductions not included in basel i tier 1 common , such as the inclusion of aoci related to afs securities and defined benefit pension and other postretirement employee benefit ( 201copeb 201d ) plans .', 'the firm estimates that its tier 1 common ratio under basel iii rules would be 8.7% ( 8.7 % ) as of december 31 , 2012 .', 'the tier 1 common ratio under both basel i and basel iii are non- gaap financial measures .', 'however , such measures are used by bank regulators , investors and analysts as a key measure to assess the firm 2019s capital position and to compare the firm 2019s capital to that of other financial services companies .', 'december 31 , 2012 ( in millions , except ratios ) .'] ###### Table: ---------------------------------------- tier 1 common under basel i rules, $ 140342 adjustments related to aoci for afs securities and defined benefit pension and opeb plans, 4077 all other adjustments, -453 ( 453 ) estimated tier 1 common under basel iii rules, $ 143966 estimated risk-weighted assets under basel iii rules ( a ), $ 1647903 estimated tier 1 common ratio under basel iii rules ( b ), 8.7% ( 8.7 % ) ---------------------------------------- ###### Follow-up: ['estimated risk-weighted assets under basel iii rules ( a ) $ 1647903 estimated tier 1 common ratio under basel iii rules ( b ) 8.7% ( 8.7 % ) ( a ) key differences in the calculation of risk-weighted assets between basel i and basel iii include : ( 1 ) basel iii credit risk rwa is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters , whereas basel i rwa is based on fixed supervisory risk weightings which vary only by counterparty type and asset class ; ( 2 ) basel iii market risk rwa reflects the new capital requirements related to trading assets and securitizations , which include incremental capital requirements for stress var , correlation trading , and re-securitization positions ; and ( 3 ) basel iii includes rwa for operational risk , whereas basel i does not .', 'the actual impact on the firm 2019s capital ratios upon implementation could differ depending on final implementation guidance from the regulators , as well as regulatory approval of certain of the firm 2019s internal risk models .', '( b ) the tier 1 common ratio is tier 1 common divided by rwa .', 'the firm 2019s estimate of its tier 1 common ratio under basel iii reflects its current understanding of the basel iii rules based on information currently published by the basel committee and u.s .', 'federal banking agencies and on the application of such rules to its businesses as currently conducted ; it excludes the impact of any changes the firm may make in the future to its businesses as a result of implementing the basel iii rules , possible enhancements to certain market risk models , and any further implementation guidance from the regulators .', 'the basel iii capital requirements are subject to prolonged transition periods .', 'the transition period for banks to meet the tier 1 common requirement under basel iii was originally scheduled to begin in 2013 , with full implementation on january 1 , 2019 .', 'in november 2012 , the u.s .', 'federal banking agencies announced a delay in the implementation dates for the basel iii capital requirements .', 'the additional capital requirements for gsibs will be phased in starting january 1 , 2016 , with full implementation on january 1 , 2019 .', 'management 2019s current objective is for the firm to reach , by the end of 2013 , an estimated basel iii tier i common ratio of 9.5% ( 9.5 % ) .', 'additional information regarding the firm 2019s capital ratios and the federal regulatory capital standards to which it is subject is presented in supervision and regulation on pages 1 20138 of the 2012 form 10-k , and note 28 on pages 306 2013 308 of this annual report .', 'broker-dealer regulatory capital jpmorgan chase 2019s principal u.s .', 'broker-dealer subsidiaries are j.p .', 'morgan securities llc ( 201cjpmorgan securities 201d ) and j.p .', 'morgan clearing corp .', '( 201cjpmorgan clearing 201d ) .', 'jpmorgan clearing is a subsidiary of jpmorgan securities and provides clearing and settlement services .', 'jpmorgan securities and jpmorgan clearing are each subject to rule 15c3-1 under the securities exchange act of 1934 ( the 201cnet capital rule 201d ) .', 'jpmorgan securities and jpmorgan clearing are also each registered as futures commission merchants and subject to rule 1.17 of the commodity futures trading commission ( 201ccftc 201d ) .', 'jpmorgan securities and jpmorgan clearing have elected to compute their minimum net capital requirements in accordance with the 201calternative net capital requirements 201d of the net capital rule .', 'at december 31 , 2012 , jpmorgan securities 2019 net capital , as defined by the net capital rule , was $ 13.5 billion , exceeding the minimum requirement by .']

12584.785

JPM/2012/page_109.pdf-2

['jpmorgan chase & co./2012 annual report 119 implementing further revisions to the capital accord in the u.s .', '( such further revisions are commonly referred to as 201cbasel iii 201d ) .', 'basel iii revised basel ii by , among other things , narrowing the definition of capital , and increasing capital requirements for specific exposures .', 'basel iii also includes higher capital ratio requirements and provides that the tier 1 common capital requirement will be increased to 7% ( 7 % ) , comprised of a minimum ratio of 4.5% ( 4.5 % ) plus a 2.5% ( 2.5 % ) capital conservation buffer .', 'implementation of the 7% ( 7 % ) tier 1 common capital requirement is required by january 1 , in addition , global systemically important banks ( 201cgsibs 201d ) will be required to maintain tier 1 common requirements above the 7% ( 7 % ) minimum in amounts ranging from an additional 1% ( 1 % ) to an additional 2.5% ( 2.5 % ) .', 'in november 2012 , the financial stability board ( 201cfsb 201d ) indicated that it would require the firm , as well as three other banks , to hold the additional 2.5% ( 2.5 % ) of tier 1 common ; the requirement will be phased in beginning in 2016 .', 'the basel committee also stated it intended to require certain gsibs to hold an additional 1% ( 1 % ) of tier 1 common under certain circumstances , to act as a disincentive for the gsib from taking actions that would further increase its systemic importance .', 'currently , no gsib ( including the firm ) is required to hold this additional 1% ( 1 % ) of tier 1 common .', 'in addition , pursuant to the requirements of the dodd-frank act , u.s .', 'federal banking agencies have proposed certain permanent basel i floors under basel ii and basel iii capital calculations .', 'the following table presents a comparison of the firm 2019s tier 1 common under basel i rules to its estimated tier 1 common under basel iii rules , along with the firm 2019s estimated risk-weighted assets .', 'tier 1 common under basel iii includes additional adjustments and deductions not included in basel i tier 1 common , such as the inclusion of aoci related to afs securities and defined benefit pension and other postretirement employee benefit ( 201copeb 201d ) plans .', 'the firm estimates that its tier 1 common ratio under basel iii rules would be 8.7% ( 8.7 % ) as of december 31 , 2012 .', 'the tier 1 common ratio under both basel i and basel iii are non- gaap financial measures .', 'however , such measures are used by bank regulators , investors and analysts as a key measure to assess the firm 2019s capital position and to compare the firm 2019s capital to that of other financial services companies .', 'december 31 , 2012 ( in millions , except ratios ) .']

['estimated risk-weighted assets under basel iii rules ( a ) $ 1647903 estimated tier 1 common ratio under basel iii rules ( b ) 8.7% ( 8.7 % ) ( a ) key differences in the calculation of risk-weighted assets between basel i and basel iii include : ( 1 ) basel iii credit risk rwa is based on risk-sensitive approaches which largely rely on the use of internal credit models and parameters , whereas basel i rwa is based on fixed supervisory risk weightings which vary only by counterparty type and asset class ; ( 2 ) basel iii market risk rwa reflects the new capital requirements related to trading assets and securitizations , which include incremental capital requirements for stress var , correlation trading , and re-securitization positions ; and ( 3 ) basel iii includes rwa for operational risk , whereas basel i does not .', 'the actual impact on the firm 2019s capital ratios upon implementation could differ depending on final implementation guidance from the regulators , as well as regulatory approval of certain of the firm 2019s internal risk models .', '( b ) the tier 1 common ratio is tier 1 common divided by rwa .', 'the firm 2019s estimate of its tier 1 common ratio under basel iii reflects its current understanding of the basel iii rules based on information currently published by the basel committee and u.s .', 'federal banking agencies and on the application of such rules to its businesses as currently conducted ; it excludes the impact of any changes the firm may make in the future to its businesses as a result of implementing the basel iii rules , possible enhancements to certain market risk models , and any further implementation guidance from the regulators .', 'the basel iii capital requirements are subject to prolonged transition periods .', 'the transition period for banks to meet the tier 1 common requirement under basel iii was originally scheduled to begin in 2013 , with full implementation on january 1 , 2019 .', 'in november 2012 , the u.s .', 'federal banking agencies announced a delay in the implementation dates for the basel iii capital requirements .', 'the additional capital requirements for gsibs will be phased in starting january 1 , 2016 , with full implementation on january 1 , 2019 .', 'management 2019s current objective is for the firm to reach , by the end of 2013 , an estimated basel iii tier i common ratio of 9.5% ( 9.5 % ) .', 'additional information regarding the firm 2019s capital ratios and the federal regulatory capital standards to which it is subject is presented in supervision and regulation on pages 1 20138 of the 2012 form 10-k , and note 28 on pages 306 2013 308 of this annual report .', 'broker-dealer regulatory capital jpmorgan chase 2019s principal u.s .', 'broker-dealer subsidiaries are j.p .', 'morgan securities llc ( 201cjpmorgan securities 201d ) and j.p .', 'morgan clearing corp .', '( 201cjpmorgan clearing 201d ) .', 'jpmorgan clearing is a subsidiary of jpmorgan securities and provides clearing and settlement services .', 'jpmorgan securities and jpmorgan clearing are each subject to rule 15c3-1 under the securities exchange act of 1934 ( the 201cnet capital rule 201d ) .', 'jpmorgan securities and jpmorgan clearing are also each registered as futures commission merchants and subject to rule 1.17 of the commodity futures trading commission ( 201ccftc 201d ) .', 'jpmorgan securities and jpmorgan clearing have elected to compute their minimum net capital requirements in accordance with the 201calternative net capital requirements 201d of the net capital rule .', 'at december 31 , 2012 , jpmorgan securities 2019 net capital , as defined by the net capital rule , was $ 13.5 billion , exceeding the minimum requirement by .']

---------------------------------------- tier 1 common under basel i rules, $ 140342 adjustments related to aoci for afs securities and defined benefit pension and opeb plans, 4077 all other adjustments, -453 ( 453 ) estimated tier 1 common under basel iii rules, $ 143966 estimated risk-weighted assets under basel iii rules ( a ), $ 1647903 estimated tier 1 common ratio under basel iii rules ( b ), 8.7% ( 8.7 % ) ----------------------------------------

multiply(1647903, 9.5%), subtract(#0, 143966)

12584.785

what is the percentage change in weighted average common shares outstanding for basic computations from 2016 to 2017?

Background: ['note 2 2013 earnings per share the weighted average number of shares outstanding used to compute earnings per common share were as follows ( in millions ) : .'] Tabular Data: ---------------------------------------- | 2018 | 2017 | 2016 ----------|----------|----------|---------- weighted average common shares outstanding for basic computations | 284.5 | 287.8 | 299.3 weighted average dilutive effect of equity awards | 2.3 | 2.8 | 3.8 weighted average common shares outstanding for diluted computations | 286.8 | 290.6 | 303.1 ---------------------------------------- Follow-up: ['we compute basic and diluted earnings per common share by dividing net earnings by the respective weighted average number of common shares outstanding for the periods presented .', 'our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units ( rsus ) , performance stock units ( psus ) and exercise of outstanding stock options based on the treasury stock method .', 'there were no significant anti-dilutive equity awards for the years ended december 31 , 2018 , 2017 and 2016 .', 'note 3 2013 acquisition and divestitures consolidation of awe management limited on august 24 , 2016 , we increased our ownership interest in the awe joint venture , which operates the united kingdom 2019s nuclear deterrent program , from 33% ( 33 % ) to 51% ( 51 % ) .', 'consequently , we began consolidating awe and our operating results include 100% ( 100 % ) of awe 2019s sales and 51% ( 51 % ) of its operating profit .', 'prior to increasing our ownership interest , we accounted for our investment in awe using the equity method of accounting .', 'under the equity method , we recognized only 33% ( 33 % ) of awe 2019s earnings or losses and no sales .', 'accordingly , prior to august 24 , 2016 , the date we obtained control , we recorded 33% ( 33 % ) of awe 2019s net earnings in our operating results and subsequent to august 24 , 2016 , we recognized 100% ( 100 % ) of awe 2019s sales and 51% ( 51 % ) of its operating profit .', 'we accounted for this transaction as a 201cstep acquisition 201d ( as defined by u.s .', 'gaap ) , which requires us to consolidate and record the assets and liabilities of awe at fair value .', 'accordingly , we recorded intangible assets of $ 243 million related to customer relationships , $ 32 million of net liabilities , and noncontrolling interests of $ 107 million .', 'the intangible assets are being amortized over a period of eight years in accordance with the underlying pattern of economic benefit reflected by the future net cash flows .', 'in 2016 , we recognized a non-cash net gain of $ 104 million associated with obtaining a controlling interest in awe , which consisted of a $ 127 million pretax gain recognized in the operating results of our space business segment and $ 23 million of tax-related items at our corporate office .', 'the gain represented the fair value of our 51% ( 51 % ) interest in awe , less the carrying value of our previously held investment in awe and deferred taxes .', 'the gain was recorded in other income , net on our consolidated statements of earnings .', 'the fair value of awe ( including the intangible assets ) , our controlling interest , and the noncontrolling interests were determined using the income approach .', 'divestiture of the information systems & global solutions business on august 16 , 2016 , we divested our former is&gs business , which merged with leidos , in a reverse morris trust transaction ( the 201ctransaction 201d ) .', 'the transaction was completed in a multi-step process pursuant to which we initially contributed the is&gs business to abacus innovations corporation ( abacus ) , a wholly owned subsidiary of lockheed martin created to facilitate the transaction , and the common stock of abacus was distributed to participating lockheed martin stockholders through an exchange offer .', 'under the terms of the exchange offer , lockheed martin stockholders had the option to exchange shares of lockheed martin common stock for shares of abacus common stock .', 'at the conclusion of the exchange offer , all shares of abacus common stock were exchanged for 9369694 shares of lockheed martin common stock held by lockheed martin stockholders that elected to participate in the exchange .', 'the shares of lockheed martin common stock that were exchanged and accepted were retired , reducing the number of shares of our common stock outstanding by approximately 3% ( 3 % ) .', 'following the exchange offer , abacus merged with a subsidiary of leidos , with abacus continuing as the surviving corporation and a wholly-owned subsidiary of leidos .', 'as part of the merger , each share of abacus common stock was automatically converted into one share of leidos common stock .', 'we did not receive any shares of leidos common stock as part of the transaction and do not hold any shares of leidos or abacus common stock following the transaction .', 'based on an opinion of outside tax counsel , subject to customary qualifications and based on factual representations , the exchange offer and merger will qualify as tax-free transactions to lockheed martin and its stockholders , except to the extent that cash was paid to lockheed martin stockholders in lieu of fractional shares .', 'in connection with the transaction , abacus borrowed an aggregate principal amount of approximately $ 1.84 billion under term loan facilities with third party financial institutions , the proceeds of which were used to make a one-time special cash payment of $ 1.80 billion to lockheed martin and to pay associated borrowing fees and expenses .', 'the entire special cash payment was used to repay debt , pay dividends and repurchase stock during the third and fourth quarters of 2016 .', 'the obligations under the abacus term loan facilities were guaranteed by leidos as part of the transaction. .']

-0.03842

LMT/2018/page_85.pdf-3

['note 2 2013 earnings per share the weighted average number of shares outstanding used to compute earnings per common share were as follows ( in millions ) : .']

['we compute basic and diluted earnings per common share by dividing net earnings by the respective weighted average number of common shares outstanding for the periods presented .', 'our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units ( rsus ) , performance stock units ( psus ) and exercise of outstanding stock options based on the treasury stock method .', 'there were no significant anti-dilutive equity awards for the years ended december 31 , 2018 , 2017 and 2016 .', 'note 3 2013 acquisition and divestitures consolidation of awe management limited on august 24 , 2016 , we increased our ownership interest in the awe joint venture , which operates the united kingdom 2019s nuclear deterrent program , from 33% ( 33 % ) to 51% ( 51 % ) .', 'consequently , we began consolidating awe and our operating results include 100% ( 100 % ) of awe 2019s sales and 51% ( 51 % ) of its operating profit .', 'prior to increasing our ownership interest , we accounted for our investment in awe using the equity method of accounting .', 'under the equity method , we recognized only 33% ( 33 % ) of awe 2019s earnings or losses and no sales .', 'accordingly , prior to august 24 , 2016 , the date we obtained control , we recorded 33% ( 33 % ) of awe 2019s net earnings in our operating results and subsequent to august 24 , 2016 , we recognized 100% ( 100 % ) of awe 2019s sales and 51% ( 51 % ) of its operating profit .', 'we accounted for this transaction as a 201cstep acquisition 201d ( as defined by u.s .', 'gaap ) , which requires us to consolidate and record the assets and liabilities of awe at fair value .', 'accordingly , we recorded intangible assets of $ 243 million related to customer relationships , $ 32 million of net liabilities , and noncontrolling interests of $ 107 million .', 'the intangible assets are being amortized over a period of eight years in accordance with the underlying pattern of economic benefit reflected by the future net cash flows .', 'in 2016 , we recognized a non-cash net gain of $ 104 million associated with obtaining a controlling interest in awe , which consisted of a $ 127 million pretax gain recognized in the operating results of our space business segment and $ 23 million of tax-related items at our corporate office .', 'the gain represented the fair value of our 51% ( 51 % ) interest in awe , less the carrying value of our previously held investment in awe and deferred taxes .', 'the gain was recorded in other income , net on our consolidated statements of earnings .', 'the fair value of awe ( including the intangible assets ) , our controlling interest , and the noncontrolling interests were determined using the income approach .', 'divestiture of the information systems & global solutions business on august 16 , 2016 , we divested our former is&gs business , which merged with leidos , in a reverse morris trust transaction ( the 201ctransaction 201d ) .', 'the transaction was completed in a multi-step process pursuant to which we initially contributed the is&gs business to abacus innovations corporation ( abacus ) , a wholly owned subsidiary of lockheed martin created to facilitate the transaction , and the common stock of abacus was distributed to participating lockheed martin stockholders through an exchange offer .', 'under the terms of the exchange offer , lockheed martin stockholders had the option to exchange shares of lockheed martin common stock for shares of abacus common stock .', 'at the conclusion of the exchange offer , all shares of abacus common stock were exchanged for 9369694 shares of lockheed martin common stock held by lockheed martin stockholders that elected to participate in the exchange .', 'the shares of lockheed martin common stock that were exchanged and accepted were retired , reducing the number of shares of our common stock outstanding by approximately 3% ( 3 % ) .', 'following the exchange offer , abacus merged with a subsidiary of leidos , with abacus continuing as the surviving corporation and a wholly-owned subsidiary of leidos .', 'as part of the merger , each share of abacus common stock was automatically converted into one share of leidos common stock .', 'we did not receive any shares of leidos common stock as part of the transaction and do not hold any shares of leidos or abacus common stock following the transaction .', 'based on an opinion of outside tax counsel , subject to customary qualifications and based on factual representations , the exchange offer and merger will qualify as tax-free transactions to lockheed martin and its stockholders , except to the extent that cash was paid to lockheed martin stockholders in lieu of fractional shares .', 'in connection with the transaction , abacus borrowed an aggregate principal amount of approximately $ 1.84 billion under term loan facilities with third party financial institutions , the proceeds of which were used to make a one-time special cash payment of $ 1.80 billion to lockheed martin and to pay associated borrowing fees and expenses .', 'the entire special cash payment was used to repay debt , pay dividends and repurchase stock during the third and fourth quarters of 2016 .', 'the obligations under the abacus term loan facilities were guaranteed by leidos as part of the transaction. .']

---------------------------------------- | 2018 | 2017 | 2016 ----------|----------|----------|---------- weighted average common shares outstanding for basic computations | 284.5 | 287.8 | 299.3 weighted average dilutive effect of equity awards | 2.3 | 2.8 | 3.8 weighted average common shares outstanding for diluted computations | 286.8 | 290.6 | 303.1 ----------------------------------------

subtract(287.8, 299.3), divide(#0, 299.3)

-0.03842

based on the summary of the net derivative receivables what was the percent of of the foreign exchange

Context: ['jpmorgan chase & co./2014 annual report 125 lending-related commitments the firm uses lending-related financial instruments , such as commitments ( including revolving credit facilities ) and guarantees , to meet the financing needs of its customers .', 'the contractual amounts of these financial instruments represent the maximum possible credit risk should the counterparties draw down on these commitments or the firm fulfills its obligations under these guarantees , and the counterparties subsequently fail to perform according to the terms of these contracts .', 'in the firm 2019s view , the total contractual amount of these wholesale lending-related commitments is not representative of the firm 2019s actual future credit exposure or funding requirements .', 'in determining the amount of credit risk exposure the firm has to wholesale lending-related commitments , which is used as the basis for allocating credit risk capital to these commitments , the firm has established a 201cloan-equivalent 201d amount for each commitment ; this amount represents the portion of the unused commitment or other contingent exposure that is expected , based on average portfolio historical experience , to become drawn upon in an event of a default by an obligor .', 'the loan-equivalent amount of the firm 2019s lending- related commitments was $ 229.6 billion and $ 218.9 billion as of december 31 , 2014 and 2013 , respectively .', 'clearing services the firm provides clearing services for clients entering into securities and derivative transactions .', 'through the provision of these services the firm is exposed to the risk of non-performance by its clients and may be required to share in losses incurred by central counterparties ( 201cccps 201d ) .', 'where possible , the firm seeks to mitigate its credit risk to its clients through the collection of adequate margin at inception and throughout the life of the transactions and can also cease provision of clearing services if clients do not adhere to their obligations under the clearing agreement .', 'for further discussion of clearing services , see note 29 .', 'derivative contracts in the normal course of business , the firm uses derivative instruments predominantly for market-making activities .', 'derivatives enable customers to manage exposures to fluctuations in interest rates , currencies and other markets .', 'the firm also uses derivative instruments to manage its own credit exposure .', 'the nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the firm is exposed .', 'for otc derivatives the firm is exposed to the credit risk of the derivative counterparty .', 'for exchange-traded derivatives ( 201cetd 201d ) such as futures and options , and 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives , the firm is generally exposed to the credit risk of the relevant ccp .', 'where possible , the firm seeks to mitigate its credit risk exposures arising from derivative transactions through the use of legally enforceable master netting arrangements and collateral agreements .', 'for further discussion of derivative contracts , counterparties and settlement types , see note 6 .', 'the following table summarizes the net derivative receivables for the periods presented .', 'derivative receivables .'] ###### Tabular Data: • december 31 ( in millions ), 2014, 2013 • interest rate, $ 33725, $ 25782 • credit derivatives, 1838, 1516 • foreign exchange, 21253, 16790 • equity, 8177, 12227 • commodity, 13982, 9444 • total net of cash collateral, 78975, 65759 • liquid securities and other cash collateral held against derivative receivables, -19604 ( 19604 ), -14435 ( 14435 ) • total net of all collateral, $ 59371, $ 51324 ###### Follow-up: ['derivative receivables reported on the consolidated balance sheets were $ 79.0 billion and $ 65.8 billion at december 31 , 2014 and 2013 , respectively .', 'these amounts represent the fair value of the derivative contracts , after giving effect to legally enforceable master netting agreements and cash collateral held by the firm .', 'however , in management 2019s view , the appropriate measure of current credit risk should also take into consideration additional liquid securities ( primarily u.s .', 'government and agency securities and other g7 government bonds ) and other cash collateral held by the firm aggregating $ 19.6 billion and $ 14.4 billion at december 31 , 2014 and 2013 , respectively , that may be used as security when the fair value of the client 2019s exposure is in the firm 2019s favor .', 'in addition to the collateral described in the preceding paragraph , the firm also holds additional collateral ( primarily : cash ; g7 government securities ; other liquid government-agency and guaranteed securities ; and corporate debt and equity securities ) delivered by clients at the initiation of transactions , as well as collateral related to contracts that have a non-daily call frequency and collateral that the firm has agreed to return but has not yet settled as of the reporting date .', 'although this collateral does not reduce the balances and is not included in the table above , it is available as security against potential exposure that could arise should the fair value of the client 2019s derivative transactions move in the firm 2019s favor .', 'as of december 31 , 2014 and 2013 , the firm held $ 48.6 billion and $ 50.8 billion , respectively , of this additional collateral .', 'the prior period amount has been revised to conform with the current period presentation .', 'the derivative receivables fair value , net of all collateral , also does not include other credit enhancements , such as letters of credit .', 'for additional information on the firm 2019s use of collateral agreements , see note 6. .']

0.35797

JPM/2014/page_127.pdf-2

['jpmorgan chase & co./2014 annual report 125 lending-related commitments the firm uses lending-related financial instruments , such as commitments ( including revolving credit facilities ) and guarantees , to meet the financing needs of its customers .', 'the contractual amounts of these financial instruments represent the maximum possible credit risk should the counterparties draw down on these commitments or the firm fulfills its obligations under these guarantees , and the counterparties subsequently fail to perform according to the terms of these contracts .', 'in the firm 2019s view , the total contractual amount of these wholesale lending-related commitments is not representative of the firm 2019s actual future credit exposure or funding requirements .', 'in determining the amount of credit risk exposure the firm has to wholesale lending-related commitments , which is used as the basis for allocating credit risk capital to these commitments , the firm has established a 201cloan-equivalent 201d amount for each commitment ; this amount represents the portion of the unused commitment or other contingent exposure that is expected , based on average portfolio historical experience , to become drawn upon in an event of a default by an obligor .', 'the loan-equivalent amount of the firm 2019s lending- related commitments was $ 229.6 billion and $ 218.9 billion as of december 31 , 2014 and 2013 , respectively .', 'clearing services the firm provides clearing services for clients entering into securities and derivative transactions .', 'through the provision of these services the firm is exposed to the risk of non-performance by its clients and may be required to share in losses incurred by central counterparties ( 201cccps 201d ) .', 'where possible , the firm seeks to mitigate its credit risk to its clients through the collection of adequate margin at inception and throughout the life of the transactions and can also cease provision of clearing services if clients do not adhere to their obligations under the clearing agreement .', 'for further discussion of clearing services , see note 29 .', 'derivative contracts in the normal course of business , the firm uses derivative instruments predominantly for market-making activities .', 'derivatives enable customers to manage exposures to fluctuations in interest rates , currencies and other markets .', 'the firm also uses derivative instruments to manage its own credit exposure .', 'the nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the firm is exposed .', 'for otc derivatives the firm is exposed to the credit risk of the derivative counterparty .', 'for exchange-traded derivatives ( 201cetd 201d ) such as futures and options , and 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives , the firm is generally exposed to the credit risk of the relevant ccp .', 'where possible , the firm seeks to mitigate its credit risk exposures arising from derivative transactions through the use of legally enforceable master netting arrangements and collateral agreements .', 'for further discussion of derivative contracts , counterparties and settlement types , see note 6 .', 'the following table summarizes the net derivative receivables for the periods presented .', 'derivative receivables .']

