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rm&t segment we do not attempt to qualify commodity derivative instruments used in our rm&t operations for hedge accounting .as a result , we recognize all changes in the fair value of derivatives used in our rm&t operations in income , although most of these derivatives have an underlying physical commodity transaction .generally , derivative losses occur when market prices increase , which are offset by gains on the underlying physical commodity transactions .conversely , derivative gains occur when market prices decrease , which are offset by losses on the underlying physical commodity transactions .derivative gains or losses included in rm&t segment income for each of the last three years are summarized in the following table : strategy ( in millions ) 2004 2003 2002 .
[['strategy ( in millions )', '2004', '2003', '2002'], ['mitigate price risk', '$ -106 ( 106 )', '$ -112 ( 112 )', '$ -95 ( 95 )'], ['protect carrying values of excess inventories', '-98 ( 98 )', '-57 ( 57 )', '-41 ( 41 )'], ['protect margin on fixed price sales', '8', '5', '11'], ['protect crack spread values', '-76 ( 76 )', '6', '1'], ['trading activities', '8', '-4 ( 4 )', '2013'], ['total net derivative losses', '$ -264 ( 264 )', '$ -162 ( 162 )', '$ -124 ( 124 )']]
during 2004 , using derivative instruments map sold crack spreads forward through the fourth quarter 2005 at values higher than the company thought sustainable in the actual months these contracts expire .included in the $ 76 million derivative loss for 2004 noted in the above table for the 2018 2018protect crack spread values 2019 2019 strategy was approximately an $ 8 million gain due to changes in the fair value of crack-spread derivatives that will expire throughout 2005 .in addition , natural gas options are in place to manage the price risk associated with approximately 41 percent of the first quarter 2005 anticipated natural gas purchases for refinery use .ig segment we have used derivative instruments to convert the fixed price of a long-term gas sales contract to market prices .the underlying physical contract is for a specified annual quantity of gas and matures in 2008 .similarly , we will use derivative instruments to convert shorter term ( typically less than a year ) fixed price contracts to market prices in our ongoing purchase for resale activity ; and to hedge purchased gas injected into storage for subsequent resale .derivative gains included in ig segment income were $ 17 million in 2004 , compared to gains of $ 19 million in 2003 and losses of $ 8 million in 2002 .trading activity in the ig segment resulted in losses of $ 2 million in 2004 , compared to losses of $ 7 million in 2003 and gains of $ 4 million in 2002 and have been included in the aforementioned amounts .other commodity risk we are impacted by basis risk , caused by factors that affect the relationship between commodity futures prices reflected in derivative commodity instruments and the cash market price of the underlying commodity .natural gas transaction prices are frequently based on industry reference prices that may vary from prices experienced in local markets .for example , new york mercantile exchange ( 2018 2018nymex 2019 2019 ) contracts for natural gas are priced at louisiana 2019s henry hub , while the underlying quantities of natural gas may be produced and sold in the western united states at prices that do not move in strict correlation with nymex prices .if commodity price changes in one region are not reflected in other regions , derivative commodity instruments may no longer provide the expected hedge , resulting in increased exposure to basis risk .these regional price differences could yield favorable or unfavorable results .otc transactions are being used to manage exposure to a portion of basis risk .we are impacted by liquidity risk , caused by timing delays in liquidating contract positions due to a potential inability to identify a counterparty willing to accept an offsetting position .due to the large number of active participants , liquidity risk exposure is relatively low for exchange-traded transactions. .
|
included in the derivative loss for 2004 noted in the above table for the 2018 2018protect crack spread values 2019 2019 strategy was a gain due to changes in the fair value of crack-spread derivatives that will expire throughout 2005 . what was the loss without benefit of this gain?
|
68
|
{
"answer": "68",
"decimal": 68,
"type": "float"
}
| |
in february 2007 , the fasb issued sfas no .159 201cthe fair value option for financial assets and liabilities 2014including an amendment of fasb statement no .115 201d ( sfas no .159 ) .this statement provides companies with an option to report selected financial assets and liabilities at fair value and establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities .sfas no .159 is effective for us as of january 1 , 2008 .we are in the process of evaluating the impact that sfas no .159 will have on our consolidated financial statements .information presented pursuant to the indentures of our 7.50% ( 7.50 % ) notes , 7.125% ( 7.125 % ) notes and ati 7.25% ( 7.25 % ) the following table sets forth information that is presented solely to address certain tower cash flow reporting requirements contained in the indentures for our 7.50% ( 7.50 % ) notes , 7.125% ( 7.125 % ) notes and ati 7.25% ( 7.25 % ) notes ( collectively , the notes ) .the information contained in note 20 to our consolidated financial statements is also presented to address certain reporting requirements contained in the indenture for our ati 7.25% ( 7.25 % ) notes .the indentures governing the notes contain restrictive covenants with which we and certain subsidiaries under these indentures must comply .these include restrictions on our ability to incur additional debt , guarantee debt , pay dividends and make other distributions and make certain investments .any failure to comply with these covenants would constitute a default , which could result in the acceleration of the principal amount and accrued and unpaid interest on all the outstanding notes .in order for the holders of the notes to assess our compliance with certain of these covenants , the indentures require us to disclose in the periodic reports we file with the sec our tower cash flow , adjusted consolidated cash flow and non-tower cash flow ( each as defined in the indentures ) .under the indentures , our ability to make certain types of restricted payments is limited by the amount of adjusted consolidated cash flow that we generate , which is determined based on our tower cash flow and non-tower cash flow .in addition , the indentures for the notes restrict us from incurring additional debt or issuing certain types of preferred stock if on a pro forma basis the issuance of such debt and preferred stock would cause our consolidated debt to be greater than 7.5 times our adjusted consolidated cash flow .as of december 31 , 2006 , the ratio of our consolidated debt to adjusted consolidated cash flow was approximately 4.6 .for more information about the restrictions under our notes indentures , see note 7 to our consolidated financial statements included in this annual report and the section entitled 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity . 201d tower cash flow , adjusted consolidated cash flow and non-tower cash flow are considered non-gaap financial measures .we are required to provide these financial metrics by the indentures for the notes , and we have included them below because we consider the indentures for the notes to be material agreements , the covenants related to tower cash flow , adjusted consolidated cash flow and non-tower cash flow to be material terms of the indentures , and information about compliance with such covenants to be material to an investor 2019s understanding of our financial results and the impact of those results on our liquidity .these financial metrics do not include the results of spectrasite or its subsidiaries because such entities are unrestricted subsidiaries under the indentures for the notes .the following table presents tower cash flow , adjusted consolidated cash flow and non-tower cash flow for the company and its restricted subsidiaries , as defined in the indentures for the applicable notes ( in thousands ) : .
[['tower cash flow for the three months ended december 31 2006', '$ 157311'], ['consolidated cash flow for the twelve months ended december 31 2006', '$ 591 050'], ['less : tower cash flow for the twelve months ended december 31 2006', '-612366 ( 612366 )'], ['plus : four times tower cash flow for the three months ended december 31 2006', '629244'], ['adjusted consolidated cash flow for the twelve months ended december 31 2006', '$ 607928'], ['non-tower cash flow for the twelve months ended december 31 2006', '$ -22614 ( 22614 )']]
.
|
what portion of the adjusted consolidated cash flow for the twelve months ended december 31 , 2006 is related to non-tower cash flow?
|
-3.7%
|
{
"answer": "-3.7%",
"decimal": -0.037000000000000005,
"type": "percentage"
}
| |
unconditional purchase obligations approximately $ 390 of our long-term unconditional purchase obligations relate to feedstock supply for numerous hyco ( hydrogen , carbon monoxide , and syngas ) facilities .the price of feedstock supply is principally related to the price of natural gas .however , long-term take-or-pay sales contracts to hyco customers are generally matched to the term of the feedstock supply obligations and provide recovery of price increases in the feedstock supply .due to the matching of most long-term feedstock supply obligations to customer sales contracts , we do not believe these purchase obligations would have a material effect on our financial condition or results of operations .refer to note 17 , commitments and contingencies , to the consolidated financial statements for additional information on our unconditional purchase obligations .the unconditional purchase obligations also include other product supply and purchase commitments and electric power and natural gas supply purchase obligations , which are primarily pass-through contracts with our customers .in addition , purchase commitments to spend approximately $ 540 for additional plant and equipment are included in the unconditional purchase obligations in 2016 .we also purchase materials , energy , capital equipment , supplies , and services as part of the ordinary course of business under arrangements that are not unconditional purchase obligations .the majority of such purchases are for raw materials and energy , which are obtained under requirements-type contracts at market prices .obligation for future contribution to an equity affiliate on 19 april 2015 , a joint venture between air products and acwa holding entered into a 20-year oxygen and nitrogen supply agreement to supply saudi aramco 2019s oil refinery and power plant being built in jazan , saudi arabia .air products owns 25% ( 25 % ) of the joint venture and guarantees the repayment of its share of an equity bridge loan .in total , we expect to invest approximately $ 100 in this joint venture .as of 30 september 2015 , we recorded a noncurrent liability of $ 67.5 for our obligation to make future equity contributions based on advances received by the joint venture under the loan .income tax liabilities noncurrent deferred income tax liabilities as of 30 september 2015 were $ 903.3 .tax liabilities related to unrecognized tax benefits as of 30 september 2015 were $ 97.5 .these tax liabilities were excluded from the contractual obligations table , as it is impractical to determine a cash impact by year given that payments will vary according to changes in tax laws , tax rates , and our operating results .in addition , there are uncertainties in timing of the effective settlement of our uncertain tax positions with respective taxing authorities .refer to note 23 , income taxes , to the consolidated financial statements for additional information .pension benefits the company sponsors defined benefit pension plans and defined contribution plans that cover a substantial portion of its worldwide employees .the principal defined benefit pension plans 2014the u.s .salaried pension plan and the u.k .pension plan 2014were closed to new participants in 2005 and were replaced with defined contribution plans .over the long run , the shift to defined contribution plans is expected to reduce volatility of both plan expense and contributions .the fair market value of plan assets for our defined benefit pension plans as of the 30 september 2015 measurement date decreased to $ 3916.4 from $ 4114.6 at the end of fiscal year 2014 .the projected benefit obligation for these plans was $ 4787.8 and $ 4738.6 at the end of the fiscal years 2015 and 2014 , respectively .refer to note 16 , retirement benefits , to the consolidated financial statements for comprehensive and detailed disclosures on our postretirement benefits .pension expense .
[['', '2015', '2014', '2013'], ['pension expense', '$ 135.6', '$ 135.9', '$ 169.7'], ['special terminations settlements and curtailments ( included above )', '35.2', '5.8', '19.8'], ['weighted average discount rate', '4.0% ( 4.0 % )', '4.6% ( 4.6 % )', '4.0% ( 4.0 % )'], ['weighted average expected rate of return on plan assets', '7.4% ( 7.4 % )', '7.7% ( 7.7 % )', '7.7% ( 7.7 % )'], ['weighted average expected rate of compensation increase', '3.5% ( 3.5 % )', '3.9% ( 3.9 % )', '3.8% ( 3.8 % )']]
.
|
what was the decrease observed in the fair market value of plan assets of the benefit pension plans during 2014 and 2015?
|
4.81%
|
{
"answer": "4.81%",
"decimal": 0.0481,
"type": "percentage"
}
|
it is the final 2015 value subtracted by the initial 2014 value then divided by the initial value and turned into a percentage.\\n
|
item 7 .management 2019s discussion and analysis of financial condition and results of operations the following discussion of historical results of operations and financial condition should be read in conjunction with the audited financial statements and the notes thereto which appear elsewhere in this report .overview on april 12 , 1999 , pca acquired the containerboard and corrugated products business of pactiv corporation ( the 201cgroup 201d ) , formerly known as tenneco packaging inc. , a wholly owned subsidiary of tenneco , inc .the group operated prior to april 12 , 1999 as a division of pactiv , and not as a separate , stand-alone entity .from its formation in january 1999 and through the closing of the acquisition on april 12 , 1999 , pca did not have any significant operations .the april 12 , 1999 acquisition was accounted for using historical values for the contributed assets .purchase accounting was not applied because , under the applicable accounting guidance , a change of control was deemed not to have occurred as a result of the participating veto rights held by pactiv after the closing of the transactions under the terms of the stockholders agreement entered into in connection with the transactions .results of operations year ended december 31 , 2005 compared to year ended december 31 , 2004 the historical results of operations of pca for the years ended december , 31 2005 and 2004 are set forth the below : for the year ended december 31 , ( in millions ) 2005 2004 change .
[['( in millions )', 'for the year ended december 31 , 2005', 'for the year ended december 31 , 2004', 'change'], ['net sales', '$ 1993.7', '$ 1890.1', '$ 103.6'], ['income before interest and taxes', '$ 116.1', '$ 140.5', '$ -24.4 ( 24.4 )'], ['interest expense net', '-28.1 ( 28.1 )', '-29.6 ( 29.6 )', '1.5'], ['income before taxes', '88.0', '110.9', '-22.9 ( 22.9 )'], ['provision for income taxes', '-35.4 ( 35.4 )', '-42.2 ( 42.2 )', '6.8'], ['net income', '$ 52.6', '$ 68.7', '$ -16.1 ( 16.1 )']]
net sales net sales increased by $ 103.6 million , or 5.5% ( 5.5 % ) , for the year ended december 31 , 2005 from the year ended december 31 , 2004 .net sales increased primarily due to increased sales prices and volumes of corrugated products compared to 2004 .total corrugated products volume sold increased 4.2% ( 4.2 % ) to 31.2 billion square feet in 2005 compared to 29.9 billion square feet in 2004 .on a comparable shipment-per-workday basis , corrugated products sales volume increased 4.6% ( 4.6 % ) in 2005 from 2004 .excluding pca 2019s acquisition of midland container in april 2005 , corrugated products volume was 3.0% ( 3.0 % ) higher in 2005 than 2004 and up 3.4% ( 3.4 % ) compared to 2004 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 2005 had one less workday ( 250 days ) , those days not falling on a weekend or holiday , than 2004 ( 251 days ) .containerboard sales volume to external domestic and export customers decreased 12.2% ( 12.2 % ) to 417000 tons for the year ended december 31 , 2005 from 475000 tons in 2004. .
|
what was total interest expense in millions in 2005 and 2004?
|
57.7
|
{
"answer": "57.7",
"decimal": 57.7,
"type": "float"
}
| |
income taxes american water and its subsidiaries participate in a consolidated federal income tax return for u.s .tax purposes .members of the consolidated group are charged with the amount of federal income tax expense determined as if they filed separate returns .certain income and expense items are accounted for in different time periods for financial reporting than for income tax reporting purposes .the company provides deferred income taxes on the difference between the tax basis of assets and liabilities and the amounts at which they are carried in the financial statements .these deferred income taxes are based on the enacted tax rates expected to be in effect when these temporary differences are projected to reverse .in addition , the regulated utility subsidiaries recognize regulatory assets and liabilities for the effect on revenues expected to be realized as the tax effects of temporary differences , previously flowed through to customers , reverse .investment tax credits have been deferred by the regulated utility subsidiaries and are being amortized to income over the average estimated service lives of the related assets .the company recognizes accrued interest and penalties related to tax positions as a component of income tax expense and accounts for sales tax collected from customers and remitted to taxing authorities on a net basis .see note 13 2014income taxes .allowance for funds used during construction afudc is a non-cash credit to income with a corresponding charge to utility plant that represents the cost of borrowed funds or a return on equity funds devoted to plant under construction .the regulated utility subsidiaries record afudc to the extent permitted by the pucs .the portion of afudc attributable to borrowed funds is shown as a reduction of interest , net in the accompanying consolidated statements of operations .any portion of afudc attributable to equity funds would be included in other income ( expenses ) in the accompanying consolidated statements of operations .afudc is summarized in the following table for the years ended december 31: .
[['', '2017', '2016', '2015'], ['allowance for other funds used during construction', '$ 19', '$ 15', '$ 13'], ['allowance for borrowed funds used during construction', '8', '6', '8']]
environmental costs the company 2019s water and wastewater operations and the operations of its market-based businesses are subject to u.s .federal , state , local and foreign requirements relating to environmental protection , and as such , the company periodically becomes subject to environmental claims in the normal course of business .environmental expenditures that relate to current operations or provide a future benefit are expensed or capitalized as appropriate .remediation costs that relate to an existing condition caused by past operations are accrued , on an undiscounted basis , when it is probable that these costs will be incurred and can be reasonably estimated .a conservation agreement entered into by a subsidiary of the company with the national oceanic and atmospheric administration in 2010 and amended in 2017 required the company to , among other provisions , implement certain measures to protect the steelhead trout and its habitat in the carmel river watershed in the state of california .the company agreed to pay $ 1 million annually commencing in 2010 with the final payment being made in 2021 .remediation costs accrued amounted to $ 6 million and less than $ 1 million as of december 31 , 2017 and 2016 , respectively .derivative financial instruments the company uses derivative financial instruments for purposes of hedging exposures to fluctuations in interest rates .these derivative contracts are entered into for periods consistent with the related underlying .
|
what was the combined amount of allowance for funds used in and funds borrowed in construction in 2016
|
21
|
{
"answer": "21",
"decimal": 21,
"type": "float"
}
|
the combined amount of allowance of funds used and borrowed in any years is the sum of the separate amounts
|
analog devices , inc .notes to consolidated financial statements 2014 ( continued ) a summary of the company 2019s restricted stock unit award activity as of october 31 , 2015 and changes during the fiscal year then ended is presented below : restricted stock units outstanding ( in thousands ) weighted- average grant- date fair value per share .
[['', 'restrictedstock unitsoutstanding ( in thousands )', 'weighted-average grant-date fair valueper share'], ['restricted stock units outstanding at november 1 2014', '3188', '$ 43.46'], ['units granted', '818', '$ 52.25'], ['restrictions lapsed', '-1151 ( 1151 )', '$ 39.72'], ['forfeited', '-157 ( 157 )', '$ 45.80'], ['restricted stock units outstanding at october 31 2015', '2698', '$ 47.59']]
as of october 31 , 2015 , there was $ 108.8 million of total unrecognized compensation cost related to unvested share- based awards comprised of stock options and restricted stock units .that cost is expected to be recognized over a weighted- average period of 1.3 years .the total grant-date fair value of shares that vested during fiscal 2015 , 2014 and 2013 was approximately $ 65.6 million , $ 57.4 million and $ 63.9 million , respectively .common stock repurchase program the company 2019s common stock repurchase program has been in place since august 2004 .in the aggregate , the board of directors have authorized the company to repurchase $ 5.6 billion of the company 2019s common stock under the program .under the program , the company may repurchase outstanding shares of its common stock from time to time in the open market and through privately negotiated transactions .unless terminated earlier by resolution of the company 2019s board of directors , the repurchase program will expire when the company has repurchased all shares authorized under the program .as of october 31 , 2015 , the company had repurchased a total of approximately 140.7 million shares of its common stock for approximately $ 5.0 billion under this program .an additional $ 544.5 million remains available for repurchase of shares under the current authorized program .the repurchased shares are held as authorized but unissued shares of common stock .the company also , from time to time , repurchases shares in settlement of employee minimum tax withholding obligations due upon the vesting of restricted stock units or the exercise of stock options .the withholding amount is based on the employees minimum statutory withholding requirement .any future common stock repurchases will be dependent upon several factors , including the company's financial performance , outlook , liquidity and the amount of cash the company has available in the united states .preferred stock the company has 471934 authorized shares of $ 1.00 par value preferred stock , none of which is issued or outstanding .the board of directors is authorized to fix designations , relative rights , preferences and limitations on the preferred stock at the time of issuance .4 .industry , segment and geographic information the company operates and tracks its results in one reportable segment based on the aggregation of six operating segments .the company designs , develops , manufactures and markets a broad range of integrated circuits ( ics ) .the chief executive officer has been identified as the company's chief operating decision maker .the company has determined that all of the company's operating segments share the following similar economic characteristics , and therefore meet the criteria established for operating segments to be aggregated into one reportable segment , namely : 2022 the primary source of revenue for each operating segment is the sale of integrated circuits .2022 the integrated circuits sold by each of the company's operating segments are manufactured using similar semiconductor manufacturing processes and raw materials in either the company 2019s own production facilities or by third-party wafer fabricators using proprietary processes .2022 the company sells its products to tens of thousands of customers worldwide .many of these customers use products spanning all operating segments in a wide range of applications .2022 the integrated circuits marketed by each of the company's operating segments are sold globally through a direct sales force , third-party distributors , independent sales representatives and via our website to the same types of customers .all of the company's operating segments share a similar long-term financial model as they have similar economic characteristics .the causes for variation in operating and financial performance are the same among the company's operating segments and include factors such as ( i ) life cycle and price and cost fluctuations , ( ii ) number of competitors , ( iii ) product .
|
what is the total fair value of the total restricted stock units outstanding at october 31 , 2015?
|
128398
|
{
"answer": "128398",
"decimal": 128398,
"type": "float"
}
| |
on may 20 , 2015 , aon plc issued $ 600 million of 4.750% ( 4.750 % ) senior notes due may 2045 .the 4.750% ( 4.750 % ) notes due may 2045 are fully and unconditionally guaranteed by aon corporation .we used the proceeds of the issuance for general corporate purposes .on september 30 , 2015 , $ 600 million of 3.50% ( 3.50 % ) senior notes issued by aon corporation matured and were repaid .on november 13 , 2015 , aon plc issued $ 400 million of 2.80% ( 2.80 % ) senior notes due march 2021 .the 2.80% ( 2.80 % ) notes due march 2021 are fully and unconditionally guaranteed by aon corporation .we used the proceeds of the issuance for general corporate purposes .credit facilities as of december 31 , 2015 , we had two committed credit facilities outstanding : our $ 400 million u.s .credit facility expiring in march 2017 ( the "2017 facility" ) and $ 900 million multi-currency u.s .credit facility expiring in february 2020 ( the "2020 facility" ) .the 2020 facility was entered into on february 2 , 2015 and replaced the previous 20ac650 million european credit facility .each of these facilities is intended to support our commercial paper obligations and our general working capital needs .in addition , each of these facilities includes customary representations , warranties and covenants , including financial covenants that require us to maintain specified ratios of adjusted consolidated ebitda to consolidated interest expense and consolidated debt to adjusted consolidated ebitda , tested quarterly .at december 31 , 2015 , we did not have borrowings under either the 2017 facility or the 2020 facility , and we were in compliance with the financial covenants and all other covenants contained therein during the twelve months ended december 31 , 2015 .effective february 2 , 2016 , the 2020 facility terms were extended for 1 year and will expire in february 2021 our total debt-to-ebitda ratio at december 31 , 2015 and 2014 , is calculated as follows: .
[['years ended december 31,', '2015', '2014'], ['net income', '1422', '1431'], ['interest expense', '273', '255'], ['income taxes', '267', '334'], ['depreciation of fixed assets', '229', '242'], ['amortization of intangible assets', '314', '352'], ['total ebitda', '2505', '2614'], ['total debt', '5737', '5582'], ['total debt-to-ebitda ratio', '2.3', '2.1']]
we use ebitda , as defined by our financial covenants , as a non-gaap measure .this supplemental information related to ebitda represents a measure not in accordance with u.s .gaap and should be viewed in addition to , not instead of , our consolidated financial statements and notes thereto .shelf registration statement on september 3 , 2015 , we filed a shelf registration statement with the sec , registering the offer and sale from time to time of an indeterminate amount of , among other securities , debt securities , preference shares , class a ordinary shares and convertible securities .our ability to access the market as a source of liquidity is dependent on investor demand , market conditions and other factors. .
|
what is the ebit of aon for 2015?
|
2062
|
{
"answer": "2062",
"decimal": 2062,
"type": "float"
}
| |
edwards lifesciences corporation notes to consolidated financial statements ( continued ) 12 .common stock ( continued ) the company also maintains the nonemployee directors stock incentive compensation program ( the 2018 2018nonemployee directors program 2019 2019 ) .under the nonemployee directors program , each nonemployee director may receive annually up to 10000 stock options or 4000 restricted stock units of the company 2019s common stock , or a combination thereof , provided that in no event may the total value of the combined annual award exceed $ 0.2 million .additionally , each nonemployee director may elect to receive all or a portion of the annual cash retainer to which the director is otherwise entitled through the issuance of stock options or restricted stock units .each option and restricted stock unit award granted in 2011 or prior generally vests in three equal annual installments .each option and restricted stock unit award granted after 2011 generally vests after one year .upon a director 2019s initial election to the board , the director receives an initial grant of restricted stock units equal to a fair market value on grant date of $ 0.2 million , not to exceed 10000 shares .these grants vest over three years from the date of grant .under the nonemployee directors program , an aggregate of 1.4 million shares of the company 2019s common stock has been authorized for issuance .the company has an employee stock purchase plan for united states employees and a plan for international employees ( collectively 2018 2018espp 2019 2019 ) .under the espp , eligible employees may purchase shares of the company 2019s common stock at 85% ( 85 % ) of the lower of the fair market value of edwards lifesciences common stock on the effective date of subscription or the date of purchase .under the espp , employees can authorize the company to withhold up to 12% ( 12 % ) of their compensation for common stock purchases , subject to certain limitations .the espp is available to all active employees of the company paid from the united states payroll and to eligible employees of the company outside the united states to the extent permitted by local law .the espp for united states employees is qualified under section 423 of the internal revenue code .the number of shares of common stock authorized for issuance under the espp was 6.6 million shares .the fair value of each option award and employee stock purchase subscription is estimated on the date of grant using the black-scholes option valuation model that uses the assumptions noted in the following tables .the risk-free interest rate is estimated using the u.s .treasury yield curve and is based on the expected term of the award .expected volatility is estimated based on a blend of the weighted-average of the historical volatility of edwards 2019 stock and the implied volatility from traded options on edwards 2019 stock .the expected term of awards granted is estimated from the vesting period of the award , as well as historical exercise behavior , and represents the period of time that awards granted are expected to be outstanding .the company uses historical data to estimate forfeitures and has estimated an annual forfeiture rate of 5.1% ( 5.1 % ) .the black-scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods : option awards .
[['', '2013', '2012', '2011'], ['average risk-free interest rate', '0.8% ( 0.8 % )', '0.7% ( 0.7 % )', '1.7% ( 1.7 % )'], ['expected dividend yield', 'none', 'none', 'none'], ['expected volatility', '31% ( 31 % )', '31% ( 31 % )', '27% ( 27 % )'], ['expected life ( years )', '4.6', '4.6', '4.5'], ['fair value per share', '$ 19.47', '$ 23.93', '$ 22.78']]
.
|
what is the percentage change in the fair value per share between 2011 and 2012?
|
5%
|
{
"answer": "5%",
"decimal": 0.05,
"type": "percentage"
}
| |
notes to five year summary ( a ) includes the effects of items not considered in the assessment of the operating performance of our business segments ( see the section , 201cresults of operations 2013 unallocated corporate ( expense ) income , net 201d in management 2019s discussion and analysis of financial condition and results of operations ( md&a ) ) which , on a combined basis , increased earnings from continuing operations before income taxes by $ 214 million , $ 139 million after tax ( $ 0.31 per share ) .also includes a reduction in income tax expense of $ 62 million ( $ 0.14 per share ) resulting from a tax benefit related to claims we filed for additional extraterritorial income exclusion ( eti ) tax benefits .these items increased earnings by $ 201 million after tax ( $ 0.45 per share ) .( b ) includes the effects of items not considered in the assessment of the operating performance of our business segments ( see the section , 201cresults of operations 2013 unallocated corporate ( expense ) income , net 201d in md&a ) which , on a combined basis , increased earnings from continuing operations before income taxes by $ 173 million , $ 113 million after tax ( $ 0.25 per share ) .( c ) includes the effects of items not considered in the assessment of the operating performance of our business segments ( see the section , 201cresults of operations 2013 unallocated corporate ( expense ) income , net 201d in md&a ) which , on a combined basis , decreased earnings from continuing operations before income taxes by $ 215 million , $ 154 million after tax ( $ 0.34 per share ) .also includes a reduction in income tax expense resulting from the closure of an internal revenue service examination of $ 144 million ( $ 0.32 per share ) .these items reduced earnings by $ 10 million after tax ( $ 0.02 per share ) .( d ) includes the effects of items not considered in the assessment of the operating performance of our business segments which , on a combined basis , decreased earnings from continuing operations before income taxes by $ 153 million , $ 102 million after tax ( $ 0.22 per share ) .( e ) includes the effects of items not considered in the assessment of the operating performance of our business segments which , on a combined basis , decreased earnings from continuing operations before income taxes by $ 1112 million , $ 632 million after tax ( $ 1.40 per share ) .( f ) we define return on invested capital ( roic ) as net earnings plus after-tax interest expense divided by average invested capital ( stockholders 2019 equity plus debt ) , after adjusting stockholders 2019 equity by adding back adjustments related to postretirement benefit plans .we believe that reporting roic provides investors with greater visibility into how effectively we use the capital invested in our operations .we use roic to evaluate multi-year investment decisions and as a long-term performance measure , and also use it as a factor in evaluating management performance under certain of our incentive compensation plans .roic is not a measure of financial performance under gaap , and may not be defined and calculated by other companies in the same manner .roic should not be considered in isolation or as an alternative to net earnings as an indicator of performance .we calculate roic as follows : ( in millions ) 2006 2005 2004 2003 2002 .
[['( in millions )', '2006', '2005', '2004', '2003', '2002'], ['net earnings', '$ 2529', '$ 1825', '$ 1266', '$ 1053', '$ 500'], ['interest expense ( multiplied by 65% ( 65 % ) ) 1', '235', '241', '276', '317', '378'], ['return', '$ 2764', '$ 2066', '$ 1542', '$ 1370', '$ 878'], ['average debt2 5', '$ 4727', '$ 5077', '$ 5932', '$ 6612', '$ 7491'], ['average equity3 5', '7686', '7590', '7015', '6170', '6853'], ['average benefit plan adjustments3 45', '2006', '1545', '1296', '1504', '341'], ['average invested capital', '$ 14419', '$ 14212', '$ 14243', '$ 14286', '$ 14685'], ['return on invested capital', '19.2% ( 19.2 % )', '14.5% ( 14.5 % )', '10.8% ( 10.8 % )', '9.6% ( 9.6 % )', '6.0% ( 6.0 % )']]
1 represents after-tax interest expense utilizing the federal statutory rate of 35% ( 35 % ) .2 debt consists of long-term debt , including current maturities , and short-term borrowings ( if any ) .3 equity includes non-cash adjustments , primarily for the additional minimum pension liability in all years and the adoption of fas 158 in 2006 .4 average benefit plan adjustments reflect the cumulative value of entries identified in our statement of stockholders equity under the captions 201cadjustment for adoption of fas 158 201d and 201cminimum pension liability . 201d the annual benefit plan adjustments to equity were : 2006 = ( $ 1883 ) million ; 2005 = ( $ 105 ) million ; 2004 = ( $ 285 ) million ; 2003 = $ 331 million ; and 2002 = ( $ 1537 ) million .as these entries are recorded in the fourth quarter , the value added back to our average equity in a given year is the cumulative impact of all prior year entries plus 20% ( 20 % ) of the current year entry value .5 yearly averages are calculated using balances at the start of the year and at the end of each quarter. .
|
what was the percentage change in the net earnings from 2005 to 2006
|
38.6%
|
{
"answer": "38.6%",
"decimal": 0.386,
"type": "percentage"
}
| |
we include here by reference additional information relating to pnc common stock under the common stock prices/ dividends declared section in the statistical information ( unaudited ) section of item 8 of this report .we include here by reference the information regarding our compensation plans under which pnc equity securities are authorized for issuance as of december 31 , 2015 in the table ( with introductory paragraph and notes ) that appears under the caption 201capproval of 2016 incentive award plan 2013 item 3 201d in our proxy statement to be filed for the 2016 annual meeting of shareholders and is incorporated by reference herein and in item 12 of this report .our stock transfer agent and registrar is : computershare trust company , n.a .250 royall street canton , ma 02021 800-982-7652 registered shareholders may contact the above phone number regarding dividends and other shareholder services .we include here by reference the information that appears under the common stock performance graph caption at the end of this item 5 .( a ) ( 2 ) none .( b ) not applicable .( c ) details of our repurchases of pnc common stock during the fourth quarter of 2015 are included in the following table : in thousands , except per share data 2015 period total shares purchased ( a ) average paid per total shares purchased as part of publicly announced programs ( b ) maximum number of shares that may yet be purchased under the programs ( b ) .
[['2015 period', 'total sharespurchased ( a )', 'averagepricepaid pershare', 'total sharespurchased aspartofpubliclyannouncedprograms ( b )', 'maximumnumberofshares thatmay yet bepurchasedunder theprograms ( b )'], ['october 1 2013 31', '2528', '$ 89.24', '2506', '85413'], ['november 1 2013 30', '1923', '$ 94.06', '1923', '83490'], ['december 1 2013 31', '1379', '$ 95.20', '1379', '82111'], ['total', '5830', '$ 92.24', '', '']]
( a ) includes pnc common stock purchased in connection with our various employee benefit plans generally related to forfeitures of unvested restricted stock awards and shares used to cover employee payroll tax withholding requirements .note 12 employee benefit plans and note 13 stock based compensation plans in the notes to consolidated financial statements in item 8 of this report include additional information regarding our employee benefit and equity compensation plans that use pnc common stock .( b ) on march 11 , 2015 , we announced that our board of directors had approved the establishment of a new stock repurchase program authorization in the amount of 100 million shares of pnc common stock , effective april 1 , 2015 .repurchases are made in open market or privately negotiated transactions and the timing and exact amount of common stock repurchases will depend on a number of factors including , among others , market and general economic conditions , economic capital and regulatory capital considerations , alternative uses of capital , the potential impact on our credit ratings , and contractual and regulatory limitations , including the results of the supervisory assessment of capital adequacy and capital planning processes undertaken by the federal reserve as part of the ccar process .our 2015 capital plan , submitted as part of the ccar process and accepted by the federal reserve , included share repurchase programs of up to $ 2.875 billion for the five quarter period beginning with the second quarter of 2015 .this amount does not include share repurchases in connection with various employee benefit plans referenced in note ( a ) .in the fourth quarter of 2015 , in accordance with pnc 2019s 2015 capital plan and under the share repurchase authorization in effect during that period , we repurchased 5.8 million shares of common stock on the open market , with an average price of $ 92.26 per share and an aggregate repurchase price of $ .5 billion .30 the pnc financial services group , inc .2013 form 10-k .
|
for the fourth quarter of 2015 , what percentage of total shares was repurchase in the december 1 2013 31 period?
|
23.7%
|
{
"answer": "23.7%",
"decimal": 0.237,
"type": "percentage"
}
| |
management 2019s discussion and analysis institutional client services our institutional client services segment is comprised of : fixed income , currency and commodities client execution .includes client execution activities related to making markets in interest rate products , credit products , mortgages , currencies and commodities .we generate market-making revenues in these activities in three ways : 2030 in large , highly liquid markets ( such as markets for u.s .treasury bills or certain mortgage pass-through certificates ) , we execute a high volume of transactions for our clients for modest spreads and fees .2030 in less liquid markets ( such as mid-cap corporate bonds , growth market currencies or certain non-agency mortgage-backed securities ) , we execute transactions for our clients for spreads and fees that are generally somewhat larger .2030 we also structure and execute transactions involving customized or tailor-made products that address our clients 2019 risk exposures , investment objectives or other complex needs ( such as a jet fuel hedge for an airline ) .given the focus on the mortgage market , our mortgage activities are further described below .our activities in mortgages include commercial mortgage- related securities , loans and derivatives , residential mortgage-related securities , loans and derivatives ( including u.s .government agency-issued collateralized mortgage obligations , other prime , subprime and alt-a securities and loans ) , and other asset-backed securities , loans and derivatives .we buy , hold and sell long and short mortgage positions , primarily for market making for our clients .our inventory therefore changes based on client demands and is generally held for short-term periods .see notes 18 and 27 to the consolidated financial statements for information about exposure to mortgage repurchase requests , mortgage rescissions and mortgage-related litigation .equities .includes client execution activities related to making markets in equity products and commissions and fees from executing and clearing institutional client transactions on major stock , options and futures exchanges worldwide , as well as over-the-counter transactions .equities also includes our securities services business , which provides financing , securities lending and other prime brokerage services to institutional clients , including hedge funds , mutual funds , pension funds and foundations , and generates revenues primarily in the form of interest rate spreads or fees .the table below presents the operating results of our institutional client services segment. .
[['in millions', 'year ended december 2013', 'year ended december 2012', 'year ended december 2011'], ['fixed income currency and commodities client execution', '$ 8651', '$ 9914', '$ 9018'], ['equities client execution1', '2594', '3171', '3031'], ['commissions and fees', '3103', '3053', '3633'], ['securities services', '1373', '1986', '1598'], ['total equities', '7070', '8210', '8262'], ['total net revenues', '15721', '18124', '17280'], ['operating expenses', '11782', '12480', '12837'], ['pre-tax earnings', '$ 3939', '$ 5644', '$ 4443']]
1 .in april 2013 , we completed the sale of a majority stake in our americas reinsurance business and no longer consolidate this business .net revenues related to the americas reinsurance business were $ 317 million for 2013 , $ 1.08 billion for 2012 and $ 880 million for 2011 .see note 12 to the consolidated financial statements for further information about this sale .2013 versus 2012 .net revenues in institutional client services were $ 15.72 billion for 2013 , 13% ( 13 % ) lower than 2012 .net revenues in fixed income , currency and commodities client execution were $ 8.65 billion for 2013 , 13% ( 13 % ) lower than 2012 , reflecting significantly lower net revenues in interest rate products compared with a solid 2012 , and significantly lower net revenues in mortgages compared with a strong 2012 .the decrease in interest rate products and mortgages primarily reflected the impact of a more challenging environment and lower activity levels compared with 2012 .in addition , net revenues in currencies were slightly lower , while net revenues in credit products and commodities were essentially unchanged compared with 2012 .in december 2013 , we completed the sale of a majority stake in our european insurance business and recognized a gain of $ 211 million .50 goldman sachs 2013 annual report .
|
what percentage of total net revenues institutional client services segment in 2013 were made up of equities client execution?
|
17%
|
{
"answer": "17%",
"decimal": 0.17,
"type": "percentage"
}
| |
table of contents notes to consolidated financial statements ( continued ) note 5 2014income taxes ( continued ) fin 48 in the first quarter of 2008 , the company adopted fin 48 .upon adoption of fin 48 , the company 2019s cumulative effect of a change in accounting principle resulted in an increase to retained earnings of $ 11 million .the company had historically classified interest and penalties and unrecognized tax benefits as current liabilities .beginning with the adoption of fin 48 , the company classifies gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as non-current liabilities in the consolidated balance sheet .the total amount of gross unrecognized tax benefits as of the date of adoption of fin 48 was $ 475 million , of which $ 209 million , if recognized , would affect the company 2019s effective tax rate .as of september 27 , 2008 , the total amount of gross unrecognized tax benefits was $ 506 million , of which $ 253 million , if recognized , would affect the company 2019s effective tax rate .the company 2019s total gross unrecognized tax benefits are classified as non-current liabilities in the consolidated balance sheet .the aggregate changes in the balance of gross unrecognized tax benefits , which excludes interest and penalties , for the fiscal year ended september 27 , 2008 , is as follows ( in millions ) : the company 2019s policy to include interest and penalties related to unrecognized tax benefits within the provision for income taxes did not change as a result of adopting fin 48 .as of the date of adoption , the company had accrued $ 203 million for the gross interest and penalties relating to unrecognized tax benefits .as of september 27 , 2008 , the total amount of gross interest and penalties accrued was $ 219 million , which is classified as non-current liabilities in the consolidated balance sheet .in 2008 , the company recognized interest expense in connection with tax matters of $ 16 million .the company is subject to taxation and files income tax returns in the u.s .federal jurisdiction and in many state and foreign jurisdictions .for u.s .federal income tax purposes , all years prior to 2002 are closed .the years 2002-2003 have been examined by the internal revenue service ( the 201cirs 201d ) and disputed issues have been taken to administrative appeals .the irs is currently examining the 2004-2006 years .in addition , the company is also subject to audits by state , local , and foreign tax authorities .in major states and major foreign jurisdictions , the years subsequent to 1988 and 2000 , respectively , generally remain open and could be subject to examination by the taxing authorities .management believes that an adequate provision has been made for any adjustments that may result from tax examinations .however , the outcome of tax audits cannot be predicted with certainty .if any issues addressed in the company 2019s tax audits are resolved in a manner not consistent with management 2019s expectations , the company could be required to adjust its provision for income tax in the period such resolution occurs .although timing of the resolution and/or closure of audits is highly uncertain , the company does not believe it is reasonably possible that its unrecognized tax benefits would materially change in the next 12 months. .
