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2013 2012 2011 .
[['', '2013', '2012', '2011'], ['track miles of rail replaced', '834', '964', '895'], ['track miles of rail capacity expansion', '97', '139', '69'], ['new ties installed ( thousands )', '3870', '4436', '3785'], ['miles of track surfaced', '11017', '11049', '11284']]
capital plan 2013 in 2014 , we expect our total capital investments to be approximately $ 3.9 billion , which may be revised if business conditions or the regulatory environment affect our ability to generate sufficient returns on these investments .while the number of our assets replaced will fluctuate as part of our replacement strategy , for 2014 we expect to use over 60% ( 60 % ) of our capital investments to replace and improve existing capital assets .among our major investment categories are replacing and improving track infrastructure and upgrading our locomotive , freight car and container fleets , including the acquisition of 200 locomotives .additionally , we will continue increasing our network and terminal capacity , especially in the southern region , and balancing terminal capacity with more mainline capacity .construction of a major rail facility at santa teresa , new mexico , will be completed in 2014 and will include a run-through and fueling facility as well as an intermodal ramp .we also plan to make significant investments in technology improvements , including approximately $ 450 million for ptc .we expect to fund our 2014 cash capital investments by using some or all of the following : cash generated from operations , proceeds from the sale or lease of various operating and non-operating properties , proceeds from the issuance of long-term debt , and cash on hand .our annual capital plan is a critical component of our long-term strategic plan , which we expect will enhance the long-term value of the corporation for our shareholders by providing sufficient resources to ( i ) replace and improve our existing track infrastructure to provide safe and fluid operations , ( ii ) increase network efficiency by adding or improving facilities and track , and ( iii ) make investments that meet customer demand and take advantage of opportunities for long-term growth .financing activities cash used in financing activities increased in 2013 versus 2012 , driven by a $ 744 million increase for the repurchase of shares under our common stock repurchase program and higher dividend payments in 2013 of $ 1.3 billion compared to $ 1.1 billion in 2012 .we increased our debt levels in 2013 , which partially offset the increase in cash used in financing activities .cash used in financing activities increased in 2012 versus 2011 .dividend payments in 2012 increased by $ 309 million , reflecting our higher dividend rate , and common stock repurchases increased by $ 56 million .our debt levels did not materially change from 2011 after a decline in debt levels from 2010 .therefore , less cash was used in 2012 for debt activity than in 2011 .dividends 2013 on february 6 , 2014 , we increased the quarterly dividend to $ 0.91 per share , payable on april 1 , 2014 , to shareholders of record on february 28 , 2014 .we expect to fund the increase in the quarterly dividend through cash generated from operations and cash on hand at december 31 , 2013 .credit facilities 2013 on december 31 , 2013 , we had $ 1.8 billion of credit available under our revolving credit facility ( the facility ) , which is designated for general corporate purposes and supports the issuance of commercial paper .we did not draw on the facility during 2013 .commitment fees and interest rates payable under the facility are similar to fees and rates available to comparably rated , investment-grade borrowers .the facility allows for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon credit ratings for our senior unsecured debt .the facility matures in 2015 under a four year term and requires the corporation to maintain a debt-to-net-worth coverage ratio as a condition to making a borrowing .at december 31 , 2013 , and december 31 , 2012 ( and at all times during the year ) , we were in compliance with this covenant .the definition of debt used for purposes of calculating the debt-to-net-worth coverage ratio includes , among other things , certain credit arrangements , capital leases , guarantees and unfunded and vested pension benefits under title iv of erisa .at december 31 , 2013 , the debt-to-net-worth coverage ratio allowed us to carry up to $ 42.4 billion of debt ( as defined in the facility ) , and we had $ 9.9 billion of debt ( as defined in the facility ) outstanding at that date .under our current capital plans , we expect to continue to satisfy the debt-to-net-worth coverage ratio ; however , many factors beyond our reasonable control .
|
what was the difference in track miles of rail replaced between 2012 and 2013?
|
-130
|
{
"answer": "-130",
"decimal": -130,
"type": "float"
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| |
( a ) excludes discontinued operations .( b ) earnings before interest expense and taxes as a percent of average total assets .( c ) total debt as a percent of the sum of total debt , shareholders 2019 equity and non-current deferred income tax liabilities .the results above include the impact of the specified items detailed below .additional discussion regarding the specified items in fiscal years 2017 , 2016 and 2015 are provided in item 7 .management 2019s discussion and analysis of financial condition and results of operations. .
[['millions of dollars except per share amounts', 'years ended september 30 2017', 'years ended september 30 2016', 'years ended september 30 2015', 'years ended september 30 2014', 'years ended september 30 2013'], ['total specified items', '$ 1466', '$ 1261', '$ 1186', '$ 153', '$ 442'], ['after-tax impact of specified items', '$ 971', '$ 892', '$ 786', '$ 101', '$ 279'], ['impact of specified items on diluted earnings per share', '$ -4.34 ( 4.34 )', '$ -4.10 ( 4.10 )', '$ -3.79 ( 3.79 )', '$ -0.51 ( 0.51 )', '$ -1.40 ( 1.40 )'], ['impact of dilution from share issuances', '$ -0.54 ( 0.54 )', '$ 2014', '$ -0.02 ( 0.02 )', '$ 2014', '$ 2014']]
item 7 .management 2019s discussion and analysis of financial condition and results of operations the following commentary should be read in conjunction with the consolidated financial statements and accompanying notes .within the tables presented throughout this discussion , certain columns may not add due to the use of rounded numbers for disclosure purposes .percentages and earnings per share amounts presented are calculated from the underlying amounts .references to years throughout this discussion relate to our fiscal years , which end on september 30 .company overview description of the company and business segments becton , dickinson and company ( 201cbd 201d ) is a global medical technology company engaged in the development , manufacture and sale of a broad range of medical supplies , devices , laboratory equipment and diagnostic products used by healthcare institutions , life science researchers , clinical laboratories , the pharmaceutical industry and the general public .the company's organizational structure is based upon two principal business segments , bd medical ( 201cmedical 201d ) and bd life sciences ( 201clife sciences 201d ) .bd 2019s products are manufactured and sold worldwide .our products are marketed in the united states and internationally through independent distribution channels and directly to end-users by bd and independent sales representatives .we organize our operations outside the united states as follows : europe ; ema ( which includes the commonwealth of independent states , the middle east and africa ) ; greater asia ( which includes japan and asia pacific ) ; latin america ( which includes mexico , central america , the caribbean , and south america ) ; and canada .we continue to pursue growth opportunities in emerging markets , which include the following geographic regions : eastern europe , the middle east , africa , latin america and certain countries within asia pacific .we are primarily focused on certain countries whose healthcare systems are expanding , in particular , china and india .strategic objectives bd remains focused on delivering sustainable growth and shareholder value , while making appropriate investments for the future .bd management operates the business consistent with the following core strategies : 2022 to increase revenue growth by focusing on our core products , services and solutions that deliver greater benefits to patients , healthcare workers and researchers; .
|
what is the range of after-tax impact of specified items from 2013-2017 , in millions?
|
870
|
{
"answer": "870",
"decimal": 870,
"type": "float"
}
| |
the portion of compensation expense associated with certain long-term incentive plans ( 201cltip 201d ) funded or to be funded through share distributions to participants of blackrock stock held by pnc and a merrill lynch & co. , inc .( 201cmerrill lynch 201d ) cash compensation contribution , has been excluded because it ultimately does not impact blackrock 2019s book value .the expense related to the merrill lynch cash compensation contribution ceased at the end of third quarter 2011 .as of first quarter 2012 , all of the merrill lynch contributions had been received .compensation expense associated with appreciation ( depreciation ) on investments related to certain blackrock deferred compensation plans has been excluded as returns on investments set aside for these plans , which substantially offset this expense , are reported in non-operating income ( expense ) .management believes operating income exclusive of these items is a useful measure in evaluating blackrock 2019s operating performance and helps enhance the comparability of this information for the reporting periods presented .operating margin , as adjusted : operating income used for measuring operating margin , as adjusted , is equal to operating income , as adjusted , excluding the impact of closed-end fund launch costs and commissions .management believes the exclusion of such costs and commissions is useful because these costs can fluctuate considerably and revenues associated with the expenditure of these costs will not fully impact the company 2019s results until future periods .operating margin , as adjusted , allows the company to compare performance from period-to-period by adjusting for items that may not recur , recur infrequently or may have an economic offset in non-operating income ( expense ) .examples of such adjustments include bgi transaction and integration costs , u.k .lease exit costs , contribution to stifs , restructuring charges , closed-end fund launch costs , commissions paid to certain employees as compensation and fluctuations in compensation expense based on mark-to-market movements in investments held to fund certain compensation plans .the company also uses operating margin , as adjusted , to monitor corporate performance and efficiency and as a benchmark to compare its performance with other companies .management uses both the gaap and non- gaap financial measures in evaluating the financial performance of blackrock .the non-gaap measure by itself may pose limitations because it does not include all of the company 2019s revenues and expenses .revenue used for operating margin , as adjusted , excludes distribution and servicing costs paid to related parties and other third parties .management believes the exclusion of such costs is useful because it creates consistency in the treatment for certain contracts for similar services , which due to the terms of the contracts , are accounted for under gaap on a net basis within investment advisory , administration fees and securities lending revenue .amortization of deferred sales commissions is excluded from revenue used for operating margin measurement , as adjusted , because such costs , over time , substantially offset distribution fee revenue earned by the company .for each of these items , blackrock excludes from revenue used for operating margin , as adjusted , the costs related to each of these items as a proxy for such offsetting revenues .( b ) non-operating income ( expense ) , less net income ( loss ) attributable to non-controlling interests , as adjusted : non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , is presented below .the compensation expense offset is recorded in operating income .this compensation expense has been included in non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , to offset returns on investments set aside for these plans , which are reported in non-operating income ( expense ) , gaap basis .( dollar amounts in millions ) 2012 2011 2010 non-operating income ( expense ) , gaap basis .............................$ ( 54 ) $ ( 114 ) $ 23 less : net income ( loss ) attributable to nci ........................( 18 ) 2 ( 13 ) non-operating income ( expense ) ( 1 ) ......( 36 ) ( 116 ) 36 compensation expense related to ( appreciation ) depreciation on deferred compensation plans ....( 6 ) 3 ( 11 ) non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted ..........................$ ( 42 ) $ ( 113 ) $ 25 ( 1 ) net of net income ( loss ) attributable to nci .management believes non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , provides comparability of this information among reporting periods and is an effective measure for reviewing blackrock 2019s non-operating contribution to its results .as compensation expense associated with ( appreciation ) depreciation on investments related to certain deferred compensation plans , which is included in operating income , substantially offsets the gain ( loss ) on the investments set aside for these plans , management .
[['( dollar amounts in millions )', '2012', '2011', '2010'], ['non-operating income ( expense ) gaap basis', '$ -54 ( 54 )', '$ -114 ( 114 )', '$ 23'], ['less : net income ( loss ) attributable to nci', '-18 ( 18 )', '2', '-13 ( 13 )'], ['non-operating income ( expense ) ( 1 )', '-36 ( 36 )', '-116 ( 116 )', '36'], ['compensation expense related to ( appreciation ) depreciation on deferred compensation plans', '-6 ( 6 )', '3', '-11 ( 11 )'], ['non-operating income ( expense ) less net income ( loss ) attributable to nci as adjusted', '$ -42 ( 42 )', '$ -113 ( 113 )', '$ 25']]
the portion of compensation expense associated with certain long-term incentive plans ( 201cltip 201d ) funded or to be funded through share distributions to participants of blackrock stock held by pnc and a merrill lynch & co. , inc .( 201cmerrill lynch 201d ) cash compensation contribution , has been excluded because it ultimately does not impact blackrock 2019s book value .the expense related to the merrill lynch cash compensation contribution ceased at the end of third quarter 2011 .as of first quarter 2012 , all of the merrill lynch contributions had been received .compensation expense associated with appreciation ( depreciation ) on investments related to certain blackrock deferred compensation plans has been excluded as returns on investments set aside for these plans , which substantially offset this expense , are reported in non-operating income ( expense ) .management believes operating income exclusive of these items is a useful measure in evaluating blackrock 2019s operating performance and helps enhance the comparability of this information for the reporting periods presented .operating margin , as adjusted : operating income used for measuring operating margin , as adjusted , is equal to operating income , as adjusted , excluding the impact of closed-end fund launch costs and commissions .management believes the exclusion of such costs and commissions is useful because these costs can fluctuate considerably and revenues associated with the expenditure of these costs will not fully impact the company 2019s results until future periods .operating margin , as adjusted , allows the company to compare performance from period-to-period by adjusting for items that may not recur , recur infrequently or may have an economic offset in non-operating income ( expense ) .examples of such adjustments include bgi transaction and integration costs , u.k .lease exit costs , contribution to stifs , restructuring charges , closed-end fund launch costs , commissions paid to certain employees as compensation and fluctuations in compensation expense based on mark-to-market movements in investments held to fund certain compensation plans .the company also uses operating margin , as adjusted , to monitor corporate performance and efficiency and as a benchmark to compare its performance with other companies .management uses both the gaap and non- gaap financial measures in evaluating the financial performance of blackrock .the non-gaap measure by itself may pose limitations because it does not include all of the company 2019s revenues and expenses .revenue used for operating margin , as adjusted , excludes distribution and servicing costs paid to related parties and other third parties .management believes the exclusion of such costs is useful because it creates consistency in the treatment for certain contracts for similar services , which due to the terms of the contracts , are accounted for under gaap on a net basis within investment advisory , administration fees and securities lending revenue .amortization of deferred sales commissions is excluded from revenue used for operating margin measurement , as adjusted , because such costs , over time , substantially offset distribution fee revenue earned by the company .for each of these items , blackrock excludes from revenue used for operating margin , as adjusted , the costs related to each of these items as a proxy for such offsetting revenues .( b ) non-operating income ( expense ) , less net income ( loss ) attributable to non-controlling interests , as adjusted : non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , is presented below .the compensation expense offset is recorded in operating income .this compensation expense has been included in non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , to offset returns on investments set aside for these plans , which are reported in non-operating income ( expense ) , gaap basis .( dollar amounts in millions ) 2012 2011 2010 non-operating income ( expense ) , gaap basis .............................$ ( 54 ) $ ( 114 ) $ 23 less : net income ( loss ) attributable to nci ........................( 18 ) 2 ( 13 ) non-operating income ( expense ) ( 1 ) ......( 36 ) ( 116 ) 36 compensation expense related to ( appreciation ) depreciation on deferred compensation plans ....( 6 ) 3 ( 11 ) non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted ..........................$ ( 42 ) $ ( 113 ) $ 25 ( 1 ) net of net income ( loss ) attributable to nci .management believes non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , provides comparability of this information among reporting periods and is an effective measure for reviewing blackrock 2019s non-operating contribution to its results .as compensation expense associated with ( appreciation ) depreciation on investments related to certain deferred compensation plans , which is included in operating income , substantially offsets the gain ( loss ) on the investments set aside for these plans , management .
|
what is the net change in non-operating income from 2010 to 2011?
|
152
|
{
"answer": "152",
"decimal": 152,
"type": "float"
}
| |
customer demand .this compared with 555000 tons of total downtime in 2006 of which 150000 tons related to lack-of-orders .printing papers in millions 2007 2006 2005 .
[['in millions', '2007', '2006', '2005'], ['sales', '$ 6530', '$ 6700', '$ 6980'], ['operating profit', '$ 1101', '$ 636', '$ 434']]
north american printing papers net sales in 2007 were $ 3.5 billion compared with $ 4.4 billion in 2006 ( $ 3.5 billion excluding the coated and super- calendered papers business ) and $ 4.8 billion in 2005 ( $ 3.2 billion excluding the coated and super- calendered papers business ) .sales volumes decreased in 2007 versus 2006 partially due to reduced production capacity resulting from the conversion of the paper machine at the pensacola mill to the production of lightweight linerboard for our industrial packaging segment .average sales price realizations increased significantly , reflecting benefits from price increases announced throughout 2007 .lack-of-order downtime declined to 27000 tons in 2007 from 40000 tons in 2006 .operating earnings of $ 537 million in 2007 increased from $ 482 million in 2006 ( $ 407 million excluding the coated and supercalendered papers business ) and $ 175 million in 2005 ( $ 74 million excluding the coated and supercalendered papers business ) .the benefits from improved average sales price realizations more than offset the effects of higher input costs for wood , energy , and freight .mill operations were favorable compared with the prior year due to current-year improvements in machine performance and energy conservation efforts .sales volumes for the first quarter of 2008 are expected to increase slightly , and the mix of prod- ucts sold to improve .demand for printing papers in north america was steady as the quarter began .price increases for cut-size paper and roll stock have been announced that are expected to be effective principally late in the first quarter .planned mill maintenance outage costs should be about the same as in the fourth quarter ; however , raw material costs are expected to continue to increase , primarily for wood and energy .brazil ian papers net sales for 2007 of $ 850 mil- lion were higher than the $ 495 million in 2006 and the $ 465 million in 2005 .compared with 2006 , aver- age sales price realizations improved reflecting price increases for uncoated freesheet paper realized dur- ing the second half of 2006 and the first half of 2007 .excluding the impact of the luiz antonio acquisition , sales volumes increased primarily for cut size and offset paper .operating profits for 2007 of $ 246 mil- lion were up from $ 122 million in 2006 and $ 134 mil- lion in 2005 as the benefits from higher sales prices and favorable manufacturing costs were only parti- ally offset by higher input costs .contributions from the luiz antonio acquisition increased net sales by approximately $ 350 million and earnings by approx- imately $ 80 million in 2007 .entering 2008 , sales volumes for uncoated freesheet paper and pulp should be seasonally lower .average price realizations should be essentially flat , but mar- gins are expected to reflect a less favorable product mix .energy costs , primarily for hydroelectric power , are expected to increase significantly reflecting a lack of rainfall in brazil in the latter part of 2007 .european papers net sales in 2007 were $ 1.5 bil- lion compared with $ 1.3 billion in 2006 and $ 1.2 bil- lion in 2005 .sales volumes in 2007 were higher than in 2006 at our eastern european mills reflecting stronger market demand and improved efficiencies , but lower in western europe reflecting the closure of the marasquel mill in 2006 .average sales price real- izations increased significantly in 2007 in both east- ern and western european markets .operating profits of $ 214 million in 2007 increased from a loss of $ 16 million in 2006 and earnings of $ 88 million in 2005 .the loss in 2006 reflects the impact of a $ 128 million impairment charge to reduce the carrying value of the fixed assets at the saillat , france mill .excluding this charge , the improvement in 2007 compared with 2006 reflects the contribution from higher net sales , partially offset by higher input costs for wood , energy and freight .looking ahead to the first quarter of 2008 , sales volumes are expected to be stable in western europe , but seasonally weaker in eastern europe and russia .average price realizations are expected to remain about flat .wood costs are expected to increase , especially in russia due to strong demand ahead of tariff increases , and energy costs are anticipated to be seasonally higher .asian printing papers net sales were approx- imately $ 20 million in 2007 , compared with $ 15 mil- lion in 2006 and $ 10 million in 2005 .operating earnings increased slightly in 2007 , but were close to breakeven in all periods .u.s .market pulp sales in 2007 totaled $ 655 mil- lion compared with $ 510 million and $ 525 million in 2006 and 2005 , respectively .sales volumes in 2007 were up from 2006 levels , primarily for paper and .
|
what was the profit margin from printing paper in 2006
|
9.5%
|
{
"answer": "9.5%",
"decimal": 0.095,
"type": "percentage"
}
| |
notes to the consolidated financial statements the credit agreement provides that loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement .additionally , the credit agreement contains a commitment fee on the amount of unused commitment under the credit agreement ranging from 0.125% ( 0.125 % ) to 0.625% ( 0.625 % ) per annum .the applicable interest rate and the commitment fee will vary depending on the ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc .for the company 2019s non-credit enhanced , long- term , senior , unsecured debt .the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the company 2019s ability to create liens or other encumbrances , to enter into sale and leaseback transactions and to enter into consolidations , mergers or transfers of all or substantially all of its assets .the credit agreement also requires the company to maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of sixty percent or less .the credit agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency .there were no amounts outstanding under the credit agreement at december 31 , on november 12 , 2010 , ppg completed a public offering of $ 250 million in aggregate principal amount of its 1.900% ( 1.900 % ) notes due 2016 ( the 201c2016 notes 201d ) , $ 500 million in aggregate principal amount of its 3.600% ( 3.600 % ) notes due 2020 ( the 201c2020 notes 201d ) and $ 250 million in aggregate principal amount of its 5.500% ( 5.500 % ) notes due 2040 ( the 201c2040 notes 201d ) .these notes were issued pursuant to an indenture dated as of march 18 , 2008 ( the 201coriginal indenture 201d ) between the company and the bank of new york mellon trust company , n.a. , as trustee ( the 201ctrustee 201d ) , as supplemented by a first supplemental indenture dated as of march 18 , 2008 between the company and the trustee ( the 201cfirst supplemental indenture 201d ) and a second supplemental indenture dated as of november 12 , 2010 between the company and the trustee ( the 201csecond supplemental indenture 201d and , together with the original indenture and the first supplemental indenture , the 201cindenture 201d ) .the company may issue additional debt from time to time pursuant to the original indenture .the indenture governing these notes contains covenants that limit the company 2019s ability to , among other things , incur certain liens securing indebtedness , engage in certain sale-leaseback transactions , and enter into certain consolidations , mergers , conveyances , transfers or leases of all or substantially all the company 2019s assets .the terms of these notes also require the company to make an offer to repurchase notes upon a change of control triggering event ( as defined in the second supplemental indenture ) at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest .cash proceeds from this notes offering was $ 983 million ( net of discount and issuance costs ) .the discount and issuance costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes .ppg 2019s non-u.s .operations have uncommitted lines of credit totaling $ 791 million of which $ 31 million was used as of december 31 , 2010 .these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees .short-term debt outstanding as of december 31 , 2010 and 2009 , was as follows : ( millions ) 2010 2009 20ac650 million revolving credit facility , 0.8% ( 0.8 % ) as of dec .31 , 2009 $ 2014 $ 110 other , weighted average 3.39% ( 3.39 % ) as of dec .31 , 2010 and 2.2% ( 2.2 % ) as of december 31 , 2009 24 158 total $ 24 $ 268 ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .the company 2019s revolving credit agreements include a financial ratio covenant .the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .as of december 31 , 2010 , total indebtedness was 45% ( 45 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .additionally , substantially all of the company 2019s debt agreements contain customary cross- default provisions .those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .interest payments in 2010 , 2009 and 2008 totaled $ 189 million , $ 201 million and $ 228 million , respectively .2010 ppg annual report and form 10-k 43 .
[['( millions )', '2010', '2009'], ['20ac650 million revolving credit facility 0.8% ( 0.8 % ) as of dec . 31 2009', '$ 2014', '$ 110'], ['other weighted average 3.39% ( 3.39 % ) as of dec . 31 2010 and 2.2% ( 2.2 % ) as of december 31 2009', '24', '158'], ['total', '$ 24', '$ 268']]
notes to the consolidated financial statements the credit agreement provides that loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement .additionally , the credit agreement contains a commitment fee on the amount of unused commitment under the credit agreement ranging from 0.125% ( 0.125 % ) to 0.625% ( 0.625 % ) per annum .the applicable interest rate and the commitment fee will vary depending on the ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc .for the company 2019s non-credit enhanced , long- term , senior , unsecured debt .the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the company 2019s ability to create liens or other encumbrances , to enter into sale and leaseback transactions and to enter into consolidations , mergers or transfers of all or substantially all of its assets .the credit agreement also requires the company to maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of sixty percent or less .the credit agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency .there were no amounts outstanding under the credit agreement at december 31 , on november 12 , 2010 , ppg completed a public offering of $ 250 million in aggregate principal amount of its 1.900% ( 1.900 % ) notes due 2016 ( the 201c2016 notes 201d ) , $ 500 million in aggregate principal amount of its 3.600% ( 3.600 % ) notes due 2020 ( the 201c2020 notes 201d ) and $ 250 million in aggregate principal amount of its 5.500% ( 5.500 % ) notes due 2040 ( the 201c2040 notes 201d ) .these notes were issued pursuant to an indenture dated as of march 18 , 2008 ( the 201coriginal indenture 201d ) between the company and the bank of new york mellon trust company , n.a. , as trustee ( the 201ctrustee 201d ) , as supplemented by a first supplemental indenture dated as of march 18 , 2008 between the company and the trustee ( the 201cfirst supplemental indenture 201d ) and a second supplemental indenture dated as of november 12 , 2010 between the company and the trustee ( the 201csecond supplemental indenture 201d and , together with the original indenture and the first supplemental indenture , the 201cindenture 201d ) .the company may issue additional debt from time to time pursuant to the original indenture .the indenture governing these notes contains covenants that limit the company 2019s ability to , among other things , incur certain liens securing indebtedness , engage in certain sale-leaseback transactions , and enter into certain consolidations , mergers , conveyances , transfers or leases of all or substantially all the company 2019s assets .the terms of these notes also require the company to make an offer to repurchase notes upon a change of control triggering event ( as defined in the second supplemental indenture ) at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest .cash proceeds from this notes offering was $ 983 million ( net of discount and issuance costs ) .the discount and issuance costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes .ppg 2019s non-u.s .operations have uncommitted lines of credit totaling $ 791 million of which $ 31 million was used as of december 31 , 2010 .these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees .short-term debt outstanding as of december 31 , 2010 and 2009 , was as follows : ( millions ) 2010 2009 20ac650 million revolving credit facility , 0.8% ( 0.8 % ) as of dec .31 , 2009 $ 2014 $ 110 other , weighted average 3.39% ( 3.39 % ) as of dec .31 , 2010 and 2.2% ( 2.2 % ) as of december 31 , 2009 24 158 total $ 24 $ 268 ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .the company 2019s revolving credit agreements include a financial ratio covenant .the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .as of december 31 , 2010 , total indebtedness was 45% ( 45 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .additionally , substantially all of the company 2019s debt agreements contain customary cross- default provisions .those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .interest payments in 2010 , 2009 and 2008 totaled $ 189 million , $ 201 million and $ 228 million , respectively .2010 ppg annual report and form 10-k 43 .
|
what was the change in millions of interest payments from 2009 to 2010?
|
-12
|
{
"answer": "-12",
"decimal": -12,
"type": "float"
}
| |
table of contents the following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2015 .period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs ( a ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( b ) .
[['period', 'total numberof sharespurchased', 'averageprice paidper share', 'total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a )', 'total number ofshares purchased aspart of publiclyannounced plans orprograms', 'approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b )'], ['october 2015', '1658771', '$ 62.12', '842059', '816712', '$ 2.0 billion'], ['november 2015', '2412467', '$ 71.08', '212878', '2199589', '$ 1.8 billion'], ['december 2015', '7008414', '$ 70.31', '980', '7007434', '$ 1.3 billion'], ['total', '11079652', '$ 69.25', '1055917', '10023735', '$ 1.3 billion']]
( a ) the shares reported in this column represent purchases settled in the fourth quarter of 2015 relating to ( i ) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans , and ( ii ) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options , the vesting of restricted stock , and other stock compensation transactions in accordance with the terms of our stock-based compensation plans .( b ) on july 13 , 2015 , we announced that our board of directors approved our purchase of $ 2.5 billion of our outstanding common stock ( with no expiration date ) , which was in addition to the remaining amount available under our $ 3 billion program previously authorized .during the third quarter of 2015 , we completed our purchases under the $ 3 billion program .as of december 31 , 2015 , we had $ 1.3 billion remaining available for purchase under the $ 2.5 billion program. .
|
what was the percentage increase of shares purchased in november to december?
|
190.5%
|
{
"answer": "190.5%",
"decimal": 1.905,
"type": "percentage"
}
| |
the analysis of our depreciation studies .changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively .under group depreciation , the historical cost ( net of salvage ) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized .the historical cost of certain track assets is estimated using ( i ) inflation indices published by the bureau of labor statistics and ( ii ) the estimated useful lives of the assets as determined by our depreciation studies .the indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes .because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired , we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate .in addition , we determine if the recorded amount of accumulated depreciation is deficient ( or in excess ) of the amount indicated by our depreciation studies .any deficiency ( or excess ) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets .for retirements of depreciable railroad properties that do not occur in the normal course of business , a gain or loss may be recognized if the retirement meets each of the following three conditions : ( i ) is unusual , ( ii ) is material in amount , and ( iii ) varies significantly from the retirement profile identified through our depreciation studies .a gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations .when we purchase an asset , we capitalize all costs necessary to make the asset ready for its intended use .however , many of our assets are self-constructed .a large portion of our capital expenditures is for replacement of existing track assets and other road properties , which is typically performed by our employees , and for track line expansion and other capacity projects .costs that are directly attributable to capital projects ( including overhead costs ) are capitalized .direct costs that are capitalized as part of self- constructed assets include material , labor , and work equipment .indirect costs are capitalized if they clearly relate to the construction of the asset .general and administrative expenditures are expensed as incurred .normal repairs and maintenance are also expensed as incurred , while costs incurred that extend the useful life of an asset , improve the safety of our operations or improve operating efficiency are capitalized .these costs are allocated using appropriate statistical bases .total expense for repairs and maintenance incurred was $ 2.3 billion for 2013 , $ 2.1 billion for 2012 , and $ 2.2 billion for 2011 .assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease .amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease .12 .accounts payable and other current liabilities dec .31 , dec .31 , millions 2013 2012 .
[['millions', 'dec . 31 2013', 'dec . 312012'], ['accounts payable', '$ 803', '$ 825'], ['income and other taxes payable', '491', '368'], ['accrued wages and vacation', '385', '376'], ['dividends payable', '356', '318'], ['accrued casualty costs', '207', '213'], ['interest payable', '169', '172'], ['equipment rents payable', '96', '95'], ['other', '579', '556'], ['total accounts payable and othercurrent liabilities', '$ 3086', '$ 2923']]
.
|
what was the percentage change in total expense for repairs and maintenance from 2011 to 2012?
|
-5%
|
{
"answer": "-5%",
"decimal": -0.05,
"type": "percentage"
}
| |
challenging investment environment with $ 15.0 billion , or 95% ( 95 % ) , of net inflows coming from institutional clients , with the remaining $ 0.8 billion , or 5% ( 5 % ) , generated by retail and hnw clients .defined contribution plans of institutional clients remained a significant driver of flows .this client group added $ 13.1 billion of net new business in 2012 .during the year , americas net inflows of $ 18.5 billion were partially offset by net outflows of $ 2.6 billion collectively from emea and asia-pacific clients .the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 52% ( 52 % ) , or $ 140.2 billion , of multi-asset class aum at year-end , up $ 14.1 billion , with growth in aum driven by net new business of $ 1.6 billion and $ 12.4 billion in market and foreign exchange gains .these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget .in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions .2022 target date and target risk products ended the year at $ 69.9 billion , up $ 20.8 billion , or 42% ( 42 % ) , since december 31 , 2011 .growth in aum was driven by net new business of $ 14.5 billion , a year-over-year organic growth rate of 30% ( 30 % ) .institutional investors represented 90% ( 90 % ) of target date and target risk aum , with defined contribution plans accounting for over 80% ( 80 % ) of aum .the remaining 10% ( 10 % ) of target date and target risk aum consisted of retail client investments .flows were driven by defined contribution investments in our lifepath and lifepath retirement income ae offerings , which are qualified investment options under the pension protection act of 2006 .these products utilize a proprietary asset allocation model that seeks to balance risk and return over an investment horizon based on the investor 2019s expected retirement timing .2022 fiduciary management services accounted for 22% ( 22 % ) , or $ 57.7 billion , of multi-asset aum at december 31 , 2012 and increased $ 7.7 billion during the year due to market and foreign exchange gains .these are complex mandates in which pension plan sponsors retain blackrock to assume responsibility for some or all aspects of plan management .these customized services require strong partnership with the clients 2019 investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives .alternatives component changes in alternatives aum ( dollar amounts in millions ) 12/31/2011 net new business acquired market /fx app ( dep ) 12/31/2012 .
