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billion at december 31 , 2008 and december 31 , 2007 , respectively .securities and other marketable assets held as collateral amounted to $ 27 billion and $ 54 billion , the majority of which collateral is held to reimburse losses realized under securities lending indemnifications .the decrease from the prior year is in line with the decrease in the notional amount of these indemnifications , which are collateralized .additionally , letters of credit in favor of the company held as collateral amounted to $ 503 million and $ 370 million at december 31 , 2008 and december 31 , 2007 , respectively .other property may also be available to the company to cover losses under certain guarantees and indemnifications ; however , the value of such property has not been determined .performance risk citigroup evaluates the performance risk of its guarantees based on the assigned referenced counterparty internal or external ratings .where external ratings are used , investment-grade ratings are considered to be baa/bbb and above , while anything below is considered non-investment grade .the citigroup internal ratings are in line with the related external rating system .on certain underlying referenced credits or entities , ratings are not available .such referenced credits are included in the 201cnot-rated 201d category .the maximum potential amount of the future payments related to guarantees and credit derivatives sold is determined to be the notional amount of these contracts , which is the par amount of the assets guaranteed .presented in the table below is the maximum potential amount of future payments classified based upon internal and external credit ratings as of december 31 , 2008 .as previously mentioned , the determination of the maximum potential future payments is based on the notional amount of the guarantees without consideration of possible recoveries under recourse provisions or from collateral held or pledged .such amounts bear no relationship to the anticipated losses , if any , on these guarantees. .
[['in billions of dollars', 'maximum potential amount of future payments investment grade', 'maximum potential amount of future payments non-investment grade', 'maximum potential amount of future payments not rated', 'maximum potential amount of future payments total'], ['financial standby letters of credit', '$ 49.2', '$ 28.6', '$ 16.4', '$ 94.2'], ['performance guarantees', '5.7', '5.0', '5.6', '16.3'], ['derivative instruments deemed to be guarantees', '2014', '2014', '67.9', '67.9'], ['guarantees of collection of contractual cash flows', '2014', '2014', '0.3', '0.3'], ['loans sold with recourse', '2014', '2014', '0.3', '0.3'], ['securities lending indemnifications', '2014', '2014', '47.6', '47.6'], ['credit card merchant processing', '2014', '2014', '56.7', '56.7'], ['custody indemnifications and other', '18.5', '3.1', '2014', '21.6'], ['total', '$ 73.4', '$ 36.7', '$ 194.8', '$ 304.9']]
credit derivatives a credit derivative is a bilateral contract between a buyer and a seller under which the seller sells protection against the credit risk of a particular entity ( 201creference entity 201d or 201creference credit 201d ) .credit derivatives generally require that the seller of credit protection make payments to the buyer upon the occurrence of predefined credit events ( commonly referred to as 201csettlement triggers 201d ) .these settlement triggers are defined by the form of the derivative and the reference credit and are generally limited to the market standard of failure to pay on indebtedness and bankruptcy of the reference credit and , in a more limited range of transactions , debt restructuring .credit derivative transactions referring to emerging market reference credits will also typically include additional settlement triggers to cover the acceleration of indebtedness and the risk of repudiation or a payment moratorium .in certain transactions , protection may be provided on a portfolio of referenced credits or asset-backed securities .the seller of such protection may not be required to make payment until a specified amount of losses has occurred with respect to the portfolio and/or may only be required to pay for losses up to a specified amount .the company makes markets in and trades a range of credit derivatives , both on behalf of clients as well as for its own account .through these contracts , the company either purchases or writes protection on either a single name or a portfolio of reference credits .the company uses credit derivatives to help mitigate credit risk in its corporate loan portfolio and other cash positions , to take proprietary trading positions , and to facilitate client transactions .the range of credit derivatives sold includes credit default swaps , total return swaps and credit options .a credit default swap is a contract in which , for a fee , a protection seller ( guarantor ) agrees to reimburse a protection buyer ( beneficiary ) for any losses that occur due to a credit event on a reference entity .if there is no credit default event or settlement trigger , as defined by the specific derivative contract , then the guarantor makes no payments to the beneficiary and receives only the contractually specified fee .however , if a credit event occurs and in accordance with the specific derivative contract sold , the guarantor will be required to make a payment to the beneficiary .a total return swap transfers the total economic performance of a reference asset , which includes all associated cash flows , as well as capital appreciation or depreciation .the protection buyer ( beneficiary ) receives a floating rate of interest and any depreciation on the reference asset from the protection seller ( guarantor ) , and in return the protection seller receives the cash flows associated with the reference asset , plus any appreciation .thus , the beneficiary will be obligated to make a payment any time the floating interest rate payment according to the total return swap agreement and any depreciation of the reference asset exceed the cash flows associated with the underlying asset .a total return swap may terminate upon a default of the reference asset subject to the provisions in the related total return swap agreement between the protection seller ( guarantor ) and the protection buyer ( beneficiary ) . .
|
what percent of total maximum potential amount of future payments are backed by letters of credit ? \\n
|
31%
|
{
"answer": "31%",
"decimal": 0.31,
"type": "percentage"
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| |
average securities purchased under resale agreements increased to $ 4.69 billion for the year ended december 31 , 2011 from $ 2.96 billion for the year ended december 31 , 2010 .average trading account assets increased to $ 2.01 billion for the year ended december 31 , 2011 from $ 376 million for 2010 .averages benefited largely from an increase in client demand associated with our trading activities .in connection with these activities , we traded in highly liquid fixed-income securities as principal with our custody clients and other third- parties that trade in these securities .our average investment securities portfolio increased to $ 103.08 billion for the year ended december 31 , 2011 from $ 96.12 billion for 2010 .the increase was generally the result of ongoing purchases of securities , partly offset by maturities and sales .in december 2010 , we repositioned our portfolio by selling approximately $ 11 billion of mortgage- and asset-backed securities and re-investing approximately $ 7 billion of the proceeds , primarily in agency mortgage-backed securities .the repositioning was undertaken to enhance our regulatory capital ratios under evolving regulatory capital standards , increase our balance sheet flexibility in deploying our capital , and reduce our exposure to certain asset classes .during 2011 , we purchased $ 54 billion of highly rated u.s .treasury securities , federal agency mortgage-backed securities and u.s .and non-u.s .asset-backed securities .as of december 31 , 2011 , securities rated 201caaa 201d and 201caa 201d comprised approximately 89% ( 89 % ) of our portfolio , compared to 90% ( 90 % ) rated 201caaa 201d and 201caa 201d as of december 31 , 2010 .loans and leases averaged $ 12.18 billion for the year ended december 31 , 2011 , compared to $ 12.09 billion for 2010 .the increases primarily resulted from higher client demand for short-duration liquidity , offset in part by a decrease in leases and the purchased receivables added in connection with the conduit consolidation , mainly from maturities and pay-downs .for 2011 and 2010 , approximately 29% ( 29 % ) and 27% ( 27 % ) , respectively , of our average loan and lease portfolio was composed of short-duration advances that provided liquidity to clients in support of their investment activities related to securities settlement .the following table presents average u.s .and non-u.s .short-duration advances for the years indicated: .
[['( in millions )', 'years ended december 31 , 2011', 'years ended december 31 , 2010', 'years ended december 31 , 2009'], ['average u.s . short-duration advances', '$ 1994', '$ 1924', '$ 2213'], ['average non-u.s . short-duration advances', '1585', '1366', '761'], ['total average short-duration advances', '$ 3579', '$ 3290', '$ 2974']]
for the year ended december 31 , 2011 , the increase in average non-u.s .short-duration advances compared to the prior-year period was mainly due to activity associated with clients added in connection with the acquired intesa securities services business .average other interest-earning assets increased to $ 5.46 billion for the year ended december 31 , 2011 from $ 1.16 billion for 2010 .the increase was primarily the result of higher levels of cash collateral provided in connection with our role as principal in certain securities borrowing activities .average interest-bearing deposits increased to $ 88.06 billion for the year ended december 31 , 2011 from $ 76.96 billion for 2010 .the increase reflected client deposits added in connection with the may 2010 acquisition of the intesa securities services business , and higher levels of non-u.s .transaction accounts associated with new and existing business in assets under custody and administration .average other short-term borrowings declined to $ 5.13 billion for the year ended december 31 , 2011 from $ 13.59 billion for 2010 , as the higher levels of client deposits provided additional liquidity .average long-term debt increased to $ 8.97 billion for the year ended december 31 , 2011 from $ 8.68 billion for the same period in 2010 .the increase primarily reflected the issuance of an aggregate of $ 2 billion of senior notes by us in march 2011 , partly offset by the maturities of $ 1 billion of senior notes in february 2011 and $ 1.45 billion of senior notes in september 2011 , both previously issued by state street bank under the fdic 2019s temporary liquidity guarantee program .additional information about our long-term debt is provided in note 9 to the consolidated financial statements included under item 8. .
|
what was the change in average other interest-earning assets in 2011 in millions
|
4.3
|
{
"answer": "4.3",
"decimal": 4.3,
"type": "float"
}
| |
equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31 , 2014 .equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights ( 2 ) number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1955024 $ 36.06 4078093 equity compensation plans not approved by security holders ( 3 ) 2014 2014 2014 .
[['plan category', 'number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b )', 'weighted-average exercise price of outstanding optionswarrants and rights ( 2 )', 'number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )'], ['equity compensation plans approved by security holders', '1955024', '$ 36.06', '4078093'], ['equity compensation plans not approved by security holders ( 3 )', '2014', '2014', '2014'], ['total', '1955024', '$ 36.06', '4078093']]
( 1 ) includes grants made under the huntington ingalls industries , inc .2012 long-term incentive stock plan ( the "2012 plan" ) , which was approved by our stockholders on may 2 , 2012 , and the huntington ingalls industries , inc .2011 long-term incentive stock plan ( the "2011 plan" ) , which was approved by the sole stockholder of hii prior to its spin-off from northrop grumman corporation .of these shares , 644321 were subject to stock options , 539742 were subject to outstanding restricted performance stock rights , and 63022 were stock rights granted under the 2011 plan .in addition , this number includes 33571 stock rights , 11046 restricted stock rights and 663322 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement .( 2 ) this is the weighted average exercise price of the 644321 outstanding stock options only .( 3 ) there are no awards made under plans not approved by security holders .item 13 .certain relationships and related transactions , and director independence information as to certain relationships and related transactions and director independence will be incorporated herein by reference to the proxy statement for our 2015 annual meeting of stockholders to be filed within 120 days after the end of the company 2019s fiscal year .item 14 .principal accountant fees and services information as to principal accountant fees and services will be incorporated herein by reference to the proxy statement for our 2015 annual meeting of stockholders to be filed within 120 days after the end of the company 2019s fiscal year .this proof is printed at 96% ( 96 % ) of original size this line represents final trim and will not print .
|
what is the combined equity compensation plans approved by security holders
|
6033117
|
{
"answer": "6033117",
"decimal": 6033117,
"type": "float"
}
|
the combined amount is the sum
|
f0b7 positive train control 2013 in response to a legislative mandate to implement ptc , we expect to spend approximately $ 450 million during 2013 on developing and deploying ptc .we currently estimate that ptc , in accordance with implementing rules issued by the federal rail administration ( fra ) , will cost us approximately $ 2 billion by the end of the project .this includes costs for installing the new system along our tracks , upgrading locomotives to work with the new system , and adding digital data communication equipment to integrate the components of the system .f0b7 financial expectations 2013 we are cautious about the economic environment but if industrial production grows approximately 2% ( 2 % ) as projected , volume should exceed 2012 levels .even with no volume growth , we expect earnings to exceed 2012 earnings , generated by real core pricing gains , on-going network improvements and operational productivity initiatives .we also expect that a new bonus depreciation program under federal tax laws will positively impact cash flows in 2013 .results of operations operating revenues millions 2012 2011 2010 % ( % ) change 2012 v 2011 % ( % ) change 2011 v 2010 .
[['millions', '2012', '2011', '2010', '% ( % ) change 2012 v 2011', '% ( % ) change 2011 v 2010'], ['freight revenues', '$ 19686', '$ 18508', '$ 16069', '6% ( 6 % )', '15% ( 15 % )'], ['other revenues', '1240', '1049', '896', '18', '17'], ['total', '$ 20926', '$ 19557', '$ 16965', '7% ( 7 % )', '15% ( 15 % )']]
we generate freight revenues by transporting freight or other materials from our six commodity groups .freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) .changes in price , traffic mix and fuel surcharges drive arc .we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments .we recognize freight revenues as shipments move from origin to destination .we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them .other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage .we recognize other revenues as we perform services or meet contractual obligations .freight revenues from four of our six commodity groups increased during 2012 compared to 2011 .revenues from coal and agricultural products declined during the year .our franchise diversity allowed us to take advantage of growth from shale-related markets ( crude oil , frac sand and pipe ) and strong automotive manufacturing , which offset volume declines from coal and agricultural products .arc increased 7% ( 7 % ) , driven by core pricing gains and higher fuel cost recoveries .improved fuel recovery provisions and higher fuel prices , including the lag effect of our programs ( surcharges trail fluctuations in fuel price by approximately two months ) , combined to increase revenues from fuel surcharges .freight revenues for all six commodity groups increased during 2011 compared to 2010 , while volume increased in all commodity groups except intermodal .increased demand in many market sectors , with particularly strong growth in chemicals , industrial products , and automotive shipments for the year , generated the increases .arc increased 12% ( 12 % ) , driven by higher fuel cost recoveries and core pricing gains .fuel cost recoveries include fuel surcharge revenue and the impact of resetting the base fuel price for certain traffic .higher fuel prices , volume growth , and new fuel surcharge provisions in renegotiated contracts all combined to increase revenues from fuel surcharges .our fuel surcharge programs ( excluding index-based contract escalators that contain some provision for fuel ) generated freight revenues of $ 2.6 billion , $ 2.2 billion , and $ 1.2 billion in 2012 , 2011 , and 2010 , respectively .ongoing rising fuel prices and increased fuel surcharge coverage drove the increases .additionally , fuel surcharge revenue is not entirely comparable to prior periods as we continue to convert portions of our non-regulated traffic to mileage-based fuel surcharge programs. .
|
if freight revenues increase at the same rate as 2012 , what would expected 2013 revenues be , in millions?
|
20867
|
{
"answer": "20867",
"decimal": 20867,
"type": "float"
}
| |
equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31 , 2013 .equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights ( 2 ) number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( a ) ( b ) ( c ) equity compensation plans approved by security holders 2956907 $ 35.01 2786760 equity compensation plans not approved by security holders ( 3 ) 2014 2014 2014 .
[['plan category', 'number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b )', 'weighted-average exercise price of outstanding optionswarrants and rights ( 2 )', 'number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c )'], ['equity compensation plans approved by security holders', '2956907', '$ 35.01', '2786760'], ['equity compensation plans not approved by security holders ( 3 )', '2014', '2014', '2014'], ['total', '2956907', '$ 35.01', '2786760']]
( 1 ) includes grants made under the huntington ingalls industries , inc .2012 long-term incentive stock plan ( the "2012 plan" ) , which was approved by our stockholders on may 2 , 2012 , and the huntington ingalls industries , inc .2011 long-term incentive stock plan ( the "2011 plan" ) , which was approved by the sole stockholder of hii prior to its spin-off from northrop grumman corporation .of these shares , 818723 were subject to stock options , 1002217 were subject to outstanding restricted performance stock rights , 602400 were restricted stock rights , and 63022 were stock rights granted under the 2011 plan .in addition , this number includes 24428 stock rights and 446117 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement .( 2 ) this is the weighted average exercise price of the 818723 outstanding stock options only .( 3 ) there are no awards made under plans not approved by security holders .item 13 .certain relationships and related transactions , and director independence information as to certain relationships and related transactions and director independence will be incorporated herein by reference to the proxy statement for our 2014 annual meeting of stockholders to be filed within 120 days after the end of the company 2019s fiscal year .item 14 .principal accountant fees and services information as to principal accountant fees and services will be incorporated herein by reference to the proxy statement for our 2014 annual meeting of stockholders to be filed within 120 days after the end of the company 2019s fiscal year. .
|
as of december 31 , 2013 , what is the value of securities remaining available for future issuance
|
97564467.6
|
{
"answer": "97564467.6",
"decimal": 97564467.6,
"type": "float"
}
|
the value is the product of the number of securities and the price
|
adobe systems incorporated notes to consolidated financial statements ( continued ) we review our goodwill for impairment annually , or more frequently , if facts and circumstances warrant a review .we completed our annual impairment test in the second quarter of fiscal 2013 .we elected to use the step 1 quantitative assessment for our three reporting units 2014digital media , digital marketing and print and publishing 2014and determined that there was no impairment of goodwill .there is no significant risk of material goodwill impairment in any of our reporting units , based upon the results of our annual goodwill impairment test .we amortize intangible assets with finite lives over their estimated useful lives and review them for impairment whenever an impairment indicator exists .we continually monitor events and changes in circumstances that could indicate carrying amounts of our long-lived assets , including our intangible assets may not be recoverable .when such events or changes in circumstances occur , we assess recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows .if the future undiscounted cash flows are less than the carrying amount of these assets , we recognize an impairment loss based on any excess of the carrying amount over the fair value of the assets .we did not recognize any intangible asset impairment charges in fiscal 2013 , 2012 or 2011 .our intangible assets are amortized over their estimated useful lives of 1 to 14 years .amortization is based on the pattern in which the economic benefits of the intangible asset will be consumed or on a straight-line basis when the consumption pattern is not apparent .the weighted average useful lives of our intangible assets were as follows : weighted average useful life ( years ) .
[['', 'weighted averageuseful life ( years )'], ['purchased technology', '6'], ['customer contracts and relationships', '10'], ['trademarks', '8'], ['acquired rights to use technology', '8'], ['localization', '1'], ['other intangibles', '3']]
software development costs capitalization of software development costs for software to be sold , leased , or otherwise marketed begins upon the establishment of technological feasibility , which is generally the completion of a working prototype that has been certified as having no critical bugs and is a release candidate .amortization begins once the software is ready for its intended use , generally based on the pattern in which the economic benefits will be consumed .to date , software development costs incurred between completion of a working prototype and general availability of the related product have not been material .internal use software we capitalize costs associated with customized internal-use software systems that have reached the application development stage .such capitalized costs include external direct costs utilized in developing or obtaining the applications and payroll and payroll-related expenses for employees , who are directly associated with the development of the applications .capitalization of such costs begins when the preliminary project stage is complete and ceases at the point in which the project is substantially complete and is ready for its intended purpose .income taxes we use the asset and liability method of accounting for income taxes .under this method , income tax expense is recognized for the amount of taxes payable or refundable for the current year .in addition , deferred tax assets and liabilities are recognized for expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities , and for operating losses and tax credit carryforwards .we record a valuation allowance to reduce deferred tax assets to an amount for which realization is more likely than not. .
|
what is the average weighted average useful life ( years ) for purchased technology and customer contracts and relationships?
|
8
|
{
"answer": "8",
"decimal": 8,
"type": "float"
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| |
jpmorgan chase & co ./ 2008 annual report 211 jpmorgan chase is subject to ongoing tax examinations by the tax authorities of the various jurisdictions in which it operates , including u.s .federal and state and non-u.s .jurisdictions .the firm 2019s consoli- dated federal income tax returns are presently under examination by the internal revenue service ( 201cirs 201d ) for the years 2003 , 2004 and 2005 .the consolidated federal income tax returns of bank one corporation , which merged with and into jpmorgan chase on july 1 , 2004 , are under examination for the years 2000 through 2003 , and for the period january 1 , 2004 , through july 1 , 2004 .the consolidat- ed federal income tax returns of bear stearns for the years ended november 30 , 2003 , 2004 and 2005 , are also under examination .all three examinations are expected to conclude in 2009 .the irs audits of the consolidated federal income tax returns of jpmorgan chase for the years 2006 and 2007 , and for bear stearns for the years ended november 30 , 2006 and 2007 , are expected to commence in 2009 .administrative appeals are pending with the irs relating to prior examination periods .for 2002 and prior years , refund claims relating to income and credit adjustments , and to tax attribute carry- backs , for jpmorgan chase and its predecessor entities , including bank one , have been filed .amended returns to reflect refund claims primarily attributable to net operating losses and tax credit carry- backs will be filed for the final bear stearns federal consolidated tax return for the period december 1 , 2007 , through may 30 , 2008 , and for prior years .the following table presents the u.s .and non-u.s .components of income from continuing operations before income tax expense ( benefit ) . .
[['year ended december 31 ( in millions )', '2008', '2007', '2006'], ['u.s .', '$ -2094 ( 2094 )', '$ 13720', '$ 12934'], ['non-u.s. ( a )', '4867', '9085', '6952'], ['income from continuing operationsbefore income taxexpense ( benefit )', '$ 2773', '$ 22805', '$ 19886']]
non-u.s. ( a ) 4867 9085 6952 income from continuing operations before income tax expense ( benefit ) $ 2773 $ 22805 $ 19886 ( a ) for purposes of this table , non-u.s .income is defined as income generated from operations located outside the u.s .note 29 2013 restrictions on cash and intercom- pany funds transfers the business of jpmorgan chase bank , national association ( 201cjpmorgan chase bank , n.a . 201d ) is subject to examination and regula- tion by the office of the comptroller of the currency ( 201cocc 201d ) .the bank is a member of the u.s .federal reserve system , and its deposits are insured by the fdic as discussed in note 20 on page 202 of this annual report .the board of governors of the federal reserve system ( the 201cfederal reserve 201d ) requires depository institutions to maintain cash reserves with a federal reserve bank .the average amount of reserve bal- ances deposited by the firm 2019s bank subsidiaries with various federal reserve banks was approximately $ 1.6 billion in 2008 and 2007 .restrictions imposed by u.s .federal law prohibit jpmorgan chase and certain of its affiliates from borrowing from banking subsidiaries unless the loans are secured in specified amounts .such secured loans to the firm or to other affiliates are generally limited to 10% ( 10 % ) of the banking subsidiary 2019s total capital , as determined by the risk- based capital guidelines ; the aggregate amount of all such loans is limited to 20% ( 20 % ) of the banking subsidiary 2019s total capital .the principal sources of jpmorgan chase 2019s income ( on a parent com- pany 2013only basis ) are dividends and interest from jpmorgan chase bank , n.a. , and the other banking and nonbanking subsidiaries of jpmorgan chase .in addition to dividend restrictions set forth in statutes and regulations , the federal reserve , the occ and the fdic have authority under the financial institutions supervisory act to pro- hibit or to limit the payment of dividends by the banking organizations they supervise , including jpmorgan chase and its subsidiaries that are banks or bank holding companies , if , in the banking regulator 2019s opin- ion , payment of a dividend would constitute an unsafe or unsound practice in light of the financial condition of the banking organization .at january 1 , 2009 and 2008 , jpmorgan chase 2019s banking sub- sidiaries could pay , in the aggregate , $ 17.0 billion and $ 16.2 billion , respectively , in dividends to their respective bank holding companies without the prior approval of their relevant banking regulators .the capacity to pay dividends in 2009 will be supplemented by the bank- ing subsidiaries 2019 earnings during the year .in compliance with rules and regulations established by u.s .and non-u.s .regulators , as of december 31 , 2008 and 2007 , cash in the amount of $ 20.8 billion and $ 16.0 billion , respectively , and securities with a fair value of $ 12.1 billion and $ 3.4 billion , respectively , were segregated in special bank accounts for the benefit of securities and futures brokerage customers. .
|
how many years are under exam for the firm or it's recent acquired subsidiaries?
|
5
|
{
"answer": "5",
"decimal": 5,
"type": "float"
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| |
2022 net derivative losses of $ 13 million .review by segment general we serve clients through the following segments : 2022 risk solutions acts as an advisor and insurance and reinsurance broker , helping clients manage their risks , via consultation , as well as negotiation and placement of insurance risk with insurance carriers through our global distribution network .2022 hr solutions partners with organizations to solve their most complex benefits , talent and related financial challenges , and improve business performance by designing , implementing , communicating and administering a wide range of human capital , retirement , investment management , health care , compensation and talent management strategies .risk solutions .
[['years ended december 31,', '2011', '2010', '2009'], ['revenue', '$ 6817', '$ 6423', '$ 6305'], ['operating income', '1314', '1194', '900'], ['operating margin', '19.3% ( 19.3 % )', '18.6% ( 18.6 % )', '14.3% ( 14.3 % )']]
the demand for property and casualty insurance generally rises as the overall level of economic activity increases and generally falls as such activity decreases , affecting both the commissions and fees generated by our brokerage business .the economic activity that impacts property and casualty insurance is described as exposure units , and is closely correlated with employment levels , corporate revenue and asset values .during 2011 we began to see some improvement in pricing ; however , we would still consider this to be a 2018 2018soft market , 2019 2019 which began in 2007 .in a soft market , premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity .changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the premiums paid by insureds .in 2011 , pricing showed signs of stabilization and improvement in both our retail and reinsurance brokerage product lines and we expect this trend to slowly continue into 2012 .additionally , beginning in late 2008 and continuing through 2011 , we faced difficult conditions as a result of unprecedented disruptions in the global economy , the repricing of credit risk and the deterioration of the financial markets .weak global economic conditions have reduced our customers 2019 demand for our brokerage products , which have had a negative impact on our operational results .risk solutions generated approximately 60% ( 60 % ) of our consolidated total revenues in 2011 .revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients .our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients 2019 policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates .we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage .specifically , we address the highly specialized product development and risk management needs of commercial enterprises , professional groups , insurance companies , governments , health care providers , and non-profit groups , among others ; provide affinity products for professional liability , life , disability .
|
what is the average operating margin?
|
17.4%
|
{
"answer": "17.4%",
"decimal": 0.174,
"type": "percentage"
}
|
it is the sum of all operating margins divided by three .
|
entering 2006 , industrial packaging earnings are expected to improve significantly in the first quarter compared with the fourth quarter 2005 .average price realizations should continue to benefit from price in- creases announced in late 2005 and early 2006 for linerboard and domestic boxes .containerboard sales volumes are expected to drop slightly in the 2006 first quarter due to fewer shipping days , but growth is antici- pated for u.s .converted products due to stronger de- mand .costs for wood , freight and energy are expected to remain stable during the 2006 first quarter , approach- ing fourth quarter 2005 levels .the continued im- plementation of the new supply chain model at our mills during 2006 will bring additional efficiency improve- ments and cost savings .on a global basis , the european container operating results are expected to improve as a result of targeted market growth and cost reduction ini- tiatives , and we will begin seeing further contributions from our recent moroccan box plant acquisition and from international paper distribution limited .consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and gen- eral economic activity .in addition to prices and volumes , major factors affecting the profitability of con- sumer packaging are raw material and energy costs , manufacturing efficiency and product mix .consumer packaging 2019s 2005 net sales of $ 2.6 bil- lion were flat compared with 2004 and 5% ( 5 % ) higher com- pared with 2003 .operating profits in 2005 declined 22% ( 22 % ) from 2004 and 31% ( 31 % ) from 2003 as improved price realizations ( $ 46 million ) and favorable operations in the mills and converting operations ( $ 60 million ) could not overcome the impact of cost increases in energy , wood , polyethylene and other raw materials ( $ 120 million ) , lack-of-order downtime ( $ 13 million ) and other costs ( $ 8 million ) .consumer packaging in millions 2005 2004 2003 .
[['in millions', '2005', '2004', '2003'], ['sales', '$ 2590', '$ 2605', '$ 2465'], ['operating profit', '$ 126', '$ 161', '$ 183']]
bleached board net sales of $ 864 million in 2005 were up from $ 842 million in 2004 and $ 751 million in 2003 .the effects in 2005 of improved average price realizations and mill operating improvements were not enough to offset increased energy , wood , polyethylene and other raw material costs , a slight decrease in volume and increased lack-of-order downtime .bleached board mills took 100000 tons of downtime in 2005 , including 65000 tons of lack-of-order downtime , compared with 40000 tons of downtime in 2004 , none of which was market related .during 2005 , restructuring and manufacturing improvement plans were implemented to reduce costs and improve market alignment .foodservice net sales were $ 437 million in 2005 compared with $ 480 million in 2004 and $ 460 million in 2003 .average sales prices in 2005 were up 3% ( 3 % ) ; how- ever , domestic cup and lid sales volumes were 5% ( 5 % ) lower than in 2004 as a result of a rationalization of our cus- tomer base early in 2005 .operating profits in 2005 in- creased 147% ( 147 % ) compared with 2004 , largely due to the settlement of a lawsuit and a favorable adjustment on the sale of the jackson , tennessee bag plant .excluding unusual items , operating profits were flat as improved price realizations offset increased costs for bleached board and resin .shorewood net sales of $ 691 million in 2005 were essentially flat with net sales in 2004 of $ 687 million , but were up compared with $ 665 million in 2003 .operating profits in 2005 were 17% ( 17 % ) above 2004 levels and about equal to 2003 levels .improved margins resulting from a rationalization of the customer mix and the effects of improved manufacturing operations , including the successful start up of our south korean tobacco operations , more than offset cost increases for board and paper and the impact of unfavorable foreign exchange rates in canada .beverage packaging net sales were $ 597 million in 2005 , $ 595 million in 2004 and $ 589 million in 2003 .average sale price realizations increased 2% ( 2 % ) compared with 2004 , principally the result of the pass-through of higher raw material costs , although the implementation of price increases continues to be impacted by com- petitive pressures .operating profits were down 14% ( 14 % ) compared with 2004 and 19% ( 19 % ) compared with 2003 , due principally to increases in board and resin costs .in 2006 , the bleached board market is expected to remain strong , with sales volumes increasing in the first quarter compared with the fourth quarter of 2005 for both folding carton and cup products .improved price realizations are also expected for bleached board and in our foodservice and beverage packaging businesses , al- though continued high costs for energy , wood and resin will continue to negatively impact earnings .shorewood should continue to benefit from strong asian operations and from targeted sales volume growth in 2006 .capital improvements and operational excellence initiatives undertaken in 2005 should benefit operating results in 2006 for all businesses .distribution our distribution business , principally represented by our xpedx business , markets a diverse array of products and supply chain services to customers in many business segments .customer demand is generally sensitive to changes in general economic conditions , although the .
|
was percentage of consumer packaging sales was due to foodservice net sales in 2004?
|
18%
|
{
"answer": "18%",
"decimal": 0.18,
"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']]
.
|
what are the total minimum lease payments due in 2014 and 2015 , in millions?
|
1223
|
{
"answer": "1223",
"decimal": 1223,
"type": "float"
}
| |
printing papers demand for printing papers products is closely corre- lated with changes in commercial printing and advertising activity , direct mail volumes and , for uncoated cut-size products , with changes in white- collar employment levels that affect the usage of copy and laser printer paper .pulp is further affected by changes in currency rates that can enhance or disadvantage producers in different geographic regions .principal cost drivers include manufacturing efficiency , raw material and energy costs and freight costs .pr int ing papers net sales for 2012 were about flat with 2011 and increased 5% ( 5 % ) from 2010 .operat- ing profits in 2012 were 31% ( 31 % ) lower than in 2011 , but 25% ( 25 % ) higher than in 2010 .excluding facility closure costs and impairment costs , operating profits in 2012 were 30% ( 30 % ) lower than in 2011 and 25% ( 25 % ) lower than in 2010 .benefits from higher sales volumes ( $ 58 mil- lion ) were more than offset by lower sales price real- izations and an unfavorable product mix ( $ 233 million ) , higher operating costs ( $ 30 million ) , higher maintenance outage costs ( $ 17 million ) , higher input costs ( $ 32 million ) and other items ( $ 6 million ) .in addition , operating profits in 2011 included a $ 24 million gain related to the announced repurposing of our franklin , virginia mill to produce fluff pulp and an $ 11 million impairment charge related to our inverurie , scotland mill that was closed in 2009 .printing papers .
[['in millions', '2012', '2011', '2010'], ['sales', '$ 6230', '$ 6215', '$ 5940'], ['operating profit', '599', '872', '481']]
north american pr int ing papers net sales were $ 2.7 billion in 2012 , $ 2.8 billion in 2011 and $ 2.8 billion in 2010 .operating profits in 2012 were $ 331 million compared with $ 423 million ( $ 399 million excluding a $ 24 million gain associated with the repurposing of our franklin , virginia mill ) in 2011 and $ 18 million ( $ 333 million excluding facility clo- sure costs ) in 2010 .sales volumes in 2012 were flat with 2011 .average sales margins were lower primarily due to lower export sales prices and higher export sales volume .input costs were higher for wood and chemicals , but were partially offset by lower purchased pulp costs .freight costs increased due to higher oil prices .manufacturing operating costs were favorable reflecting strong mill performance .planned main- tenance downtime costs were slightly higher in 2012 .no market-related downtime was taken in either 2012 or 2011 .entering the first quarter of 2013 , sales volumes are expected to increase compared with the fourth quar- ter of 2012 reflecting seasonally stronger demand .average sales price realizations are expected to be relatively flat as sales price realizations for domestic and export uncoated freesheet roll and cutsize paper should be stable .input costs should increase for energy , chemicals and wood .planned maintenance downtime costs are expected to be about $ 19 million lower with an outage scheduled at our georgetown mill versus outages at our courtland and eastover mills in the fourth quarter of 2012 .braz i l ian papers net sales for 2012 were $ 1.1 bil- lion compared with $ 1.2 billion in 2011 and $ 1.1 bil- lion in 2010 .operating profits for 2012 were $ 163 million compared with $ 169 million in 2011 and $ 159 million in 2010 .sales volumes in 2012 were higher than in 2011 as international paper improved its segment position in the brazilian market despite weaker year-over-year conditions in most markets .average sales price realizations improved for domestic uncoated freesheet paper , but the benefit was more than offset by declining prices for exported paper .margins were favorably affected by an increased proportion of sales to the higher- margin domestic market .raw material costs increased for wood and chemicals , but costs for purchased pulp decreased .operating costs and planned maintenance downtime costs were lower than in 2011 .looking ahead to 2013 , sales volumes in the first quarter are expected to be lower than in the fourth quarter of 2012 due to seasonally weaker customer demand for uncoated freesheet paper .average sales price realizations are expected to increase in the brazilian domestic market due to the realization of an announced sales price increase for uncoated free- sheet paper , but the benefit should be partially offset by pricing pressures in export markets .average sales margins are expected to be negatively impacted by a less favorable geographic mix .input costs are expected to be about flat due to lower energy costs being offset by higher costs for wood , purchased pulp , chemicals and utilities .planned maintenance outage costs should be $ 4 million lower with no outages scheduled in the first quarter .operating costs should be favorably impacted by the savings generated by the start-up of a new biomass boiler at the mogi guacu mill .european papers net sales in 2012 were $ 1.4 bil- lion compared with $ 1.4 billion in 2011 and $ 1.3 bil- lion in 2010 .operating profits in 2012 were $ 179 million compared with $ 196 million ( $ 207 million excluding asset impairment charges related to our inverurie , scotland mill which was closed in 2009 ) in 2011 and $ 197 million ( $ 199 million excluding an asset impairment charge ) in 2010 .sales volumes in 2012 compared with 2011 were higher for uncoated freesheet paper in both europe and russia , while sales volumes for pulp were lower in both regions .average sales price realizations for uncoated .
|
what percentage of printing paper sales where north american printing papers sales in 2012?
|
43%
|
{
"answer": "43%",
"decimal": 0.43,
"type": "percentage"
}
| |
table of contents totaled an absolute notional equivalent of $ 292.3 million and $ 190.5 million , respectively , with the year-over-year increase primarily driven by earnings growth .at this time , we do not hedge these long-term investment exposures .we do not use foreign exchange contracts for speculative trading purposes , nor do we hedge our foreign currency exposure in a manner that entirely offsets the effects of changes in foreign exchange rates .we regularly review our hedging program and assess the need to utilize financial instruments to hedge currency exposures on an ongoing basis .cash flow hedging 2014hedges of forecasted foreign currency revenue we may use foreign exchange purchased options or forward contracts to hedge foreign currency revenue denominated in euros , british pounds and japanese yen .we hedge these cash flow exposures to reduce the risk that our earnings and cash flows will be adversely affected by changes in exchange rates .these foreign exchange contracts , carried at fair value , may have maturities between one and twelve months .we enter into these foreign exchange contracts to hedge forecasted revenue in the normal course of business and accordingly , they are not speculative in nature .we record changes in the intrinsic value of these cash flow hedges in accumulated other comprehensive income ( loss ) until the forecasted transaction occurs .when the forecasted transaction occurs , we reclassify the related gain or loss on the cash flow hedge to revenue .in the event the underlying forecasted transaction does not occur , or it becomes probable that it will not occur , we reclassify the gain or loss on the related cash flow hedge from accumulated other comprehensive income ( loss ) to interest and other income , net on our consolidated statements of income at that time .for the fiscal year ended november 30 , 2018 , there were no net gains or losses recognized in other income relating to hedges of forecasted transactions that did not occur .balance sheet hedging 2014hedging of foreign currency assets and liabilities we hedge exposures related to our net recognized foreign currency assets and liabilities with foreign exchange forward contracts to reduce the risk that our earnings and cash flows will be adversely affected by changes in foreign currency exchange rates .these foreign exchange contracts are carried at fair value with changes in the fair value recorded as interest and other income , net .these foreign exchange contracts do not subject us to material balance sheet risk due to exchange rate movements because gains and losses on these contracts are intended to offset gains and losses on the assets and liabilities being hedged .at november 30 , 2018 , the outstanding balance sheet hedging derivatives had maturities of 180 days or less .see note 5 of our notes to consolidated financial statements for information regarding our hedging activities .interest rate risk short-term investments and fixed income securities at november 30 , 2018 , we had debt securities classified as short-term investments of $ 1.59 billion .changes in interest rates could adversely affect the market value of these investments .the following table separates these investments , based on stated maturities , to show the approximate exposure to interest rates ( in millions ) : .
[['due within one year', '$ 612.1'], ['due between one and two years', '564.2'], ['due between two and three years', '282.2'], ['due after three years', '127.7'], ['total', '$ 1586.2']]
a sensitivity analysis was performed on our investment portfolio as of november 30 , 2018 .the analysis is based on an estimate of the hypothetical changes in market value of the portfolio that would result from an immediate parallel shift in the yield curve of various magnitudes. .
|
in millions , what are the st investments due between two and three years and due after three years?
|
409.9
|
{
"answer": "409.9",
"decimal": 409.9,
"type": "float"
}
| |
management 2019s discussion and analysis 118 jpmorgan chase & co./2018 form 10-k equivalent to the risk of loan exposures .dre is a less extreme measure of potential credit loss than peak and is used as an input for aggregating derivative credit risk exposures with loans and other credit risk .finally , avg is a measure of the expected fair value of the firm 2019s derivative receivables at future time periods , including the benefit of collateral .avg over the total life of the derivative contract is used as the primary metric for pricing purposes and is used to calculate credit risk capital and the cva , as further described below .the fair value of the firm 2019s derivative receivables incorporates cva to reflect the credit quality of counterparties .cva is based on the firm 2019s avg to a counterparty and the counterparty 2019s credit spread in the credit derivatives market .the firm believes that active risk management is essential to controlling the dynamic credit risk in the derivatives portfolio .in addition , the firm 2019s risk management process takes into consideration the potential impact of wrong-way risk , which is broadly defined as the potential for increased correlation between the firm 2019s exposure to a counterparty ( avg ) and the counterparty 2019s credit quality .many factors may influence the nature and magnitude of these correlations over time .to the extent that these correlations are identified , the firm may adjust the cva associated with that counterparty 2019s avg .the firm risk manages exposure to changes in cva by entering into credit derivative contracts , as well as interest rate , foreign exchange , equity and commodity derivative contracts .the accompanying graph shows exposure profiles to the firm 2019s current derivatives portfolio over the next 10 years as calculated by the peak , dre and avg metrics .the three measures generally show that exposure will decline after the first year , if no new trades are added to the portfolio .exposure profile of derivatives measures december 31 , 2018 ( in billions ) the following table summarizes the ratings profile of the firm 2019s derivative receivables , including credit derivatives , net of all collateral , at the dates indicated .the ratings scale is based on the firm 2019s internal ratings , which generally correspond to the ratings as assigned by s&p and moody 2019s .ratings profile of derivative receivables .