[['balance as of september 30 2007', '$ 475'], ['increases related to tax positions taken during a prior period', '27'], ['decreases related to tax positions taken during a prior period', '-70 ( 70 )'], ['increases related to tax positions taken during the current period', '85'], ['decreases related to settlements with taxing authorities', '2014'], ['decreases related to expiration of statute of limitations', '-11 ( 11 )'], ['balance as of september 27 2008', '$ 506']]
.
|
what percent of the total unrecognized tax benefits is increases related to tax positions taken during a prior period?
|
5.3%
|
{
"answer": "5.3%",
"decimal": 0.053,
"type": "percentage"
}
| |
2011 compared to 2010 is&gs 2019 net sales for 2011 decreased $ 540 million , or 5% ( 5 % ) , compared to 2010 .the decrease primarily was attributable to lower volume of approximately $ 665 million due to the absence of the dris program that supported the 2010 u.s .census and a decline in activities on the jtrs program .this decrease partially was offset by increased net sales on numerous programs .is&gs 2019 operating profit for 2011 increased $ 60 million , or 7% ( 7 % ) , compared to 2010 .operating profit increased approximately $ 180 million due to volume and the retirement of risks in 2011 and the absence of reserves recognized in 2010 on numerous programs ( including among others , odin ( about $ 60 million ) and twic and automated flight service station programs ) .the increases in operating profit partially were offset by the absence of the dris program and a decline in activities on the jtrs program of about $ 120 million .adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 130 million higher in 2011 compared to 2010 .backlog backlog decreased in 2012 compared to 2011 primarily due to the substantial completion of various programs in 2011 ( primarily odin , u.k .census , and jtrs ) .the decrease in backlog during 2011 compared to 2010 mainly was due to declining activities on the jtrs program and several other smaller programs .trends we expect is&gs 2019 net sales to decline in 2013 in the mid single digit percentage range as compared to 2012 primarily due to the continued downturn in federal information technology budgets .operating profit is expected to decline in 2013 in the mid single digit percentage range consistent with the expected decline in net sales , resulting in margins that are comparable with 2012 results .missiles and fire control our mfc business segment provides air and missile defense systems ; tactical missiles and air-to-ground precision strike weapon systems ; fire control systems ; mission operations support , readiness , engineering support , and integration services ; logistics and other technical services ; and manned and unmanned ground vehicles .mfc 2019s major programs include pac-3 , thaad , multiple launch rocket system ( mlrs ) , hellfire , javelin , joint air-to-surface standoff missile ( jassm ) , apache fire control system ( apache ) , sniper ae , low altitude navigation and targeting infrared for night ( lantirn ae ) , and sof clss .mfc 2019s operating results included the following ( in millions ) : .
[['', '2012', '2011', '2010'], ['net sales', '$ 7457', '$ 7463', '$ 6930'], ['operating profit', '1256', '1069', '973'], ['operating margins', '16.8% ( 16.8 % )', '14.3% ( 14.3 % )', '14.0% ( 14.0 % )'], ['backlog at year-end', '14700', '14400', '12800']]
2012 compared to 2011 mfc 2019s net sales for 2012 were comparable to 2011 .net sales decreased approximately $ 130 million due to lower volume and risk retirements on various services programs , and about $ 60 million due to lower volume from fire control systems programs ( primarily sniper ae ; lantirn ae ; and apache ) .the decreases largely were offset by higher net sales of approximately $ 95 million due to higher volume from tactical missile programs ( primarily javelin and hellfire ) and approximately $ 80 million for air and missile defense programs ( primarily pac-3 and thaad ) .mfc 2019s operating profit for 2012 increased $ 187 million , or 17% ( 17 % ) , compared to 2011 .the increase was attributable to higher risk retirements and volume of about $ 95 million from tactical missile programs ( primarily javelin and hellfire ) ; increased risk retirements and volume of approximately $ 60 million for air and missile defense programs ( primarily thaad and pac-3 ) ; and about $ 45 million from a resolution of contractual matters .partially offsetting these increases was lower risk retirements and volume on various programs , including $ 25 million for services programs .adjustments not related to volume , including net profit booking rate adjustments and other matters described above , were approximately $ 145 million higher for 2012 compared to 2011. .
|
what is the growth rate in net sales for mfc in 2011?
|
7.7%
|
{
"answer": "7.7%",
"decimal": 0.077,
"type": "percentage"
}
| |
management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) operating income increased during 2017 when compared to 2016 , comprised of a decrease in revenue of $ 42.1 , as discussed above , a decrease in salaries and related expenses of $ 28.0 and a decrease in office and general expenses of $ 16.9 .the decrease in salaries and related expenses was primarily due to lower discretionary bonuses and incentive expense as well as a decrease in base salaries , benefits and tax .the decrease in office and general expenses was primarily due to decreases in adjustments to contingent acquisition obligations , as compared to the prior year .operating income increased during 2016 when compared to 2015 due to an increase in revenue of $ 58.8 , as discussed above , and a decrease in office and general expenses of $ 3.7 , partially offset by an increase in salaries and related expenses of $ 38.8 .the increase in salaries and related expenses was attributable to an increase in base salaries , benefits and tax primarily due to increases in our workforce to support business growth over the last twelve months .the decrease in office and general expenses was primarily due to lower production expenses related to pass-through costs , which are also reflected in revenue , for certain projects in which we acted as principal that decreased in size or did not recur during the current year .corporate and other certain corporate and other charges are reported as a separate line item within total segment operating income and include corporate office expenses , as well as shared service center and certain other centrally managed expenses that are not fully allocated to operating divisions .salaries and related expenses include salaries , long-term incentives , annual bonuses and other miscellaneous benefits for corporate office employees .office and general expenses primarily include professional fees related to internal control compliance , financial statement audits and legal , information technology and other consulting services that are engaged and managed through the corporate office .office and general expenses also include rental expense and depreciation of leasehold improvements for properties occupied by corporate office employees .a portion of centrally managed expenses are allocated to operating divisions based on a formula that uses the planned revenues of each of the operating units .amounts allocated also include specific charges for information technology-related projects , which are allocated based on utilization .corporate and other expenses decreased during 2017 by $ 20.6 to $ 126.6 compared to 2016 , primarily due to lower annual incentive expense .corporate and other expenses increased during 2016 by $ 5.4 to $ 147.2 compared to 2015 .liquidity and capital resources cash flow overview the following tables summarize key financial data relating to our liquidity , capital resources and uses of capital. .
[['cash flow data', 'years ended december 31 , 2017', 'years ended december 31 , 2016', 'years ended december 31 , 2015'], ['net income adjusted to reconcile to net cash provided by operating activities1', '$ 887.3', '$ 1023.2', '$ 848.8'], ['net cash used in working capital2', '-29.9 ( 29.9 )', '-414.9 ( 414.9 )', '-99.9 ( 99.9 )'], ['changes in other non-current assets and liabilities', '24.4', '-95.5 ( 95.5 )', '-60.4 ( 60.4 )'], ['net cash provided by operating activities', '$ 881.8', '$ 512.8', '$ 688.5'], ['net cash used in investing activities', '-196.2 ( 196.2 )', '-263.9 ( 263.9 )', '-199.7 ( 199.7 )'], ['net cash used in financing activities', '-1004.9 ( 1004.9 )', '-666.4 ( 666.4 )', '-490.9 ( 490.9 )']]
1 reflects net income adjusted primarily for depreciation and amortization of fixed assets and intangible assets , amortization of restricted stock and other non-cash compensation , net losses on sales of businesses and deferred income taxes .2 reflects changes in accounts receivable , expenditures billable to clients , other current assets , accounts payable and accrued liabilities .operating activities due to the seasonality of our business , we typically use cash from working capital in the first nine months of a year , with the largest impact in the first quarter , and generate cash from working capital in the fourth quarter , driven by the seasonally strong media spending by our clients .quarterly and annual working capital results are impacted by the fluctuating annual media spending budgets of our clients as well as their changing media spending patterns throughout each year across various countries. .
|
what was the total amount of corporate and other expenses from 2015-2017?
|
415.6
|
{
"answer": "415.6",
"decimal": 415.6,
"type": "float"
}
| |
cost amount could have a material adverse effect on our business .these changes may include , for example , an increase or reduction in the number of persons enrolled or eligible to enroll due to the federal government 2019s decision to increase or decrease u.s .military presence around the world .in the event government reimbursements were to decline from projected amounts , our failure to reduce the health care costs associated with these programs could have a material adverse effect on our business .during 2004 , we completed a contractual transition of our tricare business .on july 1 , 2004 , our regions 2 and 5 contract servicing approximately 1.1 million tricare members became part of the new north region , which was awarded to another contractor .on august 1 , 2004 , our regions 3 and 4 contract became part of our new south region contract .on november 1 , 2004 , the region 6 contract with approximately 1 million members became part of the south region contract .the members added with the region 6 contract essentially offset the members lost four months earlier with the expiration of our regions 2 and 5 contract .for the year ended december 31 , 2005 , tricare premium revenues were approximately $ 2.4 billion , or 16.9% ( 16.9 % ) of our total premiums and aso fees .part of the tricare transition during 2004 included the carve out of the tricare senior pharmacy and tricare for life program which we previously administered on as aso basis .on june 1 , 2004 and august 1 , 2004 , administrative services under these programs were transferred to another contractor .for the year ended december 31 , 2005 , tricare administrative services fees totaled $ 50.1 million , or 0.4% ( 0.4 % ) of our total premiums and aso fees .our products marketed to commercial segment employers and members consumer-choice products over the last several years , we have developed and offered various commercial products designed to provide options and choices to employers that are annually facing substantial premium increases driven by double-digit medical cost inflation .these consumer-choice products , which can be offered on either a fully insured or aso basis , provided coverage to approximately 371100 members at december 31 , 2005 , representing approximately 11.7% ( 11.7 % ) of our total commercial medical membership as detailed below .consumer-choice membership other commercial membership commercial medical membership .
[['', 'consumer-choice membership', 'other commercial membership', 'commercial medical membership'], ['fully insured', '184000', '1815800', '1999800'], ['administrative services only', '187100', '983900', '1171000'], ['total commercial medical', '371100', '2799700', '3170800']]
these products are often offered to employer groups as 201cbundles 201d , where the subscribers are offered various hmo and ppo options , with various employer contribution strategies as determined by the employer .paramount to our consumer-choice product strategy , we have developed a group of innovative consumer products , styled as 201csmart 201d products , that we believe will be a long-term solution for employers .we believe this new generation of products provides more ( 1 ) choices for the individual consumer , ( 2 ) transparency of provider costs , and ( 3 ) benefit designs that engage consumers in the costs and effectiveness of health care choices .innovative tools and technology are available to assist consumers with these decisions , including the trade-offs between higher premiums and point-of-service costs at the time consumers choose their plans , and to suggest ways in which the consumers can maximize their individual benefits at the point they use their plans .we believe that when consumers can make informed choices about the cost and effectiveness of their health care , a sustainable long term solution for employers can be realized .smart products , which accounted for approximately 65.1% ( 65.1 % ) of enrollment in all of our consumer-choice plans as of december 31 , 2005 , only are sold to employers who use humana as their sole health insurance carrier. .
|
considering the other commercial membership , what is the percentage of fully insured plans among the total commercial medical plans?
|
64.85%
|
{
"answer": "64.85%",
"decimal": 0.6485,
"type": "percentage"
}
|
it is the number of members of the fully insured plans divided by the members of the total commercial medical plans .
|
part iii item 10 .directors , executive officers and corporate governance the information required by this item is incorporated by reference to the 201celection of directors 201d section , the 201cdirector selection process 201d section , the 201ccode of conduct 201d section , the 201cprincipal committees of the board of directors 201d section , the 201caudit committee 201d section and the 201csection 16 ( a ) beneficial ownership reporting compliance 201d section of the proxy statement for the annual meeting of stockholders to be held on may 21 , 2015 ( the 201cproxy statement 201d ) , except for the description of our executive officers , which appears in part i of this report on form 10-k under the heading 201cexecutive officers of ipg . 201d new york stock exchange certification in 2014 , our chief executive officer provided the annual ceo certification to the new york stock exchange , as required under section 303a.12 ( a ) of the new york stock exchange listed company manual .item 11 .executive compensation the information required by this item is incorporated by reference to the 201cexecutive compensation 201d section , the 201cnon- management director compensation 201d section , the 201ccompensation discussion and analysis 201d section and the 201ccompensation and leadership talent committee report 201d section of the proxy statement .item 12 .security ownership of certain beneficial owners and management and related stockholder matters the information required by this item is incorporated by reference to the 201coutstanding shares and ownership of common stock 201d section of the proxy statement , except for information regarding the shares of common stock to be issued or which may be issued under our equity compensation plans as of december 31 , 2014 , which is provided in the following table .equity compensation plan information plan category number of shares of common stock to be issued upon exercise of outstanding options , warrants and rights ( a ) 123 weighted-average exercise price of outstanding stock options number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders ...................15563666 9.70 41661517 equity compensation plans not approved by security holders .................none 1 included a total of 5866475 performance-based share awards made under the 2009 and 2014 performance incentive plans representing the target number of shares of common stock to be issued to employees following the completion of the 2012-2014 performance period ( the 201c2014 ltip share awards 201d ) , the 2013-2015 performance period ( the 201c2015 ltip share awards 201d ) and the 2014-2016 performance period ( the 201c2016 ltip share awards 201d ) , respectively .the computation of the weighted-average exercise price in column ( b ) of this table does not take the 2014 ltip share awards , the 2015 ltip share awards or the 2016 ltip share awards into account .2 included a total of 98877 restricted share units and performance-based awards ( 201cshare unit awards 201d ) which may be settled in shares of common stock or cash .the computation of the weighted-average exercise price in column ( b ) of this table does not take the share unit awards into account .each share unit award actually settled in cash will increase the number of shares of common stock available for issuance shown in column ( c ) .3 ipg has issued restricted cash awards ( 201cperformance cash awards 201d ) , half of which shall be settled in shares of common stock and half of which shall be settled in cash .using the 2014 closing stock price of $ 20.77 , the awards which shall be settled in shares of common stock represent rights to an additional 2721405 shares .these shares are not included in the table above .4 included ( i ) 29045044 shares of common stock available for issuance under the 2014 performance incentive plan , ( ii ) 12181214 shares of common stock available for issuance under the employee stock purchase plan ( 2006 ) and ( iii ) 435259 shares of common stock available for issuance under the 2009 non-management directors 2019 stock incentive plan. .
[['plan category', 'number of shares of common stock to be issued upon exercise of outstanding options warrants and rights ( a ) 123', 'weighted-average exercise price of outstanding stock options ( b )', 'number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c ) 4'], ['equity compensation plans approved by security holders', '15563666', '9.70', '41661517'], ['equity compensation plans not approved by security holders', 'none', '', '']]
part iii item 10 .directors , executive officers and corporate governance the information required by this item is incorporated by reference to the 201celection of directors 201d section , the 201cdirector selection process 201d section , the 201ccode of conduct 201d section , the 201cprincipal committees of the board of directors 201d section , the 201caudit committee 201d section and the 201csection 16 ( a ) beneficial ownership reporting compliance 201d section of the proxy statement for the annual meeting of stockholders to be held on may 21 , 2015 ( the 201cproxy statement 201d ) , except for the description of our executive officers , which appears in part i of this report on form 10-k under the heading 201cexecutive officers of ipg . 201d new york stock exchange certification in 2014 , our chief executive officer provided the annual ceo certification to the new york stock exchange , as required under section 303a.12 ( a ) of the new york stock exchange listed company manual .item 11 .executive compensation the information required by this item is incorporated by reference to the 201cexecutive compensation 201d section , the 201cnon- management director compensation 201d section , the 201ccompensation discussion and analysis 201d section and the 201ccompensation and leadership talent committee report 201d section of the proxy statement .item 12 .security ownership of certain beneficial owners and management and related stockholder matters the information required by this item is incorporated by reference to the 201coutstanding shares and ownership of common stock 201d section of the proxy statement , except for information regarding the shares of common stock to be issued or which may be issued under our equity compensation plans as of december 31 , 2014 , which is provided in the following table .equity compensation plan information plan category number of shares of common stock to be issued upon exercise of outstanding options , warrants and rights ( a ) 123 weighted-average exercise price of outstanding stock options number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders ...................15563666 9.70 41661517 equity compensation plans not approved by security holders .................none 1 included a total of 5866475 performance-based share awards made under the 2009 and 2014 performance incentive plans representing the target number of shares of common stock to be issued to employees following the completion of the 2012-2014 performance period ( the 201c2014 ltip share awards 201d ) , the 2013-2015 performance period ( the 201c2015 ltip share awards 201d ) and the 2014-2016 performance period ( the 201c2016 ltip share awards 201d ) , respectively .the computation of the weighted-average exercise price in column ( b ) of this table does not take the 2014 ltip share awards , the 2015 ltip share awards or the 2016 ltip share awards into account .2 included a total of 98877 restricted share units and performance-based awards ( 201cshare unit awards 201d ) which may be settled in shares of common stock or cash .the computation of the weighted-average exercise price in column ( b ) of this table does not take the share unit awards into account .each share unit award actually settled in cash will increase the number of shares of common stock available for issuance shown in column ( c ) .3 ipg has issued restricted cash awards ( 201cperformance cash awards 201d ) , half of which shall be settled in shares of common stock and half of which shall be settled in cash .using the 2014 closing stock price of $ 20.77 , the awards which shall be settled in shares of common stock represent rights to an additional 2721405 shares .these shares are not included in the table above .4 included ( i ) 29045044 shares of common stock available for issuance under the 2014 performance incentive plan , ( ii ) 12181214 shares of common stock available for issuance under the employee stock purchase plan ( 2006 ) and ( iii ) 435259 shares of common stock available for issuance under the 2009 non-management directors 2019 stock incentive plan. .
|
with 2014 closing stock price , what is the total value of the award for the additional shares , ( in millions ) ?
|
56.5
|
{
"answer": "56.5",
"decimal": 56.5,
"type": "float"
}
| |
supplementary information on oil and gas producing activities ( unaudited ) c o n t i n u e d summary of changes in standardized measure of discounted future net cash flows relating to proved oil and gas reserves ( in millions ) 2008 2007 2006 sales and transfers of oil and gas produced , net of production , transportation and administrative costs $ ( 7141 ) $ ( 4887 ) $ ( 5312 ) net changes in prices and production , transportation and administrative costs related to future production ( 18290 ) 12845 ( 1342 ) .
[['( in millions )', '2008', '2007', '2006'], ['sales and transfers of oil and gas produced net of production transportation and administrative costs', '$ -7141 ( 7141 )', '$ -4887 ( 4887 )', '$ -5312 ( 5312 )'], ['net changes in prices and production transportation and administrative costs related to future production', '-18290 ( 18290 )', '12845', '-1342 ( 1342 )'], ['extensions discoveries and improved recovery less related costs', '663', '1816', '1290'], ['development costs incurred during the period', '1916', '1654', '1251'], ['changes in estimated future development costs', '-1584 ( 1584 )', '-1727 ( 1727 )', '-527 ( 527 )'], ['revisions of previous quantity estimates', '53', '290', '1319'], ['net changes in purchases and sales of minerals in place', '-13 ( 13 )', '23', '30'], ['accretion of discount', '2796', '1726', '1882'], ['net change in income taxes', '12805', '-6751 ( 6751 )', '-660 ( 660 )'], ['timing and other', '-96 ( 96 )', '-12 ( 12 )', '-14 ( 14 )'], ['net change for the year', '-8891 ( 8891 )', '4977', '-2083 ( 2083 )'], ['beginning of the year', '13495', '8518', '10601'], ['end of year', '$ 4604', '$ 13495', '$ 8518'], ['net change for the year from discontinued operations', '$ 2013', '$ 2013', '$ -216 ( 216 )']]
.
|
what is the average discounted cash flow balance for the three year period , in millions?
|
8872
|
{
"answer": "8872",
"decimal": 8872,
"type": "float"
}
| |
issuer purchases of equity securities during the three months ended december 31 , 2007 , we repurchased 8895570 shares of our class a common stock for an aggregate of $ 385.1 million pursuant to the $ 1.5 billion stock repurchase program publicly announced in february 2007 , as follows : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions ) .
[['period', 'total number of shares purchased ( 1 )', 'average price paid per share', 'total number of shares purchased as part of publicly announced plans or programs', 'approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions )'], ['october 2007', '3493426', '$ 43.30', '3493426', '$ 449.9'], ['november 2007', '2891719', '$ 44.16', '2891719', '$ 322.2'], ['december 2007', '2510425', '$ 44.20', '2510425', '$ 216.2'], ['total fourth quarter', '8895570', '$ 43.27', '8895570', '$ 216.2']]
( 1 ) issuer repurchases pursuant to the $ 1.5 billion stock repurchase program publicly announced in february 2007 .under this program , our management was authorized through february 2008 to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements , and subject to market conditions and other factors .to facilitate repurchases , we typically made purchases pursuant to trading plans under rule 10b5-1 of the exchange act , which allow us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods .subsequent to december 31 , 2007 , we repurchased 4.3 million shares of our class a common stock for an aggregate of $ 163.7 million pursuant to this program .in february 2008 , our board of directors approved a new stock repurchase program , pursuant to which we are authorized to purchase up to an additional $ 1.5 billion of our class a common stock .purchases under this stock repurchase program are subject to us having available cash to fund repurchases , as further described in item 1a of this annual report under the caption 201crisk factors 2014we anticipate that we may need additional financing to fund our stock repurchase programs , to refinance our existing indebtedness and to fund future growth and expansion initiatives 201d and item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources . 201d .
|
what is the total amount spent for stock repurchase during october 2007 , in millions?
|
151.3
|
{
"answer": "151.3",
"decimal": 151.3,
"type": "float"
}
| |
supplemental pro forma financial information ( unaudited ) the following table presents summarized unaudited pro forma financial information as if sikorsky had been included in our financial results for the entire year in 2015 ( in millions ) : .
[['net sales', '$ 45366'], ['net earnings', '3534'], ['basic earnings per common share', '11.39'], ['diluted earnings per common share', '11.23']]
the unaudited supplemental pro forma financial data above has been calculated after applying our accounting policies and adjusting the historical results of sikorskywith pro forma adjustments , net of tax , that assume the acquisition occurred on january 1 , 2015 .significant pro forma adjustments include the recognition of additional amortization expense related to acquired intangible assets and additional interest expense related to the short-term debt used to finance the acquisition .these adjustments assume the application of fair value adjustments to intangibles and the debt issuance occurred on january 1 , 2015 and are approximated as follows : amortization expense of $ 125million and interest expense of $ 40million .in addition , significant nonrecurring adjustments include the elimination of a $ 72million pension curtailment loss , net of tax , recognized in 2015 and the elimination of a $ 58 million income tax charge related to historic earnings of foreign subsidiaries recognized by sikorsky in 2015 .the unaudited supplemental pro forma financial information also reflects an increase in interest expense , net of tax , of approximately $ 110 million in 2015 .the increase in interest expense is the result of assuming the november 2015 notes were issued on january 1 , 2015 .proceeds of the november 2015 notes were used to repay all outstanding borrowings under the 364- day facility used to finance a portion of the purchase price of sikorsky , as contemplated at the date of acquisition .the unaudited supplemental pro forma financial information does not reflect the realization of any expected ongoing cost or revenue synergies relating to the integration of the two companies .further , the pro forma data should not be considered indicative of the results that would have occurred if the acquisition , related financing and associated notes issuance and repayment of the 364-day facility had been consummated on january 1 , 2015 , nor are they indicative of future results .consolidation of awemanagement 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 % ) .at which time , we began consolidating awe .consequently , 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 inawe using the equity method of accounting .under the equity method , we recognized only 33% ( 33 % ) ofawe 2019s earnings or losses and no sales.accordingly , prior toaugust 24 , 2016 , the date we obtained control , we recorded 33%ofawe 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 ofawe at fair value.accordingly , we recorded intangible assets of $ 243million 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 2016we recognized a non-cash net gain of $ 104million associatedwith obtaining a controlling interest inawewhich 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 represents the fair value of our 51% ( 51 % ) interest inawe , less the carrying value of our previously held investment inawe and deferred taxes .the gainwas recorded in other income , net on our consolidated statements of earnings .the fair value ofawe ( 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 onaugust 16 , 2016wedivested our former is&gsbusinesswhichmergedwithleidos , in areversemorristrust transactionrr ( 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 ofabacus was distributed to participating lockheedmartin stockholders through an exchange offer .under the terms of the exchange offer , lockheedmartin stockholders had the option to exchange shares of lockheedmartin 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 lockheedmartin common stock thatwere exchanged and acceptedwere retired , reducing the number of shares of our common stock outstanding by approximately 3% ( 3 % ) .following the exchange offer , abacus merged with .
|
what was the tax rate associated with the recognized a non-cash net gain from obtaining a controlling interest in awe
|
18.1%
|
{
"answer": "18.1%",
"decimal": 0.18100000000000002,
"type": "percentage"
}
| |
whether or not any claims asserted against us or others to whom we may have indemnification obligations , whether in the proceedings or other matters described above or otherwise , will have a material adverse effect on our results of operations in any future reporting period , which will depend on , among other things , the amount of the loss resulting from the claim and the amount of income otherwise reported for the reporting period .see note 23 commitments and guarantees for additional information regarding the visa indemnification and our other obligations to provide indemnification , including to current and former officers , directors , employees and agents of pnc and companies we have acquired , including national city .note 23 commitments and guarantees equity funding and other commitments our unfunded commitments at december 31 , 2011 included private equity investments of $ 247 million , and other investments of $ 3 million .standby letters of credit we issue standby letters of credit and have risk participations in standby letters of credit and bankers 2019 acceptances issued by other financial institutions , in each case to support obligations of our customers to third parties , such as remarketing programs for customers 2019 variable rate demand notes .net outstanding standby letters of credit and internal credit ratings were as follows : net outstanding standby letters of credit dollars in billions december 31 december 31 .
[['dollars in billions', 'december 31 2011', 'december 312010'], ['net outstanding standby letters of credit', '$ 10.8', '$ 10.1'], ['internal credit ratings ( as a percentage of portfolio ) :', '', ''], ['pass ( a )', '94% ( 94 % )', '90% ( 90 % )'], ['below pass ( b )', '6% ( 6 % )', '10% ( 10 % )']]
( a ) indicates that expected risk of loss is currently low .( b ) indicates a higher degree of risk of default .if the customer fails to meet its financial or performance obligation to the third party under the terms of the contract or there is a need to support a remarketing program , then upon the request of the guaranteed party , we would be obligated to make payment to them .the standby letters of credit and risk participations in standby letters of credit and bankers 2019 acceptances outstanding on december 31 , 2011 had terms ranging from less than 1 year to 7 years .the aggregate maximum amount of future payments pnc could be required to make under outstanding standby letters of credit and risk participations in standby letters of credit and bankers 2019 acceptances was $ 14.4 billion at december 31 , 2011 , of which $ 7.4 billion support remarketing programs .as of december 31 , 2011 , assets of $ 2.0 billion secured certain specifically identified standby letters of credit .recourse provisions from third parties of $ 3.6 billion were also available for this purpose as of december 31 , 2011 .in addition , a portion of the remaining standby letters of credit and letter of credit risk participations issued on behalf of specific customers is also secured by collateral or guarantees that secure the customers 2019 other obligations to us .the carrying amount of the liability for our obligations related to standby letters of credit and risk participations in standby letters of credit and bankers 2019 acceptances was $ 247 million at december 31 , 2011 .standby bond purchase agreements and other liquidity facilities we enter into standby bond purchase agreements to support municipal bond obligations .at december 31 , 2011 , the aggregate of our commitments under these facilities was $ 543 million .we also enter into certain other liquidity facilities to support individual pools of receivables acquired by commercial paper conduits .at december 31 , 2011 , our total commitments under these facilities were $ 199 million .indemnifications we are a party to numerous acquisition or divestiture agreements under which we have purchased or sold , or agreed to purchase or sell , various types of assets .these agreements can cover the purchase or sale of : 2022 entire businesses , 2022 loan portfolios , 2022 branch banks , 2022 partial interests in companies , or 2022 other types of assets .these agreements generally include indemnification provisions under which we indemnify the third parties to these agreements against a variety of risks to the indemnified parties as a result of the transaction in question .when pnc is the seller , the indemnification provisions will generally also provide the buyer with protection relating to the quality of the assets we are selling and the extent of any liabilities being assumed by the buyer .due to the nature of these indemnification provisions , we cannot quantify the total potential exposure to us resulting from them .we provide indemnification in connection with securities offering transactions in which we are involved .when we are the issuer of the securities , we provide indemnification to the underwriters or placement agents analogous to the indemnification provided to the purchasers of businesses from us , as described above .when we are an underwriter or placement agent , we provide a limited indemnification to the issuer related to our actions in connection with the offering and , if there are other underwriters , indemnification to the other underwriters intended to result in an appropriate sharing of the risk of participating in the offering .due to the nature of these indemnification provisions , we cannot quantify the total potential exposure to us resulting from them .in the ordinary course of business , we enter into certain types of agreements that include provisions for indemnifying third the pnc financial services group , inc .2013 form 10-k 197 .
|
for the standby letters of credit , risk participations in standby letters of credit , and bankers 2019 acceptances outstanding on december 31 , 2011 , what was the difference between the minimum and maximum term in years?
|
6
|
{
"answer": "6",
"decimal": 6,
"type": "float"
}
| |
credit facilities .as such , our foreign cash and cash equivalents are not expected to be a key source of liquidity to our domestic operations .at september 30 , 2019 , we had approximately $ 2.9 billion of availability under our committed credit facilities , primarily under our revolving credit facility , the majority of which matures on july 1 , 2022 .this liquidity may be used to provide for ongoing working capital needs and for other general corporate purposes , including acquisitions , dividends and stock repurchases .certain restrictive covenants govern our maximum availability under the credit facilities .we test and report our compliance with these covenants as required and we were in compliance with all of these covenants at september 30 , 2019 .at september 30 , 2019 , we had $ 129.8 million of outstanding letters of credit not drawn cash and cash equivalents were $ 151.6 million at september 30 , 2019 and $ 636.8 million at september 30 , 2018 .we used a significant portion of the cash and cash equivalents on hand at september 30 , 2018 in connection with the closing of the kapstone acquisition .primarily all of the cash and cash equivalents at september 30 , 2019 were held outside of the u.s .at september 30 , 2019 , total debt was $ 10063.4 million , $ 561.1 million of which was current .at september 30 , 2018 , total debt was $ 6415.2 million , $ 740.7 million of which was current .the increase in debt was primarily related to the kapstone acquisition .cash flow activity .
[['( in millions )', 'year ended september 30 , 2019', 'year ended september 30 , 2018'], ['net cash provided by operating activities', '$ 2310.2', '$ 1931.2'], ['net cash used for investing activities', '$ -4579.6 ( 4579.6 )', '$ -815.1 ( 815.1 )'], ['net cash provided by ( used for ) financing activities', '$ 1780.2', '$ -755.1 ( 755.1 )']]
net cash provided by operating activities during fiscal 2019 increased $ 379.0 million from fiscal 2018 primarily due to higher cash earnings and a $ 340.3 million net decrease in the use of working capital compared to the prior year .as a result of the retrospective adoption of asu 2016-15 and asu 2016-18 ( each as hereinafter defined ) as discussed in 201cnote 1 .description of business and summary of significant accounting policies 201d of the notes to consolidated financial statements , net cash provided by operating activities for fiscal 2018 was reduced by $ 489.7 million and cash provided by investing activities increased $ 483.8 million , primarily for the change in classification of proceeds received for beneficial interests obtained for transferring trade receivables in securitization transactions .net cash used for investing activities of $ 4579.6 million in fiscal 2019 consisted primarily of $ 3374.2 million for cash paid for the purchase of businesses , net of cash acquired ( excluding the assumption of debt ) , primarily related to the kapstone acquisition , and $ 1369.1 million for capital expenditures that were partially offset by $ 119.1 million of proceeds from the sale of property , plant and equipment primarily related to the sale of our atlanta beverage facility , $ 33.2 million of proceeds from corporate owned life insurance benefits and $ 25.5 million of proceeds from property , plant and equipment insurance proceeds related to the panama city , fl mill .net cash used for investing activities of $ 815.1 million in fiscal 2018 consisted primarily of $ 999.9 million for capital expenditures , $ 239.9 million for cash paid for the purchase of businesses , net of cash acquired primarily related to the plymouth acquisition and the schl fcter acquisition , and $ 108.0 million for an investment in grupo gondi .these investments were partially offset by $ 461.6 million of cash receipts on sold trade receivables as a result of the adoption of asu 2016-15 , $ 24.0 million of proceeds from the sale of certain affiliates as well as our solid waste management brokerage services business and $ 23.3 million of proceeds from the sale of property , plant and equipment .in fiscal 2019 , net cash provided by financing activities of $ 1780.2 million consisted primarily of a net increase in debt of $ 2314.6 million , primarily related to the kapstone acquisition and partially offset by cash dividends paid to stockholders of $ 467.9 million and purchases of common stock of $ 88.6 million .in fiscal 2018 , net cash used for financing activities of $ 755.1 million consisted primarily of cash dividends paid to stockholders of $ 440.9 million and purchases of common stock of $ 195.1 million and net repayments of debt of $ 120.1 million. .
|
what percent did the net cash provided by operations increase between 2018 and 2019?
|
19.63%
|
{
"answer": "19.63%",
"decimal": 0.1963,
"type": "percentage"
}
| |
continued investments in ecommerce and technology .the increase in operating expenses as a percentage of net sales for fiscal 2017 was partially offset by the impact of store closures in the fourth quarter of fiscal 2016 .membership and other income was relatively flat for fiscal 2018 and increased $ 1.0 billion a0for fiscal 2017 , when compared to the same period in the previous fiscal year .while fiscal 2018 included a $ 387 million gain from the sale of suburbia , a $ 47 million gain from a land sale , higher recycling income from our sustainability efforts and higher membership income from increased plus member penetration at sam's club , these gains were less than gains recognized in fiscal 2017 .fiscal 2017 included a $ 535 million gain from the sale of our yihaodian business and a $ 194 million gain from the sale of shopping malls in chile .for fiscal 2018 , loss on extinguishment of debt was a0$ 3.1 billion , due to the early extinguishment of long-term debt which allowed us to retire higher rate debt to reduce interest expense in future periods .our effective income tax rate was 30.4% ( 30.4 % ) for fiscal 2018 and 30.3% ( 30.3 % ) for both fiscal 2017 and 2016 .although relatively consistent year-over-year , our effective income tax rate may fluctuate from period to period as a result of factors including changes in our assessment of certain tax contingencies , valuation allowances , changes in tax laws , outcomes of administrative audits , the impact of discrete items and the mix of earnings among our u.s .operations and international operations .the reconciliation from the u.s .statutory rate to the effective income tax rates for fiscal 2018 , 2017 and 2016 is presented in note 9 in the "notes to consolidated financial statements" and describes the impact of the enactment of the tax cuts and jobs act of 2017 ( the "tax act" ) to the fiscal 2018 effective income tax rate .as a result of the factors discussed above , we reported $ 10.5 billion and $ 14.3 billion of consolidated net income for fiscal 2018 and 2017 , respectively , which represents a decrease of $ 3.8 billion and $ 0.8 billion for fiscal 2018 and 2017 , respectively , when compared to the previous fiscal year .diluted net income per common share attributable to walmart ( "eps" ) was $ 3.28 and $ 4.38 for fiscal 2018 and 2017 , respectively .walmart u.s .segment .
[['( amounts in millions except unit counts )', 'fiscal years ended january 31 , 2018', 'fiscal years ended january 31 , 2017', 'fiscal years ended january 31 , 2016'], ['net sales', '$ 318477', '$ 307833', '$ 298378'], ['percentage change from comparable period', '3.5% ( 3.5 % )', '3.2% ( 3.2 % )', '3.6% ( 3.6 % )'], ['calendar comparable sales increase', '2.1% ( 2.1 % )', '1.6% ( 1.6 % )', '1.0% ( 1.0 % )'], ['operating income', '$ 17869', '$ 17745', '$ 19087'], ['operating income as a percentage of net sales', '5.6% ( 5.6 % )', '5.8% ( 5.8 % )', '6.4% ( 6.4 % )'], ['unit counts at period end', '4761', '4672', '4574'], ['retail square feet at period end', '705', '699', '690']]
net sales for the walmart u.s .segment increased $ 10.6 billion or 3.5% ( 3.5 % ) and $ 9.5 billion or 3.2% ( 3.2 % ) for fiscal 2018 and 2017 , respectively , when compared to the previous fiscal year .the increases in net sales were primarily due to increases in comparable store sales of 2.1% ( 2.1 % ) and 1.6% ( 1.6 % ) for fiscal 2018 and 2017 , respectively , and year-over-year growth in retail square feet of 0.7% ( 0.7 % ) and 1.4% ( 1.4 % ) for fiscal 2018 and 2017 , respectively .additionally , for fiscal 2018 , sales generated from ecommerce acquisitions further contributed to the year-over-year increase .gross profit rate decreased 24 basis points for fiscal 2018 and increased 24 basis points for fiscal 2017 , when compared to the previous fiscal year .for fiscal 2018 , the decrease was primarily due to strategic price investments and the mix impact from ecommerce .partially offsetting the negative factors for fiscal 2018 was the positive impact of savings from procuring merchandise .for fiscal 2017 , the increase in gross profit rate was primarily due to improved margin in food and consumables , including the impact of savings in procuring merchandise and lower transportation expense from lower fuel costs .operating expenses as a percentage of segment net sales was relatively flat for fiscal 2018 and increased 101 basis points for fiscal 2017 , when compared to the previous fiscal year .fiscal 2018 and fiscal 2017 included charges related to discontinued real estate projects of $ 244 million and $ 249 million , respectively .for fiscal 2017 , the increase was primarily driven by an increase in wage expense due to the investment in the associate wage structure ; the charge related to discontinued real estate projects ; and investments in digital retail and technology .the increase in operating expenses as a percentage of segment net sales for fiscal 2017 was partially offset by the impact of store closures in fiscal 2016 .as a result of the factors discussed above , segment operating income increased $ 124 million for fiscal 2018 and decreased $ 1.3 billion for fiscal 2017 , respectively. .
|
what is the net income margin for 2018?
|
3.3%
|
{
"answer": "3.3%",
"decimal": 0.033,
"type": "percentage"
}
| |
purchases of equity securities 2013 during 2018 , we repurchased 57669746 shares of our common stock at an average price of $ 143.70 .the following table presents common stock repurchases during each month for the fourth quarter of 2018 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares remaining under the plan or program [b] .