[['( dollar amounts in millions )', '12/31/2011', 'net new business', 'net acquired', 'market /fx app ( dep )', '12/31/2012'], ['core', '$ 63647', '$ -3922 ( 3922 )', '$ 6166', '$ 2476', '$ 68367'], ['currency and commodities', '41301', '-1547 ( 1547 )', '860', '814', '41428'], ['alternatives', '$ 104948', '$ -5469 ( 5469 )', '$ 7026', '$ 3290', '$ 109795']]
alternatives aum totaled $ 109.8 billion at year-end 2012 , up $ 4.8 billion , or 5% ( 5 % ) , reflecting $ 3.3 billion in portfolio valuation gains and $ 7.0 billion in new assets related to the acquisitions of srpep , which deepened our alternatives footprint in the european and asian markets , and claymore .core alternative outflows of $ 3.9 billion were driven almost exclusively by return of capital to clients .currency net outflows of $ 5.0 billion were partially offset by net inflows of $ 3.5 billion into ishares commodity funds .we continued to make significant investments in our alternatives platform as demonstrated by our acquisition of srpep , successful closes on the renewable power initiative and our build out of an alternatives retail platform , which now stands at nearly $ 10.0 billion in aum .we believe that as alternatives become more conventional and investors adapt their asset allocation strategies to best meet their investment objectives , they will further increase their use of alternative investments to complement core holdings .institutional investors represented 69% ( 69 % ) , or $ 75.8 billion , of alternatives aum with retail and hnw investors comprising an additional 9% ( 9 % ) , or $ 9.7 billion , at year-end 2012 .ishares commodity products accounted for the remaining $ 24.3 billion , or 22% ( 22 % ) , of aum at year-end .alternative clients are geographically diversified with 56% ( 56 % ) , 26% ( 26 % ) , and 18% ( 18 % ) of clients located in the americas , emea and asia-pacific , respectively .the blackrock alternative investors ( 201cbai 201d ) group coordinates our alternative investment efforts , including .
|
what is the percentage change in the balance of currency and commodities from 2011 to 2012?
|
0.3%
|
{
"answer": "0.3%",
"decimal": 0.003,
"type": "percentage"
}
| |
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 .
|
what was the consumer packaging profit margin in 2003
|
7.4%
|
{
"answer": "7.4%",
"decimal": 0.07400000000000001,
"type": "percentage"
}
| |
( e ) total contractual obligations are made up of the following components .( in millions ) .
[['liabilities recorded on the balance sheet', '$ 60578'], ['commitments not recorded on the balance sheet', '55688'], ['total', '$ 116266']]
off-balance sheet arrangements as of december 31 , 2015 , we did not have any material off-balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition , results of operations , liquidity , capital expenditures or capital resources .recent accounting pronouncements see note 3 to each of comcast 2019s and nbcuniversal 2019s consolidated financial statements for additional information related to recent accounting pronouncements .critical accounting judgments and estimates the preparation of our consolidated financial statements requires us to make estimates that affect the reported amounts of assets , liabilities , revenue and expenses , and the related disclosure of contingent assets and contingent liabilities .we base our judgments on our historical experience and on various other assump- tions that we believe are reasonable under the circumstances , the results of which form the basis for making estimates about the carrying value of assets and liabilities that are not readily apparent from other sources .actual results may differ from these estimates under different assumptions or conditions .we believe our judgments and related estimates associated with the valuation and impairment testing of our cable franchise rights and the accounting for film and television costs are critical in the preparation of our consolidated financial statements .management has discussed the development and selection of these crit- ical accounting judgments and estimates with the audit committee of our board of directors , and the audit committee has reviewed our disclosures relating to them , which are presented below .see notes 9 and 6 to comcast 2019s consolidated financial statements for a discussion of our accounting policies with respect to these items .valuation and impairment testing of cable franchise rights our largest asset , our cable franchise rights , results from agreements we have with state and local govern- ments that allow us to construct and operate a cable business within a specified geographic area .the value of a franchise is derived from the economic benefits we receive from the right to solicit new customers and to market new services , such as advanced video services and high-speed internet and voice services , in a particular service area .the amounts we record for cable franchise rights are primarily a result of cable system acquisitions .typically when we acquire a cable system , the most significant asset we record is the value of the cable franchise rights .often these cable system acquisitions include multiple franchise areas .we cur- rently serve approximately 6400 franchise areas in the united states .we have concluded that our cable franchise rights have an indefinite useful life since there are no legal , regu- latory , contractual , competitive , economic or other factors which limit the period over which these rights will contribute to our cash flows .accordingly , we do not amortize our cable franchise rights but assess the carry- ing value of our cable franchise rights annually , or more frequently whenever events or changes in circumstances indicate that the carrying amount may exceed the fair value ( 201cimpairment testing 201d ) .67 comcast 2015 annual report on form 10-k .
|
what was the ratio of the total contractual obligations for the liabilities recorded on the balance sheet to the commitments not recorded on the balance sheet
|
1.09
|
{
"answer": "1.09",
"decimal": 1.09,
"type": "float"
}
| |
will no longer be significant contributors to business operating results , while expenses should also decline significantly reflecting the reduced level of operations .operating earnings will primarily consist of retail forestland and real estate sales of remaining acreage .specialty businesses and other the specialty businesses and other segment includes the results of the arizona chemical business and certain divested businesses whose results are included in this segment for periods prior to their sale or closure .this segment 2019s 2006 net sales increased 2% ( 2 % ) from 2005 , but declined 17% ( 17 % ) from 2004 .operating profits in 2006 were up substantially from both 2005 and 2004 .the decline in sales compared with 2004 principally reflects declining contributions from businesses sold or closed .specialty businesses and other in millions 2006 2005 2004 .
[['in millions', '2006', '2005', '2004'], ['sales', '$ 935', '$ 915', '$ 1120'], ['operating profit', '$ 61', '$ 4', '$ 38']]
arizona chemical sales were $ 769 million in 2006 , compared with $ 692 million in 2005 and $ 672 million in 2004 .sales volumes declined in 2006 compared with 2005 , but average sales price realiza- tions in 2006 were higher in both the united states and europe .operating earnings in 2006 were sig- nificantly higher than in 2005 and more than 49% ( 49 % ) higher than in 2004 .the increase over 2005 reflects the impact of the higher average sales price realiza- tions and lower manufacturing costs , partially offset by higher prices for crude tall oil ( cto ) .earnings for 2005 also included a $ 13 million charge related to a plant shutdown in norway .other businesses in this operating segment include operations that have been sold , closed or held for sale , primarily the polyrey business in france and , in prior years , the european distribution business .sales for these businesses were approximately $ 166 million in 2006 , compared with $ 223 million in 2005 and $ 448 million in 2004 .in december 2006 , the company entered into a definitive agreement to sell the arizona chemical business , expected to close in the first quarter of liquidity and capital resources overview a major factor in international paper 2019s liquidity and capital resource planning is its generation of operat- ing cash flow , which is highly sensitive to changes in the pricing and demand for our major products .while changes in key cash operating costs , such as energy and raw material costs , do have an effect on operating cash generation , we believe that our strong focus on cost controls has improved our cash flow generation over an operating cycle .as part of the continuing focus on improving our return on investment , we have focused our capital spending on improving our key paper and packaging businesses both globally and in north america .spending levels have been kept below the level of depreciation and amortization charges for each of the last three years , and we anticipate spending will again be slightly below depreciation and amor- tization in 2007 .financing activities in 2006 have been focused on the transformation plan objective of strengthening the balance sheet through repayment of debt , resulting in a net reduction in 2006 of $ 5.2 billion following a $ 1.7 billion net reduction in 2005 .additionally , we made a $ 1.0 billion voluntary cash contribution to our u.s .qualified pension plan in december 2006 to begin satisfying projected long-term funding requirements and to lower future pension expense .our liquidity position continues to be strong , with approximately $ 3.0 billion of committed liquidity to cover future short-term cash flow requirements not met by operating cash flows .management believes it is important for interna- tional paper to maintain an investment-grade credit rating to facilitate access to capital markets on favorable terms .at december 31 , 2006 , the com- pany held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) from standard & poor 2019s and moody 2019s investor services , respectively .cash provided by operations cash provided by continuing operations totaled $ 1.0 billion for 2006 , compared with $ 1.2 billion for 2005 and $ 1.7 billion in 2004 .the 2006 amount is net of a $ 1.0 billion voluntary cash pension plan contribution made in the fourth quarter of 2006 .the major components of cash provided by continuing oper- ations are earnings from continuing operations .
|
what was the specialty businesses and other profit margin in 2004
|
3.4%
|
{
"answer": "3.4%",
"decimal": 0.034,
"type": "percentage"
}
| |
the following table presents the net periodic pension and opeb cost/ ( benefit ) for the years ended december 31 : millions 2013 2012 2011 2010 .
[['millions', 'est.2013', '2012', '2011', '2010'], ['net periodic pension cost', '$ 111', '$ 89', '$ 78', '$ 51'], ['net periodic opeb cost/ ( benefit )', '15', '13', '-6 ( 6 )', '-14 ( 14 )']]
our net periodic pension cost is expected to increase to approximately $ 111 million in 2013 from $ 89 million in 2012 .the increase is driven mainly by a decrease in the discount rate to 3.78% ( 3.78 % ) , our net periodic opeb expense is expected to increase to approximately $ 15 million in 2013 from $ 13 million in 2012 .the increase in our net periodic opeb cost is primarily driven by a decrease in the discount rate to 3.48% ( 3.48 % ) .cautionary information certain statements in this report , and statements in other reports or information filed or to be filed with the sec ( as well as information included in oral statements or other written statements made or to be made by us ) , are , or will be , forward-looking statements as defined by the securities act of 1933 and the securities exchange act of 1934 .these forward-looking statements and information include , without limitation , ( a ) statements in the ceo 2019s letter preceding part i ; statements regarding planned capital expenditures under the caption 201c2013 capital expenditures 201d in item 2 of part i ; statements regarding dividends in item 5 ; and statements and information set forth under the captions 201c2013 outlook 201d and 201cliquidity and capital resources 201d in this item 7 , and ( b ) any other statements or information in this report ( including information incorporated herein by reference ) regarding : expectations as to financial performance , revenue growth and cost savings ; the time by which goals , targets , or objectives will be achieved ; projections , predictions , expectations , estimates , or forecasts as to our business , financial and operational results , future economic performance , and general economic conditions ; expectations as to operational or service performance or improvements ; expectations as to the effectiveness of steps taken or to be taken to improve operations and/or service , including capital expenditures for infrastructure improvements and equipment acquisitions , any strategic business acquisitions , and modifications to our transportation plans ( including statements set forth in item 2 as to expectations related to our planned capital expenditures ) ; expectations as to existing or proposed new products and services ; expectations as to the impact of any new regulatory activities or legislation on our operations or financial results ; estimates of costs relating to environmental remediation and restoration ; estimates and expectations regarding tax matters ; expectations that claims , litigation , environmental costs , commitments , contingent liabilities , labor negotiations or agreements , or other matters will not have a material adverse effect on our consolidated results of operations , financial condition , or liquidity and any other similar expressions concerning matters that are not historical facts .forward-looking statements may be identified by their use of forward-looking terminology , such as 201cbelieves , 201d 201cexpects , 201d 201cmay , 201d 201cshould , 201d 201cwould , 201d 201cwill , 201d 201cintends , 201d 201cplans , 201d 201cestimates , 201d 201canticipates , 201d 201cprojects 201d and similar words , phrases or expressions .forward-looking statements should not be read as a guarantee of future performance or results , and will not necessarily be accurate indications of the times that , or by which , such performance or results will be achieved .forward-looking statements and information are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements and information .forward-looking statements and information reflect the good faith consideration by management of currently available information , and may be based on underlying assumptions believed to be reasonable under the circumstances .however , such information and assumptions ( and , therefore , such forward-looking statements and information ) are or may be subject to variables or unknown or unforeseeable events or circumstances over which management has little or no influence or control .the risk factors in item 1a of this report could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in any forward-looking statements or information .to the extent circumstances require or we deem it otherwise necessary , we will update or amend these risk factors in a form 10-q , form 8-k or subsequent form 10-k .all forward-looking statements are qualified by , and should be read in conjunction with , these risk factors .forward-looking statements speak only as of the date the statement was made .we assume no obligation to update forward-looking information to reflect actual results , changes in assumptions or changes in other factors affecting forward-looking information .if we do update one or more forward-looking .
|
what is the estimated growth rate in net periodic pension cost from 2011 to 2012?
|
14.1%
|
{
"answer": "14.1%",
"decimal": 0.141,
"type": "percentage"
}
| |
sales volumes in 2013 increased from 2012 , primarily for fluff pulp , reflecting improved market demand and a change in our product mix with a full year of fluff pulp production at our franklin , virginia mill .average sales price realizations were lower for fluff pulp while prices for market pulp increased .input costs for wood , fuels and chemicals were higher .mill operating costs were significantly lower largely due to the absence of costs associated with the start-up of the franklin mill in 2012 .planned maintenance downtime costs were higher .in the first quarter of 2014 , sales volumes are expected to be slightly lower compared with the fourth quarter of 2013 .average sales price realizations are expected to improve , reflecting the further realization of previously announced sales price increases for softwood pulp and fluff pulp .input costs should be flat .planned maintenance downtime costs should be about $ 11 million higher than in the fourth quarter of 2013 .operating profits will also be negatively impacted by the severe winter weather in the first quarter of 2014 .consumer packaging demand and pricing for consumer packaging products correlate closely with consumer spending and general economic activity .in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix .consumer packaging net sales in 2013 increased 8% ( 8 % ) from 2012 , but decreased 7% ( 7 % ) from 2011 .operating profits decreased 40% ( 40 % ) from 2012 and 1% ( 1 % ) from 2011 .net sales and operating profits include the shorewood business in 2011 .excluding costs associated with the permanent shutdown of a paper machine at our augusta , georgia mill and costs associated with the sale of the shorewood business , 2013 operating profits were 22% ( 22 % ) lower than in 2012 , and 43% ( 43 % ) lower than in 2011 .benefits from higher sales volumes ( $ 45 million ) were offset by lower average sales price realizations and an unfavorable mix ( $ 50 million ) , higher operating costs including incremental costs resulting from the shutdown of a paper machine at our augusta , georgia mill ( $ 46 million ) and higher input costs ( $ 6 million ) .in addition , operating profits in 2013 included restructuring costs of $ 45 million related to the permanent shutdown of a paper machine at our augusta , georgia mill and $ 2 million of costs associated with the sale of the shorewood business .operating profits in 2012 included a gain of $ 3 million related to the sale of the shorewood business , while operating profits in 2011 included a $ 129 million fixed asset impairment charge for the north american shorewood business and $ 72 million for other charges associated with the sale of the shorewood business .consumer packaging .
[['in millions', '2013', '2012', '2011'], ['sales', '$ 3435', '$ 3170', '$ 3710'], ['operating profit', '161', '268', '163']]
north american consumer packaging net sales were $ 2.0 billion in 2013 compared with $ 2.0 billion in 2012 and $ 2.5 billion in 2011 .operating profits were $ 63 million ( $ 110 million excluding paper machine shutdown costs and costs related to the sale of the shorewood business ) in 2013 compared with $ 165 million ( $ 162 million excluding charges associated with the sale of the shorewood business ) in 2012 and $ 35 million ( $ 236 million excluding asset impairment charges and other costs associated with the sale of the shorewood business ) in 2011 .coated paperboard sales volumes in 2013 were higher than in 2012 reflecting stronger market demand .average sales price realizations were lower year-over- year despite the realization of price increases in the second half of 2013 .input costs for wood and energy increased , but were partially offset by lower costs for chemicals .planned maintenance downtime costs were slightly lower .market-related downtime was about 24000 tons in 2013 compared with about 113000 tons in 2012 .the permanent shutdown of a paper machine at our augusta , georgia mill in the first quarter of 2013 reduced capacity by 140000 tons in 2013 compared with 2012 .foodservice sales volumes increased slightly in 2013 compared with 2012 despite softer market demand .average sales margins were higher reflecting lower input costs for board and resins and a more favorable product mix .operating costs and distribution costs were both higher .the u.s.shorewood business was sold december 31 , 2011 and the non-u.s .business was sold in january looking ahead to the first quarter of 2014 , coated paperboard sales volumes are expected to be seasonally weaker than in the fourth quarter of 2013 .average sales price realizations are expected to be slightly higher , and margins should also benefit from a more favorable product mix .input costs are expected to be higher for energy , chemicals and wood .planned maintenance downtime costs should be $ 8 million lower with a planned maintenance outage scheduled at the augusta mill in the first quarter .the severe winter weather in the first quarter of 2014 will negatively impact operating profits .foodservice sales volumes are expected to be seasonally lower .average sales margins are expected to improve due to the realization of sales price increases effective with our january contract openers and a more favorable product mix. .
|
what was the printing papers profit margin in 2011
|
4.4%
|
{
"answer": "4.4%",
"decimal": 0.044000000000000004,
"type": "percentage"
}
| |
note 3 .business combinations purchase combinations .during the fiscal years presented , the company made a number of purchase acquisitions .for each acquisition , the excess of the purchase price over the estimated value of the net tangible assets acquired was allocated to various intangible assets , consisting primarily of developed technology , customer and contract-related assets and goodwill .the values assigned to developed technologies related to each acquisition were based upon future discounted cash flows related to the existing products 2019 projected income streams .goodwill , representing the excess of the purchase consideration over the fair value of tangible and identifiable intangible assets acquired in the acquisitions , will not to be amortized .goodwill is not deductible for tax purposes .the amounts allocated to purchased in-process research and developments were determined through established valuation techniques in the high-technology industry and were expensed upon acquisition because technological feasibility had not been established and no future alternative uses existed .the consolidated financial statements include the operating results of each business from the date of acquisition .the company does not consider these acquisitions to be material to its results of operations and is therefore not presenting pro forma statements of operations for the fiscal years ended october 31 , 2006 , 2005 and 2004 .fiscal 2006 acquisitions sigma-c software ag ( sigma-c ) the company acquired sigma-c on august 16 , 2006 in an all-cash transaction .reasons for the acquisition .sigma-c provides simulation software that allows semiconductor manufacturers and their suppliers to develop and optimize process sequences for optical lithography , e-beam lithography and next-generation lithography technologies .the company believes the acquisition will enable a tighter integration between design and manufacturing tools , allowing the company 2019s customers to perform more accurate design layout analysis with 3d lithography simulation and better understand issues that affect ic wafer yields .purchase price .the company paid $ 20.5 million in cash for the outstanding shares and shareholder notes of which $ 2.05 million was deposited with an escrow agent and will be paid per the escrow agreement .the company believes that the escrow amount will be paid .the total purchase consideration consisted of: .
[['', '( in thousands )'], ['cash paid', '$ 20500'], ['acquisition-related costs', '2053'], ['total purchase price', '$ 22553']]
acquisition-related costs of $ 2.1 million consist primarily of legal , tax and accounting fees , estimated facilities closure costs and employee termination costs .as of october 31 , 2006 , the company had paid $ 0.9 million of the acquisition-related costs .the $ 1.2 million balance remaining at october 31 , 2006 primarily consists of legal , tax and accounting fees , estimated facilities closure costs and employee termination costs .assets acquired .the company performed a preliminary valuation and allocated the total purchase consideration to assets and liabilities .the company acquired $ 6.0 million of intangible assets consisting of $ 3.9 million in existing technology , $ 1.9 million in customer relationships and $ 0.2 million in trade names to be amortized over five years .the company also acquired assets of $ 3.9 million and assumed liabilities of $ 5.1 million as result of this transaction .goodwill , representing the excess of the purchase price over the .
|
what is the percentage of existing technology among the total intangible assets?
|
65%
|
{
"answer": "65%",
"decimal": 0.65,
"type": "percentage"
}
|
it is the value of the existing technology divided by the total value of intangible assets , then turned into a percentage .
|
the relative percentages of operating companies income ( loss ) attributable to each reportable segment and the all other category were as follows: .
[['', '2016', '2015', '2014'], ['smokeable products', '86.2% ( 86.2 % )', '87.4% ( 87.4 % )', '87.2% ( 87.2 % )'], ['smokeless products', '13.1', '12.8', '13.4'], ['wine', '1.8', '1.8', '1.7'], ['all other', '-1.1 ( 1.1 )', '-2.0 ( 2.0 )', '-2.3 ( 2.3 )'], ['total', '100.0% ( 100.0 % )', '100.0% ( 100.0 % )', '100.0% ( 100.0 % )']]
for items affecting the comparability of the relative percentages of operating companies income ( loss ) attributable to each reportable segment , see note 16 .narrative description of business portions of the information called for by this item are included in operating results by business segment in item 7 .management 2019s discussion and analysis of financial condition and results of operations of this annual report on form 10-k ( 201citem 7 201d ) .tobacco space altria group , inc . 2019s tobacco operating companies include pm usa , usstc and other subsidiaries of ust , middleton , nu mark and nat sherman .altria group distribution company provides sales , distribution and consumer engagement services to altria group , inc . 2019s tobacco operating companies .the products of altria group , inc . 2019s tobacco subsidiaries include smokeable tobacco products , consisting of cigarettes manufactured and sold by pm usa and nat sherman , machine- made large cigars and pipe tobacco manufactured and sold by middleton and premium cigars sold by nat sherman ; smokeless tobacco products manufactured and sold by usstc ; and innovative tobacco products , including e-vapor products manufactured and sold by nu mark .cigarettes : pm usa is the largest cigarette company in the united states , with total cigarette shipment volume in the united states of approximately 122.9 billion units in 2016 , a decrease of 2.5% ( 2.5 % ) from 2015 .marlboro , the principal cigarette brand of pm usa , has been the largest-selling cigarette brand in the united states for over 40 years .nat sherman sells substantially all of its super-premium cigarettes in the united states .cigars : middleton is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco to customers , substantially all of which are located in the united states .middleton sources a portion of its cigars from an importer through a third-party contract manufacturing arrangement .total shipment volume for cigars was approximately 1.4 billion units in 2016 , an increase of 5.9% ( 5.9 % ) from 2015 .black & mild is the principal cigar brand of middleton .nat sherman sources its premium cigars from importers through third-party contract manufacturing arrangements and sells substantially all of its cigars in the united states .smokeless tobacco products : usstc is the leading producer and marketer of moist smokeless tobacco ( 201cmst 201d ) products .the smokeless products segment includes the premium brands , copenhagen and skoal , and value brands , red seal and husky .substantially all of the smokeless tobacco products are manufactured and sold to customers in the united states .total smokeless products shipment volume was 853.5 million units in 2016 , an increase of 4.9% ( 4.9 % ) from 2015 .innovative tobacco products : nu mark participates in the e-vapor category and has developed and commercialized other innovative tobacco products .in addition , nu mark sources the production of its e-vapor products through overseas contract manufacturing arrangements .in 2013 , nu mark introduced markten e-vapor products .in april 2014 , nu mark acquired the e-vapor business of green smoke , inc .and its affiliates ( 201cgreen smoke 201d ) , which began selling e-vapor products in 2009 .for a further discussion of the acquisition of green smoke , see note 3 .acquisition of green smoke to the consolidated financial statements in item 8 ( 201cnote 3 201d ) .in december 2013 , altria group , inc . 2019s subsidiaries entered into a series of agreements with philip morris international inc .( 201cpmi 201d ) pursuant to which altria group , inc . 2019s subsidiaries provide an exclusive license to pmi to sell nu mark 2019s e-vapor products outside the united states , and pmi 2019s subsidiaries provide an exclusive license to altria group , inc . 2019s subsidiaries to sell two of pmi 2019s heated tobacco product platforms in the united states .further , in july 2015 , altria group , inc .announced the expansion of its strategic framework with pmi to include a joint research , development and technology-sharing agreement .under this agreement , altria group , inc . 2019s subsidiaries and pmi will collaborate to develop e-vapor products for commercialization in the united states by altria group , inc . 2019s subsidiaries and in markets outside the united states by pmi .this agreement also provides for exclusive technology cross licenses , technical information sharing and cooperation on scientific assessment , regulatory engagement and approval related to e-vapor products .in the fourth quarter of 2016 , pmi submitted a modified risk tobacco product ( 201cmrtp 201d ) application for an electronically heated tobacco product with the united states food and drug administration 2019s ( 201cfda 201d ) center for tobacco products and announced that it plans to file its corresponding pre-market tobacco product application during the first quarter of 2017 .the fda must determine whether to accept the applications for substantive review .upon regulatory authorization by the fda , altria group , inc . 2019s subsidiaries will have an exclusive license to sell this heated tobacco product in the united states .distribution , competition and raw materials : altria group , inc . 2019s tobacco subsidiaries sell their tobacco products principally to wholesalers ( including distributors ) , large retail organizations , including chain stores , and the armed services .the market for tobacco products is highly competitive , characterized by brand recognition and loyalty , with product quality , taste , price , product innovation , marketing , packaging and distribution constituting the significant methods of competition .promotional activities include , in certain instances and where .
|
what is the total units of shipment volume for cigars in 2015 , in billions?
|
1.32
|
{
"answer": "1.32",
"decimal": 1.32,
"type": "float"
}
| |
five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 .the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2012 and that all dividends were reinvested .the information below is historical in nature and is not necessarily indicative of future performance .purchases of equity securities 2013 during 2017 , we repurchased 37122405 shares of our common stock at an average price of $ 110.50 .the following table presents common stock repurchases during each month for the fourth quarter of 2017 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares remaining under the plan or program [b] .
[['period', 'total number of shares purchased [a]', 'average price paid per share', 'total number of shares purchased as part of a publicly announcedplan or program [b]', 'maximum number of shares remaining under the plan or program [b]'], ['oct . 1 through oct . 31', '3831636', '$ 113.61', '3800000', '89078662'], ['nov . 1 through nov . 30', '3005225', '117.07', '2937410', '86141252'], ['dec . 1 through dec . 31', '2718319', '130.76', '2494100', '83647152'], ['total', '9555180', '$ 119.58', '9231510', 'n/a']]
[a] total number of shares purchased during the quarter includes approximately 323670 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares .[b] effective january 1 , 2017 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2020 .these repurchases may be made on the open market or through other transactions .our management has sole discretion with respect to determining the timing and amount of these transactions. .
|
what percent of the total shares purchased during the fourth quarter of 2017 were purchased in december?
|
28%
|
{
"answer": "28%",
"decimal": 0.28,
"type": "percentage"
}
| |
adjusted net income of $ 4.6 billion translated into adjusted earnings of $ 5.79 per diluted share , a best- ever performance .f0b7 freight revenues 2013 our freight revenues increased 7% ( 7 % ) year-over-year to $ 19.8 billion driven by volume growth of 2% ( 2 % ) , higher fuel surcharge revenue , and core pricing gains .growth in frac sand , coal , and intermodal shipments more than offset declines in grain , crude oil , finished vehicles , and rock shipments .f0b7 fuel prices 2013 our average price of diesel fuel in 2017 was $ 1.81 per gallon , an increase of 22% ( 22 % ) from 2016 , as both crude oil and conversion spreads between crude oil and diesel increased in 2017 .the higher price resulted in increased operating expenses of $ 334 million ( excluding any impact from year- over-year volume growth ) .gross-ton miles increased 5% ( 5 % ) , which also drove higher fuel expense .our fuel consumption rate , computed as gallons of fuel consumed divided by gross ton-miles in thousands , improved 2% ( 2 % ) .f0b7 free cash flow 2013 cash generated by operating activities totaled $ 7.2 billion , yielding free cash flow of $ 2.2 billion after reductions of $ 3.1 billion for cash used in investing activities and $ 2 billion in dividends , which included a 10% ( 10 % ) increase in our quarterly dividend per share from $ 0.605 to $ 0.665 declared and paid in the fourth quarter of 2017 .free cash flow is defined as cash provided by operating activities less cash used in investing activities and dividends paid .free cash flow is not considered a financial measure under gaap by sec regulation g and item 10 of sec regulation s-k and may not be defined and calculated by other companies in the same manner .we believe free cash flow is important to management and investors in evaluating our financial performance and measures our ability to generate cash without additional external financings .free cash flow should be considered in addition to , rather than as a substitute for , cash provided by operating activities .the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : .
[['millions', '2017', '2016', '2015'], ['cash provided by operating activities', '$ 7230', '$ 7525', '$ 7344'], ['cash used in investing activities', '-3086 ( 3086 )', '-3393 ( 3393 )', '-4476 ( 4476 )'], ['dividends paid', '-1982 ( 1982 )', '-1879 ( 1879 )', '-2344 ( 2344 )'], ['free cash flow', '$ 2162', '$ 2253', '$ 524']]
2018 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve .we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , training and employee engagement , quality control , and targeted capital investments .we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety .we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network .f0b7 network operations 2013 in 2018 , we will continue to align resources with customer demand , maintain an efficient network , and ensure surge capability of our assets .f0b7 fuel prices 2013 fuel price projections for crude oil and natural gas continue to fluctuate in the current environment .we again could see volatile fuel prices during the year , as they are sensitive to global and u.s .domestic demand , refining capacity , geopolitical events , weather conditions and other factors .as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail increases or decreases in fuel price by approximately two months .lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport .alternatively , lower fuel prices could likely have a negative impact on other commodities such as coal and domestic drilling-related shipments. .
|
what was the percentage change in free cash flow from 2016 to 2017?
|
-4%
|
{
"answer": "-4%",
"decimal": -0.04,
"type": "percentage"
}
| |
the company has a restricted stock plan for non-employee directors which reserves for issuance of 300000 shares of the company 2019s common stock .no restricted shares were issued in 2009 .the company has a directors 2019 deferral plan , which provides a means to defer director compensation , from time to time , on a deferred stock or cash basis .as of september 30 , 2009 , 86643 shares were held in trust , of which 4356 shares represented directors 2019 compensation in 2009 , in accordance with the provisions of the plan .under this plan , which is unfunded , directors have an unsecured contractual commitment from the company .the company also has a deferred compensation plan that allows certain highly-compensated employees , including executive officers , to defer salary , annual incentive awards and certain equity-based compensation .as of september 30 , 2009 , 557235 shares were issuable under this plan .note 16 2014 earnings per share the weighted average common shares used in the computations of basic and diluted earnings per share ( shares in thousands ) for the years ended september 30 were as follows: .