['derivative receivables reported on the consolidated balance sheets were $ 79.0 billion and $ 65.8 billion at december 31 , 2014 and 2013 , respectively .', 'these amounts represent the fair value of the derivative contracts , after giving effect to legally enforceable master netting agreements and cash collateral held by the firm .', 'however , in management 2019s view , the appropriate measure of current credit risk should also take into consideration additional liquid securities ( primarily u.s .', 'government and agency securities and other g7 government bonds ) and other cash collateral held by the firm aggregating $ 19.6 billion and $ 14.4 billion at december 31 , 2014 and 2013 , respectively , that may be used as security when the fair value of the client 2019s exposure is in the firm 2019s favor .', 'in addition to the collateral described in the preceding paragraph , the firm also holds additional collateral ( primarily : cash ; g7 government securities ; other liquid government-agency and guaranteed securities ; and corporate debt and equity securities ) delivered by clients at the initiation of transactions , as well as collateral related to contracts that have a non-daily call frequency and collateral that the firm has agreed to return but has not yet settled as of the reporting date .', 'although this collateral does not reduce the balances and is not included in the table above , it is available as security against potential exposure that could arise should the fair value of the client 2019s derivative transactions move in the firm 2019s favor .', 'as of december 31 , 2014 and 2013 , the firm held $ 48.6 billion and $ 50.8 billion , respectively , of this additional collateral .', 'the prior period amount has been revised to conform with the current period presentation .', 'the derivative receivables fair value , net of all collateral , also does not include other credit enhancements , such as letters of credit .', 'for additional information on the firm 2019s use of collateral agreements , see note 6. .']

• december 31 ( in millions ), 2014, 2013 • interest rate, $ 33725, $ 25782 • credit derivatives, 1838, 1516 • foreign exchange, 21253, 16790 • equity, 8177, 12227 • commodity, 13982, 9444 • total net of cash collateral, 78975, 65759 • liquid securities and other cash collateral held against derivative receivables, -19604 ( 19604 ), -14435 ( 14435 ) • total net of all collateral, $ 59371, $ 51324

divide(21253, 59371)

0.35797

what portion of total future obligations is related to operating lease obligations as of march 31 , 2007?

Pre-text: ['contractual obligations and commercial commitments the following table ( in thousands ) summarizes our contractual obligations at march 31 , 2007 and the effects such obligations are expected to have on our liquidity and cash flows in future periods. .'] Tabular Data: ---------------------------------------- contractual obligations | payments due by fiscal year total | payments due by fiscal year less than 1 year | payments due by fiscal year 1-3 years | payments due by fiscal year 3-5 years | payments due by fiscal year more than 5 years ----------|----------|----------|----------|----------|---------- operating lease obligations | $ 7669 | $ 1960 | $ 3441 | $ 1652 | $ 616 purchase obligations | 6421 | 6421 | 2014 | 2014 | 2014 total obligations | $ 14090 | $ 8381 | $ 3441 | $ 1652 | $ 616 ---------------------------------------- Additional Information: ['we have no long-term debt , capital leases or material commitments at march 31 , 2007 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 .', 'these contingent payments may be made in a combination of cash or stock under circumstances described in the purchase agreement .', 'if any contingent payments are made , they 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 no .', '34 ( fin no .', '45 ) to our agreements that contain guarantee or indemnification clauses .', 'these disclosure provisions expand those required by sfas no .', '5 by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote .', 'the following is a description of arrangements in which we are a guarantor .', 'we enter 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 we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities .', 'these indemnification provisions generally survive termination of the underlying agreement .', 'the maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited .', 'we have 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 , we have no liabilities recorded for these agreements as of march 31 , 2007 .', 'clinical study agreements 2013 in our clinical study agreements , we have 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 use of our devices in accordance with the clinical study agreement , the protocol for the device and our instructions .', 'the indemnification provisions contained within our clinical study agreements do not generally include limits on the claims .', 'we have never incurred any material costs related to the indemnification provisions contained in our clinical study agreements .', 'product warranties 2014we routinely accrue for estimated future warranty costs on our product sales at the time of shipment .', 'all of our products are subject to rigorous regulation and quality standards .', 'while we engage in extensive product quality programs and processes , including monitoring and evaluating the quality of our component suppliers , our warranty obligations are affected by product failure rates .', 'our operating results could be adversely affected if the actual cost of product failures exceeds the estimated warranty provision .', 'patent indemnifications 2014in many sales transactions , we indemnify customers against possible claims of patent infringement caused by our products .', 'the indemnifications contained within sales contracts usually do not include limits on the claims .', 'we have 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. .']

0.54429

ABMD/2007/page_52.pdf-3

['contractual obligations and commercial commitments the following table ( in thousands ) summarizes our contractual obligations at march 31 , 2007 and the effects such obligations are expected to have on our liquidity and cash flows in future periods. .']

['we have no long-term debt , capital leases or material commitments at march 31 , 2007 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 .', 'these contingent payments may be made in a combination of cash or stock under circumstances described in the purchase agreement .', 'if any contingent payments are made , they 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 no .', '34 ( fin no .', '45 ) to our agreements that contain guarantee or indemnification clauses .', 'these disclosure provisions expand those required by sfas no .', '5 by requiring that guarantors disclose certain types of guarantees , even if the likelihood of requiring the guarantor 2019s performance is remote .', 'the following is a description of arrangements in which we are a guarantor .', 'we enter 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 we generally indemnify and hold harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of our activities .', 'these indemnification provisions generally survive termination of the underlying agreement .', 'the maximum potential amount of future payments we could be required to make under these indemnification provisions is unlimited .', 'we have 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 , we have no liabilities recorded for these agreements as of march 31 , 2007 .', 'clinical study agreements 2013 in our clinical study agreements , we have 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 use of our devices in accordance with the clinical study agreement , the protocol for the device and our instructions .', 'the indemnification provisions contained within our clinical study agreements do not generally include limits on the claims .', 'we have never incurred any material costs related to the indemnification provisions contained in our clinical study agreements .', 'product warranties 2014we routinely accrue for estimated future warranty costs on our product sales at the time of shipment .', 'all of our products are subject to rigorous regulation and quality standards .', 'while we engage in extensive product quality programs and processes , including monitoring and evaluating the quality of our component suppliers , our warranty obligations are affected by product failure rates .', 'our operating results could be adversely affected if the actual cost of product failures exceeds the estimated warranty provision .', 'patent indemnifications 2014in many sales transactions , we indemnify customers against possible claims of patent infringement caused by our products .', 'the indemnifications contained within sales contracts usually do not include limits on the claims .', 'we have 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. .']

---------------------------------------- contractual obligations | payments due by fiscal year total | payments due by fiscal year less than 1 year | payments due by fiscal year 1-3 years | payments due by fiscal year 3-5 years | payments due by fiscal year more than 5 years ----------|----------|----------|----------|----------|---------- operating lease obligations | $ 7669 | $ 1960 | $ 3441 | $ 1652 | $ 616 purchase obligations | 6421 | 6421 | 2014 | 2014 | 2014 total obligations | $ 14090 | $ 8381 | $ 3441 | $ 1652 | $ 616 ----------------------------------------

divide(7669, 14090)

0.54429

what is the increase observed in the operating margin during 2010 and 2011?

Pre-text: ['2022 net derivative losses of $ 13 million .', 'review by segment general we serve clients through the following segments : 2022 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 our global distribution network .', '2022 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 .', 'risk solutions .'] Table: ======================================== years ended december 31,, 2011, 2010, 2009 revenue, $ 6817, $ 6423, $ 6305 operating income, 1314, 1194, 900 operating margin, 19.3% ( 19.3 % ), 18.6% ( 18.6 % ), 14.3% ( 14.3 % ) ======================================== Additional Information: ['the demand for property and casualty insurance generally rises as the overall level of economic activity increases and generally falls as such activity decreases , affecting both the commissions and fees generated by our brokerage business .', 'the economic activity that impacts property and casualty insurance is described as exposure units , and is closely correlated with employment levels , corporate revenue and asset values .', 'during 2011 we began to see some improvement in pricing ; however , we would still consider this to be a 2018 2018soft market , 2019 2019 which began in 2007 .', 'in a soft market , premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity .', 'changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the premiums paid by insureds .', 'in 2011 , pricing showed signs of stabilization and improvement in both our retail and reinsurance brokerage product lines and we expect this trend to slowly continue into 2012 .', 'additionally , beginning in late 2008 and continuing through 2011 , we faced difficult conditions as a result of unprecedented disruptions in the global economy , the repricing of credit risk and the deterioration of the financial markets .', 'weak global economic conditions have reduced our customers 2019 demand for our brokerage products , which have had a negative impact on our operational results .', 'risk solutions generated approximately 60% ( 60 % ) of our consolidated total revenues in 2011 .', 'revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients .', 'our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients 2019 policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates .', 'we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage .', 'specifically , we address the highly specialized product development and risk management needs of commercial enterprises , professional groups , insurance companies , governments , health care providers , and non-profit groups , among others ; provide affinity products for professional liability , life , disability .']

0.007

AON/2011/page_61.pdf-2

['2022 net derivative losses of $ 13 million .', 'review by segment general we serve clients through the following segments : 2022 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 our global distribution network .', '2022 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 .', 'risk solutions .']

['the demand for property and casualty insurance generally rises as the overall level of economic activity increases and generally falls as such activity decreases , affecting both the commissions and fees generated by our brokerage business .', 'the economic activity that impacts property and casualty insurance is described as exposure units , and is closely correlated with employment levels , corporate revenue and asset values .', 'during 2011 we began to see some improvement in pricing ; however , we would still consider this to be a 2018 2018soft market , 2019 2019 which began in 2007 .', 'in a soft market , premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity .', 'changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the premiums paid by insureds .', 'in 2011 , pricing showed signs of stabilization and improvement in both our retail and reinsurance brokerage product lines and we expect this trend to slowly continue into 2012 .', 'additionally , beginning in late 2008 and continuing through 2011 , we faced difficult conditions as a result of unprecedented disruptions in the global economy , the repricing of credit risk and the deterioration of the financial markets .', 'weak global economic conditions have reduced our customers 2019 demand for our brokerage products , which have had a negative impact on our operational results .', 'risk solutions generated approximately 60% ( 60 % ) of our consolidated total revenues in 2011 .', 'revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients .', 'our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients 2019 policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates .', 'we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage .', 'specifically , we address the highly specialized product development and risk management needs of commercial enterprises , professional groups , insurance companies , governments , health care providers , and non-profit groups , among others ; provide affinity products for professional liability , life , disability .']

======================================== years ended december 31,, 2011, 2010, 2009 revenue, $ 6817, $ 6423, $ 6305 operating income, 1314, 1194, 900 operating margin, 19.3% ( 19.3 % ), 18.6% ( 18.6 % ), 14.3% ( 14.3 % ) ========================================

subtract(19.3%, 18.6%)

0.007

what is the average annual revenue per customer in california?

Context: ['acquisition added approximately 1700 water customers and nearly 2000 wastewater customers .', 'the tex as assets served approximately 4200 water and 1100 wastewater customers in the greater houston metropolitan as noted above , as a result of these sales , these regulated subsidiaries are presented as discontinued operations for all periods presented .', 'therefore , the amounts , statistics and tables presented in this section refer only to on-going operations , unless otherwise noted .', 'the following table sets forth our regulated businesses operating revenue for 2013 and number of customers from continuing operations as well as an estimate of population served as of december 31 , 2013 : operating revenues ( in millions ) % ( % ) of total number of customers % ( % ) of total estimated population served ( in millions ) % ( % ) of total .'] ## Data Table: **************************************** new jersey | operatingrevenues ( in millions ) $ 638.0 | % ( % ) of total 24.6% ( 24.6 % ) | number ofcustomers 647168 | % ( % ) of total 20.1% ( 20.1 % ) | estimatedpopulationserved ( in millions ) 2.5 | % ( % ) of total 21.7% ( 21.7 % ) pennsylvania | 571.2 | 22.0% ( 22.0 % ) | 666947 | 20.7% ( 20.7 % ) | 2.1 | 18.3% ( 18.3 % ) missouri | 264.8 | 10.2% ( 10.2 % ) | 464232 | 14.4% ( 14.4 % ) | 1.5 | 13.1% ( 13.1 % ) illinois ( a ) | 261.7 | 10.1% ( 10.1 % ) | 311464 | 9.7% ( 9.7 % ) | 1.2 | 10.4% ( 10.4 % ) california | 209.5 | 8.1% ( 8.1 % ) | 173986 | 5.4% ( 5.4 % ) | 0.6 | 5.2% ( 5.2 % ) indiana | 199.2 | 7.7% ( 7.7 % ) | 293345 | 9.1% ( 9.1 % ) | 1.2 | 10.4% ( 10.4 % ) west virginia ( b ) | 124.2 | 4.8% ( 4.8 % ) | 173208 | 5.4% ( 5.4 % ) | 0.6 | 5.2% ( 5.2 % ) subtotal ( top seven states ) | 2268.6 | 87.5% ( 87.5 % ) | 2730350 | 84.8% ( 84.8 % ) | 9.7 | 84.3% ( 84.3 % ) other ( c ) | 325.3 | 12.5% ( 12.5 % ) | 489149 | 15.2% ( 15.2 % ) | 1.8 | 15.7% ( 15.7 % ) total regulated businesses | $ 2593.9 | 100.0% ( 100.0 % ) | 3219499 | 100.0% ( 100.0 % ) | 11.5 | 100.0% ( 100.0 % ) **************************************** ## Follow-up: ['( a ) includes illinois-american water company , which we refer to as ilawc and american lake water company , also a regulated subsidiary in illinois .', '( b ) west virginia-american water company , which we refer to as wvawc , and its subsidiary bluefield valley water works company .', '( c ) includes data from our operating subsidiaries in the following states : georgia , hawaii , iowa , kentucky , maryland , michigan , new york , tennessee , and virginia .', 'approximately 87.5 % ( % ) of operating revenue from our regulated businesses in 2013 was generated from approximately 2.7 million customers in our seven largest states , as measured by operating revenues .', 'in fiscal year 2013 , no single customer accounted for more than 10% ( 10 % ) of our annual operating revenue .', 'overview of networks , facilities and water supply our regulated businesses operate in approximately 1500 communities in 16 states in the united states .', 'our primary operating assets include 87 dams along with approximately 80 surface water treatment plants , 500 groundwater treatment plants , 1000 groundwater wells , 100 wastewater treatment facilities , 1200 treated water storage facilities , 1300 pumping stations , and 47000 miles of mains and collection pipes .', 'our regulated utilities own substantially all of the assets used by our regulated businesses .', 'we generally own the land and physical assets used to store , extract and treat source water .', 'typically , we do not own the water itself , which is held in public trust and is allocated to us through contracts and allocation rights granted by federal and state agencies or through the ownership of water rights pursuant to local law .', 'maintaining the reliability of our networks is a key activity of our regulated businesses .', 'we have ongoing infrastructure renewal programs in all states in which our regulated businesses operate .', 'these programs consist of both rehabilitation of existing mains and replacement of mains that have reached the end of their useful service lives .', 'our ability to meet the existing and future water demands of our customers depends on an adequate supply of water .', 'drought , governmental restrictions , overuse of sources of water , the protection of threatened species or .']

209500000.0

AWK/2013/page_12.pdf-2

['acquisition added approximately 1700 water customers and nearly 2000 wastewater customers .', 'the tex as assets served approximately 4200 water and 1100 wastewater customers in the greater houston metropolitan as noted above , as a result of these sales , these regulated subsidiaries are presented as discontinued operations for all periods presented .', 'therefore , the amounts , statistics and tables presented in this section refer only to on-going operations , unless otherwise noted .', 'the following table sets forth our regulated businesses operating revenue for 2013 and number of customers from continuing operations as well as an estimate of population served as of december 31 , 2013 : operating revenues ( in millions ) % ( % ) of total number of customers % ( % ) of total estimated population served ( in millions ) % ( % ) of total .']

['( a ) includes illinois-american water company , which we refer to as ilawc and american lake water company , also a regulated subsidiary in illinois .', '( b ) west virginia-american water company , which we refer to as wvawc , and its subsidiary bluefield valley water works company .', '( c ) includes data from our operating subsidiaries in the following states : georgia , hawaii , iowa , kentucky , maryland , michigan , new york , tennessee , and virginia .', 'approximately 87.5 % ( % ) of operating revenue from our regulated businesses in 2013 was generated from approximately 2.7 million customers in our seven largest states , as measured by operating revenues .', 'in fiscal year 2013 , no single customer accounted for more than 10% ( 10 % ) of our annual operating revenue .', 'overview of networks , facilities and water supply our regulated businesses operate in approximately 1500 communities in 16 states in the united states .', 'our primary operating assets include 87 dams along with approximately 80 surface water treatment plants , 500 groundwater treatment plants , 1000 groundwater wells , 100 wastewater treatment facilities , 1200 treated water storage facilities , 1300 pumping stations , and 47000 miles of mains and collection pipes .', 'our regulated utilities own substantially all of the assets used by our regulated businesses .', 'we generally own the land and physical assets used to store , extract and treat source water .', 'typically , we do not own the water itself , which is held in public trust and is allocated to us through contracts and allocation rights granted by federal and state agencies or through the ownership of water rights pursuant to local law .', 'maintaining the reliability of our networks is a key activity of our regulated businesses .', 'we have ongoing infrastructure renewal programs in all states in which our regulated businesses operate .', 'these programs consist of both rehabilitation of existing mains and replacement of mains that have reached the end of their useful service lives .', 'our ability to meet the existing and future water demands of our customers depends on an adequate supply of water .', 'drought , governmental restrictions , overuse of sources of water , the protection of threatened species or .']

**************************************** new jersey | operatingrevenues ( in millions ) $ 638.0 | % ( % ) of total 24.6% ( 24.6 % ) | number ofcustomers 647168 | % ( % ) of total 20.1% ( 20.1 % ) | estimatedpopulationserved ( in millions ) 2.5 | % ( % ) of total 21.7% ( 21.7 % ) pennsylvania | 571.2 | 22.0% ( 22.0 % ) | 666947 | 20.7% ( 20.7 % ) | 2.1 | 18.3% ( 18.3 % ) missouri | 264.8 | 10.2% ( 10.2 % ) | 464232 | 14.4% ( 14.4 % ) | 1.5 | 13.1% ( 13.1 % ) illinois ( a ) | 261.7 | 10.1% ( 10.1 % ) | 311464 | 9.7% ( 9.7 % ) | 1.2 | 10.4% ( 10.4 % ) california | 209.5 | 8.1% ( 8.1 % ) | 173986 | 5.4% ( 5.4 % ) | 0.6 | 5.2% ( 5.2 % ) indiana | 199.2 | 7.7% ( 7.7 % ) | 293345 | 9.1% ( 9.1 % ) | 1.2 | 10.4% ( 10.4 % ) west virginia ( b ) | 124.2 | 4.8% ( 4.8 % ) | 173208 | 5.4% ( 5.4 % ) | 0.6 | 5.2% ( 5.2 % ) subtotal ( top seven states ) | 2268.6 | 87.5% ( 87.5 % ) | 2730350 | 84.8% ( 84.8 % ) | 9.7 | 84.3% ( 84.3 % ) other ( c ) | 325.3 | 12.5% ( 12.5 % ) | 489149 | 15.2% ( 15.2 % ) | 1.8 | 15.7% ( 15.7 % ) total regulated businesses | $ 2593.9 | 100.0% ( 100.0 % ) | 3219499 | 100.0% ( 100.0 % ) | 11.5 | 100.0% ( 100.0 % ) ****************************************

multiply(209.5, const_1000000)

209500000.0

what is the increase observed in the interest net of capitalized interest during 2016 and 2017?

Pre-text: ['the diluted earnings per share calculation excludes stock options , sars , restricted stock and units and performance units and stock that were anti-dilutive .', 'shares underlying the excluded stock options and sars totaled 2.6 million , 10.3 million and 10.2 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'for the year ended december 31 , 2016 , 4.5 million shares of restricted stock and restricted stock units and performance units and performance stock were excluded .', '10 .', 'supplemental cash flow information net cash paid for interest and income taxes was as follows for the years ended december 31 , 2017 , 2016 and 2015 ( in thousands ) : .'] ---- Tabular Data: ---------------------------------------- | 2017 | 2016 | 2015 interest net of capitalized interest | $ 275305 | $ 252030 | $ 222088 income taxes net of refunds received | $ 188946 | $ -39293 ( 39293 ) | $ 41108 ---------------------------------------- ---- Follow-up: ["eog's accrued capital expenditures at december 31 , 2017 , 2016 and 2015 were $ 475 million , $ 388 million and $ 416 million , respectively .", "non-cash investing activities for the year ended december 31 , 2017 included non-cash additions of $ 282 million to eog's oil and gas properties as a result of property exchanges .", "non-cash investing activities for the year ended december 31 , 2016 included $ 3834 million in non-cash additions to eog's oil and gas properties related to the yates transaction ( see note 17 ) .", '11 .', "business segment information eog's operations are all crude oil and natural gas exploration and production related .", 'the segment reporting topic of the asc establishes standards for reporting information about operating segments in annual financial statements .', 'operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker , or decision-making group , in deciding how to allocate resources and in assessing performance .', "eog's chief operating decision-making process is informal and involves the chairman of the board and chief executive officer and other key officers .", "this group routinely reviews and makes operating decisions related to significant issues associated with each of eog's major producing areas in the united states , trinidad , the united kingdom and china .", 'for segment reporting purposes , the chief operating decision maker considers the major united states producing areas to be one operating segment. .']

0.09235

EOG/2017/page_85.pdf-1

['the diluted earnings per share calculation excludes stock options , sars , restricted stock and units and performance units and stock that were anti-dilutive .', 'shares underlying the excluded stock options and sars totaled 2.6 million , 10.3 million and 10.2 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'for the year ended december 31 , 2016 , 4.5 million shares of restricted stock and restricted stock units and performance units and performance stock were excluded .', '10 .', 'supplemental cash flow information net cash paid for interest and income taxes was as follows for the years ended december 31 , 2017 , 2016 and 2015 ( in thousands ) : .']

["eog's accrued capital expenditures at december 31 , 2017 , 2016 and 2015 were $ 475 million , $ 388 million and $ 416 million , respectively .", "non-cash investing activities for the year ended december 31 , 2017 included non-cash additions of $ 282 million to eog's oil and gas properties as a result of property exchanges .", "non-cash investing activities for the year ended december 31 , 2016 included $ 3834 million in non-cash additions to eog's oil and gas properties related to the yates transaction ( see note 17 ) .", '11 .', "business segment information eog's operations are all crude oil and natural gas exploration and production related .", 'the segment reporting topic of the asc establishes standards for reporting information about operating segments in annual financial statements .', 'operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker , or decision-making group , in deciding how to allocate resources and in assessing performance .', "eog's chief operating decision-making process is informal and involves the chairman of the board and chief executive officer and other key officers .", "this group routinely reviews and makes operating decisions related to significant issues associated with each of eog's major producing areas in the united states , trinidad , the united kingdom and china .", 'for segment reporting purposes , the chief operating decision maker considers the major united states producing areas to be one operating segment. .']

---------------------------------------- | 2017 | 2016 | 2015 interest net of capitalized interest | $ 275305 | $ 252030 | $ 222088 income taxes net of refunds received | $ 188946 | $ -39293 ( 39293 ) | $ 41108 ----------------------------------------

divide(275305, 252030), subtract(#0, const_1)

0.09235

what were operating expenses in 2004?