[['rating equivalent december 31 ( in millions except ratios )', 'rating equivalent exposure net of all collateral', 'rating equivalent % ( % ) of exposure netof all collateral', 'exposure net of all collateral', '% ( % ) of exposure netof all collateral'], ['aaa/aaa to aa-/aa3', '$ 11831', '31% ( 31 % )', '$ 11529', '29% ( 29 % )'], ['a+/a1 to a-/a3', '7428', '19', '6919', '17'], ['bbb+/baa1 to bbb-/baa3', '12536', '32', '13925', '34'], ['bb+/ba1 to b-/b3', '6373', '16', '7397', '18'], ['ccc+/caa1 and below', '723', '2', '645', '2'], ['total', '$ 38891', '100% ( 100 % )', '$ 40415', '100% ( 100 % )']]
as previously noted , the firm uses collateral agreements to mitigate counterparty credit risk .the percentage of the firm 2019s over-the-counter derivative transactions subject to collateral agreements 2014 excluding foreign exchange spot trades , which are not typically covered by collateral agreements due to their short maturity and centrally cleared trades that are settled daily 2014 was approximately 90% ( 90 % ) at both december 31 , 2018 , and december 31 , 2017. .
|
what is the percentual fluctuation of the aaa/aaa to aa-/aa3's exposure net of all collateral in relation with the bb+/ba1 to b-/b3 during 2017 and 2018?
|
4%
|
{
"answer": "4%",
"decimal": 0.04,
"type": "percentage"
}
|
its the difference between those percentual variations during 2017 and 2018 .
|
liquidity and capital resources during the past three years , we had sufficient financial resources to meet our operating requirements , to fund our capital spending , share repurchases and pension plans and to pay increasing dividends to our shareholders .cash from operating activities was $ 1436 million , $ 1310 million , and $ 1345 million in 2011 , 2010 , and 2009 , respectively .higher earnings increased cash from operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 .cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings .operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first-in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities .see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital .we believe operating working capital represents the key components of working capital under the operating control of our businesses .operating working capital at december 31 , 2011 and 2010 was $ 2.7 billion and $ 2.6 billion , respectively .a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) .( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( % ) of sales 19.5% ( 19.5 % ) 19.2% ( 19.2 % ) the change in operating working capital elements , excluding the impact of currency and acquisitions , was an increase of $ 195 million during the year ended december 31 , 2011 .this increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in fifo inventory slightly offset by an increase in trade creditors 2019 liabilities .trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2011 was 17.9 percent , down slightly from 18.1 percent for 2010 .days sales outstanding was 66 days in 2011 , level with 2010 .inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2011 was 13.1 percent level with 2010 .inventory turnover was 5.0 times in 2011 and 4.6 times in 2010 .total capital spending , including acquisitions , was $ 446 million , $ 341 million and $ 265 million in 2011 , 2010 , and 2009 , respectively .spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 390 million , $ 307 million and $ 239 million in 2011 , 2010 , and 2009 , respectively , and is expected to be in the range of $ 450-$ 550 million during 2012 .capital spending , excluding acquisitions , as a percentage of sales was 2.6% ( 2.6 % ) , 2.3% ( 2.3 % ) and 2.0% ( 2.0 % ) in 2011 , 2010 and 2009 , respectively .capital spending related to business acquisitions amounted to $ 56 million , $ 34 million , and $ 26 million in 2011 , 2010 and 2009 , respectively .we continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions , as part of a balanced deployment of our cash to support growth in earnings .in january 2012 , the company closed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company .the cost of these acquisitions , including assumed debt , was $ 193 million .dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011 , 2010 and 2009 , respectively .ppg has paid uninterrupted annual dividends since 1899 , and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders .we did not have a mandatory contribution to our u.s .defined benefit pension plans in 2011 ; however , we made voluntary contributions to these plans in 2011 totaling $ 50 million .in 2010 and 2009 , we made voluntary contributions to our u.s .defined benefit pension plans of $ 250 and $ 360 million ( of which $ 100 million was made in ppg stock ) , respectively .we expect to make voluntary contributions to our u.s .defined benefit pension plans in 2012 of up to $ 60 million .contributions were made to our non-u.s .defined benefit pension plans of $ 71 million , $ 87 million and $ 90 million ( of which approximately $ 20 million was made in ppg stock ) for 2011 , 2010 and 2009 , respectively , some of which were required by local funding requirements .we expect to make mandatory contributions to our non-u.s .plans in 2012 of approximately $ 90 million .the company 2019s share repurchase activity in 2011 , 2010 and 2009 was 10.2 million shares at a cost of $ 858 million , 8.1 million shares at a cost of $ 586 million and 1.5 million shares at a cost of $ 59 million , respectively .we expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth .the amount of spending will depend on the level of acquisition spending and other uses of cash , but we currently expect to spend in the range of $ 250 million to $ 500 million on share repurchases in 2012 .we can repurchase about 9 million shares under the current authorization from the board of directors .26 2011 ppg annual report and form 10-k .
[['( millions )', '2011', '2010', ''], ['operating working capital', '$ 2739', '$ 2595', ''], ['operating working capital as % ( % ) of sales', '19.5% ( 19.5 % )', '19.2', '% ( % )']]
liquidity and capital resources during the past three years , we had sufficient financial resources to meet our operating requirements , to fund our capital spending , share repurchases and pension plans and to pay increasing dividends to our shareholders .cash from operating activities was $ 1436 million , $ 1310 million , and $ 1345 million in 2011 , 2010 , and 2009 , respectively .higher earnings increased cash from operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 .cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings .operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first-in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities .see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital .we believe operating working capital represents the key components of working capital under the operating control of our businesses .operating working capital at december 31 , 2011 and 2010 was $ 2.7 billion and $ 2.6 billion , respectively .a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) .( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( % ) of sales 19.5% ( 19.5 % ) 19.2% ( 19.2 % ) the change in operating working capital elements , excluding the impact of currency and acquisitions , was an increase of $ 195 million during the year ended december 31 , 2011 .this increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in fifo inventory slightly offset by an increase in trade creditors 2019 liabilities .trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2011 was 17.9 percent , down slightly from 18.1 percent for 2010 .days sales outstanding was 66 days in 2011 , level with 2010 .inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2011 was 13.1 percent level with 2010 .inventory turnover was 5.0 times in 2011 and 4.6 times in 2010 .total capital spending , including acquisitions , was $ 446 million , $ 341 million and $ 265 million in 2011 , 2010 , and 2009 , respectively .spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 390 million , $ 307 million and $ 239 million in 2011 , 2010 , and 2009 , respectively , and is expected to be in the range of $ 450-$ 550 million during 2012 .capital spending , excluding acquisitions , as a percentage of sales was 2.6% ( 2.6 % ) , 2.3% ( 2.3 % ) and 2.0% ( 2.0 % ) in 2011 , 2010 and 2009 , respectively .capital spending related to business acquisitions amounted to $ 56 million , $ 34 million , and $ 26 million in 2011 , 2010 and 2009 , respectively .we continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions , as part of a balanced deployment of our cash to support growth in earnings .in january 2012 , the company closed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company .the cost of these acquisitions , including assumed debt , was $ 193 million .dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011 , 2010 and 2009 , respectively .ppg has paid uninterrupted annual dividends since 1899 , and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders .we did not have a mandatory contribution to our u.s .defined benefit pension plans in 2011 ; however , we made voluntary contributions to these plans in 2011 totaling $ 50 million .in 2010 and 2009 , we made voluntary contributions to our u.s .defined benefit pension plans of $ 250 and $ 360 million ( of which $ 100 million was made in ppg stock ) , respectively .we expect to make voluntary contributions to our u.s .defined benefit pension plans in 2012 of up to $ 60 million .contributions were made to our non-u.s .defined benefit pension plans of $ 71 million , $ 87 million and $ 90 million ( of which approximately $ 20 million was made in ppg stock ) for 2011 , 2010 and 2009 , respectively , some of which were required by local funding requirements .we expect to make mandatory contributions to our non-u.s .plans in 2012 of approximately $ 90 million .the company 2019s share repurchase activity in 2011 , 2010 and 2009 was 10.2 million shares at a cost of $ 858 million , 8.1 million shares at a cost of $ 586 million and 1.5 million shares at a cost of $ 59 million , respectively .we expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth .the amount of spending will depend on the level of acquisition spending and other uses of cash , but we currently expect to spend in the range of $ 250 million to $ 500 million on share repurchases in 2012 .we can repurchase about 9 million shares under the current authorization from the board of directors .26 2011 ppg annual report and form 10-k .
|
if trade receivables from customers trends at the same rate as 2011 , what will the 2012 allowance be as a percentage of fourth quarter sales?
|
17.7
|
{
"answer": "17.7",
"decimal": 17.7,
"type": "float"
}
| |
adjusted ebitda increased $ 574 million , or 5% ( 5 % ) , in 2017 primarily from : 2022 an increase in branded postpaid and prepaid service revenues primarily due to strong customer response to our un- carrier initiatives , the ongoing success of our promotional activities , and the continued strength of our metropcs brand ; 2022 higher wholesale revenues ; and 2022 higher other revenues ; partially offset by 2022 higher selling , general and administrative expenses ; 2022 lower gains on disposal of spectrum licenses of $ 600 million ; gains on disposal were $ 235 million for the year ended december 31 , 2017 , compared to $ 835 million in the same period in 2016 ; 2022 higher cost of services expense ; 2022 higher net losses on equipment ; and 2022 the negative impact from hurricanes of approximately $ 201 million , net of insurance recoveries .adjusted ebitda increased $ 2.8 billion , or 36% ( 36 % ) , in 2016 primarily from : 2022 increased branded postpaid and prepaid service revenues primarily due to strong customer response to our un-carrier initiatives and the ongoing success of our promotional activities ; 2022 higher gains on disposal of spectrum licenses of $ 672 million ; gains on disposal were $ 835 million in 2016 compared to $ 163 million in 2015 ; 2022 lower losses on equipment ; and 2022 focused cost control and synergies realized from the metropcs business combination , primarily in cost of services ; partially offset by 2022 higher selling , general and administrative .effective january 1 , 2017 , the imputed discount on eip receivables , which was previously recognized within interest income in our consolidated statements of comprehensive income , is recognized within other revenues in our consolidated statements of comprehensive income .due to this presentation , the imputed discount on eip receivables is included in adjusted ebitda .see note 1 - summary of significant accounting policies of notes to the consolidated financial statements included in part ii , item 8 of this form 10-k for further information .we have applied this change retrospectively and presented the effect on the years ended december 31 , 2016 and 2015 , in the table below. .
[['( in millions )', 'year ended december 31 2016 as filed', 'year ended december 31 2016 change in accounting principle', 'year ended december 31 2016 as adjusted', 'year ended december 31 2016 as filed', 'year ended december 31 2016 change in accounting principle', 'as adjusted'], ['operating income', '$ 3802', '$ 248', '$ 4050', '$ 2065', '$ 414', '$ 2479'], ['interest income', '261', '-248 ( 248 )', '13', '420', '-414 ( 414 )', '6'], ['net income', '1460', '2014', '1460', '733', '2014', '733'], ['net income as a percentage of service revenue', '5% ( 5 % )', '2014% ( 2014 % )', '5% ( 5 % )', '3% ( 3 % )', '2014% ( 2014 % )', '3% ( 3 % )'], ['adjusted ebitda', '$ 10391', '$ 248', '$ 10639', '$ 7393', '$ 414', '$ 7807'], ['adjusted ebitda margin ( adjusted ebitda divided by service revenues )', '37% ( 37 % )', '1% ( 1 % )', '38% ( 38 % )', '30% ( 30 % )', '1% ( 1 % )', '31% ( 31 % )']]
adjusted ebitda margin ( adjusted ebitda divided by service revenues ) 37% ( 37 % ) 1% ( 1 % ) 38% ( 38 % ) 30% ( 30 % ) 1% ( 1 % ) 31% ( 31 % ) liquidity and capital resources our principal sources of liquidity are our cash and cash equivalents and cash generated from operations , proceeds from issuance of long-term debt and common stock , capital leases , the sale of certain receivables , financing arrangements of vendor payables which effectively extend payment terms and secured and unsecured revolving credit facilities with dt. .
|
what was the percent of the change in the disposal costs from 2016 to 2017
|
-71.9%
|
{
"answer": "-71.9%",
"decimal": -0.7190000000000001,
"type": "percentage"
}
|
in 2107 the was a 600 million reduction in disposal costs equal 71.9 % of the amount in 2016
|
management 2019s discussion and analysis 138 jpmorgan chase & co./2013 annual report the credit derivatives used in credit portfolio management activities do not qualify for hedge accounting under u.s .gaap ; these derivatives are reported at fair value , with gains and losses recognized in principal transactions revenue .in contrast , the loans and lending-related commitments being risk-managed are accounted for on an accrual basis .this asymmetry in accounting treatment , between loans and lending-related commitments and the credit derivatives used in credit portfolio management activities , causes earnings volatility that is not representative , in the firm 2019s view , of the true changes in value of the firm 2019s overall credit exposure .the effectiveness of the firm 2019s credit default swap ( 201ccds 201d ) protection as a hedge of the firm 2019s exposures may vary depending on a number of factors , including the named reference entity ( i.e. , the firm may experience losses on specific exposures that are different than the named reference entities in the purchased cds ) , and the contractual terms of the cds ( which may have a defined credit event that does not align with an actual loss realized by the firm ) and the maturity of the firm 2019s cds protection ( which in some cases may be shorter than the firm 2019s exposures ) .however , the firm generally seeks to purchase credit protection with a maturity date that is the same or similar to the maturity date of the exposure for which the protection was purchased , and remaining differences in maturity are actively monitored and managed by the firm .credit portfolio hedges the following table sets out the fair value related to the firm 2019s credit derivatives used in credit portfolio management activities , the fair value related to the cva ( which reflects the credit quality of derivatives counterparty exposure ) , as well as certain other hedges used in the risk management of cva .these results can vary from period-to- period due to market conditions that affect specific positions in the portfolio .net gains and losses on credit portfolio hedges year ended december 31 , ( in millions ) 2013 2012 2011 hedges of loans and lending- related commitments $ ( 142 ) $ ( 163 ) $ ( 32 ) .
[['year ended december 31 ( in millions )', '2013', '2012', '2011'], ['hedges of loans and lending-related commitments', '$ -142 ( 142 )', '$ -163 ( 163 )', '$ -32 ( 32 )'], ['cva and hedges of cva', '-130 ( 130 )', '127', '-769 ( 769 )'], ['net gains/ ( losses )', '$ -272 ( 272 )', '$ -36 ( 36 )', '$ -801 ( 801 )']]
community reinvestment act exposure the community reinvestment act ( 201ccra 201d ) encourages banks to meet the credit needs of borrowers in all segments of their communities , including neighborhoods with low or moderate incomes .the firm is a national leader in community development by providing loans , investments and community development services in communities across the united states .at december 31 , 2013 and 2012 , the firm 2019s cra loan portfolio was approximately $ 18 billion and $ 16 billion , respectively .at december 31 , 2013 and 2012 , 50% ( 50 % ) and 62% ( 62 % ) , respectively , of the cra portfolio were residential mortgage loans ; 26% ( 26 % ) and 13% ( 13 % ) , respectively , were commercial real estate loans ; 16% ( 16 % ) and 18% ( 18 % ) , respectively , were business banking loans ; and 8% ( 8 % ) and 7% ( 7 % ) , respectively , were other loans .cra nonaccrual loans were 3% ( 3 % ) and 4% ( 4 % ) , respectively , of the firm 2019s total nonaccrual loans .for the years ended december 31 , 2013 and 2012 , net charge-offs in the cra portfolio were 1% ( 1 % ) and 3% ( 3 % ) , respectively , of the firm 2019s net charge-offs in both years. .
|
what was the ratio of the firm 2019s cra loan portfolio in 2013 compared to 2012
|
1.125
|
{
"answer": "1.125",
"decimal": 1.125,
"type": "float"
}
| |
stock performance graph : the graph below shows the cumulative total shareholder return assuming the investment of $ 100 , on december 31 , 2012 , and the reinvestment of dividends thereafter , if any , in the company 2019s common stock versus the standard and poor 2019s s&p 500 retail index ( 201cs&p 500 retail index 201d ) and the standard and poor 2019s s&p 500 index ( 201cs&p 500 201d ) . .
[['company/index', 'december 31 , 2012', 'december 31 , 2013', 'december 31 , 2014', 'december 31 , 2015', 'december 31 , 2016', 'december 31 , 2017'], ['o 2019reilly automotive inc .', '$ 100', '$ 144', '$ 215', '$ 283', '$ 311', '$ 269'], ['s&p 500 retail index', '100', '144', '158', '197', '206', '265'], ['s&p 500', '$ 100', '$ 130', '$ 144', '$ 143', '$ 157', '$ 187']]
.
|
what was the difference in the five year total return for o 2019reilly automotive inc . vs the s&p 500 retail index?
|
4
|
{
"answer": "4",
"decimal": 4,
"type": "float"
}
| |
the following table sets forth our refined products sales by product group and our average sales price for each of the last three years .refined product sales ( thousands of barrels per day ) 2009 2008 2007 .
[['( thousands of barrels per day )', '2009', '2008', '2007'], ['gasoline', '830', '756', '791'], ['distillates', '357', '375', '377'], ['propane', '23', '22', '23'], ['feedstocks and special products', '75', '100', '103'], ['heavy fuel oil', '24', '23', '29'], ['asphalt', '69', '76', '87'], ['total', '1378', '1352', '1410'], ['average sales price ( dollars per barrel )', '$ 70.86', '$ 109.49', '$ 86.53']]
we sell gasoline , gasoline blendstocks and no .1 and no .2 fuel oils ( including kerosene , jet fuel and diesel fuel ) to wholesale marketing customers in the midwest , upper great plains , gulf coast and southeastern regions of the united states .we sold 51 percent of our gasoline volumes and 87 percent of our distillates volumes on a wholesale or spot market basis in 2009 .the demand for gasoline is seasonal in many of our markets , with demand typically being at its highest levels during the summer months .we have blended ethanol into gasoline for over 20 years and began expanding our blending program in 2007 , in part due to federal regulations that require us to use specified volumes of renewable fuels .ethanol volumes sold in blended gasoline were 60 mbpd in 2009 , 54 mbpd in 2008 and 40 mbpd in 2007 .the future expansion or contraction of our ethanol blending program will be driven by the economics of the ethanol supply and by government regulations .we sell reformulated gasoline , which is also blended with ethanol , in parts of our marketing territory , including : chicago , illinois ; louisville , kentucky ; northern kentucky ; milwaukee , wisconsin , and hartford , illinois .we also sell biodiesel-blended diesel in minnesota , illinois and kentucky .we produce propane at all seven of our refineries .propane is primarily used for home heating and cooking , as a feedstock within the petrochemical industry , for grain drying and as a fuel for trucks and other vehicles .our propane sales are typically split evenly between the home heating market and industrial consumers .we are a producer and marketer of petrochemicals and specialty products .product availability varies by refinery and includes benzene , cumene , dilute naphthalene oil , molten maleic anhydride , molten sulfur , propylene , toluene and xylene .we market propylene , cumene and sulfur domestically to customers in the chemical industry .we sell maleic anhydride throughout the united states and canada .we also have the capacity to produce 1400 tons per day of anode grade coke at our robinson refinery , which is used to make carbon anodes for the aluminum smelting industry , and 5500 tons per day of fuel grade coke at the garyville refinery , which is used for power generation and in miscellaneous industrial applications .in early 2009 , we discontinued production and sales of petroleum pitch and aliphatic solvents at our catlettsburg refinery .we produce and market heavy residual fuel oil or related components at all seven of our refineries .another product of crude oil , heavy residual fuel oil , is primarily used in the utility and ship bunkering ( fuel ) industries , though there are other more specialized uses of the product .we have refinery based asphalt production capacity of up to 108 mbpd .we market asphalt through 33 owned or leased terminals throughout the midwest and southeast .we have a broad customer base , including approximately 675 asphalt-paving contractors , government entities ( states , counties , cities and townships ) and asphalt roofing shingle manufacturers .we sell asphalt in the wholesale and cargo markets via rail and barge .we also produce asphalt cements , polymer modified asphalt , emulsified asphalt and industrial asphalts .in 2007 , we acquired a 35 percent interest in an entity which owns and operates a 110-million-gallon-per-year ethanol production facility in clymers , indiana .we also own a 50 percent interest in an entity which owns a 110-million-gallon-per-year ethanol production facility in greenville , ohio .the greenville plant began production in february 2008 .both of these facilities are managed by a co-owner. .
|
what were total ethanol volumes sold in blended gasoline in 2009 , 2008 , and 2007 in tbd?
|
154
|
{
"answer": "154",
"decimal": 154,
"type": "float"
}
| |
in september 2007 , we reached a settlement with the united states department of justice in an ongoing investigation into financial relationships between major orthopaedic manufacturers and consulting orthopaedic surgeons .under the terms of the settlement , we paid a civil settlement amount of $ 169.5 million and we recorded an expense in that amount .no tax benefit has been recorded related to the settlement expense due to the uncertainty as to the tax treatment .we intend to pursue resolution of this uncertainty with taxing authorities , but are unable to ascertain the outcome or timing for such resolution at this time .for more information regarding the settlement , see note 15 .in june 2006 , the financial accounting standards board ( fasb ) issued interpretation no .48 , accounting for uncertainty in income taxes 2013 an interpretation of fasb statement no .109 , accounting for income taxes ( fin 48 ) .fin 48 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements .under fin 48 , we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities , based on the technical merits of the position .the tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement .fin 48 also provides guidance on derecognition , classification , interest and penalties on income taxes , accounting in interim periods and requires increased disclosures .we adopted fin 48 on january 1 , 2007 .prior to the adoption of fin 48 we had a long term tax liability for expected settlement of various federal , state and foreign income tax liabilities that was reflected net of the corollary tax impact of these expected settlements of $ 102.1 million , as well as a separate accrued interest liability of $ 1.7 million .as a result of the adoption of fin 48 , we are required to present the different components of such liability on a gross basis versus the historical net presentation .the adoption resulted in the financial statement liability for unrecognized tax benefits decreasing by $ 6.4 million as of january 1 , 2007 .the adoption resulted in this decrease in the liability as well as a reduction to retained earnings of $ 4.8 million , a reduction in goodwill of $ 61.4 million , the establishment of a tax receivable of $ 58.2 million , which was recorded in other current and non-current assets on our consolidated balance sheet , and an increase in an interest/penalty payable of $ 7.9 million , all as of january 1 , 2007 .therefore , after the adoption of fin 48 , the amount of unrecognized tax benefits is $ 95.7 million as of january 1 , 2007 , of which $ 28.6 million would impact our effective tax rate , if recognized .the amount of unrecognized tax benefits is $ 135.2 million as of december 31 , 2007 .of this amount , $ 41.0 million would impact our effective tax rate , if recognized .a reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows ( in millions ) : .
[['balance at january 1 2007', '$ 95.7'], ['increases related to prior periods', '27.4'], ['decreases related to prior periods', '-5.5 ( 5.5 )'], ['increases related to current period', '21.9'], ['decreases related to settlements with taxing authorities', '-1.3 ( 1.3 )'], ['decreases related to lapse of statue of limitations', '-3.0 ( 3.0 )'], ['balance at december 31 2007', '$ 135.2']]
we recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense in the consolidated statements of earnings , which is consistent with the recognition of these items in prior reporting periods .as of january 1 , 2007 , we recorded a liability of $ 9.6 million for accrued interest and penalties , of which $ 7.5 million would impact our effective tax rate , if recognized .the amount of this liability is $ 19.6 million as of december 31 , 2007 .of this amount , $ 14.7 million would impact our effective tax rate , if recognized .we expect that the amount of tax liability for unrecognized tax benefits will change in the next twelve months ; however , we do not expect these changes will have a significant impact on our results of operations or financial position .the u.s .federal statute of limitations remains open for the year 2003 and onward with years 2003 and 2004 currently under examination by the irs .it is reasonably possible that a resolution with the irs for the years 2003 through 2004 will be reached within the next twelve months , but we do not anticipate this would result in any material impact on our financial position .in addition , for the 1999 tax year of centerpulse , which we acquired in october 2003 , one issue remains in dispute .the resolution of this issue would not impact our effective tax rate , as it would be recorded as an adjustment to goodwill .state income tax returns are generally subject to examination for a period of 3 to 5 years after filing of the respective return .the state impact of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states .we have various state income tax returns in the process of examination , administrative appeals or litigation .it is reasonably possible that such matters will be resolved in the next twelve months , but we do not anticipate that the resolution of these matters would result in any material impact on our results of operations or financial position .foreign jurisdictions have statutes of limitations generally ranging from 3 to 5 years .years still open to examination by foreign tax authorities in major jurisdictions include australia ( 2003 onward ) , canada ( 1999 onward ) , france ( 2005 onward ) , germany ( 2005 onward ) , italy ( 2003 onward ) , japan ( 2001 onward ) , puerto rico ( 2005 onward ) , singapore ( 2003 onward ) , switzerland ( 2004 onward ) , and the united kingdom ( 2005 onward ) .z i m m e r h o l d i n g s , i n c .2 0 0 7 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued ) .
|
what percent of the 2007 balance increase is from prior periods?
|
69.37%
|
{
"answer": "69.37%",
"decimal": 0.6937000000000001,
"type": "percentage"
}
| |
news corporation notes to the consolidated financial statements as of june 30 , 2016 , the company had income tax net operating loss carryforwards ( nols ) ( gross , net of uncertain tax benefits ) , in various jurisdictions as follows : jurisdiction expiration amount ( in millions ) .
[['jurisdiction', 'expiration', 'amount ( in millions )'], ['u.s . federal', '2021 to 2036', '$ 858'], ['u.s . states', 'various', '581'], ['australia', 'indefinite', '452'], ['u.k .', 'indefinite', '134'], ['other foreign', 'various', '346']]
utilization of the nols is dependent on generating sufficient taxable income from our operations in each of the respective jurisdictions to which the nols relate , while taking into account limitations and/or restrictions on our ability to use them .certain of our u.s .federal nols were acquired as part of the acquisitions of move and harlequin and are subject to limitations as promulgated under section 382 of the code .section 382 of the code limits the amount of acquired nols that we can use on an annual basis to offset future u.s .consolidated taxable income .the nols are also subject to review by relevant tax authorities in the jurisdictions to which they relate .the company recorded a deferred tax asset of $ 580 million and $ 540 million ( net of approximately $ 53 million and $ 95 million , respectively , of unrecognized tax benefits ) associated with its nols as of june 30 , 2016 and 2015 , respectively .significant judgment is applied in assessing our ability to realize our nols and other tax assets .management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize existing deferred tax assets within the applicable expiration period .on the basis of this evaluation , valuation allowances of $ 97 million and $ 304 million have been established to reduce the deferred tax asset associated with the company 2019s nols to an amount that will more likely than not be realized as of june 30 , 2016 and 2015 , respectively .the amount of the nol deferred tax asset considered realizable , however , could be adjusted if estimates of future taxable income during the carryforward period are reduced or if objective negative evidence in the form of cumulative losses occurs .as of june 30 , 2016 , the company had approximately $ 1.6 billion and $ 1.7 billion of capital loss carryforwards in australia and the u.k. , respectively , which may be carried forward indefinitely and which are subject to tax authority review .realization of our capital losses is dependent on generating capital gain taxable income and satisfying certain continuity of business requirements .the company recorded a deferred tax asset of $ 803 million and $ 892 million as of june 30 , 2016 and 2015 , respectively for these capital loss carryforwards , however , it is more likely than not that the company will not generate capital gain income in the normal course of business in these jurisdictions .accordingly , valuation allowances of $ 803 million and $ 892 million have been established to reduce the capital loss carryforward deferred tax asset to an amount that will more likely than not be realized as of june 30 , 2016 and 2015 , respectively .as of june 30 , 2016 , the company had approximately $ 26 million of u.s .federal tax credit carryforward which includes $ 22 million of foreign tax credits and $ 4 million of research & development credits which begin to expire in 2025 and 2036 , respectively .as of june 30 , 2016 , the company had approximately $ 5 million of non-u.s .tax credit carryforwards which expire in various amounts beginning in 2025 and $ 8 million of state tax credit carryforwards ( net of u.s .federal benefit ) , of which the balance can be carried forward indefinitely .in accordance with the company 2019s accounting policy , a valuation allowance of $ 5 million has been established to reduce the deferred tax asset associated with the company 2019s non-u.s .and state credit carryforwards to an amount that will more likely than not be realized as of june 30 , 2016. .
|
what was the percentage change in the the company recorded a deferred tax asset associated with its nols from 2015 to 2016
|
7.4%
|
{
"answer": "7.4%",
"decimal": 0.07400000000000001,
"type": "percentage"
}
|
the company recorded deferred tax asset associated with its nols increased by 7.4% from 2015 to 2016
|
o .segment information 2013 ( concluded ) ( 1 ) included in net sales were export sales from the u.s .of $ 246 million , $ 277 million and $ 275 million in 2010 , 2009 and 2008 , respectively .( 2 ) intra-company sales between segments represented approximately two percent of net sales in 2010 , three percent of net sales in 2009 and one percent of net sales in 2008 .( 3 ) included in net sales were sales to one customer of $ 1993 million , $ 2053 million and $ 2058 million in 2010 , 2009 and 2008 , respectively .such net sales were included in the following segments : cabinets and related products , plumbing products , decorative architectural products and other specialty products .( 4 ) net sales from the company 2019s operations in the u.s .were $ 5618 million , $ 5952 million and $ 7150 million in 2010 , 2009 and 2008 , respectively .( 5 ) net sales , operating ( loss ) profit , property additions and depreciation and amortization expense for 2010 , 2009 and 2008 excluded the results of businesses reported as discontinued operations in 2010 , 2009 and 2008 .( 6 ) included in segment operating ( loss ) profit for 2010 were impairment charges for goodwill and other intangible assets as follows : plumbing products 2013 $ 1 million ; and installation and other services 2013 $ 720 million .included in segment operating profit ( loss ) for 2009 were impairment charges for goodwill as follows : plumbing products 2013 $ 39 million ; other specialty products 2013 $ 223 million .included in segment operating profit ( loss ) for 2008 were impairment charges for goodwill and other intangible assets as follows : cabinets and related products 2013 $ 59 million ; plumbing products 2013 $ 203 million ; installation and other services 2013 $ 52 million ; and other specialty products 2013 $ 153 million .( 7 ) general corporate expense , net included those expenses not specifically attributable to the company 2019s segments .( 8 ) during 2009 , the company recognized a curtailment loss related to the plan to freeze all future benefit accruals beginning january 1 , 2010 under substantially all of the company 2019s domestic qualified and non-qualified defined-benefit pension plans .see note m to the consolidated financial statements .( 9 ) the charge for litigation settlement in 2009 relates to a business unit in the cabinets and related products segment .the charge for litigation settlement in 2008 relates to a business unit in the installation and other services segment .( 10 ) see note l to the consolidated financial statements .( 11 ) long-lived assets of the company 2019s operations in the u.s .and europe were $ 3684 million and $ 617 million , $ 4628 million and $ 690 million , and $ 4887 million and $ 770 million at december 31 , 2010 , 2009 and 2008 , respectively .( 12 ) segment assets for 2009 and 2008 excluded the assets of businesses reported as discontinued operations .p .other income ( expense ) , net other , net , which is included in other income ( expense ) , net , was as follows , in millions: .
[['', '2010', '2009', '2008'], ['income from cash and cash investments', '$ 6', '$ 7', '$ 22'], ['other interest income', '1', '2', '2'], ['income from financial investments net ( note e )', '9', '3', '1'], ['other items net', '-9 ( 9 )', '17', '-22 ( 22 )'], ['total other net', '$ 7', '$ 29', '$ 3']]
masco corporation notes to consolidated financial statements 2014 ( continued ) .
|
considering the years 2008-2010 , what is the average income from cash and cash investments , in millions?
|
11.67
|
{
"answer": "11.67",
"decimal": 11.67,
"type": "float"
}
|
it is the sum of all income from cash and cash investments' value for these years , then divided by three .
|
cash flows from operating activities can fluctuate significantly from period to period , as pension funding decisions , tax timing differences and other items can significantly impact cash flows .in both 2007 and 2006 , the company made discretionary contributions of $ 200 million to its u.s .qualified pension plan , and in 2005 made discretionary contributions totaling $ 500 million .in 2007 , cash flows provided by operating activities increased $ 436 million , including an increase in net income of $ 245 million .since the gain from sale of businesses is included in and increases net income , the pre-tax gain from the sale of the businesses must be subtracted , as shown above , to properly reflect operating cash flows .the cash proceeds from the sale of the pharmaceuticals business are shown as part of cash from investing activities ; however , when the related taxes are paid they are required to be shown as part of cash provided by operating activities .thus , operating cash flows for 2007 were penalized due to cash income tax payments of approximately $ 630 million in 2007 that related to the sale of the global branded pharmaceuticals business .non-pharmaceutical related cash income tax payments were approximately $ 475 million lower than 2006 due to normal timing differences in tax payments , which benefited cash flows .accounts receivable and inventory increases reduced cash flows in 2007 , but decreased cash flow less than in 2006 , resulting in a year-on-year benefit to cash flows of $ 323 million .the category 201cother-net 201d in the preceding table reflects changes in other asset and liability accounts , including the impact of cash payments made in connection with 3m 2019s restructuring actions ( note 4 ) .in 2006 , cash flows provided by operating activities decreased $ 365 million .this decrease was due in large part to an increase of approximately $ 600 million in tax payments in 2006 compared with 2005 .the higher tax payments in 2006 primarily related to the company 2019s repatriation of $ 1.7 billion of foreign earnings in the united states pursuant to the provisions of the american jobs creation act of 2004 .the category 201cother-net 201d in the preceding table reflects changes in other asset and liability accounts , including outstanding liabilities at december 31 , 2006 , related to 3m 2019s restructuring actions ( note 4 ) .cash flows from investing activities : years ended december 31 .
[['( millions )', '2007', '2006', '2005'], ['purchases of property plant and equipment ( pp&e )', '$ -1422 ( 1422 )', '$ -1168 ( 1168 )', '$ -943 ( 943 )'], ['proceeds from sale of pp&e and other assets', '103', '49', '41'], ['acquisitions net of cash acquired', '-539 ( 539 )', '-888 ( 888 )', '-1293 ( 1293 )'], ['proceeds from sale of businesses', '897', '1209', '2014'], ['purchases and proceeds from sale or maturities of marketable securities and investments 2014 net', '-406 ( 406 )', '-662 ( 662 )', '-46 ( 46 )'], ['net cash used in investing activities', '$ -1367 ( 1367 )', '$ -1460 ( 1460 )', '$ -2241 ( 2241 )']]
investments in property , plant and equipment enable growth in diverse markets , helping to meet product demand and increasing manufacturing efficiency .in 2007 , numerous plants were opened or expanded internationally .this included two facilities in korea ( respirator manufacturing facility and optical plant ) , an optical plant in poland , industrial adhesives/tapes facilities in both brazil and the philippines , a plant in russia ( corrosion protection , industrial adhesive and tapes , and respirators ) , a plant in china ( optical systems , industrial adhesives and tapes , and personal care ) , an expansion in canada ( construction and home improvement business ) , in addition to investments in india , mexico and other countries .in addition , 3m expanded manufacturing capabilities in the u.s. , including investments in industrial adhesives/tapes and optical .3m also exited several high-cost underutilized manufacturing facilities and streamlined several supply chains by relocating equipment from one facility to another .the streamlining work has primarily occurred inside the u.s .and is in addition to the streamlining achieved through plant construction .as a result of this increased activity , capital expenditures were $ 1.422 billion in 2007 , an increase of $ 254 million when compared to 2006 .the company expects capital expenditures to total approximately $ 1.3 billion to $ 1.4 billion in 2008 .refer to the preceding 201ccapital spending/net property , plant and equipment 201d section for more detail .refer to note 2 for information on 2007 , 2006 and 2005 acquisitions .note 2 also provides information on the proceeds from the sale of businesses .the company is actively considering additional acquisitions , investments and strategic alliances , and from time to time may also divest certain businesses .purchases of marketable securities and investments and proceeds from sale ( or maturities ) of marketable securities and investments are primarily attributable to asset-backed securities , agency securities , corporate medium-term note securities , auction rate securities and other securities , which are classified as available-for-sale .refer to note 9 for more details about 3m 2019s diversified marketable securities portfolio , which totaled $ 1.059 billion as of december 31 , 2007 .purchases of marketable securities , net of sales and maturities , totaled $ 429 million for 2007 and $ 637 million for 2006 .purchases of investments in 2005 include the purchase of 19% ( 19 % ) of ti&m beteiligungsgesellschaft mbh for .
|
what was the percentage change in the net cash used in investing activities from 2006 to 2007
|
-6.4%
|
{
"answer": "-6.4%",
"decimal": -0.064,
"type": "percentage"
}
| |
entergy texas , inc .and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 31.4 million primarily due to lower net revenue , higher depreciation and amortization expenses , higher other operation and maintenance expenses , and higher taxes other than income taxes .2016 compared to 2015 net income increased $ 37.9 million primarily due to lower other operation and maintenance expenses , the asset write-off of its receivable associated with the spindletop gas storage facility in 2015 , and higher net revenue .net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .following is an analysis of the change in net revenue comparing 2017 to 2016 .amount ( in millions ) .