[['', '2009', '2008', '2007'], ['average common shares outstanding', '240479', '244323', '244929'], ['dilutive share equivalents from share-based plans', '6319', '8358', '9881'], ['average common and common equivalent sharesoutstanding 2014 assuming dilution', '246798', '252681', '254810']]
average common and common equivalent shares outstanding 2014 assuming dilution ....................................246798 252681 254810 note 17 2014 segment data the company 2019s organizational structure is based upon its three principal business segments : bd medical ( 201cmedical 201d ) , bd diagnostics ( 201cdiagnostics 201d ) and bd biosciences ( 201cbiosciences 201d ) .the principal product lines in the medical segment include needles , syringes and intravenous catheters for medication delivery ; safety-engineered and auto-disable devices ; prefilled iv flush syringes ; syringes and pen needles for the self-injection of insulin and other drugs used in the treatment of diabetes ; prefillable drug delivery devices provided to pharmaceutical companies and sold to end-users as drug/device combinations ; surgical blades/scalpels and regional anesthesia needles and trays ; critical care monitoring devices ; ophthalmic surgical instruments ; and sharps disposal containers .the principal products and services in the diagnostics segment include integrated systems for specimen collection ; an extensive line of safety-engineered specimen blood collection products and systems ; plated media ; automated blood culturing systems ; molecular testing systems for sexually transmitted diseases and healthcare-associated infections ; microorganism identification and drug susceptibility systems ; liquid-based cytology systems for cervical cancer screening ; and rapid diagnostic assays .the principal product lines in the biosciences segment include fluorescence activated cell sorters and analyzers ; cell imaging systems ; monoclonal antibodies and kits for performing cell analysis ; reagent systems for life sciences research ; tools to aid in drug discovery and growth of tissue and cells ; cell culture media supplements for biopharmaceutical manufacturing ; and diagnostic assays .the company evaluates performance of its business segments based upon operating income .segment operating income represents revenues reduced by product costs and operating expenses .the company hedges against certain forecasted sales of u.s.-produced products sold outside the united states .gains and losses associated with these foreign currency translation hedges are reported in segment revenues based upon their proportionate share of these international sales of u.s.-produced products .becton , dickinson and company notes to consolidated financial statements 2014 ( continued ) .
|
as of september 30 , 2009 , what percentage of trust-held shares represented directors' compensation?
|
5%
|
{
"answer": "5%",
"decimal": 0.05,
"type": "percentage"
}
| |
10-k altria ar release tuesday , february 27 , 2018 10:00pm andra design llc the relative percentages of operating companies income ( loss ) attributable to each reportable segment and the all other category were as follows: .
[['', '2017', '2016', '2015'], ['smokeable products', '85.8% ( 85.8 % )', '86.2% ( 86.2 % )', '87.4% ( 87.4 % )'], ['smokeless products', '13.2', '13.1', '12.8'], ['wine', '1.5', '1.8', '1.8'], ['all other', '-0.5 ( 0.5 )', '-1.1 ( 1.1 )', '-2.0 ( 2.0 )'], ['total', '100.0% ( 100.0 % )', '100.0% ( 100.0 % )', '100.0% ( 100.0 % )']]
for items affecting the comparability of the relative percentages of operating companies income ( loss ) attributable to each reportable segment , see note 15 .narrative description of business portions of the information called for by this item are included in operating results by business segment in item 7 .management 2019s discussion and analysis of financial condition and results of operations of this annual report on form 10-k ( 201citem 7 201d ) .tobacco space altria group , inc . 2019s tobacco operating companies include pm usa , usstc and other subsidiaries of ust , middleton , nu mark and nat sherman .altria group distribution company provides sales and distribution services to altria group , inc . 2019s tobacco operating companies .the products of altria group , inc . 2019s tobacco subsidiaries include smokeable tobacco products , consisting of cigarettes manufactured and sold by pm usa and nat sherman , machine- made large cigars and pipe tobacco manufactured and sold by middleton and premium cigars sold by nat sherman ; smokeless tobacco products manufactured and sold by usstc ; and innovative tobacco products , including e-vapor products manufactured and sold by nu mark .cigarettes : pm usa is the largest cigarette company in the united states .marlboro , the principal cigarette brand of pm usa , has been the largest-selling cigarette brand in the united states for over 40 years .nat sherman sells substantially all of its super premium cigarettes in the united states .total smokeable products segment 2019s cigarettes shipment volume in the united states was 116.6 billion units in 2017 , a decrease of 5.1% ( 5.1 % ) from cigars : middleton is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco .middleton contracts with a third-party importer to supply a majority of its cigars and sells substantially all of its cigars to customers in the united states .black & mild is the principal cigar brand of middleton .nat sherman sources all of its cigars from third-party suppliers and sells substantially all of its cigars to customers in the united states .total smokeable products segment 2019s cigars shipment volume was approximately 1.5 billion units in 2017 , an increase of 9.9% ( 9.9 % ) from 2016 .smokeless tobacco products : usstc is the leading producer and marketer of moist smokeless tobacco ( 201cmst 201d ) products .the smokeless products segment includes the premium brands , copenhagen and skoal , and value brands , red seal and husky .substantially all of the smokeless tobacco products are manufactured and sold to customers in the united states .total smokeless products segment 2019s shipment volume was 841.3 million units in 2017 , a decrease of 1.4% ( 1.4 % ) from 2016 .innovative tobacco products : nu mark participates in the e-vapor category and has developed and commercialized other innovative tobacco products .in addition , nu mark sources the production of its e-vapor products through overseas contract manufacturing arrangements .in 2013 , nu mark introduced markten e-vapor products .in april 2014 , nu mark acquired the e-vapor business of green smoke , inc .and its affiliates ( 201cgreen smoke 201d ) , which began selling e-vapor products in 2009 .in 2017 , altria group , inc . 2019s subsidiaries purchased certain intellectual property related to innovative tobacco products .in december 2013 , altria group , inc . 2019s subsidiaries entered into a series of agreements with philip morris international inc .( 201cpmi 201d ) pursuant to which altria group , inc . 2019s subsidiaries provide an exclusive license to pmi to sell nu mark 2019s e-vapor products outside the united states , and pmi 2019s subsidiaries provide an exclusive license to altria group , inc . 2019s subsidiaries to sell two of pmi 2019s heated tobacco product platforms in the united states .further , in july 2015 , altria group , inc .announced the expansion of its strategic framework with pmi to include a joint research , development and technology-sharing agreement .under this agreement , altria group , inc . 2019s subsidiaries and pmi will collaborate to develop e-vapor products for commercialization in the united states by altria group , inc . 2019s subsidiaries and in markets outside the united states by pmi .this agreement also provides for exclusive technology cross licenses , technical information sharing and cooperation on scientific assessment , regulatory engagement and approval related to e-vapor products .in the fourth quarter of 2016 , pmi submitted a modified risk tobacco product ( 201cmrtp 201d ) application for an electronically heated tobacco product with the united states food and drug administration 2019s ( 201cfda 201d ) center for tobacco products and filed its corresponding pre-market tobacco product application in the first quarter of 2017 .upon regulatory authorization by the fda , altria group , inc . 2019s subsidiaries will have an exclusive license to sell this heated tobacco product in the united states .distribution , competition and raw materials : altria group , inc . 2019s tobacco subsidiaries sell their tobacco products principally to wholesalers ( including distributors ) , large retail organizations , including chain stores , and the armed services .the market for tobacco products is highly competitive , characterized by brand recognition and loyalty , with product quality , taste , price , product innovation , marketing , packaging and distribution constituting the significant methods of competition .promotional activities include , in certain instances and where permitted by law , allowances , the distribution of incentive items , price promotions , product promotions , coupons and other discounts. .
|
what is the percentage change in the weight of smokeless products in operating income from 2016 to 2017?
|
0.8%
|
{
"answer": "0.8%",
"decimal": 0.008,
"type": "percentage"
}
| |
2009 levels , we returned a portion of these assets to active service .at the end of 2010 , we continued to maintain in storage approximately 17% ( 17 % ) of our multiple purpose locomotives and 14% ( 14 % ) of our freight car inventory , reflecting our ability to effectively leverage our assets as volumes return to our network .2022 fuel prices 2013 fuel prices generally increased throughout 2010 as the economy improved .our average diesel fuel price per gallon increased nearly 20% ( 20 % ) from january to december of 2010 , driven by higher crude oil barrel prices and conversion spreads .compared to 2009 , our diesel fuel price per gallon consumed increased 31% ( 31 % ) , driving operating expenses up by $ 566 million ( excluding any impact from year-over-year volume increases ) .to partially offset the effect of higher fuel prices , we reduced our consumption rate by 3% ( 3 % ) during the year , saving approximately 27 million gallons of fuel .the use of newer , more fuel efficient locomotives ; increased use of distributed locomotive power ( the practice of distributing locomotives throughout a train rather than positioning them all in the lead resulting in safer and more efficient train operations ) ; fuel conservation programs ; and efficient network operations and asset utilization all contributed to this improvement .2022 free cash flow 2013 cash generated by operating activities ( adjusted for the reclassification of our receivables securitization facility ) totaled $ 4.5 billion , yielding record free cash flow of $ 1.4 billion in 2010 .free cash flow is defined as cash provided by operating activities ( adjusted for the reclassification of our receivables securitization facility ) , less cash used in investing activities and dividends paid .free cash flow is not considered a financial measure under accounting principles generally accepted in the u.s .( gaap ) by sec regulation g and item 10 of sec regulation s-k .we believe free cash flow is important in evaluating our financial performance and measures our ability to generate cash without additional external financings .free cash flow should be considered in addition to , rather than as a substitute for , cash provided by operating activities .the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions 2010 2009 2008 .
[['millions', '2010', '2009', '2008'], ['cash provided by operating activities', '$ 4105', '$ 3204', '$ 4044'], ['receivables securitization facility [a]', '400', '184', '16'], ['cash provided by operating activitiesadjusted for the receivables securitizationfacility', '4505', '3388', '4060'], ['cash used in investing activities', '-2488 ( 2488 )', '-2145 ( 2145 )', '-2738 ( 2738 )'], ['dividends paid', '-602 ( 602 )', '-544 ( 544 )', '-481 ( 481 )'], ['free cash flow', '$ 1415', '$ 699', '$ 841']]
[a] effective january 1 , 2010 , a new accounting standard required us to account for receivables transferred under our receivables securitization facility as secured borrowings in our consolidated statements of financial position and as financing activities in our consolidated statements of cash flows .the receivables securitization facility is included in our free cash flow calculation to adjust cash provided by operating activities as though our receivables securitization facility had been accounted for under the new accounting standard for all periods presented .2011 outlook 2022 safety 2013 operating a safe railroad benefits our employees , our customers , our shareholders , and the public .we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , and training , and engaging our employees .we will continue implementing total safety culture ( tsc ) throughout our operations .tsc is designed to establish , maintain , reinforce , and promote safe practices among co-workers .this process allows us to identify and implement best practices for employee and operational safety .reducing grade crossing incidents is a critical aspect of our safety programs , and we will continue our efforts to maintain and close crossings ; install video cameras on locomotives ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , various industry programs , and engaging local communities .2022 transportation plan 2013 to build upon our success in recent years , we will continue evaluating traffic flows and network logistic patterns , which can be quite dynamic , to identify additional opportunities to simplify operations , remove network variability , and improve network efficiency and asset utilization .we plan to adjust manpower and our locomotive and rail car fleets to meet customer needs and put .
|
what is the mathematical range , in millions , for total free cash flow from 2008-2010?
|
716
|
{
"answer": "716",
"decimal": 716,
"type": "float"
}
| |
amount of commitment expiration per period other commercial commitments after millions total 2013 2014 2015 2016 2017 2017 .
[['other commercial commitmentsmillions', 'total', 'amount of commitment expiration per period 2013', 'amount of commitment expiration per period 2014', 'amount of commitment expiration per period 2015', 'amount of commitment expiration per period 2016', 'amount of commitment expiration per period 2017', 'amount of commitment expiration per period after 2017'], ['credit facilities [a]', '$ 1800', '$ -', '$ -', '$ 1800', '$ -', '$ -', '$ -'], ['receivables securitization facility [b]', '600', '600', '-', '-', '-', '-', '-'], ['guarantees [c]', '307', '8', '214', '12', '30', '10', '33'], ['standby letters of credit [d]', '25', '24', '1', '-', '-', '-', '-'], ['total commercialcommitments', '$ 2732', '$ 632', '$ 215', '$ 1812', '$ 30', '$ 10', '$ 33']]
[a] none of the credit facility was used as of december 31 , 2012 .[b] $ 100 million of the receivables securitization facility was utilized at december 31 , 2012 , which is accounted for as debt .the full program matures in july 2013 .[c] includes guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .[d] none of the letters of credit were drawn upon as of december 31 , 2012 .off-balance sheet arrangements guarantees 2013 at december 31 , 2012 , we were contingently liable for $ 307 million in guarantees .we have recorded a liability of $ 2 million for the fair value of these obligations as of december 31 , 2012 and 2011 .we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .the final guarantee expires in 2022 .we are not aware of any existing event of default that would require us to satisfy these guarantees .we do not expect that these guarantees will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity .other matters labor agreements 2013 approximately 86% ( 86 % ) of our 45928 full-time-equivalent employees are represented by 14 major rail unions .during the year , we concluded the most recent round of negotiations , which began in 2010 , with the ratification of new agreements by several unions that continued negotiating into 2012 .all of the unions executed similar multi-year agreements that provide for higher employee cost sharing of employee health and welfare benefits and higher wages .the current agreements will remain in effect until renegotiated under provisions of the railway labor act .the next round of negotiations will begin in early 2015 .inflation 2013 long periods of inflation significantly increase asset replacement costs for capital-intensive companies .as a result , assuming that we replace all operating assets at current price levels , depreciation charges ( on an inflation-adjusted basis ) would be substantially greater than historically reported amounts .derivative financial instruments 2013 we may use derivative financial instruments in limited instances to assist in managing our overall exposure to fluctuations in interest rates and fuel prices .we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes .derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period .we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk-management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness .changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings .we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable price movements .market and credit risk 2013 we address market risk related to derivative financial instruments by selecting instruments with value fluctuations that highly correlate with the underlying hedged item .we manage credit risk related to derivative financial instruments , which is minimal , by requiring high credit standards for counterparties and periodic settlements .at december 31 , 2012 and 2011 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities. .
|
what percentage of total commercial commitments are receivables securitization facility?
|
22%
|
{
"answer": "22%",
"decimal": 0.22,
"type": "percentage"
}
| |
advance auto parts , inc .and subsidiaries notes to the consolidated financial statements december 31 , 2016 , january 2 , 2016 and january 3 , 2015 ( in thousands , except per share data ) 2 .inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 89% ( 89 % ) of inventories at both december 31 , 2016 and january 2 , 2016 .under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in 2016 and prior years .as a result of utilizing lifo , the company recorded a reduction to cost of sales of $ 40711 and $ 42295 in 2016 and 2015 , respectively , and an increase to cost of sales of $ 8930 in 2014 .historically , the company 2019s overall costs to acquire inventory for the same or similar products have generally decreased as the company has been able to leverage its continued growth and execution of merchandise strategies .the increase in cost of sales for 2014 was the result of an increase in supply chain costs .product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries and the inventory of certain subsidiaries , which are valued under the first-in , first-out ( 201cfifo 201d ) method .product cores are included as part of the company 2019s merchandise costs and are either passed on to the customer or returned to the vendor .because product cores are not subject to frequent cost changes like the company 2019s other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method .inventory overhead costs purchasing and warehousing costs included in inventory as of december 31 , 2016 and january 2 , 2016 , were $ 395240 and $ 359829 , respectively .inventory balance and inventory reserves inventory balances at the end of 2016 and 2015 were as follows : december 31 , january 2 .
[['', 'december 312016', 'january 22016'], ['inventories at fifo net', '$ 4120030', '$ 4009641'], ['adjustments to state inventories at lifo', '205838', '165127'], ['inventories at lifo net', '$ 4325868', '$ 4174768']]
inventory quantities are tracked through a perpetual inventory system .the company completes physical inventories and other targeted inventory counts in its store locations to ensure the accuracy of the perpetual inventory quantities of merchandise and core inventory .in its distribution centers and branches , the company uses a cycle counting program to ensure the accuracy of the perpetual inventory quantities of merchandise and product core inventory .reserves for estimated shrink are established based on the results of physical inventories conducted by the company and other targeted inventory counts in its stores , results from recent cycle counts in its distribution facilities and historical and current loss trends .the company also establishes reserves for potentially excess and obsolete inventories based on ( i ) current inventory levels , ( ii ) the historical analysis of product sales and ( iii ) current market conditions .the company has return rights with many of its vendors and the majority of excess inventory is returned to its vendors for full credit .in certain situations , the company establishes reserves when less than full credit is expected from a vendor or when liquidating product will result in retail prices below recorded costs. .
|
how much did the inventory overhead costs purchasing and warehousing costs increase in the year of 2016?
|
$ 35411 or 9.8% increase
|
{
"answer": "$ 35411 or 9.8% increase",
"decimal": 35411,
"type": "money"
}
|
to find how much the company increased its inventory overhead costs and warehousing costs one must subtract the costs at the start of the year by the amount at the end of the year .
|
volume declines in cement , some agricultural products , and newsprint shipments partially offset the increases .operating expenses millions of dollars 2008 2007 2006 % ( % ) change 2008 v 2007 % ( % ) change 2007 v 2006 .
[['millions of dollars', '2008', '2007', '2006', '% ( % ) change 2008 v 2007', '% ( % ) change 2007 v 2006'], ['compensation and benefits', '$ 4457', '$ 4526', '$ 4535', '( 2 ) % ( % )', '-% ( - % )'], ['fuel', '3983', '3104', '2968', '28', '5'], ['purchased services and materials', '1902', '1856', '1756', '2', '6'], ['depreciation', '1387', '1321', '1237', '5', '7'], ['equipment and other rents', '1326', '1368', '1396', '-3 ( 3 )', '-2 ( 2 )'], ['other', '840', '733', '802', '15', '-9 ( 9 )'], ['total', '$ 13895', '$ 12908', '$ 12694', '8 % ( % )', '2% ( 2 % )']]
operating expenses increased $ 987 million in 2008 .our fuel price per gallon rose 39% ( 39 % ) during the year , increasing operating expenses by $ 1.1 billion compared to 2007 .wage , benefit , and materials inflation , higher depreciation , and costs associated with the january cascade mudslide and hurricanes gustav and ike also increased expenses during the year .cost savings from productivity improvements , better resource utilization , and lower volume helped offset these increases .operating expenses increased $ 214 million in 2007 versus 2006 .higher fuel prices , which rose 9% ( 9 % ) during the period , increased operating expenses by $ 242 million .wage , benefit and materials inflation and higher depreciation expense also increased expenses during the year .productivity improvements , better resource utilization , and a lower fuel consumption rate helped offset these increases .compensation and benefits 2013 compensation and benefits include wages , payroll taxes , health and welfare costs , pension costs , other postretirement benefits , and incentive costs .productivity initiatives in all areas , combined with lower volume , led to a 4% ( 4 % ) decline in our workforce for 2008 , saving $ 227 million compared to 2007 .conversely , general wage and benefit inflation and higher pension and postretirement benefits increased expenses in 2008 , partially offsetting these reductions .operational improvements and lower volume levels in 2007 led to a 1% ( 1 % ) decline in our workforce , saving $ 79 million in 2007 compared to 2006 .a smaller workforce and less need for new train personnel reduced training costs during the year , which contributed to the improvement .general wage and benefit inflation mostly offset the reductions , reflecting higher salaries and wages and the impact of higher healthcare and other benefit costs .fuel 2013 fuel includes locomotive fuel and gasoline for highway and non-highway vehicles and heavy equipment .diesel fuel prices , which averaged $ 3.15 per gallon ( including taxes and transportation costs ) in 2008 compared to $ 2.27 per gallon in 2007 , increased expenses by $ 1.1 billion .a 4% ( 4 % ) improvement in our fuel consumption rate resulted in $ 136 million of cost savings due to the use of newer , more fuel 2008 operating expenses .
|
what percent of total operating expenses was fuel in 2008?
|
29%
|
{
"answer": "29%",
"decimal": 0.29,
"type": "percentage"
}
| |
the impairment tests performed for intangible assets as of july 31 , 2013 , 2012 and 2011 indicated no impairment charges were required .estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows : ( in millions ) .
[['year', 'amount'], ['2014', '$ 156'], ['2015', '126'], ['2016', '91'], ['2017', '74'], ['2018', '24']]
indefinite-lived acquired management contracts in july 2013 , in connection with the credit suisse etf transaction , the company acquired $ 231 million of indefinite-lived management contracts .in march 2012 , in connection with the claymore transaction , the company acquired $ 163 million of indefinite-lived etp management contracts .finite-lived acquired management contracts in october 2013 , in connection with the mgpa transaction , the company acquired $ 29 million of finite-lived management contracts with a weighted-average estimated useful life of approximately eight years .in september 2012 , in connection with the srpep transaction , the company acquired $ 40 million of finite- lived management contracts with a weighted-average estimated useful life of approximately 10 years .11 .other assets at march 31 , 2013 , blackrock held an approximately one- third economic equity interest in private national mortgage acceptance company , llc ( 201cpnmac 201d ) , which is accounted for as an equity method investment and is included in other assets on the consolidated statements of financial condition .on may 8 , 2013 , pennymac became the sole managing member of pnmac in connection with an initial public offering of pennymac ( the 201cpennymac ipo 201d ) .as a result of the pennymac ipo , blackrock recorded a noncash , nonoperating pre-tax gain of $ 39 million related to the carrying value of its equity method investment .subsequent to the pennymac ipo , the company contributed 6.1 million units of its investment to a new donor advised fund ( the 201ccharitable contribution 201d ) .the fair value of the charitable contribution was $ 124 million and is included in general and administration expenses on the consolidated statements of income .in connection with the charitable contribution , the company also recorded a noncash , nonoperating pre-tax gain of $ 80 million related to the contributed investment and a tax benefit of approximately $ 48 million .the carrying value and fair value of the company 2019s remaining interest ( approximately 20% ( 20 % ) or 16 million shares and units ) was approximately $ 127 million and $ 273 million , respectively , at december 31 , 2013 .the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2013 ( level 1 input ) .12 .borrowings short-term borrowings the carrying value of short-term borrowings at december 31 , 2012 included $ 100 million under the 2012 revolving credit facility .2013 revolving credit facility .in march 2011 , the company entered into a five-year $ 3.5 billion unsecured revolving credit facility ( the 201c2011 credit facility 201d ) .in march 2012 , the 2011 credit facility was amended to extend the maturity date by one year to march 2017 and in april 2012 the amount of the aggregate commitment was increased to $ 3.785 billion ( the 201c2012 credit facility 201d ) .in march 2013 , the company 2019s credit facility was amended to extend the maturity date by one year to march 2018 and the amount of the aggregate commitment was increased to $ 3.990 billion ( the 201c2013 credit facility 201d ) .the 2013 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2013 credit facility to an aggregate principal amount not to exceed $ 4.990 billion .interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .the 2013 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2013 .the 2013 credit facility provides back- up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities .at december 31 , 2013 , the company had no amount outstanding under the 2013 credit facility .commercial paper program .on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion .on may 13 , 2011 , blackrock increased the maximum aggregate amount that may be borrowed under the cp program to $ 3.5 billion .on may 17 , 2012 , blackrock increased the maximum aggregate amount to $ 3.785 billion .in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion .the commercial paper program is currently supported by the 2013 credit facility .at december 31 , 2013 and 2012 , blackrock had no cp notes outstanding. .
|
what is the annual amortization expense related to srpep transaction of 2012 , in millions?
|
4
|
{
"answer": "4",
"decimal": 4,
"type": "float"
}
| |
( 2 ) the company has a master netting arrangement by counterparty with respect to derivative contracts .as of october 29 , 2011 and october 30 , 2010 , contracts in a liability position of $ 0.8 million in each year , were netted against contracts in an asset position in the consolidated balance sheets .( 3 ) equal to the accreted notional value of the debt plus the fair value of the interest rate component of the long- term debt .the fair value of the long-term debt as of october 29 , 2011 and october 30 , 2010 was $ 413.4 million and $ 416.3 million , respectively .the following methods and assumptions were used by the company in estimating its fair value disclosures for financial instruments : cash equivalents and short-term investments 2014 these investments are adjusted to fair value based on quoted market prices or are determined using a yield curve model based on current market rates .deferred compensation plan investments and other investments 2014 the fair value of these mutual fund , money market fund and equity investments are based on quoted market prices .long-term debt 2014 the fair value of long-term debt is based on quotes received from third-party banks .interest rate swap agreements 2014 the fair value of interest rate swap agreements is based on quotes received from third-party banks .these values represent the estimated amount the company would receive or pay to terminate the agreements taking into consideration current interest rates as well as the creditworthiness of the counterparty .forward foreign currency exchange contracts 2014 the estimated fair value of forward foreign currency exchange contracts , which includes derivatives that are accounted for as cash flow hedges and those that are not designated as cash flow hedges , is based on the estimated amount the company would receive if it sold these agreements at the reporting date taking into consideration current interest rates as well as the creditworthiness of the counterparty for assets and the company 2019s creditworthiness for liabilities .contingent consideration 2014 the fair value of contingent consideration was estimated utilizing the income approach and is based upon significant inputs not observable in the market .changes in the fair value of the contingent consideration subsequent to the acquisition date that are primarily driven by assumptions pertaining to the achievement of the defined milestones will be recognized in operating income in the period of the estimated fair value change .the following table summarizes the change in the fair value of the contingent consideration measured using significant unobservable inputs ( level 3 ) for fiscal 2011 : contingent consideration .
[['', 'contingent consideration'], ['balance as of october 30 2010', '$ 2014'], ['contingent consideration liability recorded', '13790'], ['fair value adjustment', '183'], ['balance as of october 29 2011', '$ 13973']]
financial instruments not recorded at fair value on a recurring basis on april 4 , 2011 , the company issued $ 375 million aggregate principal amount of 3.0% ( 3.0 % ) senior unsecured notes due april 15 , 2016 ( the 3.0% ( 3.0 % ) notes ) with semi-annual fixed interest payments due on april 15 and october 15 of each year , commencing october 15 , 2011 .the fair value of the 3.0% ( 3.0 % ) notes as of october 29 , 2011 was $ 392.8 million , based on quotes received from third-party banks .analog devices , inc .notes to consolidated financial statements 2014 ( continued ) .
|
what percentage of long-term debt was paid off from 2010 to 2011?
|
0.7%
|
{
"answer": "0.7%",
"decimal": 0.006999999999999999,
"type": "percentage"
}
|
to find the percentage of long term debt paid off one must subtract the long term debt over the years then divide by the long-term debt in 2010 .
|
operating expenses millions 2014 2013 2012 % ( % ) change 2014 v 2013 % ( % ) change 2013 v 2012 .
[['millions', '2014', '2013', '2012', '% ( % ) change 2014 v 2013', '% ( % ) change 2013 v 2012'], ['compensation and benefits', '$ 5076', '$ 4807', '$ 4685', '6% ( 6 % )', '3% ( 3 % )'], ['fuel', '3539', '3534', '3608', '-', '-2 ( 2 )'], ['purchased services and materials', '2558', '2315', '2143', '10', '8'], ['depreciation', '1904', '1777', '1760', '7', '1'], ['equipment and other rents', '1234', '1235', '1197', '-', '3'], ['other', '924', '849', '788', '9', '8'], ['total', '$ 15235', '$ 14517', '$ 14181', '5% ( 5 % )', '2% ( 2 % )']]
operating expenses increased $ 718 million in 2014 versus 2013 .volume-related expenses , incremental costs associated with operating a slower network , depreciation , wage and benefit inflation , and locomotive and freight car materials contributed to the higher costs .lower fuel price partially offset these increases .in addition , there were approximately $ 35 million of weather related costs in the first quarter of operating expenses increased $ 336 million in 2013 versus 2012 .wage and benefit inflation , new logistics management fees and container costs for our automotive business , locomotive overhauls , property taxes and repairs on jointly owned property contributed to higher expenses during the year .lower fuel prices partially offset the cost increases .compensation and benefits 2013 compensation and benefits include wages , payroll taxes , health and welfare costs , pension costs , other postretirement benefits , and incentive costs .volume-related expenses , including training , and a slower network increased our train and engine work force , which , along with general wage and benefit inflation , drove increased wages .weather-related costs in the first quarter of 2014 also increased costs .general wages and benefits inflation , including increased pension and other postretirement benefits , and higher work force levels drove the increases in 2013 versus 2012 .the impact of ongoing productivity initiatives partially offset these increases .fuel 2013 fuel includes locomotive fuel and gasoline for highway and non-highway vehicles and heavy equipment .volume growth of 7% ( 7 % ) , as measured by gross ton-miles , drove the increase in fuel expense .this was essentially offset by lower locomotive diesel fuel prices , which averaged $ 2.97 per gallon ( including taxes and transportation costs ) in 2014 , compared to $ 3.15 in 2013 , along with a slight improvement in fuel consumption rate , computed as gallons of fuel consumed divided by gross ton-miles .lower locomotive diesel fuel prices , which averaged $ 3.15 per gallon ( including taxes and transportation costs ) in 2013 , compared to $ 3.22 in 2012 , decreased expenses by $ 75 million .volume , as measured by gross ton-miles , decreased 1% ( 1 % ) while the fuel consumption rate , computed as gallons of fuel consumed divided by gross ton-miles , increased 2% ( 2 % ) compared to 2012 .declines in heavier , more fuel-efficient coal shipments drove the variances in gross-ton-miles and the fuel consumption rate .purchased services and materials 2013 expense for purchased services and materials includes the costs of services purchased from outside contractors and other service providers ( including equipment maintenance and contract expenses incurred by our subsidiaries for external transportation services ) ; materials used to maintain the railroad 2019s lines , structures , and equipment ; costs of operating facilities jointly used by uprr and other railroads ; transportation and lodging for train crew employees ; trucking and contracting costs for intermodal containers ; leased automobile maintenance expenses ; and tools and supplies .expenses for purchased services increased 8% ( 8 % ) compared to 2013 primarily due to volume- 2014 operating expenses .
|
what percentage of total operating expenses was fuel in 2014?
|
23%
|
{
"answer": "23%",
"decimal": 0.23,
"type": "percentage"
}
| |
note 9 2014 benefit plans the company has defined benefit pension plans covering certain employees in the united states and certain international locations .postretirement healthcare and life insurance benefits provided to qualifying domestic retirees as well as other postretirement benefit plans in international countries are not material .the measurement date used for the company 2019s employee benefit plans is september 30 .effective january 1 , 2018 , the legacy u.s .pension plan was frozen to limit the participation of employees who are hired or re-hired by the company , or who transfer employment to the company , on or after january 1 , net pension cost for the years ended september 30 included the following components: .
[['( millions of dollars )', 'pension plans 2019', 'pension plans 2018', 'pension plans 2017'], ['service cost', '$ 134', '$ 136', '$ 110'], ['interest cost', '107', '90', '61'], ['expected return on plan assets', '( 180 )', '( 154 )', '( 112 )'], ['amortization of prior service credit', '( 13 )', '( 13 )', '( 14 )'], ['amortization of loss', '78', '78', '92'], ['settlements', '10', '2', '2014'], ['net pension cost', '$ 135', '$ 137', '$ 138'], ['net pension cost included in the preceding table that is attributable to international plans', '$ 32', '$ 34', '$ 43']]
net pension cost included in the preceding table that is attributable to international plans $ 32 $ 34 $ 43 the amounts provided above for amortization of prior service credit and amortization of loss represent the reclassifications of prior service credits and net actuarial losses that were recognized in accumulated other comprehensive income ( loss ) in prior periods .the settlement losses recorded in 2019 and 2018 primarily included lump sum benefit payments associated with the company 2019s u.s .supplemental pension plan .the company recognizes pension settlements when payments from the supplemental plan exceed the sum of service and interest cost components of net periodic pension cost associated with this plan for the fiscal year .as further discussed in note 2 , upon adopting an accounting standard update on october 1 , 2018 , all components of the company 2019s net periodic pension and postretirement benefit costs , aside from service cost , are recorded to other income ( expense ) , net on its consolidated statements of income , for all periods presented .notes to consolidated financial statements 2014 ( continued ) becton , dickinson and company .
|
what is the percentage increase in service costs from 2017 to 2018?
|
23.64%
|
{
"answer": "23.64%",
"decimal": 0.2364,
"type": "percentage"
}
| |
determined that it was the primary beneficiary of the 2001 financing entities and thus consolidated the entities effective march 16 , 2011 .effective april 30 , 2011 , international paper liquidated its interest in the 2001 financing entities .activity between the company and the 2002 financ- ing entities was as follows: .