Pre-text: ['year ended december 31 , 2004 compared to year ended december 31 , 2003 the historical results of operations of pca for the years ended december 31 , 2004 and 2003 are set forth below : for the year ended december 31 , ( in millions ) 2004 2003 change .'] -- Tabular Data: **************************************** ( in millions ), for the year ended december 31 , 2004, for the year ended december 31 , 2003, change net sales, $ 1890.1, $ 1735.5, $ 154.6 income before interest and taxes, $ 140.5, $ 96.9, $ 43.6 interest expense net, -29.6 ( 29.6 ), -121.8 ( 121.8 ), 92.2 income ( loss ) before taxes, 110.9, -24.9 ( 24.9 ), 135.8 ( provision ) benefit for income taxes, -42.2 ( 42.2 ), 10.5, -52.7 ( 52.7 ) net income ( loss ), $ 68.7, $ -14.4 ( 14.4 ), $ 83.1 **************************************** -- Post-table: ['net sales net sales increased by $ 154.6 million , or 8.9% ( 8.9 % ) , for the year ended december 31 , 2004 from the year ended december 31 , 2003 .', 'net sales increased due to improved sales volumes and prices of corrugated products and containerboard compared to 2003 .', 'total corrugated products volume sold increased 6.6% ( 6.6 % ) to 29.9 billion square feet in 2004 compared to 28.1 billion square feet in 2003 .', 'on a comparable shipment-per-workday basis , corrugated products sales volume increased 7.0% ( 7.0 % ) in 2004 from 2003 .', 'excluding pca 2019s acquisition of acorn in february 2004 , corrugated products volume was 5.3% ( 5.3 % ) higher in 2004 than 2003 and up 5.8% ( 5.8 % ) compared to 2003 on a shipment-per-workday basis .', 'shipments-per-workday is calculated by dividing our total corrugated products volume during the year by the number of workdays within the year .', 'the larger percentage increase was due to the fact that 2004 had one less workday ( 251 days ) , those days not falling on a weekend or holiday , than 2003 ( 252 days ) .', 'containerboard sales volume to external domestic and export customers increased 6.8% ( 6.8 % ) to 475000 tons for the year ended december 31 , 2004 from 445000 tons in 2003 .', 'income before interest and taxes income before interest and taxes increased by $ 43.6 million , or 45.1% ( 45.1 % ) , for the year ended december 31 , 2004 compared to 2003 .', 'included in income before interest and taxes for the year ended december 31 , 2004 is income of $ 27.8 million , net of expenses , attributable to a dividend paid to pca by stv , the timberlands joint venture in which pca owns a 311 20443% ( 20443 % ) ownership interest .', 'included in income before interest and taxes for the year ended december 31 , 2003 is a $ 3.3 million charge for fees and expenses related to the company 2019s debt refinancing which was completed in july 2003 , and a fourth quarter charge of $ 16.0 million to settle certain benefits related matters with pactiv corporation dating back to april 12 , 1999 when pca became a stand-alone company , as described below .', 'during the fourth quarter of 2003 , pactiv notified pca that we owed pactiv additional amounts for hourly pension benefits and workers 2019 compensation liabilities dating back to april 12 , 1999 .', 'a settlement of $ 16.0 million was negotiated between pactiv and pca in december 2003 .', 'the full amount of the settlement was accrued in the fourth quarter of 2003 .', 'excluding these special items , operating income decreased $ 3.4 million in 2004 compared to 2003 .', 'the $ 3.4 million decrease in income before interest and taxes was primarily attributable to increased energy and transportation costs ( $ 19.2 million ) , higher recycled and wood fiber costs ( $ 16.7 million ) , increased salary expenses related to annual increases and new hires ( $ 5.7 million ) , and increased contractual hourly labor costs ( $ 5.6 million ) , which was partially offset by increased sales volume and sales prices ( $ 44.3 million ) . .']

1749.6

PKG/2005/page_29.pdf-3

['year ended december 31 , 2004 compared to year ended december 31 , 2003 the historical results of operations of pca for the years ended december 31 , 2004 and 2003 are set forth below : for the year ended december 31 , ( in millions ) 2004 2003 change .']

['net sales net sales increased by $ 154.6 million , or 8.9% ( 8.9 % ) , for the year ended december 31 , 2004 from the year ended december 31 , 2003 .', 'net sales increased due to improved sales volumes and prices of corrugated products and containerboard compared to 2003 .', 'total corrugated products volume sold increased 6.6% ( 6.6 % ) to 29.9 billion square feet in 2004 compared to 28.1 billion square feet in 2003 .', 'on a comparable shipment-per-workday basis , corrugated products sales volume increased 7.0% ( 7.0 % ) in 2004 from 2003 .', 'excluding pca 2019s acquisition of acorn in february 2004 , corrugated products volume was 5.3% ( 5.3 % ) higher in 2004 than 2003 and up 5.8% ( 5.8 % ) compared to 2003 on a shipment-per-workday basis .', 'shipments-per-workday is calculated by dividing our total corrugated products volume during the year by the number of workdays within the year .', 'the larger percentage increase was due to the fact that 2004 had one less workday ( 251 days ) , those days not falling on a weekend or holiday , than 2003 ( 252 days ) .', 'containerboard sales volume to external domestic and export customers increased 6.8% ( 6.8 % ) to 475000 tons for the year ended december 31 , 2004 from 445000 tons in 2003 .', 'income before interest and taxes income before interest and taxes increased by $ 43.6 million , or 45.1% ( 45.1 % ) , for the year ended december 31 , 2004 compared to 2003 .', 'included in income before interest and taxes for the year ended december 31 , 2004 is income of $ 27.8 million , net of expenses , attributable to a dividend paid to pca by stv , the timberlands joint venture in which pca owns a 311 20443% ( 20443 % ) ownership interest .', 'included in income before interest and taxes for the year ended december 31 , 2003 is a $ 3.3 million charge for fees and expenses related to the company 2019s debt refinancing which was completed in july 2003 , and a fourth quarter charge of $ 16.0 million to settle certain benefits related matters with pactiv corporation dating back to april 12 , 1999 when pca became a stand-alone company , as described below .', 'during the fourth quarter of 2003 , pactiv notified pca that we owed pactiv additional amounts for hourly pension benefits and workers 2019 compensation liabilities dating back to april 12 , 1999 .', 'a settlement of $ 16.0 million was negotiated between pactiv and pca in december 2003 .', 'the full amount of the settlement was accrued in the fourth quarter of 2003 .', 'excluding these special items , operating income decreased $ 3.4 million in 2004 compared to 2003 .', 'the $ 3.4 million decrease in income before interest and taxes was primarily attributable to increased energy and transportation costs ( $ 19.2 million ) , higher recycled and wood fiber costs ( $ 16.7 million ) , increased salary expenses related to annual increases and new hires ( $ 5.7 million ) , and increased contractual hourly labor costs ( $ 5.6 million ) , which was partially offset by increased sales volume and sales prices ( $ 44.3 million ) . .']

**************************************** ( in millions ), for the year ended december 31 , 2004, for the year ended december 31 , 2003, change net sales, $ 1890.1, $ 1735.5, $ 154.6 income before interest and taxes, $ 140.5, $ 96.9, $ 43.6 interest expense net, -29.6 ( 29.6 ), -121.8 ( 121.8 ), 92.2 income ( loss ) before taxes, 110.9, -24.9 ( 24.9 ), 135.8 ( provision ) benefit for income taxes, -42.2 ( 42.2 ), 10.5, -52.7 ( 52.7 ) net income ( loss ), $ 68.7, $ -14.4 ( 14.4 ), $ 83.1 ****************************************

subtract(1890.1, 140.5)

1749.6

what is the roi of an investment in altria group inc . from december 2011 to december 2013?

Context: ['2011 2012 2013 2014 2015 2016 comparison of five-year cumulative total shareholder return altria group , inc .', 'altria peer group s&p 500 part ii item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities .', 'performance graph the graph below compares the cumulative total shareholder return of altria group , inc . 2019s common stock for the last ive years with the cumulative total return for the same period of the s&p 500 index and the altria group , inc .', 'peer group ( 1 ) .', 'the graph assumes the investment of $ 100 in common stock and each of the indices as of the market close on december 31 , 2011 and the reinvestment of all dividends on a quarterly basis .', 'source : bloomberg - 201ctotal return analysis 201d calculated on a daily basis and assumes reinvestment of dividends as of the ex-dividend date .', '( 1 ) in 2016 , the altria group , inc .', 'peer group consisted of u.s.-headquartered consumer product companies that are competitors to altria group , inc . 2019s tobacco operating companies subsidiaries or that have been selected on the basis of revenue or market capitalization : campbell soup company , the coca-cola company , colgate-palmolive company , conagra brands , inc. , general mills , inc. , the hershey company , kellogg company , kimberly-clark corporation , the kraft heinz company , mondel 0113z international , inc. , pepsico , inc .', 'and reynolds american inc .', 'note - on october 1 , 2012 , kraft foods inc .', '( kft ) spun off kraft foods group , inc .', '( krft ) to its shareholders and then changed its name from kraft foods inc .', 'to mondel 0113z international , inc .', '( mdlz ) .', 'on july 2 , 2015 , kraft foods group , inc .', 'merged with and into a wholly owned subsidiary of h.j .', 'heinz holding corporation , which was renamed the kraft heinz company ( khc ) .', 'on june 12 , 2015 , reynolds american inc .', '( rai ) acquired lorillard , inc .', '( lo ) .', 'on november 9 , 2016 , conagra foods , inc .', '( cag ) spun off lamb weston holdings , inc .', '( lw ) to its shareholders and then changed its name from conagra foods , inc .', 'to conagra brands , inc .', '( cag ) . .'] ---------- Table: **************************************** date, altria group inc ., altria group inc . peer group, s&p 500 december 2011, $ 100.00, $ 100.00, $ 100.00 december 2012, $ 111.77, $ 108.78, $ 115.99 december 2013, $ 143.69, $ 135.61, $ 153.55 december 2014, $ 193.28, $ 151.74, $ 174.55 december 2015, $ 237.92, $ 177.04, $ 176.94 december 2016, $ 286.61, $ 192.56, $ 198.09 **************************************** ---------- Additional Information: ['altria altria group , inc .', 'group , inc .', 'peer group s&p 500 .']

0.4369

MO/2016/page_19.pdf-3

['2011 2012 2013 2014 2015 2016 comparison of five-year cumulative total shareholder return altria group , inc .', 'altria peer group s&p 500 part ii item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities .', 'performance graph the graph below compares the cumulative total shareholder return of altria group , inc . 2019s common stock for the last ive years with the cumulative total return for the same period of the s&p 500 index and the altria group , inc .', 'peer group ( 1 ) .', 'the graph assumes the investment of $ 100 in common stock and each of the indices as of the market close on december 31 , 2011 and the reinvestment of all dividends on a quarterly basis .', 'source : bloomberg - 201ctotal return analysis 201d calculated on a daily basis and assumes reinvestment of dividends as of the ex-dividend date .', '( 1 ) in 2016 , the altria group , inc .', 'peer group consisted of u.s.-headquartered consumer product companies that are competitors to altria group , inc . 2019s tobacco operating companies subsidiaries or that have been selected on the basis of revenue or market capitalization : campbell soup company , the coca-cola company , colgate-palmolive company , conagra brands , inc. , general mills , inc. , the hershey company , kellogg company , kimberly-clark corporation , the kraft heinz company , mondel 0113z international , inc. , pepsico , inc .', 'and reynolds american inc .', 'note - on october 1 , 2012 , kraft foods inc .', '( kft ) spun off kraft foods group , inc .', '( krft ) to its shareholders and then changed its name from kraft foods inc .', 'to mondel 0113z international , inc .', '( mdlz ) .', 'on july 2 , 2015 , kraft foods group , inc .', 'merged with and into a wholly owned subsidiary of h.j .', 'heinz holding corporation , which was renamed the kraft heinz company ( khc ) .', 'on june 12 , 2015 , reynolds american inc .', '( rai ) acquired lorillard , inc .', '( lo ) .', 'on november 9 , 2016 , conagra foods , inc .', '( cag ) spun off lamb weston holdings , inc .', '( lw ) to its shareholders and then changed its name from conagra foods , inc .', 'to conagra brands , inc .', '( cag ) . .']

['altria altria group , inc .', 'group , inc .', 'peer group s&p 500 .']

**************************************** date, altria group inc ., altria group inc . peer group, s&p 500 december 2011, $ 100.00, $ 100.00, $ 100.00 december 2012, $ 111.77, $ 108.78, $ 115.99 december 2013, $ 143.69, $ 135.61, $ 153.55 december 2014, $ 193.28, $ 151.74, $ 174.55 december 2015, $ 237.92, $ 177.04, $ 176.94 december 2016, $ 286.61, $ 192.56, $ 198.09 ****************************************

subtract(143.69, const_100), divide(#0, const_100)

0.4369

what was the total amount of interest income combined in 2011 and 2012 , in millions?

Pre-text: ['item 7a .', 'quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .', 'from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .', 'derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .', 'interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .', 'the majority of our debt ( approximately 93% ( 93 % ) and 91% ( 91 % ) as of december 31 , 2012 and 2011 , respectively ) bears interest at fixed rates .', 'we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .', 'the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .', 'increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .'] ## 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 ----------|----------|---------- 2012 | $ -27.5 ( 27.5 ) | $ 28.4 2011 | -7.4 ( 7.4 ) | 7.7 ## Follow-up: ['we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .', 'during 2012 , we entered into and exited forward-starting interest rate swap agreements to effectively lock in the benchmark rate related to our 3.75% ( 3.75 % ) senior notes due 2023 , which we issued in november 2012 .', 'we do not have any interest rate swaps outstanding as of december 31 , 2012 .', 'we had $ 2590.8 of cash , cash equivalents and marketable securities as of december 31 , 2012 that we generally invest in conservative , short-term investment-grade securities .', 'the interest income generated from these investments is subject to both domestic and foreign interest rate movements .', 'during 2012 and 2011 , we had interest income of $ 29.5 and $ 37.8 , respectively .', 'based on our 2012 results , a 100 basis point increase or decrease in interest rates would affect our interest income by approximately $ 26.0 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2012 levels .', 'foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .', 'since we report revenues and expenses in u.s .', 'dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .', 'dollars ) from foreign operations .', 'the primary foreign currencies that impacted our results during 2012 were the brazilian real , euro , indian rupee and the south african rand .', 'based on 2012 exchange rates and operating results , if the u.s .', 'dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase between 3% ( 3 % ) and 5% ( 5 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2012 levels .', 'the functional currency of our foreign operations is generally their respective local currency .', 'assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .', 'the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .', 'our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .', 'however , certain subsidiaries may enter into transactions in currencies other than their functional currency .', 'assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .', 'currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .', 'we have not entered into a material amount of foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates. .']

67.3

IPG/2012/page_44.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 91% ( 91 % ) as of december 31 , 2012 and 2011 , respectively ) bears interest at fixed rates .', 'we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .', 'the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .', 'increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .']

['we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .', 'during 2012 , we entered into and exited forward-starting interest rate swap agreements to effectively lock in the benchmark rate related to our 3.75% ( 3.75 % ) senior notes due 2023 , which we issued in november 2012 .', 'we do not have any interest rate swaps outstanding as of december 31 , 2012 .', 'we had $ 2590.8 of cash , cash equivalents and marketable securities as of december 31 , 2012 that we generally invest in conservative , short-term investment-grade securities .', 'the interest income generated from these investments is subject to both domestic and foreign interest rate movements .', 'during 2012 and 2011 , we had interest income of $ 29.5 and $ 37.8 , respectively .', 'based on our 2012 results , a 100 basis point increase or decrease in interest rates would affect our interest income by approximately $ 26.0 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2012 levels .', 'foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .', 'since we report revenues and expenses in u.s .', 'dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .', 'dollars ) from foreign operations .', 'the primary foreign currencies that impacted our results during 2012 were the brazilian real , euro , indian rupee and the south african rand .', 'based on 2012 exchange rates and operating results , if the u.s .', 'dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase between 3% ( 3 % ) and 5% ( 5 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2012 levels .', 'the functional currency of our foreign operations is generally their respective local currency .', 'assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .', 'the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .', 'our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .', 'however , certain subsidiaries may enter into transactions in currencies other than their functional currency .', 'assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .', 'currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .', 'we have not entered into a material amount of foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates. .']

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 ----------|----------|---------- 2012 | $ -27.5 ( 27.5 ) | $ 28.4 2011 | -7.4 ( 7.4 ) | 7.7

add(29.5, 37.8)

67.3

what amount of unrecognized tax benefits would not impact the effective tax rate , ( in millions ) ?

Background: ['skyworks solutions , inc .', 'notes to consolidated financial statements 2014 ( continued ) maintained a valuation allowance of $ 47.0 million .', 'this valuation allowance is comprised of $ 33.6 million related to u.s .', 'state tax credits , of which $ 3.6 million are state tax credits acquired from aati in fiscal year 2012 , and $ 13.4 million related to foreign deferred tax assets .', 'if these benefits are recognized in a future period the valuation allowance on deferred tax assets will be reversed and up to a $ 46.6 million income tax benefit , and up to a $ 0.4 million reduction to goodwill may be recognized .', 'the company will need to generate $ 209.0 million of future united states federal taxable income to utilize our united states deferred tax assets as of september 28 , 2012 .', 'deferred tax assets are recognized for foreign operations when management believes it is more likely than not that the deferred tax assets will be recovered during the carry forward period .', 'the company will continue to assess its valuation allowance in future periods .', 'as of september 28 , 2012 , the company has united states federal net operating loss carry forwards of approximately $ 74.3 million , including $ 29.5 million related to the acquisition of sige , which will expire at various dates through 2030 and $ 28.1 million related to the acquisition of aati , which will expire at various dates through 2031 .', 'the utilization of these net operating losses is subject to certain annual limitations as required under internal revenue code section 382 and similar state income tax provisions .', 'the company also has united states federal income tax credit carry forwards of $ 37.8 million , of which $ 30.4 million of federal income tax credit carry forwards have not been recorded as a deferred tax asset .', 'the company also has state income tax credit carry forwards of $ 33.6 million , for which the company has provided a valuation allowance .', 'the united states federal tax credits expire at various dates through 2032 .', 'the state tax credits relate primarily to california research tax credits which can be carried forward indefinitely .', 'the company has continued to expand its operations and increase its investments in numerous international jurisdictions .', 'these activities will increase the company 2019s earnings attributable to foreign jurisdictions .', 'as of september 28 , 2012 , no provision has been made for united states federal , state , or additional foreign income taxes related to approximately $ 371.5 million of undistributed earnings of foreign subsidiaries which have been or are intended to be permanently reinvested .', 'it is not practicable to determine the united states federal income tax liability , if any , which would be payable if such earnings were not permanently reinvested .', 'the company 2019s gross unrecognized tax benefits totaled $ 52.4 million and $ 32.1 million as of september 28 , 2012 and september 30 , 2011 , respectively .', 'of the total unrecognized tax benefits at september 28 , 2012 , $ 38.8 million would impact the effective tax rate , if recognized .', 'the remaining unrecognized tax benefits would not impact the effective tax rate , if recognized , due to the company 2019s valuation allowance and certain positions which were required to be capitalized .', 'there are no positions which the company anticipates could change within the next twelve months .', 'a reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows ( in thousands ) : unrecognized tax benefits .'] ------ Table: ======================================== Row 1: , unrecognized tax benefits Row 2: balance at september 30 2011, $ 32136 Row 3: increases based on positions related to prior years, 9004 Row 4: increases based on positions related to current year, 11265 Row 5: decreases relating to settlements with taxing authorities, 2014 Row 6: decreases relating to lapses of applicable statutes of limitations, -25 ( 25 ) Row 7: balance at september 28 2012, $ 52380 ======================================== ------ Additional Information: ['page 114 annual report .']

13.6

SWKS/2012/page_116.pdf-3

['skyworks solutions , inc .', 'notes to consolidated financial statements 2014 ( continued ) maintained a valuation allowance of $ 47.0 million .', 'this valuation allowance is comprised of $ 33.6 million related to u.s .', 'state tax credits , of which $ 3.6 million are state tax credits acquired from aati in fiscal year 2012 , and $ 13.4 million related to foreign deferred tax assets .', 'if these benefits are recognized in a future period the valuation allowance on deferred tax assets will be reversed and up to a $ 46.6 million income tax benefit , and up to a $ 0.4 million reduction to goodwill may be recognized .', 'the company will need to generate $ 209.0 million of future united states federal taxable income to utilize our united states deferred tax assets as of september 28 , 2012 .', 'deferred tax assets are recognized for foreign operations when management believes it is more likely than not that the deferred tax assets will be recovered during the carry forward period .', 'the company will continue to assess its valuation allowance in future periods .', 'as of september 28 , 2012 , the company has united states federal net operating loss carry forwards of approximately $ 74.3 million , including $ 29.5 million related to the acquisition of sige , which will expire at various dates through 2030 and $ 28.1 million related to the acquisition of aati , which will expire at various dates through 2031 .', 'the utilization of these net operating losses is subject to certain annual limitations as required under internal revenue code section 382 and similar state income tax provisions .', 'the company also has united states federal income tax credit carry forwards of $ 37.8 million , of which $ 30.4 million of federal income tax credit carry forwards have not been recorded as a deferred tax asset .', 'the company also has state income tax credit carry forwards of $ 33.6 million , for which the company has provided a valuation allowance .', 'the united states federal tax credits expire at various dates through 2032 .', 'the state tax credits relate primarily to california research tax credits which can be carried forward indefinitely .', 'the company has continued to expand its operations and increase its investments in numerous international jurisdictions .', 'these activities will increase the company 2019s earnings attributable to foreign jurisdictions .', 'as of september 28 , 2012 , no provision has been made for united states federal , state , or additional foreign income taxes related to approximately $ 371.5 million of undistributed earnings of foreign subsidiaries which have been or are intended to be permanently reinvested .', 'it is not practicable to determine the united states federal income tax liability , if any , which would be payable if such earnings were not permanently reinvested .', 'the company 2019s gross unrecognized tax benefits totaled $ 52.4 million and $ 32.1 million as of september 28 , 2012 and september 30 , 2011 , respectively .', 'of the total unrecognized tax benefits at september 28 , 2012 , $ 38.8 million would impact the effective tax rate , if recognized .', 'the remaining unrecognized tax benefits would not impact the effective tax rate , if recognized , due to the company 2019s valuation allowance and certain positions which were required to be capitalized .', 'there are no positions which the company anticipates could change within the next twelve months .', 'a reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows ( in thousands ) : unrecognized tax benefits .']

['page 114 annual report .']

======================================== Row 1: , unrecognized tax benefits Row 2: balance at september 30 2011, $ 32136 Row 3: increases based on positions related to prior years, 9004 Row 4: increases based on positions related to current year, 11265 Row 5: decreases relating to settlements with taxing authorities, 2014 Row 6: decreases relating to lapses of applicable statutes of limitations, -25 ( 25 ) Row 7: balance at september 28 2012, $ 52380 ========================================

subtract(52.4, 38.8)

13.6

what is the percent change in minimum fixed payments of license agreements between 2008 and 2009?

Background: ['alexion pharmaceuticals , inc .', 'notes to consolidated financial statements 2014 ( continued ) for the years ended december 31 , 2007 and 2006 , five month period ended december 31 , 2005 , and year ended july 31 , 2005 ( amounts in thousands , except share and per share amounts ) in 2006 , we completed a final phase iii trial of pexelizumab .', 'after reviewing results from that trial , we along with p&g , determined not to pursue further development of pexelizumab .', 'effective march 30 , 2007 , we and p&g mutually agreed to terminate the collaboration agreement .', 'as the relevant agreement has been terminated in march 2007 , the remaining portion of the $ 10000 non-refundable up-front license fee , or $ 5343 , was recognized as revenue in the year ended december 31 , 2007 and is included in contract research revenues .', 'license and research and development agreements we have entered into a number of license , research and development and manufacturing development agreements since our inception .', 'these agreements have been made with various research institutions , universities , contractors , collaborators , and government agencies in order to advance and obtain technologies and services related to our business .', 'license agreements generally provide for an initial fee followed by annual minimum royalty payments .', 'additionally , certain agreements call for future payments upon the attainment of agreed upon milestones , such as , but not limited to , investigational new drug , or ind , application or approval of biologics license application .', 'these agreements require minimum royalty payments based on sales of products developed from the applicable technologies , if any .', 'clinical and manufacturing development agreements generally provide for us to fund manufacturing development and on-going clinical trials .', 'clinical trial and development agreements include contract services and outside contractor services including contracted clinical site services related to patient enrolment for our clinical trials .', 'manufacturing development agreements include clinical manufacturing and manufacturing development and scale-up .', 'we have executed a large-scale product supply agreement with lonza sales ag for the long-term commercial manufacture of soliris ( see note 9 ) .', 'in order to maintain our rights under these agreements , we may be required to provide a minimum level of funding or support .', 'we may elect to terminate these arrangements .', 'accordingly , we recognize the expense and related obligation related to these arrangements over the period of performance .', 'the minimum fixed payments ( assuming non-termination of the above agreements ) as of december 31 , 2007 , for each of the next five years are as follows : years ending december 31 , license agreements clinical and manufacturing development agreements .'] ---------- Data Table: ---------------------------------------- years ending december 31, | license agreements | clinical and manufacturing development agreements ----------|----------|---------- 2008 | $ 707 | $ 2860 2009 | 552 | 3750 2010 | 322 | 7500 2011 | 300 | 7500 2012 | 300 | 7500 ---------------------------------------- ---------- Additional Information: ['.']

-0.21924

ALXN/2007/page_96.pdf-1

['alexion pharmaceuticals , inc .', 'notes to consolidated financial statements 2014 ( continued ) for the years ended december 31 , 2007 and 2006 , five month period ended december 31 , 2005 , and year ended july 31 , 2005 ( amounts in thousands , except share and per share amounts ) in 2006 , we completed a final phase iii trial of pexelizumab .', 'after reviewing results from that trial , we along with p&g , determined not to pursue further development of pexelizumab .', 'effective march 30 , 2007 , we and p&g mutually agreed to terminate the collaboration agreement .', 'as the relevant agreement has been terminated in march 2007 , the remaining portion of the $ 10000 non-refundable up-front license fee , or $ 5343 , was recognized as revenue in the year ended december 31 , 2007 and is included in contract research revenues .', 'license and research and development agreements we have entered into a number of license , research and development and manufacturing development agreements since our inception .', 'these agreements have been made with various research institutions , universities , contractors , collaborators , and government agencies in order to advance and obtain technologies and services related to our business .', 'license agreements generally provide for an initial fee followed by annual minimum royalty payments .', 'additionally , certain agreements call for future payments upon the attainment of agreed upon milestones , such as , but not limited to , investigational new drug , or ind , application or approval of biologics license application .', 'these agreements require minimum royalty payments based on sales of products developed from the applicable technologies , if any .', 'clinical and manufacturing development agreements generally provide for us to fund manufacturing development and on-going clinical trials .', 'clinical trial and development agreements include contract services and outside contractor services including contracted clinical site services related to patient enrolment for our clinical trials .', 'manufacturing development agreements include clinical manufacturing and manufacturing development and scale-up .', 'we have executed a large-scale product supply agreement with lonza sales ag for the long-term commercial manufacture of soliris ( see note 9 ) .', 'in order to maintain our rights under these agreements , we may be required to provide a minimum level of funding or support .', 'we may elect to terminate these arrangements .', 'accordingly , we recognize the expense and related obligation related to these arrangements over the period of performance .', 'the minimum fixed payments ( assuming non-termination of the above agreements ) as of december 31 , 2007 , for each of the next five years are as follows : years ending december 31 , license agreements clinical and manufacturing development agreements .']