[['', 'amount ( in millions )'], ['2016 net revenue', '$ 644.2'], ['net wholesale revenue', '-35.1 ( 35.1 )'], ['purchased power capacity', '-5.9 ( 5.9 )'], ['transmission revenue', '-5.4 ( 5.4 )'], ['reserve equalization', '5.6'], ['retail electric price', '19.0'], ['other', '4.4'], ['2017 net revenue', '$ 626.8']]
the net wholesale revenue variance is primarily due to lower net capacity revenues resulting from the termination of the purchased power agreements between entergy louisiana and entergy texas in august 2016 .the purchased power capacity variance is primarily due to increased expenses due to capacity cost changes for ongoing purchased power capacity contracts .the transmission revenue variance is primarily due to a decrease in the amount of transmission revenues allocated by miso .the reserve equalization variance is due to the absence of reserve equalization expenses in 2017 as a result of entergy texas 2019s exit from the system agreement in august 2016 .see note 2 to the financial statements for a discussion of the system agreement. .
|
what was the ratio of the change in net revenue to the increase in net income in 2016
|
17
|
{
"answer": "17",
"decimal": 17,
"type": "float"
}
| |
the company 2019s 2017 reported tax rate includes $ 160.9 million of net tax benefits associated with the tax act , $ 6.2 million of net tax benefits on special gains and charges , and net tax benefits of $ 25.3 million associated with discrete tax items .in connection with the company 2019s initial analysis of the impact of the tax act , as noted above , a provisional net discrete tax benefit of $ 160.9 million was recorded in the period ended december 31 , 2017 , which includes $ 321.0 million tax benefit for recording deferred tax assets and liabilities at the u.s .enacted tax rate , and a net expense for the one-time transition tax of $ 160.1 million .while the company was able to make an estimate of the impact of the reduction in the u.s .rate on deferred tax assets and liabilities and the one-time transition tax , it may be affected by other analyses related to the tax act , as indicated above .special ( gains ) and charges represent the tax impact of special ( gains ) and charges , as well as additional tax benefits utilized in anticipation of u.s .tax reform of $ 7.8 million .during 2017 , the company recorded a discrete tax benefit of $ 39.7 million related to excess tax benefits , resulting from the adoption of accounting changes regarding the treatment of tax benefits on share-based compensation .the extent of excess tax benefits is subject to variation in stock price and stock option exercises .in addition , the company recorded net discrete expenses of $ 14.4 million related to recognizing adjustments from filing the 2016 u.s .federal income tax return and international adjustments due to changes in estimates , partially offset by the release of reserves for uncertain tax positions due to the expiration of statute of limitations in state tax matters .during 2016 , the company recognized net expense related to discrete tax items of $ 3.9 million .the net expenses were driven primarily by recognizing adjustments from filing the company 2019s 2015 u.s .federal income tax return , partially offset by settlement of international tax matters and remeasurement of certain deferred tax assets and liabilities resulting from the application of updated tax rates in international jurisdictions .net expense was also impacted by adjustments to deferred tax asset and liability positions and the release of reserves for uncertain tax positions due to the expiration of statute of limitations in non-u.s .jurisdictions .during 2015 , the company recognized net benefits related to discrete tax items of $ 63.3 million .the net benefits were driven primarily by the release of $ 20.6 million of valuation allowances , based on the realizability of foreign deferred tax assets and the ability to recognize a worthless stock deduction of $ 39.0 million for the tax basis in a wholly-owned domestic subsidiary .a reconciliation of the beginning and ending amount of gross liability for unrecognized tax benefits is as follows: .
[['( millions )', '2017', '2016', '2015'], ['balance at beginning of year', '$ 75.9', '$ 74.6', '$ 78.7'], ['additions based on tax positions related to the current year', '3.2', '8.8', '5.8'], ['additions for tax positions of prior years', '-', '2.1', '0.9'], ['reductions for tax positions of prior years', '-4.9 ( 4.9 )', '-1.0 ( 1.0 )', '-8.8 ( 8.8 )'], ['reductions for tax positions due to statute of limitations', '-14.0 ( 14.0 )', '-5.5 ( 5.5 )', '-1.6 ( 1.6 )'], ['settlements', '-10.8 ( 10.8 )', '-2.0 ( 2.0 )', '-4.2 ( 4.2 )'], ['assumed in connection with acquisitions', '10.0', '-', '8.0'], ['foreign currency translation', '2.1', '-1.1 ( 1.1 )', '-4.2 ( 4.2 )'], ['balance at end of year', '$ 61.5', '$ 75.9', '$ 74.6']]
the total amount of unrecognized tax benefits , if recognized would have affected the effective tax rate by $ 47.1 million as of december 31 , 2017 , $ 57.5 million as of december 31 , 2016 and $ 59.2 million as of december 31 , 2015 .the company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes .during 2017 , 2016 and 2015 the company released $ 0.9 million , $ 2.9 million and $ 1.4 million related to interest and penalties , respectively .the company had $ 9.3 million , $ 10.2 million and $ 13.1 million of accrued interest , including minor amounts for penalties , at december 31 , 2017 , 2016 , and 2015 , respectively. .
|
what was the change in millions in settlements between 2017 and 2016?
|
8.8
|
{
"answer": "8.8",
"decimal": 8.8,
"type": "float"
}
| |
( a ) the net change in the total valuation allowance for the years ended december 31 , 2018 and 2017 was an increase of $ 12 million and an increase of $ 26 million , respectively .deferred income tax assets and liabilities are recorded in the accompanying consolidated balance sheet under the captions deferred charges and other assets and deferred income taxes .there was a decrease in deferred income tax assets principally relating to the utilization of u.s .federal alternative minimum tax credits as permitted under tax reform .deferred tax liabilities increased primarily due to the tax deferral of the book gain recognized on the transfer of the north american consumer packaging business to a subsidiary of graphic packaging holding company .of the $ 1.5 billion of deferred tax liabilities for forestlands , related installment sales , and investment in subsidiary , $ 884 million is attributable to an investment in subsidiary and relates to a 2006 international paper installment sale of forestlands and $ 538 million is attributable to a 2007 temple-inland installment sale of forestlands ( see note 14 ) .a reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended december 31 , 2018 , 2017 and 2016 is as follows: .
[['in millions', '2018', '2017', '2016'], ['balance at january 1', '$ -188 ( 188 )', '$ -98 ( 98 )', '$ -150 ( 150 )'], ['( additions ) reductions based on tax positions related to current year', '-7 ( 7 )', '-54 ( 54 )', '-4 ( 4 )'], ['( additions ) for tax positions of prior years', '-37 ( 37 )', '-40 ( 40 )', '-3 ( 3 )'], ['reductions for tax positions of prior years', '5', '4', '33'], ['settlements', '2', '6', '19'], ['expiration of statutes oflimitations', '2', '1', '5'], ['currency translation adjustment', '3', '-7 ( 7 )', '2'], ['balance at december 31', '$ -220 ( 220 )', '$ -188 ( 188 )', '$ -98 ( 98 )']]
if the company were to prevail on the unrecognized tax benefits recorded , substantially all of the balances at december 31 , 2018 , 2017 and 2016 would benefit the effective tax rate .the company accrues interest on unrecognized tax benefits as a component of interest expense .penalties , if incurred , are recognized as a component of income tax expense .the company had approximately $ 21 million and $ 17 million accrued for the payment of estimated interest and penalties associated with unrecognized tax benefits at december 31 , 2018 and 2017 , respectively .the major jurisdictions where the company files income tax returns are the united states , brazil , france , poland and russia .generally , tax years 2006 through 2017 remain open and subject to examination by the relevant tax authorities .the company frequently faces challenges regarding the amount of taxes due .these challenges include positions taken by the company related to the timing , nature , and amount of deductions and the allocation of income among various tax jurisdictions .pending audit settlements and the expiration of statute of limitations could reduce the uncertain tax positions by $ 30 million during the next twelve months .the brazilian federal revenue service has challenged the deductibility of goodwill amortization generated in a 2007 acquisition by international paper do brasil ltda. , a wholly-owned subsidiary of the company .the company received assessments for the tax years 2007-2015 totaling approximately $ 150 million in tax , and $ 380 million in interest and penalties as of december 31 , 2018 ( adjusted for variation in currency exchange rates ) .after a previous favorable ruling challenging the basis for these assessments , we received an unfavorable decision in october 2018 from the brazilian administrative council of tax appeals .the company intends to further appeal the matter in the brazilian federal courts in 2019 ; however , this tax litigation matter may take many years to resolve .the company believes that it has appropriately evaluated the transaction underlying these assessments , and has concluded based on brazilian tax law , that its tax position would be sustained .the company intends to vigorously defend its position against the current assessments and any similar assessments that may be issued for tax years subsequent to 2015 .international paper uses the flow-through method to account for investment tax credits earned on eligible open-loop biomass facilities and combined heat and power system expenditures .under this method , the investment tax credits are recognized as a reduction to income tax expense in the year they are earned rather than a reduction in the asset basis .the company recorded a tax benefit of $ 6 million during 2018 and recorded a tax benefit of $ 68 million during 2017 related to investment tax credits earned in tax years 2013-2017. .
|
unrecognized tax benefits change by what percent between 2017 and 2018?
|
17%
|
{
"answer": "17%",
"decimal": 0.17,
"type": "percentage"
}
| |
table of contents interest expense , net of capitalized interest increased $ 64 million , or 9.8% ( 9.8 % ) , to $ 710 million in 2013 from $ 646 million in 2012 primarily due to special charges of $ 92 million to recognize post-petition interest expense on unsecured obligations pursuant to the plan and penalty interest related to 10.5% ( 10.5 % ) secured notes and 7.50% ( 7.50 % ) senior secured notes .other nonoperating expense , net of $ 84 million in 2013 consists principally of net foreign currency losses of $ 55 million and early debt extinguishment charges of $ 48 million .other nonoperating income in 2012 consisted principally of a $ 280 million special credit related to the settlement of a commercial dispute partially offset by net foreign currency losses .reorganization items , net reorganization items refer to revenues , expenses ( including professional fees ) , realized gains and losses and provisions for losses that are realized or incurred as a direct result of the chapter 11 cases .the following table summarizes the components included in reorganization items , net on american 2019s consolidated statements of operations for the years ended december 31 , 2013 and 2012 ( in millions ) : .
[['', '2013', '2012'], ['pension and postretirement benefits', '$ 2014', '$ -66 ( 66 )'], ['labor-related deemed claim ( 1 )', '1733', '2014'], ['aircraft and facility financing renegotiations and rejections ( 2 ) ( 3 )', '320', '1951'], ['fair value of conversion discount ( 4 )', '218', '2014'], ['professional fees', '199', '227'], ['other', '170', '67'], ['total reorganization items net', '$ 2640', '$ 2179']]
( 1 ) in exchange for employees 2019 contributions to the successful reorganization , including agreeing to reductions in pay and benefits , american agreed in the plan to provide each employee group a deemed claim , which was used to provide a distribution of a portion of the equity of the reorganized entity to those employees .each employee group received a deemed claim amount based upon a portion of the value of cost savings provided by that group through reductions to pay and benefits as well as through certain work rule changes .the total value of this deemed claim was approximately $ 1.7 billion .( 2 ) amounts include allowed claims ( claims approved by the bankruptcy court ) and estimated allowed claims relating to ( i ) the rejection or modification of financings related to aircraft and ( ii ) entry of orders treated as unsecured claims with respect to facility agreements supporting certain issuances of special facility revenue bonds .the debtors recorded an estimated claim associated with the rejection or modification of a financing or facility agreement when the applicable motion was filed with the bankruptcy court to reject or modify such financing or facility agreement and the debtors believed that it was probable the motion would be approved , and there was sufficient information to estimate the claim .see note 2 to american 2019s consolidated financial statements in part ii , item 8b for further information .( 3 ) pursuant to the plan , the debtors agreed to allow certain post-petition unsecured claims on obligations .as a result , during the year ended december 31 , 2013 , american recorded reorganization charges to adjust estimated allowed claim amounts previously recorded on rejected special facility revenue bonds of $ 180 million , allowed general unsecured claims related to the 1990 and 1994 series of special facility revenue bonds that financed certain improvements at jfk , and rejected bonds that financed certain improvements at ord , which are included in the table above .( 4 ) the plan allowed unsecured creditors receiving aag series a preferred stock a conversion discount of 3.5% ( 3.5 % ) .accordingly , american recorded the fair value of such discount upon the confirmation of the plan by the bankruptcy court. .
|
in 2013 what was the ratio of the interest expense , net of capitalized interest to the other non operating income net related to debt extinguishm net and currency losses
|
8.45
|
{
"answer": "8.45",
"decimal": 8.45,
"type": "float"
}
|
there was $ 8.45 for every $ 1 of other other non operating income net related to debt extinguish net and foreign currency losses
|
74 2013 ppg annual report and form 10-k 22 .separation and merger transaction on january 28 , 2013 , the company completed the previously announced separation of its commodity chemicals business and merger of its wholly-owned subsidiary , eagle spinco inc. , with a subsidiary of georgia gulf corporation in a tax ef ficient reverse morris trust transaction ( the 201ctransaction 201d ) .pursuant to the merger , eagle spinco , the entity holding ppg's former commodity chemicals business , became a wholly-owned subsidiary of georgia gulf .the closing of the merger followed the expiration of the related exchange offer and the satisfaction of certain other conditions .the combined company formed by uniting georgia gulf with ppg's former commodity chemicals business is named axiall corporation ( 201caxiall 201d ) .ppg holds no ownership interest in axiall .ppg received the necessary ruling from the internal revenue service and as a result this transaction was generally tax free to ppg and its shareholders in the united states and canada .under the terms of the exchange offer , 35249104 shares of eagle spinco common stock were available for distribution in exchange for shares of ppg common stock accepted in the offer .following the merger , each share of eagle spinco common stock automatically converted into the right to receive one share of axiall corporation common stock .accordingly , ppg shareholders who tendered their shares of ppg common stock as part of this offer received 3.2562 shares of axiall common stock for each share of ppg common stock accepted for exchange .ppg was able to accept the maximum of 10825227 shares of ppg common stock for exchange in the offer , and thereby , reduced its outstanding shares by approximately 7% ( 7 % ) .the completion of this exchange offer was a non-cash financing transaction , which resulted in an increase in "treasury stock" at a cost of $ 1.561 billion based on the ppg closing stock price on january 25 , 2013 .under the terms of the transaction , ppg received $ 900 million of cash and 35.2 million shares of axiall common stock ( market value of $ 1.8 billion on january 25 , 2013 ) which was distributed to ppg shareholders by the exchange offer as described above .in addition , ppg received $ 67 million in cash for a preliminary post-closing working capital adjustment under the terms of the transaction agreements .the net assets transferred to axiall included $ 27 million of cash on the books of the business transferred .in the transaction , ppg transferred environmental remediation liabilities , defined benefit pension plan assets and liabilities and other post-employment benefit liabilities related to the commodity chemicals business to axiall .during the first quarter of 2013 , ppg recorded a gain of $ 2.2 billion on the transaction reflecting the excess of the sum of the cash proceeds received and the cost ( closing stock price on january 25 , 2013 ) of the ppg shares tendered and accepted in the exchange for the 35.2 million shares of axiall common stock over the net book value of the net assets of ppg's former commodity chemicals business .the transaction resulted in a net partial settlement loss of $ 33 million associated with the spin out and termination of defined benefit pension liabilities and the transfer of other post-retirement benefit liabilities under the terms of the transaction .the company also incurred $ 14 million of pretax expense , primarily for professional services related to the transaction in 2013 as well as approximately $ 2 million of net expense related to certain retained obligations and post-closing adjustments under the terms of the transaction agreements .the net gain on the transaction includes these related losses and expenses .the results of operations and cash flows of ppg's former commodity chemicals business for january 2013 and the net gain on the transaction are reported as results from discontinued operations for the year -ended december 31 , 2013 .in prior periods presented , the results of operations and cash flows of ppg's former commodity chemicals business have been reclassified from continuing operations and presented as results from discontinued operations .ppg will provide axiall with certain transition services for up to 24 months following the closing date of the transaction .these services include logistics , purchasing , finance , information technology , human resources , tax and payroll processing .the net sales and income before income taxes of the commodity chemicals business that have been reclassified and reported as discontinued operations are presented in the table below: .
[['millions', 'year-ended 2013', 'year-ended 2012', 'year-ended 2011'], ['net sales', '$ 108', '$ 1688', '$ 1732'], ['income from operations before income tax', '$ 2014', '$ 345', '$ 376'], ['net gain from separation and merger of commodity chemicals business', '2192', '2014', '2014'], ['income tax expense', '-5 ( 5 )', '117', '126'], ['income from discontinued operations net of tax', '$ 2197', '$ 228', '$ 250'], ['less : net income attributable to non-controlling interests discontinued operations', '$ 2014', '$ -13 ( 13 )', '$ -13 ( 13 )'], ['net income from discontinued operations ( attributable to ppg )', '$ 2197', '$ 215', '$ 237']]
income from discontinued operations , net of tax $ 2197 $ 228 $ 250 less : net income attributable to non- controlling interests , discontinued operations $ 2014 $ ( 13 ) $ ( 13 ) net income from discontinued operations ( attributable to ppg ) $ 2197 $ 215 $ 237 during 2012 , $ 21 million of business separation costs are included within "income from discontinued operations , net." notes to the consolidated financial statements .
|
what was the total amount received by ppg in the axiall transaction , in millions?
|
2767
|
{
"answer": "2767",
"decimal": 2767,
"type": "float"
}
| |
we cannot assure you that the gener restructuring will be completed or that the terms thereof will not be changed materially .in addition , gener is in the process of restructuring the debt of its subsidiaries , termoandes s.a .( 2018 2018termoandes 2019 2019 ) and interandes , s.a .( 2018 2018interandes 2019 2019 ) , and expects that the maturities of these obligations will be extended .under-performing businesses during 2003 we sold or discontinued under-performing businesses and construction projects that did not meet our investment criteria or did not provide reasonable opportunities to restructure .it is anticipated that there will be less ongoing activity related to write-offs of development or construction projects and impairment charges in the future .the businesses , which were affected in 2003 , are listed below .impairment project name project type date location ( in millions ) .
[['project name', 'project type', 'date', 'location', 'impairment ( in millions )'], ['ede este ( 1 )', 'operating', 'december 2003', 'dominican republic', '$ 60'], ['wolf hollow', 'operating', 'december 2003', 'united states', '$ 120'], ['granite ridge', 'operating', 'december 2003', 'united states', '$ 201'], ['colombia i', 'operating', 'november 2003', 'colombia', '$ 19'], ['zeg', 'construction', 'december 2003', 'poland', '$ 23'], ['bujagali', 'construction', 'august 2003', 'uganda', '$ 76'], ['el faro', 'construction', 'april 2003', 'honduras', '$ 20']]
( 1 ) see note 4 2014discontinued operations .improving credit quality our de-leveraging efforts reduced parent level debt by $ 1.2 billion in 2003 ( including the secured equity-linked loan previously issued by aes new york funding l.l.c. ) .we refinanced and paid down near-term maturities by $ 3.5 billion and enhanced our year-end liquidity to over $ 1 billion .our average debt maturity was extended from 2009 to 2012 .at the subsidiary level we continue to pursue limited recourse financing to reduce parent credit risk .these factors resulted in an overall reduced cost of capital , improved credit statistics and expanded access to credit at both aes and our subsidiaries .liquidity at the aes parent level is an important factor for the rating agencies in determining whether the company 2019s credit quality should improve .currency and political risk tend to be biggest variables to sustaining predictable cash flow .the nature of our large contractual and concession-based cash flow from these businesses serves to mitigate these variables .in 2003 , over 81% ( 81 % ) of cash distributions to the parent company were from u.s .large utilities and worldwide contract generation .on february 4 , 2004 , we called for redemption of $ 155049000 aggregate principal amount of outstanding 8% ( 8 % ) senior notes due 2008 , which represents the entire outstanding principal amount of the 8% ( 8 % ) senior notes due 2008 , and $ 34174000 aggregate principal amount of outstanding 10% ( 10 % ) secured senior notes due 2005 .the 8% ( 8 % ) senior notes due 2008 and the 10% ( 10 % ) secured senior notes due 2005 were redeemed on march 8 , 2004 at a redemption price equal to 100% ( 100 % ) of the principal amount plus accrued and unpaid interest to the redemption date .the mandatory redemption of the 10% ( 10 % ) secured senior notes due 2005 was being made with a portion of our 2018 2018adjusted free cash flow 2019 2019 ( as defined in the indenture pursuant to which the notes were issued ) for the fiscal year ended december 31 , 2003 as required by the indenture and was made on a pro rata basis .on february 13 , 2004 we issued $ 500 million of unsecured senior notes .the unsecured senior notes mature on march 1 , 2014 and are callable at our option at any time at a redemption price equal to 100% ( 100 % ) of the principal amount of the unsecured senior notes plus a make-whole premium .the unsecured senior notes were issued at a price of 98.288% ( 98.288 % ) and pay interest semi-annually at an annual .
|
how many years was the average debt maturity extended for?
|
3
|
{
"answer": "3",
"decimal": 3,
"type": "float"
}
| |
ventas , inc .notes to consolidated financial statements 2014 ( continued ) we have a combined nol carryforward of $ 66.5 million at december 31 , 2007 related to the trs entities and an nol carryforward reported by the reit of $ 88.6 million .these amounts can be used to offset future taxable income ( and/or taxable income for prior years if audits of any prior year 2019s return determine that amounts are owed ) , if any .the reit will be entitled to utilize nols and tax credit carryforwards only to the extent that reit taxable income exceeds our deduction for dividends paid .the nol carryforwards begin to expire in 2024 with respect to the trs entities and in 2018 for the reit .as a result of the uncertainties relating to the ultimate utilization of existing reit nols , no net deferred tax benefit has been ascribed to reit nol carryforwards as of december 31 , 2007 and 2006 .the irs may challenge our entitlement to these tax attributes during its review of the tax returns for the previous tax years .we believe we are entitled to these tax attributes , but we cannot assure you as to the outcome of these matters .on january 1 , 2007 , we adopted fin 48 .as a result of applying the provisions of fin 48 , we recognized no change in the liability for unrecognized tax benefits , and no adjustment in accumulated earnings as of january 1 , 2007 .our policy is to recognize interest and penalties related to unrecognized tax benefits in income tax expense .the following table summarizes the activity related to our unrecognized tax benefits ( in thousands ) : .
[['balance as of january 1 2007', '$ 2014'], ['additions to tax positions related to the current year', '9384'], ['balance as of december 31 2007', '$ 9384']]
included in the unrecognized tax benefits of $ 9.4 million at december 31 , 2007 was $ 9.4 million of tax benefits that , if recognized , would reduce our annual effective tax rate .we accrued no potential penalties and interest related to the unrecognized tax benefits during 2007 , and in total , as of december 31 , 2007 , we have recorded no liability for potential penalties and interest .we expect our unrecognized tax benefits to increase by $ 2.7 million during 2008 .note 13 2014commitments and contingencies assumption of certain operating liabilities and litigation as a result of the structure of the sunrise reit acquisition , we may be subject to various liabilities of sunrise reit arising out of the ownership or operation of the sunrise reit properties prior to the acquisition .if the liabilities we have assumed are greater than expected , or if there are obligations relating to the sunrise reit properties of which we were not aware at the time of completion of the sunrise reit acquisition , such liabilities and/or obligations could have a material adverse effect on us .in connection with our spin off of kindred in 1998 , kindred agreed , among other things , to assume all liabilities and to indemnify , defend and hold us harmless from and against certain losses , claims and litigation arising out of the ownership or operation of the healthcare operations or any of the assets transferred to kindred in the spin off , including without limitation all claims arising out of the third-party leases and third-party guarantees assigned to and assumed by kindred at the time of the spin off .under kindred 2019s plan of reorganization , kindred assumed and agreed to fulfill these obligations .the total aggregate remaining minimum rental payments under the third-party leases was approximately $ 16.0 million as of december 31 , 2007 , and we believe that we had no material exposure under the third-party guarantees .similarly , in connection with provident 2019s acquisition of certain brookdale-related and alterra-related entities in 2005 and our subsequent acquisition of provident , brookdale and alterra agreed , among other things .
|
what was the anticipated balance of in unrecognized tax benefits in 2008 in millions
|
12.1
|
{
"answer": "12.1",
"decimal": 12.1,
"type": "float"
}
|
the balances in unrecognized tax benefits are both stated as 9.4 and 2.7 the sum of which equals 12.1
|
assumed health care cost trend rates for the u.s .retiree health care benefit plan as of december 31 are as follows: .
[['', '2017', '2016'], ['assumed health care cost trend rate for next year', '7.50% ( 7.50 % )', '6.75% ( 6.75 % )'], ['ultimate trend rate', '5.00% ( 5.00 % )', '5.00% ( 5.00 % )'], ['year in which ultimate trend rate is reached', '2028', '2024']]
a one percentage point increase or decrease in health care cost trend rates over all future periods would have increased or decreased the accumulated postretirement benefit obligation for the u.s .retiree health care benefit plan as of december 31 , 2017 , by $ 1 million .the service cost and interest cost components of 2017 plan expense would have increased or decreased by less than $ 1 million .deferred compensation arrangements we have a deferred compensation plan that allows u.s .employees whose base salary and management responsibility exceed a certain level to defer receipt of a portion of their cash compensation .payments under this plan are made based on the participant 2019s distribution election and plan balance .participants can earn a return on their deferred compensation based on notional investments in the same investment funds that are offered in our defined contribution plans .as of december 31 , 2017 , our liability to participants of the deferred compensation plans was $ 255 million and is recorded in other long-term liabilities on our consolidated balance sheets .this amount reflects the accumulated participant deferrals and earnings thereon as of that date .as of december 31 , 2017 , we held $ 236 million in mutual funds related to these plans that are recorded in long-term investments on our consolidated balance sheets , and serve as an economic hedge against changes in fair values of our other deferred compensation liabilities .we record changes in the fair value of the liability and the related investment in sg&a as discussed in note 8 .11 .debt and lines of credit short-term borrowings we maintain a line of credit to support commercial paper borrowings , if any , and to provide additional liquidity through bank loans .as of december 31 , 2017 , we had a variable-rate revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $ 2 billion until march 2022 .the interest rate on borrowings under this credit facility , if drawn , is indexed to the applicable london interbank offered rate ( libor ) .as of december 31 , 2017 , our credit facility was undrawn and we had no commercial paper outstanding .long-term debt we retired $ 250 million of maturing debt in march 2017 and another $ 375 million in june 2017 .in may 2017 , we issued an aggregate principal amount of $ 600 million of fixed-rate , long-term debt .the offering consisted of the reissuance of $ 300 million of 2.75% ( 2.75 % ) notes due in 2021 at a premium and the issuance of $ 300 million of 2.625% ( 2.625 % ) notes due in 2024 at a discount .we incurred $ 3 million of issuance and other related costs .the proceeds of the offerings were $ 605 million , net of the original issuance discount and premium , and were used for the repayment of maturing debt and general corporate purposes .in november 2017 , we issued a principal amount of $ 500 million of fixed-rate , long-term debt due in 2027 .we incurred $ 3 million of issuance and other related costs .the proceeds of the offering were $ 494 million , net of the original issuance discount , and were used for general corporate purposes .in may 2016 , we issued a principal amount of $ 500 million of fixed-rate , long-term debt due in 2022 .we incurred $ 3 million of issuance and other related costs .the proceeds of the offering were $ 499 million , net of the original issuance discount , and were used toward the repayment of a portion of $ 1.0 billion of maturing debt retired in may 2016 .in may 2015 , we issued a principal amount of $ 500 million of fixed-rate , long-term debt due in 2020 .we incurred $ 3 million of issuance and other related costs .the proceeds of the offering were $ 498 million , net of the original issuance discount , and were used toward the repayment of a portion of the debt that matured in august 2015 .we retired $ 250 million of maturing debt in april 2015 and another $ 750 million in august 2015 .texas instruments 2022 2017 form 10-k 51 .
|
what is the net value of liabilities and investments related to these plans that are reported in the balance sheet at the end of 2017?
|
-19
|
{
"answer": "-19",
"decimal": -19,
"type": "float"
}
| |
corporate/other corporate/other includes global staff functions ( including finance , risk , human resources , legal and compliance ) and other corporate expense , global operations and technology , residual corporate treasury and corporate items .at december 31 , 2010 , this segment had approximately $ 272 billion of assets , consisting primarily of citi 2019s liquidity portfolio , including $ 87 billion of cash and deposits with banks. .
[['in millions of dollars', '2010', '2009', '2008'], ['net interest revenue', '$ 1059', '$ -1657 ( 1657 )', '$ -2671 ( 2671 )'], ['non-interest revenue', '695', '-8898 ( 8898 )', '413'], ['total revenues net of interest expense', '$ 1754', '$ -10555 ( 10555 )', '$ -2258 ( 2258 )'], ['total operating expenses', '$ 1953', '$ 1418', '$ 511'], ['provisions for loan losses and for benefits and claims', '2014', '2014', '2014'], ['( loss ) from continuing operations before taxes', '$ -199 ( 199 )', '$ -11973 ( 11973 )', '$ -2769 ( 2769 )'], ['benefits for income taxes', '-153 ( 153 )', '-4356 ( 4356 )', '-585 ( 585 )'], ['( loss ) from continuing operations', '$ -46 ( 46 )', '$ -7617 ( 7617 )', '$ -2184 ( 2184 )'], ['income ( loss ) from discontinued operations net of taxes', '-68 ( 68 )', '-445 ( 445 )', '4002'], ['net income ( loss ) before attribution of noncontrolling interests', '$ -114 ( 114 )', '$ -8062 ( 8062 )', '$ 1818'], ['net ( loss ) attributable to noncontrolling interests', '-48 ( 48 )', '-2 ( 2 )', '2014'], ['net income ( loss )', '$ -66 ( 66 )', '$ -8060 ( 8060 )', '$ 1818']]
2010 vs .2009 revenues , net of interest expense increased primarily due to the absence of the loss on debt extinguishment related to the repayment of the $ 20 billion of tarp trust preferred securities and the exit from the loss-sharing agreement with the u.s .government , each in the fourth quarter of 2009 .revenues also increased due to gains on sales of afs securities , benefits from lower short- term interest rates and other improved treasury results during the current year .these increases were partially offset by the absence of the pretax gain related to citi 2019s public and private exchange offers in 2009 .operating expenses increased primarily due to various legal and related expenses , as well as other non-compensation expenses .2009 vs .2008 revenues , net of interest expense declined primarily due to the pretax loss on debt extinguishment related to the repayment of tarp and the exit from the loss-sharing agreement with the u.s .government .revenues also declined due to the absence of the 2008 sale of citigroup global services limited recorded in operations and technology .these declines were partially offset by a pretax gain related to the exchange offers , revenues and higher intersegment eliminations .operating expenses increased primarily due to intersegment eliminations and increases in compensation , partially offset by lower repositioning reserves. .
|
what was the ratio of total operating expenses to net interest income in 2010?
|
1.84
|
{
"answer": "1.84",
"decimal": 1.84,
"type": "float"
}
| |
26 | 2009 annual report in fiscal 2008 , revenues in the credit union systems and services business segment increased 14% ( 14 % ) from fiscal 2007 .all revenue components within the segment experienced growth during fiscal 2008 .license revenue generated the largest dollar growth in revenue as episys ae , our flagship core processing system aimed at larger credit unions , experienced strong sales throughout the year .support and service revenue , which is the largest component of total revenues for the credit union segment , experienced 34 percent growth in eft support and 10 percent growth in in-house support .gross profit in this business segment increased $ 9344 in fiscal 2008 compared to fiscal 2007 , due primarily to the increase in license revenue , which carries the highest margins .liquidity and capital resources we have historically generated positive cash flow from operations and have generally used funds generated from operations and short-term borrowings on our revolving credit facility to meet capital requirements .we expect this trend to continue in the future .the company 2019s cash and cash equivalents increased to $ 118251 at june 30 , 2009 from $ 65565 at june 30 , 2008 .the following table summarizes net cash from operating activities in the statement of cash flows : 2009 2008 2007 .
[['2008', 'year ended june 30 2009 2008', 'year ended june 30 2009 2008', 'year ended june 30 2009'], ['net income', '$ 103102', '$ 104222', '$ 104681'], ['non-cash expenses', '74397', '70420', '56348'], ['change in receivables', '21214', '-2913 ( 2913 )', '-28853 ( 28853 )'], ['change in deferred revenue', '21943', '5100', '24576'], ['change in other assets and liabilities', '-14068 ( 14068 )', '4172', '17495'], ['net cash from operating activities', '$ 206588', '$ 181001', '$ 174247']]
year ended june 30 , cash provided by operations increased $ 25587 to $ 206588 for the fiscal year ended june 30 , 2009 as compared to $ 181001 for the fiscal year ended june 30 , 2008 .this increase is primarily attributable to a decrease in receivables compared to the same period a year ago of $ 21214 .this decrease is largely the result of fiscal 2010 annual software maintenance billings being provided to customers earlier than in the prior year , which allowed more cash to be collected before the end of the fiscal year than in previous years .further , we collected more cash overall related to revenues that will be recognized in subsequent periods in the current year than in fiscal 2008 .cash used in investing activities for the fiscal year ended june 2009 was $ 59227 and includes $ 3027 in contingent consideration paid on prior years 2019 acquisitions .cash used in investing activities for the fiscal year ended june 2008 was $ 102148 and includes payments for acquisitions of $ 48109 , plus $ 1215 in contingent consideration paid on prior years 2019 acquisitions .capital expenditures for fiscal 2009 were $ 31562 compared to $ 31105 for fiscal 2008 .cash used for software development in fiscal 2009 was $ 24684 compared to $ 23736 during the prior year .net cash used in financing activities for the current fiscal year was $ 94675 and includes the repurchase of 3106 shares of our common stock for $ 58405 , the payment of dividends of $ 26903 and $ 13489 net repayment on our revolving credit facilities .cash used in financing activities was partially offset by proceeds of $ 3773 from the exercise of stock options and the sale of common stock ( through the employee stock purchase plan ) and $ 348 excess tax benefits from stock option exercises .during fiscal 2008 , net cash used in financing activities for the fiscal year was $ 101905 and includes the repurchase of 4200 shares of our common stock for $ 100996 , the payment of dividends of $ 24683 and $ 429 net repayment on our revolving credit facilities .cash used in financing activities was partially offset by proceeds of $ 20394 from the exercise of stock options and the sale of common stock and $ 3809 excess tax benefits from stock option exercises .beginning during fiscal 2008 , us financial markets and many of the largest us financial institutions have been shaken by negative developments in the home mortgage industry and the mortgage markets , and particularly the markets for subprime mortgage-backed securities .since that time , these and other such developments have resulted in a broad , global economic downturn .while we , as is the case with most companies , have experienced the effects of this downturn , we have not experienced any significant issues with our current collection efforts , and we believe that any future impact to our liquidity will be minimized by cash generated by recurring sources of revenue and due to our access to available lines of credit. .
|
what was the percentage change in the company 2019s cash and cash equivalents from june 302008 to 2009
|
80.4%
|
{
"answer": "80.4%",
"decimal": 0.804,
"type": "percentage"
}
| |
part ii item 5 .market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities market price of and dividends on the registrant 2019s common equity and related stockholder matters market information .our class a common stock is quoted on the nasdaq global select market under the symbol 201cdish . 201d the high and low closing sale prices of our class a common stock during 2014 and 2013 on the nasdaq global select market ( as reported by nasdaq ) are set forth below. .
[['2014', 'high', 'low'], ['first quarter', '$ 62.42', '$ 54.10'], ['second quarter', '65.64', '56.23'], ['third quarter', '66.71', '61.87'], ['fourth quarter', '79.41', '57.96'], ['2013', 'high', 'low'], ['first quarter', '$ 38.02', '$ 34.19'], ['second quarter', '42.52', '36.24'], ['third quarter', '48.09', '41.66'], ['fourth quarter', '57.92', '45.68']]
as of february 13 , 2015 , there were approximately 8208 holders of record of our class a common stock , not including stockholders who beneficially own class a common stock held in nominee or street name .as of february 10 , 2015 , 213247004 of the 238435208 outstanding shares of our class b common stock were beneficially held by charles w .ergen , our chairman , and the remaining 25188204 were held in trusts established by mr .ergen for the benefit of his family .there is currently no trading market for our class b common stock .dividends .on december 28 , 2012 , we paid a cash dividend of $ 1.00 per share , or approximately $ 453 million , on our outstanding class a and class b common stock to stockholders of record at the close of business on december 14 , 2012 .while we currently do not intend to declare additional dividends on our common stock , we may elect to do so from time to time .payment of any future dividends will depend upon our earnings and capital requirements , restrictions in our debt facilities , and other factors the board of directors considers appropriate .we currently intend to retain our earnings , if any , to support future growth and expansion , although we may repurchase shares of our common stock from time to time .see further discussion under 201citem 7 .management 2019s discussion and analysis of financial condition and results of operations 2013 liquidity and capital resources 201d in this annual report on form 10-k .securities authorized for issuance under equity compensation plans .see 201citem 12 .security ownership of certain beneficial owners and management and related stockholder matters 201d in this annual report on form 10-k. .
|
what portion of the outstanding shares of our class b common stock were held by the chairman?
|
89.4%
|
{
"answer": "89.4%",
"decimal": 0.894,
"type": "percentage"
}
| |
guarantees to third parties .we have , however , issued guar- antees and comfort letters of $ 171 million for the debt and other obligations of unconsolidated affiliates , primarily for cpw .in addition , off-balance sheet arrangements are gener- ally limited to the future payments under noncancelable operating leases , which totaled $ 408 million at may 28 , at may 28 , 2006 , we had invested in four variable interest entities ( vies ) .we are the primary beneficiary ( pb ) of general mills capital , inc .( gm capital ) , a subsidiary that we consolidate as set forth in note eight to the consoli- dated financial statements appearing on pages 43 and 44 in item eight of this report .we also have an interest in a contract manufacturer at our former facility in geneva , illi- nois .even though we are the pb , we have not consolidated this entity because it is not material to our results of oper- ations , financial condition , or liquidity at may 28 , 2006 .this entity had property and equipment of $ 50 million and long-term debt of $ 50 million at may 28 , 2006 .we are not the pb of the remaining two vies .our maximum exposure to loss from these vies is limited to the $ 150 million minority interest in gm capital , the contract manufactur- er 2019s debt and our $ 6 million of equity investments in the two remaining vies .the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period .the majority of the purchase obligations represent commitments for raw mate- rial and packaging to be utilized in the normal course of business and for consumer-directed marketing commit- ments that support our brands .the net fair value of our interest rate and equity swaps was $ 159 million at may 28 , 2006 , based on market values as of that date .future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future .other long-term obligations primarily consist of income taxes , accrued compensation and benefits , and miscella- neous liabilities .we are unable to estimate the timing of the payments for these items .we do not have significant statutory or contractual funding requirements for our defined-benefit retirement and other postretirement benefit plans .further information on these plans , including our expected contributions for fiscal 2007 , is set forth in note thirteen to the consolidated financial statements appearing on pages 47 through 50 in item eight of this report .in millions , payments due by fiscal year total 2007 2008-09 2010-11 2012 and thereafter .
[['in millionspayments dueby fiscal year', 'total', '2007', '2008-09', '2010-11', '2012 andthereafter'], ['long-term debt', '$ 4546', '$ 2131', '$ 971', '$ 55', '$ 1389'], ['accrued interest', '152', '152', '2013', '2013', '2013'], ['operating leases', '408', '92', '142', '89', '85'], ['purchaseobligations', '2351', '2068', '144', '75', '64'], ['total', '$ 7457', '$ 4443', '$ 1257', '$ 219', '$ 1538']]
significant accounting estimates for a complete description of our significant accounting policies , please see note one to the consolidated financial statements appearing on pages 35 through 37 in item eight of this report .our significant accounting estimates are those that have meaningful impact on the reporting of our financial condition and results of operations .these poli- cies include our accounting for trade and consumer promotion activities ; goodwill and other intangible asset impairments ; income taxes ; and pension and other postretirement benefits .trade and consumer promotion activities we report sales net of certain coupon and trade promotion costs .the consumer coupon costs recorded as a reduction of sales are based on the estimated redemption value of those coupons , as determined by historical patterns of coupon redemption and consideration of current market conditions such as competitive activity in those product categories .the trade promotion costs include payments to customers to perform merchandising activities on our behalf , such as advertising or in-store displays , discounts to our list prices to lower retail shelf prices , and payments to gain distribution of new products .the cost of these activi- ties is recognized as the related revenue is recorded , which generally precedes the actual cash expenditure .the recog- nition of these costs requires estimation of customer participation and performance levels .these estimates are made based on the quantity of customer sales , the timing and forecasted costs of promotional activities , and other factors .differences between estimated expenses and actual costs are normally insignificant and are recognized as a change in management estimate in a subsequent period .our accrued trade and consumer promotion liability was $ 339 million as of may 28 , 2006 , and $ 283 million as of may 29 , 2005 .our unit volume in the last week of each quarter is consis- tently higher than the average for the preceding weeks of the quarter .in comparison to the average daily shipments in the first 12 weeks of a quarter , the final week of each quarter has approximately two to four days 2019 worth of incre- mental shipments ( based on a five-day week ) , reflecting increased promotional activity at the end of the quarter .this increased activity includes promotions to assure that our customers have sufficient inventory on hand to support major marketing events or increased seasonal demand early in the next quarter , as well as promotions intended to help achieve interim unit volume targets .if , due to quarter-end promotions or other reasons , our customers purchase more product in any reporting period than end-consumer demand will require in future periods , our sales level in future reporting periods could be adversely affected. .
|
what portion of the total obligations due by fiscal year 2007 are dedicated for repayment of long-term debt?
|
47.96%
|
{
"answer": "47.96%",
"decimal": 0.4796,
"type": "percentage"
}
| |
contractual obligations the company's significant contractual obligations as of december 31 , 2014 are summarized below: .