[['in millions', '2012', '2011', '2010'], ['revenue ( loss ) ( a )', '$ 2014', '$ 2', '$ 5'], ['expense ( b )', '2014', '3', '8'], ['cash receipts ( c )', '252', '192', '3'], ['cash payments ( d )', '159', '244', '8']]
( a ) the revenue is included in equity earnings ( loss ) , net of tax in the accompanying consolidated statement of operations .( b ) the expense is included in interest expense , net in the accom- panying consolidated statement of operations .( c ) the cash receipts are equity distributions from the 2002 financ- ing entities to international paper and cash receipts from the maturity of the 2002 monetized notes .( d ) the cash payments include both interest and principal on the associated debt obligations .on may 31 , 2011 , the third-party equity holder of the 2002 financing entities retired its class a interest in the entities for $ 51 million .as a result of the retire- ment , effective may 31 , 2011 , international paper owned 100% ( 100 % ) of the 2002 financing entities .based on an analysis performed by the company after the retirement , under guidance that considers the poten- tial magnitude of the variability in the structure and which party has controlling financial interest , international paper determined that it was the pri- mary beneficiary of the 2002 financing entities and thus consolidated the entities effective may 31 , 2011 .during the year ended december 31 , 2011 approx- imately $ 191 million of the 2002 monetized notes matured .outstanding debt related to these entities of $ 158 million is included in floating rate notes due 2011 2013 2017 in the summary of long-term debt in note 12 at december 31 , 2011 .as of may 31 , 2012 , this debt had been repaid .during the year ended december 31 , 2012 , $ 252 mil- lion of the 2002 monetized notes matured .as of result of these maturities , accounts and notes receivable decreased $ 252 million and notes payable and current maturities of long-term debt decreased $ 158 million .deferred tax liabilities associated with the 2002 forestland installment sales decreased $ 67 million .effective june 1 , 2012 , international paper liquidated its interest in the 2002 financing entities .the use of the above entities facilitated the mone- tization of the credit enhanced timber and mone- tized notes in a cost effective manner by increasing the borrowing capacity and lowering the interest rate while continuing to preserve the tax deferral that resulted from the forestlands installment sales and the offset accounting treatment described above .in connection with the acquisition of temple-inland in february 2012 , two special purpose entities became wholly-owned subsidiaries of international paper .in october 2007 , temple-inland sold 1.55 million acres of timberlands for $ 2.38 billion .the total con- sideration consisted almost entirely of notes due in 2027 issued by the buyer of the timberlands , which temple-inland contributed to two wholly-owned , bankruptcy-remote special purpose entities .the notes are shown in financial assets of special pur- pose entities in the accompanying consolidated balance sheet and are supported by $ 2.38 billion of irrevocable letters of credit issued by three banks , which are required to maintain minimum credit rat- ings on their long-term debt .in the third quarter of 2012 , international paper completed is preliminary analysis of the acquisition date fair value of the notes and determined it to be $ 2.09 billion .as a result of this analysis , financial assets of special purposed entities decreased by $ 292 million and goodwill increased by the same amount .as of december 31 , 2012 , the fair value of the notes was $ 2.21 billion .in december 2007 , temple-inland 2019s two wholly- owned special purpose entities borrowed $ 2.14 bil- lion shown in nonrecourse financial liabilities of special purpose entities in the accompanying con- solidated balance sheet .the loans are repayable in 2027 and are secured only by the $ 2.38 billion of notes and the irrevocable letters of credit securing the notes and are nonrecourse to the company .the loan agreements provide that if a credit rating of any of the banks issuing the letters of credit is down- graded below the specified threshold , the letters of credit issued by that bank must be replaced within 30 days with letters of credit from another qualifying financial institution .in the third quarter of 2012 , international paper completed its preliminary analy- sis of the acquisition date fair value of the borrow- ings and determined it to be $ 2.03 billion .as a result of this analysis , nonrecourse financial liabilities of special purpose entities decreased by $ 110 million and goodwill decreased by the same amount .as of december 31 , 2012 , the fair value of this debt was $ 2.12 billion .the buyer of the temple-inland timberland issued the $ 2.38 billion in notes from its wholly-owned , bankruptcy-remote special purpose entities .the buyer 2019s special purpose entities held the timberlands from the transaction date until november 2008 , at which time the timberlands were transferred out of the buyer 2019s special purpose entities .due to the transfer of the timberlands , temple-inland evaluated the buyer 2019s special purpose entities and determined that they were variable interest entities and that temple-inland was the primary beneficiary .as a result , in 2008 , temple-inland .
|
what was the change in the fair value of the debt acquisition date fair value of the borrow- ings
|
0.09
|
{
"answer": "0.09",
"decimal": 0.09,
"type": "float"
}
| |
latin american investments during 2009 , the company acquired a land parcel located in rio clara , brazil through a newly formed consolidated joint venture in which the company has a 70% ( 70 % ) controlling ownership interest for a purchase price of 3.3 million brazilian reals ( approximately usd $ 1.5 million ) .this parcel will be developed into a 48000 square foot retail shopping center .additionally , during 2009 , the company acquired a land parcel located in san luis potosi , mexico , through an unconsolidated joint venture in which the company has a noncontrolling interest , for an aggregate purchase price of approximately $ 0.8 million .the company recognized equity in income from its unconsolidated mexican investments in real estate joint ventures of approximately $ 7.0 million , $ 17.1 million , and $ 5.2 million during 2009 , 2008 and 2007 , respectively .the company recognized equity in income from its unconsolidated chilean investments in real estate joint ventures of approximately $ 0.4 million , $ 0.2 and $ 0.1 million during 2009 , 2008 and 2007 , respectively .the company 2019s revenues from its consolidated mexican subsidiaries aggregated approximately $ 23.4 million , $ 20.3 million , $ 8.5 million during 2009 , 2008 and 2007 , respectively .the company 2019s revenues from its consolidated brazilian subsidiaries aggregated approximately $ 1.5 million and $ 0.4 million during 2009 and 2008 , respectively .the company 2019s revenues from its consolidated chilean subsidiaries aggregated less than $ 100000 during 2009 and 2008 , respectively .mortgages and other financing receivables during 2009 , the company provided financing to five borrowers for an aggregate amount of approximately $ 8.3 million .during 2009 , the company received an aggregate of approximately $ 40.4 million which fully paid down the outstanding balance on four mortgage receivables .as of december 31 , 2009 , the company had 37 loans with total commitments of up to $ 178.9 million , of which approximately $ 131.3 million has been funded .availability under the company 2019s revolving credit facilities are expected to be sufficient to fund these remaining commitments .( see note 10 of the notes to consolidated financial statements included in this annual report on form 10-k. ) asset impairments on a continuous basis , management assesses whether there are any indicators , including property operating performance and general market conditions , that the value of the company 2019s assets ( including any related amortizable intangible assets or liabilities ) may be impaired .to the extent impairment has occurred , the carrying value of the asset would be adjusted to an amount to reflect the estimated fair value of the asset .during 2009 , economic conditions had continued to experience volatility resulting in further declines in the real estate and equity markets .year over year increases in capitalization rates , discount rates and vacancies as well as the deterioration of real estate market fundamentals , negatively impacted net operating income and leasing which further contributed to declines in real estate markets in general .as a result of the volatility and declining market conditions described above , as well as the company 2019s strategy in relation to certain of its non-retail assets , the company recognized non-cash impairment charges during 2009 , aggregating approximately $ 175.1 million , before income tax benefit of approximately $ 22.5 million and noncontrolling interests of approximately $ 1.2 million .details of these non-cash impairment charges are as follows ( in millions ) : .
[['impairment of property carrying values', '$ 50.0'], ['real estate under development', '2.1'], ['investments in other real estate investments', '49.2'], ['marketable securities and other investments', '30.1'], ['investments in real estate joint ventures', '43.7'], ['total impairment charges', '$ 175.1']]
( see notes 2 , 6 , 8 , 9 , 10 and 11 of the notes to consolidated financial statements included in this annual report on form 10-k. ) .
|
as of dec 31 , 2009 , what was the average loan commitment for the company for all of its total loan commitments , in millions>
|
4.835
|
{
"answer": "4.835",
"decimal": 4.835,
"type": "float"
}
| |
item 7 .management 2019s discussion and analysis of financial condition and results of operations executive summary international paper company reported net sales of $ 23.4 billion in 2009 , compared with $ 24.8 billion in 2008 and $ 21.9 billion in 2007 .net earnings totaled $ 663 million in 2009 , including $ 1.4 billion of alter- native fuel mixture credits and $ 853 million of charges to restructure ongoing businesses , com- pared with a loss of $ 1.3 billion in 2008 , which included a $ 1.8 billion goodwill impairment charge .net earnings in 2007 totaled $ 1.2 billion .the company performed well in 2009 considering the magnitude of the challenges it faced , both domestically and around the world .despite weak global economic conditions , the company generated record cash flow from operations , enabling us to reduce long-term debt by $ 3.1 billion while increas- ing cash balances by approximately $ 800 million .also during 2009 , the company incurred 3.6 million tons of downtime , including 1.1 million tons asso- ciated with the shutdown of production capacity in our north american mill system to continue to match our production to our customers 2019 needs .these actions should result in higher operating rates , lower fixed costs and lower payroll costs in 2010 and beyond .furthermore , the realization of integration synergies in our u.s .industrial packaging business and overhead reduction initiatives across the com- pany position international paper to benefit from a lower cost profile in future years .as 2010 begins , we expect that first-quarter oper- ations will continue to be challenging .in addition to being a seasonally slow quarter for many of our businesses , poor harvesting weather conditions in the u.s .south and increasing competition for lim- ited supplies of recycled fiber are expected to lead to further increases in fiber costs for our u.s .mills .planned maintenance outage expenses will also be higher than in the 2009 fourth quarter .however , we have announced product price increases for our major global manufacturing businesses , and while these actions may not have a significant effect on first-quarter results , we believe that the benefits beginning in the second quarter will be significant .additionally , we expect to benefit from the capacity management , cost reduction and integration synergy actions taken during 2009 .as a result , the company remains positive about projected operating results in 2010 , with improved earnings versus 2009 expected in all major businesses .we will continue to focus on aggressive cost management and strong cash flow generation as 2010 progresses .results of operations industry segment operating profits are used by inter- national paper 2019s management to measure the earn- ings performance of its businesses .management believes that this measure allows a better under- standing of trends in costs , operating efficiencies , prices and volumes .industry segment operating profits are defined as earnings before taxes , equity earnings , noncontrolling interests , interest expense , corporate items and corporate special items .industry segment operating profits are defined by the securities and exchange commission as a non-gaap financial measure , and are not gaap alternatives to net income or any other operating measure prescribed by accounting principles gen- erally accepted in the united states .international paper operates in six segments : industrial packaging , printing papers , consumer packaging , distribution , forest products , and spe- cialty businesses and other .the following table shows the components of net earnings ( loss ) attributable to international paper company for each of the last three years : in millions 2009 2008 2007 .
[['in millions', '2009', '2008', '2007'], ['industry segment operating profits', '$ 2360', '$ 1393', '$ 1897'], ['corporate items net', '-181 ( 181 )', '-103 ( 103 )', '-206 ( 206 )'], ['corporate special items*', '-334 ( 334 )', '-1949 ( 1949 )', '241'], ['interest expense net', '-669 ( 669 )', '-492 ( 492 )', '-297 ( 297 )'], ['noncontrolling interests', '5', '-5 ( 5 )', '-5 ( 5 )'], ['income tax provision', '-469 ( 469 )', '-162 ( 162 )', '-415 ( 415 )'], ['equity ( loss ) earnings', '-49 ( 49 )', '49', '2013'], ['discontinued operations', '2013', '-13 ( 13 )', '-47 ( 47 )'], ['net earnings ( loss ) attributable to international paper company', '$ 663', '$ -1282 ( 1282 )', '$ 1168']]
net earnings ( loss ) attributable to international paper company $ 663 $ ( 1282 ) $ 1168 * corporate special items include restructuring and other charg- es , goodwill impairment charges , gains on transformation plan forestland sales and net losses ( gains ) on sales and impairments of businesses .industry segment operating profits of $ 2.4 billion were $ 967 million higher in 2009 than in 2008 .oper- ating profits benefited from lower energy and raw material costs ( $ 447 million ) , lower distribution costs ( $ 142 million ) , favorable manufacturing operating costs ( $ 481 million ) , incremental earnings from the cbpr business acquired in the third quarter of 2008 ( $ 202 million ) , and other items ( $ 35 million ) , offset by lower average sales price realizations ( $ 444 million ) , lower sales volumes and increased lack-of-order downtime ( $ 684 million ) , unfavorable .
|
what is the average industry segment operating profits , in millions?
|
1883.33
|
{
"answer": "1883.33",
"decimal": 1883.33,
"type": "float"
}
|
it is the sum of all values divided by three .
|
18 2018 ppg annual report and 10-k research and development .
[['( $ in millions )', '2018', '2017', '2016'], ['research and development costs including depreciation of research facilities ( a )', '$ 464', '$ 472', '$ 473'], ['% ( % ) of annual net sales', '3.0% ( 3.0 % )', '3.2% ( 3.2 % )', '3.3% ( 3.3 % )']]
( a ) prior year amounts have been recast for the adoption of accounting standards update no .2017-07 , "improving the presentation of net periodic pension cost and net periodic postretirement benefit cost . 201d see note 1 within item 8 of this form 10-k for additional information .technology innovation has been a hallmark of ppg 2019s success throughout its history .the company seeks to optimize its investment in research and development to create new products to drive profitable growth .we align our product development with the macro trends in the markets we serve and leverage core technology platforms to develop products for unmet market needs .our history of successful technology introductions is based on a commitment to an efficient and effective innovation process and disciplined portfolio management .we have obtained government funding for a small portion of the company 2019s research efforts , and we will continue to pursue government funding where appropriate .ppg owns and operates several facilities to conduct research and development for new and improved products and processes .in addition to the company 2019s centralized principal research and development centers ( see item 2 .201cproperties 201d of this form 10-k ) , operating segments manage their development through centers of excellence .as part of our ongoing efforts to manage our formulations and raw material costs effectively , we operate a global competitive sourcing laboratory in china .because of the company 2019s broad array of products and customers , ppg is not materially dependent upon any single technology platform .raw materials and energy the effective management of raw materials and energy is important to ppg 2019s continued success .ppg uses a wide variety of complex raw materials that serve as the building blocks of our manufactured products that provide broad ranging , high performance solutions to our customers .the company 2019s most significant raw materials are epoxy and other resins , titanium dioxide and other pigments , and solvents in the coatings businesses and sand and soda ash for the specialty coatings and materials business .coatings raw materials include both organic , primarily petroleum-derived , materials and inorganic materials , including titanium dioxide .these raw materials represent ppg 2019s single largest production cost component .most of the raw materials and energy used in production are purchased from outside sources , and the company has made , and plans to continue to make , supply arrangements to meet our planned operating requirements for the future .supply of critical raw materials and energy is managed by establishing contracts with multiple sources , and identifying alternative materials or technology whenever possible .our products use both petroleum-derived and bio-based materials as part of a product renewal strategy .while prices for these raw materials typically fluctuate with energy prices and global supply and demand , such fluctuations are impacted by the fact that the manufacture of our raw materials is several steps downstream from crude oil and natural gas .the company is continuing its aggressive sourcing initiatives to broaden our supply of high quality raw materials .these initiatives include qualifying multiple and local sources of supply , including suppliers from asia and other lower cost regions of the world , adding on-site resin production at certain manufacturing locations and a reduction in the amount of titanium dioxide used in our product formulations .we are subject to existing and evolving standards relating to the registration of chemicals which could potentially impact the availability and viability of some of the raw materials we use in our production processes .our ongoing , global product stewardship efforts are directed at maintaining our compliance with these standards .ppg has joined a global initiative to eliminate child labor from the mica industry , and the company is continuing to take steps , including audits of our suppliers , to ensure compliance with ppg 2019s zero-tolerance policy against the use of child labor in their supply chains .changes to chemical registration regulations have been proposed or implemented in the eu and many other countries , including china , canada , the united states ( u.s. ) , brazil , mexico and korea .because implementation of many of these programs has not been finalized , the financial impact cannot be estimated at this time .we anticipate that the number of chemical registration regulations will continue to increase globally , and we have implemented programs to track and comply with these regulations .given the recent volatility in certain energy-based input costs and foreign currencies , the company is not able to predict with certainty the 2019 full year impact of related changes in raw material pricing versus 2018 ; however , ppg currently expects overall coatings raw material costs to increase a low-single-digit percentage in the first half of 2019 , with impacts varied by region and commodity .further , given the distribution nature of many of our businesses , logistics and distribution costs are sizable , as are wages and benefits but to a lesser degree .ppg typically experiences fluctuating prices for energy and raw materials driven by various factors , including changes in supplier feedstock costs and inventories , global industry activity levels , foreign currency exchange rates , government regulation , and global supply and demand factors .in aggregate , average .
|
what was the change in millions of research and development costs including depreciation of research facilities from 2017 to 201?
|
-8
|
{
"answer": "-8",
"decimal": -8,
"type": "float"
}
| |
we maintain and operate the assets based on contractual obligations within the lease arrangements , which set specific guidelines consistent within the railroad industry .as such , we have no control over activities that could materially impact the fair value of the leased assets .we do not hold the power to direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies .additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase options are not considered to be potentially significant to the vies .the future minimum lease payments associated with the vie leases totaled $ 2.6 billion as of december 31 , 2015 .17 .leases we lease certain locomotives , freight cars , and other property .the consolidated statements of financial position as of december 31 , 2015 and 2014 included $ 2273 million , net of $ 1189 million of accumulated depreciation , and $ 2454 million , net of $ 1210 million of accumulated depreciation , respectively , for properties held under capital leases .a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2015 , were as follows : millions operating leases capital leases .
[['millions', 'operatingleases', 'capitalleases'], ['2016', '$ 491', '$ 217'], ['2017', '446', '220'], ['2018', '371', '198'], ['2019', '339', '184'], ['2020', '282', '193'], ['later years', '1501', '575'], ['total minimum lease payments', '$ 3430', '$ 1587'], ['amount representing interest', 'n/a', '-319 ( 319 )'], ['present value of minimum lease payments', 'n/a', '$ 1268']]
approximately 95% ( 95 % ) of capital lease payments relate to locomotives .rent expense for operating leases with terms exceeding one month was $ 590 million in 2015 , $ 593 million in 2014 , and $ 618 million in 2013 .when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .contingent rentals and sub-rentals are not significant .18 .commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries .we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity .to the extent possible , we have recorded a liability where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated .we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters .personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year .we use an actuarial analysis to measure the expense and liability , including unasserted claims .the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents .under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements .we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work .our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments .approximately 94% ( 94 % ) of the recorded liability is related to asserted claims and .
|
what percentage of total minimum lease payments are capital leases?
|
32%
|
{
"answer": "32%",
"decimal": 0.32,
"type": "percentage"
}
| |
debt maturities 2013 the following table presents aggregate debt maturities as of december 31 , 2008 , excluding market value adjustments .millions of dollars .
[['2009', '$ 720'], ['2010', '465'], ['2011', '555'], ['2012', '746'], ['2013', '713'], ['thereafter', '5728'], ['total debt', '$ 8927']]
as of december 31 , 2008 , we have reclassified as long-term debt approximately $ 400 million of debt due within one year that we intend to refinance .this reclassification reflects our ability and intent to refinance any short-term borrowings and certain current maturities of long-term debt on a long-term basis .at december 31 , 2007 , we reclassified as long-term debt approximately $ 550 million of debt due within one year that we intended to refinance at that time .mortgaged properties 2013 equipment with a carrying value of approximately $ 2.7 billion and $ 2.8 billion at december 31 , 2008 and 2007 , respectively , serves as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire such railroad equipment .as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds .as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion .in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds .credit facilities 2013 on december 31 , 2008 , we had $ 1.9 billion of credit available under our revolving credit facility ( the facility ) .the facility is designated for general corporate purposes and supports the issuance of commercial paper .we did not draw on the facility during 2008 .commitment fees and interest rates payable under the facility are similar to fees and rates available to comparably rated , investment- grade borrowers .the facility allows borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings .the facility requires union pacific corporation to maintain a debt-to-net-worth coverage ratio as a condition to making a borrowing .at december 31 , 2008 , and december 31 , 2007 ( and at all times during these periods ) , we were in compliance with this covenant .the definition of debt used for purposes of calculating the debt-to-net-worth coverage ratio includes , among other things , certain credit arrangements , capital leases , guarantees and unfunded and vested pension benefits under title iv of erisa .at december 31 , 2008 , the debt-to-net-worth coverage ratio allowed us to carry up to $ 30.9 billion of debt ( as defined in the facility ) , and we had $ 9.9 billion of debt ( as defined in the facility ) outstanding at that date .under our current capital plans , we expect to continue to satisfy the debt-to-net-worth coverage ratio ; however , many factors beyond our reasonable control ( including the risk factors in item 1a of this report ) could affect our ability to comply with this provision in the future .the facility does not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require us to post collateral .the .
|
what percentage of total aggregate debt maturities as of december 31 , 2008 are due after 2013?
|
64%
|
{
"answer": "64%",
"decimal": 0.64,
"type": "percentage"
}
| |
68 2012 ppg annual report and form 10-k december 31 , 2012 , 2011 and 2010 was $ ( 30 ) million , $ 98 million and $ 65 million , respectively .the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2012 and 2011 was approximately $ 960 million and $ 990 million , respectively .there was no tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the year ended december 31 , 2012 .the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 and 2010 was $ ( 0.2 ) million and $ 0.6 million , respectively .the tax benefit related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2012 , 2011 and 2010 was $ 4 million , $ 19 million and $ 1 million , respectively .18 .employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s .employees .the company makes matching contributions to the savings plan , at management's discretion , based upon participants 2019 savings , subject to certain limitations .for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to participant savings up to a maximum of 6% ( 6 % ) of eligible participant compensation .for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement .the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession .effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature .this included the union represented employees in accordance with their collective bargaining agreements .on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees and this level was maintained throughout 2012 .compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2012 , 2011 and 2010 totaled $ 28 million , $ 26 million and $ 9 million , respectively .a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan .as a result , the dividends on ppg shares held by that portion of the savings plan totaling $ 18 million , $ 20 million and $ 24 million for 2012 , 2011 and 2010 , respectively , were tax deductible to the company for u.s .federal tax purposes .19 .other earnings .
[['( millions )', '2012', '2011', '2010'], ['royalty income', '$ 51', '$ 55', '$ 58'], ['share of net earnings of equity affiliates ( see note 5 )', '11', '37', '45'], ['gain on sale of assets', '4', '12', '8'], ['other', '83', '73', '69'], ['total', '$ 149', '$ 177', '$ 180']]
20 .stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return .all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc .amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 .shares available for future grants under the ppg amended omnibus plan were 8.5 million as of december 31 , 2012 .total stock-based compensation cost was $ 73 million , $ 36 million and $ 52 million in 2012 , 2011 and 2010 , respectively .stock-based compensation expense increased year over year due to the increase in the expected payout percentage of the 2010 performance-based rsu grants and ppg's total shareholder return performance in 2012 in comparison with the standard & poors ( s&p ) 500 index , which has increased the expense related to outstanding grants of contingent shares .the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 25 million , $ 13 million and $ 18 million in 2012 , 2011 and 2010 , respectively .stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc .stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan .under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted .the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years .upon exercise of a stock option , shares of company stock are issued from treasury stock .the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that allows an optionee to exercise options and satisfy the option cost by certifying ownership of mature shares of ppg common stock with a market value equal to the option cost .the fair value of stock options issued to employees is measured on the date of grant and is recognized as expense over the requisite service period .ppg estimates the fair value of stock options using the black-scholes option pricing model .the risk- free interest rate is determined by using the u.s .treasury yield table of contents .
|
what was the change in millions of total stock-based compensation cost from 2011 to 2012?
|
37
|
{
"answer": "37",
"decimal": 37,
"type": "float"
}
| |
part i item 1 .business .general development of business general : altria group , inc .is a holding company incorporated in the commonwealth of virginia in 1985 .at december 31 , 2014 , altria group , inc . 2019s wholly-owned subsidiaries included philip morris usa inc .( 201cpm usa 201d ) , which is engaged predominantly in the manufacture and sale of cigarettes in the united states ; john middleton co .( 201cmiddleton 201d ) , which is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco , and is a wholly- owned subsidiary of pm usa ; and ust llc ( 201cust 201d ) , which through its wholly-owned subsidiaries , including u.s .smokeless tobacco company llc ( 201cusstc 201d ) and ste .michelle wine estates ltd .( 201cste .michelle 201d ) , is engaged in the manufacture and sale of smokeless tobacco products and wine .altria group , inc . 2019s other operating companies included nu mark llc ( 201cnu mark 201d ) , a wholly-owned subsidiary that is engaged in the manufacture and sale of innovative tobacco products , and philip morris capital corporation ( 201cpmcc 201d ) , a wholly-owned subsidiary that maintains a portfolio of finance assets , substantially all of which are leveraged leases .other altria group , inc .wholly-owned subsidiaries included altria group distribution company , which provides sales , distribution and consumer engagement services to certain altria group , inc .operating subsidiaries , and altria client services inc. , which provides various support services , such as legal , regulatory , finance , human resources and external affairs , to altria group , inc .and its subsidiaries .at december 31 , 2014 , altria group , inc .also held approximately 27% ( 27 % ) of the economic and voting interest of sabmiller plc ( 201csabmiller 201d ) , which altria group , inc .accounts for under the equity method of accounting .source of funds : because altria group , inc .is a holding company , its access to the operating cash flows of its wholly- owned subsidiaries consists of cash received from the payment of dividends and distributions , and the payment of interest on intercompany loans by its subsidiaries .at december 31 , 2014 , altria group , inc . 2019s principal wholly-owned subsidiaries were not limited by long-term debt or other agreements in their ability to pay cash dividends or make other distributions with respect to their equity interests .in addition , altria group , inc .receives cash dividends on its interest in sabmiller if and when sabmiller pays such dividends .financial information about segments altria group , inc . 2019s reportable segments are smokeable products , smokeless products and wine .the financial services and the innovative tobacco products businesses are included in an all other category due to the continued reduction of the lease portfolio of pmcc and the relative financial contribution of altria group , inc . 2019s innovative tobacco products businesses to altria group , inc . 2019s consolidated results .altria group , inc . 2019s chief operating decision maker reviews operating companies income to evaluate the performance of , and allocate resources to , the segments .operating companies income for the segments is defined as operating income before amortization of intangibles and general corporate expenses .interest and other debt expense , net , and provision for income taxes are centrally managed at the corporate level and , accordingly , such items are not presented by segment since they are excluded from the measure of segment profitability reviewed by altria group , inc . 2019s chief operating decision maker .net revenues and operating companies income ( together with a reconciliation to earnings before income taxes ) attributable to each such segment for each of the last three years are set forth in note 15 .segment reporting to the consolidated financial statements in item 8 .financial statements and supplementary data of this annual report on form 10-k ( 201citem 8 201d ) .information about total assets by segment is not disclosed because such information is not reported to or used by altria group , inc . 2019s chief operating decision maker .segment goodwill and other intangible assets , net , are disclosed in note 4 .goodwill and other intangible assets , net to the consolidated financial statements in item 8 ( 201cnote 4 201d ) .the accounting policies of the segments are the same as those described in note 2 .summary of significant accounting policies to the consolidated financial statements in item 8 ( 201cnote 2 201d ) .the relative percentages of operating companies income ( loss ) attributable to each reportable segment and the all other category were as follows: .
[['', '2014', '2013', '2012'], ['smokeable products', '87.2% ( 87.2 % )', '84.5% ( 84.5 % )', '83.7% ( 83.7 % )'], ['smokeless products', '13.4', '12.2', '12.5'], ['wine', '1.7', '1.4', '1.4'], ['all other', '-2.3 ( 2.3 )', '1.9', '2.4'], ['total', '100.0% ( 100.0 % )', '100.0% ( 100.0 % )', '100.0% ( 100.0 % )']]
for items affecting the comparability of the relative percentages of operating companies income ( loss ) attributable to each reportable segment , see note 15 .segment reporting to the consolidated financial statements in item 8 ( 201cnote 15 201d ) .narrative description of business portions of the information called for by this item are included in item 7 .management 2019s discussion and analysis of financial condition and results of operations - operating results by business segment of this annual report on form 10-k .tobacco space altria group , inc . 2019s tobacco operating companies include pm usa , usstc and other subsidiaries of ust , middleton and nu mark .altria group distribution company provides sales , distribution and consumer engagement services to altria group , inc . 2019s tobacco operating companies .the products of altria group , inc . 2019s tobacco subsidiaries include smokeable tobacco products comprised of cigarettes manufactured and sold by pm usa and machine-made large altria_mdc_2014form10k_nolinks_crops.pdf 3 2/25/15 5:56 pm .
|
how did the percentage of operating income related to smokeless product change from 2012 to 2013 relative the total operating income?
|
-2.4%
|
{
"answer": "-2.4%",
"decimal": -0.024,
"type": "percentage"
}
| |
notes to the audited consolidated financial statements for 2007 , 2006 , and 2005 , total share-based compensation expense ( before tax ) of approximately $ 26 million , $ 29 million , and $ 22 million , respectively , was recognized in selling , general and administrative expense in the consolidated statement of earnings for all share-based awards of which approximately $ 13 million , $ 17 million , and $ 5 million , respectively , related to stock options .sfas no .123 ( r ) requires that compensation expense is recognized over the substantive vesting period , which may be a shorter time period than the stated vesting period for retirement-eligible employees .for 2007 and 2006 , approximately $ 3 million and $ 8 million , respectively , of stock option compensation expense were recognized due to retirement eligibility preceding the requisite vesting period .stock option awards option awards are granted on an annual basis to non-employee directors and to employees who meet certain eligibility requirements .option awards have an exercise price equal to the closing price of the company's stock on the date of grant .the term life of options is ten years with vesting periods that vary up to three years .vesting usually occurs ratably over the vesting period or at the end of the vesting period .the company utilizes the black scholes merton ( "bsm" ) option valuation model which relies on certain assumptions to estimate an option's fair value .the weighted average assumptions used in the determination of fair value for stock options awarded in 2007 , 2006 , and 2005 are provided in the table below: .