[['period', 'total number of shares purchased [a]', 'average price paid per share', 'total number of shares purchased as part of a publicly announcedplan or program [b]', 'maximum number of shares remaining under the plan or program [b]'], ['oct . 1 through oct . 31', '6091605', '$ 158.20', '6087727', '32831024'], ['nov . 1 through nov . 30', '3408467', '147.91', '3402190', '29428834'], ['dec . 1 through dec . 31', '3007951', '148.40', '3000715', '26428119'], ['total', '12508023', '$ 153.04', '12490632', 'n/a']]
[a] total number of shares purchased during the quarter includes approximately 17391 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares .[b] effective january 1 , 2017 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2020 .these repurchases may be made on the open market or through other transactions .our management has sole discretion with respect to determining the timing and amount of these transactions. .
|
what was the total cost of share repurchases , in millions , during 2018?
|
8287.1
|
{
"answer": "8287.1",
"decimal": 8287.1,
"type": "float"
}
| |
foodservice sales volumes increased in 2012 compared with 2011 .average sales margins were higher reflecting the realization of sales price increases for the pass-through of earlier cost increases .raw material costs for board and resins were lower .operating costs and distribution costs were both higher .the u.s .shorewood business was sold december 31 , 2011 and the non-u.s .business was sold in january looking ahead to the first quarter of 2013 , coated paperboard sales volumes are expected to increase slightly from the fourth quarter of 2012 .average sales price realizations are expected to be slightly lower , but margins should benefit from a more favorable product mix .input costs are expected to be higher for energy and wood .no planned main- tenance outages are scheduled in the first quarter .in january 2013 the company announced the perma- nent shutdown of a coated paperboard machine at the augusta mill with an annual capacity of 140000 tons .foodservice sales volumes are expected to increase .average sales margins are expected to decrease due to the realization of sales price decreases effective with our january contract open- ers .input costs for board and resin are expected to be lower and operating costs are also expected to decrease .european consumer packaging net sales in 2012 were $ 380 million compared with $ 375 million in 2011 and $ 345 million in 2010 .operating profits in 2012 were $ 99 million compared with $ 93 million in 2011 and $ 76 million in 2010 .sales volumes in 2012 increased from 2011 .average sales price realizations were higher in russian markets , but were lower in european markets .input costs decreased , primarily for wood , and planned maintenance downtime costs were lower in 2012 than in 2011 .looking forward to the first quarter of 2013 , sales volumes are expected to decrease in both europe and russia .average sales price realizations are expected to be higher in russia , but be more than offset by decreases in europe .input costs are expected to increase for wood and chemicals .no maintenance outages are scheduled for the first quarter .asian consumer packaging net sales were $ 830 million in 2012 compared with $ 855 million in 2011 and $ 705 million in 2010 .operating profits in 2012 were $ 4 million compared with $ 35 million in 2011 and $ 34 million in 2010 .sales volumes increased in 2012 compared with 2011 partially due to the start-up of a new coated paperboard machine .average sales price realizations were significantly lower , but were partially offset by lower input costs for purchased pulp .start-up costs for a new coated paperboard machine adversely impacted operating profits in 2012 .in the first quarter of 2013 , sales volumes are expected to increase slightly .average sales price realizations for folding carton board and bristols board are expected to be lower reflecting increased competitive pressures and seasonally weaker market demand .input costs should be higher for pulp and chemicals .however , costs related to the ramp-up of the new coated paperboard machine should be lower .distribution xpedx , our distribution business , is one of north america 2019s leading business-to-business distributors to manufacturers , facility managers and printers , providing customized solutions that are designed to improve efficiency , reduce costs and deliver results .customer demand is generally sensitive to changes in economic conditions and consumer behavior , along with segment specific activity including corpo- rate advertising and promotional spending , government spending and domestic manufacturing activity .distribution 2019s margins are relatively stable across an economic cycle .providing customers with the best choice for value in both products and supply chain services is a key competitive factor .addition- ally , efficient customer service , cost-effective logis- tics and focused working capital management are key factors in this segment 2019s profitability .distribution .
[['in millions', '2012', '2011', '2010'], ['sales', '$ 6040', '$ 6630', '$ 6735'], ['operating profit', '22', '34', '78']]
distr ibut ion 2019s 2012 annual sales decreased 9% ( 9 % ) from 2011 , and decreased 10% ( 10 % ) from 2010 .operating profits in 2012 were $ 22 million ( $ 71 million exclud- ing reorganization costs ) compared with $ 34 million ( $ 86 million excluding reorganization costs ) in 2011 and $ 78 million in 2010 .annual sales of printing papers and graphic arts supplies and equipment totaled $ 3.5 billion in 2012 compared with $ 4.0 billion in 2011 and $ 4.2 billion in 2010 , reflecting declining demand and the exiting of unprofitable businesses .trade margins as a percent of sales for printing papers were relatively even with both 2011 and 2010 .revenue from packaging prod- ucts was flat at $ 1.6 billion in both 2012 and 2011 and up slightly compared to $ 1.5 billion in 2010 .pack- aging margins increased in 2012 from both 2011 and 2010 , reflecting the successful execution of strategic sourcing initiatives .facility supplies annual revenue was $ 0.9 billion in 2012 , down compared to $ 1.0 bil- lion in 2011 and 2010 .operating profits in 2012 included $ 49 million of reorganization costs for severance , professional services and asset write-downs compared with $ 52 .
|
what percent of distribution sales where attributable to printing papers and graphic arts supplies and equipment in 2011?
|
60%
|
{
"answer": "60%",
"decimal": 0.6,
"type": "percentage"
}
| |
arconic and subsidiaries notes to the consolidated financial statements ( dollars in millions , except per-share amounts ) a .summary of significant accounting policies basis of presentation .the consolidated financial statements of arconic inc .and subsidiaries ( 201carconic 201d or the 201ccompany 201d ) are prepared in conformity with accounting principles generally accepted in the united states of america ( gaap ) and require management to make certain judgments , estimates , and assumptions .these may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements .they also may affect the reported amounts of revenues and expenses during the reporting period .actual results could differ from those estimates upon subsequent resolution of identified matters .certain amounts in previously issued financial statements were reclassified to conform to the current period presentation ( see below and note c ) on january 1 , 2018 , arconic adopted new guidance issued by the financial accounting standards board ( fasb ) related to the following : presentation of net periodic pension cost and net periodic postretirement benefit cost that required a reclassification of costs within the statement of consolidated operations ; presentation of certain cash receipts and cash payments within the statement of consolidated cash flows that required a reclassification of amounts between operating and either financing or investing activities ; the classification of restricted cash within the statement of consolidated cash flows ; and the reclassification from accumulated other comprehensive loss to accumulated deficit in the consolidated balance sheet of stranded tax effects resulting from the tax cuts and jobs act enacted on december 22 , 2017 .see recently adopted accounting guidance below for further details .also on january 1 , 2018 , the company changed its primary measure of segment performance from adjusted earnings before interest , tax , depreciation and amortization ( 201cadjusted ebitda 201d ) to segment operating profit , which more closely aligns segment performance with operating income as presented in the statement of consolidated operations .see note c for further details .the separation of alcoa inc .into two standalone , publicly-traded companies , arconic inc .( the new name for alcoa inc. ) and alcoa corporation , became effective on november 1 , 2016 ( the 201cseparation transaction 201d ) .the financial results of alcoa corporation for 2016 have been retrospectively reflected in the statement of consolidated operations as discontinued operations and , as such , have been excluded from continuing operations and segment results for 2016 .the cash flows and comprehensive income related to alcoa corporation have not been segregated and are included in the statement of consolidated cash flows and statement of consolidated comprehensive income ( loss ) , respectively , for 2016 .see note v for additional information related to the separation transaction and discontinued operations .principles of consolidation .the consolidated financial statements include the accounts of arconic and companies in which arconic has a controlling interest .intercompany transactions have been eliminated .investments in affiliates in which arconic cannot exercise significant influence are accounted for on the cost method .management also evaluates whether an arconic entity or interest is a variable interest entity and whether arconic is the primary beneficiary .consolidation is required if both of these criteria are met .arconic does not have any variable interest entities requiring consolidation .cash equivalents .cash equivalents are highly liquid investments purchased with an original maturity of three months or less .inventory valuation .inventories are carried at the lower of cost and net realizable value , with cost for approximately half of u.s .inventories determined under the last-in , first-out ( lifo ) method .the cost of other inventories is determined under a combination of the first-in , first-out ( fifo ) and average-cost methods .properties , plants , and equipment .properties , plants , and equipment are recorded at cost .depreciation is recorded principally on the straight-line method at rates based on the estimated useful lives of the assets .the following table details the weighted-average useful lives of structures and machinery and equipment by reporting segment ( numbers in years ) : .
[['', 'structures', 'machinery and equipment'], ['engineered products and solutions', '29', '17'], ['global rolled products', '31', '21'], ['transportation and construction solutions', '27', '18']]
gains or losses from the sale of asset groups are generally recorded in restructuring and other charges while the sale of individual assets are recorded in other expense ( income ) , net ( see policy below for assets classified as held for sale and discontinued operations ) .repairs and maintenance are charged to expense as incurred .interest related to the construction of qualifying assets is capitalized as part of the construction costs. .
|
what is the difference between the weighted average useful lives of structures and machinery/equipment in the global rolled products segment , in years?
|
10
|
{
"answer": "10",
"decimal": 10,
"type": "float"
}
|
it is the difference between the number of years .
|
humana inc .notes to consolidated financial statements 2014 ( continued ) the grant-date fair value of the award will be estimated using option-pricing models .in addition , certain tax effects of stock option exercises will be reported as a financing activity rather than an operating activity in the statements of cash flows .we adopted sfas 123r on january 1 , 2006 under the retrospective transition method using the black-scholes pricing model .the effect of expensing stock options under a fair value approach using the black-scholes pricing model on diluted earnings per common share for the years ended december 31 , 2005 , 2004 and 2003 is disclosed on page 69 .in addition , the classification of cash inflows from any excess tax benefit associated with exercising stock options will change from an operating activity to a financing activity in the consolidated statements of cash flows with no impact on total cash flows .we estimate the impact of this change in classification will decrease operating cash flows ( and increase financing cash flows ) by approximately $ 15.5 million in 2005 , $ 3.7 million in 2004 , and $ 15.2 million in 2003 .stock option expense after adopting sfas 123r is not expected to be materially different than our pro forma disclosure on page 69 and is dependent on levels of stock options granted during 2006 .3 .acquisitions in january 2006 , our commercial segment reached an agreement to acquire cha service company , or cha health , a health plan serving employer groups in kentucky , for cash consideration of approximately $ 60.0 million plus any excess statutory surplus .this transaction , which is subject to regulatory approval , is expected to close effective in the second quarter of 2006 .on december 20 , 2005 , our commercial segment acquired corphealth , inc. , or corphealth , a behavioral health care management company , for cash consideration of approximately $ 54.2 million , including transaction costs .this acquisition allows humana to integrate coverage of medical and behavior health benefits .net tangible assets acquired of $ 6.0 million primarily consisted of cash and cash equivalents .the purchase price exceeded the estimated fair value of the net tangible assets acquired by approximately $ 48.2 million .we preliminarily allocated this excess purchase price to other intangible assets of $ 8.6 million and associated deferred tax liabilities of $ 3.2 million , and non-deductible goodwill of $ 42.8 million .the other intangible assets , which consist primarily of customer contracts , have a weighted average useful life of 14.7 years .the allocation is subject to change pending completion of the valuation by a third party valuation specialist firm assisting us in evaluating the fair value of the assets acquired .on february 16 , 2005 , our government segment acquired careplus health plans of florida , or careplus , as well as its affiliated 10 medical centers and pharmacy company .careplus provides medicare advantage hmo plans and benefits to medicare advantage members in miami-dade , broward and palm beach counties .this acquisition enhances our medicare market position in south florida .we paid approximately $ 444.9 million in cash , including transaction costs .we financed the transaction with $ 294.0 million of borrowings under our credit agreement and $ 150.9 million of cash on hand .the purchase price is subject to a balance sheet settlement process with a nine month claims run-out period .this settlement , which will be reflected as an adjustment to goodwill , is not expected to be material .the fair value of the acquired tangible assets ( assumed liabilities ) consisted of the following: .
[['', '( in thousands )'], ['cash and cash equivalents', '$ 92116'], ['premiums receivable and other current assets', '6510'], ['property and equipment and other assets', '21315'], ['medical and other expenses payable', '-37375 ( 37375 )'], ['other current liabilities', '-23359 ( 23359 )'], ['other liabilities', '-5915 ( 5915 )'], ['net tangible assets acquired', '$ 53292']]
.
|
on december 20 , 2005 what was the ratio of the cash and cash equivalents to the net tangible assets acquired
|
1.73
|
{
"answer": "1.73",
"decimal": 1.73,
"type": "float"
}
| |
amounts due from related parties at december a031 , 2010 and 2009 con- sisted of the following ( in thousands ) : .
[['', '2010', '2009'], ['due from joint ventures', '$ 1062', '$ 228'], ['officers and employees', '2014', '153'], ['other', '5233', '8189'], ['related party receivables', '$ 6295', '$ 8570']]
gramercy capital corp .see note a0 6 , 201cinvestment in unconsolidated joint ventures 2014gramercy capital corp. , 201d for disclosure on related party transactions between gramercy and the company .13 2002equit y common stock our authorized capital stock consists of 260000000 shares , $ .01 par value , of which we have authorized the issuance of up to 160000000 shares of common stock , $ .01 par value per share , 75000000 shares of excess stock , $ .01 par value per share , and 25000000 shares of preferred stock , $ .01 par value per share .as of december a031 , 2010 , 78306702 shares of common stock and no shares of excess stock were issued and outstanding .in may 2009 , we sold 19550000 shares of our common stock at a gross price of $ 20.75 per share .the net proceeds from this offer- ing ( approximately $ 387.1 a0 million ) were primarily used to repurchase unsecured debt .perpetual preferred stock in january 2010 , we sold 5400000 shares of our series a0c preferred stock in an underwritten public offering .as a result of this offering , we have 11700000 shares of the series a0 c preferred stock outstanding .the shares of series a0c preferred stock have a liquidation preference of $ 25.00 per share and are redeemable at par , plus accrued and unpaid dividends , at any time at our option .the shares were priced at $ 23.53 per share including accrued dividends equating to a yield of 8.101% ( 8.101 % ) .we used the net offering proceeds of approximately $ 122.0 a0million for gen- eral corporate and/or working capital purposes , including purchases of the indebtedness of our subsidiaries and investment opportunities .in december 2003 , we sold 6300000 shares of our 7.625% ( 7.625 % ) series a0 c preferred stock , ( including the underwriters 2019 over-allotment option of 700000 shares ) with a mandatory liquidation preference of $ 25.00 per share .net proceeds from this offering ( approximately $ 152.0 a0 million ) were used principally to repay amounts outstanding under our secured and unsecured revolving credit facilities .the series a0c preferred stockholders receive annual dividends of $ 1.90625 per share paid on a quarterly basis and dividends are cumulative , subject to cer- tain provisions .since december a0 12 , 2008 , we have been entitled to redeem the series a0c preferred stock at par for cash at our option .the series a0c preferred stock was recorded net of underwriters discount and issuance costs .12 2002related part y transactions cleaning/securit y/messenger and restoration services through al l iance bui lding services , or al l iance , first qual i t y maintenance , a0l.p. , or first quality , provides cleaning , extermination and related services , classic security a0llc provides security services , bright star couriers a0llc provides messenger services , and onyx restoration works provides restoration services with respect to certain proper- ties owned by us .alliance is partially owned by gary green , a son of stephen a0l .green , the chairman of our board of directors .in addition , first quality has the non-exclusive opportunity to provide cleaning and related services to individual tenants at our properties on a basis sepa- rately negotiated with any tenant seeking such additional services .the service corp .has entered into an arrangement with alliance whereby it will receive a profit participation above a certain threshold for services provided by alliance to certain tenants at certain buildings above the base services specified in their lease agreements .alliance paid the service corporation approximately $ 2.2 a0million , $ 1.8 a0million and $ 1.4 a0million for the years ended december a031 , 2010 , 2009 and 2008 , respectively .we paid alliance approximately $ 14.2 a0million , $ 14.9 a0million and $ 15.1 a0million for three years ended december a031 , 2010 , respectively , for these ser- vices ( excluding services provided directly to tenants ) .leases nancy peck and company leases 1003 square feet of space at 420 lexington avenue under a lease that ends in august 2015 .nancy peck and company is owned by nancy peck , the wife of stephen a0l .green .the rent due pursuant to the lease is $ 35516 per annum for year one increas- ing to $ 40000 in year seven .from february 2007 through december 2008 , nancy peck and company leased 507 square feet of space at 420 a0 lexington avenue pursuant to a lease which provided for annual rental payments of approximately $ 15210 .brokerage services cushman a0 & wakefield sonnenblick-goldman , a0 llc , or sonnenblick , a nationally recognized real estate investment banking firm , provided mortgage brokerage services to us .mr . a0 morton holliday , the father of mr . a0 marc holliday , was a managing director of sonnenblick at the time of the financings .in 2009 , we paid approximately $ 428000 to sonnenblick in connection with the purchase of a sub-leasehold interest and the refinancing of 420 lexington avenue .management fees s.l .green management corp. , a consolidated entity , receives property management fees from an entity in which stephen a0l .green owns an inter- est .the aggregate amount of fees paid to s.l .green management corp .from such entity was approximately $ 390700 in 2010 , $ 351700 in 2009 and $ 353500 in 2008 .notes to consolidated financial statements .
|
for the shares of series c preferred stock priced at $ 23.53 per share , what was the yield in dollars including accrued dividends?
|
1.91
|
{
"answer": "1.91",
"decimal": 1.91,
"type": "float"
}
| |
5 .commitments and contingencies rental expense related to office , warehouse space and real estate amounted to $ 608 , $ 324 , and $ 281 for the years ended december 25 , 2004 , december 27 , 2003 , and december 28 , 2002 , respectively .future minimum lease payments are as follows : at december 25 , 2004 , the company expects future costs of approximately $ 900 for the completion of its facility expansion in olathe , kansas .certain cash balances of gel are held as collateral by a bank securing payment of the united kingdom value-added tax requirements .these amounted to $ 1457 and $ 1602 at december 25 , 2004 and december 27 , 2003 , respectively , and are reported as restricted cash .in the normal course of business , the company and its subsidiaries are parties to various legal claims , actions , and complaints , including matters involving patent infringement and other intellectual property claims and various other risks .it is not possible to predict with certainty whether or not the company and its subsidiaries will ultimately be successful in any of these legal matters , or if not , what the impact might be .however , the company 2019s management does not expect that the results in any of these legal proceedings will have a material adverse effect on the company 2019s results of operations , financial position or cash flows .6 .employee benefit plans gii sponsors an employee retirement plan under which its employees may contribute up to 50% ( 50 % ) of their annual compensation subject to internal revenue code maximum limitations and to which gii contributes a specified percentage of each participant 2019s annual compensation up to certain limits as defined in the plan .additionally , gel has a defined contribution plan under which its employees may contribute up to 5% ( 5 % ) of their annual compensation .both gii and gel contribute an amount determined annually at the discretion of the board of directors .during the years ended december 25 , 2004 , december 27 , 2003 , and december 28 , 2002 , expense related to these plans of $ 5183 , $ 4197 , and $ 2728 , respectively , was charged to operations .certain of the company 2019s foreign subsidiaries participate in local defined benefit pension plans .contributions are calculated by formulas that consider final pensionable salaries .neither obligations nor contributions for the years ended december 25 , 2004 , december 27 , 2003 , and december 28 , 2002 were significant. .
[['year', 'amount'], ['2005', '$ 512'], ['2006', '493'], ['2007', '493'], ['2008', '474'], ['2009', '474'], ['thereafter', '3452']]
.
|
what is the increase in expense related to office , warehouse space , and real estate during 2003 and 2004?
|
284
|
{
"answer": "284",
"decimal": 284,
"type": "float"
}
|
it is the difference between those two values .
|
item 7 .management 2019s discussion and analysis of financial condition and results of operations introduction the following discussion and analysis presents management 2019s perspective of our business , financial condition and overall performance .this information is intended to provide investors with an understanding of our past performance , current financial condition and outlook for the future and should be read in conjunction with 201citem 8 .financial statements and supplementary data 201d of this report .overview of 2017 results during 2017 , we generated solid operating results with our strategy of operating in north america 2019s best resource plays , delivering superior execution , continuing disciplined capital allocation and maintaining a high degree of financial strength .led by our development in the stack and delaware basin , we continued to improve our 90-day initial production rates .with investments in proprietary data tools , predictive analytics and artificial intelligence , we are delivering industry-leading , initial-rate well productivity performance and improving the performance of our established wells .compared to 2016 , commodity prices increased significantly and were the primary driver for improvements in devon 2019s earnings and cash flow during 2017 .we exited 2017 with liquidity comprised of $ 2.7 billion of cash and $ 2.9 billion of available credit under our senior credit facility .we have no significant debt maturities until 2021 .we further enhanced our financial strength by completing approximately $ 415 million of our announced $ 1 billion asset divestiture program in 2017 .we anticipate closing the remaining divestitures in 2018 .in 2018 and beyond , we have the financial capacity to further accelerate investment across our best-in-class u.s .resource plays .we are increasing drilling activity and will continue to shift our production mix to high-margin products .we will continue our premier technical work to drive capital allocation and efficiency and industry- leading well productivity results .we will continue to maximize the value of our base production by sustaining the operational efficiencies we have achieved .finally , we will continue to manage activity levels within our cash flows .we expect this disciplined approach will position us to deliver capital-efficient , cash-flow expansion over the next two years .key measures of our financial performance in 2017 are summarized in the following table .increased commodity prices as well as continued focus on our production expenses improved our 2017 financial performance as compared to 2016 , as seen in the table below .more details for these metrics are found within the 201cresults of operations 2013 2017 vs .2016 201d , below. .
[['net earnings ( loss ) attributable to devon', '2017 $ 898', 'change +185% ( +185 % )', '2016* $ -1056 ( 1056 )', 'change +92% ( +92 % )', '2015* $ -12896 ( 12896 )'], ['net earnings ( loss ) per diluted share attributable to devon', '$ 1.70', '+181% ( +181 % )', '$ -2.09 ( 2.09 )', '+93% ( +93 % )', '$ -31.72 ( 31.72 )'], ['core earnings ( loss ) attributable to devon ( 1 )', '$ 427', '+217% ( +217 % )', '$ -367 ( 367 )', '- 430% ( 430 % )', '$ 111'], ['core earnings ( loss ) per diluted share attributable to devon ( 1 )', '$ 0.81', '+210% ( +210 % )', '$ -0.73 ( 0.73 )', '- 382% ( 382 % )', '$ 0.26'], ['retained production ( mboe/d )', '541', '- 4% ( 4 % )', '563', '- 3% ( 3 % )', '580'], ['total production ( mboe/d )', '543', '- 11% ( 11 % )', '611', '- 10% ( 10 % )', '680'], ['realized price per boe ( 2 )', '$ 25.96', '+39% ( +39 % )', '$ 18.72', '- 14% ( 14 % )', '$ 21.68'], ['operating cash flow', '$ 2909', '+94% ( +94 % )', '$ 1500', '- 69% ( 69 % )', '$ 4898'], ['capitalized expenditures including acquisitions', '$ 2937', '- 25% ( 25 % )', '$ 3908', '- 32% ( 32 % )', '$ 5712'], ['shareholder and noncontrolling interests distributions', '$ 481', '- 8% ( 8 % )', '$ 525', '- 19% ( 19 % )', '$ 650'], ['cash and cash equivalents', '$ 2673', '+36% ( +36 % )', '$ 1959', '- 15% ( 15 % )', '$ 2310'], ['total debt', '$ 10406', '+2% ( +2 % )', '$ 10154', '- 22% ( 22 % )', '$ 13032'], ['reserves ( mmboe )', '2152', '+5% ( +5 % )', '2058', '- 6% ( 6 % )', '2182']]
.
|
what is the ratio of operating cash flow to total debt in 2017?
|
3.57
|
{
"answer": "3.57",
"decimal": 3.57,
"type": "float"
}
|
this is how many years it would take to repay the debt at existing cash flow with no new debt .
|
reinsurance commissions , fees and other revenue increased 1% ( 1 % ) driven by a favorable foreign currency translation of 2% ( 2 % ) and was partially offset by a 1% ( 1 % ) decline in dispositions , net of acquisitions and other .organic revenue was flat primarily resulting from strong growth in the capital market transactions and advisory business , partially offset by declines in global facultative placements .operating income operating income increased $ 120 million , or 10% ( 10 % ) , from 2010 to $ 1.3 billion in 2011 .in 2011 , operating income margins in this segment were 19.3% ( 19.3 % ) , up 70 basis points from 18.6% ( 18.6 % ) in 2010 .operating margin improvement was primarily driven by revenue growth , reduced costs of restructuring initiatives and realization of the benefits of those restructuring plans , which was partially offset by the negative impact of expense increases related to investment in the business , lease termination costs , legacy receivables write-off , and foreign currency exchange rates .hr solutions .
[['years ended december 31,', '2011', '2010', '2009'], ['revenue', '$ 4501', '$ 2111', '$ 1267'], ['operating income', '448', '234', '203'], ['operating margin', '10.0% ( 10.0 % )', '11.1% ( 11.1 % )', '16.0% ( 16.0 % )']]
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 40% ( 40 % ) of our consolidated total revenues in 2011 and provides a broad range of human capital services , as follows : 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 .effective january 1 , 2012 , this line of business will be included in the results of the risk solutions segment .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 .2022 benefits administration 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 .
|
what is the average operating income?
|
295
|
{
"answer": "295",
"decimal": 295,
"type": "float"
}
|
it is the sum of all operating income divided by three .
|
cash and cash equivalents cash equivalents include highly-liquid investments with a maturity of three months or less when purchased .accounts receivable and allowance for doubtful accounts accounts receivable are carried at the invoiced amounts , less an allowance for doubtful accounts , and generally do not bear interest .the company estimates the balance of allowance for doubtful accounts by analyzing accounts receivable balances by age and applying historical write-off and collection trend rates .the company 2019s estimates include separately providing for customer receivables based on specific circumstances and credit conditions , and when it is deemed probable that the balance is uncollectible .account balances are written off against the allowance when it is determined the receivable will not be recovered .the company 2019s allowance for doubtful accounts balance also includes an allowance for the expected return of products shipped and credits related to pricing or quantities shipped of $ 15 million , $ 14 million and $ 15 million as of december 31 , 2017 , 2016 , and 2015 , respectively .returns and credit activity is recorded directly to sales as a reduction .the following table summarizes the activity in the allowance for doubtful accounts: .
[['( millions )', '2017', '2016', '2015'], ['beginning balance', '$ 67.6', '$ 75.3', '$ 77.5'], ['bad debt expense', '17.1', '20.1', '25.8'], ['write-offs', '-15.7 ( 15.7 )', '-24.6 ( 24.6 )', '-21.9 ( 21.9 )'], ['other ( a )', '2.5', '-3.2 ( 3.2 )', '-6.1 ( 6.1 )'], ['ending balance', '$ 71.5', '$ 67.6', '$ 75.3']]
( a ) other amounts are primarily the effects of changes in currency translations and the impact of allowance for returns and credits .inventory valuations inventories are valued at the lower of cost or net realizable value .certain u.s .inventory costs are determined on a last-in , first-out ( 201clifo 201d ) basis .lifo inventories represented 39% ( 39 % ) and 40% ( 40 % ) of consolidated inventories as of december 31 , 2017 and 2016 , respectively .all other inventory costs are determined using either the average cost or first-in , first-out ( 201cfifo 201d ) methods .inventory values at fifo , as shown in note 5 , approximate replacement cost .property , plant and equipment property , plant and equipment assets are stated at cost .merchandising and customer equipment consists principally of various dispensing systems for the company 2019s cleaning and sanitizing products , dishwashing machines and process control and monitoring equipment .certain dispensing systems capitalized by the company are accounted for on a mass asset basis , whereby equipment is capitalized and depreciated as a group and written off when fully depreciated .the company capitalizes both internal and external costs of development or purchase of computer software for internal use .costs incurred for data conversion , training and maintenance associated with capitalized software are expensed as incurred .expenditures for major renewals and improvements , which significantly extend the useful lives of existing plant and equipment , are capitalized and depreciated .expenditures for repairs and maintenance are charged to expense as incurred .upon retirement or disposition of plant and equipment , the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income .depreciation is charged to operations using the straight-line method over the assets 2019 estimated useful lives ranging from 5 to 40 years for buildings and leasehold improvements , 3 to 20 years for machinery and equipment , 3 to 15 years for merchandising and customer equipment and 3 to 7 years for capitalized software .the straight-line method of depreciation reflects an appropriate allocation of the cost of the assets to earnings in proportion to the amount of economic benefits obtained by the company in each reporting period .depreciation expense was $ 586 million , $ 561 million and $ 560 million for 2017 , 2016 and 2015 , respectively. .
|
what is the percentage change in the balance of allowance for doubtful accounts from 2016 to 2017?
|
5.8%
|
{
"answer": "5.8%",
"decimal": 0.057999999999999996,
"type": "percentage"
}
| |
american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) as of december 31 , 2006 , the company held a total of ten interest rate swap agreements to manage exposure to variable rate interest obligations under its amt opco and spectrasite credit facilities and four forward starting interest rate swap agreements to manage exposure to variability in cash flows relating to forecasted interest payments in connection with the securitization which the company designated as cash flow hedges .the eight american tower swaps had an aggregate notional amount of $ 450.0 million and fixed rates ranging between 4.63% ( 4.63 % ) and 4.88% ( 4.88 % ) and the two spectrasite swaps have an aggregate notional amount of $ 100.0 million and a fixed rate of 4.95% ( 4.95 % ) .the four forward starting interest rate swap agreements had an aggregate notional amount of $ 900.0 million , fixed rates ranging between 4.73% ( 4.73 % ) and 5.10% ( 5.10 % ) .as of december 31 , 2006 , the company also held three interest rate swap instruments and one interest rate cap instrument that were acquired in the spectrasite , inc .merger in august 2005 and were not designated as cash flow hedges .the three interest rate swaps , which had a fair value of $ 6.7 million at the date of acquisition , have an aggregate notional amount of $ 300.0 million , a fixed rate of 3.88% ( 3.88 % ) .the interest rate cap had a notional amount of $ 175.0 million , a fixed rate of 7.0% ( 7.0 % ) , and expired in february 2006 .as of december 31 , 2006 , other comprehensive income includes unrealized gains on short term available-for-sale securities of $ 10.4 million and unrealized gains related to the interest rate swap agreements in the table above of $ 5.7 million , net of tax .during the year ended december 31 , 2006 , the company recorded a net unrealized gain of approximately $ 6.5 million ( net of a tax provision of approximately $ 3.5 million ) in other comprehensive loss for the change in fair value of interest rate swaps designated as cash flow hedges and reclassified $ 0.7 million ( net of an income tax benefit of $ 0.2 million ) into results of operations during the year ended december 31 , 2006 .9 .commitments and contingencies lease obligations 2014the company leases certain land , office and tower space under operating leases that expire over various terms .many of the leases contain renewal options with specified increases in lease payments upon exercise of the renewal option .escalation clauses present in operating leases , excluding those tied to cpi or other inflation-based indices , are recognized on a straight-line basis over the non-cancelable term of the lease .( see note 1. ) future minimum rental payments under non-cancelable operating leases include payments for certain renewal periods at the company 2019s option because failure to renew could result in a loss of the applicable tower site and related revenues from tenant leases , thereby making it reasonably assured that the company will renew the lease .such payments in effect at december 31 , 2007 are as follows ( in thousands ) : year ending december 31 .
[['2008', '$ 217969'], ['2009', '215763'], ['2010', '208548'], ['2011', '199024'], ['2012', '190272'], ['thereafter', '2451496'], ['total', '$ 3483072']]
aggregate rent expense ( including the effect of straight-line rent expense ) under operating leases for the years ended december 31 , 2007 , 2006 and 2005 approximated $ 246.4 million , $ 237.0 million and $ 168.7 million , respectively. .
|
what is the percentage change in aggregate rent expense from 2006 to 2007?
|
4.0%
|
{
"answer": "4.0%",
"decimal": 0.04,
"type": "percentage"
}
| |
the following tables present a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs ( level 3 ) for 2017 and 2016 , respectively: .
[['', 'level 3'], ['balance as of january 1 2017', '$ 140'], ['actual return on assets', '2'], ['purchases issuances and settlements net', '136'], ['balance as of december 31 2017', '$ 278']]
purchases , issuances and settlements , net ............................................( 4 ) balance as of december 31 , 2016 ......................................................$ 140 the company 2019s postretirement benefit plans have different levels of funded status 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 meet the risk tolerance criteria of the company .the company periodically updates the long-term , strategic asset allocations for these plans through asset liability studies and uses various analytics to determine the optimal asset allocation .considerations include plan liability characteristics , liquidity needs , funding requirements , expected rates of return and the distribution of returns .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 .in 2012 , the company implemented a de-risking strategy for the american water pension plan after conducting an asset-liability study to reduce the volatility of the funded status of the plan .as part of the de-risking strategy , the company revised the asset allocations to increase the matching characteristics of fixed-income assets relative to liabilities .the fixed income portion of the portfolio was designed to match the bond-like and long-dated nature of the postretirement liabilities .in 2017 , the company further increased its exposure to liability-driven investing and increased its fixed-income allocation to 50% ( 50 % ) , up from 40% ( 40 % ) , in an effort to further decrease the funded status volatility of the plan and hedge the portfolio from movements in interest rates .in 2012 , the company also implemented a de-risking strategy for the medical bargaining trust within the plan to minimize volatility .in 2017 , the company conducted a new asset-liability study that indicated medical trend inflation that outpaced the consumer price index by more than 2% ( 2 % ) for the last 20 years .given continuously rising medical costs , the company decided to increase the equity exposure of the portfolio to 30% ( 30 % ) , up from 20% ( 20 % ) , while reducing the fixed-income portion of the portfolio from 80% ( 80 % ) to 70% ( 70 % ) .the company also conducted an asset-liability study for the post-retirement non-bargaining medical plan .its allocation was adjusted to make it more conservative , reducing the equity allocation from 70% ( 70 % ) to 60% ( 60 % ) and increasing the fixed- income allocation from 30% ( 30 % ) to 40% ( 40 % ) .the post-retirement medical non-bargaining plan 2019s equity allocation was reduced due to the cap on benefits for some non-union participants and resultant reduction in the plan 2019s liabilities .these changes will take place in 2018 .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. .
|
by how much did the balance increase from the beginning of 2017 to the end?
|
98.57%
|
{
"answer": "98.57%",
"decimal": 0.9856999999999999,
"type": "percentage"
}
| |
the goldman sachs group , inc .and subsidiaries management 2019s discussion and analysis the risk committee of the board and the risk governance committee ( through delegated authority from the firmwide risk committee ) approve market risk limits and sub-limits at firmwide , business and product levels , consistent with our risk appetite statement .in addition , market risk management ( through delegated authority from the risk governance committee ) sets market risk limits and sub-limits at certain product and desk levels .the purpose of the firmwide limits is to assist senior management in controlling our overall risk profile .sub-limits are set below the approved level of risk limits .sub-limits set the desired maximum amount of exposure that may be managed by any particular business on a day-to-day basis without additional levels of senior management approval , effectively leaving day-to-day decisions to individual desk managers and traders .accordingly , sub-limits are a management tool designed to ensure appropriate escalation rather than to establish maximum risk tolerance .sub-limits also distribute risk among various businesses in a manner that is consistent with their level of activity and client demand , taking into account the relative performance of each area .our market risk limits are monitored daily by market risk management , which is responsible for identifying and escalating , on a timely basis , instances where limits have been exceeded .when a risk limit has been exceeded ( e.g. , due to positional changes or changes in market conditions , such as increased volatilities or changes in correlations ) , it is escalated to senior managers in market risk management and/or the appropriate risk committee .such instances are remediated by an inventory reduction and/or a temporary or permanent increase to the risk limit .model review and validation our var and stress testing models are regularly reviewed by market risk management and enhanced in order to incorporate changes in the composition of positions included in our market risk measures , as well as variations in market conditions .prior to implementing significant changes to our assumptions and/or models , model risk management performs model validations .significant changes to our var and stress testing models are reviewed with our chief risk officer and chief financial officer , and approved by the firmwide risk committee .see 201cmodel risk management 201d for further information about the review and validation of these models .systems we have made a significant investment in technology to monitor market risk including : 2030 an independent calculation of var and stress measures ; 2030 risk measures calculated at individual position levels ; 2030 attribution of risk measures to individual risk factors of each position ; 2030 the ability to report many different views of the risk measures ( e.g. , by desk , business , product type or entity ) ; 2030 the ability to produce ad hoc analyses in a timely manner .metrics we analyze var at the firmwide level and a variety of more detailed levels , including by risk category , business , and region .the tables below present average daily var and period-end var , as well as the high and low var for the period .diversification effect in the tables below represents the difference between total var and the sum of the vars for the four risk categories .this effect arises because the four market risk categories are not perfectly correlated .the table below presents average daily var by risk category. .
[['$ in millions', 'year ended december 2017', 'year ended december 2016', 'year ended december 2015'], ['interest rates', '$ 40', '$ 45', '$ 47'], ['equity prices', '24', '25', '26'], ['currency rates', '12', '21', '30'], ['commodity prices', '13', '17', '20'], ['diversification effect', '-35 ( 35 )', '-45 ( 45 )', '-47 ( 47 )'], ['total', '$ 54', '$ 63', '$ 76']]
our average daily var decreased to $ 54 million in 2017 from $ 63 million in 2016 , due to reductions across all risk categories , partially offset by a decrease in the diversification effect .the overall decrease was primarily due to lower levels of volatility .our average daily var decreased to $ 63 million in 2016 from $ 76 million in 2015 , due to reductions across all risk categories , partially offset by a decrease in the diversification effect .the overall decrease was primarily due to reduced exposures .goldman sachs 2017 form 10-k 91 .
|
what was the percentage change in average daily var in the currency rates risk category between 2016 and 2017?
|
-43%
|
{
"answer": "-43%",
"decimal": -0.43,
"type": "percentage"
}
| |
entergy corporation and subsidiaries notes to financial statements sale and leaseback transactions waterford 3 lease obligations in 1989 , in three separate but substantially identical transactions , entergy louisiana sold and leased back undivided interests in waterford 3 for the aggregate sum of $ 353.6 million .the interests represent approximately 9.3% ( 9.3 % ) of waterford 3 .the leases expire in 2017 .under certain circumstances , entergy louisiana may repurchase the leased interests prior to the end of the term of the leases .at the end of the lease terms , entergy louisiana has the option to repurchase the leased interests in waterford 3 at fair market value or to renew the leases for either fair market value or , under certain conditions , a fixed rate .entergy louisiana issued $ 208.2 million of non-interest bearing first mortgage bonds as collateral for the equity portion of certain amounts payable under the leases .upon the occurrence of certain events , entergy louisiana may be obligated to assume the outstanding bonds used to finance the purchase of the interests in the unit and to pay an amount sufficient to withdraw from the lease transaction .such events include lease events of default , events of loss , deemed loss events , or certain adverse 201cfinancial events . 201d 201cfinancial events 201d include , among other things , failure by entergy louisiana , following the expiration of any applicable grace or cure period , to maintain ( i ) total equity capital ( including preferred membership interests ) at least equal to 30% ( 30 % ) of adjusted capitalization , or ( ii ) a fixed charge coverage ratio of at least 1.50 computed on a rolling 12 month basis .as of december 31 , 2011 , entergy louisiana was in compliance with these provisions .as of december 31 , 2011 , entergy louisiana had future minimum lease payments ( reflecting an overall implicit rate of 7.45% ( 7.45 % ) ) in connection with the waterford 3 sale and leaseback transactions , which are recorded as long-term debt , as follows : amount ( in thousands ) .
[['', 'amount ( in thousands )'], ['2012', '$ 39067'], ['2013', '26301'], ['2014', '31036'], ['2015', '28827'], ['2016', '16938'], ['years thereafter', '106335'], ['total', '248504'], ['less : amount representing interest', '60249'], ['present value of net minimum lease payments', '$ 188255']]
grand gulf lease obligations in 1988 , in two separate but substantially identical transactions , system energy sold and leased back undivided ownership interests in grand gulf for the aggregate sum of $ 500 million .the interests represent approximately 11.5% ( 11.5 % ) of grand gulf .the leases expire in 2015 .under certain circumstances , system entergy may repurchase the leased interests prior to the end of the term of the leases .at the end of the lease terms , system energy has the option to repurchase the leased interests in grand gulf at fair market value or to renew the leases for either fair market value or , under certain conditions , a fixed rate .system energy is required to report the sale-leaseback as a financing transaction in its financial statements .for financial reporting purposes , system energy expenses the interest portion of the lease obligation and the plant depreciation .however , operating revenues include the recovery of the lease payments because the transactions are accounted for as a sale and leaseback for ratemaking purposes .consistent with a recommendation contained in a .
|
as of december 31 , 2011 , what was the percent of the entergy louisiana future minimum lease payments that was due in 2014
|
12.5%
|
{
"answer": "12.5%",
"decimal": 0.125,
"type": "percentage"
}
| |
$ 15 million for fire control programs due to increased deliveries ( primarily apache ) , partially offset by lower risk retirements ( primarily sniper ae ) .adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 95 million lower for 2014 compared to 2013 .backlog backlog increased in 2015 compared to 2014 primarily due to higher orders on pac-3 , lantirn/sniper and certain tactical missile programs , partially offset by lower orders on thaad .backlog decreased in 2014 compared to 2013 primarily due to lower orders on thaad and fire control systems programs , partially offset by higher orders on certain tactical missile programs and pac-3 .trends we expect mfc 2019s net sales to be flat or experience a slight decline in 2016 as compared to 2015 .operating profit is expected to decrease by approximately 20 percent , driven by contract mix and fewer risk retirements in 2016 compared to 2015 .accordingly , operating profit margin is expected to decline from 2015 levels .mission systems and training as previously described , on november 6 , 2015 , we acquired sikorsky and aligned the sikorsky business under our mst business segment .the results of the acquired sikorsky business have been included in our financial results from the november 6 , 2015 acquisition date through december 31 , 2015 .as a result , our consolidated operating results and mst business segment operating results for the year ended december 31 , 2015 do not reflect a full year of sikorsky operations .our mst business segment provides design , manufacture , service and support for a variety of military and civil helicopters , ship and submarine mission and combat systems ; mission systems and sensors for rotary and fixed-wing aircraft ; sea and land-based missile defense systems ; radar systems ; the littoral combat ship ( lcs ) ; simulation and training services ; and unmanned systems and technologies .in addition , mst supports the needs of customers in cybersecurity and delivers communication and command and control capabilities through complex mission solutions for defense applications .mst 2019s major programs include black hawk and seahawk helicopters , aegis combat system ( aegis ) , lcs , space fence , advanced hawkeye radar system , and tpq-53 radar system .mst 2019s operating results included the following ( in millions ) : .