['.']

---------------------------------------- years ending december 31, | license agreements | clinical and manufacturing development agreements ----------|----------|---------- 2008 | $ 707 | $ 2860 2009 | 552 | 3750 2010 | 322 | 7500 2011 | 300 | 7500 2012 | 300 | 7500 ----------------------------------------

subtract(552, 707), divide(#0, 707)

-0.21924

what is the mathematical range for tedeemable noncontrolling interests and call options with affiliates from 2013-2017?

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 credit facilities of certain subsidiaries .', 'the amount of parent company guarantees on lease obligations was $ 410.3 and $ 385.1 as of december 31 , 2012 and 2011 , respectively , and the amount of parent company guarantees primarily relating to credit facilities was $ 283.4 and $ 327.5 as of december 31 , 2012 and 2011 , 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 , 2012 , 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: ======================================== Row 1: , 2013, 2014, 2015, 2016, 2017, thereafter, total Row 2: deferred acquisition payments, $ 26.0, $ 12.4, $ 9.7, $ 46.4, $ 18.9, $ 2.0, $ 115.4 Row 3: redeemable noncontrolling interests and call options with affiliates1, 20.5, 43.8, 32.9, 5.7, 2.2, 10.6, 115.7 Row 4: total contingent acquisition payments, 46.5, 56.2, 42.6, 52.1, 21.1, 12.6, 231.1 Row 5: less : cash compensation expense included above, -0.7 ( 0.7 ), -0.6 ( 0.6 ), -0.8 ( 0.8 ), -0.2 ( 0.2 ), 0.0, 0.0, -2.3 ( 2.3 ) Row 6: total, $ 45.8, $ 55.6, $ 41.8, $ 51.9, $ 21.1, $ 12.6, $ 228.8 ======================================== ########## Post-table: ['1 we have entered into certain acquisitions that contain both redeemable noncontrolling interests and call options with similar terms and conditions .', 'we have certain redeemable noncontrolling interests that are exercisable at the discretion of the noncontrolling equity owners as of december 31 , 2012 .', 'these estimated payments of $ 16.4 are included within the total payments expected to be made in 2013 , and will continue to be carried forward into 2014 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 estimated amounts listed would be paid in the event of exercise at the earliest exercise date .', 'see note 6 for further information relating to the payment structure of our acquisitions .', 'all payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revisions as the earn-out periods progress .', 'legal matters we are involved in various legal proceedings , and subject to investigations , inspections , audits , inquiries and similar actions by governmental authorities , arising in the normal course of business .', '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 .', 'note 15 : recent accounting standards impairment of indefinite-lived intangible assets in july 2012 , the financial accounting standards board ( 201cfasb 201d ) issued amended guidance to simplify impairment testing of indefinite-lived intangible assets other than goodwill .', 'the amended guidance permits an entity to first assess qualitative factors to determine whether it is 201cmore likely than not 201d that the indefinite-lived intangible asset is impaired .', 'if , after assessing qualitative factors , an entity concludes that it is not 201cmore likely than not 201d that the indefinite-lived intangible .']

36.7

IPG/2012/page_89.pdf-1

['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 credit facilities of certain subsidiaries .', 'the amount of parent company guarantees on lease obligations was $ 410.3 and $ 385.1 as of december 31 , 2012 and 2011 , respectively , and the amount of parent company guarantees primarily relating to credit facilities was $ 283.4 and $ 327.5 as of december 31 , 2012 and 2011 , 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 , 2012 , 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 .', 'we have certain redeemable noncontrolling interests that are exercisable at the discretion of the noncontrolling equity owners as of december 31 , 2012 .', 'these estimated payments of $ 16.4 are included within the total payments expected to be made in 2013 , and will continue to be carried forward into 2014 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 estimated amounts listed would be paid in the event of exercise at the earliest exercise date .', 'see note 6 for further information relating to the payment structure of our acquisitions .', 'all payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revisions as the earn-out periods progress .', 'legal matters we are involved in various legal proceedings , and subject to investigations , inspections , audits , inquiries and similar actions by governmental authorities , arising in the normal course of business .', '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 .', 'note 15 : recent accounting standards impairment of indefinite-lived intangible assets in july 2012 , the financial accounting standards board ( 201cfasb 201d ) issued amended guidance to simplify impairment testing of indefinite-lived intangible assets other than goodwill .', 'the amended guidance permits an entity to first assess qualitative factors to determine whether it is 201cmore likely than not 201d that the indefinite-lived intangible asset is impaired .', 'if , after assessing qualitative factors , an entity concludes that it is not 201cmore likely than not 201d that the indefinite-lived intangible .']

======================================== Row 1: , 2013, 2014, 2015, 2016, 2017, thereafter, total Row 2: deferred acquisition payments, $ 26.0, $ 12.4, $ 9.7, $ 46.4, $ 18.9, $ 2.0, $ 115.4 Row 3: redeemable noncontrolling interests and call options with affiliates1, 20.5, 43.8, 32.9, 5.7, 2.2, 10.6, 115.7 Row 4: total contingent acquisition payments, 46.5, 56.2, 42.6, 52.1, 21.1, 12.6, 231.1 Row 5: less : cash compensation expense included above, -0.7 ( 0.7 ), -0.6 ( 0.6 ), -0.8 ( 0.8 ), -0.2 ( 0.2 ), 0.0, 0.0, -2.3 ( 2.3 ) Row 6: total, $ 45.8, $ 55.6, $ 41.8, $ 51.9, $ 21.1, $ 12.6, $ 228.8 ========================================

subtract(46.4, 9.7)

36.7

what percentage of total operating revenues from 2014-2016 is the revenue from coal?

Context: ['notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201ccompany 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .', '1 .', 'nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s .', 'our network includes 32070 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s .', 'gateways and providing several corridors to key mexican gateways .', 'we own 26053 miles and operate on the remainder pursuant to trackage rights or leases .', 'we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico .', 'export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders .', 'the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment .', 'although we provide and analyze revenue by commodity group , we treat the financial results of the railroad as one segment due to the integrated nature of our rail network .', 'the following table provides freight revenue by commodity group: .'] Tabular Data: **************************************** millions 2016 2015 2014 agricultural products $ 3625 $ 3581 $ 3777 automotive 2000 2154 2103 chemicals 3474 3543 3664 coal 2440 3237 4127 industrial products 3348 3808 4400 intermodal 3714 4074 4489 total freight revenues $ 18601 $ 20397 $ 22560 other revenues 1340 1416 1428 total operating revenues $ 19941 $ 21813 $ 23988 **************************************** Follow-up: ['although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products we transport are outside the u.s .', 'each of our commodity groups includes revenue from shipments to and from mexico .', 'included in the above table are freight revenues from our mexico business which amounted to $ 2.2 billion in 2016 , $ 2.2 billion in 2015 , and $ 2.3 billion in 2014 .', 'basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s .', '( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) .', '2 .', 'significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries .', 'investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting .', 'all intercompany transactions are eliminated .', 'we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements .', 'cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less .', 'accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts .', 'the allowance is based upon historical losses , credit worthiness of customers , and current economic conditions .', 'receivables not expected to be collected in one year and the associated allowances are classified as other assets in our consolidated statements of financial position. .']

0.14913

UNP/2016/page_52.pdf-3

['notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201ccompany 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .', '1 .', 'nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s .', 'our network includes 32070 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s .', 'gateways and providing several corridors to key mexican gateways .', 'we own 26053 miles and operate on the remainder pursuant to trackage rights or leases .', 'we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico .', 'export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders .', 'the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment .', 'although we provide and analyze revenue by commodity group , we treat the financial results of the railroad as one segment due to the integrated nature of our rail network .', 'the following table provides freight revenue by commodity group: .']

['although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products we transport are outside the u.s .', 'each of our commodity groups includes revenue from shipments to and from mexico .', 'included in the above table are freight revenues from our mexico business which amounted to $ 2.2 billion in 2016 , $ 2.2 billion in 2015 , and $ 2.3 billion in 2014 .', 'basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s .', '( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) .', '2 .', 'significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries .', 'investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting .', 'all intercompany transactions are eliminated .', 'we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements .', 'cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less .', 'accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts .', 'the allowance is based upon historical losses , credit worthiness of customers , and current economic conditions .', 'receivables not expected to be collected in one year and the associated allowances are classified as other assets in our consolidated statements of financial position. .']

**************************************** millions 2016 2015 2014 agricultural products $ 3625 $ 3581 $ 3777 automotive 2000 2154 2103 chemicals 3474 3543 3664 coal 2440 3237 4127 industrial products 3348 3808 4400 intermodal 3714 4074 4489 total freight revenues $ 18601 $ 20397 $ 22560 other revenues 1340 1416 1428 total operating revenues $ 19941 $ 21813 $ 23988 ****************************************

add(19941, 21813), add(#0, 23988), add(2440, 3237), add(#2, 4127), divide(#3, #1)

0.14913

what percentage where north american consumer packaging net sales of consumer packaging sales in 2013?

Pre-text: ['russia and europe .', 'average sales price realizations for uncoated freesheet paper decreased in both europe and russia , reflecting weak economic conditions and soft market demand .', 'in russia , sales prices in rubles increased , but this improvement is masked by the impact of the currency depreciation against the u.s .', 'dollar .', 'input costs were significantly higher for wood in both europe and russia , partially offset by lower chemical costs .', 'planned maintenance downtime costs were $ 11 million lower in 2014 than in 2013 .', 'manufacturing and other operating costs were favorable .', 'entering 2015 , sales volumes in the first quarter are expected to be seasonally weaker in russia , and about flat in europe .', 'average sales price realizations for uncoated freesheet paper are expected to remain steady in europe , but increase in russia .', 'input costs should be lower for oil and wood , partially offset by higher chemicals costs .', 'indian papers net sales were $ 178 million in 2014 , $ 185 million ( $ 174 million excluding excise duties which were included in net sales in 2013 and prior periods ) in 2013 and $ 185 million ( $ 178 million excluding excise duties ) in 2012 .', 'operating profits were $ 8 million ( a loss of $ 12 million excluding a gain related to the resolution of a legal contingency ) in 2014 , a loss of $ 145 million ( a loss of $ 22 million excluding goodwill and trade name impairment charges ) in 2013 and a loss of $ 16 million in 2012 .', 'average sales price realizations improved in 2014 compared with 2013 due to the impact of price increases implemented in 2013 .', 'sales volumes were flat , reflecting weak economic conditions .', 'input costs were higher , primarily for wood .', 'operating costs and planned maintenance downtime costs were lower in 2014 .', 'looking ahead to the first quarter of 2015 , sales volumes are expected to be seasonally higher .', 'average sales price realizations are expected to decrease due to competitive pressures .', 'asian printing papers net sales were $ 59 million in 2014 , $ 90 million in 2013 and $ 85 million in 2012 .', 'operating profits were $ 0 million in 2014 and $ 1 million in both 2013 and 2012 .', 'u.s .', 'pulp net sales were $ 895 million in 2014 compared with $ 815 million in 2013 and $ 725 million in 2012 .', 'operating profits were $ 57 million in 2014 compared with $ 2 million in 2013 and a loss of $ 59 million in 2012 .', 'sales volumes in 2014 increased from 2013 for both fluff pulp and market pulp reflecting improved market demand .', 'average sales price realizations increased significantly for fluff pulp , while prices for market pulp were also higher .', 'input costs for wood and energy were higher .', 'operating costs were lower , but planned maintenance downtime costs were $ 1 million higher .', 'compared with the fourth quarter of 2014 , sales volumes in the first quarter of 2015 , are expected to decrease for market pulp , but be slightly higher for fluff pulp .', 'average sales price realizations are expected to to be stable for fluff pulp and softwood market pulp , while hardwood market pulp prices are expected to improve .', 'input costs should be flat .', 'planned maintenance downtime costs should be about $ 13 million higher than in the fourth quarter of 2014 .', 'consumer packaging demand and pricing for consumer packaging products correlate closely with consumer spending and general economic activity .', 'in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix .', 'consumer packaging net sales in 2014 decreased 1% ( 1 % ) from 2013 , but increased 7% ( 7 % ) from 2012 .', 'operating profits increased 11% ( 11 % ) from 2013 , but decreased 34% ( 34 % ) from 2012 .', 'excluding sheet plant closure costs , costs associated with the permanent shutdown of a paper machine at our augusta , georgia mill and costs related to the sale of the shorewood business , 2014 operating profits were 11% ( 11 % ) lower than in 2013 , and 30% ( 30 % ) lower than in 2012 .', 'benefits from higher average sales price realizations and a favorable mix ( $ 60 million ) were offset by lower sales volumes ( $ 11 million ) , higher operating costs ( $ 9 million ) , higher planned maintenance downtime costs ( $ 12 million ) , higher input costs ( $ 43 million ) and higher other costs ( $ 7 million ) .', 'in addition , operating profits in 2014 include $ 8 million of costs associated with sheet plant closures , while operating profits in 2013 include costs of $ 45 million related to the permanent shutdown of a paper machine at our augusta , georgia mill and $ 2 million of costs associated with the sale of the shorewood business .', 'consumer packaging .'] ## Tabular Data: • in millions, 2014, 2013, 2012 • sales, $ 3403, $ 3435, $ 3170 • operating profit, 178, 161, 268 ## Additional Information: ['north american consumer packaging net sales were $ 2.0 billion in 2014 compared with $ 2.0 billion in 2013 and $ 2.0 billion in 2012 .', 'operating profits were $ 92 million ( $ 100 million excluding sheet plant closure costs ) in 2014 compared with $ 63 million ( $ 110 million excluding paper machine shutdown costs and costs related to the sale of the shorewood business ) in 2013 and $ 165 million ( $ 162 million excluding a gain associated with the sale of the shorewood business in 2012 ) .', 'coated paperboard sales volumes in 2014 were lower than in 2013 reflecting weaker market demand .', 'the business took about 41000 tons of market-related downtime in 2014 compared with about 24000 tons in 2013 .', 'average sales price realizations increased year- .']

0.58224

IP/2014/page_66.pdf-2

['russia and europe .', 'average sales price realizations for uncoated freesheet paper decreased in both europe and russia , reflecting weak economic conditions and soft market demand .', 'in russia , sales prices in rubles increased , but this improvement is masked by the impact of the currency depreciation against the u.s .', 'dollar .', 'input costs were significantly higher for wood in both europe and russia , partially offset by lower chemical costs .', 'planned maintenance downtime costs were $ 11 million lower in 2014 than in 2013 .', 'manufacturing and other operating costs were favorable .', 'entering 2015 , sales volumes in the first quarter are expected to be seasonally weaker in russia , and about flat in europe .', 'average sales price realizations for uncoated freesheet paper are expected to remain steady in europe , but increase in russia .', 'input costs should be lower for oil and wood , partially offset by higher chemicals costs .', 'indian papers net sales were $ 178 million in 2014 , $ 185 million ( $ 174 million excluding excise duties which were included in net sales in 2013 and prior periods ) in 2013 and $ 185 million ( $ 178 million excluding excise duties ) in 2012 .', 'operating profits were $ 8 million ( a loss of $ 12 million excluding a gain related to the resolution of a legal contingency ) in 2014 , a loss of $ 145 million ( a loss of $ 22 million excluding goodwill and trade name impairment charges ) in 2013 and a loss of $ 16 million in 2012 .', 'average sales price realizations improved in 2014 compared with 2013 due to the impact of price increases implemented in 2013 .', 'sales volumes were flat , reflecting weak economic conditions .', 'input costs were higher , primarily for wood .', 'operating costs and planned maintenance downtime costs were lower in 2014 .', 'looking ahead to the first quarter of 2015 , sales volumes are expected to be seasonally higher .', 'average sales price realizations are expected to decrease due to competitive pressures .', 'asian printing papers net sales were $ 59 million in 2014 , $ 90 million in 2013 and $ 85 million in 2012 .', 'operating profits were $ 0 million in 2014 and $ 1 million in both 2013 and 2012 .', 'u.s .', 'pulp net sales were $ 895 million in 2014 compared with $ 815 million in 2013 and $ 725 million in 2012 .', 'operating profits were $ 57 million in 2014 compared with $ 2 million in 2013 and a loss of $ 59 million in 2012 .', 'sales volumes in 2014 increased from 2013 for both fluff pulp and market pulp reflecting improved market demand .', 'average sales price realizations increased significantly for fluff pulp , while prices for market pulp were also higher .', 'input costs for wood and energy were higher .', 'operating costs were lower , but planned maintenance downtime costs were $ 1 million higher .', 'compared with the fourth quarter of 2014 , sales volumes in the first quarter of 2015 , are expected to decrease for market pulp , but be slightly higher for fluff pulp .', 'average sales price realizations are expected to to be stable for fluff pulp and softwood market pulp , while hardwood market pulp prices are expected to improve .', 'input costs should be flat .', 'planned maintenance downtime costs should be about $ 13 million higher than in the fourth quarter of 2014 .', 'consumer packaging demand and pricing for consumer packaging products correlate closely with consumer spending and general economic activity .', 'in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix .', 'consumer packaging net sales in 2014 decreased 1% ( 1 % ) from 2013 , but increased 7% ( 7 % ) from 2012 .', 'operating profits increased 11% ( 11 % ) from 2013 , but decreased 34% ( 34 % ) from 2012 .', 'excluding sheet plant closure costs , costs associated with the permanent shutdown of a paper machine at our augusta , georgia mill and costs related to the sale of the shorewood business , 2014 operating profits were 11% ( 11 % ) lower than in 2013 , and 30% ( 30 % ) lower than in 2012 .', 'benefits from higher average sales price realizations and a favorable mix ( $ 60 million ) were offset by lower sales volumes ( $ 11 million ) , higher operating costs ( $ 9 million ) , higher planned maintenance downtime costs ( $ 12 million ) , higher input costs ( $ 43 million ) and higher other costs ( $ 7 million ) .', 'in addition , operating profits in 2014 include $ 8 million of costs associated with sheet plant closures , while operating profits in 2013 include costs of $ 45 million related to the permanent shutdown of a paper machine at our augusta , georgia mill and $ 2 million of costs associated with the sale of the shorewood business .', 'consumer packaging .']

['north american consumer packaging net sales were $ 2.0 billion in 2014 compared with $ 2.0 billion in 2013 and $ 2.0 billion in 2012 .', 'operating profits were $ 92 million ( $ 100 million excluding sheet plant closure costs ) in 2014 compared with $ 63 million ( $ 110 million excluding paper machine shutdown costs and costs related to the sale of the shorewood business ) in 2013 and $ 165 million ( $ 162 million excluding a gain associated with the sale of the shorewood business in 2012 ) .', 'coated paperboard sales volumes in 2014 were lower than in 2013 reflecting weaker market demand .', 'the business took about 41000 tons of market-related downtime in 2014 compared with about 24000 tons in 2013 .', 'average sales price realizations increased year- .']

• in millions, 2014, 2013, 2012 • sales, $ 3403, $ 3435, $ 3170 • operating profit, 178, 161, 268

multiply(const_2, const_1000), divide(#0, 3435)

0.58224

what was the percentage change in the allowance for loan losses from 2008 to 2009?

Pre-text: ['18 .', 'allowance for credit losses .'] -------- Table: ======================================== in millions of dollars 2009 2008 ( 1 ) 2007 ( 1 ) allowance for loan losses at beginning of year $ 29616 $ 16117 $ 8940 gross credit losses -32784 ( 32784 ) -20760 ( 20760 ) -11864 ( 11864 ) gross recoveries 2043 1749 1938 net credit ( losses ) recoveries ( ncls ) $ -30741 ( 30741 ) $ -19011 ( 19011 ) $ -9926 ( 9926 ) ncls $ 30741 $ 19011 $ 9926 net reserve builds ( releases ) 5741 11297 6550 net specific reserve builds ( releases ) 2278 3366 356 total provision for credit losses $ 38760 $ 33674 $ 16832 other net ( 2 ) -1602 ( 1602 ) -1164 ( 1164 ) 271 allowance for loan losses at end of year $ 36033 $ 29616 $ 16117 allowance for credit losses on unfunded lending commitments at beginning of year ( 3 ) $ 887 $ 1250 $ 1100 provision for unfunded lending commitments 244 -363 ( 363 ) 150 allowance for credit losses on unfunded lending commitments at end of year ( 3 ) $ 1157 $ 887 $ 1250 total allowance for loans leases and unfunded lending commitments $ 37190 $ 30503 $ 17367 ======================================== -------- Post-table: ['( 1 ) reclassified to conform to the current period 2019s presentation .', '( 2 ) 2009 primarily includes reductions to the loan loss reserve of approximately $ 543 million related to securitizations , approximately $ 402 million related to the sale or transfers to held-for-sale of u.s .', 'real estate lending loans , and $ 562 million related to the transfer of the u.k .', 'cards portfolio to held-for-sale .', '2008 primarily includes reductions to the loan loss reserve of approximately $ 800 million related to fx translation , $ 102 million related to securitizations , $ 244 million for the sale of the german retail banking operation , $ 156 million for the sale of citicapital , partially offset by additions of $ 106 million related to the cuscatl e1n and bank of overseas chinese acquisitions .', '2007 primarily includes reductions to the loan loss reserve of $ 475 million related to securitizations and transfers to loans held-for-sale , and reductions of $ 83 million related to the transfer of the u.k .', 'citifinancial portfolio to held-for-sale , offset by additions of $ 610 million related to the acquisitions of egg , nikko cordial , grupo cuscatl e1n and grupo financiero uno .', '( 3 ) represents additional credit loss reserves for unfunded corporate lending commitments and letters of credit recorded in other liabilities on the consolidated balance sheet. .']

0.83756

C/2009/page_195.pdf-1

['18 .', 'allowance for credit losses .']

['( 1 ) reclassified to conform to the current period 2019s presentation .', '( 2 ) 2009 primarily includes reductions to the loan loss reserve of approximately $ 543 million related to securitizations , approximately $ 402 million related to the sale or transfers to held-for-sale of u.s .', 'real estate lending loans , and $ 562 million related to the transfer of the u.k .', 'cards portfolio to held-for-sale .', '2008 primarily includes reductions to the loan loss reserve of approximately $ 800 million related to fx translation , $ 102 million related to securitizations , $ 244 million for the sale of the german retail banking operation , $ 156 million for the sale of citicapital , partially offset by additions of $ 106 million related to the cuscatl e1n and bank of overseas chinese acquisitions .', '2007 primarily includes reductions to the loan loss reserve of $ 475 million related to securitizations and transfers to loans held-for-sale , and reductions of $ 83 million related to the transfer of the u.k .', 'citifinancial portfolio to held-for-sale , offset by additions of $ 610 million related to the acquisitions of egg , nikko cordial , grupo cuscatl e1n and grupo financiero uno .', '( 3 ) represents additional credit loss reserves for unfunded corporate lending commitments and letters of credit recorded in other liabilities on the consolidated balance sheet. .']

======================================== in millions of dollars 2009 2008 ( 1 ) 2007 ( 1 ) allowance for loan losses at beginning of year $ 29616 $ 16117 $ 8940 gross credit losses -32784 ( 32784 ) -20760 ( 20760 ) -11864 ( 11864 ) gross recoveries 2043 1749 1938 net credit ( losses ) recoveries ( ncls ) $ -30741 ( 30741 ) $ -19011 ( 19011 ) $ -9926 ( 9926 ) ncls $ 30741 $ 19011 $ 9926 net reserve builds ( releases ) 5741 11297 6550 net specific reserve builds ( releases ) 2278 3366 356 total provision for credit losses $ 38760 $ 33674 $ 16832 other net ( 2 ) -1602 ( 1602 ) -1164 ( 1164 ) 271 allowance for loan losses at end of year $ 36033 $ 29616 $ 16117 allowance for credit losses on unfunded lending commitments at beginning of year ( 3 ) $ 887 $ 1250 $ 1100 provision for unfunded lending commitments 244 -363 ( 363 ) 150 allowance for credit losses on unfunded lending commitments at end of year ( 3 ) $ 1157 $ 887 $ 1250 total allowance for loans leases and unfunded lending commitments $ 37190 $ 30503 $ 17367 ========================================

subtract(29616, 16117), divide(#0, 16117)

0.83756

what was the net change in the allowance for doubtful accounts between 2016 and 2017 in millions?