[['assumptions', '2007', '2006', '2005'], ['expected volatility rate', '20.80% ( 20.80 % )', '21.40% ( 21.40 % )', '22.90% ( 22.90 % )'], ['expected dividend yield', '2.92% ( 2.92 % )', '3.24% ( 3.24 % )', '3.29% ( 3.29 % )'], ['average risk-free interest rate', '4.24% ( 4.24 % )', '4.62% ( 4.62 % )', '4.48% ( 4.48 % )'], ['expected forfeiture rate', '0.75% ( 0.75 % )', '0.75% ( 0.75 % )', 'actual'], ['expected term years', '4.40', '4.40', '5.00']]
the volatility rate of grants is derived from historical company common stock price volatility over the same time period as the expected term of each stock option award .the volatility rate is derived by mathematical formula utilizing the weekly high closing stock price data over the expected term .the expected dividend yield is calculated using the expected company annual dividend amount over the expected term divided by the fair market value of the company's common stock .the average risk-free interest rate is derived from united states department of treasury published interest rates of daily yield curves for the same time period as the expected term .sfas no .123 ( r ) specifies only share-based awards expected to vest be included in share-based compensation expense .estimated forfeiture rates are determined using historical forfeiture experience for each type of award and are excluded from the quantity of awards included in share-based compensation expense .the weighted average expected term reflects the analysis of historical share-based award transactions and includes option swap and reload grants which may have much shorter remaining expected terms than new option grants. .
|
in 2007 what was the percent of the shared based compensation associated with stock options
|
50%
|
{
"answer": "50%",
"decimal": 0.5,
"type": "percentage"
}
| |
2010 .on november 1 , 2010 , we redeemed all $ 400 million of our outstanding 6.65% ( 6.65 % ) notes due january 15 , 2011 .the redemption resulted in a $ 5 million early extinguishment charge .receivables securitization facility 2013 at december 31 , 2010 , we have recorded $ 100 million as secured debt under our receivables securitization facility .( see further discussion of our receivables securitization facility in note 10. ) 15 .variable interest entities we have entered into various lease transactions in which the structure of the leases contain variable interest entities ( vies ) .these vies were created solely for the purpose of doing lease transactions ( principally involving railroad equipment and facilities ) and have no other activities , assets or liabilities outside of the lease transactions .within these lease arrangements , we have the right to purchase some or all of the assets at fixed prices .depending on market conditions , fixed-price purchase options available in the leases could potentially provide benefits to us ; however , these benefits are not expected to be significant .we maintain and operate the assets based on contractual obligations within the lease arrangements , which set specific guidelines consistent within the railroad industry .as such , we have no control over activities that could materially impact the fair value of the leased assets .we do not hold the power to direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies .additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase price options are not considered to be potentially significant to the vie 2019s .the future minimum lease payments associated with the vie leases totaled $ 4.2 billion as of december 31 , 2010 .16 .leases we lease certain locomotives , freight cars , and other property .the consolidated statement of financial position as of december 31 , 2010 and 2009 included $ 2520 million , net of $ 901 million of accumulated depreciation , and $ 2754 million , net of $ 927 million of accumulated depreciation , respectively , for properties held under capital leases .a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2010 , were as follows : millions operating leases capital leases .
[['millions', 'operatingleases', 'capitalleases'], ['2011', '$ 613', '$ 311'], ['2012', '526', '251'], ['2013', '461', '253'], ['2014', '382', '261'], ['2015', '340', '262'], ['later years', '2599', '1355'], ['total minimum lease payments', '$ 4921', '$ 2693'], ['amount representing interest', 'n/a', '-784 ( 784 )'], ['present value of minimum lease payments', 'n/a', '$ 1909']]
the majority of capital lease payments relate to locomotives .rent expense for operating leases with terms exceeding one month was $ 624 million in 2010 , $ 686 million in 2009 , and $ 747 million in 2008 .when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .contingent rentals and sub-rentals are not significant. .
|
what is the average rent expense for operating leases with terms exceeding one month from 2008-2010 , in millions?
|
685.67
|
{
"answer": "685.67",
"decimal": 685.67,
"type": "float"
}
| |
consolidated results of operations , financial condition , or liquidity ; however , to the extent possible , where unasserted claims are considered probable and where such claims can be reasonably estimated , we have recorded a liability .we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities previously recorded for these matters .personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year .we use third-party actuaries to assist us in measuring the expense and liability , including unasserted claims .compensation for work-related accidents is governed by the federal employers 2019 liability act ( fela ) .under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements .our personal injury liability activity was as follows : millions of dollars 2006 2005 2004 .
[['millions of dollars', '2006', '2005', '2004'], ['beginning balance', '$ 619', '$ 639', '$ 619'], ['accruals', '240', '247', '288'], ['payments', '-228 ( 228 )', '-267 ( 267 )', '-268 ( 268 )'], ['ending balance at december 31', '$ 631', '$ 619', '$ 639'], ['current portion ending balance at december 31', '$ 233', '$ 274', '$ 274']]
our personal injury liability is discounted to present value using applicable u.s .treasury rates .approximately 87% ( 87 % ) of the recorded liability related to asserted claims , and approximately 13% ( 13 % ) related to unasserted claims .personal injury accruals were higher in 2004 due to a 1998 crossing accident verdict upheld in 2004 and a 2004 derailment near san antonio .asbestos 2013 we are a defendant in a number of lawsuits in which current and former employees allege exposure to asbestos .additionally , we have received claims for asbestos exposure that have not been litigated .the claims and lawsuits ( collectively referred to as 201cclaims 201d ) allege occupational illness resulting from exposure to asbestos- containing products .in most cases , the claimants do not have credible medical evidence of physical impairment resulting from the alleged exposures .additionally , most claims filed against us do not specify an amount of alleged damages .during 2004 , we engaged a third party with extensive experience in estimating resolution costs for asbestos- related claims to assist us in assessing the number and value of these unasserted claims through 2034 , based on our average claims experience over a multi-year period .as a result , we increased our liability in 2004 for asbestos- related claims in the fourth quarter of 2004 .the liability for resolving both asserted and unasserted claims was based on the following assumptions : 2022 the number of future claims received would be consistent with historical averages .2022 the number of claims filed against us will decline each year .2022 the average settlement values for asserted and unasserted claims will be equivalent to historical averages .2022 the percentage of claims dismissed in the future will be equivalent to historical averages. .
|
what was the percentage change in personal injury liability from 2005 to 2006?
|
2%
|
{
"answer": "2%",
"decimal": 0.02,
"type": "percentage"
}
| |
notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .1 .nature of operations and significant accounting policies operations and segmentation 2013 we are a class i railroad that operates in the united states .we have 32012 route miles , linking pacific coast and gulf coast ports with the midwest and eastern united states gateways and providing several corridors to key mexican gateways .we serve the western two- thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico .export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders .the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment .although revenues are analyzed by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network .the following table provides revenue by commodity group : millions of dollars 2008 2007 2006 .
[['millions of dollars', '2008', '2007', '2006'], ['agricultural', '$ 3174', '$ 2605', '$ 2385'], ['automotive', '1344', '1458', '1427'], ['chemicals', '2494', '2287', '2084'], ['energy', '3810', '3134', '2949'], ['industrial products', '3273', '3077', '3135'], ['intermodal', '3023', '2925', '2811'], ['total freight revenues', '$ 17118', '$ 15486', '$ 14791'], ['other revenues', '852', '797', '787'], ['total operating revenues', '$ 17970', '$ 16283', '$ 15578']]
basis of presentation 2013 certain prior year amounts have been reclassified to conform to the current period financial statement presentation .the reclassifications include reporting freight revenues instead of commodity revenues .the amounts reclassified from freight revenues to other revenues totaled $ 30 million and $ 71 million for the years ended december 31 , 2007 , and december 31 , 2006 , respectively .in addition , we modified our operating expense categories to report fuel used in railroad operations as a stand-alone category , to combine purchased services and materials into one line , and to reclassify certain other expenses among operating expense categories .these reclassifications had no impact on previously reported operating revenues , total operating expenses , operating income or net income .significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries .investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting .all significant intercompany transactions are eliminated .the corporation evaluates its less than majority-owned investments for consolidation .
|
what percentage of total freight revenues were energy in 2008?
|
22%
|
{
"answer": "22%",
"decimal": 0.22,
"type": "percentage"
}
| |
debt maturities 2013 the following table presents aggregate debt maturities as of december 31 , 2011 , excluding market value adjustments : millions .
[['2012', '$ 309'], ['2013', '636'], ['2014', '706'], ['2015', '467'], ['2016', '517'], ['thereafter', '6271'], ['total debt', '$ 8906']]
as of both december 31 , 2011 and december 31 , 2010 , we have reclassified as long-term debt approximately $ 100 million of debt due within one year that we intend to refinance .this reclassification reflects our ability and intent to refinance any short-term borrowings and certain current maturities of long- term debt on a long-term basis .mortgaged properties 2013 equipment with a carrying value of approximately $ 2.9 billion and $ 3.2 billion at december 31 , 2011 and 2010 , respectively , served as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire such railroad equipment .as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds .as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion .in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds .credit facilities 2013 during the second quarter of 2011 , we replaced our $ 1.9 billion revolving credit facility , which was scheduled to expire in april 2012 , with a new $ 1.8 billion facility that expires in may 2015 ( the facility ) .the facility is based on substantially similar terms as those in the previous credit facility .on december 31 , 2011 , we had $ 1.8 billion of credit available under the facility , which is designated for general corporate purposes and supports the issuance of commercial paper .we did not draw on either facility during 2011 .commitment fees and interest rates payable under the facility are similar to fees and rates available to comparably rated , investment-grade borrowers .the facility allows for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings .the facility requires the corporation to maintain a debt-to-net-worth coverage ratio as a condition to making a borrowing .at december 31 , 2011 , and december 31 , 2010 ( and at all times during the year ) , we were in compliance with this covenant .the definition of debt used for purposes of calculating the debt-to-net-worth coverage ratio includes , among other things , certain credit arrangements , capital leases , guarantees and unfunded and vested pension benefits under title iv of erisa .at december 31 , 2011 , the debt-to-net-worth coverage ratio allowed us to carry up to $ 37.2 billion of debt ( as defined in the facility ) , and we had $ 9.5 billion of debt ( as defined in the facility ) outstanding at that date .under our current capital plans , we expect to continue to satisfy the debt-to-net-worth coverage ratio ; however , many factors beyond our reasonable control ( including the risk factors in item 1a of this report ) could affect our ability to comply with this provision in the future .the facility does not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require us to post collateral .the facility also includes a $ 75 million cross-default provision and a change-of-control provision .during 2011 , we did not issue or repay any commercial paper and , at december 31 , 2011 , we had no commercial paper outstanding .outstanding commercial paper balances are supported by our revolving credit facility but do not reduce the amount of borrowings available under the facility .dividend restrictions 2013 our revolving credit facility includes a debt-to-net worth covenant ( discussed in the credit facilities section above ) that , under certain circumstances , restricts the payment of cash .
|
what percent of total aggregate debt maturities as of december 31 , 2011 are due in 2014?
|
8%
|
{
"answer": "8%",
"decimal": 0.08,
"type": "percentage"
}
| |
meet customer needs and put us in a position to handle demand changes .we will also continue utilizing industrial engineering techniques to improve productivity .2022 fuel prices 2013 uncertainty about the economy makes fuel price projections difficult , and we could see volatile fuel prices during the year , as they are sensitive to global and u.s .domestic demand , refining capacity , geopolitical issues and events , weather conditions and other factors .to reduce the impact of fuel price on earnings , we will continue to seek recovery from our customers through our fuel surcharge programs and to expand our fuel conservation efforts .2022 capital plan 2013 in 2010 , we plan to make total capital investments of approximately $ 2.5 billion , including expenditures for ptc , which may be revised if business conditions or new laws or regulations affect our ability to generate sufficient returns on these investments .see further discussion in this item 7 under liquidity and capital resources 2013 capital plan .2022 positive train control ( ptc ) 2013 in response to a legislative mandate to implement ptc by the end of 2015 , we expect to spend approximately $ 200 million during 2010 on the development of ptc .we currently estimate that ptc will cost us approximately $ 1.4 billion to implement by the end of 2015 , in accordance with rules issued by the fra .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 .2022 financial expectations 2013 we remain cautious about economic conditions but expect volume to increase from 2009 levels .in addition , we anticipate continued pricing opportunities and further productivity improvements .results of operations operating revenues millions of dollars 2009 2008 2007 % ( % ) change 2009 v 2008 % ( % ) change 2008 v 2007 .
[['millions of dollars', '2009', '2008', '2007', '% ( % ) change 2009 v 2008', '% ( % ) change 2008 v 2007'], ['freight revenues', '$ 13373', '$ 17118', '$ 15486', '( 22 ) % ( % )', '11% ( 11 % )'], ['other revenues', '770', '852', '797', '-10 ( 10 )', '7'], ['total', '$ 14143', '$ 17970', '$ 16283', '( 21 ) % ( % )', '10% ( 10 % )']]
freight revenues are revenues generated 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 a reduction to freight revenues based on the actual or projected future shipments .we recognize freight revenues on a percentage-of-completion basis as freight moves 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 and volume levels for all six commodity groups decreased during 2009 , reflecting continued economic weakness .we experienced the largest volume declines in automotive and industrial .
|
what was the change in total revenue in millions from 2008 to 200?
|
-3827
|
{
"answer": "-3827",
"decimal": -3827,
"type": "float"
}
| |
12 .borrowings short-term borrowings 2015 revolving credit facility .in march 2011 , the company entered into a five-year $ 3.5 billion unsecured revolving credit facility , which was amended in 2014 , 2013 and 2012 .in april 2015 , the company 2019s credit facility was further amended to extend the maturity date to march 2020 and to increase the amount of the aggregate commitment to $ 4.0 billion ( the 201c2015 credit facility 201d ) .the 2015 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2015 credit facility to an aggregate principal amount not to exceed $ 5.0 billion .interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .the 2015 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2015 .the 2015 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities .at december 31 , 2015 , the company had no amount outstanding under the 2015 credit facility .commercial paper program .on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 4.0 billion as amended in april 2015 .the cp program is currently supported by the 2015 credit facility .at december 31 , 2015 , blackrock had no cp notes outstanding .long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2015 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .
[['( in millions )', 'maturityamount', 'unamortized discount and debt issuance costs', 'carrying value', 'fair value'], ['6.25% ( 6.25 % ) notes due 2017', '$ 700', '$ -1 ( 1 )', '$ 699', '$ 757'], ['5.00% ( 5.00 % ) notes due 2019', '1000', '-3 ( 3 )', '997', '1106'], ['4.25% ( 4.25 % ) notes due 2021', '750', '-5 ( 5 )', '745', '828'], ['3.375% ( 3.375 % ) notes due 2022', '750', '-6 ( 6 )', '744', '773'], ['3.50% ( 3.50 % ) notes due 2024', '1000', '-8 ( 8 )', '992', '1030'], ['1.25% ( 1.25 % ) notes due 2025', '760', '-7 ( 7 )', '753', '729'], ['total long-term borrowings', '$ 4960', '$ -30 ( 30 )', '$ 4930', '$ 5223']]
long-term borrowings at december 31 , 2014 had a carrying value of $ 4.922 billion and a fair value of $ 5.309 billion determined using market prices at the end of december 2025 notes .in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) .the notes are listed on the new york stock exchange .the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness .interest of approximately $ 10 million per year based on current exchange rates is payable annually on may 6 of each year .the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price .the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes .upon conversion to u.s .dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations .a gain of $ 19 million , net of tax , was recognized in other comprehensive income for 2015 .no hedge ineffectiveness was recognized during 2015 .2024 notes .in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) .the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 .interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year .the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes .2022 notes .in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) .net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes .interest on the 2022 notes of approximately $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 .the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a .
|
what portion of total long-term borrowings is due in the next 24 months as of december 31 , 2015?
|
14.1%
|
{
"answer": "14.1%",
"decimal": 0.141,
"type": "percentage"
}
| |
lkq corporation and subsidiaries notes to consolidated financial statements ( continued ) note 5 .long-term obligations ( continued ) as part of the consideration for business acquisitions completed during 2007 , 2006 and 2005 , we issued promissory notes totaling approximately $ 1.7 million , $ 7.2 million and $ 6.4 million , respectively .the notes bear interest at annual rates of 3.0% ( 3.0 % ) to 6.0% ( 6.0 % ) , and interest is payable at maturity or in monthly installments .we also assumed certain liabilities in connection with a business acquisition during the second quarter of 2005 , including a promissory note with a remaining principle balance of approximately $ 0.2 million .the annual interest rate on the note , which was retired during 2006 , was note 6 .commitments and contingencies operating leases we are obligated under noncancelable operating leases for corporate office space , warehouse and distribution facilities , trucks and certain equipment .the future minimum lease commitments under these leases at december 31 , 2007 are as follows ( in thousands ) : years ending december 31: .
[['2008', '$ 42335'], ['2009', '33249'], ['2010', '25149'], ['2011', '17425'], ['2012', '11750'], ['thereafter', '28581'], ['future minimum lease payments', '$ 158489']]
rental expense for operating leases was approximately $ 27.4 million , $ 18.6 million and $ 12.2 million during the years ended december 31 , 2007 , 2006 and 2005 , respectively .we guaranty the residual values of the majority of our truck and equipment operating leases .the residual values decline over the lease terms to a defined percentage of original cost .in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall .similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value .had we terminated all of our operating leases subject to these guaranties at december 31 , 2007 , the guarantied residual value would have totaled approximately $ 24.0 million .litigation and related contingencies on december 2 , 2005 , ford global technologies , llc ( 2018 2018ford 2019 2019 ) filed a complaint with the united states international trade commission ( 2018 2018usitc 2019 2019 ) against keystone and five other named respondents , including four taiwan-based manufacturers .on december 12 , 2005 , ford filed an amended complaint .both the complaint and the amended complaint contended that keystone and the other respondents infringed 14 design patents that ford alleges cover eight parts on the 2004-2005 .
|
what was the average rental expense from 2005 to 2007 in millions
|
19.4
|
{
"answer": "19.4",
"decimal": 19.4,
"type": "float"
}
| |
kimco realty corporation and subsidiaries notes to consolidated financial statements , continued the units consisted of ( i ) approximately 81.8 million preferred a units par value $ 1.00 per unit , which pay the holder a return of 7.0% ( 7.0 % ) per annum on the preferred a par value and are redeemable for cash by the holder at any time after one year or callable by the company any time after six months and contain a promote feature based upon an increase in net operating income of the properties capped at a 10.0% ( 10.0 % ) increase , ( ii ) 2000 class a preferred units , par value $ 10000 per unit , which pay the holder a return equal to libor plus 2.0% ( 2.0 % ) per annum on the class a preferred par value and are redeemable for cash by the holder at any time after november 30 , 2010 , ( iii ) 2627 class b-1 preferred units , par value $ 10000 per unit , which pay the holder a return equal to 7.0% ( 7.0 % ) per annum on the class b-1 preferred par value and are redeemable by the holder at any time after november 30 , 2010 , for cash or at the company 2019s option , shares of the company 2019s common stock , equal to the cash redemption amount , as defined , ( iv ) 5673 class b-2 preferred units , par value $ 10000 per unit , which pay the holder a return equal to 7.0% ( 7.0 % ) per annum on the class b-2 preferred par value and are redeemable for cash by the holder at any time after november 30 , 2010 , and ( v ) 640001 class c downreit units , valued at an issuance price of $ 30.52 per unit which pay the holder a return at a rate equal to the company 2019s common stock dividend and are redeemable by the holder at any time after november 30 , 2010 , for cash or at the company 2019s option , shares of the company 2019s common stock equal to the class c cash amount , as defined .the following units have been redeemed as of december 31 , 2010 : redeemed par value redeemed ( in millions ) redemption type .
[['type', 'units redeemed', 'par value redeemed ( in millions )', 'redemption type'], ['preferred a units', '2200000', '$ 2.2', 'cash'], ['class a preferred units', '2000', '$ 20.0', 'cash'], ['class b-1 preferred units', '2438', '$ 24.4', 'cash'], ['class b-2 preferred units', '5576', '$ 55.8', 'cash/charitable contribution'], ['class c downreit units', '61804', '$ 1.9', 'cash']]
noncontrolling interest relating to the remaining units was $ 110.4 million and $ 113.1 million as of december 31 , 2010 and 2009 , respectively .during 2006 , the company acquired two shopping center properties located in bay shore and centereach , ny .included in noncontrolling interests was approximately $ 41.6 million , including a discount of $ 0.3 million and a fair market value adjustment of $ 3.8 million , in redeemable units ( the 201credeemable units 201d ) , issued by the company in connection with these transactions .the prop- erties were acquired through the issuance of $ 24.2 million of redeemable units , which are redeemable at the option of the holder ; approximately $ 14.0 million of fixed rate redeemable units and the assumption of approximately $ 23.4 million of non-recourse debt .the redeemable units consist of ( i ) 13963 class a units , par value $ 1000 per unit , which pay the holder a return of 5% ( 5 % ) per annum of the class a par value and are redeemable for cash by the holder at any time after april 3 , 2011 , or callable by the company any time after april 3 , 2016 , and ( ii ) 647758 class b units , valued at an issuance price of $ 37.24 per unit , which pay the holder a return at a rate equal to the company 2019s common stock dividend and are redeemable by the holder at any time after april 3 , 2007 , for cash or at the option of the company for common stock at a ratio of 1:1 , or callable by the company any time after april 3 , 2026 .the company is restricted from disposing of these assets , other than through a tax free transaction , until april 2016 and april 2026 for the centereach , ny , and bay shore , ny , assets , respectively .during 2007 , 30000 units , or $ 1.1 million par value , of theclass bunits were redeemed by the holder in cash at the option of the company .noncontrolling interest relating to the units was $ 40.4 million and $ 40.3 million as of december 31 , 2010 and 2009 , respectively .noncontrolling interests also includes 138015 convertible units issued during 2006 , by the company , which were valued at approxi- mately $ 5.3 million , including a fair market value adjustment of $ 0.3 million , related to an interest acquired in an office building located in albany , ny .these units are redeemable at the option of the holder after one year for cash or at the option of the company for the company 2019s common stock at a ratio of 1:1 .the holder is entitled to a distribution equal to the dividend rate of the company 2019s common stock .the company is restricted from disposing of these assets , other than through a tax free transaction , until january 2017. .
|
what is the average , in millions , of noncontrolling interest relating to the remaining units in 2009-2010?
|
111.75
|
{
"answer": "111.75",
"decimal": 111.75,
"type": "float"
}
| |
the graph below compares expeditors international of washington , inc.'s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index , the nasdaq transportation index , and the nasdaq industrial transportation index ( nqusb2770t ) as a replacement for the nasdaq transportation index .the company is making the modification to reference a specific transportation index and to source that data directly from nasdaq .the graph assumes that the value of the investment in our common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on 12/31/2012 and tracks it through 12/31/2017 .total return assumes reinvestment of dividends in each of the indices indicated .comparison of 5-year cumulative total return among expeditors international of washington , inc. , the s&p 500 index , the nasdaq industrial transportation index and the nasdaq transportation index. .
[['', '12/12', '12/13', '12/14', '12/15', '12/16', '12/17'], ['expeditors international of washington inc .', '$ 100.00', '$ 113.52', '$ 116.07', '$ 119.12', '$ 142.10', '$ 176.08'], ["standard and poor's 500 index", '100.00', '132.39', '150.51', '152.59', '170.84', '208.14'], ['nasdaq transportation', '100.00', '133.76', '187.65', '162.30', '193.79', '248.92'], ['nasdaq industrial transportation ( nqusb2770t )', '100.00', '141.60', '171.91', '132.47', '171.17', '218.34']]
the stock price performance included in this graph is not necessarily indicative of future stock price performance .item 6 2014 selected financial data financial highlights in thousands , except per share data 2017 2016 2015 2014 2013 revenues ..................................................................... .$ 6920948 6098037 6616632 6564721 6080257 net revenues1 ............................................................... .$ 2319189 2164036 2187777 1981427 1882853 net earnings attributable to shareholders ..................... .$ 489345 430807 457223 376888 348526 diluted earnings attributable to shareholders per share $ 2.69 2.36 2.40 1.92 1.68 basic earnings attributable to shareholders per share.. .$ 2.73 2.38 2.42 1.92 1.69 dividends declared and paid per common share.......... .$ 0.84 0.80 0.72 0.64 0.60 cash used for dividends ............................................... .$ 150495 145123 135673 124634 123292 cash used for share repurchases ................................. .$ 478258 337658 629991 550781 261936 working capital ............................................................. .$ 1448333 1288648 1115136 1285188 1526673 total assets .................................................................. .$ 3117008 2790871 2565577 2870626 2996416 shareholders 2019 equity ..................................................... .$ 1991858 1844638 1691993 1868408 2084783 weighted average diluted shares outstanding .............. .181666 182704 190223 196768 206895 weighted average basic shares outstanding ................ .179247 181282 188941 196147 205995 _______________________ 1non-gaap measure calculated as revenues less directly related operating expenses attributable to our principal services .see management's discussion and analysis for a reconciliation of net revenues to revenues .safe harbor for forward-looking statements under private securities litigation reform act of 1995 ; certain cautionary statements this annual report on form 10-k for the fiscal year ended december 31 , 2017 contains 201cforward-looking statements , 201d as defined in section 27a of the securities act of 1933 , as amended , and section 21e of the securities exchange act of 1934 , as amended .from time to time , expeditors or its representatives have made or may make forward-looking statements , orally or in writing .such forward-looking statements may be included in , but not limited to , press releases , presentations , oral statements made with the approval of an authorized executive officer or in various filings made by expeditors with the securities and exchange commission .statements including those preceded by , followed by or that include the words or phrases 201cwill likely result 201d , 201care expected to 201d , "would expect" , "would not expect" , 201cwill continue 201d , 201cis anticipated 201d , 201cestimate 201d , 201cproject 201d , "provisional" , "plan" , "believe" , "probable" , "reasonably possible" , "may" , "could" , "should" , "intends" , "foreseeable future" or similar expressions are intended to identify 201cforward-looking statements 201d within the meaning of the private securities litigation reform act of 1995 .such statements are qualified in their entirety by reference to and are accompanied by the discussion in item 1a of certain important factors that could cause actual results to differ materially from such forward-looking statements .the risks included in item 1a are not exhaustive .furthermore , reference is also made to other sections of this report , which include additional factors that could adversely impact expeditors' business and financial performance .moreover , expeditors operates in a very competitive , complex and rapidly changing global environment .new risk factors emerge from time to time and it is not possible for management to predict all of such risk factors , nor can it assess the impact of all of such risk factors on expeditors' business or the extent to which any factor , or combination of factors , may cause actual results to differ materially from those contained in any forward-looking statements .accordingly , forward-looking statements cannot be relied upon as a guarantee of actual results .shareholders should be aware that while expeditors does , from time to time , communicate with securities analysts , it is against expeditors' policy to disclose to such analysts any material non-public information or other confidential commercial information .accordingly , shareholders should not assume that expeditors agrees with any statement or report issued by any analyst irrespective of the content of such statement or report .furthermore , expeditors has a policy against issuing financial forecasts or projections or confirming the accuracy of forecasts or projections issued by others .accordingly , to the extent that reports issued by securities analysts contain any projections , forecasts or opinions , such reports are not the responsibility of expeditors. .
|
what is the lowest return rate for the initial year of the investment?
|
13.52%
|
{
"answer": "13.52%",
"decimal": 0.1352,
"type": "percentage"
}
|
it is the minimum value transformed into a percentage .
|
entering 2006 , earnings in the first quarter are ex- pected to improve compared with the 2005 fourth quar- ter due principally to higher average price realizations , reflecting announced price increases .product demand for the first quarter should be seasonally slow , but is ex- pected to strengthen as the year progresses , supported by continued economic growth in north america , asia and eastern europe .average prices should also improve in 2006 as price increases announced in late 2005 and early 2006 for uncoated freesheet paper and pulp con- tinue to be realized .operating rates are expected to improve as a result of industry-wide capacity reductions in 2005 .although energy and raw material costs remain high , there has been some decline in both natural gas and delivered wood costs , with further moderation ex- pected later in 2006 .we will continue to focus on fur- ther improvements in our global manufacturing operations , implementation of supply chain enhance- ments and reductions in overhead costs during 2006 .industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods production in the united states , as well as with demand for proc- essed foods , poultry , meat and agricultural products .in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , manufacturing efficiency and product industrial packaging 2019s net sales for 2005 increased 2% ( 2 % ) compared with 2004 , and were 18% ( 18 % ) higher than in 2003 , reflecting the inclusion of international paper distribution limited ( formerly international paper pacific millennium limited ) beginning in august 2005 .operating profits in 2005 were 39% ( 39 % ) lower than in 2004 and 13% ( 13 % ) lower than in 2003 .sales volume increases ( $ 24 million ) , improved price realizations ( $ 66 million ) , and strong mill operating performance ( $ 27 million ) were not enough to offset the effects of increased raw material costs ( $ 103 million ) , higher market related downtime costs ( $ 50 million ) , higher converting operating costs ( $ 22 million ) , and unfavorable mix and other costs ( $ 67 million ) .additionally , the may 2005 sale of our industrial papers business resulted in a $ 25 million lower earnings contribution from this business in 2005 .the segment took 370000 tons of downtime in 2005 , including 230000 tons of lack-of-order downtime to balance internal supply with customer demand , com- pared to a total of 170000 tons in 2004 , which included 5000 tons of lack-of-order downtime .industrial packaging in millions 2005 2004 2003 .
[['in millions', '2005', '2004', '2003'], ['sales', '$ 4935', '$ 4830', '$ 4170'], ['operating profit', '$ 230', '$ 380', '$ 264']]
containerboard 2019s net sales totaled $ 895 million in 2005 , $ 951 million in 2004 and $ 815 million in 2003 .soft market conditions and declining customer demand at the end of the first quarter led to lower average sales prices during the second and third quarters .beginning in the fourth quarter , prices recovered as a result of in- creased customer demand and a rationalization of sup- ply .full year sales volumes trailed 2004 levels early in the year , reflecting the weak market conditions in the first half of 2005 .however , volumes rebounded in the second half of the year , and finished the year ahead of 2004 levels .operating profits decreased 38% ( 38 % ) from 2004 , but were flat with 2003 .the favorable impacts of in- creased sales volumes , higher average sales prices and improved mill operating performance were not enough to offset the impact of higher wood , energy and other raw material costs and increased lack-of-order down- time .implementation of the new supply chain operating model in our containerboard mills during 2005 resulted in increased operating efficiency and cost savings .specialty papers in 2005 included the kraft paper business for the full year and the industrial papers busi- ness for five months prior to its sale in may 2005 .net sales totaled $ 468 million in 2005 , $ 723 million in 2004 and $ 690 million in 2003 .operating profits in 2005 were down 23% ( 23 % ) compared with 2004 and 54% ( 54 % ) com- pared with 2003 , reflecting the lower contribution from industrial papers .u.s .converting operations net sales for 2005 were $ 2.6 billion compared with $ 2.3 billion in 2004 and $ 1.9 billion in 2003 .sales volumes were up 10% ( 10 % ) in 2005 compared with 2004 , mainly due to the acquisition of box usa in july 2004 .average sales prices in 2005 began the year above 2004 levels , but softened in the second half of the year .operating profits in 2005 de- creased 46% ( 46 % ) and 4% ( 4 % ) from 2004 and 2003 levels , re- spectively , primarily due to increased linerboard , freight and energy costs .european container sales for 2005 were $ 883 mil- lion compared with $ 865 million in 2004 and $ 801 mil- lion in 2003 .operating profits declined 19% ( 19 % ) and 13% ( 13 % ) compared with 2004 and 2003 , respectively .the in- crease in sales in 2005 reflected a slight increase in de- mand over 2004 , but this was not sufficient to offset the negative earnings effect of increased operating costs , unfavorable foreign exchange rates and a reduction in average sales prices .the moroccan box plant acquis- ition , which was completed in october 2005 , favorably impacted fourth-quarter results .industrial packaging 2019s sales in 2005 included $ 104 million from international paper distribution limited , our asian box and containerboard business , subsequent to the acquisition of an additional 50% ( 50 % ) interest in au- gust 2005. .
|
what was the industrial packaging profit margin in 2003
|
6.3%
|
{
"answer": "6.3%",
"decimal": 0.063,
"type": "percentage"
}
| |
altria group , inc .and subsidiaries notes to consolidated financial statements _________________________ may not be obtainable in all cases .this risk has been substantially reduced given that 47 states and puerto rico limit the dollar amount of bonds or require no bond at all .as discussed below , however , tobacco litigation plaintiffs have challenged the constitutionality of florida 2019s bond cap statute in several cases and plaintiffs may challenge state bond cap statutes in other jurisdictions as well .such challenges may include the applicability of state bond caps in federal court .states , including florida , may also seek to repeal or alter bond cap statutes through legislation .although altria group , inc .cannot predict the outcome of such challenges , it is possible that the consolidated results of operations , cash flows or financial position of altria group , inc. , or one or more of its subsidiaries , could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome of one or more such challenges .altria group , inc .and its subsidiaries record provisions in the consolidated financial statements for pending litigation when they 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 , except to the extent discussed elsewhere in this note 19 .contingencies : ( i ) management has concluded that it is not 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 that could result from an unfavorable outcome in any of the pending tobacco-related cases ; and ( iii ) accordingly , management has not provided any amounts in the consolidated financial statements for unfavorable outcomes , if any .litigation defense costs are expensed as incurred .altria group , inc .and its subsidiaries have achieved substantial success in managing litigation .nevertheless , litigation is subject to uncertainty and significant challenges remain .it is possible that the consolidated results of operations , cash flows or financial position of altria group , inc. , or one or more of its subsidiaries , could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome or settlement of certain pending litigation .altria group , inc .and each of its subsidiaries named as a defendant believe , and each has been so advised by counsel handling the respective cases , that it has valid defenses to the litigation pending against it , as well as valid bases for appeal of adverse verdicts .each of the companies has defended , and will continue to defend , vigorously against litigation challenges .however , altria group , inc .and its subsidiaries may enter into settlement discussions in particular cases if they believe it is in the best interests of altria group , inc .to do so .overview of altria group , inc .and/or pm usa tobacco- related litigation types and number of cases : claims related to tobacco products generally fall within the following categories : ( i ) smoking and health cases alleging personal injury brought on behalf of individual plaintiffs ; ( ii ) smoking and health cases primarily alleging personal injury or seeking court-supervised programs for ongoing medical monitoring and purporting to be brought on behalf of a class of individual plaintiffs , including cases in which the aggregated claims of a number of individual plaintiffs are to be tried in a single proceeding ; ( iii ) health care cost recovery cases brought by governmental ( both domestic and foreign ) plaintiffs seeking reimbursement for health care expenditures allegedly caused by cigarette smoking and/or disgorgement of profits ; ( iv ) class action suits alleging that the uses of the terms 201clights 201d and 201cultra lights 201d constitute deceptive and unfair trade practices , common law or statutory fraud , unjust enrichment , breach of warranty or violations of the racketeer influenced and corrupt organizations act ( 201crico 201d ) ; and ( v ) other tobacco-related litigation described below .plaintiffs 2019 theories of recovery and the defenses raised in pending smoking and health , health care cost recovery and 201clights/ultra lights 201d cases are discussed below .the table below lists the number of certain tobacco-related cases pending in the united states against pm usa ( 1 ) and , in some instances , altria group , inc .as of december 31 , 2016 , 2015 and 2014: .