[['( in thousands )', 'payments due by period total', 'payments due by period within 1 year', 'payments due by period 2 2013 3 years', 'payments due by period 4 2013 5 years', 'payments due by period after 5 years'], ['global headquarters operating lease ( 1 )', '$ 49415', '$ 4278', '$ 8556', '$ 8556', '$ 28025'], ['other operating leases ( 2 )', '29838', '10397', '12100', '4603', '2738'], ['unconditional purchase obligations ( 3 )', '9821', '5259', '4562', '2014', '2014'], ['obligations related to uncertain tax positions including interest and penalties ( 4 )', '209', '209', '2014', '2014', '2014'], ['other long-term obligations ( 5 )', '29861', '9206', '13378', '3611', '3666'], ['total contractual obligations', '$ 119144', '$ 29349', '$ 38596', '$ 16770', '$ 34429']]
( 1 ) on september 14 , 2012 , the company entered into a lease agreement for 186000 square feet of rentable space located in an office facility in canonsburg , pennsylvania , which serves as the company's new headquarters .the lease was effective as of september 14 , 2012 , but because the leased premises were under construction , the company was not obligated to pay rent until three months following the date that the leased premises were delivered to ansys , which occurred on october 1 , 2014 .the term of the lease is 183 months , beginning on october 1 , 2014 .the company shall have a one-time right to terminate the lease effective upon the last day of the tenth full year following the date of possession ( december 31 , 2024 ) , by providing the landlord with at least 18 months' prior written notice of such termination .the company's lease for its prior headquarters expired on december 31 , 2014 .( 2 ) other operating leases primarily include noncancellable lease commitments for the company 2019s other domestic and international offices as well as certain operating equipment .( 3 ) unconditional purchase obligations primarily include software licenses and long-term purchase contracts for network , communication and office maintenance services , which are unrecorded as of december 31 , 2014 .( 4 ) the company has $ 17.3 million of unrecognized tax benefits , including estimated interest and penalties , that have been recorded as liabilities in accordance with income tax accounting guidance for which the company is uncertain as to if or when such amounts may be settled .as a result , such amounts are excluded from the table above .( 5 ) other long-term obligations primarily include deferred compensation of $ 18.5 million ( including estimated imputed interest of $ 300000 within 1 year , $ 450000 within 2-3 years and $ 90000 within 4-5 years ) , pension obligations of $ 6.3 million for certain foreign locations of the company and contingent consideration of $ 2.8 million ( including estimated imputed interest of $ 270000 within 1 year and $ 390000 within 2-3 years ) .table of contents .
|
as of september 2014 what was the percent of the total contractual obligations due within 1 year for the global headquarters operating lease
|
41.5%
|
{
"answer": "41.5%",
"decimal": 0.415,
"type": "percentage"
}
| |
business-related metrics as of or for the year ended december 31 .
[['( in billions except ratios )', '2003', '2002', 'change'], ['loan and lease receivables', '$ 43.2', '$ 37.4', '16% ( 16 % )'], ['average loan and lease receivables', '41.7', '31.7', '32'], ['automobile origination volume', '27.8', '25.3', '10'], ['automobile market share', '6.1% ( 6.1 % )', '5.7% ( 5.7 % )', '40bp'], ['30+ day delinquency rate', '1.46', '1.54', '-8 ( 8 )'], ['net charge-off ratio', '0.41', '0.51', '-10 ( 10 )'], ['overhead ratio', '35', '36', '-100 ( 100 )']]
crb is the no .1 bank in the new york tri-state area and a top five bank in texas ( both ranked by retail deposits ) , providing payment , liquidity , investment , insurance and credit products and services to three primary customer segments : small busi- ness , affluent and retail .within these segments , crb serves 326000 small businesses , 433000 affluent consumers and 2.6 million mass-market consumers .crb 2019s continued focus on expanding customer relationships resulted in a 14% ( 14 % ) increase in core deposits ( for this purpose , core deposits are total deposits less time deposits ) from december 31 , 2002 , and a 77% ( 77 % ) increase in the cross-sell of chase credit products over 2002 .in 2003 , mortgage and home equity originations through crb 2019s distribution channels were $ 3.4 billion and $ 4.7 billion , respectively .branch-originated credit cards totaled 77000 , contributing to 23% ( 23 % ) of crb customers holding chase credit cards .crb is compensated by cfs 2019s credit businesses for the home finance and credit card loans it origi- nates and does not retain these balances .chase regional banking while crb continues to position itself for growth , decreased deposit spreads related to the low-rate environment and increased credit costs resulted in an 80% ( 80 % ) decline in crb operating earnings from 2002 .this decrease was partly offset by an 8% ( 8 % ) increase in total average deposits .operating revenue of $ 2.6 billion decreased by 9% ( 9 % ) compared with 2002 .net interest income declined by 11% ( 11 % ) to $ 1.7 billion , primarily attributable to the lower interest rate environment .noninterest revenue decreased 6% ( 6 % ) to $ 927 million due to lower deposit service fees , decreased debit card fees and one-time gains in 2002 .crb 2019s revenue does not include funding profits earned on its deposit base ; these amounts are included in the results of global treasury .operating expense of $ 2.4 billion increased by 7% ( 7 % ) from 2002 .the increase was primarily due to investments in technology within the branch network ; also contributing were higher compensation expenses related to increased staff levels and higher severance costs as a result of continued restructuring .this increase in operating caf is the largest u.s .bank originator of automobile loans and leases , with more than 2.9 million accounts .in 2003 , caf had a record number of automobile loan and lease originations , growing by 10% ( 10 % ) over 2002 to $ 27.8 billion .loan and lease receivables of $ 43.2 billion at december 31 , 2003 , were 16% ( 16 % ) higher than at the prior year-end .despite a challenging operating environment reflecting slightly declining new car sales in 2003 and increased competition , caf 2019s market share among automobile finance companies improved to 6.1% ( 6.1 % ) in 2003 from 5.7% ( 5.7 % ) in 2002 .the increase in market share was the result of strong organic growth and an origination strategy that allies the business with manufac- turers and dealers .caf 2019s relationships with several major car manufacturers contributed to 2003 growth , as did caf 2019s dealer relationships , which increased from approximately 12700 dealers in 2002 to approximately 13700 dealers in 2003 .in 2003 , operating earnings were $ 205 million , 23% ( 23 % ) higher compared with 2002 .the increase in earnings was driven by continued revenue growth and improved operating efficiency .in 2003 , caf 2019s operating revenue grew by 23% ( 23 % ) to $ 842 million .net interest income grew by 33% ( 33 % ) compared with 2002 .the increase was driven by strong operating performance due to higher average loans and leases outstanding , reflecting continued strong origination volume and lower funding costs .operating expense of $ 292 million increased by 18% ( 18 % ) compared with 2002 .the increase in expenses was driven by higher average chase auto finance loans outstanding , higher origination volume and higher perform- ance-based incentives .caf 2019s overhead ratio improved from 36% ( 36 % ) in 2002 to 35% ( 35 % ) in 2003 , as a result of strong revenue growth , con- tinued productivity gains and disciplined expense management .credit costs increased 18% ( 18 % ) to $ 205 million , primarily reflecting a 32% ( 32 % ) increase in average loan and lease receivables .credit quality continued to be strong relative to 2002 , as evidenced by a lower net charge-off ratio and 30+ day delinquency rate .caf also comprises chase education finance , a top provider of government-guaranteed and private loans for higher education .loans are provided through a joint venture with sallie mae , a government-sponsored enterprise and the leader in funding and servicing education loans .chase education finance 2019s origination volume totaled $ 2.7 billion , an increase of 4% ( 4 % ) from last year .management 2019s discussion and analysis j.p .morgan chase & co .42 j.p .morgan chase & co ./ 2003 annual report .
|
what was the decline from 2002 to 2003 in interest income , in us$ b?
|
.21
|
{
"answer": ".21",
"decimal": 0.21,
"type": "float"
}
| |
the table below presents the estimated maximum potential var arising from a one-day loss in fair value for our interest rate , foreign currency , commodity , and equity market-risk-sensitive instruments outstanding as of may 26 , 2019 and may 27 , 2018 , and the average fair value impact during the year ended may 26 , 2019. .
[['in millions', 'fair value impact may 26 2019', 'fair value impact averageduringfiscal 2019', 'fair value impact may 27 2018'], ['interest rate instruments', '$ 74.4', '$ 46.1', '$ 33.2'], ['foreign currency instruments', '16.8', '19.0', '21.3'], ['commodity instruments', '4.1', '2.5', '1.9'], ['equity instruments', '2.3', '2.2', '2.0']]
.
|
what is the change in fair value of foreign currency instruments from 2018 to 2019?
|
-4.5
|
{
"answer": "-4.5",
"decimal": -4.5,
"type": "float"
}
| |
strategy our mission is to achieve sustainable revenue and earnings growth through providing superior solutions to our customers .our strategy to achieve this has been and will continue to be built on the following pillars : 2022 expand client relationships 2014 the overall market we serve continues to gravitate beyond single-product purchases to multi-solution partnerships .as the market dynamics shift , we expect our clients to rely more on our multidimensional service offerings .our leveraged solutions and processing expertise can drive meaningful value and cost savings to our clients through more efficient operating processes , improved service quality and speed for our clients' customers .2022 buy , build or partner to add solutions to cross-sell 2014 we continue to invest in growth through internal product development , as well as through product-focused or market-centric acquisitions that complement and extend our existing capabilities and provide us with additional solutions to cross-sell .we also partner from time to time with other entities to provide comprehensive offerings to our customers .by investing in solution innovation and integration , we continue to expand our value proposition to clients .2022 support our clients through market transformation 2014 the changing market dynamics are transforming the way our clients operate , which is driving incremental demand for our leveraged solutions , consulting expertise , and services around intellectual property .our depth of services capabilities enables us to become involved earlier in the planning and design process to assist our clients as they manage through these changes .2022 continually improve to drive margin expansion 2014 we strive to optimize our performance through investments in infrastructure enhancements and other measures that are designed to drive organic revenue growth and margin expansion .2022 build global diversification 2014 we continue to deploy resources in emerging global markets where we expect to achieve meaningful scale .revenues by segment the table below summarizes the revenues by our reporting segments ( in millions ) : .
[['', '2012', '2011', '2010'], ['fsg', '$ 2246.4', '$ 2076.8', '$ 1890.8'], ['psg', '2380.6', '2372.1', '2354.2'], ['isg', '1180.5', '1177.6', '917.0'], ['corporate & other', '0.1', '-0.9 ( 0.9 )', '-16.4 ( 16.4 )'], ['total consolidated revenues', '$ 5807.6', '$ 5625.6', '$ 5145.6']]
financial solutions group the focus of fsg is to provide the most comprehensive software and services for the core processing , customer channel , treasury services , cash management , wealth management and capital market operations of our financial institution customers in north america .we service the core and related ancillary processing needs of north american banks , credit unions , automotive financial companies , commercial lenders , and independent community and savings institutions .fis offers a broad selection of in-house and outsourced solutions to banking customers that span the range of asset sizes .fsg customers are typically committed under multi-year contracts that provide a stable , recurring revenue base and opportunities for cross-selling additional financial and payments offerings .we employ several business models to provide our solutions to our customers .we typically deliver the highest value to our customers when we combine our software applications and deliver them in one of several types of outsourcing arrangements , such as an application service provider , facilities management processing or an application management arrangement .we are also able to deliver individual applications through a software licensing arrangement .based upon our expertise gained through the foregoing arrangements , some clients also retain us to manage their it operations without using any of our proprietary software .our solutions in this segment include: .
|
what is the growth rate in the consolidated revenues from 2011 to 2012?
|
3.2%
|
{
"answer": "3.2%",
"decimal": 0.032,
"type": "percentage"
}
| |
n o t e s t o c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ( continued ) ace limited and subsidiaries share-based compensation expense for stock options and shares issued under the employee stock purchase plan ( espp ) amounted to $ 24 million ( $ 22 million after tax or $ 0.07 per basic and diluted share ) , $ 23 million ( $ 21 million after tax or $ 0.06 per basic and diluted share ) , and $ 20 million ( $ 18 million after tax or $ 0.05 per basic and diluted share ) for the years ended december 31 , 2008 , 2007 , and 2006 , respectively .for the years ended december 31 , 2008 , 2007 and 2006 , the expense for the restricted stock was $ 101 million ( $ 71 million after tax ) , $ 77 million ( $ 57 million after tax ) , and $ 65 million ( $ 49 million after tax ) , respectively .during 2004 , the company established the ace limited 2004 long-term incentive plan ( the 2004 ltip ) .once the 2004 ltip was approved by shareholders , it became effective february 25 , 2004 .it will continue in effect until terminated by the board .this plan replaced the ace limited 1995 long-term incentive plan , the ace limited 1995 outside directors plan , the ace limited 1998 long-term incentive plan , and the ace limited 1999 replacement long-term incentive plan ( the prior plans ) except as to outstanding awards .during the company 2019s 2008 annual general meeting , shareholders voted to increase the number of common shares authorized to be issued under the 2004 ltip from 15000000 common shares to 19000000 common shares .accordingly , under the 2004 ltip , a total of 19000000 common shares of the company are authorized to be issued pursuant to awards made as stock options , stock appreciation rights , performance shares , performance units , restricted stock , and restricted stock units .the maximum number of shares that may be delivered to participants and their beneficiaries under the 2004 ltip shall be equal to the sum of : ( i ) 19000000 shares ; and ( ii ) any shares that are represented by awards granted under the prior plans that are forfeited , expired , or are canceled after the effective date of the 2004 ltip , without delivery of shares or which result in the forfeiture of the shares back to the company to the extent that such shares would have been added back to the reserve under the terms of the applicable prior plan .as of december 31 , 2008 , a total of 10591090 shares remain available for future issuance under this plan .under the 2004 ltip , 3000000 common shares are authorized to be issued under the espp .as of december 31 , 2008 , a total of 989812 common shares remain available for issuance under the espp .stock options the company 2019s 2004 ltip provides for grants of both incentive and non-qualified stock options principally at an option price per share of 100 percent of the fair value of the company 2019s common shares on the date of grant .stock options are generally granted with a 3-year vesting period and a 10-year term .the stock options vest in equal annual installments over the respective vesting period , which is also the requisite service period .included in the company 2019s share-based compensation expense in the year ended december 31 , 2008 , is the cost related to the unvested portion of the 2005-2008 stock option grants .the fair value of the stock options was estimated on the date of grant using the black-scholes option-pricing model that uses the assumptions noted in the following table .the risk-free inter- est rate is based on the u.s .treasury yield curve in effect at the time of grant .the expected life ( estimated period of time from grant to exercise date ) was estimated using the historical exercise behavior of employees .expected volatility was calculated as a blend of ( a ) historical volatility based on daily closing prices over a period equal to the expected life assumption , ( b ) long- term historical volatility based on daily closing prices over the period from ace 2019s initial public trading date through the most recent quarter , and ( c ) implied volatility derived from ace 2019s publicly traded options .the fair value of the options issued is estimated on the date of grant using the black-scholes option-pricing model , with the following weighted-average assumptions used for grants for the years indicated: .
[['', '2008', '2007', '2006'], ['dividend yield', '1.80% ( 1.80 % )', '1.78% ( 1.78 % )', '1.64% ( 1.64 % )'], ['expected volatility', '32.20% ( 32.20 % )', '27.43% ( 27.43 % )', '31.29% ( 31.29 % )'], ['risk-free interest rate', '3.15% ( 3.15 % )', '4.51% ( 4.51 % )', '4.60% ( 4.60 % )'], ['forfeiture rate', '7.5% ( 7.5 % )', '7.5% ( 7.5 % )', '7.5% ( 7.5 % )'], ['expected life', '5.7 years', '5.6 years', '6 years']]
.
|
what is the percentage change in risk-free interest rate from 2007 to 2008?
|
-30.2%
|
{
"answer": "-30.2%",
"decimal": -0.302,
"type": "percentage"
}
| |
performance graph the following graph compares the total return , assuming reinvestment of dividends , on an investment in the company , based on performance of the company's common stock , with the total return of the standard & poor's 500 composite stock index and the dow jones united states travel and leisure index for a five year period by measuring the changes in common stock prices from december 31 , 2011 to december 31 , 2016. .
[['', '12/11', '12/12', '12/13', '12/14', '12/15', '12/16'], ['royal caribbean cruises ltd .', '100.00', '139.36', '198.03', '350.40', '437.09', '362.38'], ['s&p 500', '100.00', '116.00', '153.58', '174.60', '177.01', '198.18'], ['dow jones us travel & leisure', '100.00', '113.33', '164.87', '191.85', '203.17', '218.56']]
the stock performance graph assumes for comparison that the value of the company's common stock and of each index was $ 100 on december 31 , 2011 and that all dividends were reinvested .past performance is not necessarily an indicator of future results. .
|
what is the percentage increase of the s&p 500 from 2011 to 2016?
|
98.18%
|
{
"answer": "98.18%",
"decimal": 0.9818000000000001,
"type": "percentage"
}
| |
the goldman sachs group , inc .and subsidiaries management 2019s discussion and analysis scenario analyses .we conduct various scenario analyses including as part of the comprehensive capital analysis and review ( ccar ) and dodd-frank act stress tests ( dfast ) , as well as our resolution and recovery planning .see 201cequity capital management and regulatory capital 2014 equity capital management 201d below for further information about these scenario analyses .these scenarios cover short-term and long-term time horizons using various macroeconomic and firm-specific assumptions , based on a range of economic scenarios .we use these analyses to assist us in developing our longer-term balance sheet management strategy , including the level and composition of assets , funding and equity capital .additionally , these analyses help us develop approaches for maintaining appropriate funding , liquidity and capital across a variety of situations , including a severely stressed environment .balance sheet allocation in addition to preparing our consolidated statements of financial condition in accordance with u.s .gaap , we prepare a balance sheet that generally allocates assets to our businesses , which is a non-gaap presentation and may not be comparable to similar non-gaap presentations used by other companies .we believe that presenting our assets on this basis is meaningful because it is consistent with the way management views and manages risks associated with our assets and better enables investors to assess the liquidity of our assets .the table below presents our balance sheet allocation. .
[['$ in millions', 'as of december 2016', 'as of december 2015'], ['global core liquid assets ( gcla )', '$ 226066', '$ 199120'], ['other cash', '9088', '9180'], ['gcla and cash', '235154', '208300'], ['secured client financing', '199387', '221325'], ['inventory', '206988', '208836'], ['secured financing agreements', '65606', '63495'], ['receivables', '29592', '39976'], ['institutional client services', '302186', '312307'], ['public equity', '3224', '3991'], ['private equity', '18224', '16985'], ['debt', '21675', '23216'], ['loans receivable', '49672', '45407'], ['other', '5162', '4646'], ['investing & lending', '97957', '94245'], ['total inventory and relatedassets', '400143', '406552'], ['other assets', '25481', '25218'], ['total assets', '$ 860165', '$ 861395']]
the following is a description of the captions in the table above : 2030 global core liquid assets and cash .we maintain liquidity to meet a broad range of potential cash outflows and collateral needs in a stressed environment .see 201cliquidity risk management 201d below for details on the composition and sizing of our 201cglobal core liquid assets 201d ( gcla ) .in addition to our gcla , we maintain other unrestricted operating cash balances , primarily for use in specific currencies , entities , or jurisdictions where we do not have immediate access to parent company liquidity .2030 secured client financing .we provide collateralized financing for client positions , including margin loans secured by client collateral , securities borrowed , and resale agreements primarily collateralized by government obligations .we segregate cash and securities for regulatory and other purposes related to client activity .securities are segregated from our own inventory as well as from collateral obtained through securities borrowed or resale agreements .our secured client financing arrangements , which are generally short-term , are accounted for at fair value or at amounts that approximate fair value , and include daily margin requirements to mitigate counterparty credit risk .2030 institutional client services .in institutional client services , we maintain inventory positions to facilitate market making in fixed income , equity , currency and commodity products .additionally , as part of market- making activities , we enter into resale or securities borrowing arrangements to obtain securities or use our own inventory to cover transactions in which we or our clients have sold securities that have not yet been purchased .the receivables in institutional client services primarily relate to securities transactions .2030 investing & lending .in investing & lending , we make investments and originate loans to provide financing to clients .these investments and loans are typically longer- term in nature .we make investments , directly and indirectly through funds that we manage , in debt securities , loans , public and private equity securities , infrastructure , real estate entities and other investments .we also make unsecured loans to individuals through our online platform .debt includes $ 14.23 billion and $ 17.29 billion as of december 2016 and december 2015 , respectively , of direct loans primarily extended to corporate and private wealth management clients that are accounted for at fair value .loans receivable is comprised of loans held for investment that are accounted for at amortized cost net of allowance for loan losses .see note 9 to the consolidated financial statements for further information about loans receivable .goldman sachs 2016 form 10-k 67 .
|
what is the debt-to-total asset ratio in 2015?
|
2.7%
|
{
"answer": "2.7%",
"decimal": 0.027000000000000003,
"type": "percentage"
}
| |
edwards lifesciences corporation notes to consolidated financial statements ( continued ) 2 .summary of significant accounting policies ( continued ) in may 2014 , the fasb issued an update to the accounting guidance on revenue recognition .the new guidance provides a comprehensive , principles-based approach to revenue recognition , and supersedes most previous revenue recognition guidance .the core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services .the guidance also requires improved disclosures on the nature , amount , timing , and uncertainty of revenue that is recognized .in august 2015 , the fasb issued an update to the guidance to defer the effective date by one year , such that the new standard will be effective for annual reporting periods beginning after december 15 , 2017 and interim periods therein .the new guidance can be applied retrospectively to each prior reporting period presented , or retrospectively with the cumulative effect of the change recognized at the date of the initial application .the company is assessing all of the potential impacts of the revenue recognition guidance and has not yet selected an adoption method .the company will adopt the new guidance effective january 1 , although the company has not yet completed its assessment of the new revenue recognition guidance , the company 2019s analysis of contracts related to the sale of its heart valve therapy products under the new revenue recognition guidance supports the recognition of revenue at a point-in-time , which is consistent with its current revenue recognition model .heart valve therapy sales accounted for approximately 80% ( 80 % ) of the company 2019s sales for the year ended december 31 , 2016 .the company is currently assessing the potential impact of the guidance on contracts related to the sale of its critical care products , specifically sales outside of the united states .3 .intellectual property litigation expenses ( income ) , net in may 2014 , the company entered into an agreement with medtronic , inc .and its affiliates ( 2018 2018medtronic 2019 2019 ) to settle all outstanding patent litigation between the companies , including all cases related to transcatheter heart valves .pursuant to the agreement , all pending cases or appeals in courts and patent offices worldwide have been dismissed , and the parties will not litigate patent disputes with each other in the field of transcatheter valves for the eight-year term of the agreement .under the terms of a patent cross-license that is part of the agreement , medtronic made a one-time , upfront payment to the company for past damages in the amount of $ 750.0 million .in addition , medtronic will pay the company quarterly license royalty payments through april 2022 .for sales in the united states , subject to certain conditions , the royalty payments will be based on a percentage of medtronic 2019s sales of transcatheter aortic valves , with a minimum annual payment of $ 40.0 million and a maximum annual payment of $ 60.0 million .a separate royalty payment will be calculated based on sales of medtronic transcatheter aortic valves manufactured in the united states but sold elsewhere .the company accounted for the settlement agreement as a multiple-element arrangement and allocated the total consideration to the identifiable elements based upon their relative fair value .the consideration assigned to each element was as follows ( in millions ) : .
[['past damages', '$ 754.3'], ['license agreement', '238.0'], ['covenant not to sue', '77.7'], ['total', '$ 1070.0']]
.
|
what percentage of the settlement was due to past damages?
|
70%
|
{
"answer": "70%",
"decimal": 0.7,
"type": "percentage"
}
| |
as of december 31 , 2013 and 2012 , our liabilities associated with unrecognized tax benefits are not material .we and our subsidiaries file income tax returns in the u.s .federal jurisdiction and various foreign jurisdictions .with few exceptions , the statute of limitations is no longer open for u.s .federal or non-u.s .income tax examinations for the years before 2010 , other than with respect to refunds .u.s .income taxes and foreign withholding taxes have not been provided on earnings of $ 222 million , $ 211 million , and $ 193 million that have not been distributed by our non-u.s .companies as of december 31 , 2013 , 2012 , and 2011 .our intention is to permanently reinvest these earnings , thereby indefinitely postponing their remittance to the u.s .if these earnings were remitted , we estimate that the additional income taxes after foreign tax credits would have been approximately $ 50 million in 2013 , $ 45 million in 2012 , and $ 41 million in 2011 .our federal and foreign income tax payments , net of refunds received , were $ 787 million in 2013 , $ 890 million in 2012 , and $ 722 million in 2011 .our 2013 net payments reflect a $ 550 million refund from the irs primarily attributable to our tax-deductible discretionary pension contributions during the fourth quarter of 2012 ; our 2012 net payments reflect a $ 153 million refund from the irs related to a 2011 capital loss carryback claim ; and our 2011 net payments reflect a $ 250 million refund from the irs related to estimated taxes paid for 2010 .as of december 31 , 2013 and 2012 , we had federal and foreign taxes receivable of $ 313 million and $ 662 million recorded within other current assets on our balance sheet , primarily attributable to our tax-deductible discretionary pension contributions in the fourth quarter of 2013 and 2012 and our debt exchange transaction in the fourth quarter of 2012 .note 9 2013 debt our long-term debt consisted of the following ( in millions ) : .
[['', '2013', '2012'], ['notes with rates from 2.13% ( 2.13 % ) to 6.15% ( 6.15 % ) due 2016 to 2042', '$ 5642', '$ 5642'], ['notes with rates from 7.00% ( 7.00 % ) to 7.75% ( 7.75 % ) due 2016 to 2036', '916', '930'], ['notes with a rate of 7.38% ( 7.38 % ) due 2013', '2014', '150'], ['other debt', '476', '478'], ['total long-term debt', '7034', '7200'], ['less : unamortized discounts', '-882 ( 882 )', '-892 ( 892 )'], ['total long-term debt net of unamortized discounts', '6152', '6308'], ['less : current maturities of long-term debt', '2014', '-150 ( 150 )'], ['total long-term debt net', '$ 6152', '$ 6158']]
in december 2012 , we issued notes totaling $ 1.3 billion with a fixed interest rate of 4.07% ( 4.07 % ) maturing in december 2042 ( the new notes ) in exchange for outstanding notes totaling $ 1.2 billion with interest rates ranging from 5.50% ( 5.50 % ) to 8.50% ( 8.50 % ) maturing in 2023 to 2040 ( the old notes ) .in connection with the exchange , we paid a premium of $ 393 million , of which $ 225 million was paid in cash and $ 168 million was in the form of new notes .this premium , in addition to $ 194 million in remaining unamortized discounts related to the old notes , will be amortized as additional interest expense over the term of the new notes using the effective interest method .we may , at our option , redeem some or all of the new notes at any time by paying the principal amount of notes being redeemed plus a make-whole premium and accrued and unpaid interest .interest on the new notes is payable on june 15 and december 15 of each year , beginning on june 15 , 2013 .the new notes are unsecured senior obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness .in september 2011 , we issued $ 2.0 billion of long-term notes in a registered public offering and in october 2011 , we used a portion of the proceeds to redeem all of our $ 500 million long-term notes maturing in 2013 .in 2011 , we repurchased $ 84 million of our long-term notes through open-market purchases .we paid premiums of $ 48 million in connection with the early extinguishments of debt , which were recognized in other non-operating income ( expense ) , net .at december 31 , 2013 and 2012 , we had in place with a group of banks a $ 1.5 billion revolving credit facility that expires in august 2016 .we may request and the banks may grant , at their discretion , an increase to the credit facility by an additional amount up to $ 500 million .there were no borrowings outstanding under the credit facility through december 31 , 2013 .borrowings under the credit facility would be unsecured and bear interest at rates based , at our option , on a eurodollar rate or a base rate , as defined in the credit facility .each bank 2019s obligation to make loans under the credit facility is subject .
|
what was the percentage of the cash paid for the total premium associated with the exchange for new notes in 2012
|
57.3%
|
{
"answer": "57.3%",
"decimal": 0.573,
"type": "percentage"
}
| |
in 2016 , arconic also recognized discrete income tax benefits related to the release of valuation allowances on certain net deferred tax assets in russia and canada of $ 19 and $ 20 respectively .after weighing all available evidence , management determined that it was more likely than not that the net income tax benefits associated with the underlying deferred tax assets would be realizable based on historic cumulative income and projected taxable income .arconic also recorded additional valuation allowances in australia of $ 93 related to the separation transaction , in spain of $ 163 related to a tax law change and in luxembourg of $ 280 related to the separation transaction as well as a tax law change .these valuation allowances fully offset current year changes in deferred tax asset balances of each respective jurisdiction , resulting in no net impact to tax expense .the need for a valuation allowance will be reassessed on a continuous basis in future periods by each jurisdiction and , as a result , the allowances may increase or decrease based on changes in facts and circumstances .in 2015 , arconic 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 ( as of december 31 , 2015 ) .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 arconic 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 .in december 2011 , one of arconic 2019s former 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 arconic 2019s former subsidiaries in brazil .the deadline for the brazilian government to deny the application was july 11 , 2014 .since arconic 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 assets 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 assets and a noncash charge to earnings of $ 52 ( $ 31 after noncontrolling interests ) .the following table details the changes in the valuation allowance: .
[['december 31,', '2016', '2015', '2014'], ['balance at beginning of year', '$ 1291', '$ 1151', '$ 1252'], ['increase to allowance', '772', '180', '102'], ['release of allowance', '-209 ( 209 )', '-42 ( 42 )', '-70 ( 70 )'], ['acquisitions and divestitures ( f )', '-1 ( 1 )', '29', '-36 ( 36 )'], ['tax apportionment tax rate and tax law changes', '106', '-15 ( 15 )', '-67 ( 67 )'], ['foreign currency translation', '-19 ( 19 )', '-12 ( 12 )', '-30 ( 30 )'], ['balance at end of year', '$ 1940', '$ 1291', '$ 1151']]
the cumulative amount of arconic 2019s foreign undistributed net earnings for which no deferred taxes have been provided was approximately $ 450 at december 31 , 2016 .arconic 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. .
|
what was the increase in the increase to allowance value from 2015 to 2016?
|
328%
|
{
"answer": "328%",
"decimal": 3.28,
"type": "percentage"
}
|
it is the percentual increase observed in the increase to allowance value , which is calculated by dividing the 2016's value by the 2015's then turned into a percentage .
|
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 is the percentage change in net income from 2009 to 2010?
|
8.9%
|
{
"answer": "8.9%",
"decimal": 0.08900000000000001,
"type": "percentage"
}
| |
notes to consolidated financial statements 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 $ 29.24 billion and $ 32.41 billion as of december 2013 and december 2012 , respectively .the credit loss protection on loan commitments provided by smfg is generally limited to 95% ( 95 % ) of the first loss the firm realizes on such commitments , up to a maximum of approximately $ 950 million .in addition , subject to the satisfaction of certain conditions , upon the firm 2019s request , smfg will provide protection for 70% ( 70 % ) of additional losses on such commitments , up to a maximum of $ 1.13 billion , of which $ 870 million and $ 300 million of protection had been provided as of december 2013 and december 2012 , respectively .the firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg .these instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity , or credit default swaps that reference a market index .warehouse financing .the firm provides financing to clients who warehouse financial assets .these arrangements are secured by the warehoused assets , primarily consisting of corporate loans and commercial mortgage loans .contingent and forward starting resale and securities borrowing agreements/forward starting repurchase and secured lending agreements the firm enters into resale and securities borrowing agreements and 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 .investment commitments the firm 2019s investment commitments consist of commitments to invest in private equity , real estate and other assets directly and through funds that the firm raises and manages .these commitments include $ 659 million and $ 872 million as of december 2013 and december 2012 , respectively , related to real estate private investments and $ 6.46 billion and $ 6.47 billion as of december 2013 and december 2012 , respectively , related to corporate and other private investments .of these amounts , $ 5.48 billion and $ 6.21 billion as of december 2013 and december 2012 , respectively , relate to commitments to invest in funds managed by the firm .if these commitments are called , they would be funded at market value on the date of investment .leases the firm has contractual obligations under long-term noncancelable lease agreements , principally for office space , expiring on various dates through 2069 .certain agreements are subject to periodic escalation provisions for increases in real estate taxes and other charges .the table below presents future minimum rental payments , net of minimum sublease rentals .in millions december 2013 .
[['in millions', 'as of december 2013'], ['2014', '$ 387'], ['2015', '340'], ['2016', '280'], ['2017', '271'], ['2018', '222'], ['2019 - thereafter', '1195'], ['total', '$ 2695']]
rent charged to operating expense was $ 324 million for 2013 , $ 374 million for 2012 and $ 475 million for 2011 .operating leases include office space held in excess of current requirements .rent expense relating to space held for growth is included in 201coccupancy . 201d the firm records a liability , based on the fair value of the remaining lease rentals reduced by any potential or existing sublease rentals , for leases where the firm has ceased using the space and management has concluded that the firm will not derive any future economic benefits .costs to terminate a lease before the end of its term are recognized and measured at fair value on termination .contingencies legal proceedings .see note 27 for information about legal proceedings , including certain mortgage-related matters .certain mortgage-related contingencies .there are multiple areas of focus by regulators , governmental agencies and others within the mortgage market that may impact originators , issuers , servicers and investors .there remains significant uncertainty surrounding the nature and extent of any potential exposure for participants in this market .182 goldman sachs 2013 annual report .
|
what percentage of future minimum rental payments are due in 2014?
|
14%
|
{
"answer": "14%",
"decimal": 0.14,
"type": "percentage"
}
| |
table of contents adobe inc .notes to consolidated financial statements ( continued ) the table below represents the preliminary purchase price allocation to the acquired net tangible and intangible assets of marketo based on their estimated fair values as of the acquisition date and the associated estimated useful lives at that date .the fair values assigned to assets acquired and liabilities assumed are based on management 2019s best estimates and assumptions as of the reporting date and are considered preliminary pending finalization of valuation analyses pertaining to intangible assets acquired , deferred revenue and tax liabilities assumed including the calculation of deferred tax assets and liabilities .( in thousands ) amount weighted average useful life ( years ) .
[['( in thousands )', 'amount', 'weighted average useful life ( years )'], ['customer contracts and relationships', '$ 576900', '11'], ['purchased technology', '444500', '7'], ['backlog', '105800', '2'], ['non-competition agreements', '12100', '2'], ['trademarks', '328500', '9'], ['total identifiable intangible assets', '1467800', ''], ['net liabilities assumed', '-191288 ( 191288 )', 'n/a'], ['goodwill ( 1 )', '3459751', 'n/a'], ['total estimated purchase price', '$ 4736263', '']]
_________________________________________ ( 1 ) non-deductible for tax-purposes .identifiable intangible assets 2014customer relationships consist of marketo 2019s contractual relationships and customer loyalty related to their enterprise and commercial customers as well as technology partner relationships .the estimated fair value of the customer contracts and relationships was determined based on projected cash flows attributable to the asset .purchased technology acquired primarily consists of marketo 2019s cloud-based engagement marketing software platform .the estimated fair value of the purchased technology was determined based on the expected future cost savings resulting from ownership of the asset .backlog relates to subscription contracts and professional services .non-compete agreements include agreements with key marketo employees that preclude them from competing against marketo for a period of two years from the acquisition date .trademarks include the marketo trade name , which is well known in the marketing ecosystem .we amortize the fair value of these intangible assets on a straight-line basis over their respective estimated useful lives .goodwill 2014approximately $ 3.46 billion has been allocated to goodwill , and has been allocated in full to the digital experience reportable segment .goodwill represents the excess of the purchase price over the fair value of the underlying acquired net tangible and intangible assets .the factors that contributed to the recognition of goodwill included securing buyer-specific synergies that increase revenue and profits and are not otherwise available to a marketplace participant , acquiring a talented workforce and cost savings opportunities .net liabilities assumed 2014marketo 2019s tangible assets and liabilities as of october 31 , 2018 were reviewed and adjusted to their fair value as necessary .the net liabilities assumed included , among other items , $ 100.1 million in accrued expenses , $ 74.8 million in deferred revenue and $ 182.6 million in deferred tax liabilities , which were partially offset by $ 54.9 million in cash and cash equivalents and $ 72.4 million in trade receivables acquired .deferred revenue 2014included in net liabilities assumed is marketo 2019s deferred revenue which represents advance payments from customers related to subscription contracts and professional services .we estimated our obligation related to the deferred revenue using the cost build-up approach .the cost build-up approach determines fair value by estimating the direct and indirect costs related to supporting the obligation plus an assumed operating margin .the sum of the costs and assumed operating profit approximates , in theory , the amount that marketo would be required to pay a third party to assume the obligation .the estimated costs to fulfill the obligation were based on the near-term projected cost structure for subscription and professional services .as a result , we recorded an adjustment to reduce marketo 2019s carrying value of deferred revenue to $ 74.8 million , which represents our estimate of the fair value of the contractual obligations assumed based on a preliminary valuation. .
|
what portion of the total estimated purchase price is dedicated to goodwill?
|
73.0%
|
{
"answer": "73.0%",
"decimal": 0.73,
"type": "percentage"
}
| |
united parcel service , inc .and subsidiaries management's discussion and analysis of financial condition and results of operations issuances of debt in 2014 and 2013 consisted primarily of longer-maturity commercial paper .issuances of debt in 2012 consisted primarily of senior fixed rate note offerings totaling $ 1.75 billion .repayments of debt in 2014 and 2013 consisted primarily of the maturity of our $ 1.0 and $ 1.75 billion senior fixed rate notes that matured in april 2014 and january 2013 , respectively .the remaining repayments of debt during the 2012 through 2014 time period included paydowns of commercial paper and scheduled principal payments on our capitalized lease obligations .we consider the overall fixed and floating interest rate mix of our portfolio and the related overall cost of borrowing when planning for future issuances and non-scheduled repayments of debt .we had $ 772 million of commercial paper outstanding at december 31 , 2014 , and no commercial paper outstanding at december 31 , 2013 and 2012 .the amount of commercial paper outstanding fluctuates throughout each year based on daily liquidity needs .the average commercial paper balance was $ 1.356 billion and the average interest rate paid was 0.10% ( 0.10 % ) in 2014 ( $ 1.013 billion and 0.07% ( 0.07 % ) in 2013 , and $ 962 million and 0.07% ( 0.07 % ) in 2012 , respectively ) .the variation in cash received from common stock issuances to employees was primarily due to level of stock option exercises in the 2012 through 2014 period .the cash outflows in other financing activities were impacted by several factors .cash inflows ( outflows ) from the premium payments and settlements of capped call options for the purchase of ups class b shares were $ ( 47 ) , $ ( 93 ) and $ 206 million for 2014 , 2013 and 2012 , respectively .cash outflows related to the repurchase of shares to satisfy tax withholding obligations on vested employee stock awards were $ 224 , $ 253 and $ 234 million for 2014 , 2013 and 2012 , respectively .in 2013 , we paid $ 70 million to purchase the noncontrolling interest in a joint venture that operates in the middle east , turkey and portions of the central asia region .in 2012 , we settled several interest rate derivatives that were designated as hedges of the senior fixed-rate debt offerings that year , which resulted in a cash outflow of $ 70 million .sources of credit see note 7 to the audited consolidated financial statements for a discussion of our available credit and debt covenants .guarantees and other off-balance sheet arrangements we do not have guarantees or other off-balance sheet financing arrangements , including variable interest entities , which we believe could have a material impact on financial condition or liquidity .contractual commitments we have contractual obligations and commitments in the form of capital leases , operating leases , debt obligations , purchase commitments , and certain other liabilities .we intend to satisfy these obligations through the use of cash flow from operations .the following table summarizes the expected cash outflow to satisfy our contractual obligations and commitments as of december 31 , 2014 ( in millions ) : .