[['', '2015', '2014', '2013'], ['net sales', '$ 9091', '$ 8732', '$ 9037'], ['operating profit', '844', '936', '1065'], ['operating margins', '9.3% ( 9.3 % )', '10.7% ( 10.7 % )', '11.8% ( 11.8 % )'], ['backlog at year-end', '$ 30100', '$ 13300', '$ 12600']]
2015 compared to 2014 mst 2019s net sales in 2015 increased $ 359 million , or 4% ( 4 % ) , compared to 2014 .the increase was attributable to net sales of approximately $ 400 million from sikorsky , net of adjustments required to account for the acquisition of this business in the fourth quarter of 2015 ; and approximately $ 220 million for integrated warfare systems and sensors programs , primarily due to the ramp-up of recently awarded programs ( space fence ) .these increases were partially offset by lower net sales of approximately $ 150 million for undersea systems programs due to decreased volume as a result of in-theater force reductions ( primarily persistent threat detection system ) ; and approximately $ 105 million for ship and aviation systems programs primarily due to decreased volume ( merlin capability sustainment program ) .mst 2019s operating profit in 2015 decreased $ 92 million , or 10% ( 10 % ) , compared to 2014 .operating profit decreased by approximately $ 75 million due to performance matters on an international program ; approximately $ 45 million for sikorsky due primarily to intangible amortization and adjustments required to account for the acquisition of this business in the fourth quarter of 2015 ; and approximately $ 15 million for integrated warfare systems and sensors programs , primarily due to investments made in connection with a recently awarded next generation radar technology program , partially offset by higher risk retirements ( including halifax class modernization ) .these decreases were partially offset by approximately $ 20 million in increased operating profit for training and logistics services programs , primarily due to reserves recorded on certain programs in 2014 that were not repeated in 2015 .adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 100 million lower in 2015 compared to 2014. .
|
what were average operating margins for mst in millions from 2013 to 2015?
|
10.6%
|
{
"answer": "10.6%",
"decimal": 0.106,
"type": "percentage"
}
| |
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', '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']]
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. .
|
what was the percent of the growth in the sales from 2011 to 2012
|
4.1%
|
{
"answer": "4.1%",
"decimal": 0.040999999999999995,
"type": "percentage"
}
| |
table of contents the following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2017 .period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs ( a ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( b ) .
[['period', 'total numberof sharespurchased', 'averageprice paidper share', 'total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a )', 'total number ofshares purchased aspart of publiclyannounced plans orprograms', 'approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b )'], ['october 2017', '515762', '$ 77.15', '292145', '223617', '$ 1.6 billion'], ['november 2017', '2186889', '$ 81.21', '216415', '1970474', '$ 1.4 billion'], ['december 2017', '2330263', '$ 87.76', '798', '2329465', '$ 1.2 billion'], ['total', '5032914', '$ 83.83', '509358', '4523556', '$ 1.2 billion']]
( a ) the shares reported in this column represent purchases settled in the fourth quarter of 2017 relating to ( i ) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans , and ( ii ) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options , the vesting of restricted stock , and other stock compensation transactions in accordance with the terms of our stock-based compensation plans .( b ) on september 21 , 2016 , we announced that our board of directors authorized our purchase of up to $ 2.5 billion of our outstanding common stock ( the 2016 program ) with no expiration date .as of december 31 , 2017 , we had $ 1.2 billion remaining available for purchase under the 2016 program .on january 23 , 2018 , we announced that our board of directors authorized our purchase of up to an additional $ 2.5 billion of our outstanding common stock with no expiration date. .
|
as of december 31 , 2017 , what was the percent of the 2016 program remaining available for purchase
|
48%
|
{
"answer": "48%",
"decimal": 0.48,
"type": "percentage"
}
| |
operating expenses : 2013 versus 2012 versus ( percent of net sales ) 2013 2012 2011 .
[['( percent of net sales )', '2013', '2012', '2011', '2013 versus 2012', '2012 versus 2011'], ['cost of sales', '52.1% ( 52.1 % )', '52.4% ( 52.4 % )', '53.0% ( 53.0 % )', '( 0.3 ) % ( % )', '( 0.6 ) % ( % )'], ['selling general and administrative expenses', '20.7', '20.4', '20.8', '0.3', '-0.4 ( 0.4 )'], ['research development and related expenses', '5.6', '5.5', '5.3', '0.1', '0.2'], ['operating income', '21.6% ( 21.6 % )', '21.7% ( 21.7 % )', '20.9% ( 20.9 % )', '( 0.1 ) % ( % )', '0.8% ( 0.8 % )']]
pension and postretirement expense decreased $ 97 million in 2013 compared to 2012 , compared to an increase of $ 95 million for 2012 compared to 2011 .2012 includes a $ 26 million charge related to the first-quarter 2012 voluntary early retirement incentive program ( discussed in note 10 ) .pension and postretirement expense is recorded in cost of sales ; selling , general and administrative expenses ( sg&a ) ; and research , development and related expenses ( r&d ) .refer to note 10 ( pension and postretirement plans ) for components of net periodic benefit cost and the assumptions used to determine net cost .cost of sales : cost of sales includes manufacturing , engineering and freight costs .cost of sales , measured as a percent of net sales , was 52.1 percent in 2013 , a decrease of 0.3 percentage points from 2012 .cost of sales as a percent of sales decreased due to the combination of selling price increases and raw material cost decreases , as selling prices rose 0.9 percent and raw material cost deflation was approximately 2 percent favorable year-on-year .in addition , lower pension and postretirement costs ( of which a portion impacts cost of sales ) , in addition to organic volume increases , decreased cost of sales as a percent of sales .these benefits were partially offset by the impact of 2012 acquisitions and lower factory utilization .cost of sales , measured as a percent of net sales , was 52.4 percent in 2012 , a decrease of 0.6 percentage points from 2011 .the net impact of selling price/raw material cost changes was the primary factor that decreased cost of sales as a percent of sales , as selling prices increased 1.4 percent and raw material costs decreased approximately 2 percent .this benefit was partially offset by higher pension and postretirement costs .selling , general and administrative expenses : selling , general and administrative expenses ( sg&a ) increased $ 282 million , or 4.6 percent , in 2013 when compared to 2012 .in 2013 , sg&a included strategic investments in business transformation , enabled by 3m 2019s global enterprise resource planning ( erp ) implementation , in addition to increases from acquired businesses that were largely not in 3m 2019s 2012 spending ( ceradyne , inc .and federal signal technologies ) , which were partially offset by lower pension and postretirement expense .sg&a , measured as a percent of sales , increased 0.3 percentage points to 20.7 percent in 2013 , compared to 20.4 percent in 2012 .sg&a decreased $ 68 million , or 1.1 percent , in 2012 when compared to 2011 .in addition to cost-control and other productivity efforts , 3m experienced some savings from its first-quarter 2012 voluntary early retirement incentive program and other restructuring actions .these benefits more than offset increases related to acquisitions , higher year-on-year pension and postretirement expense , and restructuring expenses .sg&a in 2012 included increases from acquired businesses which were not in 3m 2019s full-year 2011 base spending , primarily related to the 2011 acquisitions of winterthur technologie ag and the do-it-yourself and professional business of gpi group , in addition to sg&a spending related to the 2012 acquisitions of ceradyne , inc. , federal signal technologies group , and coderyte , inc .sg&a , measured as a percent of sales , was 20.4 percent in 2012 , a decrease of 0.4 percentage points when compared to 2011 .research , development and related expenses : research , development and related expenses ( r&d ) increased 4.9 percent in 2013 compared to 2012 and increased 4.1 percent in 2012 compared to 2011 , as 3m continued to support its key growth initiatives , including more r&d aimed at disruptive innovation .in 2013 , increases from acquired businesses that were largely not in 3m 2019s 2012 spending ( primarily ceradyne , inc .and federal signal technologies ) were partially offset by lower pension and postretirement expense .in 2012 , investments to support key growth initiatives , along with higher pension and postretirement expense , were partially .
|
in 2012 what was the percent of the voluntary early retirement incentive program to the increase in the pension and postretirement expense
|
27.4%
|
{
"answer": "27.4%",
"decimal": 0.27399999999999997,
"type": "percentage"
}
| |
f-80 www.thehartford.com the hartford financial services group , inc .notes to consolidated financial statements ( continued ) 14 .commitments and contingencies ( continued ) future minimum lease commitments as of december 31 , 2016 operating leases .
[['', 'operating leases'], ['2017', '$ 42'], ['2018', '35'], ['2019', '28'], ['2020', '20'], ['2021', '10'], ['thereafter', '28'], ['total minimum lease payments [1]', '$ 163']]
[1] excludes expected future minimum sublease income of approximately $ 2 , $ 2 , $ 2 , $ 2 , $ 0 and $ 0 in 2017 , 2018 , 2019 , 2020 , 2021 and thereafter respectively .the company 2019s lease commitments consist primarily of lease agreements for office space , automobiles , and office equipment that expire at various dates .unfunded commitments as of december 31 , 2016 , the company has outstanding commitments totaling $ 1.6 billion , of which $ 1.2 billion is committed to fund limited partnership and other alternative investments , which may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses .additionally , $ 313 of the outstanding commitments relate to various funding obligations associated with private placement securities .the remaining outstanding commitments of $ 95 relate to mortgage loans the company is expecting to fund in the first half of 2017 .guaranty funds and other insurance-related assessments in all states , insurers licensed to transact certain classes of insurance are required to become members of a guaranty fund .in most states , in the event of the insolvency of an insurer writing any such class of insurance in the state , the guaranty funds may assess its members to pay covered claims of the insolvent insurers .assessments are based on each member 2019s proportionate share of written premiums in the state for the classes of insurance in which the insolvent insurer was engaged .assessments are generally limited for any year to one or two percent of the premiums written per year depending on the state .some states permit member insurers to recover assessments paid through surcharges on policyholders or through full or partial premium tax offsets , while other states permit recovery of assessments through the rate filing process .liabilities for guaranty fund and other insurance-related assessments are accrued when an assessment is probable , when it can be reasonably estimated , and when the event obligating the company to pay an imposed or probable assessment has occurred .liabilities for guaranty funds and other insurance- related assessments are not discounted and are included as part of other liabilities in the consolidated balance sheets .as of december 31 , 2016 and 2015 the liability balance was $ 134 and $ 138 , respectively .as of december 31 , 2016 and 2015 amounts related to premium tax offsets of $ 34 and $ 44 , respectively , were included in other assets .derivative commitments certain of the company 2019s derivative agreements contain provisions that are tied to the financial strength ratings , as set by nationally recognized statistical agencies , of the individual legal entity that entered into the derivative agreement .if the legal entity 2019s financial strength were to fall below certain ratings , the counterparties to the derivative agreements could demand immediate and ongoing full collateralization and in certain instances enable the counterparties to terminate the agreements and demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement .the settlement amount is determined by netting the derivative positions transacted under each agreement .if the termination rights were to be exercised by the counterparties , it could impact the legal entity 2019s ability to conduct hedging activities by increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity .the aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position as of december 31 , 2016 was $ 1.4 billion .of this $ 1.4 billion , the legal entities have posted collateral of $ 1.7 billion in the normal course of business .in addition , the company has posted collateral of $ 31 associated with a customized gmwb derivative .based on derivative market values as of december 31 , 2016 , a downgrade of one level below the current financial strength ratings by either moody 2019s or s&p would not require additional assets to be posted as collateral .based on derivative market values as of december 31 , 2016 , a downgrade of two levels below the current financial strength ratings by either moody 2019s or s&p would require additional $ 10 of assets to be posted as collateral .these collateral amounts could change as derivative market values change , as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated .the nature of the collateral that we post , when required , is primarily in the form of u.s .treasury bills , u.s .treasury notes and government agency securities .guarantees in the ordinary course of selling businesses or entities to third parties , the company has agreed to indemnify purchasers for losses arising subsequent to the closing due to breaches of representations and warranties with respect to the business or entity being sold or with respect to covenants and obligations of the company and/or its subsidiaries .these obligations are typically subject to various time limitations , defined by the contract or by operation of law , such as statutes of limitation .in some cases , the maximum potential obligation is subject to contractual limitations , while in other cases such limitations are not specified or applicable .the company does not expect to make any payments on these guarantees and is not carrying any liabilities associated with these guarantees. .
|
what is the net operating lease obligation for 2017?
|
40
|
{
"answer": "40",
"decimal": 40,
"type": "float"
}
| |
westrock company notes to consolidated financial statements 2014 ( continued ) consistent with prior years , we consider a portion of our earnings from certain foreign subsidiaries as subject to repatriation and we provide for taxes accordingly .however , we consider the unremitted earnings and all other outside basis differences from all other foreign subsidiaries to be indefinitely reinvested .accordingly , we have not provided for any taxes that would be due .as of september 30 , 2019 , we estimate our outside basis difference in foreign subsidiaries that are considered indefinitely reinvested to be approximately $ 1.6 billion .the components of the outside basis difference are comprised of purchase accounting adjustments , undistributed earnings , and equity components .except for the portion of our earnings from certain foreign subsidiaries where we provided for taxes , we have not provided for any taxes that would be due upon the reversal of the outside basis differences .however , in the event of a distribution in the form of dividends or dispositions of the subsidiaries , we may be subject to incremental u.s .income taxes , subject to an adjustment for foreign tax credits , and withholding taxes or income taxes payable to the foreign jurisdictions .as of september 30 , 2019 , the determination of the amount of unrecognized deferred tax liability related to any remaining undistributed foreign earnings not subject to the transition tax and additional outside basis differences is not practicable .a reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows ( in millions ) : .
[['', '2019', '2018', '2017'], ['balance at beginning of fiscal year', '$ 127.1', '$ 148.9', '$ 166.8'], ['additions related to purchase accounting ( 1 )', '1.0', '3.4', '7.7'], ['additions for tax positions taken in current year ( 2 )', '103.8', '3.1', '5.0'], ['additions for tax positions taken in prior fiscal years', '1.8', '18.0', '15.2'], ['reductions for tax positions taken in prior fiscal years', '( 0.5 )', '( 5.3 )', '( 25.6 )'], ['reductions due to settlement ( 3 )', '( 4.0 )', '( 29.4 )', '( 14.1 )'], ['( reductions ) additions for currency translation adjustments', '-1.7 ( 1.7 )', '-9.6 ( 9.6 )', '2.0'], ['reductions as a result of a lapse of the applicable statute oflimitations', '( 3.2 )', '( 2.0 )', '( 8.1 )'], ['balance at end of fiscal year', '$ 224.3', '$ 127.1', '$ 148.9']]
( 1 ) amounts in fiscal 2019 relate to the kapstone acquisition .amounts in fiscal 2018 and 2017 relate to the mps acquisition .( 2 ) additions for tax positions taken in current fiscal year includes primarily positions taken related to foreign subsidiaries .( 3 ) amounts in fiscal 2019 relate to the settlements of state and foreign audit examinations .amounts in fiscal 2018 relate to the settlement of state audit examinations and federal and state amended returns filed related to affirmative adjustments for which there was a reserve .amounts in fiscal 2017 relate to the settlement of federal and state audit examinations with taxing authorities .as of september 30 , 2019 and 2018 , the total amount of unrecognized tax benefits was approximately $ 224.3 million and $ 127.1 million , respectively , exclusive of interest and penalties .of these balances , as of september 30 , 2019 and 2018 , if we were to prevail on all unrecognized tax benefits recorded , approximately $ 207.5 million and $ 108.7 million , respectively , would benefit the effective tax rate .we regularly evaluate , assess and adjust the related liabilities in light of changing facts and circumstances , which could cause the effective tax rate to fluctuate from period to period .resolution of the uncertain tax positions could have a material adverse effect on our cash flows or materially benefit our results of operations in future periods depending upon their ultimate resolution .see 201cnote 18 .commitments and contingencies 2014 brazil tax liability 201d we recognize estimated interest and penalties related to unrecognized tax benefits in income tax expense in the consolidated statements of income .as of september 30 , 2019 , we had liabilities of $ 80.0 million related to estimated interest and penalties for unrecognized tax benefits .as of september 30 , 2018 , we had liabilities of $ 70.4 million , related to estimated interest and penalties for unrecognized tax benefits .our results of operations for the fiscal year ended september 30 , 2019 , 2018 and 2017 include expense of $ 9.7 million , $ 5.8 million and $ 7.4 million , respectively , net of indirect benefits , related to estimated interest and penalties with respect to the liability for unrecognized tax benefits .as of september 30 , 2019 , it is reasonably possible that our unrecognized tax benefits will decrease by up to $ 8.7 million in the next twelve months due to expiration of various statues of limitations and settlement of issues. .
|
by what percent did total balance increase between 2018 and 2019?
|
76.48%
|
{
"answer": "76.48%",
"decimal": 0.7648,
"type": "percentage"
}
| |
the pnc financial services group , inc .2013 form 10-k 29 part ii item 5 2013 market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities ( a ) ( 1 ) our common stock is listed on the new york stock exchange and is traded under the symbol 201cpnc . 201d at the close of business on february 15 , 2019 , there were 53986 common shareholders of record .holders of pnc common stock are entitled to receive dividends when declared by our board of directors out of funds legally available for this purpose .our board of directors may not pay or set apart dividends on the common stock until dividends for all past dividend periods on any series of outstanding preferred stock and certain outstanding capital securities issued by the parent company have been paid or declared and set apart for payment .the board of directors presently intends to continue the policy of paying quarterly cash dividends .the amount of any future dividends will depend on economic and market conditions , our financial condition and operating results , and other factors , including contractual restrictions and applicable government regulations and policies ( such as those relating to the ability of bank and non-bank subsidiaries to pay dividends to the parent company and regulatory capital limitations ) .the amount of our dividend is also currently subject to the results of the supervisory assessment of capital adequacy and capital planning processes undertaken by the federal reserve and our primary bank regulators as part of the comprehensive capital analysis and review ( ccar ) process as described in the supervision and regulation section in item 1 of this report .the federal reserve has the power to prohibit us from paying dividends without its approval .for further information concerning dividend restrictions and other factors that could limit our ability to pay dividends , as well as restrictions on loans , dividends or advances from bank subsidiaries to the parent company , see the supervision and regulation section in item 1 , item 1a risk factors , the liquidity and capital management portion of the risk management section in item 7 , and note 10 borrowed funds , note 15 equity and note 18 regulatory matters in the notes to consolidated financial statements in item 8 of this report , which we include here by reference .we include here by reference the information regarding our compensation plans under which pnc equity securities are authorized for issuance as of december 31 , 2018 in the table ( with introductory paragraph and notes ) in item 12 of this report .our stock transfer agent and registrar is : computershare trust company , n.a .250 royall street canton , ma 02021 800-982-7652 www.computershare.com/pnc registered shareholders may contact computershare regarding dividends and other shareholder services .we include here by reference the information that appears under the common stock performance graph caption at the end of this item 5 .( a ) ( 2 ) none .( b ) not applicable .( c ) details of our repurchases of pnc common stock during the fourth quarter of 2018 are included in the following table : in thousands , except per share data 2018 period total shares purchased ( a ) average price paid per share total shares purchased as part of publicly announced programs ( b ) maximum number of shares that may yet be purchased under the programs ( b ) .
[['2018 period', 'total shares purchased ( a )', 'average price paid per share', 'total shares purchased as part of publicly announced programs ( b )', 'maximum number of shares that may yet be purchased under the programs ( b )'], ['october 1 2013 31', '1204', '$ 128.43', '1189', '25663'], ['november 1 2013 30', '1491', '$ 133.79', '1491', '24172'], ['december 1 2013 31', '3458', '$ 119.43', '3458', '20714'], ['total', '6153', '$ 124.67', '', '']]
( a ) includes pnc common stock purchased in connection with our various employee benefit plans generally related to forfeitures of unvested restricted stock awards and shares used to cover employee payroll tax withholding requirements .note 11 employee benefit plans and note 12 stock based compensation plans in the notes to consolidated financial statements in item 8 of this report include additional information regarding our employee benefit and equity compensation plans that use pnc common stock .( b ) on march 11 , 2015 , we announced that our board of directors approved a stock repurchase program authorization in the amount of 100 million shares of pnc common stock , effective april 1 , 2015 .repurchases are made in open market or privately negotiated transactions and the timing and exact amount of common stock repurchases will depend on a number of factors including , among others , market and general economic conditions , regulatory capital considerations , alternative uses of capital , the potential impact on our credit ratings , and contractual and regulatory limitations , including the results of the supervisory assessment of capital adequacy and capital planning processes undertaken by the federal reserve as part of the ccar process .in june 2018 , we announced share repurchase programs of up to $ 2.0 billion for the four quarter period beginning with the third quarter of 2018 , including repurchases of up to $ 300 million related to stock issuances under employee benefit plans , in accordance with pnc's 2018 capital plan .in november 2018 , we announced an increase to these previously announced programs in the amount of up to $ 900 million in additional common share repurchases .the aggregate repurchase price of shares repurchased during the fourth quarter of 2018 was $ .8 billion .see the liquidity and capital management portion of the risk management section in item 7 of this report for more information on the authorized share repurchase programs for the period july 1 , 2018 through june 30 , 2019 .http://www.computershare.com/pnc .
|
what was the reduction in average price per share for repurchases from the period november 1 2013 30 to december 1 2013 31?
|
14.36
|
{
"answer": "14.36",
"decimal": 14.36,
"type": "float"
}
| |
the following table displays the expected benefit payments in the years indicated : ( dollars in thousands ) .
[['2007', '$ 117'], ['2008', '140'], ['2009', '203'], ['2010', '263'], ['2011', '328'], ['next 5 years', '2731']]
1 4 .d i v i d e n d r e s t r i c t i o n s a n d s t a t u t o r y f i n a n c i a l i n f o r m a t i o n a .d i v i d e n d r e s t r i c t i o n s under bermuda law , group is prohibited from declaring or paying a dividend if such payment would reduce the realizable value of its assets to an amount less than the aggregate value of its liabilities and its issued share capital and share premium ( addi- tional paid-in capital ) accounts .group 2019s ability to pay dividends and its operating expenses is dependent upon dividends from its subsidiaries .the payment of such dividends by insurer subsidiaries is limited under bermuda law and the laws of the var- ious u.s .states in which group 2019s insurance and reinsurance subsidiaries are domiciled or deemed domiciled .the limitations are generally based upon net income and compliance with applicable policyholders 2019 surplus or minimum solvency margin and liquidity ratio requirements as determined in accordance with the relevant statutory accounting practices .under bermuda law , bermuda re is prohibited from declaring or making payment of a dividend if it fails to meet its minimum solvency margin or minimum liquidity ratio .as a long-term insurer , bermuda re is also unable to declare or pay a dividend to anyone who is not a policyholder unless , after payment of the dividend , the value of the assets in its long-term business fund , as certified by its approved actuary , exceeds its liabilities for long-term business by at least the $ 250000 minimum solvency margin .prior approval of the bermuda monetary authority is required if bermuda re 2019s dividend payments would reduce its prior year-end total statutory capital by 15.0% ( 15.0 % ) or more .delaware law provides that an insurance company which is a member of an insurance holding company system and is domi- ciled in the state shall not pay dividends without giving prior notice to the insurance commissioner of delaware and may not pay dividends without the approval of the insurance commissioner if the value of the proposed dividend , together with all other dividends and distributions made in the preceding twelve months , exceeds the greater of ( 1 ) 10% ( 10 % ) of statutory surplus or ( 2 ) net income , not including realized capital gains , each as reported in the prior year 2019s statutory annual statement .in addition , no dividend may be paid in excess of unassigned earned surplus .at december 31 , 2006 , everest re had $ 270.4 million available for payment of dividends in 2007 without the need for prior regulatory approval .b .s t a t u t o r y f i n a n c i a l i n f o r m a t i o n everest re prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the national association of insurance commissioners ( 201cnaic 201d ) and the delaware insurance department .prescribed statutory accounting practices are set forth in the naic accounting practices and procedures manual .the capital and statutory surplus of everest re was $ 2704.1 million ( unaudited ) and $ 2327.6 million at december 31 , 2006 and 2005 , respectively .the statutory net income of everest re was $ 298.7 million ( unaudited ) for the year ended december 31 , 2006 , the statutory net loss was $ 26.9 million for the year ended december 31 , 2005 and the statutory net income $ 175.8 million for the year ended december 31 , 2004 .bermuda re prepares its statutory financial statements in conformity with the accounting principles set forth in bermuda in the insurance act 1978 , amendments thereto and related regulations .the statutory capital and surplus of bermuda re was $ 1893.9 million ( unaudited ) and $ 1522.5 million at december 31 , 2006 and 2005 , respectively .the statutory net income of bermuda re was $ 409.8 million ( unaudited ) for the year ended december 31 , 2006 , the statutory net loss was $ 220.5 million for the year ended december 31 , 2005 and the statutory net income was $ 248.7 million for the year ended december 31 , 2004 .1 5 .c o n t i n g e n c i e s in the ordinary course of business , the company is involved in lawsuits , arbitrations and other formal and informal dispute resolution procedures , the outcomes of which will determine the company 2019s rights and obligations under insurance , reinsur- ance and other contractual agreements .in some disputes , the company seeks to enforce its rights under an agreement or to collect funds owing to it .in other matters , the company is resisting attempts by others to collect funds or enforce alleged rights .these disputes arise from time to time and as they arise are addressed , and ultimately resolved , through both informal and formal means , including negotiated resolution , arbitration and litigation .in all such matters , the company believes that .
|
what was the percentage change in expected benefits payments from 2009 to 2010
|
29.5%
|
{
"answer": "29.5%",
"decimal": 0.295,
"type": "percentage"
}
| |
american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) basis step-up from corporate restructuring represents the tax effects of increasing the basis for tax purposes of certain of the company 2019s assets in conjunction with its spin-off from american radio systems corporation , its former parent company .at december 31 , 2003 , the company had net federal and state operating loss carryforwards available to reduce future taxable income of approximately $ 0.9 billion and $ 1.5 billion , respectively .if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : .
[['years ended december 31,', 'federal', 'state'], ['2004 to 2008', '$ 1451', '$ 483578'], ['2009 to 2013', '12234', '66666'], ['2014 to 2018', '10191', '235589'], ['2019 to 2023', '903010', '728139'], ['total', '$ 926886', '$ 1513972']]
sfas no .109 , 201caccounting for income taxes , 201d requires that companies record a valuation allowance when it is 201cmore likely than not that some portion or all of the deferred tax assets will not be realized . 201d at december 31 , 2003 , the company has provided a valuation allowance of approximately $ 156.7 million , primarily related to net state deferred tax assets , capital loss carryforwards and the lost tax benefit and costs associated with our tax refund claims .the company has not provided a valuation allowance for the remaining net deferred tax assets , primarily its tax refund claims and federal net operating loss carryforwards , as management believes the company will be successful with its tax refund claims and have sufficient time to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period .the company intends to recover a portion of its deferred tax asset through its tax refund claims , related to certain federal net operating losses , filed during 2003 as part of a tax planning strategy implemented in 2002 .the recoverability of its remaining net deferred tax asset has been assessed utilizing stable state ( no growth ) projections based on its current operations .the projections show a significant decrease in depreciation and interest expense in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period and debt repayments reducing interest expense .accordingly , the recoverability of the net deferred tax asset is not dependent on material improvements to operations , material asset sales or other non-routine transactions .based on its current outlook of future taxable income during the carryforward period , management believes that the net deferred tax asset will be realized .the realization of the company 2019s deferred tax assets will be dependent upon its ability to generate approximately $ 1.0 billion in taxable income from january 1 , 2004 to december 31 , 2023 .if the company is unable to generate sufficient taxable income in the future , or carry back losses as described above , it will be required to reduce its net deferred tax asset through a charge to income tax expense , which would result in a corresponding decrease in stockholders 2019 equity .depending on the resolution of the verestar bankruptcy proceedings described in note 2 , the company may be entitled to a worthless stock or bad debt deduction for its investment in verestar .no income tax benefit has been provided for these potential deductions due to the uncertainty surrounding the bankruptcy proceedings .13 .stockholders 2019 equity preferred stock as of december 31 , 2003 the company was authorized to issue up to 20.0 million shares of $ .01 par value preferred stock .as of december 31 , 2003 and 2002 there were no preferred shares issued or outstanding. .
|
what portion of the federal operating loss carryforwards expires between 2004 and 2008?
|
0.2%
|
{
"answer": "0.2%",
"decimal": 0.002,
"type": "percentage"
}
| |
in september 2006 , the fasb issued sfas no .158 , 201cemployers 2019 accounting for defined benefit pension and other postretirement plans , an amendment of fasb statements no .87 , 88 , 106 and 132 ( r ) . 201d this standard eliminated the requirement for a 201cminimum pension liability adjustment 201d that was previously required under sfas no .87 and required employers to recognize the underfunded or overfunded status of a defined benefit plan as an asset or liability in its statement of financial position .in 2006 , as a result of the implementation of sfas no .158 , the company recognized an after-tax decrease in accumulated other comprehensive income of $ 1.187 billion and $ 513 million for the u.s .and international pension benefit plans , respectively , and $ 218 million for the postretirement health care and life insurance benefit plan .see note 11 for additional detail .reclassification adjustments are made to avoid double counting in comprehensive income items that are also recorded as part of net income .in 2007 , as disclosed in the net periodic benefit cost table in note 11 , $ 198 million pre-tax ( $ 123 million after-tax ) were reclassified to earnings from accumulated other comprehensive income to pension and postretirement expense in the income statement .these pension and postretirement expense amounts are shown in the table in note 11 as amortization of transition ( asset ) obligation , amortization of prior service cost ( benefit ) and amortization of net actuarial ( gain ) loss .other reclassification adjustments ( except for cash flow hedging instruments adjustments provided in note 12 ) were not material .no tax provision has been made for the translation of foreign currency financial statements into u.s .dollars .note 7 .supplemental cash flow information .
[['( millions )', '2007', '2006', '2005'], ['cash income tax payments', '$ 1999', '$ 1842', '$ 1277'], ['cash interest payments', '162', '119', '79'], ['capitalized interest', '25', '16', '12']]
individual amounts in the consolidated statement of cash flows exclude the impacts of acquisitions , divestitures and exchange rate impacts , which are presented separately .201cother 2013 net 201d in the consolidated statement of cash flows within operating activities in 2007 and 2006 includes changes in liabilities related to 3m 2019s restructuring actions ( note 4 ) and in 2005 includes the non-cash impact of adopting fin 47 ( $ 35 million cumulative effect of accounting change ) .transactions related to investing and financing activities with significant non-cash components are as follows : in 2007 , 3m purchased certain assets of diamond productions , inc .for approximately 150 thousand shares of 3m common stock , which has a market value of approximately $ 13 million at the acquisition 2019s measurement date .liabilities assumed from acquisitions are provided in the tables in note 2. .
|
what was the ratio of the cash income tax payments to the cash interest payments
|
12.34
|
{
"answer": "12.34",
"decimal": 12.34,
"type": "float"
}
|
in 2007 for every dollar of cash interest payments there was $ 12.34 of spent on cash income tax payments
|
equity compensation plan information the following table summarizes the equity compensation plan information as of december 31 , 2011 .information is included for equity compensation plans approved by the stockholders and equity compensation plans not approved by the stockholders .number of securities to be issued upon exercise of outstanding options weighted average exercise number of securities remaining available for future issuance ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders ( 1 ) 9683058 $ 78.07 7269562 equity compensation plans not approved by security holders ( 2 ) 776360 $ 42.82 .
[['plan', 'number of securities tobe issued upon exerciseof outstanding options ( a )', 'weightedaverageexerciseprice ( b )', 'number of securitiesremaining available forfuture issuance ( excludingsecurities reflected incolumn ( a ) ) ( c )'], ['equity compensation plansapproved by security holders ( 1 )', '9683058', '$ 78.07', '7269562'], ['equity compensation plans notapproved by security holders ( 2 )', '776360', '$ 42.82', '-'], ['total', '10459418', '$ 75.46', '7269562']]
( 1 ) includes the equity ownership plan , which was approved by the shareholders on may 15 , 1998 , the 2007 equity ownership plan and the 2011 equity ownership plan .the 2007 equity ownership plan was approved by entergy corporation shareholders on may 12 , 2006 , and 7000000 shares of entergy corporation common stock can be issued , with no more than 2000000 shares available for non-option grants .the 2011 equity ownership plan was approved by entergy corporation shareholders on may 6 , 2011 , and 5500000 shares of entergy corporation common stock can be issued from the 2011 equity ownership plan , with no more than 2000000 shares available for incentive stock option grants .the equity ownership plan , the 2007 equity ownership plan and the 2011 equity ownership plan ( the 201cplans 201d ) are administered by the personnel committee of the board of directors ( other than with respect to awards granted to non-employee directors , which awards are administered by the entire board of directors ) .eligibility under the plans is limited to the non-employee directors and to the officers and employees of an entergy system employer and any corporation 80% ( 80 % ) or more of whose stock ( based on voting power ) or value is owned , directly or indirectly , by entergy corporation .the plans provide for the issuance of stock options , restricted shares , equity awards ( units whose value is related to the value of shares of the common stock but do not represent actual shares of common stock ) , performance awards ( performance shares or units valued by reference to shares of common stock or performance units valued by reference to financial measures or property other than common stock ) and other stock-based awards .( 2 ) entergy has a board-approved stock-based compensation plan .however , effective may 9 , 2003 , the board has directed that no further awards be issued under that plan .item 13 .certain relationships and related transactions and director independence for information regarding certain relationships , related transactions and director independence of entergy corporation , see the proxy statement under the headings 201ccorporate governance - director independence 201d and 201ctransactions with related persons , 201d which information is incorporated herein by reference .since december 31 , 2010 , none of the subsidiaries or any of their affiliates has participated in any transaction involving an amount in excess of $ 120000 in which any director or executive officer of any of the subsidiaries , any nominee for director , or any immediate family member of the foregoing had a material interest as contemplated by item 404 ( a ) of regulation s-k ( 201crelated party transactions 201d ) .entergy corporation 2019s board of directors has adopted written policies and procedures for the review , approval or ratification of related party transactions .under these policies and procedures , the corporate governance committee , or a subcommittee of the board of directors of entergy corporation composed of .
|
what portion of the total number of security options was not approved by security holders?
|
7.42%
|
{
"answer": "7.42%",
"decimal": 0.0742,
"type": "percentage"
}
| |
operating profit for the segment increased by 15% ( 15 % ) in 2005 compared to 2004 .operating profit increased by $ 80 million at m&fc mainly due to improved performance on fire control and air defense programs .performance on surface systems programs contributed to an increase in operating profit of $ 50 million at ms2 .pt&ts operating profit increased $ 10 million primarily due to improved performance on simulation and training programs .the increase in backlog during 2006 over 2005 resulted primarily from increased orders on certain platform integration programs in pt&ts .space systems space systems 2019 operating results included the following : ( in millions ) 2006 2005 2004 .
[['( in millions )', '2006', '2005', '2004'], ['net sales', '$ 7923', '$ 6820', '$ 6359'], ['operating profit', '746', '609', '489'], ['backlog at year-end', '18768', '15925', '16112']]
net sales for space systems increased by 16% ( 16 % ) in 2006 compared to 2005 .during the year , sales growth in satellites and strategic & defensive missile systems ( s&dms ) offset declines in space transportation .the $ 1.1 billion growth in satellites sales was mainly due to higher volume on both government and commercial satellite programs .there were five commercial satellite deliveries in 2006 compared to no deliveries in 2005 .higher volume in both fleet ballistic missile and missile defense programs accounted for the $ 114 million sales increase at s&dms .in space transportation , sales declined $ 102 million primarily due to lower volume in government space transportation activities on the titan and external tank programs .increased sales on the atlas evolved expendable launch vehicle launch capabilities ( elc ) contract partially offset the lower government space transportation sales .net sales for space systems increased by 7% ( 7 % ) in 2005 compared to 2004 .during the year , sales growth in satellites and s&dms offset declines in space transportation .the $ 410 million increase in satellites sales was due to higher volume on government satellite programs that more than offset declines in commercial satellite activities .there were no commercial satellite deliveries in 2005 , compared to four in 2004 .increased sales of $ 235 million in s&dms were attributable to the fleet ballistic missile and missile defense programs .the $ 180 million decrease in space transportation 2019s sales was mainly due to having three atlas launches in 2005 compared to six in 2004 .operating profit for the segment increased 22% ( 22 % ) in 2006 compared to 2005 .operating profit increased in satellites , space transportation and s&dms .the $ 72 million growth in satellites operating profit was primarily driven by the volume and performance on government satellite programs and commercial satellite deliveries .in space transportation , the $ 39 million growth in operating profit was attributable to improved performance on the atlas program resulting from risk reduction activities , including the first quarter definitization of the elc contract .in s&dms , the $ 26 million increase in operating profit was due to higher volume and improved performance on both the fleet ballistic missile and missile defense programs .operating profit for the segment increased 25% ( 25 % ) in 2005 compared to 2004 .operating profit increased in space transportation , s&dms and satellites .in space transportation , the $ 60 million increase in operating profit was primarily attributable to improved performance on the atlas vehicle program .satellites 2019 operating profit increased $ 35 million due to the higher volume and improved performance on government satellite programs , which more than offset the decreased operating profit due to the decline in commercial satellite deliveries .the $ 20 million increase in s&dms was attributable to higher volume on fleet ballistic missile and missile defense programs .in december 2006 , we completed a transaction with boeing to form ula , a joint venture which combines the production , engineering , test and launch operations associated with u.s .government launches of our atlas launch vehicles and boeing 2019s delta launch vehicles ( see related discussion on our 201cspace business 201d under 201cindustry considerations 201d ) .we are accounting for our investment in ula under the equity method of accounting .as a result , our share of the net earnings or losses of ula are included in other income and expenses , and we will no longer recognize sales related to launch vehicle services provided to the u.s .government .in 2006 , we recorded sales to the u.s .government for atlas launch services totaling approximately $ 600 million .we have retained the right to market commercial atlas launch services .we contributed assets to ula , and ula assumed liabilities related to our atlas business in exchange for our 50% ( 50 % ) ownership interest .the net book value of the assets contributed and liabilities assumed was approximately $ 200 million at .
|
what were average net sales for space systems from 2004 to 2006 , in millions?
|
7034
|
{
"answer": "7034",
"decimal": 7034,
"type": "float"
}
| |
the environmental liability includes costs for remediation and restoration of sites , as well as for ongoing monitoring costs , but excludes any anticipated recoveries from third parties .cost estimates are based on information available for each site , financial viability of other potentially responsible parties , and existing technology , laws , and regulations .we believe that we have adequately accrued for our ultimate share of costs at sites subject to joint and several liability .however , the ultimate liability for remediation is difficult to determine because of the number of potentially responsible parties involved , site-specific cost sharing arrangements with other potentially responsible parties , the degree of contamination by various wastes , the scarcity and quality of volumetric data related to many of the sites , and the speculative nature of remediation costs .estimates may also vary due to changes in federal , state , and local laws governing environmental remediation .we do not expect current obligations to have a material adverse effect on our results of operations or financial condition .guarantees 2013 at december 31 , 2006 , we were contingently liable for $ 464 million in guarantees .we have recorded a liability of $ 6 million for the fair value of these obligations as of december 31 , 2006 .we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .the final guarantee expires in 2022 .we are not aware of any existing event of default that would require us to satisfy these guarantees .we do not expect that these guarantees will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity .indemnities 2013 our maximum potential exposure under indemnification arrangements , including certain tax indemnifications , can range from a specified dollar amount to an unlimited amount , depending on the nature of the transactions and the agreements .due to uncertainty as to whether claims will be made or how they will be resolved , we cannot reasonably determine the probability of an adverse claim or reasonably estimate any adverse liability or the total maximum exposure under these indemnification arrangements .we do not have any reason to believe that we will be required to make any material payments under these indemnity provisions .income taxes 2013 as previously reported in our form 10-q for the quarter ended september 30 , 2005 , the irs has completed its examinations and issued notices of deficiency for tax years 1995 through 2002 .among their proposed adjustments is the disallowance of tax deductions claimed in connection with certain donations of property .in the fourth quarter of 2005 , the irs national office issued a technical advice memorandum which left unresolved whether the deductions were proper , pending further factual development .we continue to dispute the donation issue , as well as many of the other proposed adjustments , and will contest the associated tax deficiencies through the irs appeals process , and , if necessary , litigation .in addition , the irs is examining the corporation 2019s federal income tax returns for tax years 2003 and 2004 and should complete their exam in 2007 .we do not expect that the ultimate resolution of these examinations will have a material adverse effect on our consolidated financial statements .11 .other income other income included the following for the years ended december 31 : millions of dollars 2006 2005 2004 .