[['', '2016', '2015', '2014'], ['individual smoking and health cases ( 2 )', '70', '65', '67'], ['smoking and health class actions and aggregated claims litigation ( 3 )', '5', '5', '5'], ['health care cost recovery actions ( 4 )', '1', '1', '1'], ['201clights/ultra lights 201d class actions', '8', '11', '12']]
( 1 ) does not include 25 cases filed on the asbestos docket in the circuit court for baltimore city , maryland , which seek to join pm usa and other cigarette- manufacturing defendants in complaints previously filed against asbestos companies .( 2 ) does not include 2485 cases brought by flight attendants seeking compensatory damages for personal injuries allegedly caused by exposure to environmental tobacco smoke ( 201cets 201d ) .the flight attendants allege that they are members of an ets smoking and health class action in florida , which was settled in 1997 ( broin ) .the terms of the court-approved settlement in that case allowed class members to file individual lawsuits seeking compensatory damages , but prohibited them from seeking punitive damages .also , does not include individual smoking and health cases brought by or on behalf of plaintiffs in florida state and federal courts following the decertification of the engle case ( discussed below in smoking and health litigation - engle class action ) .( 3 ) includes as one case the 600 civil actions ( of which 344 were actions against pm usa ) that were to be tried in a single proceeding in west virginia ( in re : tobacco litigation ) .the west virginia supreme court of appeals ruled that the united states constitution did not preclude a trial in two phases in this case .issues related to defendants 2019 conduct and whether punitive damages are permissible were tried in the first phase .trial in the first phase of this case began in april 2013 .in may 2013 , the jury returned a verdict in favor of defendants on the claims for design defect , negligence , failure to warn , breach of warranty , and concealment and declined to find that the defendants 2019 conduct warranted punitive damages .plaintiffs prevailed on their claim that ventilated filter cigarettes should have included use instructions for the period 1964 - 1969 .the second phase will consist of trials to determine liability and compensatory damages .in november 2014 , the west virginia supreme court of appeals affirmed the final judgment .in july 2015 , the trial court entered an order that will result in the entry of final judgment in favor of defendants and against all but 30 plaintiffs who potentially have a claim against one or more defendants that may be pursued in a second phase of trial .the court intends to try the claims of these 30 plaintiffs in six consolidated trials , each with a group of five plaintiffs .the first trial is currently scheduled to begin may 1 , 2018 .dates for the five remaining consolidated trials have not been scheduled .( 4 ) see health care cost recovery litigation - federal government 2019s lawsuit below. .
|
what are the total number of pending tobacco-related cases in united states in 2014?
|
85
|
{
"answer": "85",
"decimal": 85,
"type": "float"
}
| |
average age ( yrs. ) highway revenue equipment owned leased total .
[['highway revenue equipment', 'owned', 'leased', 'total', 'averageage ( yrs. )'], ['containers', '26629', '28306', '54935', '7.1'], ['chassis', '15182', '25951', '41133', '8.9'], ['total highway revenue equipment', '41811', '54257', '96068', 'n/a']]
capital expenditures our rail network requires significant annual capital investments for replacement , improvement , and expansion .these investments enhance safety , support the transportation needs of our customers , and improve our operational efficiency .additionally , we add new locomotives and freight cars to our fleet to replace older , less efficient equipment , to support growth and customer demand , and to reduce our impact on the environment through the acquisition of more fuel-efficient and low-emission locomotives .2014 capital program 2013 during 2014 , our capital program totaled $ 4.1 billion .( see the cash capital expenditures table in management 2019s discussion and analysis of financial condition and results of operations 2013 liquidity and capital resources 2013 financial condition , item 7. ) 2015 capital plan 2013 in 2015 , we expect our capital plan to be approximately $ 4.3 billion , which will include expenditures for ptc of approximately $ 450 million and may include non-cash investments .we may revise our 2015 capital plan if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .( see discussion of our 2015 capital plan in management 2019s discussion and analysis of financial condition and results of operations 2013 2015 outlook , item 7. ) equipment encumbrances 2013 equipment with a carrying value of approximately $ 2.8 billion and $ 2.9 billion at december 31 , 2014 , and 2013 , respectively served as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire or refinance such railroad equipment .as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds .as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion .in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds .environmental matters 2013 certain of our properties are subject to federal , state , and local laws and regulations governing the protection of the environment .( see discussion of environmental issues in business 2013 governmental and environmental regulation , item 1 , and management 2019s discussion and analysis of financial condition and results of operations 2013 critical accounting policies 2013 environmental , item 7. ) item 3 .legal proceedings from time to time , we are involved in legal proceedings , claims , and litigation that occur in connection with our business .we routinely assess our liabilities and contingencies in connection with these matters based upon the latest available information and , when necessary , we seek input from our third-party advisors when making these assessments .consistent with sec rules and requirements , we describe below material pending legal proceedings ( other than ordinary routine litigation incidental to our business ) , material proceedings known to be contemplated by governmental authorities , other proceedings arising under federal , state , or local environmental laws and regulations ( including governmental proceedings involving potential fines , penalties , or other monetary sanctions in excess of $ 100000 ) , and such other pending matters that we may determine to be appropriate. .
|
what percentage of total highway revenue equipment is owned?
|
44%
|
{
"answer": "44%",
"decimal": 0.44,
"type": "percentage"
}
| |
augusta , georgia mill and $ 2 million of costs associated with the sale of the shorewood business .consumer packaging .
[['in millions', '2015', '2014', '2013'], ['sales', '$ 2940', '$ 3403', '$ 3435'], ['operating profit ( loss )', '-25 ( 25 )', '178', '161']]
north american consumer packaging net sales were $ 1.9 billion in 2015 compared with $ 2.0 billion in 2014 and $ 2.0 billion in 2013 .operating profits were $ 81 million ( $ 91 million excluding the cost associated with the planned conversion of our riegelwood mill to 100% ( 100 % ) pulp production , net of proceeds from the sale of the carolina coated bristols brand , and sheet plant closure costs ) in 2015 compared with $ 92 million ( $ 100 million excluding sheet plant closure costs ) in 2014 and $ 63 million ( $ 110 million excluding paper machine shutdown costs and costs related to the sale of the shorewood business ) in 2013 .coated paperboard sales volumes in 2015 were lower than in 2014 reflecting weaker market demand .the business took about 77000 tons of market-related downtime in 2015 compared with about 41000 tons in 2014 .average sales price realizations increased modestly year over year as competitive pressures in the current year only partially offset the impact of sales price increases implemented in 2014 .input costs decreased for energy and chemicals , but wood costs increased .planned maintenance downtime costs were $ 10 million lower in 2015 .operating costs were higher , mainly due to inflation and overhead costs .foodservice sales volumes increased in 2015 compared with 2014 reflecting strong market demand .average sales margins increased due to lower resin costs and a more favorable mix .operating costs and distribution costs were both higher .looking ahead to the first quarter of 2016 , coated paperboard sales volumes are expected to be slightly lower than in the fourth quarter of 2015 due to our exit from the coated bristols market .average sales price realizations are expected to be flat , but margins should benefit from a more favorable product mix .input costs are expected to be higher for wood , chemicals and energy .planned maintenance downtime costs should be $ 4 million higher with a planned maintenance outage scheduled at our augusta mill in the first quarter .foodservice sales volumes are expected to be seasonally lower .average sales margins are expected to improve due to a more favorable mix .operating costs are expected to decrease .european consumer packaging net sales in 2015 were $ 319 million compared with $ 365 million in 2014 and $ 380 million in 2013 .operating profits in 2015 were $ 87 million compared with $ 91 million in 2014 and $ 100 million in 2013 .sales volumes in 2015 compared with 2014 increased in europe , but decreased in russia .average sales margins improved in russia due to slightly higher average sales price realizations and a more favorable mix .in europe average sales margins decreased reflecting lower average sales price realizations and an unfavorable mix .input costs were lower in europe , primarily for wood and energy , but were higher in russia , primarily for wood .looking forward to the first quarter of 2016 , compared with the fourth quarter of 2015 , sales volumes are expected to be stable .average sales price realizations are expected to be slightly higher in both russia and europe .input costs are expected to be flat , while operating costs are expected to increase .asian consumer packaging the company sold its 55% ( 55 % ) equity share in the ip-sun jv in october 2015 .net sales and operating profits presented below include results through september 30 , 2015 .net sales were $ 682 million in 2015 compared with $ 1.0 billion in 2014 and $ 1.1 billion in 2013 .operating profits in 2015 were a loss of $ 193 million ( a loss of $ 19 million excluding goodwill and other asset impairment costs ) compared with losses of $ 5 million in 2014 and $ 2 million in 2013 .sales volumes and average sales price realizations were lower in 2015 due to over-supplied market conditions and competitive pressures .average sales margins were also negatively impacted by a less favorable mix .input costs and freight costs were lower and operating costs also decreased .on october 13 , 2015 , the company finalized the sale of its 55% ( 55 % ) interest in ip asia coated paperboard ( ip- sun jv ) business , within the company's consumer packaging segment , to its chinese coated board joint venture partner , shandong sun holding group co. , ltd .for rmb 149 million ( approximately usd $ 23 million ) .during the third quarter of 2015 , a determination was made that the current book value of the asset group exceeded its estimated fair value of $ 23 million , which was the agreed upon selling price .the 2015 loss includes the net pre-tax impairment charge of $ 174 million ( $ 113 million after taxes ) .a pre-tax charge of $ 186 million was recorded during the third quarter in the company's consumer packaging segment to write down the long-lived assets of this business to their estimated fair value .in the fourth quarter of 2015 , upon the sale and corresponding deconsolidation of ip-sun jv from the company's consolidated balance sheet , final adjustments were made resulting in a reduction of the impairment of $ 12 million .the amount of pre-tax losses related to noncontrolling interest of the ip-sun jv included in the company's consolidated statement of operations for the years ended december 31 , 2015 , 2014 and 2013 were $ 19 million , $ 12 million and $ 8 million , respectively .the amount of pre-tax losses related to the ip-sun jv included in the company's .
|
what was the consumer packaging profit margin in 2013
|
4.7%
|
{
"answer": "4.7%",
"decimal": 0.047,
"type": "percentage"
}
| |
2009 levels , we returned a portion of these assets to active service .at the end of 2010 , we continued to maintain in storage approximately 17% ( 17 % ) of our multiple purpose locomotives and 14% ( 14 % ) of our freight car inventory , reflecting our ability to effectively leverage our assets as volumes return to our network .2022 fuel prices 2013 fuel prices generally increased throughout 2010 as the economy improved .our average diesel fuel price per gallon increased nearly 20% ( 20 % ) from january to december of 2010 , driven by higher crude oil barrel prices and conversion spreads .compared to 2009 , our diesel fuel price per gallon consumed increased 31% ( 31 % ) , driving operating expenses up by $ 566 million ( excluding any impact from year-over-year volume increases ) .to partially offset the effect of higher fuel prices , we reduced our consumption rate by 3% ( 3 % ) during the year , saving approximately 27 million gallons of fuel .the use of newer , more fuel efficient locomotives ; increased use of distributed locomotive power ( the practice of distributing locomotives throughout a train rather than positioning them all in the lead resulting in safer and more efficient train operations ) ; fuel conservation programs ; and efficient network operations and asset utilization all contributed to this improvement .2022 free cash flow 2013 cash generated by operating activities ( adjusted for the reclassification of our receivables securitization facility ) totaled $ 4.5 billion , yielding record free cash flow of $ 1.4 billion in 2010 .free cash flow is defined as cash provided by operating activities ( adjusted for the reclassification of our receivables securitization facility ) , less cash used in investing activities and dividends paid .free cash flow is not considered a financial measure under accounting principles generally accepted in the u.s .( gaap ) by sec regulation g and item 10 of sec regulation s-k .we believe free cash flow is important in evaluating our financial performance and measures our ability to generate cash without additional external financings .free cash flow should be considered in addition to , rather than as a substitute for , cash provided by operating activities .the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions 2010 2009 2008 .
[['millions', '2010', '2009', '2008'], ['cash provided by operating activities', '$ 4105', '$ 3204', '$ 4044'], ['receivables securitization facility [a]', '400', '184', '16'], ['cash provided by operating activitiesadjusted for the receivables securitizationfacility', '4505', '3388', '4060'], ['cash used in investing activities', '-2488 ( 2488 )', '-2145 ( 2145 )', '-2738 ( 2738 )'], ['dividends paid', '-602 ( 602 )', '-544 ( 544 )', '-481 ( 481 )'], ['free cash flow', '$ 1415', '$ 699', '$ 841']]
[a] effective january 1 , 2010 , a new accounting standard required us to account for receivables transferred under our receivables securitization facility as secured borrowings in our consolidated statements of financial position and as financing activities in our consolidated statements of cash flows .the receivables securitization facility is included in our free cash flow calculation to adjust cash provided by operating activities as though our receivables securitization facility had been accounted for under the new accounting standard for all periods presented .2011 outlook 2022 safety 2013 operating a safe railroad benefits our employees , our customers , our shareholders , and the public .we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , and training , and engaging our employees .we will continue implementing total safety culture ( tsc ) throughout our operations .tsc is designed to establish , maintain , reinforce , and promote safe practices among co-workers .this process allows us to identify and implement best practices for employee and operational safety .reducing grade crossing incidents is a critical aspect of our safety programs , and we will continue our efforts to maintain and close crossings ; install video cameras on locomotives ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , various industry programs , and engaging local communities .2022 transportation plan 2013 to build upon our success in recent years , we will continue evaluating traffic flows and network logistic patterns , which can be quite dynamic , to identify additional opportunities to simplify operations , remove network variability , and improve network efficiency and asset utilization .we plan to adjust manpower and our locomotive and rail car fleets to meet customer needs and put .
|
what is the annual average dividend paid from 2008-2010 , in millions?
|
542.3
|
{
"answer": "542.3",
"decimal": 542.3,
"type": "float"
}
| |
fiscal 2004 acquisitions in february 2004 , the company completed the acquisition of all the outstanding shares of accelerant networks , inc .( accelerant ) for total consideration of $ 23.8 million , and the acquisition of the technology assets of analog design automation , inc .( ada ) for total consideration of $ 12.2 million .the company acquired accelerant in order to enhance the company 2019s standards-based ip solutions .the company acquired the assets of ada in order to enhance the company 2019s analog and mixed signal offerings .in october 2004 , the company completed the acquisition of cascade semiconductor solutions , inc .( cascade ) for total upfront consideration of $ 15.8 million and contingent consideration of up to $ 10.0 million to be paid upon the achievement of certain performance milestones over the three years following the acquisition .contingent consideration totaling $ 2.1 million was paid during the fourth quarter of fiscal 2005 and has been allocated to goodwill .the company acquired cascade , an ip provider , in order to augment synopsys 2019 offerings of pci express products .included in the total consideration for the accelerant and cascade acquisitions are aggregate acquisition costs of $ 4.3 million , consisting primarily of legal and accounting fees and other directly related charges .as of october 31 , 2006 the company has paid substantially all the costs related to these acquisitions .in fiscal 2004 , the company completed one additional acquisition and two additional asset acquisition transactions for aggregate consideration of $ 12.3 million in upfront payments and acquisition-related costs .in process research and development expenses associated with these acquisitions totaled $ 1.6 million for fiscal 2004 .these acquisitions are not considered material , individually or in the aggregate , to the company 2019s consolidated balance sheet and results of operations .as of october 31 , 2006 , the company has paid substantially all the costs related to these acquisitions .the company allocated the total aggregate purchase consideration for these transactions to the assets and liabilities acquired , including identifiable intangible assets , based on their respective fair values at the acquisition dates , resulting in aggregate goodwill of $ 24.5 million .aggregate identifiable intangible assets as a result of these acquisitions , consisting primarily of purchased technology and other intangibles , are $ 44.8 million , and are being amortized over three to five years .the company includes the amortization of purchased technology in cost of revenue in its statements of operations .note 4 .goodwill and intangible assets goodwill consists of the following: .
[['', '( in thousands )'], ['balance at october 31 2004', '$ 593706'], ['additions ( 1 )', '169142'], ['other adjustments ( 2 )', '-33869 ( 33869 )'], ['balance at october 31 2005', '$ 728979'], ['additions ( 3 )', '27745'], ['other adjustments ( 4 )', '-21081 ( 21081 )'], ['balance at october 31 2006', '$ 735643']]
( 1 ) during fiscal year 2005 , additions represent goodwill acquired in acquisitions of ise and nassda of $ 72.9 million and $ 92.4 million , respectively , and contingent consideration earned and paid of $ 1.7 million and $ 2.1 million related to an immaterial acquisition and the acquisition of cascade , respectively .( 2 ) during fiscal year 2005 , synopsys reduced goodwill primarily related to tax reserves for avant! no longer probable due to expiration of the federal statute of limitations for claims. .
|
what is the variation observed in the balance between 2005 and 2006 , in thousands?
|
6664
|
{
"answer": "6664",
"decimal": 6664,
"type": "float"
}
|
it is the difference between those values .
|
bhge 2017 form 10-k | 29 the rig counts are summarized in the table below as averages for each of the periods indicated. .
[['', '2017', '2016', '2015'], ['north america', '1082', '642', '1178'], ['international', '948', '956', '1168'], ['worldwide', '2030', '1598', '2346']]
2017 compared to 2016 overall the rig count was 2030 in 2017 , an increase of 27% ( 27 % ) as compared to 2016 due primarily to north american activity .the rig count in north america increased 69% ( 69 % ) in 2017 compared to 2016 .internationally , the rig count decreased 1% ( 1 % ) in 2017 as compared to the same period last year .within north america , the increase was primarily driven by the land rig count , which was up 72% ( 72 % ) , partially offset by a decrease in the offshore rig count of 16% ( 16 % ) .internationally , the rig count decrease was driven primarily by decreases in latin america of 7% ( 7 % ) , the europe region and africa region , which were down by 4% ( 4 % ) and 2% ( 2 % ) , respectively , partially offset by the asia-pacific region , which was up 8% ( 8 % ) .2016 compared to 2015 overall the rig count was 1598 in 2016 , a decrease of 32% ( 32 % ) as compared to 2015 due primarily to north american activity .the rig count in north america decreased 46% ( 46 % ) in 2016 compared to 2015 .internationally , the rig count decreased 18% ( 18 % ) in 2016 compared to 2015 .within north america , the decrease was primarily driven by a 44% ( 44 % ) decline in oil-directed rigs .the natural gas- directed rig count in north america declined 50% ( 50 % ) in 2016 as natural gas well productivity improved .internationally , the rig count decrease was driven primarily by decreases in latin america , which was down 38% ( 38 % ) , the africa region , which was down 20% ( 20 % ) , and the europe region and asia-pacific region , which were down 18% ( 18 % ) and 15% ( 15 % ) , respectively .key performance indicators ( millions ) product services and backlog of product services our consolidated and combined statement of income ( loss ) displays sales and costs of sales in accordance with sec regulations under which "goods" is required to include all sales of tangible products and "services" must include all other sales , including other service activities .for the amounts shown below , we distinguish between "equipment" and "product services" , where product services refer to sales under product services agreements , including sales of both goods ( such as spare parts and equipment upgrades ) and related services ( such as monitoring , maintenance and repairs ) , which is an important part of its operations .we refer to "product services" simply as "services" within the business environment section of management's discussion and analysis .backlog is defined as unfilled customer orders for products and services believed to be firm .for product services , an amount is included for the expected life of the contract. .
|
what portion of the rig counts is related to north america in 2016?
|
40.2%
|
{
"answer": "40.2%",
"decimal": 0.402,
"type": "percentage"
}
| |
fund .employees have the ability to transfer funds from the company stock fund as they choose .the company declared matching contributions to the vertex 401 ( k ) plan as follows ( in thousands ) : q .related party transactions as of december 31 , 2005 and 2004 , the company had an interest-free loan outstanding to an officer in the amount of $ 36000 and $ 97000 , respectively , which was initially advanced in april 2002 .the loan balance is included in other assets on the consolidated balance sheets .in 2001 , the company entered into a four year consulting agreement with a director of the company for the provision of part-time consulting services over a period of four years , at the rate of $ 80000 per year commencing in january 2002 and terminating in january 2006 .r .contingencies the company has certain contingent liabilities that arise in the ordinary course of its business activities .the company accrues contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated .on december 17 , 2003 , a purported class action , marguerite sacchetti v .james c .blair et al. , was filed in the superior court of the state of california , county of san diego , naming as defendants all of the directors of aurora who approved the merger of aurora and vertex , which closed in july 2001 .the plaintiffs claim that aurora's directors breached their fiduciary duty to aurora by , among other things , negligently conducting a due diligence examination of vertex by failing to discover alleged problems with vx-745 , a vertex drug candidate that was the subject of a development program which was terminated by vertex in september 2001 .vertex has certain indemnity obligations to aurora's directors under the terms of the merger agreement between vertex and aurora , which could result in vertex liability for attorney's fees and costs in connection with this action , as well as for any ultimate judgment that might be awarded .there is an outstanding directors' and officers' liability policy which may cover a significant portion of any such liability .the defendants are vigorously defending this suit .the company believes this suit will be settled without any significant liability to vertex or the former aurora directors .s .guarantees as permitted under massachusetts law , vertex's articles of organization and bylaws provide that the company will indemnify certain of its officers and directors for certain claims asserted against them in connection with their service as an officer or director .the maximum potential amount of future payments that the company could be required to make under these indemnification provisions is unlimited .however , the company has purchased certain directors' and officers' liability insurance policies that reduce its monetary exposure and enable it to recover a portion of any future amounts paid .the company believes the estimated fair value of these indemnification arrangements is minimal .discretionary matching contributions for the year ended december 31 , $ 2894 $ 2492 $ 2237 .
[['', '2005', '2004', '2003'], ['discretionary matching contributions for the year ended december 31,', '$ 2894', '$ 2492', '$ 2237'], ['shares issued for the year ended december 31,', '215', '239', '185'], ['shares issuable as of the year ended december 31,', '19', '57', '61']]
.
|
what was the change in the the company interest-free loan outstanding to an officer in 2005 and 2004
|
61000
|
{
"answer": "61000",
"decimal": 61000,
"type": "float"
}
| |
14 .leases we lease certain locomotives , freight cars , and other property .the consolidated statement of financial position as of december 31 , 2009 and 2008 included $ 2754 million , net of $ 927 million of accumulated depreciation , and $ 2024 million , net of $ 869 million of accumulated depreciation , respectively , for properties held under capital leases .a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2009 were as follows : millions of dollars operating leases capital leases .
[['millions of dollars', 'operatingleases', 'capital leases'], ['2010', '$ 576', '$ 290'], ['2011', '570', '292'], ['2012', '488', '247'], ['2013', '425', '256'], ['2014', '352', '267'], ['later years', '2901', '1623'], ['total minimum lease payments', '$ 5312', '$ 2975'], ['amount representing interest', 'n/a', '-914 ( 914 )'], ['present value of minimum lease payments', 'n/a', '$ 2061']]
the majority of capital lease payments relate to locomotives .rent expense for operating leases with terms exceeding one month was $ 686 million in 2009 , $ 747 million in 2008 , and $ 810 million in 2007 .when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .contingent rentals and sub-rentals are not significant .15 .commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries .we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity ; however , to the extent possible , where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated , we have recorded a liability .we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters .personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year .we use third-party actuaries to assist us in measuring the expense and liability , including unasserted claims .the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents .under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements .we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at .
|
what percent of total minimum operating lease payments are due in 2011?
|
11%
|
{
"answer": "11%",
"decimal": 0.11,
"type": "percentage"
}
| |
item 1b .unresolved staff comments item 2 .properties we employ a variety of assets in the management and operation of our rail business .our rail network covers 23 states in the western two-thirds of the u.s .our rail network includes 31974 route miles .we own 26012 miles and operate on the remainder pursuant to trackage rights or leases .the following table describes track miles at december 31 , 2014 and 2013 .2014 2013 .
[['', '2014', '2013'], ['route', '31974', '31838'], ['other main line', '6943', '6766'], ['passing lines and turnouts', '3197', '3167'], ['switching and classification yard lines', '9058', '9090'], ['total miles', '51172', '50861']]
headquarters building we own our headquarters building in omaha , nebraska .the facility has 1.2 million square feet of space for approximately 4000 employees. .
|
what percentage of total miles were other main line in 2013?
|
13%
|
{
"answer": "13%",
"decimal": 0.13,
"type": "percentage"
}
| |
( $ 125 million ) and higher maintenance outage costs ( $ 18 million ) .additionally , operating profits in 2012 include costs of $ 184 million associated with the acquisition and integration of temple-inland , mill divestiture costs of $ 91 million , costs associated with the restructuring of our european packaging busi- ness of $ 17 million and a $ 3 million gain for other items , while operating costs in 2011 included costs associated with signing an agreement to acquire temple-inland of $ 20 million and a gain of $ 7 million for other items .industrial packaging .
[['in millions', '2012', '2011', '2010'], ['sales', '$ 13280', '$ 10430', '$ 9840'], ['operating profit', '1066', '1147', '826']]
north american industr ia l packaging net sales were $ 11.6 billion in 2012 compared with $ 8.6 billion in 2011 and $ 8.4 billion in 2010 .operating profits in 2012 were $ 1.0 billion ( $ 1.3 billion exclud- ing costs associated with the acquisition and integration of temple-inland and mill divestiture costs ) compared with $ 1.1 billion ( both including and excluding costs associated with signing an agree- ment to acquire temple-inland ) in 2011 and $ 763 million ( $ 776 million excluding facility closure costs ) in 2010 .sales volumes for the legacy business were about flat in 2012 compared with 2011 .average sales price was lower mainly due to export containerboard sales prices which bottomed out in the first quarter but climbed steadily the rest of the year .input costs were lower for recycled fiber , wood and natural gas , but higher for starch .freight costs also increased .plan- ned maintenance downtime costs were higher than in 2011 .operating costs were higher largely due to routine inventory valuation adjustments operating profits in 2012 benefited from $ 235 million of temple-inland synergies .market-related downtime in 2012 was about 570000 tons compared with about 380000 tons in 2011 .operating profits in 2012 included $ 184 million of costs associated with the acquisition and integration of temple-inland and $ 91 million of costs associated with the divestiture of three containerboard mills .operating profits in 2011 included charges of $ 20 million for costs associated with the signing of the agreement to acquire temple- inland .looking ahead to 2013 , sales volumes in the first quarter compared with the fourth quarter of 2012 are expected to increase slightly for boxes due to a higher number of shipping days .average sales price realizations are expected to reflect the pass-through to box customers of a containerboard price increase implemented in 2012 .input costs are expected to be higher for recycled fiber , wood and starch .planned maintenance downtime costs are expected to be about $ 26 million higher with outages scheduled at eight mills compared with six mills in the 2012 fourth quarter .manufacturing operating costs are expected to be lower .european industr ia l packaging net sales were $ 1.0 billion in 2012 compared with $ 1.1 billion in 2011 and $ 990 million in 2010 .operating profits in 2012 were $ 53 million ( $ 72 million excluding restructuring costs ) compared with $ 66 million ( $ 61 million excluding a gain for a bargain purchase price adjustment on an acquisition by our joint venture in turkey and costs associated with the closure of our etienne mill in france in 2009 ) in 2011 and $ 70 mil- lion ( $ 73 million before closure costs for our etienne mill ) in 2010 .sales volumes in 2012 were lower than in 2011 reflecting decreased demand for packaging in the industrial market due to a weaker overall economic environment in southern europe .demand for pack- aging in the agricultural markets was about flat year- over-year .average sales margins increased due to sales price increases implemented during 2011 and 2012 and lower board costs .other input costs were higher , primarily for energy and distribution .operat- ing profits in 2012 included a net gain of $ 10 million for an insurance settlement , partially offset by addi- tional operating costs , related to the earthquakes in northern italy in may which affected our san felice box plant .entering the first quarter of 2013 , sales volumes are expected to be stable reflecting a seasonal decrease in market demand in agricultural markets offset by an increase in industrial markets .average sales margins are expected to improve due to lower input costs for containerboard .other input costs should be about flat .operating costs are expected to be higher reflecting the absence of the earthquake insurance settlement that was received in the 2012 fourth quar- asian industr ia l packaging net sales and operating profits include the results of sca pack- aging since the acquisition on june 30 , 2010 , includ- ing the impact of incremental integration costs .net sales for the packaging operations were $ 400 million in 2012 compared with $ 410 million in 2011 and $ 255 million in 2010 .operating profits for the packaging operations were $ 2 million in 2012 compared with $ 2 million in 2011 and a loss of $ 7 million ( a loss of $ 4 million excluding facility closure costs ) in 2010 .operating profits were favorably impacted by higher average sales margins in 2012 compared with 2011 , but this benefit was offset by lower sales volumes and higher raw material costs and operating costs .looking ahead to the first quarter of 2013 , sales volumes and average sales margins are expected to decrease due to seasonality .net sales for the distribution operations were $ 260 million in 2012 compared with $ 285 million in 2011 and $ 240 million in 2010 .operating profits were $ 3 million in 2012 compared with $ 3 million in 2011 and about breakeven in 2010. .
|
what was the industrial packaging profit margin in 2012
|
8.0%
|
{
"answer": "8.0%",
"decimal": 0.08,
"type": "percentage"
}
| |
at december 31 , 2014 , total future minimum commitments under existing non-cancelable operating leases and purchase obligations were as follows: .