[['commitment type', '2015', '2016', '2017', '2018', '2019', 'after 2019', 'total'], ['capital leases', '$ 75', '$ 74', '$ 67', '$ 62', '$ 59', '$ 435', '$ 772'], ['operating leases', '323', '257', '210', '150', '90', '274', '1304'], ['debt principal', '876', '8', '377', '752', '1000', '7068', '10081'], ['debt interest', '295', '293', '293', '282', '260', '4259', '5682'], ['purchase commitments', '269', '195', '71', '19', '8', '26', '588'], ['pension fundings', '1030', '1161', '344', '347', '400', '488', '3770'], ['other liabilities', '43', '23', '10', '5', '2014', '2014', '81'], ['total', '$ 2911', '$ 2011', '$ 1372', '$ 1617', '$ 1817', '$ 12550', '$ 22278']]
.
|
what percent of total expected cash outflow to satisfy contractual obligations and commitments as of december 31 , 2014 , is debt principal?
|
45%
|
{
"answer": "45%",
"decimal": 0.45,
"type": "percentage"
}
| |
jpmorgan chase & co./2014 annual report 125 lending-related commitments the firm uses lending-related financial instruments , such as commitments ( including revolving credit facilities ) and guarantees , to meet the financing needs of its customers .the contractual amounts of these financial instruments represent the maximum possible credit risk should the counterparties draw down on these commitments or the firm fulfills its obligations under these guarantees , and the counterparties subsequently fail to perform according to the terms of these contracts .in the firm 2019s view , the total contractual amount of these wholesale lending-related commitments is not representative of the firm 2019s actual future credit exposure or funding requirements .in determining the amount of credit risk exposure the firm has to wholesale lending-related commitments , which is used as the basis for allocating credit risk capital to these commitments , the firm has established a 201cloan-equivalent 201d amount for each commitment ; this amount represents the portion of the unused commitment or other contingent exposure that is expected , based on average portfolio historical experience , to become drawn upon in an event of a default by an obligor .the loan-equivalent amount of the firm 2019s lending- related commitments was $ 229.6 billion and $ 218.9 billion as of december 31 , 2014 and 2013 , respectively .clearing services the firm provides clearing services for clients entering into securities and derivative transactions .through the provision of these services the firm is exposed to the risk of non-performance by its clients and may be required to share in losses incurred by central counterparties ( 201cccps 201d ) .where possible , the firm seeks to mitigate its credit risk to its clients through the collection of adequate margin at inception and throughout the life of the transactions and can also cease provision of clearing services if clients do not adhere to their obligations under the clearing agreement .for further discussion of clearing services , see note 29 .derivative contracts in the normal course of business , the firm uses derivative instruments predominantly for market-making activities .derivatives enable customers to manage exposures to fluctuations in interest rates , currencies and other markets .the firm also uses derivative instruments to manage its own credit exposure .the nature of the counterparty and the settlement mechanism of the derivative affect the credit risk to which the firm is exposed .for otc derivatives the firm is exposed to the credit risk of the derivative counterparty .for exchange-traded derivatives ( 201cetd 201d ) such as futures and options , and 201ccleared 201d over-the-counter ( 201cotc-cleared 201d ) derivatives , the firm is generally exposed to the credit risk of the relevant ccp .where possible , the firm seeks to mitigate its credit risk exposures arising from derivative transactions through the use of legally enforceable master netting arrangements and collateral agreements .for further discussion of derivative contracts , counterparties and settlement types , see note 6 .the following table summarizes the net derivative receivables for the periods presented .derivative receivables .
[['december 31 ( in millions )', '2014', '2013'], ['interest rate', '$ 33725', '$ 25782'], ['credit derivatives', '1838', '1516'], ['foreign exchange', '21253', '16790'], ['equity', '8177', '12227'], ['commodity', '13982', '9444'], ['total net of cash collateral', '78975', '65759'], ['liquid securities and other cash collateral held against derivative receivables', '-19604 ( 19604 )', '-14435 ( 14435 )'], ['total net of all collateral', '$ 59371', '$ 51324']]
derivative receivables reported on the consolidated balance sheets were $ 79.0 billion and $ 65.8 billion at december 31 , 2014 and 2013 , respectively .these amounts represent the fair value of the derivative contracts , after giving effect to legally enforceable master netting agreements and cash collateral held by the firm .however , in management 2019s view , the appropriate measure of current credit risk should also take into consideration additional liquid securities ( primarily u.s .government and agency securities and other g7 government bonds ) and other cash collateral held by the firm aggregating $ 19.6 billion and $ 14.4 billion at december 31 , 2014 and 2013 , respectively , that may be used as security when the fair value of the client 2019s exposure is in the firm 2019s favor .in addition to the collateral described in the preceding paragraph , the firm also holds additional collateral ( primarily : cash ; g7 government securities ; other liquid government-agency and guaranteed securities ; and corporate debt and equity securities ) delivered by clients at the initiation of transactions , as well as collateral related to contracts that have a non-daily call frequency and collateral that the firm has agreed to return but has not yet settled as of the reporting date .although this collateral does not reduce the balances and is not included in the table above , it is available as security against potential exposure that could arise should the fair value of the client 2019s derivative transactions move in the firm 2019s favor .as of december 31 , 2014 and 2013 , the firm held $ 48.6 billion and $ 50.8 billion , respectively , of this additional collateral .the prior period amount has been revised to conform with the current period presentation .the derivative receivables fair value , net of all collateral , also does not include other credit enhancements , such as letters of credit .for additional information on the firm 2019s use of collateral agreements , see note 6. .
|
what was the annual average number of liquid securities and other cash considerations?
|
17019.5 million
|
{
"answer": "17019.5 million",
"decimal": 17019500000,
"type": "open_ended_answer"
}
|
add the total number of liquid securities from 2013 and 2014 , to get 34039 million , and then divide by the total number of years , 2 .
|
the significant changes from december 31 , 2008 to december 31 , 2009 in level 3 assets and liabilities are due to : a net decrease in trading securities of $ 10.8 billion that was driven by : 2022 net transfers of $ 6.5 billion , due mainly to the transfer of debt 2013 securities from level 3 to level 2 due to increased liquidity and pricing transparency ; and net settlements of $ 5.8 billion , due primarily to the liquidations of 2013 subprime securities of $ 4.1 billion .the change in net trading derivatives driven by : 2022 a net loss of $ 4.9 billion relating to complex derivative contracts , 2013 such as those linked to credit , equity and commodity exposures .these losses include both realized and unrealized losses during 2009 and are partially offset by gains recognized in instruments that have been classified in levels 1 and 2 ; and net increase in derivative assets of $ 4.3 billion , which includes cash 2013 settlements of derivative contracts in an unrealized loss position , notably those linked to subprime exposures .the decrease in level 3 investments of $ 6.9 billion primarily 2022 resulted from : a reduction of $ 5.0 billion , due mainly to paydowns on debt 2013 securities and sales of private equity investments ; the net transfer of investment securities from level 3 to level 2 2013 of $ 1.5 billion , due to increased availability of observable pricing inputs ; and net losses recognized of $ 0.4 billion due mainly to losses on non- 2013 marketable equity securities including write-downs on private equity investments .the decrease in securities sold under agreements to repurchase of 2022 $ 9.1 billion is driven by a $ 8.6 billion net transfers from level 3 to level 2 as effective maturity dates on structured repos have shortened .the decrease in long-term debt of $ 1.5 billion is driven mainly by 2022 $ 1.3 billion of net terminations of structured notes .transfers between level 1 and level 2 of the fair value hierarchy the company did not have any significant transfers of assets or liabilities between levels 1 and 2 of the fair value hierarchy during 2010 .items measured at fair value on a nonrecurring basis certain assets and liabilities are measured at fair value on a nonrecurring basis and therefore are not included in the tables above .these include assets measured at cost that have been written down to fair value during the periods as a result of an impairment .in addition , these assets include loans held-for-sale that are measured at locom that were recognized at fair value below cost at the end of the period .the fair value of loans measured on a locom basis is determined where possible using quoted secondary-market prices .such loans are generally classified as level 2 of the fair value hierarchy given the level of activity in the market and the frequency of available quotes .if no such quoted price exists , the fair value of a loan is determined using quoted prices for a similar asset or assets , adjusted for the specific attributes of that loan .the following table presents all loans held-for-sale that are carried at locom as of december 31 , 2010 and 2009 : in billions of dollars aggregate cost fair value level 2 level 3 .
[['in billions of dollars', 'aggregate cost', 'fair value', 'level 2', 'level 3'], ['december 31 2010', '$ 3.1', '$ 2.5', '$ 0.7', '$ 1.8'], ['december 31 2009', '$ 2.5', '$ 1.6', '$ 0.3', '$ 1.3']]
.
|
what is the difference in billions of all loans held-for-sale that are carried at locom level 3 between 2009 and 2010?
|
.5
|
{
"answer": ".5",
"decimal": 0.5,
"type": "float"
}
| |
during fiscal 2006 , we repurchased 19 million shares of common stock for an aggregate purchase price of $ 892 million , of which $ 7 million settled after the end of our fiscal year .in fiscal 2005 , we repurchased 17 million shares of common stock for an aggregate purchase price of $ 771 million .a total of 146 million shares were held in treasury at may 28 , 2006 .we also used cash from operations to repay $ 189 million in outstanding debt in fiscal 2006 .in fiscal 2005 , we repaid nearly $ 2.2 billion of debt , including the purchase of $ 760 million principal amount of our 6 percent notes due in 2012 .fiscal 2005 debt repurchase costs were $ 137 million , consisting of $ 73 million of noncash interest rate swap losses reclassified from accumulated other comprehen- sive income , $ 59 million of purchase premium and $ 5 million of noncash unamortized cost of issuance expense .capital structure in millions may 28 , may 29 .
[['in millions', 'may 282006', 'may 292005'], ['notes payable', '$ 1503', '$ 299'], ['current portion of long-term debt', '2131', '1638'], ['long-term debt', '2415', '4255'], ['total debt', '6049', '6192'], ['minority interests', '1136', '1133'], ['stockholders 2019 equity', '5772', '5676'], ['total capital', '$ 12957', '$ 13001']]
we have $ 2.1 billion of long-term debt maturing in the next 12 months and classified as current , including $ 131 million that may mature in fiscal 2007 based on the put rights of those note holders .we believe that cash flows from operations , together with available short- and long- term debt financing , will be adequate to meet our liquidity and capital needs for at least the next 12 months .on october 28 , 2005 , we repurchased a significant portion of our zero coupon convertible debentures pursuant to put rights of the holders for an aggregate purchase price of $ 1.33 billion , including $ 77 million of accreted original issue discount .these debentures had an aggregate prin- cipal amount at maturity of $ 1.86 billion .we incurred no gain or loss from this repurchase .as of may 28 , 2006 , there were $ 371 million in aggregate principal amount at matu- rity of the debentures outstanding , or $ 268 million of accreted value .we used proceeds from the issuance of commercial paper to fund the purchase price of the deben- tures .we also have reclassified the remaining zero coupon convertible debentures to long-term debt based on the october 2008 put rights of the holders .on march 23 , 2005 , we commenced a cash tender offer for our outstanding 6 percent notes due in 2012 .the tender offer resulted in the purchase of $ 500 million principal amount of the notes .subsequent to the expiration of the tender offer , we purchased an additional $ 260 million prin- cipal amount of the notes in the open market .the aggregate purchases resulted in the debt repurchase costs as discussed above .our minority interests consist of interests in certain of our subsidiaries that are held by third parties .general mills cereals , llc ( gmc ) , our subsidiary , holds the manufac- turing assets and intellectual property associated with the production and retail sale of big g ready-to-eat cereals , progresso soups and old el paso products .in may 2002 , one of our wholly owned subsidiaries sold 150000 class a preferred membership interests in gmc to an unrelated third-party investor in exchange for $ 150 million , and in october 2004 , another of our wholly owned subsidiaries sold 835000 series b-1 preferred membership interests in gmc in exchange for $ 835 million .all interests in gmc , other than the 150000 class a interests and 835000 series b-1 interests , but including all managing member inter- ests , are held by our wholly owned subsidiaries .in fiscal 2003 , general mills capital , inc .( gm capital ) , a subsidiary formed for the purpose of purchasing and collecting our receivables , sold $ 150 million of its series a preferred stock to an unrelated third-party investor .the class a interests of gmc receive quarterly preferred distributions at a floating rate equal to ( i ) the sum of three- month libor plus 90 basis points , divided by ( ii ) 0.965 .this rate will be adjusted by agreement between the third- party investor holding the class a interests and gmc every five years , beginning in june 2007 .under certain circum- stances , gmc also may be required to be dissolved and liquidated , including , without limitation , the bankruptcy of gmc or its subsidiaries , failure to deliver the preferred distributions , failure to comply with portfolio requirements , breaches of certain covenants , lowering of our senior debt rating below either baa3 by moody 2019s or bbb by standard & poor 2019s , and a failed attempt to remarket the class a inter- ests as a result of a breach of gmc 2019s obligations to assist in such remarketing .in the event of a liquidation of gmc , each member of gmc would receive the amount of its then current capital account balance .the managing member may avoid liquidation in most circumstances by exercising an option to purchase the class a interests .the series b-1 interests of gmc are entitled to receive quarterly preferred distributions at a fixed rate of 4.5 percent per year , which is scheduled to be reset to a new fixed rate through a remarketing in october 2007 .beginning in october 2007 , the managing member of gmc may elect to repurchase the series b-1 interests for an amount equal to the holder 2019s then current capital account balance plus any applicable make-whole amount .gmc is not required to purchase the series b-1 interests nor may these investors put these interests to us .the series b-1 interests will be exchanged for shares of our perpetual preferred stock upon the occurrence of any of the following events : our senior unsecured debt rating falling below either ba3 as rated by moody 2019s or bb- as rated by standard & poor 2019s or fitch , inc. .
|
what is the average price per share for the repurchased shares during 2006?
|
46.95
|
{
"answer": "46.95",
"decimal": 46.95,
"type": "float"
}
| |
securities have historically returned approximately 10% ( 10 % ) annually over long periods of time , while u.s .debt securities have returned approximately 6% ( 6 % ) annually over long periods .application of these historical returns to the plan 2019s allocation ranges for equities and bonds produces a result between 7.25% ( 7.25 % ) and 8.75% ( 8.75 % ) and is one point of reference , among many other factors , that is taken into consideration .we also examine the plan 2019s actual historical returns over various periods and consider the current economic environment .recent experience is considered in our evaluation with appropriate consideration that , especially for short time periods , recent returns are not reliable indicators of future returns .while annual returns can vary significantly ( actual returns for 2012 , 2011 , and 2010 were +15.29% ( +15.29 % ) , +.11% ( +.11 % ) , and +14.87% ( +14.87 % ) , respectively ) , the selected assumption represents our estimated long-term average prospective returns .acknowledging the potentially wide range for this assumption , we also annually examine the assumption used by other companies with similar pension investment strategies , so that we can ascertain whether our determinations markedly differ from others .in all cases , however , this data simply informs our process , which places the greatest emphasis on our qualitative judgment of future investment returns , given the conditions existing at each annual measurement date .taking into consideration all of these factors , the expected long-term return on plan assets for determining net periodic pension cost for 2012 was 7.75% ( 7.75 % ) , the same as it was for 2011 .after considering the views of both internal and external capital market advisors , particularly with regard to the effects of the recent economic environment on long-term prospective fixed income returns , we are reducing our expected long-term return on assets to 7.50% ( 7.50 % ) for determining pension cost for under current accounting rules , the difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods .each one percentage point difference in actual return compared with our expected return causes expense in subsequent years to increase or decrease by up to $ 8 million as the impact is amortized into results of operations .we currently estimate a pretax pension expense of $ 73 million in 2013 compared with pretax expense of $ 89 million in 2012 .this year-over-year expected decrease reflects the impact of favorable returns on plan assets experienced in 2012 as well as the effects of the lower discount rate required to be used in the table below reflects the estimated effects on pension expense of certain changes in annual assumptions , using 2013 estimated expense as a baseline .table 27 : pension expense - sensitivity analysis change in assumption ( a ) estimated increase to 2013 pension expense ( in millions ) .
[['change in assumption ( a )', 'estimatedincrease to 2013pensionexpense ( in millions )'], ['.5% ( .5 % ) decrease in discount rate', '$ 21'], ['.5% ( .5 % ) decrease in expected long-term return on assets', '$ 19'], ['.5% ( .5 % ) increase in compensation rate', '$ 2']]
( a ) the impact is the effect of changing the specified assumption while holding all other assumptions constant .our pension plan contribution requirements are not particularly sensitive to actuarial assumptions .investment performance has the most impact on contribution requirements and will drive the amount of required contributions in future years .also , current law , including the provisions of the pension protection act of 2006 , sets limits as to both minimum and maximum contributions to the plan .we do not expect to be required by law to make any contributions to the plan during 2013 .we maintain other defined benefit plans that have a less significant effect on financial results , including various nonqualified supplemental retirement plans for certain employees , which are described more fully in note 15 employee benefit plans in the notes to consolidated financial statements in item 8 of this report .the pnc financial services group , inc .2013 form 10-k 77 .
|
by what percentage did the pension pretax expenses decrease from 2012 to 2013?
|
17.97%
|
{
"answer": "17.97%",
"decimal": 0.1797,
"type": "percentage"
}
| |
the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2011 , 2010 , and 2009 the table below sets forth the pre-tax accumulated other comprehensive income ( loss ) expected to be recognized as an increase ( decrease ) to income from continuing operations before income taxes over the next twelve months as of december 31 , 2011 for the following types of derivative instruments : accumulated other comprehensive income ( loss ) ( 1 ) ( in millions ) .
[['', 'accumulated other comprehensive income ( loss ) ( 1 ) ( in millions )'], ['interest rate derivatives', '$ -101 ( 101 )'], ['cross currency derivatives', '$ -1 ( 1 )'], ['foreign currency derivatives', '$ 7'], ['commodity and other derivatives', '$ -1 ( 1 )']]
( 1 ) excludes a loss of $ 94 million expected to be recognized as part of the sale of cartagena , which closed on february 9 , 2012 , and is further discussed in note 23 2014acquisitions and dispositions .the balance in accumulated other comprehensive loss related to derivative transactions will be reclassified into earnings as interest expense is recognized for interest rate hedges and cross currency swaps ( except for the amount reclassified to foreign currency transaction gains and losses to offset the remeasurement of the foreign currency-denominated debt being hedged by the cross currency swaps ) , as depreciation is recognized for interest rate hedges during construction , as foreign currency transaction gains and losses are recognized for hedges of foreign currency exposure , and as electricity sales and fuel purchases are recognized for hedges of forecasted electricity and fuel transactions .these balances are included in the consolidated statements of cash flows as operating and/or investing activities based on the nature of the underlying transaction .for the years ended december 31 , 2011 , 2010 and 2009 , pre-tax gains ( losses ) of $ 0 million , $ ( 1 ) million , and $ 0 million net of noncontrolling interests , respectively , were reclassified into earnings as a result of the discontinuance of a cash flow hedge because it was probable that the forecasted transaction would not occur by the end of the originally specified time period ( as documented at the inception of the hedging relationship ) or within an additional two-month time period thereafter. .
|
what is total aoci ( in millions ) for 2011?
|
-96
|
{
"answer": "-96",
"decimal": -96,
"type": "float"
}
| |
mortgage banking activities the company enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding .these commitments are referred to as interest rate lock commitments ( 201cirlcs 201d ) .irlcs on loans that the company intends to sell are considered to be derivatives and are , therefore , recorded at fair value with changes in fair value recorded in earnings .for purposes of determining fair value , the company estimates the fair value of an irlc based on the estimated fair value of the underlying mortgage loan and the probability that the mortgage loan will fund within the terms of the irlc .the fair value excludes the market value associated with the anticipated sale of servicing rights related to each loan commitment .the fair value of these irlcs was a $ 0.06 million and a $ 0.02 million liability at december 31 , 2007 and 2006 , respectively .the company also designates fair value relationships of closed loans held-for-sale against a combination of mortgage forwards and short treasury positions .short treasury relationships are economic hedges , rather than fair value or cash flow hedges .short treasury positions are marked-to-market , but do not receive hedge accounting treatment under sfas no .133 , as amended .the mark-to-market of the mortgage forwards is included in the net change of the irlcs and the related hedging instruments .the fair value of the mark-to-market on closed loans was a $ 1.2 thousand and $ 1.7 million asset at december 31 , 2007 and 2006 , respectively .irlcs , as well as closed loans held-for-sale , expose the company to interest rate risk .the company manages this risk by selling mortgages or mortgage-backed securities on a forward basis referred to as forward sale agreements .changes in the fair value of these derivatives are included as gain ( loss ) on loans and securities , net in the consolidated statement of income ( loss ) .the net change in irlcs , closed loans , mortgage forwards and the short treasury positions generated a net loss of $ 2.4 million in 2007 , a net gain of $ 1.6 million in 2006 and a net loss of $ 0.4 million in 2005 .credit risk credit risk is managed by limiting activity to approved counterparties and setting aggregate exposure limits for each approved counterparty .the credit risk , or maximum exposure , which results from interest rate swaps and purchased interest rate options is represented by the fair value of contracts that have unrealized gains at the reporting date .conversely , we have $ 197.5 million of derivative contracts with unrealized losses at december 31 , 2007 .the company pledged approximately $ 87.4 million of its mortgage-backed securities as collateral of derivative contracts .while the company does not expect that any counterparty will fail to perform , the following table shows the maximum exposure associated with each counterparty to interest rate swaps and purchased interest rate options at december 31 , 2007 ( dollars in thousands ) : counterparty credit .
[['counterparty', 'credit risk'], ['bank of america', '$ 48161'], ['lehman brothers', '29136'], ['jp morgan', '18878'], ['union bank of switzerland', '15562'], ['credit suisse first boston', '11047'], ['royal bank of scotland', '6164'], ['morgan stanley', '2215'], ['salomon brothers', '1943'], ['total exposure', '$ 133106']]
.
|
what percentage of counterparty exposure at december 31 2007 is represented by union bank of switzerland?
|
12%
|
{
"answer": "12%",
"decimal": 0.12,
"type": "percentage"
}
|
percentage of exposure is important to monitor for counter parties as their deterioration is potentially significant .
|
on november 18 , 2014 , the company entered into a collateralized reinsurance agreement with kilimanjaro to provide the company with catastrophe reinsurance coverage .this agreement is a multi-year reinsurance contract which covers specified earthquake events .the agreement provides up to $ 500000 thousand of reinsurance coverage from earthquakes in the united states , puerto rico and canada .on december 1 , 2015 the company entered into two collateralized reinsurance agreements with kilimanjaro re to provide the company with catastrophe reinsurance coverage .these agreements are multi-year reinsurance contracts which cover named storm and earthquake events .the first agreement provides up to $ 300000 thousand of reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada .the second agreement provides up to $ 325000 thousand of reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada .on april 13 , 2017 the company entered into six collateralized reinsurance agreements with kilimanjaro to provide the company with annual aggregate catastrophe reinsurance coverage .the initial three agreements are four year reinsurance contracts which cover named storm and earthquake events .these agreements provide up to $ 225000 thousand , $ 400000 thousand and $ 325000 thousand , respectively , of annual aggregate reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada .the subsequent three agreements are five year reinsurance contracts which cover named storm and earthquake events .these agreements provide up to $ 50000 thousand , $ 75000 thousand and $ 175000 thousand , respectively , of annual aggregate reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada .recoveries under these collateralized reinsurance agreements with kilimanjaro are primarily dependent on estimated industry level insured losses from covered events , as well as , the geographic location of the events .the estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses .as of december 31 , 2017 , none of the published insured loss estimates for the 2017 catastrophe events have exceeded the single event retentions under the terms of the agreements that would result in a recovery .in addition , the aggregation of the to-date published insured loss estimates for the 2017 covered events have not exceeded the aggregated retentions for recovery .however , if the published estimates for insured losses for the covered 2017 events increase , the aggregate losses may exceed the aggregate event retentions under the agreements , resulting in a recovery .kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated , external investors .on april 24 , 2014 , kilimanjaro issued $ 450000 thousand of notes ( 201cseries 2014-1 notes 201d ) .on november 18 , 2014 , kilimanjaro issued $ 500000 thousand of notes ( 201cseries 2014-2 notes 201d ) .on december 1 , 2015 , kilimanjaro issued $ 625000 thousand of notes ( 201cseries 2015-1 notes ) .on april 13 , 2017 , kilimanjaro issued $ 950000 thousand of notes ( 201cseries 2017-1 notes ) and $ 300000 thousand of notes ( 201cseries 2017-2 notes ) .the proceeds from the issuance of the notes listed above are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in us government money market funds with a rating of at least 201caaam 201d by standard & poor 2019s .9 .operating lease agreements the future minimum rental commitments , exclusive of cost escalation clauses , at december 31 , 2017 , for all of the company 2019s operating leases with remaining non-cancelable terms in excess of one year are as follows : ( dollars in thousands ) .
[['2018', '$ 16990'], ['2019', '17964'], ['2020', '17115'], ['2021', '8035'], ['2022', '7669'], ['thereafter', '24668'], ['net commitments', '$ 92440'], ['( some amounts may not reconcile due to rounding. )', '']]
.
|
what is the percent of the company 2019s operating leases that would be due after 2022 as part of the net commitments
|
26.7%
|
{
"answer": "26.7%",
"decimal": 0.267,
"type": "percentage"
}
| |
advance auto parts , inc .and subsidiaries notes to consolidated financial statements 2013 ( continued ) december 30 , 2006 , december 31 , 2005 and january 1 , 2005 ( in thousands , except per share data ) 8 .inventories , net inventories are stated at the lower of cost or market , cost being determined using the last-in , first-out ( "lifo" ) method for approximately 93% ( 93 % ) of inventories at both december 30 , 2006 and december 31 , 2005 .under the lifo method , the company 2019s cost of sales reflects the costs of the most currently purchased inventories while the inventory carrying balance represents the costs relating to prices paid in prior years .the company 2019s costs to acquire inventory have been generally decreasing in recent years as a result of its significant growth .accordingly , the cost to replace inventory is less than the lifo balances carried for similar product .as a result of the lifo method and the ability to obtain lower product costs , the company recorded a reduction to cost of sales of $ 9978 for fiscal year ended 2006 , an increase in cost of sales of $ 526 for fiscal year ended 2005 and a reduction to cost of sales of $ 11212 for fiscal year ended 2004 .the remaining inventories are comprised of product cores , which consist of the non-consumable portion of certain parts and batteries and are valued under the first-in , first-out ( "fifo" ) method .core values are included as part of our merchandise costs and are either passed on to the customer or returned to the vendor .additionally , these products are not subject to the frequent cost changes like our other merchandise inventory , thus , there is no material difference from applying either the lifo or fifo valuation methods .the company capitalizes certain purchasing and warehousing costs into inventory .purchasing and warehousing costs included in inventory , at fifo , at december 30 , 2006 and december 31 , 2005 , were $ 95576 and $ 92833 , respectively .inventories consist of the following : december 30 , december 31 , 2006 2005 .
[['', 'december 30 2006', 'december 31 2005'], ['inventories at fifo net', '$ 1380573', '$ 1294310'], ['adjustments to state inventories at lifo', '82767', '72789'], ['inventories at lifo net', '$ 1463340', '$ 1367099']]
replacement cost approximated fifo cost at december 30 , 2006 and december 31 , 2005 .inventory quantities are tracked through a perpetual inventory system .the company uses a cycle counting program in all distribution centers , parts delivered quickly warehouses , or pdqs , local area warehouses , or laws , and retail stores to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory .the company establishes reserves for estimated shrink based on historical accuracy and effectiveness of the cycle counting program .the company also establishes reserves for potentially excess and obsolete inventories based on current inventory levels and the historical analysis of product sales and current market conditions .the nature of the company 2019s inventory is such that the risk of obsolescence is minimal and excess inventory has historically been returned to the company 2019s vendors for credit .the company provides reserves when less than full credit is expected from a vendor or when liquidating product will result in retail prices below recorded costs .the company 2019s reserves against inventory for these matters were $ 31376 and $ 22825 at december 30 , 2006 and december 31 , 2005 , respectively .9 .property and equipment : property and equipment are stated at cost , less accumulated depreciation .expenditures for maintenance and repairs are charged directly to expense when incurred ; major improvements are capitalized .when items are sold or retired , the related cost and accumulated depreciation are removed from the accounts , with any gain or loss reflected in the consolidated statements of operations .depreciation of land improvements , buildings , furniture , fixtures and equipment , and vehicles is provided over the estimated useful lives , which range from 2 to 40 years , of the respective assets using the straight-line method. .
|
what is the percentage increase in inventories due to the adoption of lifo in 2006?
|
6.0%
|
{
"answer": "6.0%",
"decimal": 0.06,
"type": "percentage"
}
| |
2 0 0 8 a n n u a l r e p o r t stock performance graph the following graph sets forth the performance of our series a common , series b common stock , and series c common stock for the period september 18 , 2008 through december 31 , 2008 as compared with the performance of the standard and poor 2019s 500 index and a peer group index which consists of the walt disney company , time warner inc. , cbs corporation class b common stock , viacom , inc .class b common stock , news corporation class a common stock , and scripps network interactive , inc .the graph assumes $ 100 originally invested on september 18 , 2006 and that all subsequent dividends were reinvested in additional shares .september 18 , september 30 , december 31 , 2008 2008 2008 .
[['', 'september 18 2008', 'september 30 2008', 'december 31 2008'], ['disca', '$ 100.00', '$ 103.19', '$ 102.53'], ['discb', '$ 100.00', '$ 105.54', '$ 78.53'], ['disck', '$ 100.00', '$ 88.50', '$ 83.69'], ['s&p 500', '$ 100.00', '$ 96.54', '$ 74.86'], ['peer group', '$ 100.00', '$ 92.67', '$ 68.79']]
s&p 500 peer group .
|
what was the percentage cumulative total shareholder return on disca common stock from september 18 , 2008 to december 31 , 2008?
|
2.53%
|
{
"answer": "2.53%",
"decimal": 0.0253,
"type": "percentage"
}
| |
note 21 .expenses during the fourth quarter of 2008 , we elected to provide support to certain investment accounts managed by ssga through the purchase of asset- and mortgage-backed securities and a cash infusion , which resulted in a charge of $ 450 million .ssga manages certain investment accounts , offered to retirement plans , that allow participants to purchase and redeem units at a constant net asset value regardless of volatility in the underlying value of the assets held by the account .the accounts enter into contractual arrangements with independent third-party financial institutions that agree to make up any shortfall in the account if all the units are redeemed at the constant net asset value .the financial institutions have the right , under certain circumstances , to terminate this guarantee with respect to future investments in the account .during 2008 , the liquidity and pricing issues in the fixed-income markets adversely affected the market value of the securities in these accounts to the point that the third-party guarantors considered terminating their financial guarantees with the accounts .although we were not statutorily or contractually obligated to do so , we elected to purchase approximately $ 2.49 billion of asset- and mortgage-backed securities from these accounts that had been identified as presenting increased risk in the current market environment and to contribute an aggregate of $ 450 million to the accounts to improve the ratio of the market value of the accounts 2019 portfolio holdings to the book value of the accounts .we have no ongoing commitment or intent to provide support to these accounts .the securities are carried in investment securities available for sale in our consolidated statement of condition .the components of other expenses were as follows for the years ended december 31: .
[['( in millions )', '2008', '2007', '2006'], ['customer indemnification obligation', '$ 200', '', ''], ['securities processing', '187', '$ 79', '$ 37'], ['other', '505', '399', '281'], ['total other expenses', '$ 892', '$ 478', '$ 318']]
in september and october 2008 , lehman brothers holdings inc. , or lehman brothers , and certain of its affiliates filed for bankruptcy or other insolvency proceedings .while we had no unsecured financial exposure to lehman brothers or its affiliates , we indemnified certain customers in connection with these and other collateralized repurchase agreements with lehman brothers entities .in the then current market environment , the market value of the underlying collateral had declined .during the third quarter of 2008 , to the extent these declines resulted in collateral value falling below the indemnification obligation , we recorded a reserve to provide for our estimated net exposure .the reserve , which totaled $ 200 million , was based on the cost of satisfying the indemnification obligation net of the fair value of the collateral , which we purchased during the fourth quarter of 2008 .the collateral , composed of commercial real estate loans which are discussed in note 5 , is recorded in loans and leases in our consolidated statement of condition. .
|
what portion of the total other expenses is related to securities processing in 2007?
|
16.5%
|
{
"answer": "16.5%",
"decimal": 0.165,
"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 data centers?
|
75000
|
{
"answer": "75000",
"decimal": 75000,
"type": "float"
}
| |
30 of 93 liquidity and capital resources the following table presents selected financial information and statistics for each of the last three fiscal years ( dollars in millions ) : .
[['', '2003', '2002', '2001'], ['cash cash equivalents and short-term investments', '$ 4566', '$ 4337', '$ 4336'], ['accounts receivable net', '$ 766', '$ 565', '$ 466'], ['inventory', '$ 56', '$ 45', '$ 11'], ['working capital', '$ 3530', '$ 3730', '$ 3625'], ['days sales in accounts receivable ( dso ) ( a )', '41', '36', '29'], ['days of supply in inventory ( b )', '4', '4', '1'], ['days payables outstanding ( dpo ) ( c )', '82', '77', '73'], ['annual operating cash flow', '$ 289', '$ 89', '$ 185']]
( a ) dso is based on ending net trade receivables and most recent quarterly net sales for each period .( b ) days supply of inventory is based on ending inventory and most recent quarterly cost of sales for each period .( c ) dpo is based on ending accounts payable and most recent quarterly cost of sales adjusted for the change in inventory .as of september 27 , 2003 , the company 2019s cash , cash equivalents , and short-term investments portfolio totaled $ 4.566 billion , an increase of $ 229 million from the end of fiscal 2002 .the company 2019s short-term investment portfolio consists primarily of investments in u.s .treasury and agency securities , u.s .corporate securities , and foreign securities .foreign securities consist primarily of foreign commercial paper , certificates of deposit and time deposits with foreign institutions , most of which are denominated in u.s .dollars .the company 2019s investments are generally liquid and investment grade .as a result of declining investment yields on the company 2019s cash equivalents and short-term investments resulting from substantially lower market interest rates during 2003 , the company has elected to reduce the average maturity of its portfolio to maintain liquidity for future investment opportunities when market interest rates increase .accordingly , during 2003 the company increased its holdings in short-term investment grade instruments , both in u.s .corporate and foreign securities , that are classified as cash equivalents and has reduced its holdings in longer-term u.s .corporate securities classified as short-term investments .although the company 2019s cash , cash equivalents , and short-term investments increased in 2003 , the company 2019s working capital at september 27 , 2003 decreased by $ 200 million as compared to the end of fiscal 2002 due primarily to the current year reclassification of the company 2019s long-term debt as a current obligation resulting from its scheduled maturity in february 2004 .the primary sources of total cash and cash equivalents in fiscal 2003 were $ 289 million in cash generated by operating activities and $ 53 million in proceeds from the issuance of common stock , partially offset by $ 164 million utilized for capital expenditures and $ 26 million for the repurchase of common stock .the company believes its existing balances of cash , cash equivalents , and short-term investments will be sufficient to satisfy its working capital needs , capital expenditures , debt obligations , stock repurchase activity , outstanding commitments , and other liquidity requirements associated with its existing operations over the next 12 months .the company currently has debt outstanding in the form of $ 300 million of aggregate principal amount 6.5% ( 6.5 % ) unsecured notes that were originally issued in 1994 .the notes , which pay interest semiannually , were sold at 99.925% ( 99.925 % ) of par , for an effective yield to maturity of 6.51% ( 6.51 % ) .the notes , along with approximately $ 4 million of unamortized deferred gains on closed interest rate swaps , are due in february 2004 and therefore have been classified as current debt as of september 27 , 2003 .the company currently anticipates utilizing its existing cash balances to settle these notes when due .capital expenditures the company 2019s total capital expenditures were $ 164 million during fiscal 2003 , $ 92 million of which were for retail store facilities and equipment related to the company 2019s retail segment and $ 72 million of which were primarily for corporate infrastructure , including information systems enhancements and operating facilities enhancements and expansions .the company currently anticipates it will utilize approximately $ 160 million for capital expenditures during 2004 , approximately $ 85 million of which is expected to be utilized for further expansion of the company 2019s retail segment and the remainder utilized to support normal replacement of existing capital assets and enhancements to general information technology infrastructure .stock repurchase plan in july 1999 , the company's board of directors authorized a plan for the company to repurchase up to $ 500 million of its common stock .this repurchase plan does not obligate the company to acquire any specific number of shares or acquire shares over any specified period of time. .
|
what was the lowest inventory amount , in millions?
|
11
|
{
"answer": "11",
"decimal": 11,
"type": "float"
}
| |
restricted unit awards in 2010 and 2009 , the hartford issued restricted units as part of the hartford 2019s 2005 stock plan .restricted stock unit awards under the plan have historically been settled in shares , but under this award will be settled in cash and are thus referred to as 201crestricted units 201d .the economic value recipients will ultimately realize will be identical to the value that would have been realized if the awards had been settled in shares , i.e. , upon settlement , recipients will receive cash equal to the hartford 2019s share price multiplied by the number of restricted units awarded .because restricted units will be settled in cash , the awards are remeasured at the end of each reporting period until settlement .awards granted in 2009 vested after a three year period .awards granted in 2010 include both graded and cliff vesting restricted units which vest over a three year period .the graded vesting attribution method is used to recognize the expense of the award over the requisite service period .for example , the graded vesting attribution method views one three-year grant with annual graded vesting as three separate sub-grants , each representing one third of the total number of awards granted .the first sub-grant vests over one year , the second sub-grant vests over two years and the third sub-grant vests over three years .there were no restricted units awarded for 2013 or 2012 .as of december 31 , 2013 and 2012 , 27 thousand and 832 thousand restricted units were outstanding , respectively .deferred stock unit plan effective july 31 , 2009 , the compensation and management development committee of the board authorized the hartford deferred stock unit plan ( 201cdeferred stock unit plan 201d ) , and , on october 22 , 2009 , it was amended .the deferred stock unit plan provides for contractual rights to receive cash payments based on the value of a specified number of shares of stock .the deferred stock unit plan provides for two award types , deferred units and restricted units .deferred units are earned ratably over a year , based on the number of regular pay periods occurring during such year .deferred units are credited to the participant's account on a quarterly basis based on the market price of the company 2019s common stock on the date of grant and are fully vested at all times .deferred units credited to employees prior to january 1 , 2010 ( other than senior executive officers hired on or after october 1 , 2009 ) are not paid until after two years from their grant date .deferred units credited on or after january 1 , 2010 ( and any credited to senior executive officers hired on or after october 1 , 2009 ) are paid in three equal installments after the first , second and third anniversaries of their grant date .restricted units are intended to be incentive compensation and , unlike deferred units , vest over time , generally three years , and are subject to forfeiture .the deferred stock unit plan is structured consistent with the limitations and restrictions on employee compensation arrangements imposed by the emergency economic stabilization act of 2008 and the tarp standards for compensation and corporate governance interim final rule issued by the u.s .department of treasury on june 10 , 2009 .there were no deferred stock units awarded in 2013 or 2012 .a summary of the status of the company 2019s non-vested awards under the deferred stock unit plan as of december 31 , 2013 , is presented below : non-vested units restricted units ( in thousands ) weighted-average grant-date fair value .