Context: ['zimmer biomet holdings , inc .', 'and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) substantially complete .', 'the following table summarizes the liabilities related to these integration plans ( in millions ) : employee termination benefits contract terminations total .'] ######## Table: ======================================== | employee termination benefits | contract terminations | total balance december 31 2016 | $ 38.1 | $ 35.1 | $ 73.2 additions | 12.1 | 5.2 | 17.3 cash payments | -36.7 ( 36.7 ) | -10.4 ( 10.4 ) | -47.1 ( 47.1 ) foreign currency exchange rate changes | 1.3 | 0.4 | 1.7 balance december 31 2017 | $ 14.8 | $ 30.3 | $ 45.1 ======================================== ######## Post-table: ['we have also recognized other employee termination benefits related to ldr , other acquisitions and our operational excellence initiatives .', 'dedicated project personnel expenses include the salary , benefits , travel expenses and other costs directly associated with employees who are 100 percent dedicated to our integration of acquired businesses , employees who have been notified of termination , but are continuing to work on transferring their responsibilities and employees working on our quality enhancement and remediation efforts and operational excellence initiatives .', 'relocated facilities expenses are the moving costs , lease expenses and other facility costs incurred during the relocation period in connection with relocating certain facilities .', 'certain litigation matters relate to net expenses recognized during the year for the estimated or actual settlement of certain pending litigation and similar claims , including matters where we recognized income from a settlement on more favorable terms than our previous estimate , or we reduced our estimate of a previously recorded contingent liability .', 'these litigation matters have included royalty disputes , patent litigation matters , product liability litigation matters and commercial litigation matters .', 'contract termination costs relate to terminated agreements in connection with the integration of acquired companies and changes to our distribution model as part of business restructuring and operational excellence initiatives .', 'the terminated contracts primarily relate to sales agents and distribution agreements .', 'information technology integration costs are non- capitalizable costs incurred related to integrating information technology platforms of acquired companies or other significant software implementations as part of our quality and operational excellence initiatives .', 'as part of the biomet merger , we recognized $ 209.0 million of intangible assets for in-process research and development ( 201cipr&d 201d ) projects .', 'during 2017 and 2016 , we recorded impairment losses of $ 18.8 million and $ 30.0 million , respectively , related to these ipr&d intangible assets .', 'the impairments were primarily due to the termination of certain ipr&d projects .', 'we also recognized $ 479.0 million of intangible assets for trademarks that we designated as having an indefinite life .', 'during 2017 , we reclassified one of these trademarks to a finite life asset which resulted in an impairment of $ 8.0 million .', 'loss/impairment on disposal of assets relates to assets that we have sold or intend to sell , or for which the economic useful life of the asset has been significantly reduced due to integration or our quality and operational excellence initiatives .', 'contingent consideration adjustments represent the changes in the fair value of contingent consideration obligations to be paid to the prior owners of acquired businesses .', 'certain r&d agreements relate to agreements with upfront payments to obtain intellectual property to be used in r&d projects that have no alternative future use in other projects .', 'cash and cash equivalents 2013 we consider all highly liquid investments with an original maturity of three months or less to be cash equivalents .', 'the carrying amounts reported in the balance sheet for cash and cash equivalents are valued at cost , which approximates their fair value .', 'accounts receivable 2013 accounts receivable consists of trade and other miscellaneous receivables .', 'we grant credit to customers in the normal course of business and maintain an allowance for doubtful accounts for potential credit losses .', 'we determine the allowance for doubtful accounts by geographic market and take into consideration historical credit experience , creditworthiness of the customer and other pertinent information .', 'we make concerted efforts to collect all accounts receivable , but sometimes we have to write-off the account against the allowance when we determine the account is uncollectible .', 'the allowance for doubtful accounts was $ 60.2 million and $ 51.6 million as of december 31 , 2017 and 2016 , respectively .', 'inventories 2013 inventories are stated at the lower of cost or market , with cost determined on a first-in first-out basis .', 'property , plant and equipment 2013 property , plant and equipment is carried at cost less accumulated depreciation .', 'depreciation is computed using the straight-line method based on estimated useful lives of ten to forty years for buildings and improvements and three to eight years for machinery and equipment .', 'maintenance and repairs are expensed as incurred .', 'we review property , plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable .', 'an impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset are less than its carrying amount .', 'an impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value .', 'software costs 2013 we capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended .', 'capitalized software costs generally include external direct costs of materials and services utilized in developing or obtaining computer software and compensation and related .']

8.6

ZBH/2017/page_50.pdf-1

['zimmer biomet holdings , inc .', 'and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) substantially complete .', 'the following table summarizes the liabilities related to these integration plans ( in millions ) : employee termination benefits contract terminations total .']

['we have also recognized other employee termination benefits related to ldr , other acquisitions and our operational excellence initiatives .', 'dedicated project personnel expenses include the salary , benefits , travel expenses and other costs directly associated with employees who are 100 percent dedicated to our integration of acquired businesses , employees who have been notified of termination , but are continuing to work on transferring their responsibilities and employees working on our quality enhancement and remediation efforts and operational excellence initiatives .', 'relocated facilities expenses are the moving costs , lease expenses and other facility costs incurred during the relocation period in connection with relocating certain facilities .', 'certain litigation matters relate to net expenses recognized during the year for the estimated or actual settlement of certain pending litigation and similar claims , including matters where we recognized income from a settlement on more favorable terms than our previous estimate , or we reduced our estimate of a previously recorded contingent liability .', 'these litigation matters have included royalty disputes , patent litigation matters , product liability litigation matters and commercial litigation matters .', 'contract termination costs relate to terminated agreements in connection with the integration of acquired companies and changes to our distribution model as part of business restructuring and operational excellence initiatives .', 'the terminated contracts primarily relate to sales agents and distribution agreements .', 'information technology integration costs are non- capitalizable costs incurred related to integrating information technology platforms of acquired companies or other significant software implementations as part of our quality and operational excellence initiatives .', 'as part of the biomet merger , we recognized $ 209.0 million of intangible assets for in-process research and development ( 201cipr&d 201d ) projects .', 'during 2017 and 2016 , we recorded impairment losses of $ 18.8 million and $ 30.0 million , respectively , related to these ipr&d intangible assets .', 'the impairments were primarily due to the termination of certain ipr&d projects .', 'we also recognized $ 479.0 million of intangible assets for trademarks that we designated as having an indefinite life .', 'during 2017 , we reclassified one of these trademarks to a finite life asset which resulted in an impairment of $ 8.0 million .', 'loss/impairment on disposal of assets relates to assets that we have sold or intend to sell , or for which the economic useful life of the asset has been significantly reduced due to integration or our quality and operational excellence initiatives .', 'contingent consideration adjustments represent the changes in the fair value of contingent consideration obligations to be paid to the prior owners of acquired businesses .', 'certain r&d agreements relate to agreements with upfront payments to obtain intellectual property to be used in r&d projects that have no alternative future use in other projects .', 'cash and cash equivalents 2013 we consider all highly liquid investments with an original maturity of three months or less to be cash equivalents .', 'the carrying amounts reported in the balance sheet for cash and cash equivalents are valued at cost , which approximates their fair value .', 'accounts receivable 2013 accounts receivable consists of trade and other miscellaneous receivables .', 'we grant credit to customers in the normal course of business and maintain an allowance for doubtful accounts for potential credit losses .', 'we determine the allowance for doubtful accounts by geographic market and take into consideration historical credit experience , creditworthiness of the customer and other pertinent information .', 'we make concerted efforts to collect all accounts receivable , but sometimes we have to write-off the account against the allowance when we determine the account is uncollectible .', 'the allowance for doubtful accounts was $ 60.2 million and $ 51.6 million as of december 31 , 2017 and 2016 , respectively .', 'inventories 2013 inventories are stated at the lower of cost or market , with cost determined on a first-in first-out basis .', 'property , plant and equipment 2013 property , plant and equipment is carried at cost less accumulated depreciation .', 'depreciation is computed using the straight-line method based on estimated useful lives of ten to forty years for buildings and improvements and three to eight years for machinery and equipment .', 'maintenance and repairs are expensed as incurred .', 'we review property , plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable .', 'an impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset are less than its carrying amount .', 'an impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value .', 'software costs 2013 we capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended .', 'capitalized software costs generally include external direct costs of materials and services utilized in developing or obtaining computer software and compensation and related .']

======================================== | employee termination benefits | contract terminations | total balance december 31 2016 | $ 38.1 | $ 35.1 | $ 73.2 additions | 12.1 | 5.2 | 17.3 cash payments | -36.7 ( 36.7 ) | -10.4 ( 10.4 ) | -47.1 ( 47.1 ) foreign currency exchange rate changes | 1.3 | 0.4 | 1.7 balance december 31 2017 | $ 14.8 | $ 30.3 | $ 45.1 ========================================

subtract(60.2, 51.6)

8.6

what was the number of dollars obtained with the sale of primary aluminum in 2015?

Context: ['in 2016 , alumina production will be approximately 2500 kmt lower , mostly due to the curtailment of the point comfort and suralco refineries .', 'also , the continued shift towards alumina index and spot pricing is expected to average 85% ( 85 % ) of third-party smelter-grade alumina shipments .', 'additionally , net productivity improvements are anticipated .', 'primary metals .'] ------ Tabular Data: Row 1: , 2015, 2014, 2013 Row 2: aluminum production ( kmt ), 2811, 3125, 3550 Row 3: third-party aluminum shipments ( kmt ), 2478, 2534, 2801 Row 4: alcoa 2019s average realized price per metric ton of aluminum*, $ 2069, $ 2405, $ 2243 Row 5: alcoa 2019s average cost per metric ton of aluminum**, $ 2064, $ 2252, $ 2201 Row 6: third-party sales, $ 5591, $ 6800, $ 6596 Row 7: intersegment sales, 2170, 2931, 2621 Row 8: total sales, $ 7761, $ 9731, $ 9217 Row 9: atoi, $ 155, $ 594, $ -20 ( 20 ) ------ Additional Information: ['* average realized price per metric ton of aluminum includes three elements : a ) the underlying base metal component , based on quoted prices from the lme ; b ) the regional premium , which represents the incremental price over the base lme component that is associated with the physical delivery of metal to a particular region ( e.g. , the midwest premium for metal sold in the united states ) ; and c ) the product premium , which represents the incremental price for receiving physical metal in a particular shape ( e.g. , billet , slab , rod , etc. ) or alloy .', '**includes all production-related costs , including raw materials consumed ; conversion costs , such as labor , materials , and utilities ; depreciation and amortization ; and plant administrative expenses .', 'this segment represents a portion of alcoa 2019s upstream operations and consists of the company 2019s worldwide smelting system .', 'primary metals purchases alumina , mostly from the alumina segment ( see alumina above ) , from which primary aluminum is produced and then sold directly to external customers and traders , as well as to alcoa 2019s midstream operations and , to a lesser extent , downstream operations .', 'results from the sale of aluminum powder , scrap , and excess energy are also included in this segment , as well as the results of aluminum derivative contracts and buy/ resell activity .', 'primary aluminum produced by alcoa and used internally is transferred to other segments at prevailing market prices .', 'the sale of primary aluminum represents approximately 90% ( 90 % ) of this segment 2019s third-party sales .', 'buy/ resell activity occurs when this segment purchases metal and resells such metal to external customers or the midstream and downstream operations in order to maximize smelting system efficiency and to meet customer requirements .', 'generally , the sales of this segment are transacted in u.s .', 'dollars while costs and expenses of this segment are transacted in the local currency of the respective operations , which are the u.s .', 'dollar , the euro , the norwegian kroner , icelandic krona , the canadian dollar , the brazilian real , and the australian dollar .', 'in november 2014 , alcoa completed the sale of an aluminum rod plant located in b e9cancour , qu e9bec , canada to sural laminated products .', 'this facility takes molten aluminum and shapes it into the form of a rod , which is used by customers primarily for the transportation of electricity .', 'while owned by alcoa , the operating results and assets and liabilities of this plant were included in the primary metals segment .', 'in conjunction with this transaction , alcoa entered into a multi-year agreement with sural laminated products to supply molten aluminum for the rod plant .', 'the aluminum rod plant generated sales of approximately $ 200 in 2013 and , at the time of divestiture , had approximately 60 employees .', 'see restructuring and other charges in results of operations above .', 'in december 2014 , alcoa completed the sale of its 50.33% ( 50.33 % ) ownership stake in the mt .', 'holly smelter located in goose creek , south carolina to century aluminum company .', 'while owned by alcoa , 50.33% ( 50.33 % ) of both the operating results and assets and liabilities related to the smelter were included in the primary metals segment .', 'as it relates to alcoa 2019s previous 50.33% ( 50.33 % ) ownership stake , the smelter ( alcoa 2019s share of the capacity was 115 kmt-per-year ) generated sales of approximately $ 280 in 2013 and , at the time of divestiture , had approximately 250 employees .', 'see restructuring and other charges in results of operations above .', 'at december 31 , 2015 , alcoa had 778 kmt of idle capacity on a base capacity of 3401 kmt .', 'in 2015 , idle capacity increased 113 kmt compared to 2014 , mostly due to the curtailment of 217 kmt combined at a smelter in each the .']

5031.9

HWM/2015/page_89.pdf-1

['in 2016 , alumina production will be approximately 2500 kmt lower , mostly due to the curtailment of the point comfort and suralco refineries .', 'also , the continued shift towards alumina index and spot pricing is expected to average 85% ( 85 % ) of third-party smelter-grade alumina shipments .', 'additionally , net productivity improvements are anticipated .', 'primary metals .']

['* average realized price per metric ton of aluminum includes three elements : a ) the underlying base metal component , based on quoted prices from the lme ; b ) the regional premium , which represents the incremental price over the base lme component that is associated with the physical delivery of metal to a particular region ( e.g. , the midwest premium for metal sold in the united states ) ; and c ) the product premium , which represents the incremental price for receiving physical metal in a particular shape ( e.g. , billet , slab , rod , etc. ) or alloy .', '**includes all production-related costs , including raw materials consumed ; conversion costs , such as labor , materials , and utilities ; depreciation and amortization ; and plant administrative expenses .', 'this segment represents a portion of alcoa 2019s upstream operations and consists of the company 2019s worldwide smelting system .', 'primary metals purchases alumina , mostly from the alumina segment ( see alumina above ) , from which primary aluminum is produced and then sold directly to external customers and traders , as well as to alcoa 2019s midstream operations and , to a lesser extent , downstream operations .', 'results from the sale of aluminum powder , scrap , and excess energy are also included in this segment , as well as the results of aluminum derivative contracts and buy/ resell activity .', 'primary aluminum produced by alcoa and used internally is transferred to other segments at prevailing market prices .', 'the sale of primary aluminum represents approximately 90% ( 90 % ) of this segment 2019s third-party sales .', 'buy/ resell activity occurs when this segment purchases metal and resells such metal to external customers or the midstream and downstream operations in order to maximize smelting system efficiency and to meet customer requirements .', 'generally , the sales of this segment are transacted in u.s .', 'dollars while costs and expenses of this segment are transacted in the local currency of the respective operations , which are the u.s .', 'dollar , the euro , the norwegian kroner , icelandic krona , the canadian dollar , the brazilian real , and the australian dollar .', 'in november 2014 , alcoa completed the sale of an aluminum rod plant located in b e9cancour , qu e9bec , canada to sural laminated products .', 'this facility takes molten aluminum and shapes it into the form of a rod , which is used by customers primarily for the transportation of electricity .', 'while owned by alcoa , the operating results and assets and liabilities of this plant were included in the primary metals segment .', 'in conjunction with this transaction , alcoa entered into a multi-year agreement with sural laminated products to supply molten aluminum for the rod plant .', 'the aluminum rod plant generated sales of approximately $ 200 in 2013 and , at the time of divestiture , had approximately 60 employees .', 'see restructuring and other charges in results of operations above .', 'in december 2014 , alcoa completed the sale of its 50.33% ( 50.33 % ) ownership stake in the mt .', 'holly smelter located in goose creek , south carolina to century aluminum company .', 'while owned by alcoa , 50.33% ( 50.33 % ) of both the operating results and assets and liabilities related to the smelter were included in the primary metals segment .', 'as it relates to alcoa 2019s previous 50.33% ( 50.33 % ) ownership stake , the smelter ( alcoa 2019s share of the capacity was 115 kmt-per-year ) generated sales of approximately $ 280 in 2013 and , at the time of divestiture , had approximately 250 employees .', 'see restructuring and other charges in results of operations above .', 'at december 31 , 2015 , alcoa had 778 kmt of idle capacity on a base capacity of 3401 kmt .', 'in 2015 , idle capacity increased 113 kmt compared to 2014 , mostly due to the curtailment of 217 kmt combined at a smelter in each the .']

Row 1: , 2015, 2014, 2013 Row 2: aluminum production ( kmt ), 2811, 3125, 3550 Row 3: third-party aluminum shipments ( kmt ), 2478, 2534, 2801 Row 4: alcoa 2019s average realized price per metric ton of aluminum*, $ 2069, $ 2405, $ 2243 Row 5: alcoa 2019s average cost per metric ton of aluminum**, $ 2064, $ 2252, $ 2201 Row 6: third-party sales, $ 5591, $ 6800, $ 6596 Row 7: intersegment sales, 2170, 2931, 2621 Row 8: total sales, $ 7761, $ 9731, $ 9217 Row 9: atoi, $ 155, $ 594, $ -20 ( 20 )

multiply(90%, 5591)

5031.9

how bigger are the expenses with depreciation depletion and amortization as a percent of capital expenditures in 2016?

Pre-text: ['on november 1 , 2016 , management evaluated the net assets of alcoa corporation for potential impairment and determined that no impairment charge was required .', 'the cash flows related to alcoa corporation have not been segregated and are included in the statement of consolidated cash flows for 2016 .', 'the following table presents depreciation , depletion and amortization , restructuring and other charges , and purchases of property , plant and equipment of the discontinued operations related to alcoa corporation: .'] ######## Table: • for the year ended december 31,, 2016 • depreciation depletion and amortization, $ 593 • restructuring and other charges, $ 102 • capital expenditures, $ 298 ######## Post-table: ['w .', 'subsequent events management evaluated all activity of arconic and concluded that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements , except as noted below : on january 22 , 2019 , the company announced that its board of directors ( the board ) had determined to no longer pursue a potential sale of arconic as part of its strategy and portfolio review .', 'on february 6 , 2019 , the company announced that the board appointed john c .', 'plant , current chairman of the board , as chairman and chief executive officer of the company , effective february 6 , 2019 , to succeed chip blankenship , who ceased to serve as chief executive officer of the company and resigned as a member of the board , in each case as of that date .', 'in addition , the company announced that the board appointed elmer l .', 'doty , current member of the board , as president and chief operating officer , a newly created position , effective february 6 , 2019 .', 'mr .', 'doty will remain a member of the board .', 'the company also announced that arthur d .', 'collins , jr. , current member of the board , has been appointed interim lead independent director of the company , effective february 6 , 2019 .', 'on february 8 , 2019 , the company announced the following key initiatives as part of its ongoing strategy and portfolio review : plans to reduce operating costs , designed to maximize the impact in 2019 ; the planned separation of its portfolio into engineered products and forgings ( ep&f ) and global rolled products ( grp ) , with a spin-off of one of the businesses ; the potential sale of businesses that do not best fit into ep&f or grp ; execute its previously authorized $ 500 share repurchase program in the first half of 2019 ; the board authorized an additional $ 500 of share repurchases , effective through the end of 2020 ; and plans to reduce its quarterly common stock dividend from $ 0.06 to $ 0.02 per share .', 'on february 19 , 2019 , the company entered into an accelerated share repurchase ( 201casr 201d ) agreement with jpmorgan chase bank to repurchase $ 700 of its common stock , pursuant to the share repurchase program previously authorized by the board .', 'under the asr agreement , arconic will receive initial delivery of approximately 32 million shares on february 21 , 2019 .', 'the final number of shares to be repurchased will be based on the volume-weighted average price of arconic 2019s common stock during the term of the transaction , less a discount .', 'the asr agreement is expected to be completed during the first half of the company will evaluate its organizational structure in conjunction with the planned separation of its portfolio and changes to its reportable segments are expected in the first half of 2019. .']

0.98993

HWM/2018/page_110.pdf-2

['on november 1 , 2016 , management evaluated the net assets of alcoa corporation for potential impairment and determined that no impairment charge was required .', 'the cash flows related to alcoa corporation have not been segregated and are included in the statement of consolidated cash flows for 2016 .', 'the following table presents depreciation , depletion and amortization , restructuring and other charges , and purchases of property , plant and equipment of the discontinued operations related to alcoa corporation: .']

['w .', 'subsequent events management evaluated all activity of arconic and concluded that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements , except as noted below : on january 22 , 2019 , the company announced that its board of directors ( the board ) had determined to no longer pursue a potential sale of arconic as part of its strategy and portfolio review .', 'on february 6 , 2019 , the company announced that the board appointed john c .', 'plant , current chairman of the board , as chairman and chief executive officer of the company , effective february 6 , 2019 , to succeed chip blankenship , who ceased to serve as chief executive officer of the company and resigned as a member of the board , in each case as of that date .', 'in addition , the company announced that the board appointed elmer l .', 'doty , current member of the board , as president and chief operating officer , a newly created position , effective february 6 , 2019 .', 'mr .', 'doty will remain a member of the board .', 'the company also announced that arthur d .', 'collins , jr. , current member of the board , has been appointed interim lead independent director of the company , effective february 6 , 2019 .', 'on february 8 , 2019 , the company announced the following key initiatives as part of its ongoing strategy and portfolio review : plans to reduce operating costs , designed to maximize the impact in 2019 ; the planned separation of its portfolio into engineered products and forgings ( ep&f ) and global rolled products ( grp ) , with a spin-off of one of the businesses ; the potential sale of businesses that do not best fit into ep&f or grp ; execute its previously authorized $ 500 share repurchase program in the first half of 2019 ; the board authorized an additional $ 500 of share repurchases , effective through the end of 2020 ; and plans to reduce its quarterly common stock dividend from $ 0.06 to $ 0.02 per share .', 'on february 19 , 2019 , the company entered into an accelerated share repurchase ( 201casr 201d ) agreement with jpmorgan chase bank to repurchase $ 700 of its common stock , pursuant to the share repurchase program previously authorized by the board .', 'under the asr agreement , arconic will receive initial delivery of approximately 32 million shares on february 21 , 2019 .', 'the final number of shares to be repurchased will be based on the volume-weighted average price of arconic 2019s common stock during the term of the transaction , less a discount .', 'the asr agreement is expected to be completed during the first half of the company will evaluate its organizational structure in conjunction with the planned separation of its portfolio and changes to its reportable segments are expected in the first half of 2019. .']

• for the year ended december 31,, 2016 • depreciation depletion and amortization, $ 593 • restructuring and other charges, $ 102 • capital expenditures, $ 298

divide(593, 298), subtract(#0, const_1)

0.98993

what percentage of the ending balance in unrecognized tax benefits relates to unrecognized tax benefits that would have affected the effective tax rate as of december 31 , 2017?

Context: ['the company 2019s 2017 reported tax rate includes $ 160.9 million of net tax benefits associated with the tax act , $ 6.2 million of net tax benefits on special gains and charges , and net tax benefits of $ 25.3 million associated with discrete tax items .', 'in connection with the company 2019s initial analysis of the impact of the tax act , as noted above , a provisional net discrete tax benefit of $ 160.9 million was recorded in the period ended december 31 , 2017 , which includes $ 321.0 million tax benefit for recording deferred tax assets and liabilities at the u.s .', 'enacted tax rate , and a net expense for the one-time transition tax of $ 160.1 million .', 'while the company was able to make an estimate of the impact of the reduction in the u.s .', 'rate on deferred tax assets and liabilities and the one-time transition tax , it may be affected by other analyses related to the tax act , as indicated above .', 'special ( gains ) and charges represent the tax impact of special ( gains ) and charges , as well as additional tax benefits utilized in anticipation of u.s .', 'tax reform of $ 7.8 million .', 'during 2017 , the company recorded a discrete tax benefit of $ 39.7 million related to excess tax benefits , resulting from the adoption of accounting changes regarding the treatment of tax benefits on share-based compensation .', 'the extent of excess tax benefits is subject to variation in stock price and stock option exercises .', 'in addition , the company recorded net discrete expenses of $ 14.4 million related to recognizing adjustments from filing the 2016 u.s .', 'federal income tax return and international adjustments due to changes in estimates , partially offset by the release of reserves for uncertain tax positions due to the expiration of statute of limitations in state tax matters .', 'during 2016 , the company recognized net expense related to discrete tax items of $ 3.9 million .', 'the net expenses were driven primarily by recognizing adjustments from filing the company 2019s 2015 u.s .', 'federal income tax return , partially offset by settlement of international tax matters and remeasurement of certain deferred tax assets and liabilities resulting from the application of updated tax rates in international jurisdictions .', 'net expense was also impacted by adjustments to deferred tax asset and liability positions and the release of reserves for uncertain tax positions due to the expiration of statute of limitations in non-u.s .', 'jurisdictions .', 'during 2015 , the company recognized net benefits related to discrete tax items of $ 63.3 million .', 'the net benefits were driven primarily by the release of $ 20.6 million of valuation allowances , based on the realizability of foreign deferred tax assets and the ability to recognize a worthless stock deduction of $ 39.0 million for the tax basis in a wholly-owned domestic subsidiary .', 'a reconciliation of the beginning and ending amount of gross liability for unrecognized tax benefits is as follows: .'] ## Tabular Data: ---------------------------------------- Row 1: ( millions ), 2017, 2016, 2015 Row 2: balance at beginning of year, $ 75.9, $ 74.6, $ 78.7 Row 3: additions based on tax positions related to the current year, 3.2, 8.8, 5.8 Row 4: additions for tax positions of prior years, -, 2.1, 0.9 Row 5: reductions for tax positions of prior years, -4.9 ( 4.9 ), -1.0 ( 1.0 ), -8.8 ( 8.8 ) Row 6: reductions for tax positions due to statute of limitations, -14.0 ( 14.0 ), -5.5 ( 5.5 ), -1.6 ( 1.6 ) Row 7: settlements, -10.8 ( 10.8 ), -2.0 ( 2.0 ), -4.2 ( 4.2 ) Row 8: assumed in connection with acquisitions, 10.0, -, 8.0 Row 9: foreign currency translation, 2.1, -1.1 ( 1.1 ), -4.2 ( 4.2 ) Row 10: balance at end of year, $ 61.5, $ 75.9, $ 74.6 ---------------------------------------- ## Post-table: ['the total amount of unrecognized tax benefits , if recognized would have affected the effective tax rate by $ 47.1 million as of december 31 , 2017 , $ 57.5 million as of december 31 , 2016 and $ 59.2 million as of december 31 , 2015 .', 'the company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes .', 'during 2017 , 2016 and 2015 the company released $ 0.9 million , $ 2.9 million and $ 1.4 million related to interest and penalties , respectively .', 'the company had $ 9.3 million , $ 10.2 million and $ 13.1 million of accrued interest , including minor amounts for penalties , at december 31 , 2017 , 2016 , and 2015 , respectively. .']