[['millions of dollars', '2006', '2005', '2004'], ['rental income', '$ 83', '$ 59', '$ 55'], ['net gain on non-operating asset dispositions', '72', '135', '69'], ['interest income', '29', '17', '10'], ['sale of receivables fees', '-33 ( 33 )', '-23 ( 23 )', '-11 ( 11 )'], ['non-operating environmental costs and other', '-33 ( 33 )', '-43 ( 43 )', '-35 ( 35 )'], ['total', '$ 118', '$ 145', '$ 88']]
.
|
what was the percentage change in the rental income from 2005 to 2006
|
40.7%
|
{
"answer": "40.7%",
"decimal": 0.40700000000000003,
"type": "percentage"
}
| |
institutions .international paper continually monitors its positions with and the credit quality of these financial institutions and does not expect non- performance by the counterparties .note 14 capital stock the authorized capital stock at both december 31 , 2006 and 2005 , consisted of 990850000 shares of common stock , $ 1 par value ; 400000 shares of cumulative $ 4 preferred stock , without par value ( stated value $ 100 per share ) ; and 8750000 shares of serial preferred stock , $ 1 par value .the serial preferred stock is issuable in one or more series by the board of directors without further shareholder action .in july 2006 , in connection with the planned use of projected proceeds from the company 2019s trans- formation plan , international paper 2019s board of direc- tors authorized a share repurchase program to acquire up to $ 3.0 billion of the company 2019s stock .in a modified 201cdutch auction 201d tender offer completed in september 2006 , international paper purchased 38465260 shares of its common stock at a price of $ 36.00 per share , plus costs to acquire the shares , for a total cost of approximately $ 1.4 billion .in addition , in december 2006 , the company purchased an addi- tional 1220558 shares of its common stock in the open market at an average price of $ 33.84 per share , plus costs to acquire the shares , for a total cost of approximately $ 41 million .following the completion of these share repurchases , international paper had approximately 454 million shares of common stock issued and outstanding .note 15 retirement plans u.s .defined benefit plans international paper maintains pension plans that provide retirement benefits to substantially all domestic employees hired prior to july 1 , 2004 .these employees generally are eligible to participate in the plans upon completion of one year of service and attainment of age 21 .employees hired after june 30 , 2004 , who are not eligible for these pension plans receive an additional company contribution to their savings plan ( see 201cother plans 201d on page 83 ) .the plans provide defined benefits based on years of credited service and either final average earnings ( salaried employees ) , hourly job rates or specified benefit rates ( hourly and union employees ) .for its qualified defined benefit pension plan , interna- tional paper makes contributions that are sufficient to fully fund its actuarially determined costs , gen- erally equal to the minimum amounts required by the employee retirement income security act ( erisa ) .in addition , international paper made volun- tary contributions of $ 1.0 billion to the qualified defined benefit plan in 2006 , and does not expect to make any contributions in 2007 .the company also has two unfunded nonqualified defined benefit pension plans : a pension restoration plan available to employees hired prior to july 1 , 2004 that provides retirement benefits based on eligible compensation in excess of limits set by the internal revenue service , and a supplemental retirement plan for senior managers ( serp ) , which is an alternative retirement plan for senior vice presi- dents and above who are designated by the chief executive officer as participants .these nonqualified plans are only funded to the extent of benefits paid , which are expected to be $ 41 million in 2007 .net periodic pension expense service cost is the actuarial present value of benefits attributed by the plans 2019 benefit formula to services rendered by employees during the year .interest cost represents the increase in the projected benefit obli- gation , which is a discounted amount , due to the passage of time .the expected return on plan assets reflects the computed amount of current year earn- ings from the investment of plan assets using an estimated long-term rate of return .net periodic pension expense for qualified and nonqualified u.s .defined benefit plans comprised the following : in millions 2006 2005 2004 .
[['in millions', '2006', '2005', '2004'], ['service cost', '$ 141', '$ 129', '$ 115'], ['interest cost', '506', '474', '467'], ['expected return on plan assets', '-540 ( 540 )', '-556 ( 556 )', '-592 ( 592 )'], ['actuarial loss', '243', '167', '94'], ['amortization of prior service cost', '27', '29', '27'], ['net periodic pension expense ( a )', '$ 377', '$ 243', '$ 111']]
( a ) excludes $ 9.1 million , $ 6.5 million and $ 3.4 million in 2006 , 2005 and 2004 , respectively , in curtailment losses , and $ 8.7 million , $ 3.6 million and $ 1.4 million in 2006 , 2005 and 2004 , respectively , of termination benefits , in connection with cost reduction programs and facility rationalizations that were recorded in restructuring and other charges in the con- solidated statement of operations .also excludes $ 77.2 million and $ 14.3 million in 2006 and 2005 , respectively , in curtailment losses , and $ 18.6 million and $ 7.6 million of termination bene- fits in 2006 and 2005 , respectively , related to certain divest- itures recorded in net losses on sales and impairments of businesses held for sale in the consolidated statement of oper- ations. .
|
what is the percentage change in net periodic pension expense between 2005 and 2006?
|
55%
|
{
"answer": "55%",
"decimal": 0.55,
"type": "percentage"
}
| |
shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates such information by reference into such filing .the following graph shows a five-year comparison of cumulative total shareowners 2019 returns for our class b common stock , the s&p 500 index , and the dow jones transportation average .the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2002 in the s&p 500 index , the dow jones transportation average , and the class b common stock of united parcel service , inc .comparison of five year cumulative total return $ 40.00 $ 60.00 $ 80.00 $ 100.00 $ 120.00 $ 140.00 $ 160.00 $ 180.00 $ 200.00 $ 220.00 2002 20072006200520042003 s&p 500 ups dj transport .
[['', '12/31/02', '12/31/03', '12/31/04', '12/31/05', '12/31/06', '12/31/07'], ['united parcel service inc .', '$ 100.00', '$ 119.89', '$ 139.55', '$ 124.88', '$ 127.08', '$ 122.64'], ['s&p 500 index', '$ 100.00', '$ 128.68', '$ 142.68', '$ 149.69', '$ 173.33', '$ 182.85'], ['dow jones transportation average', '$ 100.00', '$ 131.84', '$ 168.39', '$ 188.00', '$ 206.46', '$ 209.40']]
securities authorized for issuance under equity compensation plans the following table provides information as of december 31 , 2007 regarding compensation plans under which our class a common stock is authorized for issuance .these plans do not authorize the issuance of our class b common stock. .
|
what is the rate of return of an investment in ups from 2002 to 2003?
|
19.9%
|
{
"answer": "19.9%",
"decimal": 0.19899999999999998,
"type": "percentage"
}
| |
gain on land sales are derived from sales of undeveloped land owned by us .we pursue opportunities to dispose of land in markets with a high concentration of undeveloped land and in those markets where the land no longer meets our strategic development plans .the increase was partially attributable to a land sale to a current corporate tenant for potential future expansion .we recorded $ 424000 and $ 560000 of impairment charges associated with contracts to sell land parcels for the years ended december 31 , 2004 and 2003 , respectively .as of december 31 , 2004 , only one parcel on which we recorded impairment charges is still owned by us .we anticipate selling this parcel in the first quarter of 2005 .discontinued operations we have classified operations of 86 buildings as discontinued operations as of december 31 , 2004 .these 86 buildings consist of 69 industrial , 12 office and five retail properties .as a result , we classified net income from operations , net of minority interest , of $ 1.6 million , $ 6.3 million and $ 10.7 million as net income from discontinued operations for the years ended december 31 , 2004 , 2003 and 2002 , respectively .in addition , 41 of the properties classified in discontinued operations were sold during 2004 , 42 properties were sold during 2003 , two properties were sold during 2002 and one operating property is classified as held-for-sale at december 31 , 2004 .the gains on disposal of these properties , net of impairment adjustment and minority interest , of $ 23.9 million and $ 11.8 million for the years ended december 31 , 2004 and 2003 , respectively , are also reported in discontinued operations .for the year ended december 31 , 2002 , a $ 4.5 million loss on disposal of properties , net of impairment adjustments and minority interest , is reported in discontinued operations due to impairment charges of $ 7.7 million recorded on three properties in 2002 that were later sold in 2003 and 2004 .comparison of year ended december 31 , 2003 to year ended december 31 , 2002 rental income from continuing operations rental income from continuing operations increased from $ 652.8 million in 2002 to $ 689.3 million in 2003 .the following table reconciles rental income by reportable segment to our total reported rental income from continuing operations for the years ended december 31 , 2003 and 2002 ( in thousands ) : .
[['', '2003', '2002'], ['office', '$ 419962', '$ 393810'], ['industrial', '259762', '250391'], ['retail', '5863', '4733'], ['other', '3756', '3893'], ['total', '$ 689343', '$ 652827']]
although our three reportable segments comprising rental operations ( office , industrial and retail ) are all within the real estate industry , they are not necessarily affected by the same economic and industry conditions .for example , our retail segment experienced high occupancies and strong overall performance during 2003 , while our office and industrial segments reflected the weaker economic environment for those property types .the primary causes of the increase in rental income from continuing operations , with specific references to a particular segment when applicable , are summarized below : 25cf during 2003 , in-service occupancy improved from 87.1% ( 87.1 % ) at the end of 2002 to 89.3% ( 89.3 % ) at the end of 2003 .the second half of 2003 was highlighted by a significant increase in the industrial portfolio occupancy of 2.1% ( 2.1 % ) along with a slight increase in office portfolio occupancy of 0.9% ( 0.9 % ) .25cf lease termination fees totaled $ 27.4 million in 2002 compared to $ 16.2 million in 2003 .most of this decrease was attributable to the office segment , which recognized $ 21.1 million of termination fees in 2002 as compared to $ 11.8 million in 2003 .lease termination fees relate to specific tenants that pay a fee to terminate their lease obligations before the end of the contractual lease term .the high volume of termination fees in 2002 was reflective of the contraction of the business of large office users during that year and their desire to downsize their use of office space .the decrease in termination fees for 2003 was indicative of an improving economy and a more stable financial position of our tenants .25cf during the year ended 2003 , we acquired $ 232 million of properties totaling 2.1 million square feet .the acquisitions were primarily class a office buildings in existing markets with overall occupancy near 90% ( 90 % ) .revenues associated with these acquisitions totaled $ 11.9 million in 2003 .in addition , revenues from 2002 acquisitions totaled $ 15.8 million in 2003 compared to $ 4.8 million in 2002 .this significant increase is primarily due to a large office acquisition that closed at the end of december 2002 .25cf developments placed in-service in 2003 provided revenues of $ 6.6 million , while revenues associated with developments placed in-service in 2002 totaled $ 13.7 million in 2003 compared to $ 4.7 million in 25cf proceeds from dispositions of held for rental properties totaled $ 126.1 million in 2003 , compared to $ 40.9 million in 2002 .these properties generated revenue of $ 12.5 million in 2003 versus $ 19.6 million in 2002 .equity in earnings of unconsolidated companies equity in earnings represents our ownership share of net income from investments in unconsolidated companies .these joint ventures generally own and operate rental properties and hold land for development .these earnings decreased from $ 27.2 million in 2002 to $ 23.7 million in 2003 .this decrease is a result of the following significant activity: .
|
inn 2003 what was the percent of the total rental income by reportable segment that was sourced from retail
|
0.85%
|
{
"answer": "0.85%",
"decimal": 0.0085,
"type": "percentage"
}
| |
does not believe are in our and our stockholders 2019 best interest .the rights plan is intended to protect stockholders in the event of an unfair or coercive offer to acquire the company and to provide our board of directors with adequate time to evaluate unsolicited offers .the rights plan may prevent or make takeovers or unsolicited corporate transactions with respect to our company more difficult , even if stockholders may consider such transactions favorable , possibly including transactions in which stockholders might otherwise receive a premium for their shares .item 1b .unresolved staff comments item 2 .properties as of december 31 , 2016 , our significant properties used in connection with switching centers , data centers , call centers and warehouses were as follows: .
[['', 'approximate number', 'approximate size in square feet'], ['switching centers', '57', '1400000'], ['data centers', '8', '600000'], ['call center', '16', '1300000'], ['warehouses', '16', '500000']]
as of december 31 , 2016 , we leased approximately 60000 cell sites .as of december 31 , 2016 , we leased approximately 2000 t-mobile and metropcs retail locations , including stores and kiosks ranging in size from approximately 100 square feet to 17000 square feet .we currently lease office space totaling approximately 950000 square feet for our corporate headquarters in bellevue , washington .we use these offices for engineering and administrative purposes .we also lease space throughout the u.s. , totaling approximately 1200000 square feet as of december 31 , 2016 , for use by our regional offices primarily for administrative , engineering and sales purposes .item 3 .legal proceedings see note 12 2013 commitments and contingencies of the notes to the consolidated financial statements included in part ii , item 8 of this form 10-k for information regarding certain legal proceedings in which we are involved .item 4 .mine safety disclosures part ii .item 5 .market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities market information our common stock is traded on the nasdaq global select market of the nasdaq stock market llc ( 201cnasdaq 201d ) under the symbol 201ctmus . 201d as of december 31 , 2016 , there were 309 registered stockholders of record of our common stock , but we estimate the total number of stockholders to be much higher as a number of our shares are held by brokers or dealers for their customers in street name. .
|
as of 2016 , what was the average size of switching centers?
|
24561
|
{
"answer": "24561",
"decimal": 24561,
"type": "float"
}
| |
construction of cvn-79 john f .kennedy , construction of the u.s .coast guard 2019s fifth national security cutter ( unnamed ) , advance planning efforts for the cvn-72 uss abraham lincoln rcoh , and continued execution of the cvn-71 uss theodore roosevelt rcoh .2010 2014the value of new contract awards during the year ended december 31 , 2010 , was approximately $ 3.6 billion .significant new awards during this period included $ 480 million for the construction of the u.s .coast guard 2019s fourth national security cutter hamilton , $ 480 million for design and long-lead material procurement activities for the cvn-79 john f .kennedy aircraft carrier , $ 377 million for cvn-78 gerald r .ford , $ 224 million for lha-7 ( unnamed ) , $ 184 million for lpd-26 john p .murtha , $ 114 million for ddg-114 ralph johnson and $ 62 million for long-lead material procurement activities for lpd-27 ( unnamed ) .liquidity and capital resources we endeavor to ensure the most efficient conversion of operating results into cash for deployment in operating our businesses and maximizing stockholder value .we use various financial measures to assist in capital deployment decision making , including net cash provided by operating activities and free cash flow .we believe these measures are useful to investors in assessing our financial performance .the table below summarizes key components of cash flow provided by ( used in ) operating activities: .
[['( $ in millions )', 'year ended december 31 2011', 'year ended december 31 2010', 'year ended december 31 2009'], ['net earnings ( loss )', '$ -94 ( 94 )', '$ 135', '$ 124'], ['goodwill impairment', '290', '0', '0'], ['deferred income taxes', '27', '-19 ( 19 )', '-98 ( 98 )'], ['depreciation and amortization', '190', '183', '186'], ['stock-based compensation', '42', '0', '0'], ['retiree benefit funding less than ( in excess of ) expense', '122', '33', '-28 ( 28 )'], ['trade working capital decrease ( increase )', '-49 ( 49 )', '27', '-272 ( 272 )'], ['net cash provided by ( used in ) operating activities', '$ 528', '$ 359', '$ -88 ( 88 )']]
cash flows we discuss below our major operating , investing and financing activities for each of the three years in the period ended december 31 , 2011 , as classified on our consolidated statements of cash flows .operating activities 2011 2014cash provided by operating activities was $ 528 million in 2011 compared with $ 359 million in 2010 .the increase of $ 169 million was due principally to increased earnings net of impairment charges and lower pension contributions , offset by an increase in trade working capital .net cash paid by northrop grumman on our behalf for u.s .federal income tax obligations was $ 53 million .we expect cash generated from operations for 2012 to be sufficient to service debt , meet contract obligations , and finance capital expenditures .although 2012 cash from operations is expected to be sufficient to service these obligations , we may from time to time borrow funds under our credit facility to accommodate timing differences in cash flows .2010 2014net cash provided by operating activities was $ 359 million in 2010 compared with cash used of $ 88 million in 2009 .the change of $ 447 million was due principally to a decrease in discretionary pension contributions of $ 97 million , a decrease in trade working capital of $ 299 million , and a decrease in deferred income taxes of $ 79 million .in 2009 , trade working capital balances included the unfavorable impact of delayed customer billings associated with the negative performance adjustments on the lpd-22 through lpd-25 contract due to projected cost increases at completion .see note 7 : contract charges in item 8 .the change in deferred taxes was due principally to the timing of contract related deductions .u.s .federal income tax payments made by northrop grumman on our behalf were $ 89 million in 2010. .
|
what was the percentage change of the net cash provided by ( used in ) operating activities from 2010 to 2011
|
47.1%
|
{
"answer": "47.1%",
"decimal": 0.47100000000000003,
"type": "percentage"
}
| |
entergy texas , inc .management's financial discussion and analysis dividends or other distributions on its common stock .currently , all of entergy texas' retained earnings are available for distribution .sources of capital entergy texas' sources to meet its capital requirements include : internally generated funds ; cash on hand ; debt or preferred stock issuances ; and bank financing under new or existing facilities .entergy texas may refinance or redeem debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable .all debt and common and preferred stock issuances by entergy texas require prior regulatory approval .preferred stock and debt issuances are also subject to issuance tests set forth in its corporate charter , bond indentures , and other agreements .entergy texas has sufficient capacity under these tests to meet its foreseeable capital needs .entergy gulf states , inc .filed with the ferc an application , on behalf of entergy texas , for authority to issue up to $ 200 million of short-term debt , up to $ 300 million of tax-exempt bonds , and up to $ 1.3 billion of other long- term securities , including common and preferred or preference stock and long-term debt .on november 8 , 2007 , the ferc issued orders granting the requested authority for a two-year period ending november 8 , 2009 .entergy texas' receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years: .
[['2008', '2007', '2006', '2005'], ['( in thousands )', '( in thousands )', '( in thousands )', '( in thousands )'], ['( $ 50794 )', '$ 154176', '$ 97277', '$ 136545']]
see note 4 to the financial statements for a description of the money pool .entergy texas has a credit facility in the amount of $ 100 million scheduled to expire in august 2012 .as of december 31 , 2008 , $ 100 million was outstanding on the credit facility .in february 2009 , entergy texas repaid its credit facility with the proceeds from the bond issuance discussed below .on june 2 , 2008 and december 8 , 2008 , under the terms of the debt assumption agreement between entergy texas and entergy gulf states louisiana that is discussed in note 5 to the financial statements , entergy texas paid at maturity $ 148.8 million and $ 160.3 million , respectively , of entergy gulf states louisiana first mortgage bonds , which results in a corresponding decrease in entergy texas' debt assumption liability .in december 2008 , entergy texas borrowed $ 160 million from its parent company , entergy corporation , under a $ 300 million revolving credit facility pursuant to an inter-company credit agreement between entergy corporation and entergy texas .this borrowing would have matured on december 3 , 2013 .entergy texas used these borrowings , together with other available corporate funds , to pay at maturity the portion of the $ 350 million floating rate series of first mortgage bonds due december 2008 that had been assumed by entergy texas , and that bond series is no longer outstanding .in january 2009 , entergy texas repaid its $ 160 million note payable to entergy corporation with the proceeds from the bond issuance discussed below .in january 2009 , entergy texas issued $ 500 million of 7.125% ( 7.125 % ) series mortgage bonds due february 2019 .entergy texas used a portion of the proceeds to repay its $ 160 million note payable to entergy corporation , to repay the $ 100 million outstanding on its credit facility , and to repay short-term borrowings under the entergy system money pool .entergy texas intends to use the remaining proceeds to repay on or prior to maturity approximately $ 70 million of obligations that had been assumed by entergy texas under the debt assumption agreement with entergy gulf states louisiana and for other general corporate purposes. .
|
what is the total amount of securities that can be issued by entergy texas , in millions of dollars , if the application is accepted?
|
1800
|
{
"answer": "1800",
"decimal": 1800,
"type": "float"
}
| |
american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) 6 .long-term obligations outstanding amounts under the company 2019s long-term financing arrangements consist of the following as of december 31 , ( in thousands ) : .
[['', '2008', '2007'], ['commercial mortgage pass-through certificates series 2007-1', '$ 1750000', '$ 1750000'], ['revolving credit facility', '750000', '825000'], ['term loan', '325000', '2014'], ['7.25% ( 7.25 % ) senior subordinated notes', '288', '288'], ['7.50% ( 7.50 % ) senior notes', '225000', '225000'], ['7.125% ( 7.125 % ) senior notes', '501107', '502202'], ['7.00% ( 7.00 % ) senior notes', '500000', '500000'], ['5.0% ( 5.0 % ) convertible notes', '59683', '59683'], ['3.25% ( 3.25 % ) convertible notes', '2014', '18333'], ['3.00% ( 3.00 % ) convertible notes', '161893', '344568'], ['other convertible notes', '41', '41'], ['notes payable and capital leases', '60134', '60169'], ['total', '4333146', '4285284'], ['less current portion of long-term obligations', '-1837 ( 1837 )', '-1817 ( 1817 )'], ['long-term obligations', '$ 4331309', '$ 4283467']]
commercial mortgage pass-through certificates , series 2007-1 2014during the year ended december 31 , 2007 , the company completed a securitization transaction ( the securitization ) involving assets related to 5295 broadcast and wireless communications towers ( the secured towers ) owned by two special purpose subsidiaries of the company , through a private offering of $ 1.75 billion of commercial mortgage pass-through certificates , series 2007-1 ( the certificates ) .the certificates were issued by american tower trust i ( the trust ) , a trust established by american tower depositor sub , llc ( the depositor ) , an indirect wholly owned special purpose subsidiary of the company .the assets of the trust consist of a recourse loan ( the loan ) initially made by the depositor to american tower asset sub , llc and american tower asset sub ii , llc ( the borrowers ) , pursuant to a loan and security agreement among the foregoing parties dated as of may 4 , 2007 ( the loan agreement ) .the borrowers are special purpose entities formed solely for the purpose of holding the secured towers subject to the securitization .the certificates were issued in seven separate classes , comprised of class a-fx , class a-fl , class b , class c , class d , class e and class f .each of the certificates in classes b , c , d , e and f are subordinated in right of payment to any other class of certificates which has an earlier alphabetical designation .the certificates were issued with terms identical to the loan except for the class a-fl certificates , which bear interest at a floating rate while the related component of the loan bears interest at a fixed rate , as described below .the various classes of certificates were issued with a weighted average interest rate of approximately 5.61% ( 5.61 % ) .the certificates have an expected life of approximately seven years with a final repayment date in april 2037 .the company used the net proceeds from the securitization to repay all amounts outstanding under the spectrasite credit facilities , including approximately $ 765.0 million in principal , plus accrued interest thereon and other costs and expenses related thereto , as well as to repay approximately $ 250.0 million drawn under the revolving loan component of the credit facilities at the american tower operating company level .an additional $ 349.5 million of the proceeds was used to fund the company 2019s tender offer and consent solicitation for the ati .
|
what was the change in thousands in total outstandings under long term financing arrangements from 2007 to 2008?
|
47862
|
{
"answer": "47862",
"decimal": 47862,
"type": "float"
}
| |
company stock performance the following graph shows a five-year comparison of cumulative total shareholder return , calculated on a dividend reinvested basis , for the company , the s&p 500 composite index , the s&p computer hardware index , and the dow jones u.s .technology index .the graph assumes $ 100 was invested in each of the company 2019s common stock , the s&p 500 composite index , the s&p computer hardware index , and the dow jones u.s .technology index as of the market close on september 30 , 2007 .data points on the graph are annual .note that historic stock price performance is not necessarily indicative of future stock price performance .sep-11sep-10sep-09sep-08sep-07 sep-12 apple inc .s&p 500 s&p computer hardware dow jones us technology comparison of 5 year cumulative total return* among apple inc. , the s&p 500 index , the s&p computer hardware index , and the dow jones us technology index *$ 100 invested on 9/30/07 in stock or index , including reinvestment of dividends .fiscal year ending september 30 .copyright a9 2012 s&p , a division of the mcgraw-hill companies inc .all rights reserved .september 30 , september 30 , september 30 , september 30 , september 30 , september 30 .
[['', 'september 30 2007', 'september 30 2008', 'september 30 2009', 'september 30 2010', 'september 30 2011', 'september 30 2012'], ['apple inc .', '$ 100', '$ 74', '$ 121', '$ 185', '$ 248', '$ 437'], ['s&p 500', '$ 100', '$ 78', '$ 73', '$ 80', '$ 81', '$ 105'], ['s&p computer hardware', '$ 100', '$ 84', '$ 99', '$ 118', '$ 134', '$ 214'], ['dow jones us technology', '$ 100', '$ 76', '$ 85', '$ 95', '$ 98', '$ 127']]
.
|
what was the difference in the percentage 5 year cumulative total return between apple inc . and thes&p computer hardware for the the period ended september 30 , 2012?
|
223%
|
{
"answer": "223%",
"decimal": 2.23,
"type": "percentage"
}
| |
concentration of credit risk credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed to perform as contracted .the company believes the likelihood of incurring material losses due to concentration of credit risk is remote .the principal financial instruments subject to credit risk are as follows : cash and cash equivalents - the company maintains cash deposits with major banks , which from time to time may exceed insured limits .the possibility of loss related to financial condition of major banks has been deemed minimal .additionally , the company 2019s investment policy limits exposure to concentrations of credit risk and changes in market conditions .accounts receivable - a large number of customers in diverse industries and geographies , as well as the practice of establishing reasonable credit lines , limits credit risk .based on historical trends and experiences , the allowance for doubtful accounts is adequate to cover potential credit risk losses .foreign currency and interest rate contracts and derivatives - exposure to credit risk is limited by internal policies and active monitoring of counterparty risks .in addition , the company uses a diversified group of major international banks and financial institutions as counterparties .the company does not anticipate nonperformance by any of these counterparties .cash and cash equivalents cash equivalents include highly-liquid investments with a maturity of three months or less when purchased .accounts receivable and allowance for doubtful accounts accounts receivable are carried at their face amounts less an allowance for doubtful accounts .accounts receivable are recorded at the invoiced amount and generally do not bear interest .the company estimates the balance of allowance for doubtful accounts by analyzing accounts receivable balances by age and applying historical write-off and collection trend rates .the company 2019s estimates include separately providing for customer balances based on specific circumstances and credit conditions , and when it is deemed probable that the balance is uncollectible .account balances are charged off against the allowance when it is determined the receivable will not be recovered .the company 2019s allowance for doubtful accounts balance also includes an allowance for the expected return of products shipped and credits related to pricing or quantities shipped of $ 15 million as of december 31 , 2015 and 2014 and $ 14 million as of december 31 , 2013 .returns and credit activity is recorded directly to sales .the following table summarizes the activity in the allowance for doubtful accounts: .
[['( millions )', '2015', '2014', '2013'], ['beginning balance', '$ 77', '$ 81', '$ 73'], ['bad debt expense', '26', '23', '28'], ['write-offs', '-22 ( 22 )', '-20 ( 20 )', '-21 ( 21 )'], ['other ( a )', '-6 ( 6 )', '-7 ( 7 )', '1'], ['ending balance', '$ 75', '$ 77', '$ 81']]
( a ) other amounts are primarily the effects of changes in currency translations and the impact of allowance for returns and credits .inventory valuations inventories are valued at the lower of cost or market .certain u.s .inventory costs are determined on a last-in , first-out ( lifo ) basis .lifo inventories represented 39% ( 39 % ) and 37% ( 37 % ) of consolidated inventories as of december 31 , 2015 and 2014 , respectively .lifo inventories include certain legacy nalco u.s .inventory acquired at fair value as part of the nalco merger .all other inventory costs are determined using either the average cost or first-in , first-out ( fifo ) methods .inventory values at fifo , as shown in note 5 , approximate replacement during the fourth quarter of 2015 , the company improved estimates related to its inventory reserves and product costing , resulting in a net pre-tax charge of approximately $ 6 million .separately , the actions resulted in charge of $ 20.6 million related to inventory reserve calculations , partially offset by a gain of $ 14.5 million related to the capitalization of certain cost components into inventory .both of these items are reflected in note 3. .
|
the company 2019s allowance for the expected return of products shipped and credits related to pricing or quantities shipped as of december 31 , 2015 , is what percent of the total 2015 ending balance?
|
20%
|
{
"answer": "20%",
"decimal": 0.2,
"type": "percentage"
}
| |
interest expense related to capital lease obligations was $ 1.7 million during both the years ended december 31 , 2013 and 2012 , and $ 1.5 million during the year ended december 31 , 2011 .purchase commitments in the table below , we set forth our enforceable and legally binding purchase obligations as of december 31 , 2013 .some of the amounts included in the table are based on management 2019s estimates and assumptions about these obligations , including their duration , the possibility of renewal , anticipated actions by third parties , and other factors .because these estimates and assumptions are necessarily subjective , our actual payments may vary from those reflected in the table .purchase orders made in the ordinary course of business are excluded from the table below .any amounts for which we are liable under purchase orders are reflected on the consolidated balance sheets as accounts payable and accrued liabilities .these obligations relate to various purchase agreements for items such as minimum amounts of fiber and energy purchases over periods ranging from one to 15 years .total purchase commitments are as follows ( dollars in thousands ) : .
[['2014', '$ 120971'], ['2015', '54757'], ['2016', '14840'], ['2017', '3017'], ['2018', '2545'], ['thereafter', '11536'], ['total', '$ 207666']]
the company purchased a total of $ 61.7 million , $ 27.7 million , and $ 28.5 million during the years ended december 31 , 2013 , 2012 , and 2011 , respectively , under these purchase agreements .the increase in purchase commitments in 2014 , compared with 2013 , relates to the acquisition of boise in fourth quarter 2013 .environmental liabilities the potential costs for various environmental matters are uncertain due to such factors as the unknown magnitude of possible cleanup costs , the complexity and evolving nature of governmental laws and regulations and their interpretations , and the timing , varying costs and effectiveness of alternative cleanup technologies .from 1994 through 2013 , remediation costs at the company 2019s mills and corrugated plants totaled approximately $ 3.2 million .at december 31 , 2013 , the company had $ 34.1 million of environmental-related reserves recorded on its consolidated balance sheet .of the $ 34.1 million , approximately $ 26.5 million related to environmental- related asset retirement obligations discussed in note 14 , asset retirement obligations , and $ 7.6 million related to our estimate of other environmental contingencies .the company recorded $ 7.8 million in 201caccrued liabilities 201d and $ 26.3 million in 201cother long-term liabilities 201d on the consolidated balance sheet .liabilities recorded for environmental contingencies are estimates of the probable costs based upon available information and assumptions .because of these uncertainties , pca 2019s estimates may change .as of the date of this filing , the company believes that it is not reasonably possible that future environmental expenditures for remediation costs and asset retirement obligations above the $ 34.1 million accrued as of december 31 , 2013 , will have a material impact on its financial condition , results of operations , or cash flows .guarantees and indemnifications we provide guarantees , indemnifications , and other assurances to third parties in the normal course of our business .these include tort indemnifications , environmental assurances , and representations and warranties in commercial agreements .at december 31 , 2013 , we are not aware of any material liabilities arising from any guarantee , indemnification , or financial assurance we have provided .if we determined such a liability was probable and subject to reasonable determination , we would accrue for it at that time. .
|
what percentage of total purchase commitments are due after 2018?
|
6%
|
{
"answer": "6%",
"decimal": 0.06,
"type": "percentage"
}
| |
at december 31 , 2009 , aon had domestic federal operating loss carryforwards of $ 7 million that will expire at various dates from 2010 to 2024 , state operating loss carryforwards of $ 513 million that will expire at various dates from 2010 to 2028 , and foreign operating and capital loss carryforwards of $ 453 million and $ 252 million , respectively , nearly all of which are subject to indefinite carryforward .unrecognized tax benefits the following is a reconciliation of the company 2019s beginning and ending amount of unrecognized tax benefits ( in millions ) : .
[['', '2009', '2008'], ['balance at january 1', '$ 86', '$ 70'], ['additions based on tax positions related to the current year', '2', '5'], ['additions for tax positions of prior years', '5', '12'], ['reductions for tax positions of prior years', '-11 ( 11 )', '-11 ( 11 )'], ['settlements', '-10 ( 10 )', '-4 ( 4 )'], ['lapse of statute of limitations', '-3 ( 3 )', '-1 ( 1 )'], ['acquisitions', '6', '21'], ['foreign currency translation', '2', '-6 ( 6 )'], ['balance at december 31', '$ 77', '$ 86']]
as of december 31 , 2009 , $ 61 million of unrecognized tax benefits would impact the effective tax rate if recognized .aon does not expect the unrecognized tax positions to change significantly over the next twelve months .the company recognizes penalties and interest related to unrecognized income tax benefits in its provision for income taxes .aon accrued potential penalties of less than $ 1 million during each of 2009 , 2008 and 2007 .aon accrued interest of $ 2 million during 2009 and less than $ 1 million during both 2008 and 2007 .as of december 31 , 2009 and 2008 , aon has recorded a liability for penalties of $ 5 million and $ 4 million , respectively , and for interest of $ 18 million and $ 14 million , respectively .aon and its subsidiaries file income tax returns in the u.s .federal jurisdiction as well as various state and international jurisdictions .aon has substantially concluded all u.s .federal income tax matters for years through 2006 .material u.s .state and local income tax jurisdiction examinations have been concluded for years through 2002 .aon has concluded income tax examinations in its primary international jurisdictions through 2002. .
|
in 2009 what was the ratio of the interest to the liability
|
3.6
|
{
"answer": "3.6",
"decimal": 3.6,
"type": "float"
}
|
in 2009 there was 3.6 times of interest to the liabilities for penalties
|
2016 compared to 2015 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) .following is an analysis of the change in net revenue comparing 2016 to 2015 .amount ( in millions ) .
[['', 'amount ( in millions )'], ['2015 net revenue', '$ 696.3'], ['retail electric price', '12.9'], ['volume/weather', '4.7'], ['net wholesale revenue', '-2.4 ( 2.4 )'], ['reserve equalization', '-2.8 ( 2.8 )'], ['other', '-3.3 ( 3.3 )'], ['2016 net revenue', '$ 705.4']]
the retail electric price variance is primarily due to a $ 19.4 million net annual increase in revenues , as approved by the mpsc , effective with the first billing cycle of july 2016 , and an increase in revenues collected through the storm damage rider . a0 see note 2 to the financial statements for more discussion of the formula rate plan and the storm damage rider .the volume/weather variance is primarily due to an increase of 153 gwh , or 1% ( 1 % ) , in billed electricity usage , including an increase in industrial usage , partially offset by the effect of less favorable weather on residential and commercial sales .the increase in industrial usage is primarily due to expansion projects in the pulp and paper industry , increased demand for existing customers , primarily in the metals industry , and new customers in the wood products industry .the net wholesale revenue variance is primarily due to entergy mississippi 2019s exit from the system agreement in november 2015 .the reserve equalization revenue variance is primarily due to the absence of reserve equalization revenue as compared to the same period in 2015 resulting from entergy mississippi 2019s exit from the system agreement in november other income statement variances 2017 compared to 2016 other operation and maintenance expenses decreased primarily due to : 2022 a decrease of $ 12 million in fossil-fueled generation expenses primarily due to lower long-term service agreement costs and a lower scope of work done during plant outages in 2017 as compared to the same period in 2016 ; and 2022 a decrease of $ 3.6 million in storm damage provisions .see note 2 to the financial statements for a discussion on storm cost recovery .the decrease was partially offset by an increase of $ 4.8 million in energy efficiency costs and an increase of $ 2.7 million in compensation and benefits costs primarily due to higher incentive-based compensation accruals in 2017 as compared to the prior year .entergy mississippi , inc .management 2019s financial discussion and analysis .
|
the change in retail electric price accounts for what percent of revenue increase?
|
66.49%
|
{
"answer": "66.49%",
"decimal": 0.6648999999999999,
"type": "percentage"
}
| |
entergy mississippi , inc .management 2019s financial discussion and analysis entergy mississippi 2019s receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years. .
[['2016', '2015', '2014', '2013'], ['( in thousands )', '( in thousands )', '( in thousands )', '( in thousands )'], ['$ 10595', '$ 25930', '$ 644', '( $ 3536 )']]
see note 4 to the financial statements for a description of the money pool .entergy mississippi has four separate credit facilities in the aggregate amount of $ 102.5 million scheduled to expire may 2017 .no borrowings were outstanding under the credit facilities as of december 31 , 2016 .in addition , entergy mississippi is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations under miso .as of december 31 , 2016 , a $ 7.1 million letter of credit was outstanding under entergy mississippi 2019s uncommitted letter of credit facility .see note 4 to the financial statements for additional discussion of the credit facilities .entergy mississippi obtained authorizations from the ferc through october 2017 for short-term borrowings not to exceed an aggregate amount of $ 175 million at any time outstanding and long-term borrowings and security issuances .see note 4 to the financial statements for further discussion of entergy mississippi 2019s short-term borrowing limits .state and local rate regulation and fuel-cost recovery the rates that entergy mississippi charges for electricity significantly influence its financial position , results of operations , and liquidity .entergy mississippi is regulated and the rates charged to its customers are determined in regulatory proceedings .a governmental agency , the mpsc , is primarily responsible for approval of the rates charged to customers .formula rate plan in june 2014 , entergy mississippi filed its first general rate case before the mpsc in almost 12 years .the rate filing laid out entergy mississippi 2019s plans for improving reliability , modernizing the grid , maintaining its workforce , stabilizing rates , utilizing new technologies , and attracting new industry to its service territory .entergy mississippi requested a net increase in revenue of $ 49 million for bills rendered during calendar year 2015 , including $ 30 million resulting from new depreciation rates to update the estimated service life of assets .in addition , the filing proposed , among other things : 1 ) realigning cost recovery of the attala and hinds power plant acquisitions from the power management rider to base rates ; 2 ) including certain miso-related revenues and expenses in the power management rider ; 3 ) power management rider changes that reflect the changes in costs and revenues that will accompany entergy mississippi 2019s withdrawal from participation in the system agreement ; and 4 ) a formula rate plan forward test year to allow for known changes in expenses and revenues for the rate effective period .entergy mississippi proposed maintaining the current authorized return on common equity of 10.59% ( 10.59 % ) .in october 2014 , entergy mississippi and the mississippi public utilities staff entered into and filed joint stipulations that addressed the majority of issues in the proceeding .the stipulations provided for : 2022 an approximate $ 16 million net increase in revenues , which reflected an agreed upon 10.07% ( 10.07 % ) return on common equity ; 2022 revision of entergy mississippi 2019s formula rate plan by providing entergy mississippi with the ability to reflect known and measurable changes to historical rate base and certain expense amounts ; resolving uncertainty around and obviating the need for an additional rate filing in connection with entergy mississippi 2019s withdrawal from participation in the system agreement ; updating depreciation rates ; and moving costs associated with the attala and hinds generating plants from the power management rider to base rates; .
|
what is the net change in entergy mississippi 2019s receivables from the money pool from 2015 to 2016?
|
-15335
|
{
"answer": "-15335",
"decimal": -15335,
"type": "float"
}
| |
the remaining $ 135 recognized in 2013 relates to a valuation allowance established on a portion of available foreign tax credits in the united states .these credits can be carried forward for 10 years , and have an expiration period ranging from 2016 to 2023 as of december 31 , 2013 ( 2016 to 2025 as of december 31 , 2015 ) .after weighing all available positive and negative evidence , as described above , management determined that it was no longer more likely than not that alcoa will realize the full tax benefit of these foreign tax credits .this was primarily due to lower foreign sourced taxable income after consideration of tax planning strategies and after the inclusion of earnings from foreign subsidiaries projected to be distributable as taxable foreign dividends .this valuation allowance was reevaluated as of december 31 , 2015 , and due to reductions in foreign sourced taxable income , a $ 134 discrete income tax charge was recognized .additionally , $ 15 of foreign tax credits expired at the end of 2015 resulting in a corresponding decrease to the valuation allowance .at december 31 , 2015 , the amount of the valuation allowance was $ 254 .the need for this valuation allowance will be assessed on a continuous basis in future periods and , as a result , an increase or decrease to this allowance may result based on changes in facts and circumstances .in 2015 , alcoa recognized an additional $ 141 discrete income tax charge for valuation allowances on certain deferred tax assets in iceland and suriname .of this amount , an $ 85 valuation allowance was established on the full value of the deferred tax assets in suriname , which were related mostly to employee benefits and tax loss carryforwards .these deferred tax assets have an expiration period ranging from 2016 to 2022 .the remaining $ 56 charge relates to a valuation allowance established on a portion of the deferred tax assets recorded in iceland .these deferred tax assets have an expiration period ranging from 2017 to 2023 .after weighing all available positive and negative evidence , as described above , management determined that it was no longer more likely than not that alcoa will realize the tax benefit of either of these deferred tax assets .this was mainly driven by a decline in the outlook of the primary metals business , combined with prior year cumulative losses and a short expiration period .the need for this valuation allowance will be assessed on a continuous basis in future periods and , as a result , a portion or all of the allowance may be reversed based on changes in facts and circumstances .in december 2011 , one of alcoa 2019s subsidiaries in brazil applied for a tax holiday related to its expanded mining and refining operations .during 2013 , the application was amended and re-filed and , separately , a similar application was filed for another one of the company 2019s subsidiaries in brazil .the deadline for the brazilian government to deny the application was july 11 , 2014 .since alcoa did not receive notice that its applications were denied , the tax holiday took effect automatically on july 12 , 2014 .as a result , the tax rate applicable to qualified holiday income for these subsidiaries decreased significantly ( from 34% ( 34 % ) to 15.25% ( 15.25 % ) ) , resulting in future cash tax savings over the 10-year holiday period ( retroactively effective as of january 1 , 2013 ) .additionally , a portion of one of the subsidiaries net deferred tax asset that reverses within the holiday period was remeasured at the new tax rate ( the net deferred tax asset of the other subsidiary was not remeasured since it could still be utilized against the subsidiary 2019s future earnings not subject to the tax holiday ) .this remeasurement resulted in a decrease to that subsidiary 2019s net deferred tax asset and a noncash charge to earnings of $ 52 ( $ 31 after noncontrolling interest ) .the following table details the changes in the valuation allowance: .