[['in millions', '2015', '2016', '2017', '2018', '2019', 'thereafter'], ['lease obligations', '$ 142', '$ 106', '$ 84', '$ 63', '$ 45', '$ 91'], ['purchase obligations ( a )', '3266', '761', '583', '463', '422', '1690'], ['total', '$ 3408', '$ 867', '$ 667', '$ 526', '$ 467', '$ 1781']]
( a ) includes $ 2.3 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business .rent expense was $ 154 million , $ 168 million and $ 185 million for 2014 , 2013 and 2012 , respectively .guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , international paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters .where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction .environmental proceedings cercla and state actions international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , including the comprehensive environmental response , compensation and liability act ( cercla ) .many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources .while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties .remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable .international paper has estimated the probable liability associated with these matters to be approximately $ 95 million in the aggregate as of december 31 , 2014 .cass lake : one of the matters referenced above is a closed wood treating facility located in cass lake , minnesota .during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a remediation feasibility study .in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million .the overall remediation reserve for the site is currently $ 50 million to address the selection of an alternative for the soil remediation component of the overall site remedy .in october 2011 , the epa released a public statement indicating that the final soil remedy decision would be delayed .in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean- up alternative , the remediation costs could be material , and significantly higher than amounts currently recorded .in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to perform a natural resource damage assessment .it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred .other remediation costs in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 41 million as of december 31 , 2014 .other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements .legal proceedings environmental kalamazoo river : the company is a potentially responsible party with respect to the allied paper , inc./ portage creek/kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan .the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the kalamazoo river , including a paper mill formerly owned by st .regis paper company ( st .regis ) .the company is a successor in interest to st .regis .although the company has not received any orders from the epa , in december 2014 , the epa sent the company a letter demanding payment of $ 19 million to reimburse the epa for costs associated with a time critical removal action of pcb contaminated sediments from a portion of the site .the company 2019s cercla liability has not been finally determined with respect to this or any other portion of the site and we have declined to reimburse the epa at this time .as noted below , the company is involved in allocation/ apportionment litigation with regard to the site .accordingly , it is premature to estimate a loss or range of loss with respect to this site .the company was named as a defendant by georgia- pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the site .the suit .
|
at december 31 , 2014 what was the percent of the total future minimum commitments under existing non-cancelable purchase obligations in 2016
|
88%
|
{
"answer": "88%",
"decimal": 0.88,
"type": "percentage"
}
| |
have access to liquidity by issuing bonds to public or private investors based on our assessment of the current condition of the credit markets .at december 31 , 2009 , we had a working capital surplus of approximately $ 1.0 billion , which reflects our decision to maintain additional cash reserves to enhance liquidity in response to difficult economic conditions .at december 31 , 2008 , we had a working capital deficit of approximately $ 100 million .historically , we have had a working capital deficit , which is common in our industry and does not indicate a lack of liquidity .we maintain adequate resources and , when necessary , have access to capital to meet any daily and short-term cash requirements , and we have sufficient financial capacity to satisfy our current liabilities .cash flows millions of dollars 2009 2008 2007 .
[['millions of dollars', '2009', '2008', '2007'], ['cash provided by operating activities', '$ 3234', '$ 4070', '$ 3277'], ['cash used in investing activities', '-2175 ( 2175 )', '-2764 ( 2764 )', '-2426 ( 2426 )'], ['cash used in financing activities', '-458 ( 458 )', '-935 ( 935 )', '-800 ( 800 )'], ['net change in cash and cash equivalents', '$ 601', '$ 371', '$ 51']]
operating activities lower net income in 2009 , a reduction of $ 184 million in the outstanding balance of our accounts receivable securitization program , higher pension contributions of $ 72 million , and changes to working capital combined to decrease cash provided by operating activities compared to 2008 .higher net income and changes in working capital combined to increase cash provided by operating activities in 2008 compared to 2007 .in addition , accelerated tax deductions enacted in 2008 on certain new operating assets resulted in lower income tax payments in 2008 versus 2007 .voluntary pension contributions in 2008 totaling $ 200 million and other pension contributions of $ 8 million partially offset the year-over-year increase versus 2007 .investing activities lower capital investments and higher proceeds from asset sales drove the decrease in cash used in investing activities in 2009 versus 2008 .increased capital investments and lower proceeds from asset sales drove the increase in cash used in investing activities in 2008 compared to 2007. .
|
what was the percentage change in cash provided by operating activities from 2008 to 2009?
|
-21%
|
{
"answer": "-21%",
"decimal": -0.21,
"type": "percentage"
}
| |
notes to the audited consolidated financial statements director stock compensation subplan eastman's 2016 director stock compensation subplan ( "directors' subplan" ) , a component of the 2012 omnibus plan , remains in effect until terminated by the board of directors or the earlier termination of thf e 2012 omnibus plan .the directors' subplan provides for structured awards of restricted shares to non-employee members of the board of directors .restricted shares awarded under the directors' subplan are subject to the same terms and conditions of the 2012 omnibus plan .the directors' subplan does not constitute a separate source of shares for grant of equity awards and all shares awarded are part of the 10 million shares authorized under the 2012 omnibus plan .shares of restricted stock are granted on the first day of a non-f employee director's initial term of service and shares of restricted stock are granted each year to each non-employee director on the date of the annual meeting of stockholders .general the company is authorized by the board of directors under the 2012 omnibus plan tof provide awards to employees and non- employee members of the board of directors .it has been the company's practice to issue new shares rather than treasury shares for equity awards that require settlement by the issuance of common stock and to withhold or accept back shares awarded to cover the related income tax obligations of employee participants .shares of unrestricted common stock owned by non-d employee directors are not eligible to be withheld or acquired to satisfy the withholding obligation related to their income taxes .aa shares of unrestricted common stock owned by specified senior management level employees are accepted by the company to pay the exercise price of stock options in accordance with the terms and conditions of their awards .for 2016 , 2015 , and 2014 , total share-based compensation expense ( before tax ) of approximately $ 36 million , $ 36 million , and $ 28 million , respectively , was recognized in selling , general and administrative exd pense in the consolidated statements of earnings , comprehensive income and retained earnings for all share-based awards of which approximately $ 7 million , $ 7 million , and $ 4 million , respectively , related to stock options .the compensation expense is recognized over the substantive vesting period , which may be a shorter time period than the stated vesting period for qualifying termination eligible employees as defined in the forms of award notice .for 2016 , 2015 , and 2014 , approximately $ 2 million , $ 2 million , and $ 1 million , respectively , of stock option compensation expense was recognized due to qualifying termination eligibility preceding the requisite vesting period .stock option awards options have been granted on an annual basis to non-employee directors under the directors' subplan and predecessor plans and by the compensation and management development committee of the board of directors under the 2012 omnibus plan and predecessor plans to employees .option awards have an exercise price equal to the closing price of the company's stock on the date of grant .the term of options is 10 years with vesting periods thf at vary up to three years .vesting usually occurs ratably over the vesting period or at the end of the vesting period .the company utilizes the black scholes merton option valuation model which relies on certain assumptions to estimate an option's fair value .the weighted average assumptions used in the determination of fair value for stock options awarded in 2016 , 2015 , and 2014 are provided in the table below: .
[['assumptions', '2016', '2015', '2014'], ['expected volatility rate', '23.71% ( 23.71 % )', '24.11% ( 24.11 % )', '25.82% ( 25.82 % )'], ['expected dividend yield', '2.31% ( 2.31 % )', '1.75% ( 1.75 % )', '1.70% ( 1.70 % )'], ['average risk-free interest rate', '1.23% ( 1.23 % )', '1.45% ( 1.45 % )', '1.44% ( 1.44 % )'], ['expected term years', '5.0', '4.8', '4.7']]
.
|
what was the cumulative stock option compensation expense was recognized due to qualifying termination eligibility preceding the requisite vesting period from 2014 to 2016 in millions
|
5
|
{
"answer": "5",
"decimal": 5,
"type": "float"
}
| |
the following table sets forth information concerning increases in the total number of our aap stores during the past five years : beginning stores new stores ( 1 ) stores closed ending stores ( 1 ) does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores .our store-based information systems , which are designed to improve the efficiency of our operations and enhance customer service , are comprised of a proprietary pos system and electronic parts catalog , or epc , system .information maintained by our pos system is used to formulate pricing , marketing and merchandising strategies and to replenish inventory accurately and rapidly .our pos system is fully integrated with our epc system and enables our store team members to assist our customers in their parts selection and ordering based on the year , make , model and engine type of their vehicles .our centrally-based epc data management system enables us to reduce the time needed to ( i ) exchange data with our vendors and ( ii ) catalog and deliver updated , accurate parts information .our epc system also contains enhanced search engines and user-friendly navigation tools that enhance our team members' ability to look up any needed parts as well as additional products the customer needs to complete an automotive repair project .if a hard-to-find part or accessory is not available at one of our stores , the epc system can determine whether the part is carried and in-stock through our hub or pdq ae networks or can be ordered directly from one of our vendors .available parts and accessories are then ordered electronically from another store , hub , pdq ae or directly from the vendor with immediate confirmation of price , availability and estimated delivery time .we also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities .our store-level inventory management system provides real-time inventory tracking at the store level .with the store-level system , store team members can check the quantity of on-hand inventory for any sku , adjust stock levels for select items for store specific events , automatically process returns and defective merchandise , designate skus for cycle counts and track merchandise transfers .our stores use radio frequency hand-held devices to help ensure the accuracy of our inventory .our standard operating procedure , or sop , system is a web-based , electronic data management system that provides our team members with instant access to any of our standard operating procedures through a comprehensive on-line search function .all of these systems are tightly integrated and provide real-time , comprehensive information to store personnel , resulting in improved customer service levels , team member productivity and in-stock availability .purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; and 2022 global sourcing office in taipei , taiwan .our roanoke team is primarily responsible for the parts categories and our minnesota team is primarily responsible for accessories , oil and chemicals .our global sourcing team works closely with both teams .in fiscal 2011 , we purchased merchandise from approximately 500 vendors , with no single vendor accounting for more than 9% ( 9 % ) of purchases .our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms , including pricing , payment terms and volume .the merchandising team has developed strong vendor relationships in the industry and , in a collaborative effort with our vendor partners , utilizes a category management process where we manage the mix of our product offerings to meet customer demand .we believe this process , which develops a customer-focused business plan for each merchandise category , and our global sourcing operation are critical to improving comparable store sales , gross margin and inventory productivity. .
[['', '2011', '2010', '2009', '2008', '2007'], ['beginning stores', '3369', '3264', '3243', '3153', '2995'], ['new stores ( 1 )', '95', '110', '75', '109', '175'], ['stores closed', '-4 ( 4 )', '-5 ( 5 )', '-54 ( 54 )', '-19 ( 19 )', '-17 ( 17 )'], ['ending stores', '3460', '3369', '3264', '3243', '3153']]
the following table sets forth information concerning increases in the total number of our aap stores during the past five years : beginning stores new stores ( 1 ) stores closed ending stores ( 1 ) does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores .our store-based information systems , which are designed to improve the efficiency of our operations and enhance customer service , are comprised of a proprietary pos system and electronic parts catalog , or epc , system .information maintained by our pos system is used to formulate pricing , marketing and merchandising strategies and to replenish inventory accurately and rapidly .our pos system is fully integrated with our epc system and enables our store team members to assist our customers in their parts selection and ordering based on the year , make , model and engine type of their vehicles .our centrally-based epc data management system enables us to reduce the time needed to ( i ) exchange data with our vendors and ( ii ) catalog and deliver updated , accurate parts information .our epc system also contains enhanced search engines and user-friendly navigation tools that enhance our team members' ability to look up any needed parts as well as additional products the customer needs to complete an automotive repair project .if a hard-to-find part or accessory is not available at one of our stores , the epc system can determine whether the part is carried and in-stock through our hub or pdq ae networks or can be ordered directly from one of our vendors .available parts and accessories are then ordered electronically from another store , hub , pdq ae or directly from the vendor with immediate confirmation of price , availability and estimated delivery time .we also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities .our store-level inventory management system provides real-time inventory tracking at the store level .with the store-level system , store team members can check the quantity of on-hand inventory for any sku , adjust stock levels for select items for store specific events , automatically process returns and defective merchandise , designate skus for cycle counts and track merchandise transfers .our stores use radio frequency hand-held devices to help ensure the accuracy of our inventory .our standard operating procedure , or sop , system is a web-based , electronic data management system that provides our team members with instant access to any of our standard operating procedures through a comprehensive on-line search function .all of these systems are tightly integrated and provide real-time , comprehensive information to store personnel , resulting in improved customer service levels , team member productivity and in-stock availability .purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; and 2022 global sourcing office in taipei , taiwan .our roanoke team is primarily responsible for the parts categories and our minnesota team is primarily responsible for accessories , oil and chemicals .our global sourcing team works closely with both teams .in fiscal 2011 , we purchased merchandise from approximately 500 vendors , with no single vendor accounting for more than 9% ( 9 % ) of purchases .our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms , including pricing , payment terms and volume .the merchandising team has developed strong vendor relationships in the industry and , in a collaborative effort with our vendor partners , utilizes a category management process where we manage the mix of our product offerings to meet customer demand .we believe this process , which develops a customer-focused business plan for each merchandise category , and our global sourcing operation are critical to improving comparable store sales , gross margin and inventory productivity. .
|
what was the percentage increase in stores from 2007 to 2011?
|
9.7%
|
{
"answer": "9.7%",
"decimal": 0.09699999999999999,
"type": "percentage"
}
|
one can figure out the increase in percentage of stores by subtracting the end store total from 2011 by the store total of 2007 . then taking that answer and dividing it by the store total for 2007 .
|
the weighted average grant date fair value of performance-based restricted stock units granted during the years 2008 and 2007 was $ 84.33 and $ 71.72 , respectively .the total fair value of performance-based restricted stock units vested during 2009 , 2008 and 2007 was $ 33712 , $ 49387 and $ 9181 , respectively .at september 30 , 2009 , the weighted average remaining vesting term of performance-based restricted stock units is 1.28 years .time-vested restricted stock units time-vested restricted stock units generally cliff vest three years after the date of grant , except for certain key executives of the company , including the executive officers , for which such units generally vest one year following the employee 2019s retirement .the related share-based compensation expense is recorded over the requisite service period , which is the vesting period or in the case of certain key executives is based on retirement eligibility .the fair value of all time-vested restricted stock units is based on the market value of the company 2019s stock on the date of grant .a summary of time-vested restricted stock units outstanding as of september 30 , 2009 , and changes during the year then ended is as follows : weighted average grant date fair value .
[['', 'stock units', 'weighted average grant date fair value'], ['balance at october 1', '1570329', '$ 69.35'], ['granted', '618679', '62.96'], ['distributed', '-316839 ( 316839 )', '60.32'], ['forfeited or canceled', '-165211 ( 165211 )', '62.58'], ['balance at september 30', '1706958', '$ 69.36'], ['expected to vest at september 30', '1536262', '$ 69.36']]
the weighted average grant date fair value of time-vested restricted stock units granted during the years 2008 and 2007 was $ 84.42 and $ 72.20 , respectively .the total fair value of time-vested restricted stock units vested during 2009 , 2008 and 2007 was $ 29535 , $ 26674 and $ 3392 , respectively .at september 30 , 2009 , the weighted average remaining vesting term of the time-vested restricted stock units is 1.71 years .the amount of unrecognized compensation expense for all non-vested share-based awards as of september 30 , 2009 , is approximately $ 97034 , which is expected to be recognized over a weighted-average remaining life of approximately 2.02 years .at september 30 , 2009 , 4295402 shares were authorized for future grants under the 2004 plan .the company has a policy of satisfying share-based payments through either open market purchases or shares held in treasury .at september 30 , 2009 , the company has sufficient shares held in treasury to satisfy these payments in 2010 .other stock plans the company has a stock award plan , which allows for grants of common shares to certain key employees .distribution of 25% ( 25 % ) or more of each award is deferred until after retirement or involuntary termination , upon which the deferred portion of the award is distributable in five equal annual installments .the balance of the award is distributable over five years from the grant date , subject to certain conditions .in february 2004 , this plan was terminated with respect to future grants upon the adoption of the 2004 plan .at september 30 , 2009 and 2008 , awards for 114197 and 161145 shares , respectively , were outstanding .becton , dickinson and company notes to consolidated financial statements 2014 ( continued ) .
|
what is the total fair value of performance-based restricted stock units vested during 2009 , 2008 and 2007?
|
92280
|
{
"answer": "92280",
"decimal": 92280,
"type": "float"
}
| |
areas exceeding 14.1 million acres ( 5.7 million hectares ) .products and brand designations appearing in italics are trademarks of international paper or a related company .industry segment results industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods production , as well as with demand for processed foods , poultry , meat and agricultural products .in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix .industrial packaging net sales and operating profits include the results of the temple-inland packaging operations from the date of acquisition in february 2012 and the results of the brazil packaging business from the date of acquisition in january 2013 .in addition , due to the acquisition of a majority share of olmuksa international paper sabanci ambalaj sanayi ve ticaret a.s. , ( now called olmuksan international paper or olmuksan ) net sales for our corrugated packaging business in turkey are included in the business segment totals beginning in the first quarter of 2013 and the operating profits reflect a higher ownership percentage than in previous years .net sales for 2013 increased 12% ( 12 % ) to $ 14.8 billion compared with $ 13.3 billion in 2012 , and 42% ( 42 % ) compared with $ 10.4 billion in 2011 .operating profits were 69% ( 69 % ) higher in 2013 than in 2012 and 57% ( 57 % ) higher than in 2011 .excluding costs associated with the acquisition and integration of temple-inland , the divestiture of three containerboard mills and other special items , operating profits in 2013 were 36% ( 36 % ) higher than in 2012 and 59% ( 59 % ) higher than in 2011 .benefits from the net impact of higher average sales price realizations and an unfavorable mix ( $ 749 million ) were offset by lower sales volumes ( $ 73 million ) , higher operating costs ( $ 64 million ) , higher maintenance outage costs ( $ 16 million ) and higher input costs ( $ 102 million ) .additionally , operating profits in 2013 include costs of $ 62 million associated with the integration of temple-inland , a gain of $ 13 million related to a bargain purchase adjustment on the acquisition of a majority share of our operations in turkey , and a net gain of $ 1 million for other items , while operating profits in 2012 included costs of $ 184 million associated with the acquisition and integration of temple-inland , mill divestiture costs of $ 91 million , costs associated with the restructuring of our european packaging business of $ 17 million and a $ 3 million gain for other items .industrial packaging .
[['in millions', '2013', '2012', '2011'], ['sales', '$ 14810', '$ 13280', '$ 10430'], ['operating profit', '1801', '1066', '1147']]
north american industrial packaging net sales were $ 12.5 billion in 2013 compared with $ 11.6 billion in 2012 and $ 8.6 billion in 2011 .operating profits in 2013 were $ 1.8 billion ( both including and excluding costs associated with the integration of temple-inland and other special items ) compared with $ 1.0 billion ( $ 1.3 billion excluding costs associated with the acquisition and integration of temple-inland and mill divestiture costs ) in 2012 and $ 1.1 billion ( both including and excluding costs associated with signing an agreement to acquire temple-inland ) in 2011 .sales volumes decreased in 2013 compared with 2012 reflecting flat demand for boxes and the impact of commercial decisions .average sales price realizations were significantly higher mainly due to the realization of price increases for domestic containerboard and boxes .input costs were higher for wood , energy and recycled fiber .freight costs also increased .planned maintenance downtime costs were higher than in 2012 .manufacturing operating costs decreased , but were offset by inflation and higher overhead and distribution costs .the business took about 850000 tons of total downtime in 2013 of which about 450000 were market- related and 400000 were maintenance downtime .in 2012 , the business took about 945000 tons of total downtime of which about 580000 were market-related and about 365000 were maintenance downtime .operating profits in 2013 included $ 62 million of costs associated with the integration of temple-inland .operating profits in 2012 included $ 184 million of costs associated with the acquisition and integration of temple-inland and $ 91 million of costs associated with the divestiture of three containerboard mills .looking ahead to 2014 , compared with the fourth quarter of 2013 , sales volumes in the first quarter are expected to increase for boxes due to a higher number of shipping days offset by the impact from the severe winter weather events impacting much of the u.s .input costs are expected to be higher for energy , recycled fiber , wood and starch .planned maintenance downtime spending is expected to be about $ 51 million higher with outages scheduled at six mills compared with four mills in the 2013 fourth quarter .manufacturing operating costs are expected to be lower .however , operating profits will be negatively impacted by the adverse winter weather in the first quarter of 2014 .emea industrial packaging net sales in 2013 include the sales of our packaging operations in turkey which are now fully consolidated .net sales were $ 1.3 billion in 2013 compared with $ 1.0 billion in 2012 and $ 1.1 billion in 2011 .operating profits in 2013 were $ 43 million ( $ 32 .
|
what was the profit margin in 2011
|
11%
|
{
"answer": "11%",
"decimal": 0.11,
"type": "percentage"
}
| |
freesheet paper were higher in russia , but lower in europe reflecting weak economic conditions and market demand .average sales price realizations for pulp decreased .lower input costs for wood and purchased fiber were partially offset by higher costs for energy , chemicals and packaging .freight costs were also higher .planned maintenance downtime costs were higher due to executing a significant once-every-ten-years maintenance outage plus the regularly scheduled 18-month outage at the saillat mill while outage costs in russia and poland were lower .manufacturing operating costs were favor- entering 2013 , sales volumes in the first quarter are expected to be seasonally weaker in russia , but about flat in europe .average sales price realizations for uncoated freesheet paper are expected to decrease in europe , but increase in russia .input costs should be higher in russia , especially for wood and energy , but be slightly lower in europe .no maintenance outages are scheduled for the first quarter .ind ian papers includes the results of andhra pradesh paper mills ( appm ) of which a 75% ( 75 % ) interest was acquired on october 14 , 2011 .net sales were $ 185 million in 2012 and $ 35 million in 2011 .operat- ing profits were a loss of $ 16 million in 2012 and a loss of $ 3 million in 2011 .asian pr int ing papers net sales were $ 85 mil- lion in 2012 , $ 75 million in 2011 and $ 80 million in 2010 .operating profits were improved from break- even in past years to $ 1 million in 2012 .u.s .pulp net sales were $ 725 million in 2012 compared with $ 725 million in 2011 and $ 715 million in 2010 .operating profits were a loss of $ 59 million in 2012 compared with gains of $ 87 million in 2011 and $ 107 million in 2010 .sales volumes in 2012 increased from 2011 primarily due to the start-up of pulp production at the franklin mill in the third quarter of 2012 .average sales price realizations were significantly lower for both fluff pulp and market pulp .input costs were lower , primarily for wood and energy .freight costs were slightly lower .mill operating costs were unfavorable primarily due to costs associated with the start-up of the franklin mill .planned maintenance downtime costs were lower .in the first quarter of 2013 , sales volumes are expected to be flat with the fourth quarter of 2012 .average sales price realizations are expected to improve reflecting the realization of sales price increases for paper and tissue pulp that were announced in the fourth quarter of 2012 .input costs should be flat .planned maintenance downtime costs should be about $ 9 million higher than in the fourth quarter of 2012 .manufacturing costs related to the franklin mill should be lower as we continue to improve operations .consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and general economic activity .in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix .consumer packaging net sales in 2012 decreased 15% ( 15 % ) from 2011 and 7% ( 7 % ) from 2010 .operating profits increased 64% ( 64 % ) from 2011 and 29% ( 29 % ) from 2010 .net sales and operating profits include the shorewood business in 2011 and 2010 .exclud- ing asset impairment and other charges associated with the sale of the shorewood business , and facility closure costs , 2012 operating profits were 27% ( 27 % ) lower than in 2011 , but 23% ( 23 % ) higher than in 2010 .benefits from lower raw material costs ( $ 22 million ) , lower maintenance outage costs ( $ 5 million ) and other items ( $ 2 million ) were more than offset by lower sales price realizations and an unfavorable product mix ( $ 66 million ) , lower sales volumes and increased market-related downtime ( $ 22 million ) , and higher operating costs ( $ 40 million ) .in addition , operating profits in 2012 included a gain of $ 3 million related to the sale of the shorewood business while operating profits in 2011 included a $ 129 million fixed asset impairment charge for the north ameri- can shorewood business and $ 72 million for other charges associated with the sale of the shorewood business .consumer packaging .
[['in millions', '2012', '2011', '2010'], ['sales', '$ 3170', '$ 3710', '$ 3400'], ['operating profit', '268', '163', '207']]
north american consumer packaging net sales were $ 2.0 billion in 2012 compared with $ 2.5 billion in 2011 and $ 2.4 billion in 2010 .operating profits were $ 165 million ( $ 162 million excluding a gain related to the sale of the shorewood business ) in 2012 compared with $ 35 million ( $ 236 million excluding asset impairment and other charges asso- ciated with the sale of the shorewood business ) in 2011 and $ 97 million ( $ 105 million excluding facility closure costs ) in 2010 .coated paperboard sales volumes in 2012 were lower than in 2011 reflecting weaker market demand .average sales price realizations were lower , primar- ily for folding carton board .input costs for wood increased , but were partially offset by lower costs for chemicals and energy .planned maintenance down- time costs were slightly lower .market-related down- time was about 113000 tons in 2012 compared with about 38000 tons in 2011. .
|
what was the operating profit margin in 2012
|
8.5%
|
{
"answer": "8.5%",
"decimal": 0.085,
"type": "percentage"
}
| |
notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .1 .nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s .our network includes 31868 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s .gateways and providing several corridors to key mexican gateways .we own 26020 miles and operate on the remainder pursuant to trackage rights or leases .we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico .export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders .the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment .although we provide and review revenue by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network .the following table provides freight revenue by commodity group : millions 2012 2011 2010 .
[['millions', '2012', '2011', '2010'], ['agricultural', '$ 3280', '$ 3324', '$ 3018'], ['automotive', '1807', '1510', '1271'], ['chemicals', '3238', '2815', '2425'], ['coal', '3912', '4084', '3489'], ['industrial products', '3494', '3166', '2639'], ['intermodal', '3955', '3609', '3227'], ['total freight revenues', '$ 19686', '$ 18508', '$ 16069'], ['other revenues', '1240', '1049', '896'], ['total operatingrevenues', '$ 20926', '$ 19557', '$ 16965']]
although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products transported by us are outside the u.s .each of our commodity groups includes revenue from shipments to and from mexico .included in the above table are revenues from our mexico business which amounted to $ 1.9 billion in 2012 , $ 1.8 billion in 2011 , and $ 1.6 billion in 2010 .basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s .( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) .2 .significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries .investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting .all intercompany transactions are eliminated .we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements .cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less .accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts .the allowance is based upon historical losses , credit worthiness of customers , and current economic conditions .receivables not expected to be collected in one year and the associated allowances are classified as other assets in our consolidated statements of financial position. .
|
what percentage of total freight revenues was the industrial products commodity group in 2011?
|
17%
|
{
"answer": "17%",
"decimal": 0.17,
"type": "percentage"
}
| |
management 2019s discussion and analysis results of reportable business segments net sales segment income ( millions ) 2008 2007 2008 2007 .
[['( millions ) performance coatings', 'net sales 2008 $ 4716', '2007 $ 3811', 'segment income 2008 $ 582', '2007 $ 563'], ['industrial coatings', '3999', '3646', '212', '370'], ['architectural coatings 2013 emea', '2249', '2014', '141', '2014'], ['optical and specialty materials', '1134', '1029', '244', '235'], ['commodity chemicals', '1837', '1539', '340', '243'], ['glass', '1914', '2195', '70', '138']]
performance coatings sales increased $ 905 million or 24% ( 24 % ) in 2008 .sales increased 21% ( 21 % ) due to acquisitions , largely due to the impact of the sigmakalon protective and marine coatings business .sales also grew by 3% ( 3 % ) due to higher selling prices and 2% ( 2 % ) due to the positive impact of foreign currency translation .sales volumes declined 2% ( 2 % ) as reduced volumes in architectural coatings 2013 americas and asia pacific and automotive refinish were not fully offset by improved volumes in the aerospace and protective and marine businesses .volume growth in the aerospace businesses occurred throughout the world , while the volume growth in protective and marine coatings occurred primarily in asia .segment income increased $ 19 million in 2008 .factors increasing segment income were the positive impact of acquisitions , lower overhead costs and the positive impact of foreign currency translation .the benefit of higher selling prices more than offset the negative impact of inflation , including higher raw materials and benefit costs .segment income was reduced by the impact of the lower sales volumes in architectural coatings and automotive refinish , which more than offset the benefit of volume gains in the aerospace and protective and marine coatings businesses .industrial coatings sales increased $ 353 million or 10% ( 10 % ) in 2008 .sales increased 11% ( 11 % ) due to acquisitions , including the impact of the sigmakalon industrial coatings business .sales also grew 3% ( 3 % ) due to the positive impact of foreign currency translation , and 1% ( 1 % ) from higher selling prices .sales volumes declined 5% ( 5 % ) as reduced volumes were experienced in all three businesses , reflecting the substantial declines in global demand .volume declines in the automotive and industrial businesses were primarily in the u.s .and canada .additional volume declines in the european and asian regions were experienced by the industrial coatings business .in packaging coatings , volume declines in europe were only partially offset by gains in asia and north america .segment income declined $ 158 million in 2008 due to the lower volumes and inflation , including higher raw material and freight costs , the impact of which was only partially mitigated by the increased selling prices .segment income also declined due to higher selling and distribution costs , including higher bad debt expense .factors increasing segment income were the earnings of acquired businesses , the positive impact of foreign currency translation and lower manufacturing costs .architectural coatings - emea sales for the year were $ 2249 million .this business was acquired in the sigmakalon acquisition .segment income was $ 141 million , which included amortization expense of $ 63 million related to acquired intangible assets and depreciation expense of $ 58 million .optical and specialty materials sales increased $ 105 million or 10% ( 10 % ) in 2008 .sales increased 5% ( 5 % ) due to higher volumes in our optical products business resulting from the launch of transitions optical 2019s next generation lens product , 3% ( 3 % ) due to the positive impact of foreign currency translation and 2% ( 2 % ) due to increased selling prices .segment income increased $ 9 million in 2008 .the increase in segment income was the result of increased sales volumes and the favorable impact of currency partially offset by increased selling and marketing costs in the optical products business related to the transitions optical product launch mentioned above .increased selling prices only partially offset higher raw material costs , primarily in our silicas business .commodity chemicals sales increased $ 298 million or 19% ( 19 % ) in 2008 .sales increased 18% ( 18 % ) due to higher selling prices and 1% ( 1 % ) due to improved sales volumes .segment income increased $ 97 million in 2008 .segment income increased in large part due to higher selling prices , which more than offset the negative impact of inflation , primarily higher raw material and energy costs .segment income also improved due to lower manufacturing costs , while lower margin mix and equity earnings reduced segment income .glass sales decreased $ 281 million or 13% ( 13 % ) in 2008 .sales decreased 11% ( 11 % ) due to the divestiture of the automotive glass and services business in september 2008 and 4% ( 4 % ) due to lower sales volumes .sales increased 2% ( 2 % ) due to higher selling prices .segment income decreased $ 68 million in 2008 .segment income decreased due to the divestiture of the automotive glass and services business , lower volumes , the negative impact of inflation and lower equity earnings from our asian fiber glass joint ventures .factors increasing segment income were lower manufacturing costs , higher selling prices and stronger foreign currency .outlook overall global economic activity was volatile in 2008 with an overall downward trend .the north american economy continued a slowing trend which began during the second half of 2006 and continued all of 2007 .the impact of the weakening u.s .economy was particularly 2008 ppg annual report and form 10-k 17 .
|
what was the net income margin in 2008 for the performance coatings segment?
|
12%
|
{
"answer": "12%",
"decimal": 0.12,
"type": "percentage"
}
| |
the following table summarizes our rental expense and program- ming license expense charged to operations: .