0.76585

ECL/2017/page_95.pdf-2

['the company 2019s 2017 reported tax rate includes $ 160.9 million of net tax benefits associated with the tax act , $ 6.2 million of net tax benefits on special gains and charges , and net tax benefits of $ 25.3 million associated with discrete tax items .', 'in connection with the company 2019s initial analysis of the impact of the tax act , as noted above , a provisional net discrete tax benefit of $ 160.9 million was recorded in the period ended december 31 , 2017 , which includes $ 321.0 million tax benefit for recording deferred tax assets and liabilities at the u.s .', 'enacted tax rate , and a net expense for the one-time transition tax of $ 160.1 million .', 'while the company was able to make an estimate of the impact of the reduction in the u.s .', 'rate on deferred tax assets and liabilities and the one-time transition tax , it may be affected by other analyses related to the tax act , as indicated above .', 'special ( gains ) and charges represent the tax impact of special ( gains ) and charges , as well as additional tax benefits utilized in anticipation of u.s .', 'tax reform of $ 7.8 million .', 'during 2017 , the company recorded a discrete tax benefit of $ 39.7 million related to excess tax benefits , resulting from the adoption of accounting changes regarding the treatment of tax benefits on share-based compensation .', 'the extent of excess tax benefits is subject to variation in stock price and stock option exercises .', 'in addition , the company recorded net discrete expenses of $ 14.4 million related to recognizing adjustments from filing the 2016 u.s .', 'federal income tax return and international adjustments due to changes in estimates , partially offset by the release of reserves for uncertain tax positions due to the expiration of statute of limitations in state tax matters .', 'during 2016 , the company recognized net expense related to discrete tax items of $ 3.9 million .', 'the net expenses were driven primarily by recognizing adjustments from filing the company 2019s 2015 u.s .', 'federal income tax return , partially offset by settlement of international tax matters and remeasurement of certain deferred tax assets and liabilities resulting from the application of updated tax rates in international jurisdictions .', 'net expense was also impacted by adjustments to deferred tax asset and liability positions and the release of reserves for uncertain tax positions due to the expiration of statute of limitations in non-u.s .', 'jurisdictions .', 'during 2015 , the company recognized net benefits related to discrete tax items of $ 63.3 million .', 'the net benefits were driven primarily by the release of $ 20.6 million of valuation allowances , based on the realizability of foreign deferred tax assets and the ability to recognize a worthless stock deduction of $ 39.0 million for the tax basis in a wholly-owned domestic subsidiary .', 'a reconciliation of the beginning and ending amount of gross liability for unrecognized tax benefits is as follows: .']

['the total amount of unrecognized tax benefits , if recognized would have affected the effective tax rate by $ 47.1 million as of december 31 , 2017 , $ 57.5 million as of december 31 , 2016 and $ 59.2 million as of december 31 , 2015 .', 'the company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes .', 'during 2017 , 2016 and 2015 the company released $ 0.9 million , $ 2.9 million and $ 1.4 million related to interest and penalties , respectively .', 'the company had $ 9.3 million , $ 10.2 million and $ 13.1 million of accrued interest , including minor amounts for penalties , at december 31 , 2017 , 2016 , and 2015 , respectively. .']

---------------------------------------- Row 1: ( millions ), 2017, 2016, 2015 Row 2: balance at beginning of year, $ 75.9, $ 74.6, $ 78.7 Row 3: additions based on tax positions related to the current year, 3.2, 8.8, 5.8 Row 4: additions for tax positions of prior years, -, 2.1, 0.9 Row 5: reductions for tax positions of prior years, -4.9 ( 4.9 ), -1.0 ( 1.0 ), -8.8 ( 8.8 ) Row 6: reductions for tax positions due to statute of limitations, -14.0 ( 14.0 ), -5.5 ( 5.5 ), -1.6 ( 1.6 ) Row 7: settlements, -10.8 ( 10.8 ), -2.0 ( 2.0 ), -4.2 ( 4.2 ) Row 8: assumed in connection with acquisitions, 10.0, -, 8.0 Row 9: foreign currency translation, 2.1, -1.1 ( 1.1 ), -4.2 ( 4.2 ) Row 10: balance at end of year, $ 61.5, $ 75.9, $ 74.6 ----------------------------------------

divide(47.1, 61.5)

0.76585

what was the percentage change in the reserve for product warranties from december 30 2007 to december 28 2008?

Background: ['utilized .', 'in accordance with sfas no .', '144 , accounting for the impairment or disposal of long-lived assets , a non-cash impairment charge of $ 4.1 million was recorded in the second quarter of fiscal 2008 for the excess machinery .', 'this charge is included as a separate line item in the company 2019s consolidated statement of operations .', 'there was no change to useful lives and related depreciation expense of the remaining assets as the company believes these estimates are currently reflective of the period the assets will be used in operations .', '7 .', 'warranties the company generally provides a one-year warranty on sequencing , genotyping and gene expression systems .', 'at the time revenue is recognized , the company establishes an accrual for estimated warranty expenses associated with system sales .', 'this expense is recorded as a component of cost of product revenue .', 'estimated warranty expenses associated with extended maintenance contracts are recorded as cost of revenue ratably over the term of the maintenance contract .', 'changes in the company 2019s reserve for product warranties from january 1 , 2006 through december 28 , 2008 are as follows ( in thousands ) : .'] Tabular Data: balance as of january 1 2006 $ 751 additions charged to cost of revenue 1379 repairs and replacements -1134 ( 1134 ) balance as of december 31 2006 996 additions charged to cost of revenue 4939 repairs and replacements -2219 ( 2219 ) balance as of december 30 2007 3716 additions charged to cost of revenue 13044 repairs and replacements -8557 ( 8557 ) balance as of december 28 2008 $ 8203 Additional Information: ['8 .', 'convertible senior notes on february 16 , 2007 , the company issued $ 400.0 million principal amount of 0.625% ( 0.625 % ) convertible senior notes due 2014 ( the notes ) , which included the exercise of the initial purchasers 2019 option to purchase up to an additional $ 50.0 million aggregate principal amount of notes .', 'the net proceeds from the offering , after deducting the initial purchasers 2019 discount and offering expenses , were $ 390.3 million .', 'the company will pay 0.625% ( 0.625 % ) interest per annum on the principal amount of the notes , payable semi-annually in arrears in cash on february 15 and august 15 of each year .', 'the company made interest payments of $ 1.3 million and $ 1.2 million on february 15 , 2008 and august 15 , 2008 , respectively .', 'the notes mature on february 15 , the notes will be convertible into cash and , if applicable , shares of the company 2019s common stock , $ 0.01 par value per share , based on a conversion rate , subject to adjustment , of 45.8058 shares per $ 1000 principal amount of notes ( which represents a conversion price of $ 21.83 per share ) , only in the following circumstances and to the following extent : ( 1 ) during the five business-day period after any five consecutive trading period ( the measurement period ) in which the trading price per note for each day of such measurement period was less than 97% ( 97 % ) of the product of the last reported sale price of the company 2019s common stock and the conversion rate on each such day ; ( 2 ) during any calendar quarter after the calendar quarter ending march 30 , 2007 , if the last reported sale price of the company 2019s common stock for 20 or more trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately illumina , inc .', 'notes to consolidated financial statements 2014 ( continued ) .']

1.20748

ILMN/2008/page_77.pdf-2

['utilized .', 'in accordance with sfas no .', '144 , accounting for the impairment or disposal of long-lived assets , a non-cash impairment charge of $ 4.1 million was recorded in the second quarter of fiscal 2008 for the excess machinery .', 'this charge is included as a separate line item in the company 2019s consolidated statement of operations .', 'there was no change to useful lives and related depreciation expense of the remaining assets as the company believes these estimates are currently reflective of the period the assets will be used in operations .', '7 .', 'warranties the company generally provides a one-year warranty on sequencing , genotyping and gene expression systems .', 'at the time revenue is recognized , the company establishes an accrual for estimated warranty expenses associated with system sales .', 'this expense is recorded as a component of cost of product revenue .', 'estimated warranty expenses associated with extended maintenance contracts are recorded as cost of revenue ratably over the term of the maintenance contract .', 'changes in the company 2019s reserve for product warranties from january 1 , 2006 through december 28 , 2008 are as follows ( in thousands ) : .']

['8 .', 'convertible senior notes on february 16 , 2007 , the company issued $ 400.0 million principal amount of 0.625% ( 0.625 % ) convertible senior notes due 2014 ( the notes ) , which included the exercise of the initial purchasers 2019 option to purchase up to an additional $ 50.0 million aggregate principal amount of notes .', 'the net proceeds from the offering , after deducting the initial purchasers 2019 discount and offering expenses , were $ 390.3 million .', 'the company will pay 0.625% ( 0.625 % ) interest per annum on the principal amount of the notes , payable semi-annually in arrears in cash on february 15 and august 15 of each year .', 'the company made interest payments of $ 1.3 million and $ 1.2 million on february 15 , 2008 and august 15 , 2008 , respectively .', 'the notes mature on february 15 , the notes will be convertible into cash and , if applicable , shares of the company 2019s common stock , $ 0.01 par value per share , based on a conversion rate , subject to adjustment , of 45.8058 shares per $ 1000 principal amount of notes ( which represents a conversion price of $ 21.83 per share ) , only in the following circumstances and to the following extent : ( 1 ) during the five business-day period after any five consecutive trading period ( the measurement period ) in which the trading price per note for each day of such measurement period was less than 97% ( 97 % ) of the product of the last reported sale price of the company 2019s common stock and the conversion rate on each such day ; ( 2 ) during any calendar quarter after the calendar quarter ending march 30 , 2007 , if the last reported sale price of the company 2019s common stock for 20 or more trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately illumina , inc .', 'notes to consolidated financial statements 2014 ( continued ) .']

balance as of january 1 2006 $ 751 additions charged to cost of revenue 1379 repairs and replacements -1134 ( 1134 ) balance as of december 31 2006 996 additions charged to cost of revenue 4939 repairs and replacements -2219 ( 2219 ) balance as of december 30 2007 3716 additions charged to cost of revenue 13044 repairs and replacements -8557 ( 8557 ) balance as of december 28 2008 $ 8203

subtract(8203, 3716), divide(#0, 3716)

1.20748

if hr solutions generated 25% ( 25 % ) of total revenues , what are the total revenue for aon in 2010 , ( in millions ) ?

Background: ['hr solutions .'] Tabular Data: ---------------------------------------- years ended december 31, | 2010 | 2009 | 2008 ----------|----------|----------|---------- revenue | $ 2111 | $ 1267 | $ 1356 operating income | 234 | 203 | 208 operating margin | 11.1% ( 11.1 % ) | 16.0% ( 16.0 % ) | 15.3% ( 15.3 % ) ---------------------------------------- Post-table: ['in october 2010 , we completed the acquisition of hewitt , one of the world 2019s leading human resource consulting and outsourcing companies .', 'hewitt operates globally together with aon 2019s existing consulting and outsourcing operations under the newly created aon hewitt brand .', 'hewitt 2019s operating results are included in aon 2019s results of operations beginning october 1 , 2010 .', 'our hr solutions segment generated approximately 25% ( 25 % ) of our consolidated total revenues in 2010 and provides a broad range of human capital services , as follows : consulting services : 2022 health and benefits advises clients about how to structure , fund , and administer employee benefit programs that attract , retain , and motivate employees .', 'benefits consulting includes health and welfare , executive benefits , workforce strategies and productivity , absence management , benefits administration , data-driven health , compliance , employee commitment , investment advisory and elective benefits services .', '2022 retirement specializes in global actuarial services , defined contribution consulting , investment consulting , tax and erisa consulting , and pension administration .', '2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries .', '2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management .', 'outsourcing services : 2022 benefits outsourcing applies our hr expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services .', 'our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions .', '2022 human resource business processing outsourcing ( 2018 2018hr bpo 2019 2019 ) provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core hr process transactions as well as other complementary services such as absence management , flexible spending , dependent audit and participant advocacy .', 'beginning in late 2008 , the disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace .', 'weak economic conditions globally continued throughout 2010 .', 'the prolonged economic downturn is adversely impacting our clients 2019 financial condition and therefore the levels of business activities in the industries and geographies where we operate .', 'while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting .']

8444.0

AON/2010/page_55.pdf-1

['hr solutions .']

['in october 2010 , we completed the acquisition of hewitt , one of the world 2019s leading human resource consulting and outsourcing companies .', 'hewitt operates globally together with aon 2019s existing consulting and outsourcing operations under the newly created aon hewitt brand .', 'hewitt 2019s operating results are included in aon 2019s results of operations beginning october 1 , 2010 .', 'our hr solutions segment generated approximately 25% ( 25 % ) of our consolidated total revenues in 2010 and provides a broad range of human capital services , as follows : consulting services : 2022 health and benefits advises clients about how to structure , fund , and administer employee benefit programs that attract , retain , and motivate employees .', 'benefits consulting includes health and welfare , executive benefits , workforce strategies and productivity , absence management , benefits administration , data-driven health , compliance , employee commitment , investment advisory and elective benefits services .', '2022 retirement specializes in global actuarial services , defined contribution consulting , investment consulting , tax and erisa consulting , and pension administration .', '2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries .', '2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management .', 'outsourcing services : 2022 benefits outsourcing applies our hr expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services .', 'our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions .', '2022 human resource business processing outsourcing ( 2018 2018hr bpo 2019 2019 ) provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core hr process transactions as well as other complementary services such as absence management , flexible spending , dependent audit and participant advocacy .', 'beginning in late 2008 , the disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace .', 'weak economic conditions globally continued throughout 2010 .', 'the prolonged economic downturn is adversely impacting our clients 2019 financial condition and therefore the levels of business activities in the industries and geographies where we operate .', 'while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting .']

---------------------------------------- years ended december 31, | 2010 | 2009 | 2008 ----------|----------|----------|---------- revenue | $ 2111 | $ 1267 | $ 1356 operating income | 234 | 203 | 208 operating margin | 11.1% ( 11.1 % ) | 16.0% ( 16.0 % ) | 15.3% ( 15.3 % ) ----------------------------------------

divide(2111, 25%)

8444.0

what was the percentage increase in the property and equipment net from 2004 to 2005

Context: ['american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) operations , net , in the accompanying consolidated statements of operations for the year ended december 31 , 2003 .', '( see note 9. ) other transactions 2014in august 2003 , the company consummated the sale of galaxy engineering ( galaxy ) , a radio frequency engineering , network design and tower-related consulting business ( previously included in the company 2019s network development services segment ) .', 'the purchase price of approximately $ 3.5 million included $ 2.0 million in cash , which the company received at closing , and an additional $ 1.5 million payable on january 15 , 2008 , or at an earlier date based on the future revenues of galaxy .', 'the company received $ 0.5 million of this amount in january 2005 .', 'pursuant to this transaction , the company recorded a net loss on disposal of approximately $ 2.4 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 .', 'in may 2003 , the company consummated the sale of an office building in westwood , massachusetts ( previously held primarily as rental property and included in the company 2019s rental and management segment ) for a purchase price of approximately $ 18.5 million , including $ 2.4 million of cash proceeds and the buyer 2019s assumption of $ 16.1 million of related mortgage notes .', 'pursuant to this transaction , the company recorded a net loss on disposal of approximately $ 3.6 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 .', 'in january 2003 , the company consummated the sale of flash technologies , its remaining components business ( previously included in the company 2019s network development services segment ) for approximately $ 35.5 million in cash and has recorded a net gain on disposal of approximately $ 0.1 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 .', 'in march 2003 , the company consummated the sale of an office building in schaumburg , illinois ( previously held primarily as rental property and included in the company 2019s rental and management segment ) for net proceeds of approximately $ 10.3 million in cash and recorded a net loss on disposal of $ 0.1 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 .', '4 .', 'property and equipment property and equipment ( including assets held under capital leases ) consist of the following as of december 31 , ( in thousands ) : .'] Data Table: ---------------------------------------- | 2005 | 2004 towers | $ 4134155 | $ 2788162 equipment | 167504 | 115244 buildings and improvements | 184951 | 162120 land and improvements | 215974 | 176937 construction-in-progress | 36991 | 27866 total | 4739575 | 3270329 less accumulated depreciation and amortization | -1279049 ( 1279049 ) | -996973 ( 996973 ) property and equipment net | $ 3460526 | $ 2273356 ---------------------------------------- Post-table: ['5 .', 'goodwill and other intangible assets the company 2019s net carrying amount of goodwill was approximately $ 2.1 billion as of december 312005 and $ 592.7 million as of december 31 , 2004 , all of which related to its rental and management segment .', 'the increase in the carrying value was as a result of the goodwill of $ 1.5 billion acquired in the merger with spectrasite , inc .', '( see note 2. ) .']

0.52221

AMT/2005/page_83.pdf-1

['american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) operations , net , in the accompanying consolidated statements of operations for the year ended december 31 , 2003 .', '( see note 9. ) other transactions 2014in august 2003 , the company consummated the sale of galaxy engineering ( galaxy ) , a radio frequency engineering , network design and tower-related consulting business ( previously included in the company 2019s network development services segment ) .', 'the purchase price of approximately $ 3.5 million included $ 2.0 million in cash , which the company received at closing , and an additional $ 1.5 million payable on january 15 , 2008 , or at an earlier date based on the future revenues of galaxy .', 'the company received $ 0.5 million of this amount in january 2005 .', 'pursuant to this transaction , the company recorded a net loss on disposal of approximately $ 2.4 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 .', 'in may 2003 , the company consummated the sale of an office building in westwood , massachusetts ( previously held primarily as rental property and included in the company 2019s rental and management segment ) for a purchase price of approximately $ 18.5 million , including $ 2.4 million of cash proceeds and the buyer 2019s assumption of $ 16.1 million of related mortgage notes .', 'pursuant to this transaction , the company recorded a net loss on disposal of approximately $ 3.6 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 .', 'in january 2003 , the company consummated the sale of flash technologies , its remaining components business ( previously included in the company 2019s network development services segment ) for approximately $ 35.5 million in cash and has recorded a net gain on disposal of approximately $ 0.1 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 .', 'in march 2003 , the company consummated the sale of an office building in schaumburg , illinois ( previously held primarily as rental property and included in the company 2019s rental and management segment ) for net proceeds of approximately $ 10.3 million in cash and recorded a net loss on disposal of $ 0.1 million in the accompanying consolidated statement of operations for the year ended december 31 , 2003 .', '4 .', 'property and equipment property and equipment ( including assets held under capital leases ) consist of the following as of december 31 , ( in thousands ) : .']

['5 .', 'goodwill and other intangible assets the company 2019s net carrying amount of goodwill was approximately $ 2.1 billion as of december 312005 and $ 592.7 million as of december 31 , 2004 , all of which related to its rental and management segment .', 'the increase in the carrying value was as a result of the goodwill of $ 1.5 billion acquired in the merger with spectrasite , inc .', '( see note 2. ) .']

---------------------------------------- | 2005 | 2004 towers | $ 4134155 | $ 2788162 equipment | 167504 | 115244 buildings and improvements | 184951 | 162120 land and improvements | 215974 | 176937 construction-in-progress | 36991 | 27866 total | 4739575 | 3270329 less accumulated depreciation and amortization | -1279049 ( 1279049 ) | -996973 ( 996973 ) property and equipment net | $ 3460526 | $ 2273356 ----------------------------------------

subtract(3460526, 2273356), divide(#0, 2273356)

0.52221

based on the operating/performance statistics what was the average operating ratio from 2006 to 2008

Background: ['other operating/performance and financial statistics we report key railroad performance measures weekly to the association of american railroads ( aar ) , including carloads , average daily inventory of rail cars on our system , average train speed , and average terminal dwell time .', 'we provide this data on our website at www.up.com/investors/reports/index.shtml .', 'operating/performance statistics included in the table below are railroad performance measures reported to the aar : 2008 2007 2006 % ( % ) change 2008 v 2007 % ( % ) change 2007 v 2006 .'] Table: **************************************** Row 1: , 2008, 2007, 2006, % ( % ) change 2008 v 2007, % ( % ) change 2007 v 2006 Row 2: average train speed ( miles per hour ), 23.5, 21.8, 21.4, 8 % ( % ), 2 % ( % ) Row 3: average terminal dwell time ( hours ), 24.9, 25.1, 27.2, ( 1 ) % ( % ), ( 8 ) % ( % ) Row 4: average rail car inventory ( thousands ), 300.7, 309.9, 321.6, ( 3 ) % ( % ), ( 4 ) % ( % ) Row 5: gross ton-miles ( billions ), 1020.4, 1052.3, 1072.5, ( 3 ) % ( % ), ( 2 ) % ( % ) Row 6: revenue ton-miles ( billions ), 562.6, 561.8, 565.2, -, ( 1 ) % ( % ) Row 7: operating ratio, 77.3, 79.3, 81.5, 2.0 pt, 2.2 pt Row 8: employees ( average ), 48242, 50089, 50739, ( 4 ) % ( % ), ( 1 ) % ( % ) Row 9: customer satisfaction index, 83, 79, 72, 4 pt, 7 pt **************************************** Additional Information: ['average train speed 2013 average train speed is calculated by dividing train miles by hours operated on our main lines between terminals .', 'ongoing network management initiatives , productivity improvements , and lower volume levels contributed to 8% ( 8 % ) and 2% ( 2 % ) improvements in average train speed in 2008 and 2007 , respectively .', 'average terminal dwell time 2013 average terminal dwell time is the average time that a rail car spends at our terminals .', 'lower average terminal dwell time improves asset utilization and service .', 'average terminal dwell time improved 1% ( 1 % ) and 8% ( 8 % ) in 2008 and 2007 , respectively .', 'lower volumes combined with initiatives to more timely deliver rail cars to our interchange partners and customers improved dwell time in both periods .', 'gross and revenue ton-miles 2013 gross ton-miles are calculated by multiplying the weight of loaded and empty freight cars by the number of miles hauled .', 'revenue ton-miles are calculated by multiplying the weight of freight by the number of tariff miles .', 'gross ton-miles decreased 3% ( 3 % ) , while revenue ton-miles were flat in 2008 compared to 2007 with commodity mix changes ( notably autos and coal ) explaining the variance in year over year growth between the two metrics .', 'in 2007 , revenue ton-miles declined 1% ( 1 % ) in relation to the 1% ( 1 % ) reduction in carloadings compared to 2006 .', 'gross ton-miles decreased 2% ( 2 % ) in 2007 driven by a mix shift in freight shipments .', 'operating ratio 2013 operating ratio is defined as our operating expenses as a percentage of operating revenue .', 'our operating ratios improved 2.0 points to 77.3% ( 77.3 % ) in 2008 and 2.2 points to 79.3% ( 79.3 % ) in 2007 .', 'price increases , fuel cost recoveries , network management initiatives , and improved productivity more than offset the impact of higher fuel prices .', 'employees 2013 productivity initiatives and lower volumes reduced employee levels throughout the company in 2008 versus 2007 .', 'fewer train and engine personnel due to improved network productivity and 5% ( 5 % ) lower volume drove the change while productivity initiatives within the support organizations also contributed to a lower full-time equivalent force level .', 'lower employee levels in 2007 versus 2006 .']

238.1

UNP/2008/page_35.pdf-1

['other operating/performance and financial statistics we report key railroad performance measures weekly to the association of american railroads ( aar ) , including carloads , average daily inventory of rail cars on our system , average train speed , and average terminal dwell time .', 'we provide this data on our website at www.up.com/investors/reports/index.shtml .', 'operating/performance statistics included in the table below are railroad performance measures reported to the aar : 2008 2007 2006 % ( % ) change 2008 v 2007 % ( % ) change 2007 v 2006 .']

['average train speed 2013 average train speed is calculated by dividing train miles by hours operated on our main lines between terminals .', 'ongoing network management initiatives , productivity improvements , and lower volume levels contributed to 8% ( 8 % ) and 2% ( 2 % ) improvements in average train speed in 2008 and 2007 , respectively .', 'average terminal dwell time 2013 average terminal dwell time is the average time that a rail car spends at our terminals .', 'lower average terminal dwell time improves asset utilization and service .', 'average terminal dwell time improved 1% ( 1 % ) and 8% ( 8 % ) in 2008 and 2007 , respectively .', 'lower volumes combined with initiatives to more timely deliver rail cars to our interchange partners and customers improved dwell time in both periods .', 'gross and revenue ton-miles 2013 gross ton-miles are calculated by multiplying the weight of loaded and empty freight cars by the number of miles hauled .', 'revenue ton-miles are calculated by multiplying the weight of freight by the number of tariff miles .', 'gross ton-miles decreased 3% ( 3 % ) , while revenue ton-miles were flat in 2008 compared to 2007 with commodity mix changes ( notably autos and coal ) explaining the variance in year over year growth between the two metrics .', 'in 2007 , revenue ton-miles declined 1% ( 1 % ) in relation to the 1% ( 1 % ) reduction in carloadings compared to 2006 .', 'gross ton-miles decreased 2% ( 2 % ) in 2007 driven by a mix shift in freight shipments .', 'operating ratio 2013 operating ratio is defined as our operating expenses as a percentage of operating revenue .', 'our operating ratios improved 2.0 points to 77.3% ( 77.3 % ) in 2008 and 2.2 points to 79.3% ( 79.3 % ) in 2007 .', 'price increases , fuel cost recoveries , network management initiatives , and improved productivity more than offset the impact of higher fuel prices .', 'employees 2013 productivity initiatives and lower volumes reduced employee levels throughout the company in 2008 versus 2007 .', 'fewer train and engine personnel due to improved network productivity and 5% ( 5 % ) lower volume drove the change while productivity initiatives within the support organizations also contributed to a lower full-time equivalent force level .', 'lower employee levels in 2007 versus 2006 .']

**************************************** Row 1: , 2008, 2007, 2006, % ( % ) change 2008 v 2007, % ( % ) change 2007 v 2006 Row 2: average train speed ( miles per hour ), 23.5, 21.8, 21.4, 8 % ( % ), 2 % ( % ) Row 3: average terminal dwell time ( hours ), 24.9, 25.1, 27.2, ( 1 ) % ( % ), ( 8 ) % ( % ) Row 4: average rail car inventory ( thousands ), 300.7, 309.9, 321.6, ( 3 ) % ( % ), ( 4 ) % ( % ) Row 5: gross ton-miles ( billions ), 1020.4, 1052.3, 1072.5, ( 3 ) % ( % ), ( 2 ) % ( % ) Row 6: revenue ton-miles ( billions ), 562.6, 561.8, 565.2, -, ( 1 ) % ( % ) Row 7: operating ratio, 77.3, 79.3, 81.5, 2.0 pt, 2.2 pt Row 8: employees ( average ), 48242, 50089, 50739, ( 4 ) % ( % ), ( 1 ) % ( % ) Row 9: customer satisfaction index, 83, 79, 72, 4 pt, 7 pt ****************************************

add(77.3, 79.3), add(#0, 81.5)

238.1

if vies were consolidated , what would the total minimum lease payments increase to , in millions?