[['non-vested units', 'restricted units ( in thousands )', 'weighted-average grant-date fair value'], ['non-vested at beginning of year', '309', '25.08'], ['granted', '2014', '2014'], ['vested', '-306 ( 306 )', '25.04'], ['forfeited', '-3 ( 3 )', '28.99'], ['non-vested at end of year', '2014', '$ 2014']]
subsidiary stock plan in 2013 the hartford established a subsidiary stock-based compensation plan similar to the hartford 2010 incentive stock plan except that it awards non-public subsidiary stock as compensation .the company recognized stock-based compensation plans expense of $ 1 in the year ended december 31 , 2013 for the subsidiary stock plan .upon employee vesting of subsidiary stock , the company will recognize a noncontrolling equity interest .employees will be restricted from selling vested subsidiary stock to other than the company and the company will have discretion on the amount of stock to repurchase .therefore the subsidiary stock will be classified as equity because it is not mandatorily redeemable .table of contents the hartford financial services group , inc .notes to consolidated financial statements ( continued ) 19 .stock compensation plans ( continued ) .
|
what is the total value of the vested units?
|
7662.24
|
{
"answer": "7662.24",
"decimal": 7662.24,
"type": "float"
}
| |
certain options to purchase shares of devon 2019s common stock were excluded from the dilution calculations because the options were antidilutive .these excluded options totaled 2 million , 3 million and 0.2 million in 2007 , 2006 and 2005 , respectively .foreign currency translation adjustments the u.s .dollar is the functional currency for devon 2019s consolidated operations except its canadian subsidiaries , which use the canadian dollar as the functional currency .therefore , the assets and liabilities of devon 2019s canadian subsidiaries are translated into u.s .dollars based on the current exchange rate in effect at the balance sheet dates .canadian income and expenses are translated at average rates for the periods presented .translation adjustments have no effect on net income and are included in accumulated other comprehensive income in stockholders 2019 equity .the following table presents the balances of devon 2019s cumulative translation adjustments included in accumulated other comprehensive income ( in millions ) . .
[['december 31 2004', '$ 1054'], ['december 31 2005', '$ 1216'], ['december 31 2006', '$ 1219'], ['december 31 2007', '$ 2566']]
statements of cash flows for purposes of the consolidated statements of cash flows , devon considers all highly liquid investments with original contractual maturities of three months or less to be cash equivalents .commitments and contingencies liabilities for loss contingencies arising from claims , assessments , litigation or other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated .liabilities for environmental remediation or restoration claims are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated .expenditures related to such environmental matters are expensed or capitalized in accordance with devon 2019s accounting policy for property and equipment .reference is made to note 8 for a discussion of amounts recorded for these liabilities .recently issued accounting standards not yet adopted in december 2007 , the financial accounting standards board ( 201cfasb 201d ) issued statement of financial accounting standards no .141 ( r ) , business combinations , which replaces statement no .141 .statement no .141 ( r ) retains the fundamental requirements of statement no .141 that an acquirer be identified and the acquisition method of accounting ( previously called the purchase method ) be used for all business combinations .statement no .141 ( r ) 2019s scope is broader than that of statement no .141 , which applied only to business combinations in which control was obtained by transferring consideration .by applying the acquisition method to all transactions and other events in which one entity obtains control over one or more other businesses , statement no .141 ( r ) improves the comparability of the information about business combinations provided in financial reports .statement no .141 ( r ) establishes principles and requirements for how an acquirer recognizes and measures identifiable assets acquired , liabilities assumed and any noncontrolling interest in the acquiree , as well as any resulting goodwill .statement no .141 ( r ) applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after december 15 , 2008 .devon will evaluate how the new requirements of statement no .141 ( r ) would impact any business combinations completed in 2009 or thereafter .in december 2007 , the fasb also issued statement of financial accounting standards no .160 , noncontrolling interests in consolidated financial statements 2014an amendment of accounting research bulletin no .51 .a noncontrolling interest , sometimes called a minority interest , is the portion of equity in a subsidiary not attributable , directly or indirectly , to a parent .statement no .160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary .under statement no .160 , noncontrolling interests in a subsidiary must be reported as a component of consolidated equity separate from the parent 2019s equity .additionally , the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement .statement no .160 is effective for fiscal years beginning on or after december 15 , 2008 and earlier adoption is prohibited .devon does not expect the adoption of statement no .160 to have a material impact on its financial statements and related disclosures. .
|
what was devon's average translation adjustments included in accumulated other comprehensive income ( in millions ) from 2004 through 2007?
|
1513.75
|
{
"answer": "1513.75",
"decimal": 1513.75,
"type": "float"
}
| |
2018 annual report 23 five-year stock performance graph the graph below illustrates the cumulative total shareholder return on snap-on common stock since december 31 , 2013 , of a $ 100 investment , assuming that dividends were reinvested quarterly .the graph compares snap-on 2019s performance to that of the standard & poor 2019s 500 industrials index ( 201cs&p 500 industrials 201d ) and standard & poor 2019s 500 stock index ( 201cs&p 500 201d ) .fiscal year ended ( 1 ) snap-on incorporated s&p 500 industrials s&p 500 .
[['fiscal year ended ( 1 )', 'snap-onincorporated', 's&p 500industrials', 's&p 500'], ['december 31 2013', '$ 100.00', '$ 100.00', '$ 100.00'], ['december 31 2014', '126.77', '109.83', '113.69'], ['december 31 2015', '161.15', '107.04', '115.26'], ['december 31 2016', '163.63', '127.23', '129.05'], ['december 31 2017', '169.61', '153.99', '157.22'], ['december 31 2018', '144.41', '133.53', '150.33']]
( 1 ) the company 2019s fiscal year ends on the saturday that is on or nearest to december 31 of each year ; for ease of calculation , the fiscal year end is assumed to be december 31. .
|
what is the average annual growth rate for snap from 2016 to 2018?
|
-5.6%
|
{
"answer": "-5.6%",
"decimal": -0.055999999999999994,
"type": "percentage"
}
| |
entergy corporation and subsidiaries management's financial discussion and analysis other income ( deductions ) changed from $ 47.6 million in 2002 to ( $ 36.0 million ) in 2003 primarily due to a decrease in "miscellaneous - net" as a result of a $ 107.7 million accrual in the second quarter of 2003 for the loss that would be associated with a final , non-appealable decision disallowing abeyed river bend plant costs .see note 2 to the consolidated financial statements for more details regarding the river bend abeyed plant costs .the decrease was partially offset by an increase in interest and dividend income as a result of the implementation of sfas 143 .interest on long-term debt decreased from $ 462.0 million in 2002 to $ 433.5 million in 2003 primarily due to the redemption and refinancing of long-term debt .non-utility nuclear following are key performance measures for non-utility nuclear: .
[['', '2004', '2003', '2002'], ['net mw in operation at december 31', '4058', '4001', '3955'], ['average realized price per mwh', '$ 41.26', '$ 39.38', '$ 40.07'], ['generation in gwh for the year', '32524', '32379', '29953'], ['capacity factor for the year', '92% ( 92 % )', '92% ( 92 % )', '93% ( 93 % )']]
2004 compared to 2003 the decrease in earnings for non-utility nuclear from $ 300.8 million to $ 245.0 million was primarily due to the $ 154.5 million net-of-tax cumulative effect of a change in accounting principle that increased earnings in the first quarter of 2003 upon implementation of sfas 143 .see "critical accounting estimates - sfas 143" below for discussion of the implementation of sfas 143 .earnings before the cumulative effect of accounting change increased by $ 98.7 million primarily due to the following : 2022 lower operation and maintenance expenses , which decreased from $ 681.8 million in 2003 to $ 595.7 million in 2004 , primarily resulting from charges recorded in 2003 in connection with the voluntary severance program ; 2022 higher revenues , which increased from $ 1.275 billion in 2003 to $ 1.342 billion in 2004 , primarily resulting from higher contract pricing .the addition of a support services contract for the cooper nuclear station and increased generation in 2004 due to power uprates completed in 2003 and fewer planned and unplanned outages in 2004 also contributed to the higher revenues ; and 2022 miscellaneous income resulting from a reduction in the decommissioning liability for a plant , as discussed in note 8 to the consolidated financial statements .partially offsetting this increase were the following : 2022 higher income taxes , which increased from $ 88.6 million in 2003 to $ 142.6 million in 2004 ; and 2022 higher depreciation expense , which increased from $ 34.3 million in 2003 to $ 48.9 million in 2004 , due to additions to plant in service .2003 compared to 2002 the increase in earnings for non-utility nuclear from $ 200.5 million to $ 300.8 million was primarily due to the $ 154.5 million net-of-tax cumulative effect of a change in accounting principle recognized in the first quarter of 2003 upon implementation of sfas 143 .see "critical accounting estimates - sfas 143" below for discussion of the implementation of sfas 143 .income before the cumulative effect of accounting change decreased by $ 54.2 million .the decrease was primarily due to $ 83.0 million ( $ 50.6 million net-of-tax ) of charges recorded in connection with the voluntary severance program .except for the effect of the voluntary severance program , operation and maintenance expenses in 2003 per mwh of generation were in line with 2002 operation and maintenance expenses. .
|
what is the growth rate in earnings for non-utility nuclear in 2004 compare to 2003?
|
-18.6%
|
{
"answer": "-18.6%",
"decimal": -0.18600000000000003,
"type": "percentage"
}
| |
entergy new orleans , inc .management's financial discussion and analysis 2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .following is an analysis of the change in net revenue comparing 2007 to 2006 .amount ( in millions ) .
[['', 'amount ( in millions )'], ['2006 net revenue', '$ 192.2'], ['fuel recovery', '42.6'], ['volume/weather', '25.6'], ['rider revenue', '8.5'], ['net wholesale revenue', '-41.2 ( 41.2 )'], ['other', '3.3'], ['2007 net revenue', '$ 231.0']]
the fuel recovery variance is due to the inclusion of grand gulf costs in fuel recoveries effective july 1 , 2006 .in june 2006 , the city council approved the recovery of grand gulf costs through the fuel adjustment clause , without a corresponding change in base rates ( a significant portion of grand gulf costs was previously recovered through base rates ) .the volume/weather variance is due to an increase in electricity usage in the service territory in 2007 compared to the same period in 2006 .the first quarter 2006 was affected by customer losses following hurricane katrina .entergy new orleans estimates that approximately 132000 electric customers and 86000 gas customers have returned and are taking service as of december 31 , 2007 , compared to approximately 95000 electric customers and 65000 gas customers as of december 31 , 2006 .billed retail electricity usage increased a total of 540 gwh compared to the same period in 2006 , an increase of 14% ( 14 % ) .the rider revenue variance is due primarily to a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006 .the approved storm reserve has been set to collect $ 75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account .the settlement agreement is discussed in note 2 to the financial statements .the net wholesale revenue variance is due to more energy available for resale in 2006 due to the decrease in retail usage caused by customer losses following hurricane katrina .in addition , 2006 revenue includes the sales into the wholesale market of entergy new orleans' share of the output of grand gulf , pursuant to city council approval of measures proposed by entergy new orleans to address the reduction in entergy new orleans' retail customer usage caused by hurricane katrina and to provide revenue support for the costs of entergy new orleans' share of grand other income statement variances 2008 compared to 2007 other operation and maintenance expenses decreased primarily due to : a provision for storm-related bad debts of $ 11 million recorded in 2007 ; a decrease of $ 6.2 million in legal and professional fees ; a decrease of $ 3.4 million in employee benefit expenses ; and a decrease of $ 1.9 million in gas operations spending due to higher labor and material costs for reliability work in 2007. .
|
what is the percentage change in the number of electric consumers from 2006 to 2007 for entergy new orleans?
|
38.9%
|
{
"answer": "38.9%",
"decimal": 0.389,
"type": "percentage"
}
| |
state street bank issuances : state street bank currently has authority to issue up to an aggregate of $ 1 billion of subordinated fixed-rate , floating-rate or zero-coupon bank notes with a maturity of five to fifteen years .with respect to the 5.25% ( 5.25 % ) subordinated bank notes due 2018 , state street bank is required to make semi-annual interest payments on the outstanding principal balance of the notes on april 15 and october 15 of each year , and the notes qualify as tier 2 capital under regulatory capital guidelines .with respect to the 5.30% ( 5.30 % ) subordinated notes due 2016 and the floating-rate subordinated notes due 2015 , state street bank is required to make semi-annual interest payments on the outstanding principal balance of the 5.30% ( 5.30 % ) notes on january 15 and july 15 of each year beginning in july 2006 , and quarterly interest payments on the outstanding principal balance of the floating-rate notes on march 8 , june 8 , september 8 and december 8 of each year beginning in march 2006 .the notes qualify as tier 2 capital under regulatory capital guidelines .note 10 .commitments and contingencies off-balance sheet commitments and contingencies : credit-related financial instruments include indemnified securities financing , unfunded commitments to extend credit or purchase assets and standby letters of credit .the total potential loss on unfunded commitments , standby and commercial letters of credit and securities finance indemnifications is equal to the total contractual amount , which does not consider the value of any collateral .the following is a summary of the contractual amount of credit-related , off-balance sheet financial instruments at december 31 .amounts reported do not reflect participations to unrelated third parties. .
[['( in millions )', '2006', '2005'], ['indemnified securities financing', '$ 506032', '$ 372863'], ['liquidity asset purchase agreements', '30251', '24412'], ['unfunded commitments to extend credit', '16354', '14403'], ['standby letters of credit', '4926', '5027']]
on behalf of our customers , we lend their securities to creditworthy brokers and other institutions .in certain circumstances , we may indemnify our customers for the fair market value of those securities against a failure of the borrower to return such securities .collateral funds received in connection with our securities finance services are held by us as agent and are not recorded in our consolidated statement of condition .we require the borrowers to provide collateral in an amount equal to or in excess of 100% ( 100 % ) of the fair market value of the securities borrowed .the borrowed securities are revalued daily to determine if additional collateral is necessary .we held , as agent , cash and u.s .government securities totaling $ 527.37 billion and $ 387.22 billion as collateral for indemnified securities on loan at december 31 , 2006 and 2005 , respectively .approximately 81% ( 81 % ) of the unfunded commitments to extend credit and liquidity asset purchase agreements expire within one year from the date of issue .since many of the commitments are expected to expire or renew without being drawn upon , the total commitment amounts do not necessarily represent future cash requirements .in the normal course of business , we provide liquidity and credit enhancements to asset-backed commercial paper programs , or 201cconduits . 201d these conduits are more fully described in note 11 .the commercial paper issuances and commitments of the conduits to provide funding are supported by liquidity asset purchase agreements and backup liquidity lines of credit , the majority of which are provided by us .in addition , we provide direct credit support to the conduits in the form of standby letters of credit .our commitments under liquidity asset purchase agreements and backup lines of credit totaled $ 23.99 billion at december 31 , 2006 , and are included in the preceding table .our commitments under seq 83 copyarea : 38 .x 54 .trimsize : 8.25 x 10.75 typeset state street corporation serverprocess c:\\fc\\delivery_1024177\\2771-1-dm_p.pdf chksum : 0 cycle 1merrill corporation 07-2771-1 thu mar 01 17:10:46 2007 ( v 2.247w--stp1pae18 ) .
|
what is the percentage change in the balance of indemnified securities financing from 2005 to 2006?
|
35.7%
|
{
"answer": "35.7%",
"decimal": 0.35700000000000004,
"type": "percentage"
}
| |
during 2009 , the company extended the contractual life of 4 million fully vested share options held by 6 employees .as a result of that modification , the company recognized additional compensation expense of $ 1 million for the year ended december 31 , 2009 .restricted stock units ( 201crsus 201d ) performance-based rsus .the company grants performance-based rsus to the company 2019s executive officers and certain employees once per year .the company may also grant performance-based rsus to certain new employees or to employees who assume positions of increasing responsibility at the time those events occur .the number of performance-based rsus that ultimately vest is dependent on one or both of the following as per the terms of the specific award agreement : the achievement of 1 ) internal profitability targets ( performance condition ) and 2 ) market performance targets measured by the comparison of the company 2019s stock performance versus a defined peer group ( market condition ) .the performance-based rsus generally cliff-vest during the company 2019s quarter-end september 30 black-out period three years from the date of grant .the ultimate number of shares of the company 2019s series a common stock issued will range from zero to stretch , with stretch defined individually under each award , net of personal income taxes withheld .the market condition is factored into the estimated fair value per unit and compensation expense for each award will be based on the probability of achieving internal profitability targets , as applicable , and recognized on a straight-line basis over the term of the respective grant , less estimated forfeitures .for performance-based rsus granted without a performance condition , compensation expense is based on the fair value per unit recognized on a straight-line basis over the term of the grant , less estimated forfeitures .in april 2007 , the company granted performance-based rsus to certain employees that vest annually in equal tranches beginning october 1 , 2008 through october 1 , 2011 and include a market condition .the performance- based rsus awarded include a catch-up provision that provides for an additional year of vesting of previously unvested amounts , subject to certain maximums .compensation expense is based on the fair value per unit recognized on a straight-line basis over the term of the grant , less estimated forfeitures .a summary of changes in performance-based rsus outstanding is as follows : number of weighted average fair value ( in thousands ) ( in $ ) .
[['', 'number of units ( in thousands )', 'weighted average fair value ( in $ )'], ['nonvested at december 31 2008', '1188', '19.65'], ['granted', '420', '38.16'], ['vested', '-79 ( 79 )', '21.30'], ['forfeited', '-114 ( 114 )', '17.28'], ['nonvested at december 31 2009', '1415', '25.24']]
the fair value of shares vested for performance-based rsus during the years ended december 31 , 2009 and 2008 was $ 2 million and $ 3 million , respectively .there were no vestings that occurred during the year ended december 31 , 2007 .fair value for the company 2019s performance-based rsus was estimated at the grant date using a monte carlo simulation approach .monte carlo simulation was utilized to randomly generate future stock returns for the company and each company in the defined peer group for each grant based on company-specific dividend yields , volatilities and stock return correlations .these returns were used to calculate future performance-based rsu vesting percentages and the simulated values of the vested performance-based rsus were then discounted to present value using a risk-free rate , yielding the expected value of these performance-based rsus .%%transmsg*** transmitting job : d70731 pcn : 119000000 ***%%pcmsg|119 |00016|yes|no|02/10/2010 16:17|0|0|page is valid , no graphics -- color : n| .
|
what is the net change in the balance of non vested units during 2009?
|
227
|
{
"answer": "227",
"decimal": 227,
"type": "float"
}
| |
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 , 2012 in the standard & poor 2019s 500 index , the dow jones transportation average and our class b common stock. .
[['', '12/31/2012', '12/31/2013', '12/31/2014', '12/31/2015', '12/31/2016', '12/31/2017'], ['united parcel service inc .', '$ 100.00', '$ 146.54', '$ 159.23', '$ 148.89', '$ 182.70', '$ 195.75'], ['standard & poor 2019s 500 index', '$ 100.00', '$ 132.38', '$ 150.49', '$ 152.55', '$ 170.79', '$ 208.06'], ['dow jones transportation average', '$ 100.00', '$ 141.38', '$ 176.83', '$ 147.19', '$ 179.37', '$ 213.49']]
.
|
what is the difference in percentage cumulative total shareowners return for united parcel service inc . versus the dow jones transportation average for the five years ended 12/31/2017?
|
-17.74%
|
{
"answer": "-17.74%",
"decimal": -0.17739999999999997,
"type": "percentage"
}
| |
2009 vs .2008 revenues , net of interest expense increased 11% ( 11 % ) or $ 2.7 billion , as markets began to recover in the early part of 2009 , bringing back higher levels of volume activity and higher levels of liquidity , which began to decline again in the third quarter of 2009 .the growth in revenue in the early part of the year was mainly due to a $ 7.1 billion increase in fixed income markets , reflecting strong trading opportunities across all asset classes in the first half of 2009 , and a $ 1.5 billion increase in investment banking revenue primarily from increases in debt and equity underwriting activities reflecting higher transaction volumes from depressed 2008 levels .these increases were offset by a $ 6.4 billion decrease in lending revenue primarily from losses on credit default swap hedges .excluding the 2009 and 2008 cva impact , as indicated in the table below , revenues increased 23% ( 23 % ) or $ 5.5 billion .operating expenses decreased 17% ( 17 % ) , or $ 2.7 billion .excluding the 2008 repositioning and restructuring charges and the 2009 litigation reserve release , operating expenses declined 11% ( 11 % ) or $ 1.6 billion , mainly as a result of headcount reductions and benefits from expense management .provisions for loan losses and for benefits and claims decreased 7% ( 7 % ) or $ 129 million , to $ 1.7 billion , mainly due to lower credit reserve builds and net credit losses , due to an improved credit environment , particularly in the latter part of the year .2008 vs .2007 revenues , net of interest expense decreased 2% ( 2 % ) or $ 0.4 billion reflecting the overall difficult market conditions .excluding the 2008 and 2007 cva impact , revenues decreased 3% ( 3 % ) or $ 0.6 billion .the reduction in revenue was primarily due to a decrease in investment banking revenue of $ 2.3 billion to $ 3.2 billion , mainly in debt and equity underwriting , reflecting lower volumes , and a decrease in equity markets revenue of $ 2.3 billion to $ 2.9 billion due to extremely high volatility and reduced levels of activity .these reductions were offset by an increase in fixed income markets of $ 2.9 billion to $ 14.4 billion due to strong performance in interest rates and currencies , and an increase in lending revenue of $ 2.4 billion to $ 4.2 billion mainly from gains on credit default swap hedges .operating expenses decreased by 2% ( 2 % ) or $ 0.4 billion .excluding the 2008 and 2007 repositioning and restructuring charges and the 2007 litigation reserve reversal , operating expenses decreased by 7% ( 7 % ) or $ 1.1 billion driven by headcount reduction and lower performance-based incentives .provisions for credit losses and for benefits and claims increased $ 1.3 billion to $ 1.8 billion mainly from higher credit reserve builds and net credit losses offset by a lower provision for unfunded lending commitments due to deterioration in the credit environment .certain revenues impacting securities and banking items that impacted s&b revenues during 2009 and 2008 are set forth in the table below. .
[['in millions of dollars', 'pretax revenue 2009', 'pretax revenue 2008'], ['private equity and equity investments', '$ 201', '$ -377 ( 377 )'], ['alt-a mortgages ( 1 ) ( 2 )', '321', '-737 ( 737 )'], ['commercial real estate ( cre ) positions ( 1 ) ( 3 )', '68', '270'], ['cva on citi debt liabilities under fair value option', '-3974 ( 3974 )', '4325'], ['cva on derivatives positions excluding monoline insurers', '2204', '-3292 ( 3292 )'], ['total significant revenue items', '$ -1180 ( 1180 )', '$ 189']]
( 1 ) net of hedges .( 2 ) for these purposes , alt-a mortgage securities are non-agency residential mortgage-backed securities ( rmbs ) where ( i ) the underlying collateral has weighted average fico scores between 680 and 720 or ( ii ) for instances where fico scores are greater than 720 , rmbs have 30% ( 30 % ) or less of the underlying collateral composed of full documentation loans .see 201cmanaging global risk 2014credit risk 2014u.s .consumer mortgage lending . 201d ( 3 ) s&b 2019s commercial real estate exposure is split into three categories of assets : held at fair value ; held- to-maturity/held-for-investment ; and equity .see 201cmanaging global risk 2014credit risk 2014exposure to commercial real estate 201d section for a further discussion .in the table above , 2009 includes a $ 330 million pretax adjustment to the cva balance , which reduced pretax revenues for the year , reflecting a correction of an error related to prior periods .see 201csignificant accounting policies and significant estimates 201d below and notes 1 and 34 to the consolidated financial statements for a further discussion of this adjustment .2010 outlook the 2010 outlook for s&b will depend on the level of client activity and on macroeconomic conditions , market valuations and volatility , interest rates and other market factors .management of s&b currently expects to maintain client activity throughout 2010 and to operate in market conditions that offer moderate volatility and increased liquidity .operating expenses will benefit from continued re-engineering and expense management initiatives , but will be offset by investments in talent and infrastructure to support growth. .
|
what was the change in millions of private equity and equity investments pretax revenue from 2008 to 2009?
|
578
|
{
"answer": "578",
"decimal": 578,
"type": "float"
}
| |
dish network corporation notes to consolidated financial statements - continued capital lease obligations anik f3 .anik f3 , an fss satellite , was launched and commenced commercial operation during april 2007 .this satellite is accounted for as a capital lease and depreciated over the term of the satellite service agreement .we have leased 100% ( 100 % ) of the ku-band capacity on anik f3 for a period of 15 years .ciel ii .ciel ii , a canadian dbs satellite , was launched in december 2008 and commenced commercial operation during february 2009 .this satellite is accounted for as a capital lease and depreciated over the term of the satellite service agreement .we have leased 100% ( 100 % ) of the capacity on ciel ii for an initial 10 year term .as of december 31 , 2014 and 2013 , we had $ 500 million capitalized for the estimated fair value of satellites acquired under capital leases included in 201cproperty and equipment , net , 201d with related accumulated depreciation of $ 279 million and $ 236 million , respectively .in our consolidated statements of operations and comprehensive income ( loss ) , we recognized $ 43 million , $ 43 million and $ 43 million in depreciation expense on satellites acquired under capital lease agreements during the years ended december 31 , 2014 , 2013 and 2012 , respectively .future minimum lease payments under the capital lease obligations , together with the present value of the net minimum lease payments as of december 31 , 2014 are as follows ( in thousands ) : for the years ended december 31 .
[['2015', '$ 77089'], ['2016', '76809'], ['2017', '76007'], ['2018', '75982'], ['2019', '50331'], ['thereafter', '112000'], ['total minimum lease payments', '468218'], ['less : amount representing lease of the orbital location and estimated executory costs ( primarily insurance and maintenance ) including profit thereon included in total minimum lease payments', '-220883 ( 220883 )'], ['net minimum lease payments', '247335'], ['less : amount representing interest', '-52421 ( 52421 )'], ['present value of net minimum lease payments', '194914'], ['less : current portion', '-28378 ( 28378 )'], ['long-term portion of capital lease obligations', '$ 166536']]
the summary of future maturities of our outstanding long-term debt as of december 31 , 2014 is included in the commitments table in note 16 .12 .income taxes and accounting for uncertainty in income taxes income taxes our income tax policy is to record the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported on our consolidated balance sheets , as well as probable operating loss , tax credit and other carryforwards .deferred tax assets are offset by valuation allowances when we believe it is more likely than not that net deferred tax assets will not be realized .we periodically evaluate our need for a valuation allowance .determining necessary valuation allowances requires us to make assessments about historical financial information as well as the timing of future events , including the probability of expected future taxable income and available tax planning opportunities .we file consolidated tax returns in the u.s .the income taxes of domestic and foreign subsidiaries not included in the u.s .tax group are presented in our consolidated financial statements based on a separate return basis for each tax paying entity. .
|
what percentage of future minimum lease payments under the capital lease obligations is due after 2019?
|
24%
|
{
"answer": "24%",
"decimal": 0.24,
"type": "percentage"
}
| |
the grand gulf recovery variance is primarily due to increased recovery of higher costs resulting from the grand gulf uprate .the volume/weather variance is primarily due to the effects of more favorable weather on residential sales and an increase in industrial sales primarily due to growth in the refining segment .the fuel recovery variance is primarily due to : 2022 the deferral of increased capacity costs that will be recovered through fuel adjustment clauses ; 2022 the expiration of the evangeline gas contract on january 1 , 2013 ; and 2022 an adjustment to deferred fuel costs recorded in the third quarter 2012 in accordance with a rate order from the puct issued in september 2012 .see note 2 to the financial statements for further discussion of this puct order issued in entergy texas's 2011 rate case .the miso deferral variance is primarily due to the deferral in april 2013 , as approved by the apsc , of costs incurred since march 2010 related to the transition and implementation of joining the miso rto .the decommissioning trusts variance is primarily due to lower regulatory credits resulting from higher realized income on decommissioning trust fund investments .there is no effect on net income as the credits are offset by interest and investment income .entergy wholesale commodities following is an analysis of the change in net revenue comparing 2013 to 2012 .amount ( in millions ) .
[['', 'amount ( in millions )'], ['2012 net revenue', '$ 1854'], ['mark-to-market', '-58 ( 58 )'], ['nuclear volume', '-24 ( 24 )'], ['nuclear fuel expenses', '-20 ( 20 )'], ['nuclear realized price changes', '58'], ['other', '-8 ( 8 )'], ['2013 net revenue', '$ 1802']]
as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 52 million in 2013 primarily due to : 2022 the effect of rising forward power prices on electricity derivative instruments that are not designated as hedges , including additional financial power sales conducted in the fourth quarter 2013 to offset the planned exercise of in-the-money protective call options and to lock in margins .these additional sales did not qualify for hedge accounting treatment , and increases in forward prices after those sales were made accounted for the majority of the negative mark-to-market variance .it is expected that the underlying transactions will result in earnings in first quarter 2014 as these positions settle .see note 16 to the financial statements for discussion of derivative instruments ; 2022 the decrease in net revenue compared to prior year resulting from the exercise of resupply options provided for in purchase power agreements where entergy wholesale commodities may elect to supply power from another source when the plant is not running .amounts related to the exercise of resupply options are included in the gwh billed in the table below ; and entergy corporation and subsidiaries management's financial discussion and analysis .
|
what is the mark-to-market as a percentage of the decrease in net revenue from 2012 to 2013?
|
112%
|
{
"answer": "112%",
"decimal": 1.12,
"type": "percentage"
}
| |
notes to consolidated financial statements 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 $ 27.51 billion and $ 29.24 billion as of december 2014 and december 2013 , respectively .the credit loss protection on loan commitments provided by smfg is generally limited to 95% ( 95 % ) of the first loss the firm realizes on such commitments , up to a maximum of approximately $ 950 million .in addition , subject to the satisfaction of certain conditions , upon the firm 2019s request , smfg will provide protection for 70% ( 70 % ) of additional losses on such commitments , up to a maximum of $ 1.13 billion , of which $ 768 million and $ 870 million of protection had been provided as of december 2014 and december 2013 , respectively .the firm also uses other financial instruments to mitigate credit risks related to certain commitments not covered by smfg .these instruments primarily include credit default swaps that reference the same or similar underlying instrument or entity , or credit default swaps that reference a market index .warehouse financing .the firm provides financing to clients who warehouse financial assets .these arrangements are secured by the warehoused assets , primarily consisting of corporate loans and commercial mortgage loans .contingent and forward starting resale and securities borrowing agreements/forward starting repurchase and secured lending agreements the firm enters into resale and securities borrowing agreements and 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 the firm 2019s investment commitments of $ 5.16 billion and $ 7.12 billion as of december 2014 and december 2013 , respectively , include commitments to invest in private equity , real estate and other assets directly and through funds that the firm raises and manages .of these amounts , $ 2.87 billion and $ 5.48 billion as of december 2014 and december 2013 , respectively , relate to commitments to invest in funds managed by the firm .if these commitments are called , they would be funded at market value on the date of investment .leases the firm has contractual obligations under long-term noncancelable lease agreements , principally for office space , expiring on various dates through 2069 .certain agreements are subject to periodic escalation provisions for increases in real estate taxes and other charges .the table below presents future minimum rental payments , net of minimum sublease rentals .$ in millions december 2014 .
[['$ in millions', 'as of december 2014'], ['2015', '$ 321'], ['2016', '292'], ['2017', '274'], ['2018', '226'], ['2019', '190'], ['2020 - thereafter', '870'], ['total', '$ 2173']]
rent charged to operating expense was $ 309 million for 2014 , $ 324 million for 2013 and $ 374 million for 2012 .operating leases include office space held in excess of current requirements .rent expense relating to space held for growth is included in 201coccupancy . 201d the firm records a liability , based on the fair value of the remaining lease rentals reduced by any potential or existing sublease rentals , for leases where the firm has ceased using the space and management has concluded that the firm will not derive any future economic benefits .costs to terminate a lease before the end of its term are recognized and measured at fair value on termination .goldman sachs 2014 annual report 165 .
|
rent charged to operating expense in millions totaled how much for 2014 and 2013?
|
633
|
{
"answer": "633",
"decimal": 633,
"type": "float"
}
| |
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. .
|
what is the growth rate in the balance of allowance for doubtful accounts from 2014 to 2015?
|
-2.6%
|
{
"answer": "-2.6%",
"decimal": -0.026000000000000002,
"type": "percentage"
}
| |
republic services , inc .notes to consolidated financial statements 2014 ( continued ) credit exposure , we continually monitor the credit worthiness of the financial institutions where we have deposits .concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services , as well as the dispersion of our operations across many geographic areas .we provide services to commercial , industrial , municipal and residential customers in the united states and puerto rico .we perform ongoing credit evaluations of our customers , but generally do not require collateral to support customer receivables .we establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers , age of receivables outstanding , historical trends , economic conditions and other information .accounts receivable , net accounts receivable represent receivables from customers for collection , transfer , recycling , disposal and other services .our receivables are recorded when billed or when the related revenue is earned , if earlier , and represent claims against third parties that will be settled in cash .the carrying value of our receivables , net of the allowance for doubtful accounts and customer credits , represents their estimated net realizable value .provisions for doubtful accounts are evaluated on a monthly basis and are recorded based on our historical collection experience , the age of the receivables , specific customer information and economic conditions .we also review outstanding balances on an account-specific basis .in general , reserves are provided for accounts receivable in excess of 90 days outstanding .past due receivable balances are written-off when our collection efforts have been unsuccessful in collecting amounts due .the following table reflects the activity in our allowance for doubtful accounts for the years ended december 31: .
[['', '2014', '2013', '2012'], ['balance at beginning of year', '$ 38.3', '$ 45.3', '$ 48.1'], ['additions charged to expense', '22.6', '16.1', '29.7'], ['accounts written-off', '-22.0 ( 22.0 )', '-23.1 ( 23.1 )', '-32.5 ( 32.5 )'], ['balance at end of year', '$ 38.9', '$ 38.3', '$ 45.3']]
restricted cash and marketable securities as of december 31 , 2014 , we had $ 115.6 million of restricted cash and marketable securities .we obtain funds through the issuance of tax-exempt bonds for the purpose of financing qualifying expenditures at our landfills , transfer stations , collection and recycling centers .the funds are deposited directly into trust accounts by the bonding authorities at the time of issuance .as the use of these funds is contractually restricted , and we do not have the ability to use these funds for general operating purposes , they are classified as restricted cash and marketable securities in our consolidated balance sheets .in the normal course of business , we may be required to provide financial assurance to governmental agencies and a variety of other entities in connection with municipal residential collection contracts , closure or post- closure of landfills , environmental remediation , environmental permits , and business licenses and permits as a financial guarantee of our performance .at several of our landfills , we satisfy financial assurance requirements by depositing cash into restricted trust funds or escrow accounts .property and equipment we record property and equipment at cost .expenditures for major additions and improvements to facilities are capitalized , while maintenance and repairs are charged to expense as incurred .when property is retired or otherwise disposed , the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of income. .
|
as of december 31 , 2014 what was the ratio of the restricted cash and marketable securities to the balance in allowance for doubtful accounts
|
2.97
|
{
"answer": "2.97",
"decimal": 2.97,
"type": "float"
}
|
the ratio of the restricted cash and marketable securities to the balance in allowance for doubtful accounts at december 312014 was 2.97 to1
|
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 was the difference in percentage five year cumulative total return for united parcel service inc . versus the s&p 500 index for the period ended 12/31/07?
|
-60.21%
|
{
"answer": "-60.21%",
"decimal": -0.6021,
"type": "percentage"
}
| |
contracts and customer purchase orders are generally used to determine the existence of an arrangement .shipping documents are used to verify delivery .the company assesses whether the selling price is fixed or determinable based upon the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment .the company assesses collectibility based primarily on the creditworthiness of the customer as determined by credit checks and analysis , as well as the customer 2019s payment history .accruals for customer returns for defective product are based on historical experience with similar types of sales .accruals for rebates and incentives are based on pricing agreements and are generally tied to sales volume .changes in such accruals may be required if future returns differ from historical experience or if actual sales volume differ from estimated sales volume .rebates and incentives are recognized as a reduction of sales .compensated absences .in the fourth quarter of 2001 , the company changed its vacation policy for certain employees so that vacation pay is earned ratably throughout the year and must be used by year-end .the accrual for compensated absences was reduced by $ 1.6 million in 2001 to eliminate vacation pay no longer required to be accrued under the current policy .advertising .advertising costs are charged to operations as incurred and amounted to $ 18.4 , $ 16.2 and $ 8.8 million during 2003 , 2002 and 2001 respectively .research and development .research and development costs are charged to operations as incurred and amounted to $ 34.6 , $ 30.4 and $ 27.6 million during 2003 , 2002 and 2001 , respectively .product warranty .the company 2019s products carry warranties that generally range from one to six years and are based on terms that are generally accepted in the market place .the company records a liability for the expected cost of warranty-related claims at the time of sale .the allocation of our warranty liability between current and long-term is based on expected warranty claims to be paid in the next year as determined by historical product failure rates .1 .organization and significant accounting policies ( continued ) the following table presents the company 2019s product warranty liability activity in 2003 and 2002 : note to table : environmental costs .the company accrues for losses associated with environmental obligations when such losses are probable and reasonably estimable .costs of estimated future expenditures are not discounted to their present value .recoveries of environmental costs from other parties are recorded as assets when their receipt is considered probable .the accruals are adjusted as facts and circumstances change .stock based compensation .the company has one stock-based employee compensation plan ( see note 11 ) .sfas no .123 , 201caccounting for stock-based compensation , 201d encourages , but does not require companies to record compensation cost for stock-based employee compensation plans at fair value .the company has chosen to continue applying accounting principles board opinion no .25 , 201caccounting for stock issued to employees , 201d and related interpretations , in accounting for its stock option plans .accordingly , because the number of shares is fixed and the exercise price of the stock options equals the market price of the underlying stock on the date of grant , no compensation expense has been recognized .had compensation cost been determined based upon the fair value at the grant date for awards under the plans based on the provisions of sfas no .123 , the company 2019s pro forma earnings and earnings per share would have been as follows: .
[['years ended december 31 ( dollars in millions )', '2003', '2002'], ['balance at beginning of year', '$ 63.2', '$ 69.6'], ['expense', '29.1', '29.9'], ['claims settled', '-30.2 ( 30.2 )', '-29.1 ( 29.1 )'], ['customer warranty waiver ( 1 )', '--', '-7.2 ( 7.2 )'], ['balance at end of year', '$ 62.1', '$ 63.2']]
( 1 ) in exchange for other concessions , the customer has agreed to accept responsibility for units they have purchased from the company which become defective .the amount of the warranty reserve applicable to the estimated number of units previously sold to this customer that may become defective has been reclassified from the product warranty liability to a deferred revenue account. .
|
what was the percentage change in research and development costs between 2002 and 2003?
|
14%
|
{
"answer": "14%",
"decimal": 0.14,
"type": "percentage"
}
| |
unallocated corporate items for fiscal 2018 , 2017 and 2016 included: .