[['december 31,', '2015', '2014', '2013'], ['balance at beginning of year', '$ 1668', '$ 1804', '$ 1400'], ['increase to allowance', '472', '117', '471'], ['release of allowance', '-42 ( 42 )', '-77 ( 77 )', '-41 ( 41 )'], ['acquisitions and divestitures ( f )', '29', '-37 ( 37 )', '-'], ['u.s . state tax apportionment and tax rate changes', '-45 ( 45 )', '-80 ( 80 )', '-32 ( 32 )'], ['foreign currency translation', '-45 ( 45 )', '-59 ( 59 )', '6'], ['balance at end of year', '$ 2037', '$ 1668', '$ 1804']]
the cumulative amount of alcoa 2019s foreign undistributed net earnings for which no deferred taxes have been provided was approximately $ 4000 at december 31 , 2015 .alcoa has a number of commitments and obligations related to the company 2019s growth strategy in foreign jurisdictions .as such , management has no plans to distribute such earnings in the foreseeable future , and , therefore , has determined it is not practicable to determine the related deferred tax liability. .
|
taking the year 2015 , what is the increase to allowance as a percent of the balance at the end of the year?
|
23.17%
|
{
"answer": "23.17%",
"decimal": 0.23170000000000002,
"type": "percentage"
}
|
it is the value of the increase to allowance divided by the total balance at the end of the year .
|
year ended december 31 , 2006 compared to year ended december 31 , 2005 net revenues increased $ 149.6 million , or 53.2% ( 53.2 % ) , to $ 430.7 million in 2006 from $ 281.1 million in 2005 .this increase was the result of increases in both our net sales and license revenues as noted in the product category table below. .
[['( in thousands )', 'year ended december 31 , 2006', 'year ended december 31 , 2005', 'year ended december 31 , $ change', 'year ended december 31 , % ( % ) change'], ['men 2019s', '$ 255681', '$ 189596', '$ 66085', '34.9% ( 34.9 % )'], ['women 2019s', '85695', '53500', '32195', '60.2% ( 60.2 % )'], ['youth', '31845', '18784', '13061', '69.5% ( 69.5 % )'], ['apparel', '373221', '261880', '111341', '42.5% ( 42.5 % )'], ['footwear', '26874', '2014', '26874', '2014'], ['accessories', '14897', '9409', '5488', '58.3% ( 58.3 % )'], ['total net sales', '414992', '271289', '143703', '53.0% ( 53.0 % )'], ['license revenues', '15697', '9764', '5933', '60.8% ( 60.8 % )'], ['total net revenues', '$ 430689', '$ 281053', '$ 149636', '53.2% ( 53.2 % )']]
net sales increased $ 143.7 million , or 53.0% ( 53.0 % ) , to $ 415.0 million for the year ended december 31 , 2006 from $ 271.3 million during the same period in 2005 as noted in the table above .the increase in net sales primarily reflects : 2022 $ 26.9 million of footwear product sales , primarily football cleats introduced in the second quarter of 2006 , and baseball cleats introduced in the fourth quarter of 2006 ; 2022 continued unit volume growth of our existing products , such as coldgear ae compression products , primarily sold to existing retail customers due to additional retail stores and expanded floor space ; 2022 growth in the average selling price of apparel products within all categories ; 2022 increased women 2019s and youth market penetration by leveraging current customer relationships ; and 2022 product introductions subsequent to december 31 , 2005 within all product categories , most significantly in our compression and training products .license revenues increased $ 5.9 million , or 60.8% ( 60.8 % ) , to $ 15.7 million for the year ended december 31 , 2006 from $ 9.8 million during the same period in 2005 .this increase in license revenues was a result of increased sales by our licensees due to increased distribution , continued unit volume growth , new product offerings and new licensing agreements , which included distribution of products to college bookstores and golf pro shops .gross profit increased $ 79.7 million to $ 215.6 million in 2006 from $ 135.9 million in 2005 .gross profit as a percentage of net revenues , or gross margin , increased approximately 180 basis points to 50.1% ( 50.1 % ) in 2006 from 48.3% ( 48.3 % ) in 2005 .this increase in gross margin was primarily driven by the following : 2022 lower product costs as a result of variations in product mix and greater supplier discounts for increased volume and lower cost sourcing arrangements , accounting for an approximate 170 basis point increase ; 2022 decreased close-out sales in the 2006 period compared to the 2005 period , accounting for an approximate 70 basis point increase ; 2022 lower customer incentives as a percentage of net revenues , primarily driven by changes to certain customer agreements which decreased discounts while increasing certain customer marketing expenditures recorded in selling , general and administrative expenses , accounting for an approximate 70 basis point increase; .
|
what was the percentage change in the gross profit from 2005 to 2006
|
58.6%
|
{
"answer": "58.6%",
"decimal": 0.586,
"type": "percentage"
}
| |
notes to consolidated financial statements ( continued ) note 4 2014acquisitions ( continued ) acquisition of emagic gmbh during the fourth quarter of 2002 , the company acquired emagic gmbh ( emagic ) , a provider of professional software solutions for computer based music production , for approximately $ 30 million in cash ; $ 26 million of which was paid immediately upon closing of the deal and $ 4 million of which was held-back for future payment contingent on continued employment by certain employees that would be allocated to future compensation expense in the appropriate periods over the following 3 years .during fiscal 2003 , contingent consideration totaling $ 1.3 million was paid .the acquisition has been accounted for as a purchase .the portion of the purchase price allocated to purchased in-process research and development ( ipr&d ) was expensed immediately , and the portion of the purchase price allocated to acquired technology and to tradename will be amortized over their estimated useful lives of 3 years .goodwill associated with the acquisition of emagic is not subject to amortization pursuant to the provisions of sfas no .142 .total consideration was allocated as follows ( in millions ) : .
[['net tangible assets acquired', '$ 2.3'], ['acquired technology', '3.8'], ['tradename', '0.8'], ['in-process research and development', '0.5'], ['goodwill', '18.6'], ['total consideration', '$ 26.0']]
the amount of the purchase price allocated to ipr&d was expensed upon acquisition , because the technological feasibility of products under development had not been established and no alternative future uses existed .the ipr&d relates primarily to emagic 2019s logic series technology and extensions .at the date of the acquisition , the products under development were between 43%-83% ( 43%-83 % ) complete , and it was expected that the remaining work would be completed during the company 2019s fiscal 2003 at a cost of approximately $ 415000 .the remaining efforts , which were completed in 2003 , included finalizing user interface design and development , and testing .the fair value of the ipr&d was determined using an income approach , which reflects the projected free cash flows that will be generated by the ipr&d projects and that are attributable to the acquired technology , and discounting the projected net cash flows back to their present value using a discount rate of 25% ( 25 % ) .acquisition of certain assets of zayante , inc. , prismo graphics , and silicon grail during fiscal 2002 the company acquired certain technology and patent rights of zayante , inc. , prismo graphics , and silicon grail corporation for a total of $ 20 million in cash .these transactions have been accounted for as asset acquisitions .the purchase price for these asset acquisitions , except for $ 1 million identified as contingent consideration which would be allocated to compensation expense over the following 3 years , has been allocated to acquired technology and would be amortized on a straight-line basis over 3 years , except for certain assets acquired from zayante associated with patent royalty streams that would be amortized over 10 years .acquisition of nothing real , llc during the second quarter of 2002 , the company acquired certain assets of nothing real , llc ( nothing real ) , a privately-held company that develops and markets high performance tools designed for the digital image creation market .of the $ 15 million purchase price , the company has allocated $ 7 million to acquired technology , which will be amortized over its estimated life of 5 years .the remaining $ 8 million , which has been identified as contingent consideration , rather than recorded as an additional component of .
|
what percentage of the purchase price was spent on goodwill?
|
71.5%
|
{
"answer": "71.5%",
"decimal": 0.715,
"type": "percentage"
}
| |
apply as it has no impact on plan obligations .for 2015 , the healthcare trend rate was 7% ( 7 % ) , the ultimate trend rate was 5% ( 5 % ) , and the year the ultimate trend rate is reached was 2019 .projected benefit payments are as follows: .
[['2017', '$ 11.5'], ['2018', '11.0'], ['2019', '10.7'], ['2020', '10.2'], ['2021', '9.7'], ['2022 20132026', '35.3']]
these estimated benefit payments are based on assumptions about future events .actual benefit payments may vary significantly from these estimates .17 .commitments and contingencies litigation we are involved in various legal proceedings , including commercial , competition , environmental , health , safety , product liability , and insurance matters .in september 2010 , the brazilian administrative council for economic defense ( cade ) issued a decision against our brazilian subsidiary , air products brasil ltda. , and several other brazilian industrial gas companies for alleged anticompetitive activities .cade imposed a civil fine of r$ 179.2 million ( approximately $ 55 at 30 september 2016 ) on air products brasil ltda .this fine was based on a recommendation by a unit of the brazilian ministry of justice , whose investigation began in 2003 , alleging violation of competition laws with respect to the sale of industrial and medical gases .the fines are based on a percentage of our total revenue in brazil in 2003 .we have denied the allegations made by the authorities and filed an appeal in october 2010 with the brazilian courts .on 6 may 2014 , our appeal was granted and the fine against air products brasil ltda .was dismissed .cade has appealed that ruling and the matter remains pending .we , with advice of our outside legal counsel , have assessed the status of this matter and have concluded that , although an adverse final judgment after exhausting all appeals is possible , such a judgment is not probable .as a result , no provision has been made in the consolidated financial statements .we estimate the maximum possible loss to be the full amount of the fine of r$ 179.2 million ( approximately $ 55 at 30 september 2016 ) plus interest accrued thereon until final disposition of the proceedings .other than this matter , we do not currently believe there are any legal proceedings , individually or in the aggregate , that are reasonably possible to have a material impact on our financial condition , results of operations , or cash flows .environmental in the normal course of business , we are involved in legal proceedings under the comprehensive environmental response , compensation , and liability act ( cercla : the federal superfund law ) ; resource conservation and recovery act ( rcra ) ; and similar state and foreign environmental laws relating to the designation of certain sites for investigation or remediation .presently , there are approximately 33 sites on which a final settlement has not been reached where we , along with others , have been designated a potentially responsible party by the environmental protection agency or are otherwise engaged in investigation or remediation , including cleanup activity at certain of our current and former manufacturing sites .we continually monitor these sites for which we have environmental exposure .accruals for environmental loss contingencies are recorded when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated .the consolidated balance sheets at 30 september 2016 and 2015 included an accrual of $ 81.4 and $ 80.6 , respectively , primarily as part of other noncurrent liabilities .the environmental liabilities will be paid over a period of up to 30 years .we estimate the exposure for environmental loss contingencies to range from $ 81 to a reasonably possible upper exposure of $ 95 as of 30 september 2016. .
|
considering the 2022-2026 period , what is the annual projected benefit payment value?
|
7.06
|
{
"answer": "7.06",
"decimal": 7.06,
"type": "float"
}
|
it is the sum of all these years' projected benefit payments divided by five ( number of years ) .
|
movement in exit cost liabilities the movement in exit cost liabilities for pmi was as follows : ( in millions ) .
[['liability balance january 1 2014', '$ 308'], ['charges net', '391'], ['cash spent', '-360 ( 360 )'], ['currency/other', '-69 ( 69 )'], ['liability balance december 31 2014', '$ 270'], ['charges net', '68'], ['cash spent', '-232 ( 232 )'], ['currency/other', '-52 ( 52 )'], ['liability balance december 31 2015', '$ 54']]
cash payments related to exit costs at pmi were $ 232 million , $ 360 million and $ 21 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively .future cash payments for exit costs incurred to date are expected to be approximately $ 54 million , and will be substantially paid by the end of 2017 .the pre-tax asset impairment and exit costs shown above are primarily a result of the following : the netherlands on april 4 , 2014 , pmi announced the initiation by its affiliate , philip morris holland b.v .( 201cpmh 201d ) , of consultations with employee representatives on a proposal to discontinue cigarette production at its factory located in bergen op zoom , the netherlands .pmh reached an agreement with the trade unions and their members on a social plan and ceased cigarette production on september 1 , 2014 .during 2014 , total pre-tax asset impairment and exit costs of $ 489 million were recorded for this program in the european union segment .this amount includes employee separation costs of $ 343 million , asset impairment costs of $ 139 million and other separation costs of $ 7 million .separation program charges pmi recorded other pre-tax separation program charges of $ 68 million , $ 41 million and $ 51 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively .the 2015 other pre-tax separation program charges primarily related to severance costs for the organizational restructuring in the european union segment .the 2014 other pre-tax separation program charges primarily related to severance costs for factory closures in australia and canada and the restructuring of the u.s .leaf purchasing model .the 2013 pre-tax separation program charges primarily related to the restructuring of global and regional functions based in switzerland and australia .contract termination charges during 2013 , pmi recorded exit costs of $ 258 million related to the termination of distribution agreements in eastern europe , middle east & africa ( due to a new business model in egypt ) and asia .asset impairment charges during 2014 , pmi recorded other pre-tax asset impairment charges of $ 5 million related to a factory closure in canada. .
|
what is the change in liability balance during 2015?
|
-216
|
{
"answer": "-216",
"decimal": -216,
"type": "float"
}
| |
changes in proved undeveloped reserves as of december 31 , 2013 , 627 mmboe of proved undeveloped reserves were reported , an increase of 56 mmboe from december 31 , 2012 .the following table shows changes in total proved undeveloped reserves for 2013 : ( mmboe ) .
[['beginning of year', '571'], ['revisions of previous estimates', '4'], ['improved recovery', '7'], ['purchases of reserves in place', '16'], ['extensions discoveries and other additions', '142'], ['dispositions', '-4 ( 4 )'], ['transfer to proved developed', '-109 ( 109 )'], ['end of year', '627']]
significant additions to proved undeveloped reserves during 2013 included 72 mmboe in the eagle ford and 49 mmboe in the bakken shale plays due to development drilling .transfers from proved undeveloped to proved developed reserves included 57 mmboe in the eagle ford , 18 mmboe in the bakken and 7 mmboe in the oklahoma resource basins due to producing wells .costs incurred in 2013 , 2012 and 2011 relating to the development of proved undeveloped reserves , were $ 2536 million , $ 1995 million and $ 1107 million .a total of 59 mmboe was booked as a result of reliable technology .technologies included statistical analysis of production performance , decline curve analysis , rate transient analysis , reservoir simulation and volumetric analysis .the statistical nature of production performance coupled with highly certain reservoir continuity or quality within the reliable technology areas and sufficient proved undeveloped locations establish the reasonable certainty criteria required for booking reserves .projects can remain in proved undeveloped reserves for extended periods in certain situations such as large development projects which take more than five years to complete , or the timing of when additional gas compression is needed .of the 627 mmboe of proved undeveloped reserves at december 31 , 2013 , 24 percent of the volume is associated with projects that have been included in proved reserves for more than five years .the majority of this volume is related to a compression project in e.g .that was sanctioned by our board of directors in 2004 .the timing of the installation of compression is being driven by the reservoir performance with this project intended to maintain maximum production levels .performance of this field since the board sanctioned the project has far exceeded expectations .estimates of initial dry gas in place increased by roughly 10 percent between 2004 and 2010 .during 2012 , the compression project received the approval of the e.g .government , allowing design and planning work to progress towards implementation , with completion expected by mid-2016 .the other component of alba proved undeveloped reserves is an infill well approved in 2013 and to be drilled late 2014 .proved undeveloped reserves for the north gialo development , located in the libyan sahara desert , were booked for the first time as proved undeveloped reserves in 2010 .this development , which is anticipated to take more than five years to be developed , is being executed by the operator and encompasses a continuous drilling program including the design , fabrication and installation of extensive liquid handling and gas recycling facilities .anecdotal evidence from similar development projects in the region led to an expected project execution of more than five years from the time the reserves were initially booked .interruptions associated with the civil unrest in 2011 and third-party labor strikes in 2013 have extended the project duration .there are no other significant undeveloped reserves expected to be developed more than five years after their original booking .as of december 31 , 2013 , future development costs estimated to be required for the development of proved undeveloped liquid hydrocarbon , natural gas and synthetic crude oil reserves related to continuing operations for the years 2014 through 2018 are projected to be $ 2894 million , $ 2567 million , $ 2020 million , $ 1452 million and $ 575 million .the timing of future projects and estimated future development costs relating to the development of proved undeveloped liquid hydrocarbon , natural gas and synthetic crude oil reserves are forward-looking statements and are based on a number of assumptions , including ( among others ) commodity prices , presently known physical data concerning size and character of the reservoirs , economic recoverability , technology developments , future drilling success , industry economic conditions , levels of cash flow from operations , production experience and other operating considerations .to the extent these assumptions prove inaccurate , actual recoveries , timing and development costs could be different than current estimates. .
|
what were total costs incurred in 2013 , 2012 and 2011 relating to the development of proved undeveloped reserves , in $ millions?
|
5638
|
{
"answer": "5638",
"decimal": 5638,
"type": "float"
}
| |
stockholder return performance graph the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index and the s&p 400 information technology index .the graph assumes that the value of the investment in our common stock and in each index on december 31 , 2011 ( including reinvestment of dividends ) was $ 100 and tracks it each year thereafter on the last day of our fiscal year through december 31 , 2016 and , for each index , on the last day of the calendar year .comparison of 5 year cumulative total return* among cadence design systems , inc. , the nasdaq composite index , and s&p 400 information technology cadence design systems , inc .nasdaq composite s&p 400 information technology 12/31/1612/28/13 1/2/1612/31/11 1/3/1512/29/12 *$ 100 invested on 12/31/11 in stock or index , including reinvestment of dividends .indexes calculated on month-end basis .copyright a9 2017 standard & poor 2019s , a division of s&p global .all rights reserved. .
[['', '12/31/2011', '12/29/2012', '12/28/2013', '1/3/2015', '1/2/2016', '12/31/2016'], ['cadence design systems inc .', '100.00', '129.23', '133.94', '181.06', '200.10', '242.50'], ['nasdaq composite', '100.00', '116.41', '165.47', '188.69', '200.32', '216.54'], ['s&p 400 information technology', '100.00', '118.41', '165.38', '170.50', '178.74', '219.65']]
the stock price performance included in this graph is not necessarily indicative of future stock price performance. .
|
what is the rate of return of an investment in nasdaq composite from the end of the year in 2015 to the end of the year in 2016?
|
6.2%
|
{
"answer": "6.2%",
"decimal": 0.062,
"type": "percentage"
}
| |
the goldman sachs group , inc .and subsidiaries notes to consolidated financial statements lending commitments the firm 2019s lending commitments are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing .these commitments are presented net of amounts syndicated to third parties .the total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate all or substantial additional portions of these commitments .in addition , commitments can expire unused or be reduced or cancelled at the counterparty 2019s request .the table below presents information about lending commitments. .
[['$ in millions', 'as of december 2018', 'as of december 2017'], ['held for investment', '$ 120997', '$ 124504'], ['held for sale', '8602', '9838'], ['at fair value', '7983', '9404'], ['total', '$ 137582', '$ 143746']]
in the table above : 2030 held for investment lending commitments are accounted for on an accrual basis .see note 9 for further information about such commitments .2030 held for sale lending commitments are accounted for at the lower of cost or fair value .2030 gains or losses related to lending commitments at fair value , if any , are generally recorded , net of any fees in other principal transactions .2030 substantially all lending commitments relates to the firm 2019s investing & lending segment .commercial lending .the firm 2019s commercial lending commitments were primarily extended to investment-grade corporate borrowers .such commitments included $ 93.99 billion as of december 2018 and $ 85.98 billion as of december 2017 , related to relationship lending activities ( principally used for operating and general corporate purposes ) and $ 27.92 billion as of december 2018 and $ 42.41 billion as of december 2017 , related to other investment banking activities ( generally extended for contingent acquisition financing and are often intended to be short-term in nature , as borrowers often seek to replace them with other funding sources ) .the firm also extends lending commitments in connection with other types of corporate lending , as well as commercial real estate financing .see note 9 for further information about funded loans .sumitomo mitsui financial group , inc .( smfg ) provides the firm with credit loss protection on certain approved loan commitments ( primarily investment-grade commercial lending commitments ) .the notional amount of such loan commitments was $ 15.52 billion as of december 2018 and $ 25.70 billion as of december 2017 .the credit loss protection on loan commitments provided by smfg is generally limited to 95% ( 95 % ) of the first loss the firm realizes on such commitments , up to a maximum of approximately $ 950 million .in addition , subject to the satisfaction of certain conditions , upon the firm 2019s request , smfg will provide protection for 70% ( 70 % ) of additional losses on such commitments , up to a maximum of $ 1.0 billion , of which $ 550 million of protection had been provided as of both december 2018 and december 2017 .the firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg .these instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity , or credit default swaps that reference a market index .warehouse financing .the firm provides financing to clients who warehouse financial assets .these arrangements are secured by the warehoused assets , primarily consisting of consumer and corporate loans .contingent and forward starting collateralized agreements / forward starting collateralized financings forward starting collateralized agreements includes resale and securities borrowing agreements , and forward starting collateralized financings includes repurchase and secured lending agreements that settle at a future date , generally within three business days .the firm also enters into commitments to provide contingent financing to its clients and counterparties through resale agreements .the firm 2019s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused .letters of credit the firm has commitments under letters of credit issued by various banks which the firm provides to counterparties in lieu of securities or cash to satisfy various collateral and margin deposit requirements .investment commitments investment commitments includes commitments to invest in private equity , real estate and other assets directly and through funds that the firm raises and manages .investment commitments included $ 2.42 billion as of december 2018 and $ 2.09 billion as of december 2017 , related to commitments to invest in funds managed by the firm .if these commitments are called , they would be funded at market value on the date of investment .goldman sachs 2018 form 10-k 159 .
|
in millions for 2018 and 2017 , what was the lowest balance in held for investment?
|
120997
|
{
"answer": "120997",
"decimal": 120997,
"type": "float"
}
| |
in 2017 , cash flows provided by operations increased $ 160 million , primarily due to an increase in net income after non-cash adjustments , including the impact of the enactment of the tcja , and an increase in cash flows from working capital .the main factors contributing to the net income increase are described in the 201cconsolidated results of operations 201d section and include higher operating revenues , partially offset by higher income taxes due to a $ 125 million re-measurement charge resulting from the impact of the change in the federal tax rate on the company 2019s deferred income taxes from the enactment of the tcja .the increase in non-cash activities was mainly attributable to the increase in deferred income taxes , as mentioned above , and an increase in depreciation and amortization due to additional utility plant placed in service .the change in working capital was principally due to ( i ) the timing of accounts payable and accrued liabilities , including the accrual recorded during 2016 for the binding global agreement in principle to settle claims associated with the freedom industries chemical spill in west virginia , ( ii ) a decrease in unbilled revenues as a result of our military services group achieving significant capital project milestones during 2016 , and ( iii ) a change in other current assets and liabilities , including the decrease in other current assets associated with the termination of our four forward starting swap agreements and timing of payments clearing our cash accounts .the company expects to make pension contributions to the plan trusts of up to $ 31 million in 2019 .in addition , we estimate that contributions will amount to $ 32 million , $ 29 million , $ 29 million and $ 29 million in 2020 , 2021 , 2022 and 2023 , respectively .actual amounts contributed could change materially from these estimates as a result of changes in assumptions and actual investment returns , among other factors .cash flows used in investing activities the following table provides a summary of the major items affecting our cash flows used in investing activities: .
[['( in millions )', 'for the years ended december 31 , 2018', 'for the years ended december 31 , 2017', 'for the years ended december 31 , 2016'], ['net capital expenditures', '$ -1586 ( 1586 )', '$ -1434 ( 1434 )', '$ -1311 ( 1311 )'], ['acquisitions', '-398 ( 398 )', '-177 ( 177 )', '-204 ( 204 )'], ['other investing activities net ( a )', '-52 ( 52 )', '-61 ( 61 )', '-75 ( 75 )'], ['net cash flows used in investing activities', '$ -2036 ( 2036 )', '$ -1672 ( 1672 )', '$ -1590 ( 1590 )']]
( a ) includes removal costs from property , plant and equipment retirements and proceeds from sale of assets .in 2018 and 2017 , cash flows used in investing activities increased primarily due to an increase in our regulated capital expenditures , principally from incremental investments associated with the replacement and renewal of our transmission and distribution infrastructure in our regulated businesses , as well as acquisitions in both our regulated businesses and market-based businesses , as discussed below .our infrastructure investment plan consists of both infrastructure renewal programs , where we replace infrastructure , as needed , and major capital investment projects , where we construct new water and wastewater treatment and delivery facilities to meet new customer growth and water quality regulations .our projected capital expenditures and other investments are subject to periodic review and revision to reflect changes in economic conditions and other factors. .
|
what are expected pension contributions in millions for 2020 and 2021?
|
61
|
{
"answer": "61",
"decimal": 61,
"type": "float"
}
| |
part ii item 5 .market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our class a common stock trades on the new york stock exchange under the symbol 201cma 201d .at february 8 , 2019 , we had 73 stockholders of record for our class a common stock .we believe that the number of beneficial owners is substantially greater than the number of record holders because a large portion of our class a common stock is held in 201cstreet name 201d by brokers .there is currently no established public trading market for our class b common stock .there were approximately 287 holders of record of our non-voting class b common stock as of february 8 , 2019 , constituting approximately 1.1% ( 1.1 % ) of our total outstanding equity .stock performance graph the graph and table below compare the cumulative total stockholder return of mastercard 2019s class a common stock , the s&p 500 financials and the s&p 500 index for the five-year period ended december 31 , 2018 .the graph assumes a $ 100 investment in our class a common stock and both of the indices and the reinvestment of dividends .mastercard 2019s class b common stock is not publicly traded or listed on any exchange or dealer quotation system .total returns to stockholders for each of the years presented were as follows : indexed returns base period for the years ended december 31 .
[['company/index', 'base period 2013', 'base period 2014', 'base period 2015', 'base period 2016', 'base period 2017', '2018'], ['mastercard', '$ 100.00', '$ 103.73', '$ 118.05', '$ 126.20', '$ 186.37', '$ 233.56'], ['s&p 500 financials', '100.00', '115.20', '113.44', '139.31', '170.21', '148.03'], ['s&p 500 index', '100.00', '113.69', '115.26', '129.05', '157.22', '150.33']]
.
|
as of february 8 , 2019 what was the number of shares outstanding
|
26090
|
{
"answer": "26090",
"decimal": 26090,
"type": "float"
}
| |
as of december 31 , 2017 , the future minimum payments due under the lease financing obligation were as follows ( in thousands ) : years ending december 31 .
[['2018', '$ 6113'], ['2019', '6293'], ['2020', '6477'], ['2021', '6674'], ['2022', '6871'], ['thereafter', '5264'], ['total payments', '37692'], ['less : interest and land lease expense', '-21730 ( 21730 )'], ['total payments under facility financing obligations', '15962'], ['property reverting to landlord', '23630'], ['present value of obligation', '39592'], ['less : current portion', '-1919 ( 1919 )'], ['lease financing obligations non-current', '$ 37673']]
purchase commitments we outsource most of our manufacturing and supply chain management operations to third-party contract manufacturers , who procure components and assemble products on our behalf based on our forecasts in order to reduce manufacturing lead times and ensure adequate component supply .we issue purchase orders to our contract manufacturers for finished product and a significant portion of these orders consist of firm non-cancellable commitments .in addition , we purchase strategic component inventory from certain suppliers under purchase commitments that in some cases are non-cancellable , including integrated circuits , which are consigned to our contract manufacturers .as of december 31 , 2017 , we had non-cancellable purchase commitments of $ 195.1 million , of which $ 147.9 million was to our contract manufacturers and suppliers .in addition , we have provided deposits to secure our obligations to purchase inventory .we had $ 36.9 million and $ 63.1 million in deposits as of december 31 , 2017 and 2016 , respectively .these deposits are classified in 'prepaid expenses and other current assets' and 'other assets' in our accompanying consolidated balance sheets .guarantees we have entered into agreements with some of our direct customers and channel partners that contain indemnification provisions relating to potential situations where claims could be alleged that our products infringe the intellectual property rights of a third party .we have at our option and expense the ability to repair any infringement , replace product with a non-infringing equivalent-in-function product or refund our customers all or a portion of the value of the product .other guarantees or indemnification agreements include guarantees of product and service performance and standby letters of credit for leased facilities and corporate credit cards .we have not recorded a liability related to these indemnification and guarantee provisions and our guarantee and indemnification arrangements have not had any significant impact on our consolidated financial statements to date .legal proceedings optumsoft , inc .matters on april 4 , 2014 , optumsoft filed a lawsuit against us in the superior court of california , santa clara county titled optumsoft , inc .v .arista networks , inc. , in which it asserts ( i ) ownership of certain components of our eos network operating system pursuant to the terms of a 2004 agreement between the companies ; and ( ii ) breaches of certain confidentiality and use restrictions in that agreement .under the terms of the 2004 agreement , optumsoft provided us with a non-exclusive , irrevocable , royalty-free license to software delivered by optumsoft comprising a software tool used to develop certain components of eos and a runtime library that is incorporated .
|
as of december 31 , 2017 , are future lease commitments greater than purchase commitments for contract manufacturers and suppliers?
|
yes
|
{
"answer": "yes",
"decimal": 1,
"type": "bool"
}
| |
jpmorgan chase & co./2009 annual report 181 the following table shows the current credit risk of derivative receivables after netting adjustments , and the current liquidity risk of derivative payables after netting adjustments , as of december 31 , 2009. .
[['december 31 2009 ( in millions )', 'derivative receivables', 'derivative payables'], ['gross derivative fair value', '$ 1565518', '$ 1519183'], ['nettingadjustment 2013 offsetting receivables/payables', '-1419840 ( 1419840 )', '-1419840 ( 1419840 )'], ['nettingadjustment 2013 cash collateral received/paid', '-65468 ( 65468 )', '-39218 ( 39218 )'], ['carrying value on consolidated balance sheets', '$ 80210', '$ 60125']]
in addition to the collateral amounts reflected in the table above , at december 31 , 2009 , the firm had received and posted liquid secu- rities collateral in the amount of $ 15.5 billion and $ 11.7 billion , respectively .the firm also receives and delivers collateral at the initiation of derivative transactions , which is available as security against potential exposure that could arise should the fair value of the transactions move in the firm 2019s or client 2019s favor , respectively .furthermore , the firm and its counterparties hold collateral related to contracts that have a non-daily call frequency for collateral to be posted , and collateral that the firm or a counterparty has agreed to return but has not yet settled as of the reporting date .at december 31 , 2009 , the firm had received $ 16.9 billion and delivered $ 5.8 billion of such additional collateral .these amounts were not netted against the derivative receivables and payables in the table above , because , at an individual counterparty level , the collateral exceeded the fair value exposure at december 31 , 2009 .credit derivatives credit derivatives are financial instruments whose value is derived from the credit risk associated with the debt of a third-party issuer ( the reference entity ) and which allow one party ( the protection purchaser ) to transfer that risk to another party ( the protection seller ) .credit derivatives expose the protection purchaser to the creditworthiness of the protection seller , as the protection seller is required to make payments under the contract when the reference entity experiences a credit event , such as a bankruptcy , a failure to pay its obligation or a restructuring .the seller of credit protection receives a premium for providing protection but has the risk that the underlying instrument referenced in the contract will be subject to a credit event .the firm is both a purchaser and seller of protection in the credit derivatives market and uses these derivatives for two primary purposes .first , in its capacity as a market-maker in the dealer/client business , the firm actively risk manages a portfolio of credit derivatives by purchasing and selling credit protection , pre- dominantly on corporate debt obligations , to meet the needs of customers .as a seller of protection , the firm 2019s exposure to a given reference entity may be offset partially , or entirely , with a contract to purchase protection from another counterparty on the same or similar reference entity .second , the firm uses credit derivatives to mitigate credit risk associated with its overall derivative receivables and traditional commercial credit lending exposures ( loans and unfunded commitments ) as well as to manage its exposure to residential and commercial mortgages .see note 3 on pages 156--- 173 of this annual report for further information on the firm 2019s mortgage-related exposures .in accomplishing the above , the firm uses different types of credit derivatives .following is a summary of various types of credit derivatives .credit default swaps credit derivatives may reference the credit of either a single refer- ence entity ( 201csingle-name 201d ) or a broad-based index , as described further below .the firm purchases and sells protection on both single- name and index-reference obligations .single-name cds and index cds contracts are both otc derivative contracts .single- name cds are used to manage the default risk of a single reference entity , while cds index are used to manage credit risk associated with the broader credit markets or credit market segments .like the s&p 500 and other market indices , a cds index is comprised of a portfolio of cds across many reference entities .new series of cds indices are established approximately every six months with a new underlying portfolio of reference entities to reflect changes in the credit markets .if one of the reference entities in the index experi- ences a credit event , then the reference entity that defaulted is removed from the index .cds can also be referenced against spe- cific portfolios of reference names or against customized exposure levels based on specific client demands : for example , to provide protection against the first $ 1 million of realized credit losses in a $ 10 million portfolio of exposure .such structures are commonly known as tranche cds .for both single-name cds contracts and index cds , upon the occurrence of a credit event , under the terms of a cds contract neither party to the cds contract has recourse to the reference entity .the protection purchaser has recourse to the protection seller for the difference between the face value of the cds contract and the fair value of the reference obligation at the time of settling the credit derivative contract , also known as the recovery value .the protection purchaser does not need to hold the debt instrument of the underlying reference entity in order to receive amounts due under the cds contract when a credit event occurs .credit-linked notes a credit linked note ( 201ccln 201d ) is a funded credit derivative where the issuer of the cln purchases credit protection on a referenced entity from the note investor .under the contract , the investor pays the issuer par value of the note at the inception of the transaction , and in return , the issuer pays periodic payments to the investor , based on the credit risk of the referenced entity .the issuer also repays the investor the par value of the note at maturity unless the reference entity experiences a specified credit event .in that event , the issuer is not obligated to repay the par value of the note , but rather , the issuer pays the investor the difference between the par value of the note .
|
at december 31 , 2009 , what was the ratio of the firm had received to the additional collateral .
|
2.9
|
{
"answer": "2.9",
"decimal": 2.9,
"type": "float"
}
| |
eog resources , inc .supplemental information to consolidated financial statements ( continued ) net proved undeveloped reserves .the following table presents the changes in eog's total proved undeveloped reserves during 2018 , 2017 and 2016 ( in mboe ) : .
[['', '2018', '2017', '2016'], ['balance at january 1', '1162635', '1053027', '1045640'], ['extensions and discoveries', '490725', '237378', '138101'], ['revisions', '-8244 ( 8244 )', '33127', '64413'], ['acquisition of reserves', '311', '2014', '2014'], ['sale of reserves', '2014', '-8253 ( 8253 )', '-45917 ( 45917 )'], ['conversion to proved developed reserves', '-265718 ( 265718 )', '-152644 ( 152644 )', '-149210 ( 149210 )'], ['balance at december 31', '1379709', '1162635', '1053027']]
for the twelve-month period ended december 31 , 2018 , total puds increased by 217 mmboe to 1380 mmboe .eog added approximately 31 mmboe of puds through drilling activities where the wells were drilled but significant expenditures remained for completion .based on the technology employed by eog to identify and record puds ( see discussion of technology employed on pages f-36 and f-37 of this annual report on form 10-k ) , eog added 460 mmboe .the pud additions were primarily in the permian basin , anadarko basin , the eagle ford and , to a lesser extent , the rocky mountain area , and 80% ( 80 % ) of the additions were crude oil and condensate and ngls .during 2018 , eog drilled and transferred 266 mmboe of puds to proved developed reserves at a total capital cost of $ 2745 million .all puds , including drilled but uncompleted wells ( ducs ) , are scheduled for completion within five years of the original reserve booking .for the twelve-month period ended december 31 , 2017 , total puds increased by 110 mmboe to 1163 mmboe .eog added approximately 38 mmboe of puds through drilling activities where the wells were drilled but significant expenditures remained for completion .based on the technology employed by eog to identify and record puds , eog added 199 mmboe .the pud additions were primarily in the permian basin and , to a lesser extent , the eagle ford and the rocky mountain area , and 74% ( 74 % ) of the additions were crude oil and condensate and ngls .during 2017 , eog drilled and transferred 153 mmboe of puds to proved developed reserves at a total capital cost of $ 1440 million .revisions of puds totaled positive 33 mmboe , primarily due to updated type curves resulting from improved performance of offsetting wells in the permian basin , the impact of increases in the average crude oil and natural gas prices used in the december 31 , 2017 , reserves estimation as compared to the prices used in the prior year estimate , and lower costs .during 2017 , eog sold or exchanged 8 mmboe of puds primarily in the permian basin .for the twelve-month period ended december 31 , 2016 , total puds increased by 7 mmboe to 1053 mmboe .eog added approximately 21 mmboe of puds through drilling activities where the wells were drilled but significant expenditures remained for completion .based on the technology employed by eog to identify and record puds , eog added 117 mmboe .the pud additions were primarily in the permian basin and , to a lesser extent , the rocky mountain area , and 82% ( 82 % ) of the additions were crude oil and condensate and ngls .during 2016 , eog drilled and transferred 149 mmboe of puds to proved developed reserves at a total capital cost of $ 1230 million .revisions of puds totaled positive 64 mmboe , primarily due to improved well performance , primarily in the delaware basin , and lower production costs , partially offset by the impact of decreases in the average crude oil and natural gas prices used in the december 31 , 2016 , reserves estimation as compared to the prices used in the prior year estimate .during 2016 , eog sold 46 mmboe of puds primarily in the haynesville play. .
|
considering the changes in eog's total proved undeveloped reserves during 2018 , 2017 , and 2016 , what is the average value of extensions and discoveries?
|
288734.66
|
{
"answer": "288734.66",
"decimal": 288734.66,
"type": "float"
}
|
it is the sum of all extensions and discoveries' value divided by three .
|
the total intrinsic value of options exercised ( i.e .the difference between the market price at exercise and the price paid by the employee to exercise the options ) during fiscal 2011 , 2010 and 2009 was $ 96.5 million , $ 29.6 million and $ 4.7 million , respectively .the total amount of proceeds received by the company from exercise of these options during fiscal 2011 , 2010 and 2009 was $ 217.4 million , $ 240.4 million and $ 15.1 million , respectively .proceeds from stock option exercises pursuant to employee stock plans in the company 2019s statement of cash flows of $ 217.2 million , $ 216.1 million and $ 12.4 million for fiscal 2011 , 2010 and 2009 , respectively , are net of the value of shares surrendered by employees in certain limited circumstances to satisfy the exercise price of options , and to satisfy employee tax obligations upon vesting of restricted stock or restricted stock units and in connection with the exercise of stock options granted to the company 2019s employees under the company 2019s equity compensation plans .the withholding amount is based on the company 2019s minimum statutory withholding requirement .a summary of the company 2019s restricted stock unit award activity as of october 29 , 2011 and changes during the year then ended is presented below : restricted outstanding weighted- average grant- date fair value per share .