Pre-text: ['fixed-price purchase options available in the leases could potentially provide benefits to us ; however , these benefits are not expected to be significant .', 'we maintain and operate the assets based on contractual obligations within the lease arrangements , which set specific guidelines consistent within the railroad industry .', 'as such , we have no control over activities that could materially impact the fair value of the leased assets .', 'we do not hold the power to direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies .', 'additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase price options are not considered to be potentially significant to the vie 2019s .', 'the future minimum lease payments associated with the vie leases totaled $ 3.6 billion as of december 31 , 2012 .', '16 .', 'leases we lease certain locomotives , freight cars , and other property .', 'the consolidated statements of financial position as of december 31 , 2012 and 2011 included $ 2467 million , net of $ 966 million of accumulated depreciation , and $ 2458 million , net of $ 915 million of accumulated depreciation , respectively , for properties held under capital leases .', 'a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .', 'future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2012 , were as follows : millions operating leases capital leases .'] ########## Tabular Data: millions, operatingleases, capitalleases 2013, $ 525, $ 282 2014, 466, 265 2015, 410, 253 2016, 375, 232 2017, 339, 243 later years, 2126, 1166 total minimum leasepayments, $ 4241, $ 2441 amount representing interest, n/a, -593 ( 593 ) present value of minimum leasepayments, n/a, $ 1848 ########## Additional Information: ['approximately 94% ( 94 % ) of capital lease payments relate to locomotives .', 'rent expense for operating leases with terms exceeding one month was $ 631 million in 2012 , $ 637 million in 2011 , and $ 624 million in 2010 .', 'when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .', 'contingent rentals and sub-rentals are not significant .', '17 .', 'commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries .', 'we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity ; however , to the extent possible , where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated , we have recorded a liability .', 'we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters .', 'personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year .', 'we use an actuarial analysis to measure the expense and liability , including unasserted claims .', 'the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents .', 'under fela , damages .']

10282.0

UNP/2012/page_79.pdf-1

['fixed-price purchase options available in the leases could potentially provide benefits to us ; however , these benefits are not expected to be significant .', 'we maintain and operate the assets based on contractual obligations within the lease arrangements , which set specific guidelines consistent within the railroad industry .', 'as such , we have no control over activities that could materially impact the fair value of the leased assets .', 'we do not hold the power to direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies .', 'additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase price options are not considered to be potentially significant to the vie 2019s .', 'the future minimum lease payments associated with the vie leases totaled $ 3.6 billion as of december 31 , 2012 .', '16 .', 'leases we lease certain locomotives , freight cars , and other property .', 'the consolidated statements of financial position as of december 31 , 2012 and 2011 included $ 2467 million , net of $ 966 million of accumulated depreciation , and $ 2458 million , net of $ 915 million of accumulated depreciation , respectively , for properties held under capital leases .', 'a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .', 'future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2012 , were as follows : millions operating leases capital leases .']

['approximately 94% ( 94 % ) of capital lease payments relate to locomotives .', 'rent expense for operating leases with terms exceeding one month was $ 631 million in 2012 , $ 637 million in 2011 , and $ 624 million in 2010 .', 'when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .', 'contingent rentals and sub-rentals are not significant .', '17 .', 'commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries .', 'we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity ; however , to the extent possible , where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated , we have recorded a liability .', 'we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters .', 'personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year .', 'we use an actuarial analysis to measure the expense and liability , including unasserted claims .', 'the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents .', 'under fela , damages .']

millions, operatingleases, capitalleases 2013, $ 525, $ 282 2014, 466, 265 2015, 410, 253 2016, 375, 232 2017, 339, 243 later years, 2126, 1166 total minimum leasepayments, $ 4241, $ 2441 amount representing interest, n/a, -593 ( 593 ) present value of minimum leasepayments, n/a, $ 1848

multiply(3.6, const_1000), add(#0, 4241), add(#1, 2441)

10282.0

what is the total number of sites acquired and constructed during 2014?

Background: ['the long term .', 'in addition , we have focused on building relationships with large multinational carriers such as airtel , telef f3nica s.a .', 'and vodafone group plc .', 'we believe that consistent carrier investments in their networks across our international markets position us to generate meaningful organic revenue growth going forward .', 'in emerging markets , such as ghana , india , nigeria and uganda , wireless networks tend to be significantly less advanced than those in the united states , and initial voice networks continue to be deployed in underdeveloped areas .', 'a majority of consumers in these markets still utilize basic wireless services , predominantly on feature phones , while advanced device penetration remains low .', 'in more developed urban locations within these markets , early-stage data network deployments are underway .', 'carriers are focused on completing voice network build-outs while also investing in initial data networks as wireless data usage and smartphone penetration within their customer bases begin to accelerate .', 'in markets with rapidly evolving network technology , such as south africa and most of the countries in latin america where we do business , initial voice networks , for the most part , have already been built out , and carriers are focused on 3g network build outs , with select investments in 4g technology .', 'consumers in these regions are increasingly adopting smartphones and other advanced devices , and as a result , the usage of bandwidth-intensive mobile applications is growing materially .', 'recent spectrum auctions in these rapidly evolving markets have allowed incumbent carriers to accelerate their data network deployments and have also enabled new entrants to begin initial investments in data networks .', 'smartphone penetration and wireless data usage in these markets are growing rapidly , which typically requires that carriers continue to invest in their networks in order to maintain and augment their quality of service .', 'finally , in markets with more mature network technology , such as germany , carriers are focused on deploying 4g data networks to account for rapidly increasing wireless data usage amongst their customer base .', 'with higher smartphone and advanced device penetration and significantly higher per capita data usage , carrier investment in networks is focused on 4g coverage and capacity .', 'we believe that the network technology migration we have seen in the united states , which has led to significantly denser networks and meaningful new business commencements for us over a number of years , will ultimately be replicated in our less advanced international markets .', 'as a result , we expect to be able to leverage our extensive international portfolio of approximately 60190 communications sites and the relationships we have built with our carrier customers to drive sustainable , long-term growth .', 'we have holistic master lease agreements with certain of our tenants that provide for consistent , long-term revenue and a reduction in the likelihood of churn .', 'our holistic master lease agreements build and augment strong strategic partnerships with our tenants and have significantly reduced collocation cycle times , thereby providing our tenants with the ability to rapidly and efficiently deploy equipment on our sites .', 'property operations new site revenue growth .', 'during the year ended december 31 , 2015 , we grew our portfolio of communications real estate through the acquisition and construction of approximately 25370 sites .', 'in a majority of our asia , emea and latin america markets , the acquisition or construction of new sites resulted in increases in both tenant and pass- through revenues ( such as ground rent or power and fuel costs ) and expenses .', 'we continue to evaluate opportunities to acquire communications real estate portfolios , both domestically and internationally , to determine whether they meet our risk-adjusted hurdle rates and whether we believe we can effectively integrate them into our existing portfolio. .'] ## Data Table: **************************************** new sites ( acquired or constructed ) | 2015 | 2014 | 2013 ----------|----------|----------|---------- u.s . | 11595 | 900 | 5260 asia | 2330 | 1560 | 1260 emea | 4910 | 190 | 485 latin america | 6535 | 5800 | 6065 **************************************** ## Post-table: ['property operations expenses .', 'direct operating expenses incurred by our property segments include direct site level expenses and consist primarily of ground rent and power and fuel costs , some or all of which may be passed through to our tenants , as well as property taxes , repairs and maintenance .', 'these segment direct operating expenses exclude all segment and corporate selling , general , administrative and development expenses , which are aggregated into one line item entitled selling , general , administrative and development expense in our consolidated statements of operations .', 'in general , our property segments 2019 selling , general , administrative and development expenses do not significantly increase as a result of adding incremental tenants to our legacy sites and typically increase only modestly year-over-year .', 'as a result , leasing additional space to new tenants on our legacy sites provides significant incremental cash flow .', 'we may , however , incur additional segment .']

8450.0

AMT/2015/page_58.pdf-2

['the long term .', 'in addition , we have focused on building relationships with large multinational carriers such as airtel , telef f3nica s.a .', 'and vodafone group plc .', 'we believe that consistent carrier investments in their networks across our international markets position us to generate meaningful organic revenue growth going forward .', 'in emerging markets , such as ghana , india , nigeria and uganda , wireless networks tend to be significantly less advanced than those in the united states , and initial voice networks continue to be deployed in underdeveloped areas .', 'a majority of consumers in these markets still utilize basic wireless services , predominantly on feature phones , while advanced device penetration remains low .', 'in more developed urban locations within these markets , early-stage data network deployments are underway .', 'carriers are focused on completing voice network build-outs while also investing in initial data networks as wireless data usage and smartphone penetration within their customer bases begin to accelerate .', 'in markets with rapidly evolving network technology , such as south africa and most of the countries in latin america where we do business , initial voice networks , for the most part , have already been built out , and carriers are focused on 3g network build outs , with select investments in 4g technology .', 'consumers in these regions are increasingly adopting smartphones and other advanced devices , and as a result , the usage of bandwidth-intensive mobile applications is growing materially .', 'recent spectrum auctions in these rapidly evolving markets have allowed incumbent carriers to accelerate their data network deployments and have also enabled new entrants to begin initial investments in data networks .', 'smartphone penetration and wireless data usage in these markets are growing rapidly , which typically requires that carriers continue to invest in their networks in order to maintain and augment their quality of service .', 'finally , in markets with more mature network technology , such as germany , carriers are focused on deploying 4g data networks to account for rapidly increasing wireless data usage amongst their customer base .', 'with higher smartphone and advanced device penetration and significantly higher per capita data usage , carrier investment in networks is focused on 4g coverage and capacity .', 'we believe that the network technology migration we have seen in the united states , which has led to significantly denser networks and meaningful new business commencements for us over a number of years , will ultimately be replicated in our less advanced international markets .', 'as a result , we expect to be able to leverage our extensive international portfolio of approximately 60190 communications sites and the relationships we have built with our carrier customers to drive sustainable , long-term growth .', 'we have holistic master lease agreements with certain of our tenants that provide for consistent , long-term revenue and a reduction in the likelihood of churn .', 'our holistic master lease agreements build and augment strong strategic partnerships with our tenants and have significantly reduced collocation cycle times , thereby providing our tenants with the ability to rapidly and efficiently deploy equipment on our sites .', 'property operations new site revenue growth .', 'during the year ended december 31 , 2015 , we grew our portfolio of communications real estate through the acquisition and construction of approximately 25370 sites .', 'in a majority of our asia , emea and latin america markets , the acquisition or construction of new sites resulted in increases in both tenant and pass- through revenues ( such as ground rent or power and fuel costs ) and expenses .', 'we continue to evaluate opportunities to acquire communications real estate portfolios , both domestically and internationally , to determine whether they meet our risk-adjusted hurdle rates and whether we believe we can effectively integrate them into our existing portfolio. .']

['property operations expenses .', 'direct operating expenses incurred by our property segments include direct site level expenses and consist primarily of ground rent and power and fuel costs , some or all of which may be passed through to our tenants , as well as property taxes , repairs and maintenance .', 'these segment direct operating expenses exclude all segment and corporate selling , general , administrative and development expenses , which are aggregated into one line item entitled selling , general , administrative and development expense in our consolidated statements of operations .', 'in general , our property segments 2019 selling , general , administrative and development expenses do not significantly increase as a result of adding incremental tenants to our legacy sites and typically increase only modestly year-over-year .', 'as a result , leasing additional space to new tenants on our legacy sites provides significant incremental cash flow .', 'we may , however , incur additional segment .']

**************************************** new sites ( acquired or constructed ) | 2015 | 2014 | 2013 ----------|----------|----------|---------- u.s . | 11595 | 900 | 5260 asia | 2330 | 1560 | 1260 emea | 4910 | 190 | 485 latin america | 6535 | 5800 | 6065 ****************************************

add(900, 1560), add(#0, 190), add(#1, 5800)

8450.0

what is the total fair value of the granted shares in 2013 , ( in thousands ) ?

Context: ['grants of restricted awards are subject to forfeiture if a grantee , among other conditions , leaves our employment prior to expiration of the restricted period .', 'new grants of restricted awards generally vest one year after the date of grant in 25% ( 25 % ) increments over a four year period , with the exception of tsrs which vest after a three year period .', 'the following table summarizes the changes in non-vested restricted stock awards for the years ended may 31 , 2013 and 2012 ( share awards in thousands ) : shares weighted average grant-date fair value .'] Tabular Data: **************************************** Row 1: , shares, weighted averagegrant-datefair value Row 2: non-vested at may 31 2011, 869, $ 40 Row 3: granted, 472, 48 Row 4: vested, -321 ( 321 ), 40 Row 5: forfeited, -79 ( 79 ), 43 Row 6: non-vested at may 31 2012, 941, 44 Row 7: granted, 561, 44 Row 8: vested, -315 ( 315 ), 43 Row 9: forfeited, -91 ( 91 ), 44 Row 10: non-vested at may 31 2013, 1096, $ 44 **************************************** Additional Information: ['the total fair value of share awards vested during the years ended may 31 , 2013 , 2012 and 2011 was $ 13.6 million , $ 12.9 million and $ 10.8 million , respectively .', 'we recognized compensation expense for restricted stock of $ 16.2 million , $ 13.6 million , and $ 12.5 million in the years ended may 31 , 2013 , 2012 and 2011 , respectively .', 'as of may 31 , 2013 , there was $ 33.5 million of total unrecognized compensation cost related to unvested restricted stock awards that is expected to be recognized over a weighted average period of 2.5 years .', 'employee stock purchase plan we have an employee stock purchase plan under which the sale of 2.4 million shares of our common stock has been authorized .', 'employees may designate up to the lesser of $ 25000 or 20% ( 20 % ) of their annual compensation for the purchase of stock .', 'the price for shares purchased under the plan is 85% ( 85 % ) of the market value on the last day of the quarterly purchase period .', 'as of may 31 , 2013 , 1.0 million shares had been issued under this plan , with 1.4 million shares reserved for future issuance .', 'we recognized compensation expense for the plan of $ 0.5 million in the years ended may 31 , 2013 , 2012 and 2011 .', 'the weighted average grant-date fair value of each designated share purchased under this plan during the years ended may 31 , 2013 , 2012 and 2011 was $ 6 , $ 7 and $ 6 , respectively , which represents the fair value of the 15% ( 15 % ) discount .', 'stock options stock options are granted at 100% ( 100 % ) of fair market value on the date of grant and have 10-year terms .', 'stock options granted vest one year after the date of grant in 25% ( 25 % ) increments over a four year period .', 'the plans provide for accelerated vesting under certain conditions .', 'there were no options granted under the plans during the years ended may 31 , 2013 and may 31 , 2012. .']

24684.0

GPN/2013/page_87.pdf-1

['grants of restricted awards are subject to forfeiture if a grantee , among other conditions , leaves our employment prior to expiration of the restricted period .', 'new grants of restricted awards generally vest one year after the date of grant in 25% ( 25 % ) increments over a four year period , with the exception of tsrs which vest after a three year period .', 'the following table summarizes the changes in non-vested restricted stock awards for the years ended may 31 , 2013 and 2012 ( share awards in thousands ) : shares weighted average grant-date fair value .']

['the total fair value of share awards vested during the years ended may 31 , 2013 , 2012 and 2011 was $ 13.6 million , $ 12.9 million and $ 10.8 million , respectively .', 'we recognized compensation expense for restricted stock of $ 16.2 million , $ 13.6 million , and $ 12.5 million in the years ended may 31 , 2013 , 2012 and 2011 , respectively .', 'as of may 31 , 2013 , there was $ 33.5 million of total unrecognized compensation cost related to unvested restricted stock awards that is expected to be recognized over a weighted average period of 2.5 years .', 'employee stock purchase plan we have an employee stock purchase plan under which the sale of 2.4 million shares of our common stock has been authorized .', 'employees may designate up to the lesser of $ 25000 or 20% ( 20 % ) of their annual compensation for the purchase of stock .', 'the price for shares purchased under the plan is 85% ( 85 % ) of the market value on the last day of the quarterly purchase period .', 'as of may 31 , 2013 , 1.0 million shares had been issued under this plan , with 1.4 million shares reserved for future issuance .', 'we recognized compensation expense for the plan of $ 0.5 million in the years ended may 31 , 2013 , 2012 and 2011 .', 'the weighted average grant-date fair value of each designated share purchased under this plan during the years ended may 31 , 2013 , 2012 and 2011 was $ 6 , $ 7 and $ 6 , respectively , which represents the fair value of the 15% ( 15 % ) discount .', 'stock options stock options are granted at 100% ( 100 % ) of fair market value on the date of grant and have 10-year terms .', 'stock options granted vest one year after the date of grant in 25% ( 25 % ) increments over a four year period .', 'the plans provide for accelerated vesting under certain conditions .', 'there were no options granted under the plans during the years ended may 31 , 2013 and may 31 , 2012. .']

**************************************** Row 1: , shares, weighted averagegrant-datefair value Row 2: non-vested at may 31 2011, 869, $ 40 Row 3: granted, 472, 48 Row 4: vested, -321 ( 321 ), 40 Row 5: forfeited, -79 ( 79 ), 43 Row 6: non-vested at may 31 2012, 941, 44 Row 7: granted, 561, 44 Row 8: vested, -315 ( 315 ), 43 Row 9: forfeited, -91 ( 91 ), 44 Row 10: non-vested at may 31 2013, 1096, $ 44 ****************************************

multiply(561, 44)

24684.0

how many new sites were in the us during 2012 to 2014?\\n

Pre-text: ['rental and management operations new site revenue growth .', 'during the year ended december 31 , 2014 , we grew our portfolio of communications real estate through the acquisition and construction of approximately 8450 sites .', 'in a majority of our international markets , the acquisition or construction of new sites results in increased pass-through revenues ( such as ground rent or power and fuel costs ) and expenses .', 'we continue to evaluate opportunities to acquire communications real estate portfolios , both domestically and internationally , to determine whether they meet our risk-adjusted hurdle rates and whether we believe we can effectively integrate them into our existing portfolio. .'] Data Table: • new sites ( acquired or constructed ), 2014, 2013, 2012 • domestic, 900, 5260, 960 • international ( 1 ), 7550, 7810, 7850 Follow-up: ['( 1 ) the majority of sites acquired or constructed in 2014 were in brazil , india and mexico ; in 2013 were in brazil , colombia , costa rica , india , mexico and south africa ; and in 2012 were in brazil , germany , india and uganda .', 'rental and management operations expenses .', 'direct operating expenses incurred by our domestic and international rental and management segments include direct site level expenses and consist primarily of ground rent and power and fuel costs , some of which may be passed through to our tenants , as well as property taxes , repairs and maintenance .', 'these segment direct operating expenses exclude all segment and corporate selling , general , administrative and development expenses , which are aggregated into one line item entitled selling , general , administrative and development expense in our consolidated statements of operations .', 'in general , our domestic and international rental and management segments 2019 selling , general , administrative and development expenses do not significantly increase as a result of adding incremental tenants to our legacy sites and typically increase only modestly year-over-year .', 'as a result , leasing additional space to new tenants on our legacy sites provides significant incremental cash flow .', 'we may , however , incur additional segment selling , general , administrative and development expenses as we increase our presence in geographic areas where we have recently launched operations or are focused on expanding our portfolio .', 'our profit margin growth is therefore positively impacted by the addition of new tenants to our legacy sites and can be temporarily diluted by our development activities .', 'network development services segment revenue growth .', 'as we continue to focus on growing our rental and management operations , we anticipate that our network development services revenue will continue to represent a small percentage of our total revenues .', 'non-gaap financial measures included in our analysis of our results of operations are discussions regarding earnings before interest , taxes , depreciation , amortization and accretion , as adjusted ( 201cadjusted ebitda 201d ) , funds from operations , as defined by the national association of real estate investment trusts ( 201cnareit ffo 201d ) and adjusted funds from operations ( 201caffo 201d ) .', 'we define adjusted ebitda as net income before income ( loss ) on discontinued operations , net ; income ( loss ) on equity method investments ; income tax benefit ( provision ) ; other income ( expense ) ; gain ( loss ) on retirement of long-term obligations ; interest expense ; interest income ; other operating income ( expense ) ; depreciation , amortization and accretion ; and stock-based compensation expense .', 'nareit ffo is defined as net income before gains or losses from the sale or disposal of real estate , real estate related impairment charges , real estate related depreciation , amortization and accretion and dividends declared on preferred stock , and including adjustments for ( i ) unconsolidated affiliates and ( ii ) noncontrolling interest. .']

7120.0

AMT/2014/page_64.pdf-2

['rental and management operations new site revenue growth .', 'during the year ended december 31 , 2014 , we grew our portfolio of communications real estate through the acquisition and construction of approximately 8450 sites .', 'in a majority of our international markets , the acquisition or construction of new sites results in increased pass-through revenues ( such as ground rent or power and fuel costs ) and expenses .', 'we continue to evaluate opportunities to acquire communications real estate portfolios , both domestically and internationally , to determine whether they meet our risk-adjusted hurdle rates and whether we believe we can effectively integrate them into our existing portfolio. .']

['( 1 ) the majority of sites acquired or constructed in 2014 were in brazil , india and mexico ; in 2013 were in brazil , colombia , costa rica , india , mexico and south africa ; and in 2012 were in brazil , germany , india and uganda .', 'rental and management operations expenses .', 'direct operating expenses incurred by our domestic and international rental and management segments include direct site level expenses and consist primarily of ground rent and power and fuel costs , some of which may be passed through to our tenants , as well as property taxes , repairs and maintenance .', 'these segment direct operating expenses exclude all segment and corporate selling , general , administrative and development expenses , which are aggregated into one line item entitled selling , general , administrative and development expense in our consolidated statements of operations .', 'in general , our domestic and international rental and management segments 2019 selling , general , administrative and development expenses do not significantly increase as a result of adding incremental tenants to our legacy sites and typically increase only modestly year-over-year .', 'as a result , leasing additional space to new tenants on our legacy sites provides significant incremental cash flow .', 'we may , however , incur additional segment selling , general , administrative and development expenses as we increase our presence in geographic areas where we have recently launched operations or are focused on expanding our portfolio .', 'our profit margin growth is therefore positively impacted by the addition of new tenants to our legacy sites and can be temporarily diluted by our development activities .', 'network development services segment revenue growth .', 'as we continue to focus on growing our rental and management operations , we anticipate that our network development services revenue will continue to represent a small percentage of our total revenues .', 'non-gaap financial measures included in our analysis of our results of operations are discussions regarding earnings before interest , taxes , depreciation , amortization and accretion , as adjusted ( 201cadjusted ebitda 201d ) , funds from operations , as defined by the national association of real estate investment trusts ( 201cnareit ffo 201d ) and adjusted funds from operations ( 201caffo 201d ) .', 'we define adjusted ebitda as net income before income ( loss ) on discontinued operations , net ; income ( loss ) on equity method investments ; income tax benefit ( provision ) ; other income ( expense ) ; gain ( loss ) on retirement of long-term obligations ; interest expense ; interest income ; other operating income ( expense ) ; depreciation , amortization and accretion ; and stock-based compensation expense .', 'nareit ffo is defined as net income before gains or losses from the sale or disposal of real estate , real estate related impairment charges , real estate related depreciation , amortization and accretion and dividends declared on preferred stock , and including adjustments for ( i ) unconsolidated affiliates and ( ii ) noncontrolling interest. .']

• new sites ( acquired or constructed ), 2014, 2013, 2012 • domestic, 900, 5260, 960 • international ( 1 ), 7550, 7810, 7850

table_sum(domestic, none)

7120.0

how much percent did the income tax benefit increase from 2014 to 2016?

Background: ['2000 non-employee director stock option plan ( the 201cdirector stock option plan 201d ) , and the global payments inc .', '2011 incentive plan ( the 201c2011 plan 201d ) ( collectively , the 201cplans 201d ) .', 'we made no further grants under the 2000 plan after the 2005 plan was effective , and the director stock option plan expired by its terms on february 1 , 2011 .', 'we will make no future grants under the 2000 plan , the 2005 plan or the director stock option plan .', 'the 2011 plan permits grants of equity to employees , officers , directors and consultants .', 'a total of 14.0 million shares of our common stock was reserved and made available for issuance pursuant to awards granted under the 2011 plan .', 'the following table summarizes share-based compensation expense and the related income tax benefit recognized for our share-based awards and stock options ( in thousands ) : 2016 2015 2014 ( in thousands ) .'] ## Data Table: ---------------------------------------- | 2016 | 2015 ( in thousands ) | 2014 share-based compensation expense | $ 30809 | $ 21056 | $ 29793 income tax benefit | $ 9879 | $ 6907 | $ 7126 ---------------------------------------- ## Follow-up: ['we grant various share-based awards pursuant to the plans under what we refer to as our 201clong-term incentive plan . 201d the awards are held in escrow and released upon the grantee 2019s satisfaction of conditions of the award certificate .', 'restricted stock restricted stock awards vest over a period of time , provided , however , that if the grantee is not employed by us on the vesting date , the shares are forfeited .', 'restricted shares cannot be sold or transferred until they have vested .', 'restricted stock granted before fiscal 2015 vests in equal installments on each of the first four anniversaries of the grant date .', 'restricted stock granted during fiscal 2015 and thereafter either vest in equal installments on each of the first three anniversaries of the grant date or cliff vest at the end of a three-year service period .', 'the grant date fair value of restricted stock , which is based on the quoted market value of our common stock at the closing of the award date , is recognized as share-based compensation expense on a straight-line basis over the vesting period .', 'performance units certain of our executives have been granted performance units under our long-term incentive plan .', 'performance units are performance-based restricted stock units that , after a performance period , convert into common shares , which may be restricted .', 'the number of shares is dependent upon the achievement of certain performance measures during the performance period .', 'the target number of performance units and any market-based performance measures ( 201cat threshold , 201d 201ctarget , 201d and 201cmaximum 201d ) are set by the compensation committee of our board of directors .', 'performance units are converted only after the compensation committee certifies performance based on pre-established goals .', 'the performance units granted to certain executives in fiscal 2014 were based on a one-year performance period .', 'after the compensation committee certified the performance results , 25% ( 25 % ) of the performance units converted to unrestricted shares .', 'the remaining 75% ( 75 % ) converted to restricted shares that vest in equal installments on each of the first three anniversaries of the conversion date .', 'the performance units granted to certain executives during fiscal 2015 and fiscal 2016 were based on a three-year performance period .', 'after the compensation committee certifies the performance results for the three-year period , performance units earned will convert into unrestricted common stock .', 'the compensation committee may set a range of possible performance-based outcomes for performance units .', 'depending on the achievement of the performance measures , the grantee may earn up to 200% ( 200 % ) of the target number of shares .', 'for awards with only performance conditions , we recognize compensation expense on a straight-line basis over the performance period using the grant date fair value of the award , which is based on the number of shares expected to be earned according to the level of achievement of performance goals .', 'if the number of shares expected to be earned were to change at any time during the performance period , we would make a cumulative adjustment to share-based compensation expense based on the revised number of shares expected to be earned .', 'global payments inc .', '| 2016 form 10-k annual report 2013 83 .']