[['in millions', 'fiscal year 2018', 'fiscal year 2017', 'fiscal year 2016'], ['net gain ( loss ) onmark-to-marketvaluation of commodity positions', '$ 14.3', '$ -22.0 ( 22.0 )', '$ -69.1 ( 69.1 )'], ['net loss on commodity positions reclassified from unallocated corporate items to segmentoperating profit', '11.3', '32.0', '127.9'], ['netmark-to-marketrevaluation of certain grain inventories', '6.5', '3.9', '4.0'], ['netmark-to-marketvaluation of certain commodity positions recognized in unallocated corporate items', '$ 32.1', '$ 13.9', '$ 62.8']]
net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items $ 32.1 $ 13.9 $ 62.8 as of may 27 , 2018 , the net notional value of commodity derivatives was $ 238.8 million , of which $ 147.9 million related to agricultural inputs and $ 90.9 million related to energy inputs .these contracts relate to inputs that generally will be utilized within the next 12 months .interest rate risk we are exposed to interest rate volatility with regard to future issuances of fixed-rate debt , and existing and future issuances of floating-rate debt .primary exposures include u.s .treasury rates , libor , euribor , and commercial paper rates in the united states and europe .we use interest rate swaps , forward-starting interest rate swaps , and treasury locks to hedge our exposure to interest rate changes , to reduce the volatility of our financing costs , and to achieve a desired proportion of fixed rate versus floating-rate debt , based on current and projected market conditions .generally under these swaps , we agree with a counterparty to exchange the difference between fixed-rate and floating-rate interest amounts based on an agreed upon notional principal amount .floating interest rate exposures 2014 floating-to-fixed interest rate swaps are accounted for as cash flow hedges , as are all hedges of forecasted issuances of debt .effectiveness is assessed based on either the perfectly effective hypothetical derivative method or changes in the present value of interest payments on the underlying debt .effective gains and losses deferred to aoci are reclassified into earnings over the life of the associated debt .ineffective gains and losses are recorded as net interest .the amount of hedge ineffectiveness was a $ 2.6 million loss in fiscal 2018 , and less than $ 1 million in fiscal 2017 and 2016 .fixed interest rate exposures 2014 fixed-to-floating interest rate swaps are accounted for as fair value hedges with effectiveness assessed based on changes in the fair value of the underlying debt and derivatives , using incremental borrowing rates currently available on loans with similar terms and maturities .ineffective gains and losses on these derivatives and the underlying hedged items are recorded as net interest .the amount of hedge ineffectiveness was a $ 3.4 million loss in fiscal 2018 , a $ 4.3 million gain in fiscal 2017 , and less than $ 1 million in fiscal 2016 .in advance of planned debt financing related to the acquisition of blue buffalo , we entered into $ 3800.0 million of treasury locks due april 19 , 2018 , with an average fixed rate of 2.9 percent , of which $ 2300.0 million were entered into in the third quarter of fiscal 2018 and $ 1500.0 million were entered into in the fourth quarter of fiscal 2018 .all of these treasury locks were cash settled for $ 43.9 million during the fourth quarter of fiscal 2018 , concurrent with the issuance of our $ 850.0 million 5.5-year fixed-rate notes , $ 800.0 million 7-year fixed- rate notes , $ 1400.0 million 10-year fixed-rate notes , $ 500.0 million 20-year fixed-rate notes , and $ 650.0 million 30-year fixed-rate notes .in advance of planned debt financing , in fiscal 2018 , we entered into $ 500.0 million of treasury locks due october 15 , 2017 with an average fixed rate of 1.8 percent .all of these treasury locks were cash settled for $ 3.7 million during the second quarter of fiscal 2018 , concurrent with the issuance of our $ 500.0 million 5-year fixed-rate notes. .
|
what is the net change of netmark-to-marketvaluation of certain commodity positions from 2017 to 2018?
|
18.2
|
{
"answer": "18.2",
"decimal": 18.2,
"type": "float"
}
| |
remarketing proceeds and the lease balance , up to the maximum recourse amount of $ 90.8 million ( 201cresidual value guarantee 201d ) .in august 1999 , we entered into a five-year lease agreement for our other two office buildings that currently serve as our corporate headquarters in san jose , california .under the agreement , we have the option to purchase the buildings at any time during the lease term for the lease balance , which is approximately $ 142.5 million .the lease is subject to standard covenants including liquidity , leverage and profitability ratios that are reported to the lessor quarterly .as of november 28 , 2003 , we were in compliance with all covenants .in the case of a default , the lessor may demand we purchase the buildings for an amount equal to the lease balance , or require that we remarket or relinquish the buildings .the agreement qualifies for operating lease accounting treatment under sfas 13 and , as such , the buildings and the related obligation are not included on our balance sheet .we utilized this type of financing because it allows us to access bank-provided funding at the most favorable rates and allows us to maintain our cash balances for other corporate purposes .at the end of the lease term , we can purchase the buildings for the lease balance , remarket or relinquish the buildings .if we choose to remarket or are required to do so upon relinquishing the buildings , we are bound to arrange the sale of the buildings to an unrelated party and will be required to pay the lessor any shortfall between the net remarketing proceeds and the lease balance , up to the maximum recourse amount of $ 132.6 million ( 201cresidual value guarantee 201d ) .there were no changes in the agreement or level of obligations from the end of fiscal 2002 .we are in the process of evaluating alternative financing methods at expiration of the lease in fiscal 2004 and believe that several suitable financing options will be available to us .as of november 28 , 2003 , future minimum lease payments under noncancelable operating leases and future minimum sublease income under noncancelable subleases are as follows : fiscal year future minimum lease payments future minimum sublease income .
[['fiscal year', 'future minimum lease payments', 'future minimum sublease income'], ['2004', '$ 29454', '$ 5859'], ['2005', '20746', '5798'], ['2006', '16796', '5839'], ['2007', '12188', '3819'], ['2008', '9596', '1678'], ['thereafter', '20900', '2811'], ['total', '$ 109680', '$ 25804']]
royalties we have certain royalty commitments associated with the shipment and licensing of certain products .royalty expense is generally based on a dollar amount per unit shipped or a percentage of the underlying revenue .royalty expense , which was recorded under our cost of products revenue on our consolidated statements of income , was approximately $ 14.5 million , $ 14.4 million and $ 14.1 million in fiscal 2003 , 2002 and 2001 , respectively .guarantees we adopted fin 45 at the beginning of our fiscal year 2003 .see 201cguarantees 201d and 201crecent accounting pronouncements 201d in note 1 of our notes to consolidated financial statements for further information regarding fin 45 .legal actions in early 2002 , international typeface corporation ( 201citc 201d ) and agfa monotype corporation ( 201camt 201d ) , companies which have common ownership and management , each charged , by way of informal letters to adobe , that adobe's distribution of font software , which generates itc and amt typefaces , breaches its contracts with itc and amt , respectively , pursuant to which adobe licensed certain rights with respect to itc and amt typefaces .amt and itc further charged that adobe violated the digital millennium copyright act ( 201cdmca 201d ) with respect to , or induced or contributed to , the infringement of copyrights in , itc 2019s and amt's truetype font software. .
|
what is the net cash outflow related to future lease payments in 2004?
|
23595
|
{
"answer": "23595",
"decimal": 23595,
"type": "float"
}
| |
a reconciliation of the beginning and ending amount of unrecognized tax benefits , for the periods indicated , is as follows: .
[['( dollars in thousands )', '2010', '2009', '2008'], ['balance at january 1', '$ 29010', '$ 34366', '$ 29132'], ['additions based on tax positions related to the current year', '7119', '6997', '5234'], ['additions for tax positions of prior years', '-', '-', '-'], ['reductions for tax positions of prior years', '-', '-', '-'], ['settlements with taxing authorities', '-12356 ( 12356 )', '-12353 ( 12353 )', '-'], ['lapses of applicable statutes of limitations', '-', '-', '-'], ['balance at december 31', '$ 23773', '$ 29010', '$ 34366']]
the entire amount of the unrecognized tax benefits would affect the effective tax rate if recognized .in 2010 , the company favorably settled a 2003 and 2004 irs audit .the company recorded a net overall tax benefit including accrued interest of $ 25920 thousand .in addition , the company was also able to take down a $ 12356 thousand fin 48 reserve that had been established regarding the 2003 and 2004 irs audit .the company is no longer subject to u.s .federal , state and local or foreign income tax examinations by tax authorities for years before 2007 .the company recognizes accrued interest related to net unrecognized tax benefits and penalties in income taxes .during the years ended december 31 , 2010 , 2009 and 2008 , the company accrued and recognized a net expense ( benefit ) of approximately $ ( 9938 ) thousand , $ 1563 thousand and $ 2446 thousand , respectively , in interest and penalties .included within the 2010 net expense ( benefit ) of $ ( 9938 ) thousand is $ ( 10591 ) thousand of accrued interest related to the 2003 and 2004 irs audit .the company is not aware of any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within twelve months of the reporting date .for u.s .income tax purposes the company has foreign tax credit carryforwards of $ 55026 thousand that begin to expire in 2014 .in addition , for u.s .income tax purposes the company has $ 41693 thousand of alternative minimum tax credits that do not expire .management believes that it is more likely than not that the company will realize the benefits of its net deferred tax assets and , accordingly , no valuation allowance has been recorded for the periods presented .tax benefits of $ 629 thousand and $ 1714 thousand related to share-based compensation deductions for stock options exercised in 2010 and 2009 , respectively , are included within additional paid-in capital of the shareholders 2019 equity section of the consolidated balance sheets. .
|
in 2010 what was the percentage change in the unrecognized tax benefits,
|
-18.1%
|
{
"answer": "-18.1%",
"decimal": -0.18100000000000002,
"type": "percentage"
}
| |
basel iii ( full implementation ) citigroup 2019s capital resources under basel iii ( full implementation ) citi currently estimates that its effective minimum common equity tier 1 capital , tier 1 capital and total capital ratio requirements under the u.s .basel iii rules , on a fully implemented basis and assuming a 3% ( 3 % ) gsib surcharge , may be 10% ( 10 % ) , 11.5% ( 11.5 % ) and 13.5% ( 13.5 % ) , respectively .further , under the u.s .basel iii rules , citi must also comply with a 4% ( 4 % ) minimum tier 1 leverage ratio requirement and an effective 5% ( 5 % ) minimum supplementary leverage ratio requirement .the following tables set forth the capital tiers , total risk-weighted assets , risk-based capital ratios , quarterly adjusted average total assets , total leverage exposure and leverage ratios , assuming full implementation under the u.s .basel iii rules , for citi as of december 31 , 2015 and december 31 , 2014 .citigroup capital components and ratios under basel iii ( full implementation ) december 31 , 2015 december 31 , 2014 ( 1 ) in millions of dollars , except ratios advanced approaches standardized approach advanced approaches standardized approach .
[['in millions of dollars except ratios', 'december 31 2015 advanced approaches', 'december 31 2015 standardized approach', 'december 31 2015 advanced approaches', 'standardized approach'], ['common equity tier 1 capital', '$ 146865', '$ 146865', '$ 136597', '$ 136597'], ['tier 1 capital', '164036', '164036', '148066', '148066'], ['total capital ( tier 1 capital + tier 2 capital ) ( 2 )', '186097', '198655', '165454', '178413'], ['total risk-weighted assets', '1216277', '1162884', '1292605', '1228488'], ['common equity tier 1 capital ratio ( 3 ) ( 4 )', '12.07% ( 12.07 % )', '12.63% ( 12.63 % )', '10.57% ( 10.57 % )', '11.12% ( 11.12 % )'], ['tier 1 capital ratio ( 3 ) ( 4 )', '13.49', '14.11', '11.45', '12.05'], ['total capital ratio ( 3 ) ( 4 )', '15.30', '17.08', '12.80', '14.52']]
common equity tier 1 capital ratio ( 3 ) ( 4 ) 12.07% ( 12.07 % ) 12.63% ( 12.63 % ) 10.57% ( 10.57 % ) 11.12% ( 11.12 % ) tier 1 capital ratio ( 3 ) ( 4 ) 13.49 14.11 11.45 12.05 total capital ratio ( 3 ) ( 4 ) 15.30 17.08 12.80 14.52 in millions of dollars , except ratios december 31 , 2015 december 31 , 2014 ( 1 ) quarterly adjusted average total assets ( 5 ) $ 1724710 $ 1835637 total leverage exposure ( 6 ) 2317849 2492636 tier 1 leverage ratio ( 4 ) 9.51% ( 9.51 % ) 8.07% ( 8.07 % ) supplementary leverage ratio ( 4 ) 7.08 5.94 ( 1 ) restated to reflect the retrospective adoption of asu 2014-01 for lihtc investments , consistent with current period presentation .( 2 ) under the advanced approaches framework eligible credit reserves that exceed expected credit losses are eligible for inclusion in tier 2 capital to the extent the excess reserves do not exceed 0.6% ( 0.6 % ) of credit risk-weighted assets , which differs from the standardized approach in which the allowance for credit losses is eligible for inclusion in tier 2 capital up to 1.25% ( 1.25 % ) of credit risk-weighted assets , with any excess allowance for credit losses being deducted in arriving at credit risk-weighted assets .( 3 ) as of december 31 , 2015 and december 31 , 2014 , citi 2019s common equity tier 1 capital , tier 1 capital , and total capital ratios were the lower derived under the basel iii advanced approaches framework .( 4 ) citi 2019s basel iii capital ratios and related components , on a fully implemented basis , are non-gaap financial measures .citi believes these ratios and the related components provide useful information to investors and others by measuring citi 2019s progress against future regulatory capital standards .( 5 ) tier 1 leverage ratio denominator .( 6 ) supplementary leverage ratio denominator. .
|
what is the difference in the total capital ratio between the advanced approaches and the standardized approach at december 31 , 2015?
|
-1.78
|
{
"answer": "-1.78",
"decimal": -1.78,
"type": "float"
}
| |
december 2016 acquisition of camber and higher volumes in fleet support and oil and gas services , partially offset by lower nuclear and environmental volumes due to the resolution in 2016 of outstanding contract changes on a nuclear and environmental commercial contract .segment operating income 2018 - operating income in the technical solutions segment for the year ended december 31 , 2018 , was $ 32 million , compared to operating income of $ 21 million in 2017 .the increase was primarily due to an allowance for accounts receivable in 2017 on a nuclear and environmental commercial contract and higher income from operating investments at our nuclear and environmental joint ventures , partially offset by one time employee bonus payments in 2018 related to the tax act and lower performance in fleet support services .2017 - operating income in the technical solutions segment for the year ended december 31 , 2017 , was $ 21 million , compared to operating income of $ 8 million in 2016 .the increase was primarily due to improved performance in oil and gas services and higher volume in mdis services following the december 2016 acquisition of camber , partially offset by the establishment of an allowance for accounts receivable on a nuclear and environmental commercial contract in 2017 and the resolution in 2016 of outstanding contract changes on a nuclear and environmental commercial contract .backlog total backlog as of december 31 , 2018 , was approximately $ 23 billion .total backlog includes both funded backlog ( firm orders for which funding is contractually obligated by the customer ) and unfunded backlog ( firm orders for which funding is not currently contractually obligated by the customer ) .backlog excludes unexercised contract options and unfunded idiq orders .for contracts having no stated contract values , backlog includes only the amounts committed by the customer .the following table presents funded and unfunded backlog by segment as of december 31 , 2018 and 2017: .
[['( $ in millions )', 'december 31 2018 funded', 'december 31 2018 unfunded', 'december 31 2018 total backlog', 'december 31 2018 funded', 'december 31 2018 unfunded', 'total backlog'], ['ingalls', '$ 9943', '$ 1422', '$ 11365', '$ 5920', '$ 2071', '$ 7991'], ['newport news', '6767', '4144', '10911', '6976', '5608', '12584'], ['technical solutions', '339', '380', '719', '478', '314', '792'], ['total backlog', '$ 17049', '$ 5946', '$ 22995', '$ 13374', '$ 7993', '$ 21367']]
we expect approximately 30% ( 30 % ) of the $ 23 billion total backlog as of december 31 , 2018 , to be converted into sales in 2019 .u.s .government orders comprised substantially all of the backlog as of december 31 , 2018 and 2017 .awards 2018 - the value of new contract awards during the year ended december 31 , 2018 , was approximately $ 9.8 billion .significant new awards during the period included contracts for the construction of three arleigh burke class ( ddg 51 ) destroyers , for the detail design and construction of richard m .mccool jr .( lpd 29 ) , for procurement of long-lead-time material for enterprise ( cvn 80 ) , and for the construction of nsc 10 ( unnamed ) and nsc 11 ( unnamed ) .in addition , we received awards in 2019 valued at $ 15.2 billion for detail design and construction of the gerald r .ford class ( cvn 78 ) aircraft carriers enterprise ( cvn 80 ) and cvn 81 ( unnamed ) .2017 - the value of new contract awards during the year ended december 31 , 2017 , was approximately $ 8.1 billion .significant new awards during this period included the detailed design and construction contract for bougainville ( lha 8 ) and the execution contract for the rcoh of uss george washington ( cvn 73 ) . .
|
what is the percent of ingalls backlog to the total sum of the backlogs
|
38%
|
{
"answer": "38%",
"decimal": 0.38,
"type": "percentage"
}
| |
in february 2008 , we issued $ 300.0 million of 8.375% ( 8.375 % ) series o cumulative redeemable preferred shares .the indentures ( and related supplemental indentures ) governing our outstanding series of notes also require us to comply with financial ratios and other covenants regarding our operations .we were in compliance with all such covenants as of december 31 , 2007 .sale of real estate assets we utilize sales of real estate assets as an additional source of liquidity .we pursue opportunities to sell real estate assets at favorable prices to capture value created by us as well as to improve the overall quality of our portfolio by recycling sale proceeds into new properties with greater value creation opportunities .uses of liquidity our principal uses of liquidity include the following : 2022 property investments ; 2022 recurring leasing/capital costs ; 2022 dividends and distributions to shareholders and unitholders ; 2022 long-term debt maturities ; and 2022 other contractual obligations property investments we evaluate development and acquisition opportunities based upon market outlook , supply and long-term growth potential .recurring expenditures one of our principal uses of our liquidity is to fund the recurring leasing/capital expenditures of our real estate investments .the following is a summary of our recurring capital expenditures for the years ended december 31 , 2007 , 2006 and 2005 , respectively ( in thousands ) : .
[['', '2007', '2006', '2005'], ['recurring tenant improvements', '$ 45296', '$ 41895', '$ 60633'], ['recurring leasing costs', '32238', '32983', '33175'], ['building improvements', '8402', '8122', '15232'], ['totals', '$ 85936', '$ 83000', '$ 109040']]
dividends and distributions in order to qualify as a reit for federal income tax purposes , we must currently distribute at least 90% ( 90 % ) of our taxable income to shareholders .we paid dividends per share of $ 1.91 , $ 1.89 and $ 1.87 for the years ended december 31 , 2007 , 2006 and 2005 , respectively .we also paid a one-time special dividend of $ 1.05 per share in 2005 as a result of the significant gain realized from an industrial portfolio sale .we expect to continue to distribute taxable earnings to meet the requirements to maintain our reit status .however , distributions are declared at the discretion of our board of directors and are subject to actual cash available for distribution , our financial condition , capital requirements and such other factors as our board of directors deems relevant .debt maturities debt outstanding at december 31 , 2007 totaled $ 4.3 billion with a weighted average interest rate of 5.74% ( 5.74 % ) maturing at various dates through 2028 .we had $ 3.2 billion of unsecured notes , $ 546.1 million outstanding on our unsecured lines of credit and $ 524.4 million of secured debt outstanding at december 31 , 2007 .scheduled principal amortization and maturities of such debt totaled $ 249.8 million for the year ended december 31 , 2007 and $ 146.4 million of secured debt was transferred to unconsolidated subsidiaries in connection with the contribution of properties in 2007. .
|
what was the percent of the increase in the dividends paid per share from 2006 to 2007
|
1.1%
|
{
"answer": "1.1%",
"decimal": 0.011000000000000001,
"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 .
|
for the period of october 1 2013 31 , what percent of share purchases were not shares purchased as part of publicly announced programs?
|
1.2%
|
{
"answer": "1.2%",
"decimal": 0.012,
"type": "percentage"
}
| |
12 .brokerage receivables and brokerage payables citi has receivables and payables for financial instruments sold to and purchased from brokers , dealers and customers , which arise in the ordinary course of business .citi is exposed to risk of loss from the inability of brokers , dealers or customers to pay for purchases or to deliver the financial instruments sold , in which case citi would have to sell or purchase the financial instruments at prevailing market prices .credit risk is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transaction and replaces the broker , dealer or customer in question .citi seeks to protect itself from the risks associated with customer activities by requiring customers to maintain margin collateral in compliance with regulatory and internal guidelines .margin levels are monitored daily , and customers deposit additional collateral as required .where customers cannot meet collateral requirements , citi may liquidate sufficient underlying financial instruments to bring the customer into compliance with the required margin level .exposure to credit risk is impacted by market volatility , which may impair the ability of clients to satisfy their obligations to citi .credit limits are established and closely monitored for customers and for brokers and dealers engaged in forwards , futures and other transactions deemed to be credit sensitive .brokerage receivables and brokerage payables consisted of the following: .
[['in millions of dollars', 'december 31 , 2017', 'december 31 , 2016'], ['receivables from customers', '$ 19215', '$ 10374'], ['receivables from brokers dealers and clearing organizations', '19169', '18513'], ['total brokerage receivables ( 1 )', '$ 38384', '$ 28887'], ['payables to customers', '$ 38741', '$ 37237'], ['payables to brokers dealers and clearing organizations', '22601', '19915'], ['total brokerage payables ( 1 )', '$ 61342', '$ 57152']]
payables to brokers , dealers and clearing organizations 22601 19915 total brokerage payables ( 1 ) $ 61342 $ 57152 ( 1 ) includes brokerage receivables and payables recorded by citi broker- dealer entities that are accounted for in accordance with the aicpa accounting guide for brokers and dealers in securities as codified in asc 940-320. .
|
as of december 31 2016 what is the ratio of receivables from brokers dealers and clearing organizations to payables to brokers dealers and clearing organizations?
|
.93
|
{
"answer": ".93",
"decimal": 0.93,
"type": "float"
}
| |
regulatory balancing accounts accumulate differences between revenues recognized and authorized revenue requirements until they are collected from customers or are refunded .regulatory balancing accounts include low income programs and purchased power and water accounts .debt expense is amortized over the lives of the respective issues .call premiums on the redemption of long- term debt , as well as unamortized debt expense , are deferred and amortized to the extent they will be recovered through future service rates .as a result of american water capital corp . 2019s prepayment of the 5.62% ( 5.62 % ) series c senior notes due december 21 , 2018 ( 201cseries c senior notes 201d ) and 5.77% ( 5.77 % ) series d senior notes due december 21 , 2021 ( 201cseries d senior notes 201d ) and payment of a make-whole premium amount to the holders thereof of $ 34 million , the company recorded a $ 6 million charge resulting from the early extinguishment of debt at the parent company .substantially all of the early debt extinguishment costs allocable to the company 2019s utility subsidiaries were recorded as regulatory assets that the company believes are probable of recovery in future rates .approximately $ 1 million of the early debt extinguishment costs allocable to the company 2019s utility subsidiaries was amortized in 2017 .purchase premium recoverable through rates is primarily the recovery of the acquisition premiums related to an asset acquisition by the company 2019s california utility subsidiary during 2002 , and acquisitions in 2007 by the company 2019s new jersey utility subsidiary .as authorized for recovery by the california and new jersey pucs , these costs are being amortized to depreciation and amortization in the consolidated statements of operations through november 2048 .tank painting costs are generally deferred and amortized to operations and maintenance expense in the consolidated statements of operations on a straight-line basis over periods ranging from two to fifteen years , as authorized by the regulatory authorities in their determination of rates charged for service .other regulatory assets include certain construction costs for treatment facilities , property tax stabilization , employee-related costs , deferred other postretirement benefit expense , business services project expenses , coastal water project costs , rate case expenditures and environmental remediation costs among others .these costs are deferred because the amounts are being recovered in rates or are probable of recovery through rates in future periods .regulatory liabilities regulatory liabilities generally represent amounts that are probable of being credited or refunded to customers through the rate-making process .also , if costs expected to be incurred in the future are currently being recovered through rates , the company records those expected future costs as regulatory liabilities .the following table summarizes the composition of regulatory liabilities as of december 31: .
[['', '2017', '2016'], ['income taxes recovered through rates', '$ 1242', '$ 2014'], ['removal costs recovered through rates', '315', '316'], ['pension and other postretirement benefit balancing accounts', '48', '55'], ['other', '59', '32'], ['total regulatory liabilities', '$ 1664', '$ 403']]
income taxes recovered through rates relate to deferred taxes that will likely be refunded to the company 2019s customers .on december 22 , 2017 , the tcja was signed into law , which , among other things , enacted significant and complex changes to the internal revenue code of 1986 , including a reduction in the maximum u.s .federal corporate income tax rate from 35% ( 35 % ) to 21% ( 21 % ) as of january 1 , 2018 .the tcja created significant .
|
in 2017 what was the ratio of the removal costs to the total regulatory costs
|
5.3
|
{
"answer": "5.3",
"decimal": 5.3,
"type": "float"
}
|
for every dollar in removal costs there was 5.3 dollars in regulatory costs .
|
9 .junior subordinated debt securities payable in accordance with the provisions of the junior subordinated debt securities which were issued on march 29 , 2004 , holdings elected to redeem the $ 329897 thousand of 6.2% ( 6.2 % ) junior subordinated debt securities outstanding on may 24 , 2013 .as a result of the early redemption , the company incurred pre-tax expense of $ 7282 thousand related to the immediate amortization of the remaining capitalized issuance costs on the trust preferred securities .interest expense incurred in connection with these junior subordinated debt securities is as follows for the periods indicated: .
[['( dollars in thousands )', 'years ended december 31 , 2014', 'years ended december 31 , 2013', 'years ended december 31 , 2012'], ['interest expense incurred', '$ -', '$ 8181', '$ 20454']]
holdings considered the mechanisms and obligations relating to the trust preferred securities , taken together , constituted a full and unconditional guarantee by holdings of capital trust ii 2019s payment obligations with respect to their trust preferred securities .10 .reinsurance and trust agreements certain subsidiaries of group have established trust agreements , which effectively use the company 2019s investments as collateral , as security for assumed losses payable to certain non-affiliated ceding companies .at december 31 , 2014 , the total amount on deposit in trust accounts was $ 322285 thousand .on april 24 , 2014 , the company entered into two collateralized reinsurance agreements with kilimanjaro re limited ( 201ckilimanjaro 201d ) , a bermuda based special purpose reinsurer , to provide the company with catastrophe reinsurance coverage .these agreements are multi-year reinsurance contracts which cover specified named storm and earthquake events .the first agreement provides up to $ 250000 thousand of reinsurance coverage from named storms in specified states of the southeastern united states .the second agreement provides up to $ 200000 thousand of reinsurance coverage from named storms in specified states of the southeast , mid-atlantic and northeast regions of the united states and puerto rico as well as reinsurance coverage from earthquakes in specified states of the southeast , mid-atlantic , northeast and west regions of the united states , puerto rico and british columbia .on november 18 , 2014 , the company entered into a collateralized reinsurance agreement with kilimanjaro re to provide the company with catastrophe reinsurance coverage .this agreement is a multi-year reinsurance contract which covers specified earthquake events .the agreement provides up to $ 500000 thousand of reinsurance coverage from earthquakes in the united states , puerto rico and canada .kilimanjaro has financed the various property catastrophe reinsurance coverage by issuing catastrophe bonds to unrelated , external investors .on april 24 , 2014 , kilimanjaro issued $ 450000 thousand of variable rate notes ( 201cseries 2014-1 notes 201d ) .on november 18 , 2014 , kilimanjaro issued $ 500000 thousand of variable rate notes ( 201cseries 2014-2 notes 201d ) .the proceeds from the issuance of the series 2014-1 notes and the series 2014-2 notes are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in us government money market funds with a rating of at least 201caaam 201d by standard & poor 2019s. .
|
what was the ratio of interest incurred in 2013 to 2012
|
0.4
|
{
"answer": "0.4",
"decimal": 0.4,
"type": "float"
}
|
the company incurred $ 0.39 in 2013 for every dollar incurred in 2012
|
cgmhi has committed long-term financing facilities with unaffiliated banks .at december 31 , 2010 , cgmhi had drawn down the full $ 900 million available under these facilities , of which $ 150 million is guaranteed by citigroup .generally , a bank can terminate these facilities by giving cgmhi one-year prior notice .the company issues both fixed and variable rate debt in a range of currencies .it uses derivative contracts , primarily interest rate swaps , to effectively convert a portion of its fixed rate debt to variable rate debt and variable rate debt to fixed rate debt .the maturity structure of the derivatives generally corresponds to the maturity structure of the debt being hedged .in addition , the company uses other derivative contracts to manage the foreign exchange impact of certain debt issuances .at december 31 , 2010 , the company 2019s overall weighted average interest rate for long-term debt was 3.53% ( 3.53 % ) on a contractual basis and 2.78% ( 2.78 % ) including the effects of derivative contracts .aggregate annual maturities of long-term debt obligations ( based on final maturity dates ) including trust preferred securities are as follows : long-term debt at december 31 , 2010 and december 31 , 2009 includes $ 18131 million and $ 19345 million , respectively , of junior subordinated debt .the company formed statutory business trusts under the laws of the state of delaware .the trusts exist for the exclusive purposes of ( i ) issuing trust securities representing undivided beneficial interests in the assets of the trust ; ( ii ) investing the gross proceeds of the trust securities in junior subordinated deferrable interest debentures ( subordinated debentures ) of its parent ; and ( iii ) engaging in only those activities necessary or incidental thereto .upon approval from the federal reserve , citigroup has the right to redeem these securities .citigroup has contractually agreed not to redeem or purchase ( i ) the 6.50% ( 6.50 % ) enhanced trust preferred securities of citigroup capital xv before september 15 , 2056 , ( ii ) the 6.45% ( 6.45 % ) enhanced trust preferred securities of citigroup capital xvi before december 31 , 2046 , ( iii ) the 6.35% ( 6.35 % ) enhanced trust preferred securities of citigroup capital xvii before march 15 , 2057 , ( iv ) the 6.829% ( 6.829 % ) fixed rate/floating rate enhanced trust preferred securities of citigroup capital xviii before june 28 , 2047 , ( v ) the 7.250% ( 7.250 % ) enhanced trust preferred securities of citigroup capital xix before august 15 , 2047 , ( vi ) the 7.875% ( 7.875 % ) enhanced trust preferred securities of citigroup capital xx before december 15 , 2067 , and ( vii ) the 8.300% ( 8.300 % ) fixed rate/floating rate enhanced trust preferred securities of citigroup capital xxi before december 21 , 2067 , unless certain conditions , described in exhibit 4.03 to citigroup 2019s current report on form 8-k filed on september 18 , 2006 , in exhibit 4.02 to citigroup 2019s current report on form 8-k filed on november 28 , 2006 , in exhibit 4.02 to citigroup 2019s current report on form 8-k filed on march 8 , 2007 , in exhibit 4.02 to citigroup 2019s current report on form 8-k filed on july 2 , 2007 , in exhibit 4.02 to citigroup 2019s current report on form 8-k filed on august 17 , 2007 , in exhibit 4.2 to citigroup 2019s current report on form 8-k filed on november 27 , 2007 , and in exhibit 4.2 to citigroup 2019s current report on form 8-k filed on december 21 , 2007 , respectively , are met .these agreements are for the benefit of the holders of citigroup 2019s 6.00% ( 6.00 % ) junior subordinated deferrable interest debentures due 2034 .citigroup owns all of the voting securities of these subsidiary trusts .these subsidiary trusts have no assets , operations , revenues or cash flows other than those related to the issuance , administration , and repayment of the subsidiary trusts and the subsidiary trusts 2019 common securities .these subsidiary trusts 2019 obligations are fully and unconditionally guaranteed by citigroup. .
[['in millions of dollars', '2011', '2012', '2013', '2014', '2015', 'thereafter'], ['bank', '$ 35066', '$ 38280', '$ 8013', '$ 7620', '$ 6380', '$ 17875'], ['non-bank', '15213', '25950', '7858', '5187', '3416', '18381'], ['parent company', '21194', '30004', '21348', '19096', '12131', '88171'], ['total', '$ 71473', '$ 94234', '$ 37219', '$ 31903', '$ 21927', '$ 124427']]
.
|
what was the percentage increase in the bank subsidiary trusts 2019 obligations from 2011 to 2012
|
9.2%
|
{
"answer": "9.2%",
"decimal": 0.092,
"type": "percentage"
}
| |
corporate & institutional banking corporate & institutional banking earned $ 1.9 billion in 2011 and $ 1.8 billion in 2010 .the increase in earnings was primarily due to an improvement in the provision for credit losses , which was a benefit in 2011 , partially offset by a reduction in the value of commercial mortgage servicing rights and lower net interest income .we continued to focus on adding new clients , increasing cross sales , and remaining committed to strong expense discipline .asset management group asset management group earned $ 141 million for 2011 compared with $ 137 million for 2010 .assets under administration were $ 210 billion at december 31 , 2011 and $ 212 billion at december 31 , 2010 .earnings for 2011 reflected a benefit from the provision for credit losses and growth in noninterest income , partially offset by higher noninterest expense and lower net interest income .for 2011 , the business delivered strong sales production , grew high value clients and benefitted from significant referrals from other pnc lines of business .over time and with stabilized market conditions , the successful execution of these strategies and the accumulation of our strong sales performance are expected to create meaningful growth in assets under management and noninterest income .residential mortgage banking residential mortgage banking earned $ 87 million in 2011 compared with $ 269 million in 2010 .the decline in earnings was driven by an increase in noninterest expense associated with increased costs for residential mortgage foreclosure- related expenses , primarily as a result of ongoing governmental matters , and lower net interest income , partially offset by an increase in loan originations and higher loans sales revenue .blackrock our blackrock business segment earned $ 361 million in 2011 and $ 351 million in 2010 .the higher business segment earnings from blackrock for 2011 compared with 2010 were primarily due to an increase in revenue .non-strategic assets portfolio this business segment ( formerly distressed assets portfolio ) consists primarily of acquired non-strategic assets that fall outside of our core business strategy .non-strategic assets portfolio had earnings of $ 200 million in 2011 compared with a loss of $ 57 million in 2010 .the increase was primarily attributable to a lower provision for credit losses partially offset by lower net interest income .201cother 201d reported earnings of $ 376 million for 2011 compared with earnings of $ 386 million for 2010 .the decrease in earnings primarily reflected the noncash charge related to the redemption of trust preferred securities in the fourth quarter of 2011 and the gain related to the sale of a portion of pnc 2019s blackrock shares in 2010 partially offset by lower integration costs in 2011 .consolidated income statement review our consolidated income statement is presented in item 8 of this report .net income for 2011 was $ 3.1 billion compared with $ 3.4 billion for 2010 .results for 2011 include the impact of $ 324 million of residential mortgage foreclosure-related expenses primarily as a result of ongoing governmental matters , a $ 198 million noncash charge related to redemption of trust preferred securities and $ 42 million for integration costs .results for 2010 included the $ 328 million after-tax gain on our sale of gis , $ 387 million for integration costs , and $ 71 million of residential mortgage foreclosure-related expenses .for 2010 , net income attributable to common shareholders was also impacted by a noncash reduction of $ 250 million in connection with the redemption of tarp preferred stock .pnc 2019s results for 2011 were driven by good performance in a challenging environment of low interest rates , slow economic growth and new regulations .net interest income and net interest margin year ended december 31 dollars in millions 2011 2010 .
[['year ended december 31dollars in millions', '2011', '2010'], ['net interest income', '$ 8700', '$ 9230'], ['net interest margin', '3.92% ( 3.92 % )', '4.14% ( 4.14 % )']]
changes in net interest income and margin result from the interaction of the volume and composition of interest-earning assets and related yields , interest-bearing liabilities and related rates paid , and noninterest-bearing sources of funding .see the statistical information ( unaudited ) 2013 analysis of year-to-year changes in net interest income and average consolidated balance sheet and net interest analysis in item 8 and the discussion of purchase accounting accretion in the consolidated balance sheet review in item 7 of this report for additional information .the decreases in net interest income and net interest margin for 2011 compared with 2010 were primarily attributable to a decrease in purchase accounting accretion on purchased impaired loans primarily due to lower excess cash recoveries .a decline in average loan balances and the low interest rate environment , partially offset by lower funding costs , also contributed to the decrease .the pnc financial services group , inc .2013 form 10-k 35 .
|
how much more was the residential mortgage foreclosures in 2011 than in 2010?
|
253
|
{
"answer": "253",
"decimal": 253,
"type": "float"
}
| |
credit rating fall below investment grade , the value of the outstanding undivided interest held by investors would be reduced , and , in certain cases , the investors would have the right to discontinue the facility .the railroad collected approximately $ 20.1 billion and $ 18.8 billion of receivables during the years ended december 31 , 2012 and 2011 , respectively .upri used certain of these proceeds to purchase new receivables under the facility .the costs of the receivables securitization facility include interest , which will vary based on prevailing commercial paper rates , program fees paid to banks , commercial paper issuing costs , and fees for unused commitment availability .the costs of the receivables securitization facility are included in interest expense and were $ 3 million , $ 4 million and $ 6 million for 2012 , 2011 and 2010 , respectively .the investors have no recourse to the railroad 2019s other assets , except for customary warranty and indemnity claims .creditors of the railroad do not have recourse to the assets of upri .in july 2012 , the receivables securitization facility was renewed for an additional 364-day period at comparable terms and conditions .subsequent event 2013 on january 2 , 2013 , we transferred an additional $ 300 million in undivided interest to investors under the receivables securitization facility , increasing the value of the outstanding undivided interest held by investors from $ 100 million to $ 400 million .contractual obligations and commercial commitments as described in the notes to the consolidated financial statements and as referenced in the tables below , we have contractual obligations and commercial commitments that may affect our financial condition .based on our assessment of the underlying provisions and circumstances of our contractual obligations and commercial commitments , including material sources of off-balance sheet and structured finance arrangements , other than the risks that we and other similarly situated companies face with respect to the condition of the capital markets ( as described in item 1a of part ii of this report ) , there is no known trend , demand , commitment , event , or uncertainty that is reasonably likely to occur that would have a material adverse effect on our consolidated results of operations , financial condition , or liquidity .in addition , our commercial obligations , financings , and commitments are customary transactions that are similar to those of other comparable corporations , particularly within the transportation industry .the following tables identify material obligations and commitments as of december 31 , 2012 : payments due by december 31 , contractual obligations after millions total 2013 2014 2015 2016 2017 2017 other .