[['', 'restricted stock units outstanding', 'weighted- average grant- date fair value per share'], ['restricted stock units outstanding at october 30 2010', '1265', '$ 28.21'], ['units granted', '898', '$ 34.93'], ['restrictions lapsed', '-33 ( 33 )', '$ 24.28'], ['units forfeited', '-42 ( 42 )', '$ 31.39'], ['restricted stock units outstanding at october 29 2011', '2088', '$ 31.10']]
as of october 29 , 2011 , there was $ 88.6 million of total unrecognized compensation cost related to unvested share-based awards comprised of stock options and restricted stock units .that cost is expected to be recognized over a weighted-average period of 1.3 years .the total grant-date fair value of shares that vested during fiscal 2011 , 2010 and 2009 was approximately $ 49.6 million , $ 67.7 million and $ 74.4 million , respectively .common stock repurchase program the company 2019s common stock repurchase program has been in place since august 2004 .in the aggregate , the board of directors has authorized the company to repurchase $ 5 billion of the company 2019s common stock under the program .under the program , the company may repurchase outstanding shares of its common stock from time to time in the open market and through privately negotiated transactions .unless terminated earlier by resolution of the company 2019s board of directors , the repurchase program will expire when the company has repurchased all shares authorized under the program .as of october 29 , 2011 , the company had repurchased a total of approximately 125.0 million shares of its common stock for approximately $ 4278.5 million under this program .an additional $ 721.5 million remains available for repurchase of shares under the current authorized program .the repurchased shares are held as authorized but unissued shares of common stock .any future common stock repurchases will be dependent upon several factors , including the amount of cash available to the company in the united states and the company 2019s financial performance , outlook and liquidity .the company also from time to time repurchases shares in settlement of employee tax withholding obligations due upon the vesting of restricted stock units , or in certain limited circumstances to satisfy the exercise price of options granted to the company 2019s employees under the company 2019s equity compensation plans .analog devices , inc .notes to consolidated financial statements 2014 ( continued ) .
|
what is the total fair value of restricted stock units outstanding at october 29 , 2011?
|
64937
|
{
"answer": "64937",
"decimal": 64937,
"type": "float"
}
| |
risks relating to our business fluctuations in the financial markets could result in investment losses .prolonged and severe disruptions in the overall public debt and equity markets , such as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio .although financial markets have significantly improved since 2008 , they could deteriorate in the future .there could also be disruption in individual market sectors , such as occurred in the energy sector in recent years .such declines in the financial markets could result in significant realized and unrealized losses on investments and could have a material adverse impact on our results of operations , equity , business and insurer financial strength and debt ratings .our results could be adversely affected by catastrophic events .we are exposed to unpredictable catastrophic events , including weather-related and other natural catastrophes , as well as acts of terrorism .any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations .by way of illustration , during the past five calendar years , pre-tax catastrophe losses , net of contract specific reinsurance but before cessions under corporate reinsurance programs , were as follows: .
[['calendar year:', 'pre-tax catastrophe losses'], ['( dollars in millions )', ''], ['2016', '$ 301.2'], ['2015', '53.8'], ['2014', '56.3'], ['2013', '194.0'], ['2012', '410.0']]
our losses from future catastrophic events could exceed our projections .we use projections of possible losses from future catastrophic events of varying types and magnitudes as a strategic underwriting tool .we use these loss projections to estimate our potential catastrophe losses in certain geographic areas and decide on the placement of retrocessional coverage or other actions to limit the extent of potential losses in a given geographic area .these loss projections are approximations , reliant on a mix of quantitative and qualitative processes , and actual losses may exceed the projections by a material amount , resulting in a material adverse effect on our financial condition and results of operations. .
|
what was the change in the amount of pre-tax catastrophe losses from 2015 to 2016 in millions
|
247.4
|
{
"answer": "247.4",
"decimal": 247.4,
"type": "float"
}
| |
eog utilized average prices per acre from comparable market transactions and estimated discounted cash flows as the basis for determining the fair value of unproved and proved properties , respectively , received in non-cash property exchanges .see note 10 .fair value of debt .at december 31 , 2018 and 2017 , respectively , eog had outstanding $ 6040 million and $ 6390 million aggregate principal amount of senior notes , which had estimated fair values of approximately $ 6027 million and $ 6602 million , respectively .the estimated fair value of debt was based upon quoted market prices and , where such prices were not available , other observable ( level 2 ) inputs regarding interest rates available to eog at year-end .14 .accounting for certain long-lived assets eog reviews its proved oil and gas properties for impairment purposes by comparing the expected undiscounted future cash flows at a depreciation , depletion and amortization group level to the unamortized capitalized cost of the asset .the carrying values for assets determined to be impaired were adjusted to estimated fair value using the income approach described in the fair value measurement topic of the asc .in certain instances , eog utilizes accepted offers from third-party purchasers as the basis for determining fair value .during 2018 , proved oil and gas properties with a carrying amount of $ 139 million were written down to their fair value of $ 18 million , resulting in pretax impairment charges of $ 121 million .during 2017 , proved oil and gas properties with a carrying amount of $ 370 million were written down to their fair value of $ 146 million , resulting in pretax impairment charges of $ 224 million .impairments in 2018 , 2017 and 2016 included domestic legacy natural gas assets .amortization and impairments of unproved oil and gas property costs , including amortization of capitalized interest , were $ 173 million , $ 211 million and $ 291 million during 2018 , 2017 and 2016 , respectively .15 .asset retirement obligations the following table presents the reconciliation of the beginning and ending aggregate carrying amounts of short-term and long-term legal obligations associated with the retirement of property , plant and equipment for the years ended december 31 , 2018 and 2017 ( in thousands ) : .
[['', '2018', '2017'], ['carrying amount at beginning of period', '$ 946848', '$ 912926'], ['liabilities incurred', '79057', '54764'], ['liabilities settled ( 1 )', '-70829 ( 70829 )', '-61871 ( 61871 )'], ['accretion', '36622', '34708'], ['revisions', '-38932 ( 38932 )', '-9818 ( 9818 )'], ['foreign currency translations', '1611', '16139'], ['carrying amount at end of period', '$ 954377', '$ 946848'], ['current portion', '$ 26214', '$ 19259'], ['noncurrent portion', '$ 928163', '$ 927589']]
( 1 ) includes settlements related to asset sales .the current and noncurrent portions of eog's asset retirement obligations are included in current liabilities - other and other liabilities , respectively , on the consolidated balance sheets. .
|
what is the increase observed in the liabilities incurred during 2017 and 2018?
|
44.35%
|
{
"answer": "44.35%",
"decimal": 0.4435,
"type": "percentage"
}
|
it is the liabilities incurred in 2018 divided by the 2017's , then subtracted 1 and turned into a percentage .
|
shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the sec , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates such information by reference into such filing .the following graph shows a five year comparison of cumulative total shareowners 2019 returns for our class b common stock , the standard & poor 2019s 500 index and the dow jones transportation average .the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2011 in the standard & poor 2019s 500 index , the dow jones transportation average and our class b common stock. .
[['', '12/31/2011', '12/31/2012', '12/31/2013', '12/31/2014', '12/31/2015', '12/31/2016'], ['united parcel service inc .', '$ 100.00', '$ 103.84', '$ 152.16', '$ 165.35', '$ 154.61', '$ 189.72'], ['standard & poor 2019s 500 index', '$ 100.00', '$ 115.99', '$ 153.54', '$ 174.54', '$ 176.94', '$ 198.09'], ['dow jones transportation average', '$ 100.00', '$ 107.49', '$ 151.97', '$ 190.07', '$ 158.22', '$ 192.80']]
.
|
what was the percentage cumulative total shareowners return for united parcel service inc . for the five years ended 12/31/2016?
|
89.72%
|
{
"answer": "89.72%",
"decimal": 0.8972,
"type": "percentage"
}
| |
republic services , inc .notes to consolidated financial statements 2014 ( continued ) we determine the discount rate used in the measurement of our obligations based on a model that matches the timing and amount of expected benefit payments to maturities of high quality bonds priced as of the plan measurement date .when that timing does not correspond to a published high-quality bond rate , our model uses an expected yield curve to determine an appropriate current discount rate .the yields on the bonds are used to derive a discount rate for the liability .the term of our obligation , based on the expected retirement dates of our workforce , is approximately eight years .in developing our expected rate of return assumption , we have evaluated the actual historical performance and long-term return projections of the plan assets , which give consideration to the asset mix and the anticipated timing of the plan outflows .we employ a total return investment approach whereby a mix of equity and fixed income investments are used to maximize the long-term return of plan assets for what we consider a prudent level of risk .the intent of this strategy is to minimize plan expenses by outperforming plan liabilities over the long run .risk tolerance is established through careful consideration of plan liabilities , plan funded status and our financial condition .the investment portfolio contains a diversified blend of equity and fixed income investments .furthermore , equity investments are diversified across u.s .and non-u.s .stocks as well as growth , value , and small and large capitalizations .derivatives may be used to gain market exposure in an efficient and timely manner ; however , derivatives may not be used to leverage the portfolio beyond the market value of the underlying investments .investment risk is measured and monitored on an ongoing basis through annual liability measurements , periodic asset and liability studies , and quarterly investment portfolio reviews .the following table summarizes our target asset allocation for 2015 and actual asset allocation as of december 31 , 2015 and 2014 for our plan : target allocation actual allocation actual allocation .
[['', 'targetassetallocation', '2015actualassetallocation', '2014actualassetallocation'], ['debt securities', '72% ( 72 % )', '72% ( 72 % )', '70% ( 70 % )'], ['equity securities', '28', '28', '30'], ['total', '100% ( 100 % )', '100% ( 100 % )', '100% ( 100 % )']]
for 2016 , the investment strategy for pension plan assets is to maintain a broadly diversified portfolio designed to achieve our target of an average long-term rate of return of 5.64% ( 5.64 % ) .while we believe we can achieve a long- term average return of 5.64% ( 5.64 % ) , we cannot be certain that the portfolio will perform to our expectations .assets are strategically allocated among debt and equity portfolios to achieve a diversification level that reduces fluctuations in investment returns .asset allocation target ranges and strategies are reviewed periodically with the assistance of an independent external consulting firm. .
|
based on the 2014 actual asset allocation what was the debt to equity ratio
|
2.33
|
{
"answer": "2.33",
"decimal": 2.33,
"type": "float"
}
|
for every $ 1 of equity the company is funded by $ 2.33 of debt
|
our international crude oil production is relatively sweet and is generally sold in relation to the brent crude benchmark .the differential between wti and brent average prices widened significantly in 2011 and remained in 2012 in comparison to almost no differential in 2010 .natural gas 2013 a significant portion of our natural gas production in the lower 48 states of the u.s .is sold at bid-week prices or first-of-month indices relative to our specific producing areas .average henry hub settlement prices for natural gas were lower in 2012 than in recent years .a decline in average settlement date henry hub natural gas prices began in september 2011 and continued into 2012 .although prices stabilized in late 2012 , they have not increased appreciably .our other major natural gas-producing regions are e.g .and europe .in the case of e.g .our natural gas sales are subject to term contracts , making realizations less volatile .because natural gas sales from e.g .are at fixed prices , our worldwide reported average natural gas realizations may not fully track market price movements .natural gas prices in europe have been significantly higher than in the u.s .oil sands mining the osm segment produces and sells various qualities of synthetic crude oil .output mix can be impacted by operational problems or planned unit outages at the mines or upgrader .sales prices for 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 wcs .in 2012 , the wcs discount from wti had increased , putting downward pressure on our average realizations .the operating cost structure of the osm 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 alberta energy company ( "aeco" ) natural gas sales index and crude oil prices , respectively .the table below shows average benchmark prices that impact both our revenues and variable costs. .
[['benchmark', '2012', '2011', '2010'], ['wti crude oil ( dollars per bbl )', '$ 94.15', '$ 95.11', '$ 79.61'], ['wcs ( dollars per bbl ) ( a )', '$ 73.18', '$ 77.97', '$ 65.31'], ['aeco natural gas sales index ( dollars per mmbtu ) ( b )', '$ 2.39', '$ 3.68', '$ 3.89']]
wcs ( dollars per bbl ) ( a ) $ 73.18 $ 77.97 $ 65.31 aeco natural gas sales index ( dollars per mmbtu ) ( b ) $ 2.39 $ 3.68 $ 3.89 ( a ) monthly pricing based upon average wti adjusted for differentials unique to western canada .( b ) monthly average day ahead index .integrated gas our ig operations include production and marketing of products manufactured from natural gas , such as lng and methanol , in e.g .world lng trade in 2012 has been estimated to be 240 mmt .long-term , lng continues to be in demand as markets seek the benefits of clean burning natural gas .market prices for lng are not reported or posted .in general , lng delivered to the u.s .is tied to henry hub prices and will track with changes in u.s .natural gas prices , while lng sold in europe and asia is indexed to crude oil prices and will track the movement of those prices .we have a 60 percent ownership in an lng production facility in e.g. , which sells lng under a long-term contract at prices tied to henry hub natural gas prices .gross sales from the plant were 3.8 mmt , 4.1 mmt and 3.7 mmt in 2012 , 2011 and 2010 .we own a 45 percent interest in a methanol plant located in e.g .through our investment in ampco .gross sales of methanol from the plant totaled 1.1 mmt , 1.0 mmt and 0.9 mmt in 2012 , 2011 and 2010 .methanol demand has a direct impact on ampco 2019s earnings .because global demand for methanol is rather limited , changes in the supply-demand balance can have a significant impact on sales prices .world demand for methanol in 2012 has been estimated to be 49 mmt .our plant capacity of 1.1 mmt is about 2 percent of world demand. .
|
what was the difference in the average price of wti crude and wcs in 2012?
|
$ 20.97
|
{
"answer": "$ 20.97",
"decimal": 20.97,
"type": "money"
}
| |
in summary , our cash flows for each period were as follows: .
[['( in millions )', '2013', '2012', '2011'], ['net cash provided by operating activities', '$ 20776', '$ 18884', '$ 20963'], ['net cash used for investing activities', '-18073 ( 18073 )', '-14060 ( 14060 )', '-10301 ( 10301 )'], ['net cash used for financing activities', '-5498 ( 5498 )', '-1408 ( 1408 )', '-11100 ( 11100 )'], ['effect of exchange rate fluctuations on cash and cash equivalents', '-9 ( 9 )', '-3 ( 3 )', '5'], ['net increase ( decrease ) in cash and cash equivalents', '$ -2804 ( 2804 )', '$ 3413', '$ -433 ( 433 )']]
operating activities cash provided by operating activities is net income adjusted for certain non-cash items and changes in certain assets and liabilities .for 2013 compared to 2012 , the $ 1.9 billion increase in cash provided by operating activities was due to changes in working capital , partially offset by lower net income in 2013 .income taxes paid , net of refunds , in 2013 compared to 2012 were $ 1.1 billion lower due to lower income before taxes in 2013 and 2012 income tax overpayments .changes in assets and liabilities as of december 28 , 2013 , compared to december 29 , 2012 , included lower income taxes payable and receivable resulting from a reduction in taxes due in 2013 , and lower inventories due to the sell-through of older-generation products , partially offset by the ramp of 4th generation intel core processor family products .for 2013 , our three largest customers accounted for 44% ( 44 % ) of our net revenue ( 43% ( 43 % ) in 2012 and 2011 ) , with hewlett- packard company accounting for 17% ( 17 % ) of our net revenue ( 18% ( 18 % ) in 2012 and 19% ( 19 % ) in 2011 ) , dell accounting for 15% ( 15 % ) of our net revenue ( 14% ( 14 % ) in 2012 and 15% ( 15 % ) in 2011 ) , and lenovo accounting for 12% ( 12 % ) of our net revenue ( 11% ( 11 % ) in 2012 and 9% ( 9 % ) in 2011 ) .these three customers accounted for 34% ( 34 % ) of our accounts receivable as of december 28 , 2013 ( 33% ( 33 % ) as of december 29 , 2012 ) .for 2012 compared to 2011 , the $ 2.1 billion decrease in cash provided by operating activities was due to lower net income and changes in our working capital , partially offset by adjustments for non-cash items .the adjustments for noncash items were higher due primarily to higher depreciation in 2012 compared to 2011 , partially offset by increases in non-acquisition-related deferred tax liabilities as of december 31 , 2011 .investing activities investing cash flows consist primarily of capital expenditures ; investment purchases , sales , maturities , and disposals ; as well as cash used for acquisitions .the increase in cash used for investing activities in 2013 compared to 2012 was primarily due to an increase in purchases of available-for-sale investments and a decrease in maturities and sales of trading assets , partially offset by an increase in maturities and sales of available-for-sale investments and a decrease in purchases of licensed technology and patents .our capital expenditures were $ 10.7 billion in 2013 ( $ 11.0 billion in 2012 and $ 10.8 billion in 2011 ) .cash used for investing activities increased in 2012 compared to 2011 primarily due to net purchases of available- for-sale investments and trading assets in 2012 , as compared to net maturities and sales of available-for-sale investments and trading assets in 2011 , partially offset by a decrease in cash paid for acquisitions .net purchases of available-for-sale investments in 2012 included our purchase of $ 3.2 billion of equity securities in asml in q3 2012 .financing activities financing cash flows consist primarily of repurchases of common stock , payment of dividends to stockholders , issuance and repayment of long-term debt , and proceeds from the sale of shares through employee equity incentive plans .table of contents management 2019s discussion and analysis of financial condition and results of operations ( continued ) .
|
in 2013 what was the percent of the net cash used for investing activities to the net cash provided by operating activities
|
86.9%
|
{
"answer": "86.9%",
"decimal": 0.8690000000000001,
"type": "percentage"
}
|
in 2013 86.9% of the net cash provided by operating activities was used for investing activities
|
entergy corporation and subsidiaries management 2019s financial discussion and analysis the volume/weather variance is primarily due to an increase of 1402 gwh , or 1% ( 1 % ) , in billed electricity usage , including an increase in industrial usage and the effect of more favorable weather .the increase in industrial sales was primarily due to expansion in the chemicals industry and the addition of new customers , partially offset by decreased demand primarily due to extended maintenance outages for existing chemicals customers .the waterford 3 replacement steam generator provision is due to a regulatory charge of approximately $ 32 million recorded in 2015 related to the uncertainty associated with the resolution of the waterford 3 replacement steam generator project .see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding .the miso deferral variance is primarily due to the deferral in 2014 of non-fuel miso-related charges , as approved by the lpsc and the mpsc .the deferral of non-fuel miso-related charges is partially offset in other operation and maintenance expenses .see note 2 to the financial statements for further discussion of the recovery of non-fuel miso-related charges .the louisiana business combination customer credits variance is due to a regulatory liability of $ 107 million recorded by entergy in october 2015 as a result of the entergy gulf states louisiana and entergy louisiana business combination .consistent with the terms of the stipulated settlement in the business combination proceeding , electric customers of entergy louisiana will realize customer credits associated with the business combination ; accordingly , in october 2015 , entergy recorded a regulatory liability of $ 107 million ( $ 66 million net-of-tax ) .see note 2 to the financial statements for further discussion of the business combination and customer credits .entergy wholesale commodities following is an analysis of the change in net revenue comparing 2015 to 2014 .amount ( in millions ) .
[['', 'amount ( in millions )'], ['2014 net revenue', '$ 2224'], ['nuclear realized price changes', '-310 ( 310 )'], ['vermont yankee shutdown in december 2014', '-305 ( 305 )'], ['nuclear volume excluding vermont yankee effect', '20'], ['other', '37'], ['2015 net revenue', '$ 1666']]
as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 558 million in 2016 primarily due to : 2022 lower realized wholesale energy prices , primarily due to significantly higher northeast market power prices in 2014 , and lower capacity prices in 2015 ; and 2022 a decrease in net revenue as a result of vermont yankee ceasing power production in december 2014 .the decrease was partially offset by higher volume in the entergy wholesale commodities nuclear fleet , excluding vermont yankee , resulting from fewer refueling outage days in 2015 as compared to 2014 , partially offset by more unplanned outage days in 2015 as compared to 2014. .
|
was the tax benefit from the the stipulated settlement in the business combination granting customer credits greater than the change in revenue between years?
|
no
|
{
"answer": "no",
"decimal": null,
"type": "bool"
}
| |
tax benefits recognized for stock-based compensation during the years ended december 31 , 2011 , 2010 and 2009 , were $ 16 million , $ 6 million and $ 5 million , respectively .the amount of northrop grumman shares issued before the spin-off to satisfy stock-based compensation awards are recorded by northrop grumman and , accordingly , are not reflected in hii 2019s consolidated financial statements .the company realized tax benefits during the year ended december 31 , 2011 , of $ 2 million from the exercise of stock options and $ 10 million from the issuance of stock in settlement of rpsrs and rsrs .unrecognized compensation expense at december 31 , 2011 there was $ 1 million of unrecognized compensation expense related to unvested stock option awards , which will be recognized over a weighted average period of 1.1 years .in addition , at december 31 , 2011 , there was $ 19 million of unrecognized compensation expense associated with the 2011 rsrs , which will be recognized over a period of 2.2 years ; $ 10 million of unrecognized compensation expense associated with the rpsrs converted as part of the spin-off , which will be recognized over a weighted average period of one year ; and $ 18 million of unrecognized compensation expense associated with the 2011 rpsrs which will be recognized over a period of 2.0 years .stock options the compensation expense for the outstanding converted stock options was determined at the time of grant by northrop grumman .there were no additional options granted during the year ended december 31 , 2011 .the fair value of the stock option awards is expensed on a straight-line basis over the vesting period of the options .the fair value of each of the stock option award was estimated on the date of grant using a black-scholes option pricing model based on the following assumptions : dividend yield 2014the dividend yield was based on northrop grumman 2019s historical dividend yield level .volatility 2014expected volatility was based on the average of the implied volatility from traded options and the historical volatility of northrop grumman 2019s stock .risk-free interest rate 2014the risk-free rate for periods within the contractual life of the stock option award was based on the yield curve of a zero-coupon u.s .treasury bond on the date the award was granted with a maturity equal to the expected term of the award .expected term 2014the expected term of awards granted was derived from historical experience and represents the period of time that awards granted are expected to be outstanding .a stratification of expected terms based on employee populations ( executive and non-executive ) was considered in the analysis .the following significant weighted-average assumptions were used to value stock options granted during the years ended december 31 , 2010 and 2009: .
[['', '2010', '2009'], ['dividend yield', '2.9% ( 2.9 % )', '3.6% ( 3.6 % )'], ['volatility rate', '25% ( 25 % )', '25% ( 25 % )'], ['risk-free interest rate', '2.3% ( 2.3 % )', '1.7% ( 1.7 % )'], ['expected option life ( years )', '6', '5 & 6']]
the weighted-average grant date fair value of stock options granted during the years ended december 31 , 2010 and 2009 , was $ 11 and $ 7 , per share , respectively. .
|
what is the total tax benefits realized during 2011?
|
12
|
{
"answer": "12",
"decimal": 12,
"type": "float"
}
| |
repatriated , the related u.s .tax liability may be reduced by any foreign income taxes paid on these earnings .as of november 30 , 2012 , the cumulative amount of earnings upon which u.s .income taxes have not been provided is approximately $ 2.9 billion .the unrecognized deferred tax liability for these earnings is approximately $ 0.8 billion .as of november 30 , 2012 , we have u.s .net operating loss carryforwards of approximately $ 33.7 million for federal and $ 77.7 million for state .we also have federal , state and foreign tax credit carryforwards of approximately $ 1.9 million , $ 18.0 million and $ 17.6 million , respectively .the net operating loss carryforward assets , federal tax credits and foreign tax credits will expire in various years from fiscal 2017 through 2032 .the state tax credit carryforwards can be carried forward indefinitely .the net operating loss carryforward assets and certain credits are subject to an annual limitation under internal revenue code section 382 , but are expected to be fully realized .in addition , we have been tracking certain deferred tax attributes of $ 45.0 million which have not been recorded in the financial statements pursuant to accounting standards related to stock-based compensation .these amounts are no longer included in our gross or net deferred tax assets .pursuant to these standards , the benefit of these deferred tax assets will be recorded to equity if and when they reduce taxes payable .as of november 30 , 2012 , a valuation allowance of $ 28.2 million has been established for certain deferred tax assets related to the impairment of investments and certain foreign assets .for fiscal 2012 , the total change in the valuation allowance was $ 23.0 million , of which $ 2.1 million was recorded as a tax benefit through the income statement .accounting for uncertainty in income taxes during fiscal 2012 and 2011 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : .
[['', '2012', '2011'], ['beginning balance', '$ 163607', '$ 156925'], ['gross increases in unrecognized tax benefits 2013 prior year tax positions', '1038', '11901'], ['gross decreases in unrecognized tax benefits 2013 prior year tax positions', '2014', '-4154 ( 4154 )'], ['gross increases in unrecognized tax benefits 2013 current year tax positions', '23771', '32420'], ['settlements with taxing authorities', '-1754 ( 1754 )', '-29101 ( 29101 )'], ['lapse of statute of limitations', '-25387 ( 25387 )', '-3825 ( 3825 )'], ['foreign exchange gains and losses', '-807 ( 807 )', '-559 ( 559 )'], ['ending balance', '$ 160468', '$ 163607']]
as of november 30 , 2012 , the combined amount of accrued interest and penalties related to tax positions taken on our tax returns and included in non-current income taxes payable was approximately $ 12.5 million .we file income tax returns in the u.s .on a federal basis and in many u.s .state and foreign jurisdictions .we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities .our major tax jurisdictions are the u.s. , ireland and california .for california , ireland and the u.s. , the earliest fiscal years open for examination are 2005 , 2006 and 2008 , respectively .we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from the current examinations .we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position .in august 2011 , a canadian income tax examination covering our fiscal years 2005 through 2008 was completed .our accrued tax and interest related to these years was approximately $ 35 million and was previously reported in long-term income taxes payable .we reclassified approximately $ 17 million to short-term income taxes payable and decreased deferred tax assets by approximately $ 18 million in conjunction with the aforementioned resolution .the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process .these events could cause large fluctuations in the balance sheet classification of current and non-current assets and liabilities .the company believes that before the end of fiscal 2013 , it is reasonably possible table of contents adobe systems incorporated notes to consolidated financial statements ( continued ) .
|
what is the percentage change in total gross amount of unrecognized tax benefits from 2011 to 2012?
|
-1.9%
|
{
"answer": "-1.9%",
"decimal": -0.019,
"type": "percentage"
}
| |
valuation techniques 2013 cash equivalents are mostly comprised of short-term money-market instruments and are valued at cost , which approximates fair value .u.s .equity securities and international equity securities categorized as level 1 are traded on active national and international exchanges and are valued at their closing prices on the last trading day of the year .for u.s .equity securities and international equity securities not traded on an active exchange , or if the closing price is not available , the trustee obtains indicative quotes from a pricing vendor , broker , or investment manager .these securities are categorized as level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager .commingled equity funds are public investment vehicles valued using the net asset value ( nav ) provided by the fund manager .the nav is the total value of the fund divided by the number of shares outstanding .commingled equity funds are categorized as level 1 if traded at their nav on a nationally recognized securities exchange or categorized as level 2 if the nav is corroborated by observable market data ( e.g. , purchases or sales activity ) .fixed income securities categorized as level 2 are valued by the trustee using pricing models that use verifiable observable market data ( e.g .interest rates and yield curves observable at commonly quoted intervals ) , bids provided by brokers or dealers , or quoted prices of securities with similar characteristics .private equity funds , real estate funds , hedge funds , and fixed income securities categorized as level 3 are valued based on valuation models that include significant unobservable inputs and cannot be corroborated using verifiable observable market data .valuations for private equity funds and real estate funds are determined by the general partners , while hedge funds are valued by independent administrators .depending on the nature of the assets , the general partners or independent administrators use both the income and market approaches in their models .the market approach consists of analyzing market transactions for comparable assets while the income approach uses earnings or the net present value of estimated future cash flows adjusted for liquidity and other risk factors .commodities categorized as level 1 are traded on an active commodity exchange and are valued at their closing prices on the last trading day of the year .commodities categorized as level 2 represent shares in a commingled commodity fund valued using the nav , which is corroborated by observable market data .contributions and expected benefit payments we generally determine funding requirements for our defined benefit pension plans in a manner consistent with cas and internal revenue code rules .in 2012 , we made contributions of $ 3.6 billion related to our qualified defined benefit pension plans .we plan to make contributions of approximately $ 1.5 billion related to the qualified defined benefit pension plans in 2013 .in 2012 , we made contributions of $ 235 million related to our retiree medical and life insurance plans .we expect no required contributions related to the retiree medical and life insurance plans in 2013 .the following table presents estimated future benefit payments , which reflect expected future employee service , as of december 31 , 2012 ( in millions ) : .
[['', '2013', '2014', '2015', '2016', '2017', '2018 - 2022'], ['qualified defined benefit pension plans', '$ 1900', '$ 1970', '$ 2050', '$ 2130', '$ 2220', '$ 12880'], ['retiree medical and life insurance plans', '200', '210', '220', '220', '220', '1080']]
defined contribution plans we maintain a number of defined contribution plans , most with 401 ( k ) features , that cover substantially all of our employees .under the provisions of our 401 ( k ) plans , we match most employees 2019 eligible contributions at rates specified in the plan documents .our contributions were $ 380 million in 2012 , $ 378 million in 2011 , and $ 379 million in 2010 , the majority of which were funded in our common stock .our defined contribution plans held approximately 48.6 million and 52.1 million shares of our common stock as of december 31 , 2012 and 2011. .
|
what is the percentage change in common stock held by defined contribution plans from 2011 to 2012?
|
-6.7%
|
{
"answer": "-6.7%",
"decimal": -0.067,
"type": "percentage"
}
| |
other expense , net increased $ 0.8 million to $ 7.2 million in 2015 from $ 6.4 million in 2014 .this increase was due to higher net losses on the combined foreign currency exchange rate changes on transactions denominated in foreign currencies and our foreign currency derivative financial instruments in 2015 .provision for income taxes increased $ 19.9 million to $ 154.1 million in 2015 from $ 134.2 million in 2014 .our effective tax rate was 39.9% ( 39.9 % ) in 2015 compared to 39.2% ( 39.2 % ) in 2014 .our effective tax rate for 2015 was higher than the effective tax rate for 2014 primarily due to increased non-deductible costs incurred in connection with our connected fitness acquisitions in 2015 .year ended december 31 , 2014 compared to year ended december 31 , 2013 net revenues increased $ 752.3 million , or 32.3% ( 32.3 % ) , to $ 3084.4 million in 2014 from $ 2332.1 million in 2013 .net revenues by product category are summarized below: .
[['( in thousands )', 'year ended december 31 , 2014', 'year ended december 31 , 2013', 'year ended december 31 , $ change', 'year ended december 31 , % ( % ) change'], ['apparel', '$ 2291520', '$ 1762150', '$ 529370', '30.0% ( 30.0 % )'], ['footwear', '430987', '298825', '132162', '44.2'], ['accessories', '275409', '216098', '59311', '27.4'], ['total net sales', '2997916', '2277073', '720843', '31.7'], ['license revenues', '67229', '53910', '13319', '24.7'], ['connected fitness', '19225', '1068', '18157', '1700.1'], ['total net revenues', '$ 3084370', '$ 2332051', '$ 752319', '32.3% ( 32.3 % )']]
the increase in net sales were driven primarily by : 2022 apparel unit sales growth and new offerings in multiple lines led by training , hunt and golf ; and 2022 footwear unit sales growth , led by running and basketball .license revenues increased $ 13.3 million , or 24.7% ( 24.7 % ) , to $ 67.2 million in 2014 from $ 53.9 million in 2013 .this increase in license revenues was primarily a result of increased distribution and continued unit volume growth by our licensees .connected fitness revenue increased $ 18.1 million to $ 19.2 million in 2014 from $ 1.1 million in 2013 primarily due to a full year of revenue from our connected fitness business in 2014 compared to one month in gross profit increased $ 375.5 million to $ 1512.2 million in 2014 from $ 1136.7 million in 2013 .gross profit as a percentage of net revenues , or gross margin , increased 30 basis points to 49.0% ( 49.0 % ) in 2014 compared to 48.7% ( 48.7 % ) in 2013 .the increase in gross margin percentage was primarily driven by the following : 2022 approximate 20 basis point increase driven primarily by decreased sales mix of excess inventory through our factory house outlet stores ; and 2022 approximate 20 basis point increase as a result of higher duty costs recorded during the prior year on certain products imported in previous years .the above increases were partially offset by : 2022 approximate 10 basis point decrease by unfavorable foreign currency exchange rate fluctuations. .
|
in 2014 what was the percent of the sales revenues of apparel to the total revenues
|
74.3%
|
{
"answer": "74.3%",
"decimal": 0.743,
"type": "percentage"
}
|
in 2014 74.3% of the total revenues was made of sales revenues of apparel
|
jpmorgan chase & co./2018 form 10-k 117 lending-related commitments the firm uses lending-related financial instruments , such as commitments ( including revolving credit facilities ) and guarantees , to address the financing needs of its clients .the contractual amounts of these financial instruments represent the maximum possible credit risk should the clients draw down on these commitments or the firm fulfill its obligations under these guarantees , and the clients subsequently fail to perform according to the terms of these contracts .most of these commitments and guarantees are refinanced , extended , cancelled , or expire without being drawn upon or a default occurring .in the firm 2019s view , the total contractual amount of these wholesale lending-related commitments is not representative of the firm 2019s expected future credit exposure or funding requirements .for further information on wholesale lending-related commitments , refer to note 27 .clearing services the firm provides clearing services for clients entering into certain securities and derivative contracts .through the provision of these services the firm is exposed to the risk of non-performance by its clients and may be required to share in losses incurred by ccps .where possible , the firm seeks to mitigate its credit risk to its clients through the collection of adequate margin at inception and throughout the life of the transactions and can also cease provision of clearing services if clients do not adhere to their obligations under the clearing agreement .for further discussion of clearing services , refer to note 27 .derivative contracts derivatives enable clients and counterparties to manage risks including credit risk and risks arising from fluctuations in interest rates , foreign exchange , equities , and commodities .the firm makes markets in derivatives in order to meet these needs and uses derivatives to manage certain risks associated with net open risk positions from its market-making activities , including the counterparty credit risk arising from derivative receivables .the firm also uses derivative instruments to manage its own credit and other market risk exposure .the nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the firm is exposed .for otc derivatives the firm is exposed to the credit risk of the derivative counterparty .for exchange-traded derivatives ( 201cetd 201d ) , such as futures and options , and 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives , the firm is generally exposed to the credit risk of the relevant ccp .where possible , the firm seeks to mitigate its credit risk exposures arising from derivative contracts through the use of legally enforceable master netting arrangements and collateral agreements .for a further discussion of derivative contracts , counterparties and settlement types , refer to note 5 .the following table summarizes the net derivative receivables for the periods presented .derivative receivables .
[['december 31 ( in millions )', '2018', '2017'], ['total net of cash collateral', '$ 54213', '$ 56523'], ['liquid securities and other cash collateral held against derivative receivables ( a )', '-15322 ( 15322 )', '-16108 ( 16108 )'], ['total net of all collateral', '$ 38891', '$ 40415']]
( a ) includes collateral related to derivative instruments where appropriate legal opinions have not been either sought or obtained with respect to master netting agreements .the fair value of derivative receivables reported on the consolidated balance sheets were $ 54.2 billion and $ 56.5 billion at december 31 , 2018 and 2017 , respectively .derivative receivables represent the fair value of the derivative contracts after giving effect to legally enforceable master netting agreements and cash collateral held by the firm .however , in management 2019s view , the appropriate measure of current credit risk should also take into consideration additional liquid securities ( primarily u.s .government and agency securities and other group of seven nations ( 201cg7 201d ) government securities ) and other cash collateral held by the firm aggregating $ 15.3 billion and $ 16.1 billion at december 31 , 2018 and 2017 , respectively , that may be used as security when the fair value of the client 2019s exposure is in the firm 2019s favor .in addition to the collateral described in the preceding paragraph , the firm also holds additional collateral ( primarily cash , g7 government securities , other liquid government-agency and guaranteed securities , and corporate debt and equity securities ) delivered by clients at the initiation of transactions , as well as collateral related to contracts that have a non-daily call frequency and collateral that the firm has agreed to return but has not yet settled as of the reporting date .although this collateral does not reduce the balances and is not included in the table above , it is available as security against potential exposure that could arise should the fair value of the client 2019s derivative contracts move in the firm 2019s favor .the derivative receivables fair value , net of all collateral , also does not include other credit enhancements , such as letters of credit .for additional information on the firm 2019s use of collateral agreements , refer to note 5 .while useful as a current view of credit exposure , the net fair value of the derivative receivables does not capture the potential future variability of that credit exposure .to capture the potential future variability of credit exposure , the firm calculates , on a client-by-client basis , three measures of potential derivatives-related credit loss : peak , derivative risk equivalent ( 201cdre 201d ) , and average exposure ( 201cavg 201d ) .these measures all incorporate netting and collateral benefits , where applicable .peak represents a conservative measure of potential exposure to a counterparty calculated in a manner that is broadly equivalent to a 97.5% ( 97.5 % ) confidence level over the life of the transaction .peak is the primary measure used by the firm for setting of credit limits for derivative contracts , senior management reporting and derivatives exposure management .dre exposure is a measure that expresses the risk of derivative exposure on a basis intended to be .
|
in 2018 review of the net derivative receivable what was the ratio of the total net of cash collateral to the liquid securities and other cash collateral held against derivative receivables
|
3.54
|
{
"answer": "3.54",
"decimal": 3.54,
"type": "float"
}
| |
american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) basis step-up from corporate restructuring represents the tax effects of increasing the basis for tax purposes of certain of the company 2019s assets in conjunction with its spin-off from american radio systems corporation , its former parent company .at december 31 , 2006 , the company had net federal and state operating loss carryforwards available to reduce future taxable income of approximately $ 2.1 billion and $ 2.5 billion , respectively .if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : .
[['years ended december 31,', 'federal', 'state'], ['2007 to 2011', '', '$ 438967'], ['2012 to 2016', '', '478502'], ['2017 to 2021', '$ 617039', '1001789'], ['2022 to 2026', '1476644', '629354'], ['total', '$ 2093683', '$ 2548612']]
sfas no .109 , 201caccounting for income taxes , 201d requires that companies record a valuation allowance when it is 201cmore likely than not that some portion or all of the deferred tax assets will not be realized . 201d at december 31 , 2006 , the company has provided a valuation allowance of approximately $ 308.2 million , including approximately $ 153.6 million attributable to spectrasite , primarily related to net operating loss and capital loss carryforwards assumed as of the acquisition date .the balance of the valuation allowance primarily relates to net state deferred tax assets .the company has not provided a valuation allowance for the remaining deferred tax assets , primarily its federal net operating loss carryforwards , as management believes the company will have sufficient time to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period .valuation allowances may be reversed if related deferred tax assets are deemed realizable based on changes in facts and circumstances relevant to the assets 2019 recoverability .approximately $ 148.3 million of the spectrasite valuation allowances as of december 31 , 2006 will be recorded as a reduction to goodwill if the underlying deferred tax assets are utilized .the company intends to recover a portion of its deferred tax asset through its federal income tax refund claims related to the carry back of certain federal net operating losses .in june 2003 and october 2003 , the company filed federal income tax refund claims with the irs relating to the carry back of $ 380.0 million of net operating losses generated prior to 2003 , of which the company initially anticipated receiving approximately $ 90.0 million .based on preliminary discussions with tax authorities , the company revised its estimate of the net realizable value of the federal income tax refund claims during the year ended december 31 , 2005 , and anticipates receiving a refund of approximately $ 65.0 million , plus interest .the company expects settlement of this matter in the first half of 2007 , however , there can be no assurances with respect to the timing of any refund .because of the uncertainty associated with the claim , the company has not recognized any amounts related to interest .the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing stable state ( no growth ) projections based on its current operations .the projections show a significant decrease in depreciation in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period .accordingly , the recoverability of the net deferred tax asset is not dependent on material improvements to operations , material asset sales or other non-routine transactions .based on its current outlook of future taxable income during the carryforward period , management believes that the net deferred tax asset will be realized .the realization of the company 2019s deferred tax assets as of december 31 , 2006 will be dependent upon its ability to generate approximately $ 1.4 billion in taxable income from january 1 , 2007 to december 31 , 2026 .if the company is unable to generate sufficient taxable income in the future , or carry back losses , as described above , it .
|
what portion of state operating loss carryforwards expire between 2017 and 2021?
|
39.3%
|
{
"answer": "39.3%",
"decimal": 0.39299999999999996,
"type": "percentage"
}
| |
14 .leases we lease certain locomotives , freight cars , and other property .the consolidated statement of financial position as of december 31 , 2008 and 2007 included $ 2024 million , net of $ 869 million of amortization , and $ 2062 million , net of $ 887 million of amortization , respectively , for properties held under capital leases .a charge to income resulting from the amortization 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 , 2008 were as follows : millions of dollars operating leases capital leases .