0.38633

GPN/2016/page_83.pdf-3

['2000 non-employee director stock option plan ( the 201cdirector stock option plan 201d ) , and the global payments inc .', '2011 incentive plan ( the 201c2011 plan 201d ) ( collectively , the 201cplans 201d ) .', 'we made no further grants under the 2000 plan after the 2005 plan was effective , and the director stock option plan expired by its terms on february 1 , 2011 .', 'we will make no future grants under the 2000 plan , the 2005 plan or the director stock option plan .', 'the 2011 plan permits grants of equity to employees , officers , directors and consultants .', 'a total of 14.0 million shares of our common stock was reserved and made available for issuance pursuant to awards granted under the 2011 plan .', 'the following table summarizes share-based compensation expense and the related income tax benefit recognized for our share-based awards and stock options ( in thousands ) : 2016 2015 2014 ( in thousands ) .']

['we grant various share-based awards pursuant to the plans under what we refer to as our 201clong-term incentive plan . 201d the awards are held in escrow and released upon the grantee 2019s satisfaction of conditions of the award certificate .', 'restricted stock restricted stock awards vest over a period of time , provided , however , that if the grantee is not employed by us on the vesting date , the shares are forfeited .', 'restricted shares cannot be sold or transferred until they have vested .', 'restricted stock granted before fiscal 2015 vests in equal installments on each of the first four anniversaries of the grant date .', 'restricted stock granted during fiscal 2015 and thereafter either vest in equal installments on each of the first three anniversaries of the grant date or cliff vest at the end of a three-year service period .', 'the grant date fair value of restricted stock , which is based on the quoted market value of our common stock at the closing of the award date , is recognized as share-based compensation expense on a straight-line basis over the vesting period .', 'performance units certain of our executives have been granted performance units under our long-term incentive plan .', 'performance units are performance-based restricted stock units that , after a performance period , convert into common shares , which may be restricted .', 'the number of shares is dependent upon the achievement of certain performance measures during the performance period .', 'the target number of performance units and any market-based performance measures ( 201cat threshold , 201d 201ctarget , 201d and 201cmaximum 201d ) are set by the compensation committee of our board of directors .', 'performance units are converted only after the compensation committee certifies performance based on pre-established goals .', 'the performance units granted to certain executives in fiscal 2014 were based on a one-year performance period .', 'after the compensation committee certified the performance results , 25% ( 25 % ) of the performance units converted to unrestricted shares .', 'the remaining 75% ( 75 % ) converted to restricted shares that vest in equal installments on each of the first three anniversaries of the conversion date .', 'the performance units granted to certain executives during fiscal 2015 and fiscal 2016 were based on a three-year performance period .', 'after the compensation committee certifies the performance results for the three-year period , performance units earned will convert into unrestricted common stock .', 'the compensation committee may set a range of possible performance-based outcomes for performance units .', 'depending on the achievement of the performance measures , the grantee may earn up to 200% ( 200 % ) of the target number of shares .', 'for awards with only performance conditions , we recognize compensation expense on a straight-line basis over the performance period using the grant date fair value of the award , which is based on the number of shares expected to be earned according to the level of achievement of performance goals .', 'if the number of shares expected to be earned were to change at any time during the performance period , we would make a cumulative adjustment to share-based compensation expense based on the revised number of shares expected to be earned .', 'global payments inc .', '| 2016 form 10-k annual report 2013 83 .']

---------------------------------------- | 2016 | 2015 ( in thousands ) | 2014 share-based compensation expense | $ 30809 | $ 21056 | $ 29793 income tax benefit | $ 9879 | $ 6907 | $ 7126 ----------------------------------------

subtract(9879, 7126), divide(#0, 7126)

0.38633

what percent of inventory is ready for liquidation ( sale ) in 2003?

Background: ['z i m m e r h o l d i n g s , i n c .', 'a n d s u b s i d i a r i e s 2 0 0 3 f o r m 1 0 - k notes to consolidated financial statements ( continued ) the unaudited pro forma results for 2003 include events or changes in circumstances indicate that the carrying $ 90.4 million of expense related to centerpulse hip and knee value of an asset may not be recoverable .', 'an impairment loss litigation , $ 54.4 million of cash income tax benefits as a result would be recognized when estimated future cash flows of centerpulse electing to carry back its 2002 u.s .', 'federal net relating to the asset are less than its carrying amount .', 'operating loss for 5 years versus 10 years , which resulted in depreciation of instruments is recognized as selling , general more losses being carried forward to future years and less and administrative expense , consistent with the classification tax credits going unutilized due to the shorter carry back of instrument cost in periods prior to january 1 , 2003 .', 'period and an $ 8.0 million gain on sale of orquest inc. , an prior to january 1 , 2003 , undeployed instruments were investment previously held by centerpulse .', 'the unaudited carried as a prepaid expense at cost , net of allowances for pro forma results are not necessarily indicative either of the obsolescence ( $ 54.8 million , net , at december 31 , 2002 ) , and results of operations that actually would have resulted had recognized in selling , general and administrative expense in the exchange offers been in effect at the beginning of the the year in which the instruments were placed into service .', 'respective years or of future results .', 'the new method of accounting for instruments was adopted to recognize the cost of these important assets of the transfx company 2019s business within the consolidated balance sheet on june 25 , 2003 , the company acquired the transfx and meaningfully allocate the cost of these assets over the external fixation system product line from immedica , inc .', 'periods benefited , typically five years .', 'for approximately $ 14.8 million cash , which has been the effect of the change during the year ended allocated primarily to goodwill and technology based december 31 , 2003 was to increase earnings before intangible assets .', 'the company has sold the transfx cumulative effect of change in accounting principle by product line since early 2001 under a distribution agreement $ 26.8 million ( $ 17.8 million net of tax ) , or $ 0.08 per diluted with immedica .', 'share .', 'the cumulative effect adjustment of $ 55.1 million ( net of income taxes of $ 34.0 million ) to retroactively apply the implex corp .', 'new capitalization method as if applied in years prior to 2003 on march 2 , 2004 , the company entered into an is included in earnings during the year ended december 31 , amended and restated merger agreement relating to the 2003 .', 'the pro forma amounts shown on the consolidated acquisition of implex corp .', '( 2018 2018implex 2019 2019 ) , a privately held statement of earnings have been adjusted for the effect of orthopaedics company based in new jersey , for cash .', 'each the retroactive application on depreciation and related share of implex stock will be converted into the right to income taxes .', 'receive cash having an aggregate value of approximately $ 108.0 million at closing and additional cash earn-out 5 .', 'inventories payments that are contingent on the growth of implex inventories at december 31 , 2003 and 2002 , consist of product sales through 2006 .', 'the net value transferred at the following ( in millions ) : closing will be approximately $ 89 million , which includes .'] ## Table: **************************************** Row 1: , 2003, 2002 Row 2: finished goods, $ 384.3, $ 206.7 Row 3: raw materials and work in progress, 90.8, 50.9 Row 4: inventory step-up, 52.6, 2013 Row 5: inventories net, $ 527.7, $ 257.6 **************************************** ## Follow-up: ['made by zimmer to implex pursuant to their existing alliance raw materials and work in progress 90.8 50.9 arrangement , escrow and other items .', 'the acquisition will be inventory step-up 52.6 2013 accounted for under the purchase method of accounting .', 'inventories , net $ 527.7 $ 257.6 reserves for obsolete and slow-moving inventory at4 .', 'change in accounting principle december 31 , 2003 and 2002 were $ 47.4 million and instruments are hand held devices used by orthopaedic $ 45.5 million , respectively .', 'provisions charged to expense surgeons during total joint replacement and other surgical were $ 11.6 million , $ 6.0 million and $ 11.9 million for the procedures .', 'effective january 1 , 2003 , instruments are years ended december 31 , 2003 , 2002 and 2001 , respectively .', 'recognized as long-lived assets and are included in property , amounts written off against the reserve were $ 11.7 million , plant and equipment .', 'undeployed instruments are carried at $ 7.1 million and $ 8.5 million for the years ended cost , net of allowances for obsolescence .', 'instruments in the december 31 , 2003 , 2002 and 2001 , respectively .', 'field are carried at cost less accumulated depreciation .', 'following the acquisition of centerpulse , the company depreciation is computed using the straight-line method established a common approach for estimating excess based on average estimated useful lives , determined inventory and instruments .', 'this change in estimate resulted principally in reference to associated product life cycles , in a charge to earnings of $ 3.0 million after tax in the fourth primarily five years .', 'in accordance with sfas no .', '144 , the quarter .', 'company reviews instruments for impairment whenever .']

0.72825

ZBH/2003/page_58.pdf-3

['z i m m e r h o l d i n g s , i n c .', 'a n d s u b s i d i a r i e s 2 0 0 3 f o r m 1 0 - k notes to consolidated financial statements ( continued ) the unaudited pro forma results for 2003 include events or changes in circumstances indicate that the carrying $ 90.4 million of expense related to centerpulse hip and knee value of an asset may not be recoverable .', 'an impairment loss litigation , $ 54.4 million of cash income tax benefits as a result would be recognized when estimated future cash flows of centerpulse electing to carry back its 2002 u.s .', 'federal net relating to the asset are less than its carrying amount .', 'operating loss for 5 years versus 10 years , which resulted in depreciation of instruments is recognized as selling , general more losses being carried forward to future years and less and administrative expense , consistent with the classification tax credits going unutilized due to the shorter carry back of instrument cost in periods prior to january 1 , 2003 .', 'period and an $ 8.0 million gain on sale of orquest inc. , an prior to january 1 , 2003 , undeployed instruments were investment previously held by centerpulse .', 'the unaudited carried as a prepaid expense at cost , net of allowances for pro forma results are not necessarily indicative either of the obsolescence ( $ 54.8 million , net , at december 31 , 2002 ) , and results of operations that actually would have resulted had recognized in selling , general and administrative expense in the exchange offers been in effect at the beginning of the the year in which the instruments were placed into service .', 'respective years or of future results .', 'the new method of accounting for instruments was adopted to recognize the cost of these important assets of the transfx company 2019s business within the consolidated balance sheet on june 25 , 2003 , the company acquired the transfx and meaningfully allocate the cost of these assets over the external fixation system product line from immedica , inc .', 'periods benefited , typically five years .', 'for approximately $ 14.8 million cash , which has been the effect of the change during the year ended allocated primarily to goodwill and technology based december 31 , 2003 was to increase earnings before intangible assets .', 'the company has sold the transfx cumulative effect of change in accounting principle by product line since early 2001 under a distribution agreement $ 26.8 million ( $ 17.8 million net of tax ) , or $ 0.08 per diluted with immedica .', 'share .', 'the cumulative effect adjustment of $ 55.1 million ( net of income taxes of $ 34.0 million ) to retroactively apply the implex corp .', 'new capitalization method as if applied in years prior to 2003 on march 2 , 2004 , the company entered into an is included in earnings during the year ended december 31 , amended and restated merger agreement relating to the 2003 .', 'the pro forma amounts shown on the consolidated acquisition of implex corp .', '( 2018 2018implex 2019 2019 ) , a privately held statement of earnings have been adjusted for the effect of orthopaedics company based in new jersey , for cash .', 'each the retroactive application on depreciation and related share of implex stock will be converted into the right to income taxes .', 'receive cash having an aggregate value of approximately $ 108.0 million at closing and additional cash earn-out 5 .', 'inventories payments that are contingent on the growth of implex inventories at december 31 , 2003 and 2002 , consist of product sales through 2006 .', 'the net value transferred at the following ( in millions ) : closing will be approximately $ 89 million , which includes .']

['made by zimmer to implex pursuant to their existing alliance raw materials and work in progress 90.8 50.9 arrangement , escrow and other items .', 'the acquisition will be inventory step-up 52.6 2013 accounted for under the purchase method of accounting .', 'inventories , net $ 527.7 $ 257.6 reserves for obsolete and slow-moving inventory at4 .', 'change in accounting principle december 31 , 2003 and 2002 were $ 47.4 million and instruments are hand held devices used by orthopaedic $ 45.5 million , respectively .', 'provisions charged to expense surgeons during total joint replacement and other surgical were $ 11.6 million , $ 6.0 million and $ 11.9 million for the procedures .', 'effective january 1 , 2003 , instruments are years ended december 31 , 2003 , 2002 and 2001 , respectively .', 'recognized as long-lived assets and are included in property , amounts written off against the reserve were $ 11.7 million , plant and equipment .', 'undeployed instruments are carried at $ 7.1 million and $ 8.5 million for the years ended cost , net of allowances for obsolescence .', 'instruments in the december 31 , 2003 , 2002 and 2001 , respectively .', 'field are carried at cost less accumulated depreciation .', 'following the acquisition of centerpulse , the company depreciation is computed using the straight-line method established a common approach for estimating excess based on average estimated useful lives , determined inventory and instruments .', 'this change in estimate resulted principally in reference to associated product life cycles , in a charge to earnings of $ 3.0 million after tax in the fourth primarily five years .', 'in accordance with sfas no .', '144 , the quarter .', 'company reviews instruments for impairment whenever .']

**************************************** Row 1: , 2003, 2002 Row 2: finished goods, $ 384.3, $ 206.7 Row 3: raw materials and work in progress, 90.8, 50.9 Row 4: inventory step-up, 52.6, 2013 Row 5: inventories net, $ 527.7, $ 257.6 ****************************************

divide(384.3, 527.7)

0.72825

what is the rate of return on an investment in s&p500 index from 2015 to 2016?

Pre-text: ['stock price performance the following graph shows a comparison of the cumulative total return on our common stock , the standard & poor 2019s 500 index and the standard & poor 2019s retail index .', 'the graph assumes that the value of an investment in our common stock and in each such index was $ 100 on december 31 , 2011 , and that any dividends have been reinvested .', 'the comparison in the graph below is based solely on historical data and is not intended to forecast the possible future performance of our common stock .', 'comparison of cumulative total return among advance auto parts , inc. , s&p 500 index and s&p retail index company/index december 31 , december 29 , december 28 , january 3 , january 2 , december 31 .'] ########## Table: ======================================== company/index | december 31 2011 | december 29 2012 | december 28 2013 | january 3 2015 | january 2 2016 | december 31 2016 ----------|----------|----------|----------|----------|----------|---------- advance auto parts | $ 100.00 | $ 102.87 | $ 158.46 | $ 228.88 | $ 217.49 | $ 244.64 s&p 500 index | 100.00 | 114.07 | 152.98 | 174.56 | 177.01 | 198.18 s&p retail index | 100.00 | 122.23 | 178.55 | 196.06 | 245.31 | 256.69 ======================================== ########## Additional Information: ['.']

0.01404

AAP/2016/page_26.pdf-2

['stock price performance the following graph shows a comparison of the cumulative total return on our common stock , the standard & poor 2019s 500 index and the standard & poor 2019s retail index .', 'the graph assumes that the value of an investment in our common stock and in each such index was $ 100 on december 31 , 2011 , and that any dividends have been reinvested .', 'the comparison in the graph below is based solely on historical data and is not intended to forecast the possible future performance of our common stock .', 'comparison of cumulative total return among advance auto parts , inc. , s&p 500 index and s&p retail index company/index december 31 , december 29 , december 28 , january 3 , january 2 , december 31 .']

['.']

======================================== company/index | december 31 2011 | december 29 2012 | december 28 2013 | january 3 2015 | january 2 2016 | december 31 2016 ----------|----------|----------|----------|----------|----------|---------- advance auto parts | $ 100.00 | $ 102.87 | $ 158.46 | $ 228.88 | $ 217.49 | $ 244.64 s&p 500 index | 100.00 | 114.07 | 152.98 | 174.56 | 177.01 | 198.18 s&p retail index | 100.00 | 122.23 | 178.55 | 196.06 | 245.31 | 256.69 ========================================

subtract(177.01, 174.56), divide(#0, 174.56)

0.01404

what was the percentage change in investment banking fees from 2006 to 2007?

Context: ['jpmorgan chase & co .', '/ 2007 annual report 31 the following section provides a comparative discussion of jpmorgan chase 2019s consolidated results of operations on a reported basis for the three-year period ended december 31 , 2007 .', 'factors that relate primarily to a single business segment are discussed in more detail within that business segment than they are in this consolidated sec- tion .', 'for a discussion of the critical accounting estimates used by the firm that affect the consolidated results of operations , see pages 96 201398 of this annual report .', 'revenue .'] Tabular Data: ======================================== year ended december 31 ( in millions ), 2007, 2006, 2005 investment banking fees, $ 6635, $ 5520, $ 4088 principal transactions, 9015, 10778, 8072 lending & deposit-related fees, 3938, 3468, 3389 asset management administration and commissions, 14356, 11855, 9988 securities gains ( losses ), 164, -543 ( 543 ), -1336 ( 1336 ) mortgage fees and related income, 2118, 591, 1054 credit card income, 6911, 6913, 6754 other income, 1829, 2175, 2684 noninterest revenue, 44966, 40757, 34693 net interest income, 26406, 21242, 19555 total net revenue, $ 71372, $ 61999, $ 54248 ======================================== Additional Information: ['2007 compared with 2006 total net revenue of $ 71.4 billion was up $ 9.4 billion , or 15% ( 15 % ) , from the prior year .', 'higher net interest income , very strong private equity gains , record asset management , administration and commissions revenue , higher mortgage fees and related income and record investment banking fees contributed to the revenue growth .', 'these increases were offset partially by lower trading revenue .', 'investment banking fees grew in 2007 to a level higher than the pre- vious record set in 2006 .', 'record advisory and equity underwriting fees drove the results , partially offset by lower debt underwriting fees .', 'for a further discussion of investment banking fees , which are primarily recorded in ib , see the ib segment results on pages 40 201342 of this annual report .', 'principal transactions revenue consists of trading revenue and private equity gains .', 'trading revenue declined significantly from the 2006 level , primarily due to markdowns in ib of $ 1.4 billion ( net of hedges ) on subprime positions , including subprime cdos , and $ 1.3 billion ( net of fees ) on leveraged lending funded loans and unfunded commitments .', 'also in ib , markdowns in securitized products on nonsubprime mortgages and weak credit trading performance more than offset record revenue in currencies and strong revenue in both rates and equities .', 'equities benefited from strong client activity and record trading results across all products .', 'ib 2019s credit portfolio results increased compared with the prior year , primarily driven by higher revenue from risk management activities .', 'the increase in private equity gains from 2006 reflected a significantly higher level of gains , the classification of certain private equity carried interest as compensation expense and a fair value adjustment in the first quarter of 2007 on nonpublic private equity investments resulting from the adoption of sfas 157 ( 201cfair value measurements 201d ) .', 'for a further discussion of principal transactions revenue , see the ib and corporate segment results on pages 40 201342 and 59 201360 , respectively , and note 6 on page 122 of this annual report .', 'lending & deposit-related fees rose from the 2006 level , driven pri- marily by higher deposit-related fees and the bank of new york transaction .', 'for a further discussion of lending & deposit-related fees , which are mostly recorded in rfs , tss and cb , see the rfs segment results on pages 43 201348 , the tss segment results on pages 54 201355 , and the cb segment results on pages 52 201353 of this annual report .', 'asset management , administration and commissions revenue reached a level higher than the previous record set in 2006 .', 'increased assets under management and higher performance and placement fees in am drove the record results .', 'the 18% ( 18 % ) growth in assets under management from year-end 2006 came from net asset inflows and market appreciation across all segments : institutional , retail , private bank and private client services .', 'tss also contributed to the rise in asset management , administration and commissions revenue , driven by increased product usage by new and existing clients and market appreciation on assets under custody .', 'finally , commissions revenue increased , due mainly to higher brokerage transaction volume ( primarily included within fixed income and equity markets revenue of ib ) , which more than offset the sale of the insurance business by rfs in the third quarter of 2006 and a charge in the first quarter of 2007 resulting from accelerated surrenders of customer annuities .', 'for additional information on these fees and commissions , see the segment discussions for ib on pages 40 201342 , rfs on pages 43 201348 , tss on pages 54 201355 , and am on pages 56 201358 , of this annual report .', 'the favorable variance resulting from securities gains in 2007 compared with securities losses in 2006 was primarily driven by improvements in the results of repositioning of the treasury invest- ment securities portfolio .', 'also contributing to the positive variance was a $ 234 million gain from the sale of mastercard shares .', 'for a fur- ther discussion of securities gains ( losses ) , which are mostly recorded in the firm 2019s treasury business , see the corporate segment discussion on pages 59 201360 of this annual report .', 'consol idated results of operat ions .']

0.20199

JPM/2007/page_33.pdf-2

['jpmorgan chase & co .', '/ 2007 annual report 31 the following section provides a comparative discussion of jpmorgan chase 2019s consolidated results of operations on a reported basis for the three-year period ended december 31 , 2007 .', 'factors that relate primarily to a single business segment are discussed in more detail within that business segment than they are in this consolidated sec- tion .', 'for a discussion of the critical accounting estimates used by the firm that affect the consolidated results of operations , see pages 96 201398 of this annual report .', 'revenue .']

['2007 compared with 2006 total net revenue of $ 71.4 billion was up $ 9.4 billion , or 15% ( 15 % ) , from the prior year .', 'higher net interest income , very strong private equity gains , record asset management , administration and commissions revenue , higher mortgage fees and related income and record investment banking fees contributed to the revenue growth .', 'these increases were offset partially by lower trading revenue .', 'investment banking fees grew in 2007 to a level higher than the pre- vious record set in 2006 .', 'record advisory and equity underwriting fees drove the results , partially offset by lower debt underwriting fees .', 'for a further discussion of investment banking fees , which are primarily recorded in ib , see the ib segment results on pages 40 201342 of this annual report .', 'principal transactions revenue consists of trading revenue and private equity gains .', 'trading revenue declined significantly from the 2006 level , primarily due to markdowns in ib of $ 1.4 billion ( net of hedges ) on subprime positions , including subprime cdos , and $ 1.3 billion ( net of fees ) on leveraged lending funded loans and unfunded commitments .', 'also in ib , markdowns in securitized products on nonsubprime mortgages and weak credit trading performance more than offset record revenue in currencies and strong revenue in both rates and equities .', 'equities benefited from strong client activity and record trading results across all products .', 'ib 2019s credit portfolio results increased compared with the prior year , primarily driven by higher revenue from risk management activities .', 'the increase in private equity gains from 2006 reflected a significantly higher level of gains , the classification of certain private equity carried interest as compensation expense and a fair value adjustment in the first quarter of 2007 on nonpublic private equity investments resulting from the adoption of sfas 157 ( 201cfair value measurements 201d ) .', 'for a further discussion of principal transactions revenue , see the ib and corporate segment results on pages 40 201342 and 59 201360 , respectively , and note 6 on page 122 of this annual report .', 'lending & deposit-related fees rose from the 2006 level , driven pri- marily by higher deposit-related fees and the bank of new york transaction .', 'for a further discussion of lending & deposit-related fees , which are mostly recorded in rfs , tss and cb , see the rfs segment results on pages 43 201348 , the tss segment results on pages 54 201355 , and the cb segment results on pages 52 201353 of this annual report .', 'asset management , administration and commissions revenue reached a level higher than the previous record set in 2006 .', 'increased assets under management and higher performance and placement fees in am drove the record results .', 'the 18% ( 18 % ) growth in assets under management from year-end 2006 came from net asset inflows and market appreciation across all segments : institutional , retail , private bank and private client services .', 'tss also contributed to the rise in asset management , administration and commissions revenue , driven by increased product usage by new and existing clients and market appreciation on assets under custody .', 'finally , commissions revenue increased , due mainly to higher brokerage transaction volume ( primarily included within fixed income and equity markets revenue of ib ) , which more than offset the sale of the insurance business by rfs in the third quarter of 2006 and a charge in the first quarter of 2007 resulting from accelerated surrenders of customer annuities .', 'for additional information on these fees and commissions , see the segment discussions for ib on pages 40 201342 , rfs on pages 43 201348 , tss on pages 54 201355 , and am on pages 56 201358 , of this annual report .', 'the favorable variance resulting from securities gains in 2007 compared with securities losses in 2006 was primarily driven by improvements in the results of repositioning of the treasury invest- ment securities portfolio .', 'also contributing to the positive variance was a $ 234 million gain from the sale of mastercard shares .', 'for a fur- ther discussion of securities gains ( losses ) , which are mostly recorded in the firm 2019s treasury business , see the corporate segment discussion on pages 59 201360 of this annual report .', 'consol idated results of operat ions .']

======================================== year ended december 31 ( in millions ), 2007, 2006, 2005 investment banking fees, $ 6635, $ 5520, $ 4088 principal transactions, 9015, 10778, 8072 lending & deposit-related fees, 3938, 3468, 3389 asset management administration and commissions, 14356, 11855, 9988 securities gains ( losses ), 164, -543 ( 543 ), -1336 ( 1336 ) mortgage fees and related income, 2118, 591, 1054 credit card income, 6911, 6913, 6754 other income, 1829, 2175, 2684 noninterest revenue, 44966, 40757, 34693 net interest income, 26406, 21242, 19555 total net revenue, $ 71372, $ 61999, $ 54248 ========================================

subtract(6635, 5520), divide(#0, 5520)

0.20199