[['contractual obligationsmillions', 'total', 'payments due by december 31 2013', 'payments due by december 31 2014', 'payments due by december 31 2015', 'payments due by december 31 2016', 'payments due by december 31 2017', 'payments due by december 31 after2017', 'payments due by december 31 other'], ['debt [a]', '$ 12637', '$ 507', '$ 904', '$ 632', '$ 769', '$ 900', '$ 8925', '$ -'], ['operating leases [b]', '4241', '525', '466', '410', '375', '339', '2126', '-'], ['capital lease obligations [c]', '2441', '282', '265', '253', '232', '243', '1166', '-'], ['purchase obligations [d]', '5877', '3004', '1238', '372', '334', '213', '684', '32'], ['other post retirement benefits [e]', '452', '43', '44', '45', '45', '46', '229', '-'], ['income tax contingencies [f]', '115', '-', '-', '-', '-', '-', '-', '115'], ['total contractualobligations', '$ 25763', '$ 4361', '$ 2917', '$ 1712', '$ 1755', '$ 1741', '$ 13130', '$ 147']]
[a] excludes capital lease obligations of $ 1848 million and unamortized discount of $ ( 365 ) million .includes an interest component of $ 5123 million .[b] includes leases for locomotives , freight cars , other equipment , and real estate .[c] represents total obligations , including interest component of $ 593 million .[d] purchase obligations include locomotive maintenance contracts ; purchase commitments for fuel purchases , locomotives , ties , ballast , and rail ; and agreements to purchase other goods and services .for amounts where we cannot reasonably estimate the year of settlement , they are reflected in the other column .[e] includes estimated other post retirement , medical , and life insurance payments , payments made under the unfunded pension plan for the next ten years .[f] future cash flows for income tax contingencies reflect the recorded liabilities and assets for unrecognized tax benefits , including interest and penalties , as of december 31 , 2012 .for amounts where the year of settlement is uncertain , they are reflected in the other column. .
|
what is the principal portion of total capital lease obligations , in millions?
|
1848
|
{
"answer": "1848",
"decimal": 1848,
"type": "float"
}
|
total less interest portion
|
jpmorgan chase & co ./ 2007 annual report 117 nonrecurring fair value changes the following table presents the total change in value of financial instruments for which a fair value adjustment has been included in the consolidated statement of income for the year ended december 31 , 2007 , related to financial instruments held at december 31 , 2007 .year ended december 31 , 2007 ( in millions ) 2007 .
[['year ended december 31 2007 ( in millions )', '2007'], ['loans', '$ -720 ( 720 )'], ['other assets', '-161 ( 161 )'], ['accounts payable accrued expense and other liabilities', '2'], ['total nonrecurring fair value gains ( losses )', '$ -879 ( 879 )']]
in the above table , loans principally include changes in fair value for loans carried on the balance sheet at the lower of cost or fair value ; and accounts payable , accrued expense and other liabilities principally includes the change in fair value for unfunded lending-related commitments within the leveraged lending portfolio .level 3 assets analysis level 3 assets ( including assets measured at the lower of cost or fair value ) were 5% ( 5 % ) of total firm assets at december 31 , 2007 .these assets increased during 2007 principally during the second half of the year , when liquidity in mortgages and other credit products fell dra- matically .the increase was primarily due to an increase in leveraged loan balances within level 3 as the ability of the firm to syndicate this risk to third parties became limited by the credit environment .in addi- tion , there were transfers from level 2 to level 3 during 2007 .these transfers were principally for instruments within the mortgage market where inputs which are significant to their valuation became unob- servable during the year .subprime and alt-a whole loans , subprime home equity securities , commercial mortgage-backed mezzanine loans and credit default swaps referenced to asset-backed securities consti- tuted the majority of the affected instruments , reflecting a significant decline in liquidity in these instruments in the third and fourth quarters of 2007 , as new issue activity was nonexistent and independent pric- ing information was no longer available for these assets .transition in connection with the initial adoption of sfas 157 , the firm recorded the following on january 1 , 2007 : 2022 a cumulative effect increase to retained earnings of $ 287 million , primarily related to the release of profit previously deferred in accordance with eitf 02-3 ; 2022 an increase to pretax income of $ 166 million ( $ 103 million after-tax ) related to the incorporation of the firm 2019s creditworthiness in the valuation of liabilities recorded at fair value ; and 2022 an increase to pretax income of $ 464 million ( $ 288 million after-tax ) related to valuations of nonpublic private equity investments .prior to the adoption of sfas 157 , the firm applied the provisions of eitf 02-3 to its derivative portfolio .eitf 02-3 precluded the recogni- tion of initial trading profit in the absence of : ( a ) quoted market prices , ( b ) observable prices of other current market transactions or ( c ) other observable data supporting a valuation technique .in accor- dance with eitf 02-3 , the firm recognized the deferred profit in principal transactions revenue on a systematic basis ( typically straight- line amortization over the life of the instruments ) and when observ- able market data became available .prior to the adoption of sfas 157 the firm did not incorporate an adjustment into the valuation of liabilities carried at fair value on the consolidated balance sheet .commencing january 1 , 2007 , in accor- dance with the requirements of sfas 157 , an adjustment was made to the valuation of liabilities measured at fair value to reflect the credit quality of the firm .prior to the adoption of sfas 157 , privately held investments were initially valued based upon cost .the carrying values of privately held investments were adjusted from cost to reflect both positive and neg- ative changes evidenced by financing events with third-party capital providers .the investments were also subject to ongoing impairment reviews by private equity senior investment professionals .the increase in pretax income related to nonpublic private equity investments in connection with the adoption of sfas 157 was due to there being sufficient market evidence to support an increase in fair values using the sfas 157 methodology , although there had not been an actual third-party market transaction related to such investments .financial disclosures required by sfas 107 sfas 107 requires disclosure of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate their fair values .many but not all of the financial instruments held by the firm are recorded at fair value on the consolidated balance sheets .financial instruments within the scope of sfas 107 that are not carried at fair value on the consolidated balance sheets are discussed below .additionally , certain financial instruments and all nonfinancial instruments are excluded from the scope of sfas 107 .accordingly , the fair value disclosures required by sfas 107 provide only a partial estimate of the fair value of jpmorgan chase .for example , the firm has developed long-term relationships with its customers through its deposit base and credit card accounts , commonly referred to as core deposit intangibles and credit card relationships .in the opinion of management , these items , in the aggregate , add significant value to jpmorgan chase , but their fair value is not disclosed in this note .financial instruments for which fair value approximates carrying value certain financial instruments that are not carried at fair value on the consolidated balance sheets are carried at amounts that approxi- mate fair value due to their short-term nature and generally negligi- ble credit risk .these instruments include cash and due from banks , deposits with banks , federal funds sold , securities purchased under resale agreements with short-dated maturities , securities borrowed , short-term receivables and accrued interest receivable , commercial paper , federal funds purchased , securities sold under repurchase agreements with short-dated maturities , other borrowed funds , accounts payable and accrued liabilities .in addition , sfas 107 requires that the fair value for deposit liabilities with no stated matu- rity ( i.e. , demand , savings and certain money market deposits ) be equal to their carrying value .sfas 107 does not allow for the recog- nition of the inherent funding value of these instruments. .
|
for 2007 , what was the net income effect ( in millions ) of the sfas 157 transition adjustments?
|
630
|
{
"answer": "630",
"decimal": 630,
"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 , 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. .
|
at december 31 , 2003 , what was the ratio of the company net federal operating loss carry forwards to the state
|
0.6
|
{
"answer": "0.6",
"decimal": 0.6,
"type": "float"
}
| |
holding other assumptions constant , the following table reflects what a one hundred basis point increase and decrease in our estimated long-term rate of return on plan assets would have on our estimated 2011 pension expense ( in millions ) : change in long-term rate of return on plan assets .
[['increase ( decrease ) in expense', 'change in long-term rateof return on plan assets increase', 'change in long-term rateof return on plan assets decrease'], ['u.s . plans', '$ -14 ( 14 )', '$ 14'], ['u.k . plans', '-35 ( 35 )', '35'], ['the netherlands plan', '-5 ( 5 )', '5'], ['canada plans', '-2 ( 2 )', '2']]
estimated future contributions we estimate contributions of approximately $ 403 million in 2011 as compared with $ 288 million in goodwill and other intangible assets goodwill represents the excess of cost over the fair market value of the net assets acquired .we classify our intangible assets acquired as either trademarks , customer relationships , technology , non-compete agreements , or other purchased intangibles .our goodwill and other intangible balances at december 31 , 2010 increased to $ 8.6 billion and $ 3.6 billion , respectively , compared to $ 6.1 billion and $ 791 million , respectively , at december 31 , 2009 , primarily as a result of the hewitt acquisition .although goodwill is not amortized , we test it for impairment at least annually in the fourth quarter .in the fourth quarter , we also test acquired trademarks ( which also are not amortized ) for impairment .we test more frequently if there are indicators of impairment or whenever business circumstances suggest that the carrying value of goodwill or trademarks may not be recoverable .these indicators may include a sustained significant decline in our share price and market capitalization , a decline in our expected future cash flows , or a significant adverse change in legal factors or in the business climate , among others .no events occurred during 2010 or 2009 that indicate the existence of an impairment with respect to our reported goodwill or trademarks .we perform impairment reviews at the reporting unit level .a reporting unit is an operating segment or one level below an operating segment ( referred to as a 2018 2018component 2019 2019 ) .a component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results of that component .an operating segment shall be deemed to be a reporting unit if all of its components are similar , if none of its components is a reporting unit , or if the segment comprises only a single component .the goodwill impairment test is a two step analysis .step one requires the fair value of each reporting unit to be compared to its book value .management must apply judgment in determining the estimated fair value of the reporting units .if the fair value of a reporting unit is determined to be greater than the carrying value of the reporting unit , goodwill and trademarks are deemed not to be impaired and no further testing is necessary .if the fair value of a reporting unit is less than the carrying value , we perform step two .step two uses the calculated fair value of the reporting unit to perform a hypothetical purchase price allocation to the fair value of the assets and liabilities of the reporting unit .the difference between the fair value of the reporting unit calculated in step one and the fair value of the underlying assets and liabilities of the reporting unit is the implied fair value of the reporting unit 2019s goodwill .a charge is recorded in the financial statements if the carrying value of the reporting unit 2019s goodwill is greater than its implied fair value. .
|
what is the percentage change in goodwill from 2009 to 2010?
|
41.0%
|
{
"answer": "41.0%",
"decimal": 0.41,
"type": "percentage"
}
| |
note 17 .accumulated other comprehensive losses : pmi's accumulated other comprehensive losses , net of taxes , consisted of the following: .
[['( losses ) earnings ( in millions )', '( losses ) earnings 2017', '( losses ) earnings 2016', '2015'], ['currency translation adjustments', '$ -5761 ( 5761 )', '$ -6091 ( 6091 )', '$ -6129 ( 6129 )'], ['pension and other benefits', '-2816 ( 2816 )', '-3565 ( 3565 )', '-3332 ( 3332 )'], ['derivatives accounted for as hedges', '42', '97', '59'], ['total accumulated other comprehensive losses', '$ -8535 ( 8535 )', '$ -9559 ( 9559 )', '$ -9402 ( 9402 )']]
reclassifications from other comprehensive earnings the movements in accumulated other comprehensive losses and the related tax impact , for each of the components above , that are due to current period activity and reclassifications to the income statement are shown on the consolidated statements of comprehensive earnings for the years ended december 31 , 2017 , 2016 , and 2015 .for the years ended december 31 , 2017 , 2016 , and 2015 , $ 2 million , $ ( 5 ) million and $ 1 million of net currency translation adjustment gains/ ( losses ) were transferred from other comprehensive earnings to marketing , administration and research costs in the consolidated statements of earnings , respectively , upon liquidation of subsidiaries .for additional information , see note 13 .benefit plans and note 15 .financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments .note 18 .contingencies : tobacco-related litigation legal proceedings covering a wide range of matters are pending or threatened against us , and/or our subsidiaries , and/or our indemnitees in various jurisdictions .our indemnitees include distributors , licensees and others that have been named as parties in certain cases and that we have agreed to defend , as well as to pay costs and some or all of judgments , if any , that may be entered against them .pursuant to the terms of the distribution agreement between altria group , inc .( "altria" ) and pmi , pmi will indemnify altria and philip morris usa inc .( "pm usa" ) , a u.s .tobacco subsidiary of altria , for tobacco product claims based in substantial part on products manufactured by pmi or contract manufactured for pmi by pm usa , and pm usa will indemnify pmi for tobacco product claims based in substantial part on products manufactured by pm usa , excluding tobacco products contract manufactured for pmi .it is possible that there could be adverse developments in pending cases against us and our subsidiaries .an unfavorable outcome or settlement of pending tobacco-related litigation could encourage the commencement of additional litigation .damages claimed in some of the tobacco-related litigation are significant and , in certain cases in brazil , canada and nigeria , range into the billions of u.s .dollars .the variability in pleadings in multiple jurisdictions , together with the actual experience of management in litigating claims , demonstrate that the monetary relief that may be specified in a lawsuit bears little relevance to the ultimate outcome .much of the tobacco-related litigation is in its early stages , and litigation is subject to uncertainty .however , as discussed below , we have to date been largely successful in defending tobacco-related litigation .we and our subsidiaries record provisions in the consolidated financial statements for pending litigation when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated .at the present time , while it is reasonably possible that an unfavorable outcome in a case may occur , after assessing the information available to it ( i ) management has not concluded that it is probable that a loss has been incurred in any of the pending tobacco-related cases ; ( ii ) management is unable to estimate the possible loss or range of loss for any of the pending tobacco-related cases ; and ( iii ) accordingly , no estimated loss has been accrued in the consolidated financial statements for unfavorable outcomes in these cases , if any .legal defense costs are expensed as incurred. .
|
what is the percentage change in currency translation adjustments from 2016 to 2017?
|
-5.4%
|
{
"answer": "-5.4%",
"decimal": -0.054000000000000006,
"type": "percentage"
}
| |
on october 21 , 2004 , the hartford declared a dividend on its common stock of $ 0.29 per share payable on january 3 , 2005 to shareholders of record as of december 1 , 2004 .the hartford declared $ 331 and paid $ 325 in dividends to shareholders in 2004 , declared $ 300 and paid $ 291 in dividends to shareholders in 2003 , declared $ 262 and paid $ 257 in 2002 .aoci - aoci increased by $ 179 as of december 31 , 2004 compared with december 31 , 2003 .the increase in aoci is primarily the result of life 2019s adoption of sop 03-1 , which resulted in a $ 292 cumulative effect for unrealized gains on securities in the first quarter of 2004 related to the reclassification of investments from separate account assets to general account assets , partially offset by net unrealized losses on cash-flow hedging instruments .the funded status of the company 2019s pension and postretirement plans is dependent upon many factors , including returns on invested assets and the level of market interest rates .declines in the value of securities traded in equity markets coupled with declines in long- term interest rates have had a negative impact on the funded status of the plans .as a result , the company recorded a minimum pension liability as of december 31 , 2004 , and 2003 , which resulted in an after-tax reduction of stockholders 2019 equity of $ 480 and $ 375 respectively .this minimum pension liability did not affect the company 2019s results of operations .for additional information on stockholders 2019 equity and aoci see notes 15 and 16 , respectively , of notes to consolidated financial statements .cash flow 2004 2003 2002 .
[['cash flow', '2004', '2003', '2002'], ['net cash provided by operating activities', '$ 2634', '$ 3896', '$ 2577'], ['net cash used for investing activities', '$ -2401 ( 2401 )', '$ -8387 ( 8387 )', '$ -6600 ( 6600 )'], ['net cash provided by financing activities', '$ 477', '$ 4608', '$ 4037'], ['cash 2014 end of year', '$ 1148', '$ 462', '$ 377']]
2004 compared to 2003 2014 cash from operating activities primarily reflects premium cash flows in excess of claim payments .the decrease in cash provided by operating activities was due primarily to the $ 1.15 billion settlement of the macarthur litigation in 2004 .cash provided by financing activities decreased primarily due to lower proceeds from investment and universal life-type contracts as a result of the adoption of sop 03-1 , decreased capital raising activities , repayment of commercial paper and early retirement of junior subordinated debentures in 2004 .the decrease in cash from financing activities and operating cash flows invested long-term accounted for the majority of the change in cash used for investing activities .2003 compared to 2002 2014 the increase in cash provided by operating activities was primarily the result of strong premium cash flows .financing activities increased primarily due to capital raising activities related to the 2003 asbestos reserve addition and decreased due to repayments on long-term debt and lower proceeds from investment and universal life-type contracts .the increase in cash from financing activities accounted for the majority of the change in cash used for investing activities .operating cash flows in each of the last three years have been adequate to meet liquidity requirements .equity markets for a discussion of the potential impact of the equity markets on capital and liquidity , see the capital markets risk management section under 201cmarket risk 201d .ratings ratings are an important factor in establishing the competitive position in the insurance and financial services marketplace .there can be no assurance that the company's ratings will continue for any given period of time or that they will not be changed .in the event the company's ratings are downgraded , the level of revenues or the persistency of the company's business may be adversely impacted .on august 4 , 2004 , moody 2019s affirmed the company 2019s and hartford life , inc . 2019s a3 senior debt ratings as well as the aa3 insurance financial strength ratings of both its property-casualty and life insurance operating subsidiaries .in addition , moody 2019s changed the outlook for all of these ratings from negative to stable .since the announcement of the suit filed by the new york attorney general 2019s office against marsh & mclennan companies , inc. , and marsh , inc .on october 14 , 2004 , the major independent ratings agencies have indicated that they continue to monitor developments relating to the suit .on october 22 , 2004 , standard & poor 2019s revised its outlook on the u.s .property/casualty commercial lines sector to negative from stable .on november 23 , 2004 , standard & poor 2019s revised its outlook on the financial strength and credit ratings of the property-casualty insurance subsidiaries to negative from stable .the outlook on the life insurance subsidiaries and corporate debt was unaffected. .
|
what is the net chance in cash in 2004?
|
686
|
{
"answer": "686",
"decimal": 686,
"type": "float"
}
| |
f0b7 positive train control 2013 in response to a legislative mandate to implement ptc by the end of 2015 , we expect to spend approximately $ 335 million during 2012 on developing and deploying ptc .we currently estimate that ptc in accordance with implementing rules issued by the federal rail administration ( fra ) will cost us approximately $ 2 billion by the end of 2015 .this includes costs for installing the new system along our tracks , upgrading locomotives to work with the new system , and adding digital data communication equipment so all the parts of the system can communicate with each other .during 2012 , we plan to continue testing the technology to evaluate its effectiveness .f0b7 financial expectations 2013 we are cautious about the economic environment but anticipate slow but steady volume growth that will exceed 2011 levels .coupled with price , on-going network improvements and operational productivity initiatives , we expect earnings that exceed 2011 earnings .results of operations operating revenues millions 2011 2010 2009 % ( % ) change 2011 v 2010 % ( % ) change 2010 v 2009 .
[['millions', '2011', '2010', '2009', '% ( % ) change 2011 v 2010', '% ( % ) change 2010 v 2009'], ['freight revenues', '$ 18508', '$ 16069', '$ 13373', '15% ( 15 % )', '20% ( 20 % )'], ['other revenues', '1049', '896', '770', '17', '16'], ['total', '$ 19557', '$ 16965', '$ 14143', '15% ( 15 % )', '20% ( 20 % )']]
we generate freight revenues by transporting freight or other materials from our six commodity groups .freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) .changes in price , traffic mix and fuel surcharges drive arc .we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments .we recognize freight revenues as shipments move from origin to destination .we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them .other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage .we recognize other revenues as we perform services or meet contractual obligations .freight revenues for all six commodity groups increased during 2011 compared to 2010 , while volume increased in all except intermodal .increased demand in many market sectors , with particularly strong growth in chemical , industrial products , and automotive shipments for the year , generated the increases .arc increased 12% ( 12 % ) , driven by higher fuel cost recoveries and core pricing gains .fuel cost recoveries include fuel surcharge revenue and the impact of resetting the base fuel price for certain traffic , which is described below in more detail .higher fuel prices , volume growth , and new fuel surcharge provisions in renegotiated contracts all combined to increase revenues from fuel surcharges .freight revenues and volume levels for all six commodity groups increased during 2010 as a result of economic improvement in many market sectors .we experienced particularly strong volume growth in automotive , intermodal , and industrial products shipments .core pricing gains and higher fuel surcharges also increased freight revenues and drove a 6% ( 6 % ) improvement in arc .our fuel surcharge programs ( excluding index-based contract escalators that contain some provision for fuel ) generated freight revenues of $ 2.2 billion , $ 1.2 billion , and $ 605 million in 2011 , 2010 , and 2009 , respectively .higher fuel prices , volume growth , and new fuel surcharge provisions in contracts renegotiated during the year increased fuel surcharge amounts in 2011 and 2010 .furthermore , for certain periods during 2009 , fuel prices dropped below the base at which our mileage-based fuel surcharge begins , which resulted in no fuel surcharge recovery for associated shipments during those periods .additionally , fuel surcharge revenue is not entirely comparable to prior periods as we continue to convert portions of our non-regulated traffic to mileage-based fuel surcharge programs .in 2011 , other revenues increased from 2010 due primarily to higher revenues at our subsidiaries that broker intermodal and automotive services. .
|
fuel surcharge programs represented what share of revenue in 2010?
|
7.1%
|
{
"answer": "7.1%",
"decimal": 0.071,
"type": "percentage"
}
| |
2015 compared to 2014 when compared to 2014 , costs of revenue in 2015 increased $ 41 million .this increase included a constant currency increase in expenses of approximately $ 238 million , or 8.9% ( 8.9 % ) , partially offset by a positive impact of approximately $ 197 million from the effects of foreign currency fluctuations .the constant currency growth was comprised of a $ 71 million increase in commercial solutions , which included the impact from the encore acquisition which closed in july 2014 , a $ 146 million increase in research & development solutions , which included the incremental impact from the businesses that quest contributed to q2 solutions , and a $ 21 million increase in integrated engagement services .the decrease in costs of revenue as a percent of revenues for 2015 was primarily as a result of an improvement in constant currency profit margin in the commercial solutions , research & development solutions and integrated engagement services segments ( as more fully described in the segment discussion later in this section ) .for 2015 , this constant currency profit margin expansion was partially offset by the effect from a higher proportion of consolidated revenues being contributed by our lower margin integrated engagement services segment when compared to 2014 as well as a negative impact from foreign currency fluctuations .selling , general and administrative expenses , exclusive of depreciation and amortization .
[['( dollars in millions )', 'year ended december 31 , 2016', 'year ended december 31 , 2015', 'year ended december 31 , 2014'], ['selling general and administrative expenses', '$ 1011', '$ 815', '$ 781'], ['% ( % ) of revenues', '18.8% ( 18.8 % )', '18.8% ( 18.8 % )', '18.8% ( 18.8 % )']]
2016 compared to 2015 the $ 196 million increase in selling , general and administrative expenses in 2016 included a constant currency increase of $ 215 million , or 26.4% ( 26.4 % ) , partially offset by a positive impact of approximately $ 19 million from the effects of foreign currency fluctuations .the constant currency growth was comprised of a $ 151 million increase in commercial solutions , which includes $ 158 million from the merger with ims health , partially offset by a decline in the legacy service offerings , a $ 32 million increase in research & development solutions , which includes the incremental impact from the businesses that quest contributed to q2 solutions , a $ 3 million increase in integrated engagement services , and a $ 29 million increase in general corporate and unallocated expenses , which includes $ 37 million from the merger with ims health .the constant currency increase in general corporate and unallocated expenses in 2016 was primarily due to higher stock-based compensation expense .2015 compared to 2014 the $ 34 million increase in selling , general and administrative expenses in 2015 included a constant currency increase of $ 74 million , or 9.5% ( 9.5 % ) , partially offset by a positive impact of approximately $ 42 million from the effects of foreign currency fluctuations .the constant currency growth was comprised of a $ 14 million increase in commercial solutions , which included the impact from the encore acquisition which closed in july 2014 , a $ 40 million increase in research & development solutions , which included the incremental impact from the businesses that quest contributed to q2 solutions , a $ 4 million increase in integrated engagement services , and a $ 14 million increase in general corporate and unallocated expenses .the constant currency increase in general corporate and unallocated expenses in 2015 was primarily due to higher stock-based compensation expense and costs associated with the q2 solutions transaction. .
|
what is the percent increase in selling and administrative expenses from 2015 to 2016?
|
24.05%
|
{
"answer": "24.05%",
"decimal": 0.24050000000000002,
"type": "percentage"
}
| |
entergy corporation and subsidiaries notes to financial statements ouachita in september 2008 , entergy arkansas purchased the ouachita plant , a 789 mw three-train gas-fired combined cycle generating turbine ( ccgt ) electric power plant located 20 miles south of the arkansas state line near sterlington , louisiana , for approximately $ 210 million from a subsidiary of cogentrix energy , inc .entergy arkansas received the plant , materials and supplies , and related real estate in the transaction .the ferc and the apsc approved the acquisition .the apsc also approved the recovery of the acquisition and ownership costs through a rate rider and the planned sale of one-third of the capacity and energy to entergy gulf states louisiana .the lpsc also approved the purchase of one-third of the capacity and energy by entergy gulf states louisiana , subject to certain conditions , including a study to determine the costs and benefits of entergy gulf states louisiana exercising an option to purchase one-third of the plant ( unit 3 ) from entergy arkansas .entergy gulf states louisiana is scheduled to report the results of that study by march 30 , 2009 .palisades in april 2007 , entergy's non-utility nuclear business purchased the 798 mw palisades nuclear energy plant located near south haven , michigan from consumers energy company for a net cash payment of $ 336 million .entergy received the plant , nuclear fuel , inventories , and other assets .the liability to decommission the plant , as well as related decommissioning trust funds , was also transferred to entergy's non-utility nuclear business .entergy's non-utility nuclear business executed a unit-contingent , 15-year purchased power agreement ( ppa ) with consumers energy for 100% ( 100 % ) of the plant's output , excluding any future uprates .prices under the ppa range from $ 43.50/mwh in 2007 to $ 61.50/mwh in 2022 , and the average price under the ppa is $ 51/mwh .in the first quarter 2007 , the nrc renewed palisades' operating license until 2031 .as part of the transaction , entergy's non- utility nuclear business assumed responsibility for spent fuel at the decommissioned big rock point nuclear plant , which is located near charlevoix , michigan .palisades' financial results since april 2007 are included in entergy's non-utility nuclear business segment .the following table summarizes the assets acquired and liabilities assumed at the date of acquisition .amount ( in millions ) .
[['', 'amount ( in millions )'], ['plant ( including nuclear fuel )', '$ 727'], ['decommissioning trust funds', '252'], ['other assets', '41'], ['total assets acquired', '1020'], ['purchased power agreement ( below market )', '420'], ['decommissioning liability', '220'], ['other liabilities', '44'], ['total liabilities assumed', '684'], ['net assets acquired', '$ 336']]
subsequent to the closing , entergy received approximately $ 6 million from consumers energy company as part of the post-closing adjustment defined in the asset sale agreement .the post-closing adjustment amount resulted in an approximately $ 6 million reduction in plant and a corresponding reduction in other liabilities .for the ppa , which was at below-market prices at the time of the acquisition , non-utility nuclear will amortize a liability to revenue over the life of the agreement .the amount that will be amortized each period is based upon the difference between the present value calculated at the date of acquisition of each year's difference between revenue under the agreement and revenue based on estimated market prices .amounts amortized to revenue were $ 76 .
|
what is the assumed debt to acquired asset ratio?
|
0.67
|
{
"answer": "0.67",
"decimal": 0.67,
"type": "float"
}
| |
from time to time , we may elect to use foreign currency forward contracts to reduce the risk from exchange rate fluctuations on intercompany transactions and projected inventory purchases for our european and canadian subsidiaries .in addition , we may elect to enter into foreign currency forward contracts to reduce the risk associated with foreign currency exchange rate fluctuations on pound sterling denominated balance sheet items .we do not enter into derivative financial instruments for speculative or trading purposes .based on the foreign currency forward contracts outstanding as of december 31 , 2011 , we receive u.s .dollars in exchange for canadian dollars at a weighted average contractual forward foreign currency exchange rate of 1.03 cad per $ 1.00 , u.s .dollars in exchange for euros at a weighted average contractual foreign currency exchange rate of 20ac0.77 per $ 1.00 and euros in exchange for pounds sterling at a weighted average contractual foreign currency exchange rate of a30.84 per 20ac1.00 .as of december 31 , 2011 , the notional value of our outstanding foreign currency forward contracts for our canadian subsidiary was $ 51.1 million with contract maturities of 1 month or less , and the notional value of our outstanding foreign currency forward contracts for our european subsidiary was $ 50.0 million with contract maturities of 1 month .as of december 31 , 2011 , the notional value of our outstanding foreign currency forward contract used to mitigate the foreign currency exchange rate fluctuations on pound sterling denominated balance sheet items was 20ac10.5 million , or $ 13.6 million , with a contract maturity of 1 month .the foreign currency forward contracts are not designated as cash flow hedges , and accordingly , changes in their fair value are recorded in other expense , net on the consolidated statements of income .the fair values of our foreign currency forward contracts were liabilities of $ 0.7 million and $ 0.6 million as of december 31 , 2011 and 2010 , respectively , and were included in accrued expenses on the consolidated balance sheet .refer to note 10 to the consolidated financial statements for a discussion of the fair value measurements .included in other expense , net were the following amounts related to changes in foreign currency exchange rates and derivative foreign currency forward contracts: .
[['year ended december 31 , ( in thousands )', 'year ended december 31 , 2011', 'year ended december 31 , 2010', '2009'], ['unrealized foreign currency exchange rate gains ( losses )', '$ -4027 ( 4027 )', '$ -1280 ( 1280 )', '$ 5222'], ['realized foreign currency exchange rate gains ( losses )', '298', '-2638 ( 2638 )', '-261 ( 261 )'], ['unrealized derivative losses', '-31 ( 31 )', '-809 ( 809 )', '-1060 ( 1060 )'], ['realized derivative gains ( losses )', '1696', '3549', '-4412 ( 4412 )']]
we enter into foreign currency forward contracts with major financial institutions with investment grade credit ratings and are exposed to credit losses in the event of non-performance by these financial institutions .this credit risk is generally limited to the unrealized gains in the foreign currency forward contracts .however , we monitor the credit quality of these financial institutions and consider the risk of counterparty default to be minimal .although we have entered into foreign currency forward contracts to minimize some of the impact of foreign currency exchange rate fluctuations on future cash flows , we cannot be assured that foreign currency exchange rate fluctuations will not have a material adverse impact on our financial condition and results of operations .inflation inflationary factors such as increases in the cost of our product and overhead costs may adversely affect our operating results .although we do not believe that inflation has had a material impact on our financial position or results of operations to date , a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and selling , general and administrative expenses as a percentage of net revenues if the selling prices of our products do not increase with these increased costs. .
|
what was the percent of the increase in the fair values of our foreign currency forward contracts liability from 2010 to 2011
|
16.7%
|
{
"answer": "16.7%",
"decimal": 0.16699999999999998,
"type": "percentage"
}
| |
o 2019 r e i l l y a u t o m o t i v e 2 0 0 6 a n n u a l r e p o r t p a g e 38 $ 11080000 , in the years ended december 31 , 2006 , 2005 and 2004 , respectively .the remaining unrecognized compensation cost related to unvested awards at december 31 , 2006 , was $ 7702000 and the weighted-average period of time over which this cost will be recognized is 3.3 years .employee stock purchase plan the company 2019s employee stock purchase plan permits all eligible employees to purchase shares of the company 2019s common stock at 85% ( 85 % ) of the fair market value .participants may authorize the company to withhold up to 5% ( 5 % ) of their annual salary to participate in the plan .the stock purchase plan authorizes up to 2600000 shares to be granted .during the year ended december 31 , 2006 , the company issued 165306 shares under the purchase plan at a weighted average price of $ 27.36 per share .during the year ended december 31 , 2005 , the company issued 161903 shares under the purchase plan at a weighted average price of $ 27.57 per share .during the year ended december 31 , 2004 , the company issued 187754 shares under the purchase plan at a weighted average price of $ 20.85 per share .sfas no .123r requires compensation expense to be recognized based on the discount between the grant date fair value and the employee purchase price for shares sold to employees .during the year ended december 31 , 2006 , the company recorded $ 799000 of compensation cost related to employee share purchases and a corresponding income tax benefit of $ 295000 .at december 31 , 2006 , approximately 400000 shares were reserved for future issuance .other employee benefit plans the company sponsors a contributory profit sharing and savings plan that covers substantially all employees who are at least 21 years of age and have at least six months of service .the company has agreed to make matching contributions equal to 50% ( 50 % ) of the first 2% ( 2 % ) of each employee 2019s wages that are contributed and 25% ( 25 % ) of the next 4% ( 4 % ) of each employee 2019s wages that are contributed .the company also makes additional discretionary profit sharing contributions to the plan on an annual basis as determined by the board of directors .the company 2019s matching and profit sharing contributions under this plan are funded in the form of shares of the company 2019s common stock .a total of 4200000 shares of common stock have been authorized for issuance under this plan .during the year ended december 31 , 2006 , the company recorded $ 6429000 of compensation cost for contributions to this plan and a corresponding income tax benefit of $ 2372000 .during the year ended december 31 , 2005 , the company recorded $ 6606000 of compensation cost for contributions to this plan and a corresponding income tax benefit of $ 2444000 .during the year ended december 31 , 2004 , the company recorded $ 5278000 of compensation cost for contributions to this plan and a corresponding income tax benefit of $ 1969000 .the compensation cost recorded in 2006 includes matching contributions made in 2006 and profit sharing contributions accrued in 2006 to be funded with issuance of shares of common stock in 2007 .the company issued 204000 shares in 2006 to fund profit sharing and matching contributions at an average grant date fair value of $ 34.34 .the company issued 210461 shares in 2005 to fund profit sharing and matching contributions at an average grant date fair value of $ 25.79 .the company issued 238828 shares in 2004 to fund profit sharing and matching contributions at an average grant date fair value of $ 19.36 .a portion of these shares related to profit sharing contributions accrued in prior periods .at december 31 , 2006 , approximately 1061000 shares were reserved for future issuance under this plan .the company has in effect a performance incentive plan for the company 2019s senior management under which the company awards shares of restricted stock that vest equally over a three-year period and are held in escrow until such vesting has occurred .shares are forfeited when an employee ceases employment .a total of 800000 shares of common stock have been authorized for issuance under this plan .shares awarded under this plan are valued based on the market price of the company 2019s common stock on the date of grant and compensation cost is recorded over the vesting period .the company recorded $ 416000 of compensation cost for this plan for the year ended december 31 , 2006 and recognized a corresponding income tax benefit of $ 154000 .the company recorded $ 289000 of compensation cost for this plan for the year ended december 31 , 2005 and recognized a corresponding income tax benefit of $ 107000 .the company recorded $ 248000 of compensation cost for this plan for the year ended december 31 , 2004 and recognized a corresponding income tax benefit of $ 93000 .the total fair value of shares vested ( at vest date ) for the years ended december 31 , 2006 , 2005 and 2004 were $ 503000 , $ 524000 and $ 335000 , respectively .the remaining unrecognized compensation cost related to unvested awards at december 31 , 2006 was $ 536000 .the company awarded 18698 shares under this plan in 2006 with an average grant date fair value of $ 33.12 .the company awarded 14986 shares under this plan in 2005 with an average grant date fair value of $ 25.41 .the company awarded 15834 shares under this plan in 2004 with an average grant date fair value of $ 19.05 .compensation cost for shares awarded in 2006 will be recognized over the three-year vesting period .changes in the company 2019s restricted stock for the year ended december 31 , 2006 were as follows : weighted- average grant date shares fair value .
[['', 'shares', 'weighted-average grant date fair value'], ['non-vested at december 31 2005', '15052', '$ 22.68'], ['granted during the period', '18698', '33.12'], ['vested during the period', '-15685 ( 15685 )', '26.49'], ['forfeited during the period', '-1774 ( 1774 )', '27.94'], ['non-vested at december 31 2006', '16291', '$ 30.80']]
at december 31 , 2006 , approximately 659000 shares were reserved for future issuance under this plan .n o t e s t o c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s ( cont inued ) .
|
what was the total value of the shares awarded under this plan in 2006 based on grant date value?
|
619278
|
{
"answer": "619278",
"decimal": 619278,
"type": "float"
}
| |
increased by $ 105.6 million , or 3.4% ( 3.4 % ) , from 2006 to 2007 .the following table reflects the components of our revenue growth for the years ended december 31 , 2008 , 2007 and 2006: .
[['', '2008', '2007', '2006'], ['core price', '4.0% ( 4.0 % )', '4.2% ( 4.2 % )', '3.4% ( 3.4 % )'], ['fuel surcharges', '1.8', '.2', '1.1'], ['environmental fees', '.4', '.2', '.4'], ['recycling commodities', '.1', '.9', '-.1 ( .1 )'], ['total price', '6.3', '5.5', '4.8'], ['core volume ( 1 )', '-3.9 ( 3.9 )', '-1.5 ( 1.5 )', '2.4'], ['non-core volume', '.1', '-.1 ( .1 )', '2014'], ['total volume', '-3.8 ( 3.8 )', '-1.6 ( 1.6 )', '2.4'], ['total internal growth', '2.5', '3.9', '7.2'], ['acquisitions net of divestitures ( 2 )', '13.4', '-.5 ( .5 )', '-.1 ( .1 )'], ['taxes ( 3 )', '.1', '2014', '.1'], ['total revenue growth', '16.0% ( 16.0 % )', '3.4% ( 3.4 % )', '7.2% ( 7.2 % )']]
( 1 ) core volume growth for the year ended december 31 , 2006 includes .8% ( .8 % ) associated with hauling waste from the city of toronto to one of our landfills in michigan .this hauling service is provided to the city at a rate that approximates our cost .( 2 ) includes the impact of the acquisition of allied in december 2008 .( 3 ) represents new taxes levied on landfill volumes in certain states that are passed on to customers .25aa 2008 : during the year ended december 31 , 2008 , our core revenue growth continued to benefit from a broad-based pricing initiative .in addition , 14.7% ( 14.7 % ) of our revenue growth is due to our acquisition of allied in december 2008 .revenue growth also benefited from higher fuel surcharges and environmental fees .however , during 2008 we experienced lower prices for commodities .we also experienced a decrease in core volumes primarily due to lower commercial and industrial collection volumes and lower landfill volumes resulting from the slowdown in the economy .we expect to continue to experience lower volumes until economic conditions improve .25aa 2007 : during the year ended december 31 , 2007 , our revenue growth from core pricing continued to benefit from a broad-based pricing initiative .our revenue growth also benefited from higher prices for commodities .however , we experienced a decrease in core volume growth primarily due to lower industrial collection and landfill volumes resulting from the slowdown in residential construction .25aa 2006 : during the year ended december 31 , 2006 , our revenue growth continued to benefit from our broad-based pricing initiative .we experienced core volume growth in our collection and landfill lines of business .this core volume growth was partially offset by hurricane clean-up efforts that took place during the fourth quarter of 2005 .25aa 2009 outlook : we anticipate internal revenue from core operations to decrease approximately 4.0% ( 4.0 % ) during 2009 .this decrease is the expected net of growth in core pricing of approximately 4.0% ( 4.0 % ) and an expected decrease in volume of approximately 8.0% ( 8.0 % ) .our projections assume no deterioration or improvement in the overall economy from that experienced during the fourth quarter of 2008 .however , our internal growth may remain flat or may decline in 2009 depending on economic conditions and our success in implementing pricing initiatives .cost of operations .cost of operations was $ 2.4 billion , $ 2.0 billion and $ 1.9 billion , or , as a percentage of revenue , 65.6% ( 65.6 % ) , 63.1% ( 63.1 % ) and 62.7% ( 62.7 % ) , for the years ended december 31 , 2008 , 2007 and 2006 , respectively .the increase in cost of operations in aggregate dollars for the year ended december 31 , 2008 versus the comparable 2007 period is primarily a result of our acquisition of allied in december 2008 .the remaining increase in cost of operations in aggregate dollars and the increase as a percentage of revenue is primarily due to charges we recorded during 2008 of $ 98.0 million related to estimated costs to comply with f&os issued by the oepa and the aoc issued by the epa in response to environmental conditions at our countywide facility in ohio , $ 21.9 million related to environmental conditions at our closed disposal facility %%transmsg*** transmitting job : p14076 pcn : 048000000 ***%%pcmsg|46 |00044|yes|no|02/28/2009 17:08|0|0|page is valid , no graphics -- color : d| .
|
what was the average cost of operations from 2006 to 2008 in millions
|
2.1
|
{
"answer": "2.1",
"decimal": 2.1,
"type": "float"
}
|
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