[['millions of dollars', 'operatingleases', 'capitalleases'], ['2009', '$ 657', '$ 188'], ['2010', '614', '168'], ['2011', '580', '178'], ['2012', '465', '122'], ['2013', '389', '152'], ['later years', '3204', '1090'], ['total minimum lease payments', '$ 5909', '$ 1898'], ['amount representing interest', 'n/a', '628'], ['present value of minimum lease payments', 'n/a', '$ 1270']]
the majority of capital lease payments relate to locomotives .rent expense for operating leases with terms exceeding one month was $ 747 million in 2008 , $ 810 million in 2007 , and $ 798 million in 2006 .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 our personal injury liability is discounted to present value using applicable u.s .treasury rates .approximately 88% ( 88 % ) of the recorded liability related to asserted claims , and approximately 12% ( 12 % ) related to unasserted claims at december 31 , 2008 .because of the uncertainty surrounding the ultimate outcome of personal injury claims , it is reasonably possible that future costs to settle these claims may range from .
|
what was the ratio of the rent expense for operating leases with terms exceeding one month in 2008 to 2007
|
0.92
|
{
"answer": "0.92",
"decimal": 0.92,
"type": "float"
}
| |
22 general mills 2014 annual report 23 gross margin declined 1 percent in fiscal 2014 versus fiscal 2013 .gross margin as a percent of net sales of 36 percent was relatively flat compared to fiscal 2013 .selling , general and administrative ( sg&a ) expenses decreased $ 78 million in fiscal 2014 versus fiscal 2013 .the decrease in sg&a expenses was primarily driven by a 3 percent decrease in advertising and media expense , a smaller contribution to the general mills foundation , a decrease in incentive compensation expense and lower pension expense compared to fiscal 2013 .in fiscal 2014 , we recorded a $ 39 million charge related to venezuela currency devaluation compared to a $ 9 million charge in fiscal 2013 .in addition , we recorded $ 12 million of inte- gration costs in fiscal 2013 related to our acquisition of yoki .sg&a expenses as a percent of net sales decreased 1 percent compared to fiscal 2013 .restructuring , impairment , and other exit costs totaled $ 4 million in fiscal 2014 .the restructuring charge related to a productivity and cost savings plan approved in the fourth quarter of fiscal 2012 .these restructuring actions were completed in fiscal 2014 .in fiscal 2014 , we paid $ 22 million in cash related to restructuring actions .during fiscal 2014 , we recorded a divestiture gain of $ 66 million related to the sale of certain grain elevators in our u.s .retail segment .there were no divestitures in fiscal 2013 .interest , net for fiscal 2014 totaled $ 302 million , $ 15 million lower than fiscal 2013 .the average interest rate decreased 41 basis points , including the effect of the mix of debt , generating a $ 31 million decrease in net interest .average interest bearing instruments increased $ 367 million , generating a $ 16 million increase in net interest .our consolidated effective tax rate for fiscal 2014 was 33.3 percent compared to 29.2 percent in fiscal 2013 .the 4.1 percentage point increase was primarily related to the restructuring of our general mills cereals , llc ( gmc ) subsidiary during the first quarter of 2013 which resulted in a $ 63 million decrease to deferred income tax liabilities related to the tax basis of the investment in gmc and certain distributed assets , with a correspond- ing non-cash reduction to income taxes .during fiscal 2013 , we also recorded a $ 34 million discrete decrease in income tax expense and an increase in our deferred tax assets related to certain actions taken to restore part of the tax benefits associated with medicare part d subsidies which had previously been reduced in fiscal 2010 with the enactment of the patient protection and affordable care act , as amended by the health care and education reconciliation act of 2010 .our fiscal 2013 tax expense also includes a $ 12 million charge associated with the liquidation of a corporate investment .after-tax earnings from joint ventures for fiscal 2014 decreased to $ 90 million compared to $ 99 million in fiscal 2013 primarily driven by increased consumer spending at cereal partners worldwide ( cpw ) and unfavorable foreign currency exchange from h e4agen- dazs japan , inc .( hdj ) .the change in net sales for each joint venture is set forth in the following table : joint venture change in net sales as reported constant currency basis fiscal 2014 fiscal 2014 vs .2013 vs .2013 cpw ( 1 ) % ( % ) flat .
[['cpw', 'as reported fiscal 2014 vs . 2013 ( 1 ) % ( % )', 'constant currency basis fiscal 2014 vs . 2013 flat', ''], ['hdj', '-8 ( 8 )', '9', '% ( % )'], ['joint ventures', '( 2 ) % ( % )', '2', '% ( % )']]
in fiscal 2014 , cpw net sales declined by 1 percent- age point due to unfavorable foreign currency exchange .contribution from volume growth was flat compared to fiscal 2013 .in fiscal 2014 , net sales for hdj decreased 8 percentage points from fiscal 2013 as 11 percentage points of contributions from volume growth was offset by 17 percentage points of net sales decline from unfa- vorable foreign currency exchange and 2 percentage points of net sales decline attributable to unfavorable net price realization and mix .average diluted shares outstanding decreased by 20 million in fiscal 2014 from fiscal 2013 due primar- ily to the repurchase of 36 million shares , partially offset by the issuance of 7 million shares related to stock compensation plans .fiscal 2014 consolidated balance sheet analysis cash and cash equivalents increased $ 126 million from fiscal 2013 .receivables increased $ 37 million from fiscal 2013 pri- marily driven by timing of sales .inventories increased $ 14 million from fiscal 2013 .prepaid expenses and other current assets decreased $ 29 million from fiscal 2013 , mainly due to a decrease in other receivables related to the liquidation of a corporate investment .land , buildings , and equipment increased $ 64 million from fiscal 2013 , as $ 664 million of capital expenditures .
|
what is the growth rate of earnings generated from joint ventures from 2013 to 2014?
|
9.1%
|
{
"answer": "9.1%",
"decimal": 0.091,
"type": "percentage"
}
| |
air mobility sales declined by $ 535 million primarily due to c-130j deliveries ( 12 in 2006 compared to 15 in 2005 ) and lower volume on the c-5 program .combat aircraft sales increased by $ 292 million mainly due to higher f-35 and f-22 volume , partially offset by reduced volume on f-16 programs .other aeronautics programs sales increased by $ 83 million primarily due to higher volume in sustainment services activities .operating profit for the segment increased 21% ( 21 % ) in 2007 compared to 2006 .operating profit increases in combat aircraft more than offset decreases in other aeronautics programs and air mobility .combat aircraft operating profit increased $ 326 million mainly due to improved performance on f-22 and f-16 programs .air mobility and other aeronautics programs declined $ 77 million due to lower operating profit in support and sustainment activities .operating profit for the segment increased 20% ( 20 % ) in 2006 compared to 2005 .operating profit increased in both combat aircraft and air mobility .combat aircraft increased $ 114 million , mainly due to higher volume on the f-35 and f-22 programs , and improved performance on f-16 programs .the improvement for the year was also attributable in part to the fact that in 2005 , operating profit included a reduction in earnings on the f-35 program .air mobility operating profit increased $ 84 million , mainly due to improved performance on c-130j sustainment activities in 2006 .backlog decreased in 2007 as compared to 2006 primarily as a result of sales volume on the f-35 program .this decrease was offset partially by increased orders on the f-22 and c-130j programs .electronic systems electronic systems 2019 operating results included the following : ( in millions ) 2007 2006 2005 .
[['( in millions )', '2007', '2006', '2005'], ['net sales', '$ 11143', '$ 10519', '$ 9811'], ['operating profit', '1410', '1264', '1078'], ['backlog at year-end', '21200', '19700', '18600']]
net sales for electronic systems increased by 6% ( 6 % ) in 2007 compared to 2006 .sales increased in missiles & fire control ( m&fc ) , maritime systems & sensors ( ms2 ) , and platform , training & energy ( pt&e ) .m&fc sales increased $ 258 million mainly due to higher volume in fire control systems and air defense programs , which more than offset declines in tactical missile programs .ms2 sales grew $ 254 million due to volume increases in undersea and radar systems activities that were offset partially by decreases in surface systems activities .pt&e sales increased $ 113 million , primarily due to higher volume in platform integration activities , which more than offset declines in distribution technology activities .net sales for electronic systems increased by 7% ( 7 % ) in 2006 compared to 2005 .higher volume in platform integration activities led to increased sales of $ 329 million at pt&e .ms2 sales increased $ 267 million primarily due to surface systems activities .air defense programs contributed to increased sales of $ 118 million at m&fc .operating profit for the segment increased by 12% ( 12 % ) in 2007 compared to 2006 , representing an increase in all three lines of business during the year .operating profit increased $ 70 million at pt&e primarily due to higher volume and improved performance on platform integration activities .ms2 operating profit increased $ 32 million due to higher volume on undersea and tactical systems activities that more than offset lower volume on surface systems activities .at m&fc , operating profit increased $ 32 million due to higher volume in fire control systems and improved performance in tactical missile programs , which partially were offset by performance on certain international air defense programs in 2006 .operating profit for the segment increased by 17% ( 17 % ) in 2006 compared to 2005 .operating profit increased by $ 74 million at ms2 mainly due to higher volume on surface systems and undersea programs .pt&e operating profit increased $ 61 million mainly due to improved performance on distribution technology activities .higher volume on air defense programs contributed to a $ 52 million increase in operating profit at m&fc .the increase in backlog during 2007 over 2006 resulted primarily from increased orders for certain tactical missile programs and fire control systems at m&fc and platform integration programs at pt&e. .
|
what was the percentage change in backlog from 2006 to 2007?
|
8%
|
{
"answer": "8%",
"decimal": 0.08,
"type": "percentage"
}
| |
item 7a .quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .the majority of our debt ( approximately 91% ( 91 % ) and 86% ( 86 % ) as of december 31 , 2014 and 2013 , respectively ) bears interest at fixed rates .we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .
[['as of december 31,', 'increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates', 'increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates'], ['2014', '$ -35.5 ( 35.5 )', '$ 36.6'], ['2013', '-26.9 ( 26.9 )', '27.9']]
we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .we do not have any interest rate swaps outstanding as of december 31 , 2014 .we had $ 1667.2 of cash , cash equivalents and marketable securities as of december 31 , 2014 that we generally invest in conservative , short-term bank deposits or securities .the interest income generated from these investments is subject to both domestic and foreign interest rate movements .during 2014 and 2013 , we had interest income of $ 27.4 and $ 24.7 , respectively .based on our 2014 results , a 100-basis-point increase or decrease in interest rates would affect our interest income by approximately $ 16.7 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2014 levels .foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .since we report revenues and expenses in u.s .dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .dollars ) from foreign operations .the primary foreign currencies that impacted our results during 2014 included the argentine peso , australian dollar , brazilian real and british pound sterling .based on 2014 exchange rates and operating results , if the u.s .dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2014 levels .the functional currency of our foreign operations is generally their respective local currency .assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .however , certain subsidiaries may enter into transactions in currencies other than their functional currency .assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .we have not entered into a material amount of foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates. .
|
assuming that all cash , cash equivalents and marketable securities are invested to generate the stated interest income in 2014 , what would be the average interest rate?
|
1.6%
|
{
"answer": "1.6%",
"decimal": 0.016,
"type": "percentage"
}
| |
page 78 of 98 notes to consolidated financial statements ball corporation and subsidiaries 17 .financial instruments and risk management ( continued ) at december 31 , 2006 , the company had outstanding interest rate swap agreements in europe with notional amounts of 20ac135 million paying fixed rates .approximately $ 4 million of net gain associated with these contracts is included in accumulated other comprehensive loss at december 31 , 2006 , of which $ 0.8 million is expected to be recognized in the consolidated statement of earnings during 2007 .approximately $ 1.1 million of net gain related to the termination or deselection of hedges is included in accumulated other comprehensive loss at december 31 , 2006 .the amount recognized in 2006 earnings related to terminated hedges was insignificant .the fair value of all non-derivative financial instruments approximates their carrying amounts with the exception of long-term debt .rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt based on discounted cash flows .the fair value of derivatives generally reflects the estimated amounts that we would pay or receive upon termination of the contracts at december 31 , 2006 , taking into account any unrealized gains and losses on open contracts. .
[['( $ in millions )', '2006 carryingamount', '2006 fairvalue', '2006 carryingamount', 'fair value'], ['long-term debt including current portion', '$ 2311.6', '$ 2314.1', '$ 1482.9', '$ 1496.6'], ['unrealized gain ( loss ) on derivative contracts', '2013', '3.7', '2013', '-0.1 ( 0.1 )']]
foreign currency exchange rate risk our objective in managing exposure to foreign currency fluctuations is to protect foreign cash flows and earnings from changes associated with foreign currency exchange rate changes through the use of cash flow hedges .in addition , we manage foreign earnings translation volatility through the use of foreign currency options .our foreign currency translation risk results from the european euro , british pound , canadian dollar , polish zloty , serbian dinar , brazilian real , argentine peso and chinese renminbi .we face currency exposures in our global operations as a result of purchasing raw materials in u.s .dollars and , to a lesser extent , in other currencies .sales contracts are negotiated with customers to reflect cost changes and , where there is not a foreign exchange pass-through arrangement , the company uses forward and option contracts to manage foreign currency exposures .such contracts outstanding at december 31 , 2006 , expire within four years and there are no amounts included in accumulated other comprehensive loss related to these contracts. .
|
approximately what percent of the net gain on hedging in aoci at 12/31/06 is expected to impact net income during 2007?
|
20%
|
{
"answer": "20%",
"decimal": 0.2,
"type": "percentage"
}
| |
discount rate 2014the assumed discount rate is used to determine the current retirement related benefit plan expense and obligations , and represents the interest rate that is used to determine the present value of future cash flows currently expected to be required to effectively settle a plan 2019s benefit obligations .the discount rate assumption is determined for each plan by constructing a portfolio of high quality bonds with cash flows that match the estimated outflows for future benefit payments to determine a single equivalent discount rate .benefit payments are not only contingent on the terms of a plan , but also on the underlying participant demographics , including current age , and assumed mortality .we use only bonds that are denominated in u.s .dollars , rated aa or better by two of three nationally recognized statistical rating agencies , have a minimum outstanding issue of $ 50 million as of the measurement date , and are not callable , convertible , or index linked .since bond yields are generally unavailable beyond 30 years , we assume those rates will remain constant beyond that point .taking into consideration the factors noted above , our weighted average discount rate for pensions was 5.23% ( 5.23 % ) and 5.84% ( 5.84 % ) , as of december 31 , 2011 and 2010 , respectively .our weighted average discount rate for other postretirement benefits was 4.94% ( 4.94 % ) and 5.58% ( 5.58 % ) as of december 31 , 2011 and 2010 , respectively .expected long-term rate of return 2014the expected long-term rate of return on assets is used to calculate net periodic expense , and is based on such factors as historical returns , targeted asset allocations , investment policy , duration , expected future long-term performance of individual asset classes , inflation trends , portfolio volatility , and risk management strategies .while studies are helpful in understanding current trends and performance , the assumption is based more on longer term and prospective views .in order to reflect expected lower future market returns , we have reduced the expected long-term rate of return assumption from 8.50% ( 8.50 % ) , used to record 2011 expense , to 8.00% ( 8.00 % ) for 2012 .the decrease in the expected return on assets assumption is primarily related to lower bond yields and updated return assumptions for equities .unless plan assets and benefit obligations are subject to remeasurement during the year , the expected return on pension assets is based on the fair value of plan assets at the beginning of the year .an increase or decrease of 25 basis points in the discount rate and the expected long-term rate of return assumptions would have had the following approximate impacts on pensions : ( $ in millions ) increase ( decrease ) in 2012 expense increase ( decrease ) in december 31 , 2011 obligations .
[['( $ in millions )', 'increase ( decrease ) in 2012 expense', 'increase ( decrease ) in december 31 2011 obligations'], ['25 basis point decrease in discount rate', '$ 18', '$ 146'], ['25 basis point increase in discount rate', '-17 ( 17 )', '-154 ( 154 )'], ['25 basis point decrease in expected return on assets', '8', 'n.a .'], ['25 basis point increase in expected return on assets', '-8 ( 8 )', 'n.a .']]
differences arising from actual experience or changes in assumptions might materially affect retirement related benefit plan obligations and the funded status .actuarial gains and losses arising from differences from actual experience or changes in assumptions are deferred in accumulated other comprehensive income .this unrecognized amount is amortized to the extent it exceeds 10% ( 10 % ) of the greater of the plan 2019s benefit obligation or plan assets .the amortization period for actuarial gains and losses is the estimated average remaining service life of the plan participants , which is approximately 10 years .cas expense 2014in addition to providing the methodology for calculating retirement related benefit plan costs , cas also prescribes the method for assigning those costs to specific periods .while the ultimate liability for such costs under fas and cas is similar , the pattern of cost recognition is different .the key drivers of cas pension expense include the funded status and the method used to calculate cas reimbursement for each of our plans as well as our expected long-term rate of return on assets assumption .unlike fas , cas requires the discount rate to be consistent with the expected long-term rate of return on assets assumption , which changes infrequently given its long-term nature .as a result , changes in bond or other interest rates generally do not impact cas .in addition , unlike under fas , we can only allocate pension costs for a plan under cas until such plan is fully funded as determined under erisa requirements .other fas and cas considerations 2014we update our estimates of future fas and cas costs at least annually based on factors such as calendar year actual plan asset returns , final census data from the end of the prior year , and other actual and projected experience .a key driver of the difference between fas and cas expense ( and consequently , the fas/cas adjustment ) is the pattern of earnings and expense recognition for gains and losses that arise when our asset and liability experiences differ from our assumptions under each set of requirements .under fas , our net gains and losses exceeding the 10% ( 10 % ) corridor are amortized .
|
what is the percentage change in the weighted average discount rate for other post-retirement benefits from 2010 to 2011?
|
-11.5%
|
{
"answer": "-11.5%",
"decimal": -0.115,
"type": "percentage"
}
| |
dividends for a summary of the cash dividends paid on citi 2019s outstanding common stock during 2009 and 2010 , see note 33 to the consolidated financial statements .for so long as the u.s .government holds any citigroup trust preferred securities acquired pursuant to the exchange offers consummated in 2009 , citigroup has agreed not to pay a quarterly common stock dividend exceeding $ 0.01 per quarter , subject to certain customary exceptions .further , any dividend on citi 2019s outstanding common stock would need to be made in compliance with citi 2019s obligations to any remaining outstanding citigroup preferred stock .performance graph comparison of five-year cumulative total return the following graph and table compare the cumulative total return on citigroup 2019s common stock with the cumulative total return of the s&p 500 index and the s&p financial index over the five-year period extending through december 31 , 2010 .the graph and table assume that $ 100 was invested on december 31 , 2005 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 comparison of five-year cumulative total return for the years ended 2006 2007 2008 2009 2010 .
[['december 31,', 'citigroup', 's&p 500 index', 's&p financial index'], ['2006', '119.55', '115.79', '119.19'], ['2007', '66.10', '122.15', '96.98'], ['2008', '15.88', '76.96', '43.34'], ['2009', '7.85', '97.33', '50.80'], ['2010', '11.22', '111.99', '56.96']]
.
|
in 2007 what was the ratio of the cumulative total return for citigroup to s&p 500 index
|
0.54
|
{
"answer": "0.54",
"decimal": 0.54,
"type": "float"
}
|
in 2007 there was $ 0.54 of the cumulative total return for citigroup for each $ 1 of s&p 500 index
|
entergy new orleans , inc .management 2019s financial discussion and analysis also in addition to the contractual obligations , entergy new orleans has $ 53.7 million of unrecognized tax benefits and interest net of unused tax attributes and payments for which the timing of payments beyond 12 months cannot be reasonably estimated due to uncertainties in the timing of effective settlement of tax positions .see note 3 to the financial statements for additional information regarding unrecognized tax benefits .the planned capital investment estimate for entergy new orleans reflects capital required to support existing business .the estimated capital expenditures are subject to periodic review and modification and may vary based on the ongoing effects of regulatory constraints , environmental compliance , market volatility , economic trends , changes in project plans , and the ability to access capital .management provides more information on long-term debt and preferred stock maturities in notes 5 and 6 and to the financial statements .as an indirect , wholly-owned subsidiary of entergy corporation , entergy new orleans pays dividends from its earnings at a percentage determined monthly .entergy new orleans 2019s long-term debt indentures contain restrictions on the payment of cash dividends or other distributions on its common and preferred stock .sources of capital entergy new orleans 2019s sources to meet its capital requirements include : internally generated funds ; cash on hand ; and debt and preferred stock issuances .entergy new orleans may refinance , redeem , or otherwise retire debt and preferred stock prior to maturity , to the extent market conditions and interest and dividend 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: .
[['2011', '2010', '2009', '2008'], ['( in thousands )', '( in thousands )', '( in thousands )', '( in thousands )'], ['$ 9074', '$ 21820', '$ 66149', '$ 60093']]
see note 4 to the financial statements for a description of the money pool .entergy new orleans has obtained short-term borrowing authorization from the ferc under which it may borrow through october 2013 , up to the aggregate amount , at any one time outstanding , of $ 100 million .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 by the city council , and the current authorization extends through july 2012 .entergy louisiana 2019s ninemile point unit 6 self-build project in june 2011 , entergy louisiana filed with the lpsc an application seeking certification that the public necessity and convenience would be served by entergy louisiana 2019s construction of a combined-cycle gas turbine generating facility ( ninemile 6 ) at its existing ninemile point electric generating station .ninemile 6 will be a nominally-sized 550 mw unit that is estimated to cost approximately $ 721 million to construct , excluding interconnection and transmission upgrades .entergy gulf states louisiana joined in the application , seeking certification of its purchase under a life-of-unit power purchase agreement of up to 35% ( 35 % ) of the capacity and energy generated by ninemile 6 .the ninemile 6 capacity and energy is proposed to be allocated 55% ( 55 % ) to entergy louisiana , 25% ( 25 % ) to entergy gulf states louisiana , and 20% ( 20 % ) to entergy new orleans .in february 2012 the city council passed a resolution authorizing entergy new orleans to purchase 20% ( 20 % ) of the ninemile 6 energy and capacity .if approvals are obtained from the lpsc and other permitting agencies , ninemile 6 construction is .
|
what was the average entergy new orleans 2019s receivables from the money pool from 2008 to 2011
|
39284
|
{
"answer": "39284",
"decimal": 39284,
"type": "float"
}
| |
net revenue utility following is an analysis of the change in net revenue comparing 2013 to 2012 .amount ( in millions ) .
[['', 'amount ( in millions )'], ['2012 net revenue', '$ 4969'], ['retail electric price', '236'], ['louisiana act 55 financing savings obligation', '165'], ['grand gulf recovery', '75'], ['volume/weather', '40'], ['fuel recovery', '35'], ['miso deferral', '12'], ['decommissioning trusts', '-23 ( 23 )'], ['other', '15'], ['2013 net revenue', '$ 5524']]
the retail electric price variance is primarily due to : 2022 a formula rate plan increase at entergy louisiana , effective january 2013 , which includes an increase relating to the waterford 3 steam generator replacement project , which was placed in service in december 2012 .the net income effect of the formula rate plan increase is limited to a portion representing an allowed return on equity with the remainder offset by costs included in other operation and maintenance expenses , depreciation expenses , and taxes other than income taxes ; 2022 the recovery of hinds plant costs through the power management rider at entergy mississippi , as approved by the mpsc , effective with the first billing cycle of 2013 .the net income effect of the hinds plant cost recovery is limited to a portion representing an allowed return on equity on the net plant investment with the remainder offset by the hinds plant costs in other operation and maintenance expenses , depreciation expenses , and taxes other than income taxes ; 2022 an increase in the capacity acquisition rider at entergy arkansas , as approved by the apsc , effective with the first billing cycle of december 2012 , relating to the hot spring plant acquisition .the net income effect of the hot spring plant cost recovery is limited to a portion representing an allowed return on equity on the net plant investment with the remainder offset by the hot spring plant costs in other operation and maintenance expenses , depreciation expenses , and taxes other than income taxes ; 2022 increases in the energy efficiency rider , as approved by the apsc , effective july 2013 and july 2012 .energy efficiency revenues are offset by costs included in other operation and maintenance expenses and have no effect on net income ; 2022 an annual base rate increase at entergy texas , effective july 2012 , as a result of the puct 2019s order that was issued in september 2012 in the november 2011 rate case ; and 2022 a formula rate plan increase at entergy mississippi , effective september 2013 .see note 2 to the financial statements for a discussion of rate proceedings .the louisiana act 55 financing savings obligation variance results from a regulatory charge recorded in the second quarter 2012 because entergy gulf states louisiana and entergy louisiana agreed to share with customers the savings from an irs settlement related to the uncertain tax position regarding the hurricane katrina and hurricane rita louisiana act 55 financing .see note 3 to the financial statements for additional discussion of the tax settlement .entergy corporation and subsidiaries management's financial discussion and analysis .
|
what percentage of the change in net revenue between 2012 and 2013 is due to retail electric price changes?
|
43%
|
{
"answer": "43%",
"decimal": 0.43,
"type": "percentage"
}
| |
table of contents rent expense under all operating leases , including both cancelable and noncancelable leases , was $ 645 million , $ 488 million and $ 338 million in 2013 , 2012 and 2011 , respectively .future minimum lease payments under noncancelable operating leases having remaining terms in excess of one year as of september 28 , 2013 , are as follows ( in millions ) : other commitments as of september 28 , 2013 , the company had outstanding off-balance sheet third-party manufacturing commitments and component purchase commitments of $ 18.6 billion .in addition to the off-balance sheet commitments mentioned above , the company had outstanding obligations of $ 1.3 billion as of september 28 , 2013 , which consisted mainly of commitments to acquire capital assets , including product tooling and manufacturing process equipment , and commitments related to advertising , research and development , internet and telecommunications services and other obligations .contingencies the company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully adjudicated .in the opinion of management , there was not at least a reasonable possibility the company may have incurred a material loss , or a material loss in excess of a recorded accrual , with respect to loss contingencies .however , the outcome of litigation is inherently uncertain .therefore , although management considers the likelihood of such an outcome to be remote , if one or more of these legal matters were resolved against the company in a reporting period for amounts in excess of management 2019s expectations , the company 2019s consolidated financial statements for that reporting period could be materially adversely affected .apple inc .v .samsung electronics co. , ltd , et al .on august 24 , 2012 , a jury returned a verdict awarding the company $ 1.05 billion in its lawsuit against samsung electronics co. , ltd and affiliated parties in the united states district court , northern district of california , san jose division .on march 1 , 2013 , the district court upheld $ 599 million of the jury 2019s award and ordered a new trial as to the remainder .because the award is subject to entry of final judgment , partial re-trial and appeal , the company has not recognized the award in its results of operations .virnetx , inc .v .apple inc .et al .on august 11 , 2010 , virnetx , inc .filed an action against the company alleging that certain of its products infringed on four patents relating to network communications technology .on november 6 , 2012 , a jury returned a verdict against the company , and awarded damages of $ 368 million .the company is challenging the verdict , believes it has valid defenses and has not recorded a loss accrual at this time. .
[['2014', '$ 610'], ['2015', '613'], ['2016', '587'], ['2017', '551'], ['2018', '505'], ['thereafter', '1855'], ['total minimum lease payments', '$ 4721']]
.
|
why is the information relative to 2012 costs incorrect and what would the correct information be?
|
in 2012 , apple lost a lawsuit against virnetx , inc . which they believe it has no valid defenses and has not recorded a loss accrual at this time . therefore they never accounted the losses in 2012 and their total for 2012 should be 856 million
|
{
"answer": "in 2012 , apple lost a lawsuit against virnetx , inc . which they believe it has no valid defenses and has not recorded a loss accrual at this time . therefore they never accounted the losses in 2012 and their total for 2012 should be 856 million",
"decimal": null,
"type": "open_ended_answer"
}
|
apple has not taken the losses for the virnet.inc lawsuit because it requested a retrial . this means that the lease expensive for that year are incorrect and should be 856 million .
|
entergy corporation and subsidiaries management 2019s financial discussion and analysis palisades plants and related assets to their fair values .see note 14 to the financial statements for further discussion of the impairment and related charges .as 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 .net revenue utility following is an analysis of the change in net revenue comparing 2016 to 2015 .amount ( in millions ) .
[['', 'amount ( in millions )'], ['2015 net revenue', '$ 5829'], ['retail electric price', '289'], ['louisiana business combination customer credits', '107'], ['volume/weather', '14'], ['louisiana act 55 financing savings obligation', '-17 ( 17 )'], ['other', '-43 ( 43 )'], ['2016 net revenue', '$ 6179']]
the retail electric price variance is primarily due to : 2022 an increase in base rates at entergy arkansas , as approved by the apsc .the new rates were effective february 24 , 2016 and began billing with the first billing cycle of april 2016 .the increase includes an interim base rate adjustment surcharge , effective with the first billing cycle of april 2016 , to recover the incremental revenue requirement for the period february 24 , 2016 through march 31 , 2016 .a significant portion of the increase is related to the purchase of power block 2 of the union power station ; 2022 an increase in the purchased power and capacity acquisition cost recovery rider for entergy new orleans , as approved by the city council , effective with the first billing cycle of march 2016 , primarily related to the purchase of power block 1 of the union power station ; 2022 an increase in formula rate plan revenues for entergy louisiana , implemented with the first billing cycle of march 2016 , to collect the estimated first-year revenue requirement related to the purchase of power blocks 3 and 4 of the union power station ; and 2022 an increase in revenues at entergy mississippi , as approved by the mpsc , effective with the first billing cycle of july 2016 , and an increase in revenues collected through the storm damage rider .see note 2 to the financial statements for further discussion of the rate proceedings .see note 14 to the financial statements for discussion of the union power station purchase .the louisiana business combination customer credits variance is due to a regulatory liability of $ 107 million recorded by entergy in october 2015 as a result of the entergy gulf states louisiana and entergy louisiana business .
|
what is the sale in december 2015 of the 583 mw rhode island state energy center for a realized gain as a percentage of net revenue in 2015?
|
2.64%
|
{
"answer": "2.64%",
"decimal": 0.0264,
"type": "percentage"
}
| |
the company has elected the fair-value option where the interest-rate risk of such liabilities is economically hedged with derivative contracts or the proceeds are used to purchase financial assets that will also be accounted for at fair value through earnings .the election has been made to mitigate accounting mismatches and to achieve operational simplifications .these positions are reported in short-term borrowings and long-term debt on the company 2019s consolidated balance sheet .the majority of these non-structured liabilities are a result of the company 2019s election of the fair-value option for liabilities associated with the citi-advised structured investment vehicles ( sivs ) , which were consolidated during the fourth quarter of 2007 .the change in fair values of the sivs 2019 liabilities reported in earnings was $ 2.6 billion for the year ended december 31 , 2008 .for these non-structured liabilities the aggregate fair value is $ 263 million lower than the aggregate unpaid principal balance as of december 31 , 2008 .for all other non-structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 97 million as of december 31 , 2008 while the aggregate fair value exceeded the aggregate unpaid principal by $ 112 million as of december 31 , 2007 .the change in fair value of these non-structured liabilities reported a gain of $ 1.2 billion for the year ended december 31 , 2008 .the change in fair value for these non-structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .related interest expense continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement .certain mortgage loans citigroup has elected the fair-value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans held-for- sale .these loans are intended for sale or securitization and are hedged with derivative instruments .the company has elected the fair-value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications .the fair-value option was not elected for loans held-for-investment , as those loans are not hedged with derivative instruments .this election was effective for applicable instruments originated or purchased on or after september 1 , 2007 .the following table provides information about certain mortgage loans carried at fair value : in millions of dollars december 31 , december 31 , carrying amount reported on the consolidated balance sheet $ 4273 $ 6392 aggregate fair value in excess of unpaid principal balance $ 138 $ 136 balance on non-accrual loans or loans more than 90 days past due $ 9 $ 17 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 2 $ 2014 the changes in fair values of these mortgage loans is reported in other revenue in the company 2019s consolidated statement of income .the changes in fair value during the year ended december 31 , 2008 due to instrument- specific credit risk resulted in a $ 32 million loss .the change in fair value during 2007 due to instrument-specific credit risk was immaterial .related interest income continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement .items selected for fair-value accounting in accordance with sfas 155 and sfas 156 certain hybrid financial instruments the company has elected to apply fair-value accounting under sfas 155 for certain hybrid financial assets and liabilities whose performance is linked to risks other than interest rate , foreign exchange or inflation ( e.g. , equity , credit or commodity risks ) .in addition , the company has elected fair-value accounting under sfas 155 for residual interests retained from securitizing certain financial assets .the company has elected fair-value accounting for these instruments because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis .in addition , the accounting for these instruments is simplified under a fair-value approach as it eliminates the complicated operational requirements of bifurcating the embedded derivatives from the host contracts and accounting for each separately .the hybrid financial instruments are classified as trading account assets , loans , deposits , trading account liabilities ( for prepaid derivatives ) , short-term borrowings or long-term debt on the company 2019s consolidated balance sheet according to their legal form , while residual interests in certain securitizations are classified as trading account assets .for hybrid financial instruments for which fair-value accounting has been elected under sfas 155 and that are classified as long-term debt , the aggregate unpaid principal exceeds the aggregate fair value by $ 1.9 billion as of december 31 , 2008 , while the aggregate fair value exceeds the aggregate unpaid principal balance by $ 460 million as of december 31 , 2007 .the difference for those instruments classified as loans is immaterial .changes in fair value for hybrid financial instruments , which in most cases includes a component for accrued interest , are recorded in principal transactions in the company 2019s consolidated statement of income .interest accruals for certain hybrid instruments classified as trading assets are recorded separately from the change in fair value as interest revenue in the company 2019s consolidated statement of income .mortgage servicing rights the company accounts for mortgage servicing rights ( msrs ) at fair value in accordance with sfas 156 .fair value for msrs is determined using an option-adjusted spread valuation approach .this approach consists of projecting servicing cash flows under multiple interest-rate scenarios and discounting these cash flows using risk-adjusted rates .the model assumptions used in the valuation of msrs include mortgage prepayment speeds and discount rates .the fair value of msrs is primarily affected by changes in prepayments that result from shifts in mortgage interest rates .in managing this risk , the company hedges a significant portion of the values of its msrs through the use of interest-rate derivative contracts , forward- purchase commitments of mortgage-backed securities , and purchased securities classified as trading .see note 23 on page 175 for further discussions regarding the accounting and reporting of msrs .these msrs , which totaled $ 5.7 billion and $ 8.4 billion as of december 31 , 2008 and december 31 , 2007 , respectively , are classified as mortgage servicing rights on citigroup 2019s consolidated balance sheet .changes in fair value of msrs are recorded in commissions and fees in the company 2019s consolidated statement of income. .
[['in millions of dollars', 'december 31 2008', 'december 31 2007'], ['carrying amount reported on the consolidated balance sheet', '$ 4273', '$ 6392'], ['aggregate fair value in excess of unpaid principal balance', '$ 138', '$ 136'], ['balance on non-accrual loans or loans more than 90 days past due', '$ 9', '$ 17'], ['aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days pastdue', '$ 2', '$ 2014']]
the company has elected the fair-value option where the interest-rate risk of such liabilities is economically hedged with derivative contracts or the proceeds are used to purchase financial assets that will also be accounted for at fair value through earnings .the election has been made to mitigate accounting mismatches and to achieve operational simplifications .these positions are reported in short-term borrowings and long-term debt on the company 2019s consolidated balance sheet .the majority of these non-structured liabilities are a result of the company 2019s election of the fair-value option for liabilities associated with the citi-advised structured investment vehicles ( sivs ) , which were consolidated during the fourth quarter of 2007 .the change in fair values of the sivs 2019 liabilities reported in earnings was $ 2.6 billion for the year ended december 31 , 2008 .for these non-structured liabilities the aggregate fair value is $ 263 million lower than the aggregate unpaid principal balance as of december 31 , 2008 .for all other non-structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 97 million as of december 31 , 2008 while the aggregate fair value exceeded the aggregate unpaid principal by $ 112 million as of december 31 , 2007 .the change in fair value of these non-structured liabilities reported a gain of $ 1.2 billion for the year ended december 31 , 2008 .the change in fair value for these non-structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .related interest expense continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement .certain mortgage loans citigroup has elected the fair-value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans held-for- sale .these loans are intended for sale or securitization and are hedged with derivative instruments .the company has elected the fair-value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications .the fair-value option was not elected for loans held-for-investment , as those loans are not hedged with derivative instruments .this election was effective for applicable instruments originated or purchased on or after september 1 , 2007 .the following table provides information about certain mortgage loans carried at fair value : in millions of dollars december 31 , december 31 , carrying amount reported on the consolidated balance sheet $ 4273 $ 6392 aggregate fair value in excess of unpaid principal balance $ 138 $ 136 balance on non-accrual loans or loans more than 90 days past due $ 9 $ 17 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 2 $ 2014 the changes in fair values of these mortgage loans is reported in other revenue in the company 2019s consolidated statement of income .the changes in fair value during the year ended december 31 , 2008 due to instrument- specific credit risk resulted in a $ 32 million loss .the change in fair value during 2007 due to instrument-specific credit risk was immaterial .related interest income continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement .items selected for fair-value accounting in accordance with sfas 155 and sfas 156 certain hybrid financial instruments the company has elected to apply fair-value accounting under sfas 155 for certain hybrid financial assets and liabilities whose performance is linked to risks other than interest rate , foreign exchange or inflation ( e.g. , equity , credit or commodity risks ) .in addition , the company has elected fair-value accounting under sfas 155 for residual interests retained from securitizing certain financial assets .the company has elected fair-value accounting for these instruments because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis .in addition , the accounting for these instruments is simplified under a fair-value approach as it eliminates the complicated operational requirements of bifurcating the embedded derivatives from the host contracts and accounting for each separately .the hybrid financial instruments are classified as trading account assets , loans , deposits , trading account liabilities ( for prepaid derivatives ) , short-term borrowings or long-term debt on the company 2019s consolidated balance sheet according to their legal form , while residual interests in certain securitizations are classified as trading account assets .for hybrid financial instruments for which fair-value accounting has been elected under sfas 155 and that are classified as long-term debt , the aggregate unpaid principal exceeds the aggregate fair value by $ 1.9 billion as of december 31 , 2008 , while the aggregate fair value exceeds the aggregate unpaid principal balance by $ 460 million as of december 31 , 2007 .the difference for those instruments classified as loans is immaterial .changes in fair value for hybrid financial instruments , which in most cases includes a component for accrued interest , are recorded in principal transactions in the company 2019s consolidated statement of income .interest accruals for certain hybrid instruments classified as trading assets are recorded separately from the change in fair value as interest revenue in the company 2019s consolidated statement of income .mortgage servicing rights the company accounts for mortgage servicing rights ( msrs ) at fair value in accordance with sfas 156 .fair value for msrs is determined using an option-adjusted spread valuation approach .this approach consists of projecting servicing cash flows under multiple interest-rate scenarios and discounting these cash flows using risk-adjusted rates .the model assumptions used in the valuation of msrs include mortgage prepayment speeds and discount rates .the fair value of msrs is primarily affected by changes in prepayments that result from shifts in mortgage interest rates .in managing this risk , the company hedges a significant portion of the values of its msrs through the use of interest-rate derivative contracts , forward- purchase commitments of mortgage-backed securities , and purchased securities classified as trading .see note 23 on page 175 for further discussions regarding the accounting and reporting of msrs .these msrs , which totaled $ 5.7 billion and $ 8.4 billion as of december 31 , 2008 and december 31 , 2007 , respectively , are classified as mortgage servicing rights on citigroup 2019s consolidated balance sheet .changes in fair value of msrs are recorded in commissions and fees in the company 2019s consolidated statement of income. .
|
what was the percentage change in the fair value of the msr from 2007 to 2008
|
-33.2%
|
{
"answer": "-33.2%",
"decimal": -0.332,
"type": "percentage"
}
|
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