[['year ended december 31 ( in millions )', '2008', '2007', '2006'], ['rental expense', '$ 436', '$ 358', '$ 273'], ['programming license expense', '$ 548', '$ 484', '$ 350']]
contingencies we and the minority owner group in comcast spectacor each have the right to initiate an exit process under which the fair mar- ket value of comcast spectacor would be determined by appraisal .following such determination , we would have the option to acquire the 24.3% ( 24.3 % ) interest in comcast spectacor owned by the minority owner group based on the appraised fair market value .in the event we do not exercise this option , we and the minority owner group would then be required to use our best efforts to sell comcast spectacor .this exit process includes the minority owner group 2019s interest in comcast sportsnet ( philadelphia ) .the minority owners in certain of our technology development ventures also have rights to trigger an exit process after a certain period of time based on the fair value of the entities at the time the exit process is triggered .antitrust cases we are defendants in two purported class actions originally filed in december 2003 in the united states district courts for the district of massachusetts and the eastern district of pennsylvania .the potential class in the massachusetts case is our subscriber base in the 201cboston cluster 201d area , and the potential class in the pennsylvania case is our subscriber base in the 201cphiladelphia and chicago clusters , 201d as those terms are defined in the complaints .in each case , the plaintiffs allege that certain subscriber exchange transactions with other cable providers resulted in unlawful horizontal market restraints in those areas and seek damages under antitrust statutes , including treble damages .our motion to dismiss the pennsylvania case on the pleadings was denied in december 2006 and classes of philadelphia cluster and chicago cluster subscribers were certified in may 2007 and october 2007 , respectively .our motion to dismiss the massachu- setts case , which was transferred to the eastern district of pennsylvania in december 2006 , was denied in july 2007 .we are proceeding with discovery on plaintiffs 2019 claims concerning the philadelphia cluster .plaintiffs 2019 claims concerning the other two clusters are stayed pending determination of the philadelphia cluster claims .in addition , we are among the defendants in a purported class action filed in the united states district court for the central dis- trict of california ( 201ccentral district 201d ) in september 2007 .the plaintiffs allege that the defendants who produce video program- ming have entered into agreements with the defendants who distribute video programming via cable and satellite ( including us , among others ) , which preclude the distributors from reselling channels to subscribers on an 201cunbundled 201d basis in violation of federal antitrust laws .the plaintiffs seek treble damages for the loss of their ability to pick and choose the specific 201cbundled 201d channels to which they wish to subscribe , and injunctive relief requiring each distributor defendant to resell certain channels to its subscribers on an 201cunbundled 201d basis .the potential class is com- prised of all persons residing in the united states who have subscribed to an expanded basic level of video service provided by one of the distributor defendants .we and the other defendants filed motions to dismiss an amended complaint in april 2008 .in june 2008 , the central district denied the motions to dismiss .in july 2008 , we and the other defendants filed motions to certify certain issues decided in the central district 2019s june 2008 order for interlocutory appeal to the ninth circuit court of appeals .on august 8 , 2008 , the central district denied the certification motions .in january 2009 , the central district approved a stip- ulation between the parties dismissing the action as to one of the two plaintiffs identified in the amended complaint as a comcast subscriber .discovery relevant to plaintiffs 2019 anticipated motion for class certification is currently proceeding , with plaintiffs scheduled to file their class certification motion in april 2009 .securities and related litigation we and several of our current and former officers were named as defendants in a purported class action lawsuit filed in the united states district court for the eastern district of pennsylvania ( 201ceastern district 201d ) in january 2008 .we filed a motion to dismiss the case in february 2008 .the plaintiff did not respond , but instead sought leave to amend the complaint , which the court granted .the plaintiff filed an amended complaint in may 2008 naming only us and two current officers as defendants .the alleged class was comprised of purchasers of our publicly issued securities between february 1 , 2007 and december 4 , 2007 .the plaintiff asserted that during the alleged class period , the defend- ants violated federal securities laws through alleged material misstatements and omissions relating to forecast results for 2007 .the plaintiff sought unspecified damages .in june 2008 , we filed a motion to dismiss the amended complaint .in an order dated august 25 , 2008 , the court granted our motion to dismiss and denied the plaintiff permission to amend the complaint again .the plaintiff has not timely appealed the court 2019s decision , so the dis- missal of this case is final .we and several of our current officers have been named as defend- ants in a separate purported class action lawsuit filed in the eastern district in february 2008 .the alleged class comprises participants in our retirement-investment ( 401 ( k ) ) plan that invested in the plan 2019s company stock account .the plaintiff asserts that the defendants breached their fiduciary duties in managing the plan .the plaintiff seeks unspecified damages .the plaintiff filed an amended complaint in june 2008 , and in july 2008 we filed a motion to dismiss the amended complaint .on october 29 , 2008 , 67 comcast 2008 annual report on form 10-k .
|
in 2008 what was the ratio of the rental expense to the programming license expense
|
.796
|
{
"answer": ".796",
"decimal": 0.796,
"type": "float"
}
| |
analog devices , inc .notes to consolidated financial statements 2014 ( continued ) asu no .2011-05 is effective for fiscal years , and interim periods within those years , beginning after december 15 , 2011 , which is the company 2019s fiscal year 2013 .subsequently , in december 2011 , the fasb issued asu no .2011-12 , deferral of the effective date for amendments to the presentation of reclassifications of items out of accumulated other comprehensive income in accounting standards update no .2011-05 ( asu no .2011-12 ) , which defers only those changes in asu no .2011-05 that relate to the presentation of reclassification adjustments but does not affect all other requirements in asu no .2011-05 .the adoption of asu no .2011-05 and asu no .2011-12 will affect the presentation of comprehensive income but will not materially impact the company 2019s financial condition or results of operations .u .discontinued operations in november 2007 , the company entered into a purchase and sale agreement with certain subsidiaries of on semiconductor corporation to sell the company 2019s cpu voltage regulation and pc thermal monitoring business which consisted of core voltage regulator products for the central processing unit in computing and gaming applications and temperature sensors and fan-speed controllers for managing the temperature of the central processing unit .during fiscal 2008 , the company completed the sale of this business .in the first quarter of fiscal 2010 , proceeds of $ 1 million were released from escrow and $ 0.6 million net of tax was recorded as additional gain from the sale of discontinued operations .the company does not expect any additional proceeds from this sale .in september 2007 , the company entered into a definitive agreement to sell its baseband chipset business to mediatek inc .the decision to sell the baseband chipset business was due to the company 2019s decision to focus its resources in areas where its signal processing expertise can provide unique capabilities and earn superior returns .during fiscal 2008 , the company completed the sale of its baseband chipset business for net cash proceeds of $ 269 million .the company made cash payments of $ 1.7 million during fiscal 2009 related to retention payments for employees who transferred to mediatek inc .and for the reimbursement of intellectual property license fees incurred by mediatek .during fiscal 2010 , the company received cash proceeds of $ 62 million as a result of the receipt of a refundable withholding tax and also recorded an additional gain on sale of $ 0.3 million , or $ 0.2 million net of tax , due to the settlement of certain items at less than the amounts accrued .in fiscal 2011 , additional proceeds of $ 10 million were released from escrow and $ 6.5 million net of tax was recorded as additional gain from the sale of discontinued operations .the company does not expect any additional proceeds from this sale .the following amounts related to the cpu voltage regulation and pc thermal monitoring and baseband chipset businesses have been segregated from continuing operations and reported as discontinued operations. .
[['', '2012', '2011', '2010'], ['gain on sale of discontinued operations before income taxes', '$ 2014', '$ 10000', '$ 1316'], ['provision for income taxes', '2014', '3500', '457'], ['gain on sale of discontinued operations net of tax', '$ 2014', '$ 6500', '$ 859']]
3 .stock-based compensation and shareholders 2019 equity equity compensation plans the company grants , or has granted , stock options and other stock and stock-based awards under the 2006 stock incentive plan ( 2006 plan ) .the 2006 plan was approved by the company 2019s board of directors on january 23 , 2006 and was approved by shareholders on march 14 , 2006 and subsequently amended in march 2006 , june 2009 , september 2009 , december 2009 , december 2010 and june 2011 .the 2006 plan provides for the grant of up to 15 million shares of the company 2019s common stock , plus such number of additional shares that were subject to outstanding options under the company 2019s previous plans that are not issued because the applicable option award subsequently terminates or expires without being exercised .the 2006 plan provides for the grant of incentive stock options intended to qualify under section 422 of the internal revenue code of 1986 , as amended , non-statutory stock options , stock appreciation rights , restricted stock , restricted stock units and other stock-based awards .employees , officers , directors , consultants and advisors of the company and its subsidiaries are eligible to be granted awards under the 2006 plan .no award may be made under the 2006 plan after march 13 , 2016 , but awards previously granted may extend beyond that date .the company will not grant further options under any previous plans .while the company may grant to employees options that become exercisable at different times or within different periods , the company has generally granted to employees options that vest over five years and become exercisable in annual installments of 20% ( 20 % ) on each of the first , second , third , fourth and fifth anniversaries of the date of grant ; 33.3% ( 33.3 % ) on each of the third , fourth , and fifth anniversaries of the date of grant ; or in annual installments of 25% ( 25 % ) on each of the second , third , fourth .
|
for the years of 2011 and 2010 , what percentage of the gain on sale went towards income tax?
|
35% 1316
|
{
"answer": "35% 1316",
"decimal": 0.35,
"type": "percentage"
}
|
to find the income tax one must divide the amount taken from the income tax by the initial amount before income tax .
|
fiscal 2004 acquisitions in february 2004 , the company completed the acquisition of all the outstanding shares of accelerant networks , inc .( accelerant ) for total consideration of $ 23.8 million , and the acquisition of the technology assets of analog design automation , inc .( ada ) for total consideration of $ 12.2 million .the company acquired accelerant in order to enhance the company 2019s standards-based ip solutions .the company acquired the assets of ada in order to enhance the company 2019s analog and mixed signal offerings .in october 2004 , the company completed the acquisition of cascade semiconductor solutions , inc .( cascade ) for total upfront consideration of $ 15.8 million and contingent consideration of up to $ 10.0 million to be paid upon the achievement of certain performance milestones over the three years following the acquisition .contingent consideration totaling $ 2.1 million was paid during the fourth quarter of fiscal 2005 and has been allocated to goodwill .the company acquired cascade , an ip provider , in order to augment synopsys 2019 offerings of pci express products .included in the total consideration for the accelerant and cascade acquisitions are aggregate acquisition costs of $ 4.3 million , consisting primarily of legal and accounting fees and other directly related charges .as of october 31 , 2006 the company has paid substantially all the costs related to these acquisitions .in fiscal 2004 , the company completed one additional acquisition and two additional asset acquisition transactions for aggregate consideration of $ 12.3 million in upfront payments and acquisition-related costs .in process research and development expenses associated with these acquisitions totaled $ 1.6 million for fiscal 2004 .these acquisitions are not considered material , individually or in the aggregate , to the company 2019s consolidated balance sheet and results of operations .as of october 31 , 2006 , the company has paid substantially all the costs related to these acquisitions .the company allocated the total aggregate purchase consideration for these transactions to the assets and liabilities acquired , including identifiable intangible assets , based on their respective fair values at the acquisition dates , resulting in aggregate goodwill of $ 24.5 million .aggregate identifiable intangible assets as a result of these acquisitions , consisting primarily of purchased technology and other intangibles , are $ 44.8 million , and are being amortized over three to five years .the company includes the amortization of purchased technology in cost of revenue in its statements of operations .note 4 .goodwill and intangible assets goodwill consists of the following: .
[['', '( in thousands )'], ['balance at october 31 2004', '$ 593706'], ['additions ( 1 )', '169142'], ['other adjustments ( 2 )', '-33869 ( 33869 )'], ['balance at october 31 2005', '$ 728979'], ['additions ( 3 )', '27745'], ['other adjustments ( 4 )', '-21081 ( 21081 )'], ['balance at october 31 2006', '$ 735643']]
( 1 ) during fiscal year 2005 , additions represent goodwill acquired in acquisitions of ise and nassda of $ 72.9 million and $ 92.4 million , respectively , and contingent consideration earned and paid of $ 1.7 million and $ 2.1 million related to an immaterial acquisition and the acquisition of cascade , respectively .( 2 ) during fiscal year 2005 , synopsys reduced goodwill primarily related to tax reserves for avant! no longer probable due to expiration of the federal statute of limitations for claims. .
|
what is the percentual increase observed in the balance between 2004 and 2005?\\n
|
22.78%
|
{
"answer": "22.78%",
"decimal": 0.2278,
"type": "percentage"
}
|
it is the 2005 value divided by the 2004's , then turned into a percentage .
|
working on the site .the company resolved five of the eight pending lawsuits arising from this matter and believes that it has adequate insurance to resolve remaining matters .the company believes that the settlement of these lawsuits will not have a material adverse effect on its consolidated financial statements .during the 2009 third quarter , in connection with an environmental site remediation action under cer- cla , international paper submitted to the epa a feasibility study for this site .the epa has indicated that it intends to select a proposed remedial action alternative from those identified in the study and present this proposal for public comment .since it is not currently possible to determine the final remedial action that will be required , the company has accrued , as of december 31 , 2009 , an estimate of the minimum costs that could be required for this site .when the remediation plan is finalized by the epa , it is possible that the remediation costs could be sig- nificantly higher than amounts currently recorded .exterior siding and roofing litigation international paper has established reserves relating to the settlement , during 1998 and 1999 , of three nationwide class action lawsuits against the com- pany and masonite corp. , a former wholly-owned subsidiary of the company .those settlements relate to ( 1 ) exterior hardboard siding installed during the 1980 2019s and 1990 2019s ( the hardboard claims ) ; ( 2 ) omniwood siding installed during the 1990 2019s ( the omniwood claims ) ; and ( 3 ) woodruf roofing installed during the 1980 2019s and 1990 2019s ( the woodruf claims ) .all hardboard claims were required to be made by january 15 , 2008 , while all omniwood and woodruf claims were required to be made by jan- uary 6 , 2009 .the following table presents an analysis of total reserve activity related to the hardboard , omniwood and woodruf settlements for the years ended december 31 , 2009 , 2008 and 2007 : in millions total .
[['in millions', 'total'], ['balance december 31 2006', '$ 124'], ['payments', '-78 ( 78 )'], ['balance december 31 2007', '46'], ['additional provision', '82'], ['payments', '-87 ( 87 )'], ['balance december 31 2008', '41'], ['payments', '-38 ( 38 )'], ['balance december 31 2009', '$ 3']]
the company believes that the aggregate reserve balance remaining at december 31 , 2009 is adequate to cover the final settlement of remaining claims .summary the company is also involved in various other inquiries , administrative proceedings and litigation relating to contracts , sales of property , intellectual property , environmental and safety matters , tax , personal injury , labor and employment and other matters , some of which allege substantial monetary damages .while any proceeding or litigation has the element of uncertainty , the company believes that the outcome of any of the lawsuits or claims that are pending or threatened , or all of them combined , will not have a material adverse effect on its consolidated financial statements .note 12 variable interest entities and preferred securities of subsidiaries variable interest entities in connection with the 2006 sale of approximately 5.6 million acres of forestlands , international paper received installment notes ( the timber notes ) total- ing approximately $ 4.8 billion .the timber notes , which do not require principal payments prior to their august 2016 maturity , are supported by irrev- ocable letters of credit obtained by the buyers of the forestlands .during the 2006 fourth quarter , interna- tional paper contributed the timber notes to newly formed entities ( the borrower entities ) in exchange for class a and class b interests in these entities .subsequently , international paper contributed its $ 200 million class a interests in the borrower enti- ties , along with approximately $ 400 million of international paper promissory notes , to other newly formed entities ( the investor entities ) in exchange for class a and class b interests in these entities , and simultaneously sold its class a interest in the investor entities to a third party investor .as a result , at december 31 , 2006 , international paper held class b interests in the borrower entities and class b interests in the investor entities valued at approx- imately $ 5.0 billion .international paper has no obligation to make any further capital contributions to these entities and did not provide financial or other support during 2009 , 2008 or 2007 that was not previously contractually required .based on an analysis of these entities under guidance that considers the potential magnitude of the variability in the structure and which party bears a majority of the gains or losses , international paper determined that it is not the primary beneficiary of these entities .
|
based on the review of the analysis of total reserve activity related to the hardboard , omniwood and woodruf settlements for the years ended december 31 , 2009 , 2008 and 2007 what was the sum of the payments
|
203
|
{
"answer": "203",
"decimal": 203,
"type": "float"
}
| |
table of contents the following performance graph is not 201csoliciting material , 201d is not deemed filed with the sec , and is not to be incorporated by reference into any of valero 2019s filings under the securities act of 1933 or the securities exchange act of 1934 , as amended , respectively .this performance graph and the related textual information are based on historical data and are not indicative of future performance .the following line graph compares the cumulative total return 1 on an investment in our common stock against the cumulative total return of the s&p 500 composite index and an index of peer companies ( that we selected ) for the five-year period commencing december 31 , 2008 and ending december 31 , 2013 .our peer group comprises the following 11 companies : alon usa energy , inc. ; bp plc ; cvr energy , inc. ; delek us holdings , inc .( dk ) ; hollyfrontier corporation ; marathon petroleum corporation ; pbf energy inc .( pbf ) ; phillips 66 ; royal dutch shell plc ; tesoro corporation ; and western refining , inc .our peer group previously included hess corporation , but it has exited the refining business , and was replaced in our peer group by dk and pbf who are also engaged in refining operations .comparison of 5 year cumulative total return1 among valero energy corporation , the s&p 500 index , old peer group , and new peer group .
[['', '12/2008', '12/2009', '12/2010', '12/2011', '12/2012', '12/2013'], ['valero common stock', '$ 100.00', '$ 79.77', '$ 111.31', '$ 102.57', '$ 170.45', '$ 281.24'], ['s&p 500', '100.00', '126.46', '145.51', '148.59', '172.37', '228.19'], ['old peer group', '100.00', '126.98', '122.17', '127.90', '138.09', '170.45'], ['new peer group', '100.00', '127.95', '120.42', '129.69', '136.92', '166.57']]
____________ 1 assumes that an investment in valero common stock and each index was $ 100 on december 31 , 2008 .201ccumulative total return 201d is based on share price appreciation plus reinvestment of dividends from december 31 , 2008 through december 31 , 2013. .
|
what is the total return in valero common stock from 2008-2013?
|
181.24
|
{
"answer": "181.24",
"decimal": 181.24,
"type": "float"
}
| |
4 4 m a n a g e m e n t 2019 s d i s c u s s i o n notes to table ( continued ) ( a ) ( continued ) management believes that operating income , as adjusted , and operating margin , as adjusted , are effective indicators of blackrock 2019s financial performance over time .as such , management believes that operating income , as adjusted , and operating margin , as adjusted , provide useful disclosure to investors .operating income , as adjusted : bgi transaction and integration costs recorded in 2010 and 2009 consist principally of certain advisory payments , compensation expense , legal fees , marketing and promotional , occupancy and consulting expenses incurred in conjunction with the bgi transaction .restructuring charges recorded in 2009 and 2008 consist of compensation costs , occupancy costs and professional fees .the expenses associated with restructuring and bgi transaction and integration costs have been deemed non-recurring by management and have been excluded from operating income , as adjusted , to help enhance the comparability of this information to the current reporting periods .as such , management believes that operating margins exclusive of these costs are useful measures in evaluating blackrock 2019s operating performance for the respective periods .the portion of compensation expense associated with certain long-term incentive plans ( 201cltip 201d ) that will be funded through the distribution to participants of shares of blackrock stock held by pnc and a merrill lynch cash compensation contribution , a portion of which has been received , have been excluded because these charges ultimately do not impact blackrock 2019s book value .compensation expense associated with appreciation/ ( depreciation ) on investments related to certain blackrock deferred compensation plans has been excluded as returns on investments set aside for these plans , which substantially offset this expense , are reported in non-operating income ( expense ) .operating margin , as adjusted : operating income used for measuring operating margin , as adjusted , is equal to operating income , as adjusted , excluding the impact of closed-end fund launch costs and commissions .management believes that excluding such costs and commissions is useful because these costs can fluctuate considerably and revenues associated with the expenditure of these costs will not fully impact the company 2019s results until future periods .operating margin , as adjusted , allows the company to compare performance from period-to-period by adjusting for items that may not recur , recur infrequently or may fluctuate based on market movements , such as restructuring charges , transaction and integration costs , closed-end fund launch costs , commissions paid to certain employees as compensation and fluctua- tions in compensation expense based on mark-to-market movements in investments held to fund certain compensation plans .the company also uses operating margin , as adjusted , to monitor corporate performance and efficiency and as a benchmark to compare its performance to other companies .management uses both the gaap and non-gaap financial measures in evaluating the financial performance of blackrock .the non-gaap measure by itself may pose limitations because it does not include all of the company 2019s revenues and expenses .revenue used for operating margin , as adjusted , excludes distribution and servicing costs paid to related parties and other third parties .management believes that excluding such costs is useful to blackrock because it creates consistency in the treatment for certain contracts for similar services , which due to the terms of the contracts , are accounted for under gaap on a net basis within investment advisory , administration fees and securities lending revenue .amortization of deferred sales commissions is excluded from revenue used for operating margin measurement , as adjusted , because such costs , over time , offset distribution fee revenue earned by the company .reimbursable property management compensation represented com- pensation and benefits paid to personnel of metric property management , inc .( 201cmetric 201d ) , a subsidiary of blackrock realty advisors , inc .( 201crealty 201d ) .prior to the transfer in 2008 , these employees were retained on metric 2019s payroll when certain properties were acquired by realty 2019s clients .the related compensation and benefits were fully reimbursed by realty 2019s clients and have been excluded from revenue used for operating margin , as adjusted , because they did not bear an economic cost to blackrock .for each of these items , blackrock excludes from revenue used for operating margin , as adjusted , the costs related to each of these items as a proxy for such offsetting revenues .( b ) non-operating income ( expense ) , less net income ( loss ) attributable to non-controlling interests , as adjusted : non-operating income ( expense ) , less net income ( loss ) attributable to non-controlling interests ( 201cnci 201d ) , as adjusted , equals non-operating income ( expense ) , gaap basis , less net income ( loss ) attributable to nci , gaap basis , adjusted for compensation expense associated with depreciation/ ( appreciation ) on investments related to certain blackrock deferred compensation plans .the compensation expense offset is recorded in operating income .this compensation expense has been included in non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , to offset returns on investments set aside for these plans , which are reported in non-operating income ( expense ) , gaap basis. .
[['( dollar amounts in millions )', 'yearended december 31 , 2010', 'yearended december 31 , 2009', 'yearended december 31 , 2008'], ['non-operating income ( expense ) gaap basis', '$ 23', '$ -6 ( 6 )', '$ -577 ( 577 )'], ['less : net income ( loss ) attributable to nci', '-13 ( 13 )', '22', '-155 ( 155 )'], ['non-operating income ( expense ) ( 1 )', '36', '-28 ( 28 )', '-422 ( 422 )'], ['compensation expense related to ( appreciation ) /depreciation on deferred compensation plans', '-11 ( 11 )', '-18 ( 18 )', '38'], ['non-operating income ( expense ) less net income ( loss ) attributable to nci as adjusted', '$ 25', '$ -46 ( 46 )', '$ -384 ( 384 )']]
non-operating income ( expense ) ( 1 ) 36 ( 28 ) ( 422 ) compensation expense related to ( appreciation ) / depreciation on deferred compensation plans ( 11 ) ( 18 ) 38 non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted $ 25 ( $ 46 ) ( $ 384 ) ( 1 ) net of net income ( loss ) attributable to non-controlling interests .management believes that non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , provides for comparability of this information to prior periods and is an effective measure for reviewing blackrock 2019s non-operating contribution to its results .as compensation expense associated with ( appreciation ) /depreciation on investments related to certain deferred compensation plans , which is included in operating income , offsets the gain/ ( loss ) on the investments set aside for these plans , management believes that non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , provides a useful measure , for both management and investors , of blackrock 2019s non-operating results that impact book value. .
|
what is the net change in non-operating income from 2009 to 2010?
|
64
|
{
"answer": "64",
"decimal": 64,
"type": "float"
}
| |
five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 .the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2011 and that all dividends were reinvested .the information below is historical in nature and is not necessarily indicative of future performance .purchases of equity securities 2013 during 2016 , we repurchased 35686529 shares of our common stock at an average price of $ 88.36 .the following table presents common stock repurchases during each month for the fourth quarter of 2016 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares remaining under the plan or program [b] .
[['period', 'total number of shares purchased [a]', 'average price paid per share', 'total number of shares purchased as part of a publicly announcedplan or program [b]', 'maximum number of shares remaining under the plan or program [b]'], ['oct . 1 through oct . 31', '3501308', '$ 92.89', '3452500', '23769426'], ['nov . 1 through nov . 30', '2901167', '95.68', '2876067', '20893359'], ['dec . 1 through dec . 31', '3296652', '104.30', '3296100', '17597259'], ['total', '9699127', '$ 97.60', '9624667', 'n/a']]
[a] total number of shares purchased during the quarter includes approximately 74460 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares .[b] effective january 1 , 2014 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2017 .these repurchases may be made on the open market or through other transactions .our management has sole discretion with respect to determining the timing and amount of these transactions .on november 17 , 2016 , our board of directors approved the early renewal of the share repurchase program , authorizing the repurchase of up to 120 million shares of our common stock by december 31 , 2020 .the new authorization was effective january 1 , 2017 , and replaces the previous authorization , which expired on december 31 , 2016. .
|
what percentage of the total number of shares purchased were purchased in december?
|
34%
|
{
"answer": "34%",
"decimal": 0.34,
"type": "percentage"
}
| |
equity compensation plan information the plan documents for the plans described in the footnotes below are included as exhibits to this form 10-k , and are incorporated herein by reference in their entirety .the following table provides information as of dec .31 , 2006 regarding the number of shares of ppg common stock that may be issued under ppg 2019s equity compensation plans .plan category securities exercise of outstanding options , warrants and rights weighted- average exercise price of outstanding warrants and rights number of securities remaining available for future issuance under equity compensation ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders ( 1 ) 9413216 $ 58.35 10265556 equity compensation plans not approved by security holders ( 2 ) , ( 3 ) 2089300 $ 70.00 2014 .
[['plan category', 'numberof securities to be issued upon exercise of outstanding options warrants and rights ( a )', 'weighted- average exercise price of outstanding options warrants and rights ( b )', 'number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c )'], ['equity compensation plans approved by security holders ( 1 )', '9413216', '$ 58.35', '10265556'], ['equity compensation plans not approved by security holders ( 2 ) ( 3 )', '2089300', '$ 70.00', '2014'], ['total', '11502516', '$ 60.57', '10265556']]
( 1 ) equity compensation plans approved by security holders include the ppg industries , inc .stock plan , the ppg omnibus plan , the ppg industries , inc .executive officers 2019 long term incentive plan , and the ppg industries inc .long term incentive plan .( 2 ) equity compensation plans not approved by security holders include the ppg industries , inc .challenge 2000 stock plan .this plan is a broad- based stock option plan under which the company granted to substantially all active employees of the company and its majority owned subsidiaries on july 1 , 1998 , the option to purchase 100 shares of the company 2019s common stock at its then fair market value of $ 70.00 per share .options became exercisable on july 1 , 2003 , and expire on june 30 , 2008 .there were 2089300 shares issuable upon exercise of options outstanding under this plan as of dec .31 , 2006 .( 3 ) excluded from the information presented here are common stock equivalents held under the ppg industries , inc .deferred compensation plan , the ppg industries , inc .deferred compensation plan for directors and the ppg industries , inc .directors 2019 common stock plan , none of which are equity compensation plans .as supplemental information , there were 491168 common stock equivalents held under such plans as of dec .31 , 2006 .item 6 .selected financial data the information required by item 6 regarding the selected financial data for the five years ended dec .31 , 2006 is included in exhibit 99.2 filed with this form 10-k and is incorporated herein by reference .this information is also reported in the eleven-year digest on page 72 of the annual report under the captions net sales , income ( loss ) before accounting changes , cumulative effect of accounting changes , net income ( loss ) , earnings ( loss ) per common share before accounting changes , cumulative effect of accounting changes on earnings ( loss ) per common share , earnings ( loss ) per common share , earnings ( loss ) per common share 2013 assuming dilution , dividends per share , total assets and long-term debt for the years 2002 through 2006 .item 7 .management 2019s discussion and analysis of financial condition and results of operations performance in 2006 compared with 2005 performance overview our sales increased 8% ( 8 % ) to $ 11.0 billion in 2006 compared to $ 10.2 billion in 2005 .sales increased 4% ( 4 % ) due to the impact of acquisitions , 2% ( 2 % ) due to increased volumes , and 2% ( 2 % ) due to increased selling prices .cost of sales as a percentage of sales increased slightly to 63.7% ( 63.7 % ) compared to 63.5% ( 63.5 % ) in 2005 .selling , general and administrative expense increased slightly as a percentage of sales to 17.9% ( 17.9 % ) compared to 17.4% ( 17.4 % ) in 2005 .these costs increased primarily due to higher expenses related to store expansions in our architectural coatings operating segment and increased advertising to promote growth in our optical products operating segment .other charges decreased $ 81 million in 2006 .other charges in 2006 included pretax charges of $ 185 million for estimated environmental remediation costs at sites in new jersey and $ 42 million for legal settlements offset in part by pretax earnings of $ 44 million for insurance recoveries related to the marvin legal settlement and to hurricane rita .other charges in 2005 included pretax charges of $ 132 million related to the marvin legal settlement net of related insurance recoveries of $ 18 million , $ 61 million for the federal glass class action antitrust legal settlement , $ 34 million of direct costs related to the impact of hurricanes rita and katrina , $ 27 million for an asset impairment charge in our fine chemicals operating segment and $ 19 million for debt refinancing costs .other earnings increased $ 30 million in 2006 due to higher equity earnings , primarily from our asian fiber glass joint ventures , and higher royalty income .net income and earnings per share 2013 assuming dilution for 2006 were $ 711 million and $ 4.27 , respectively , compared to $ 596 million and $ 3.49 , respectively , for 2005 .net income in 2006 included aftertax charges of $ 106 million , or 64 cents a share , for estimated environmental remediation costs at sites in new jersey and louisiana in the third quarter ; $ 26 million , or 15 cents a share , for legal settlements ; $ 23 million , or 14 cents a share for business restructuring ; $ 17 million , or 10 cents a share , to reflect the net increase in the current value of the company 2019s obligation relating to asbestos claims under the ppg settlement arrangement ; and aftertax earnings of $ 24 million , or 14 cents a share for insurance recoveries .net income in 2005 included aftertax charges of $ 117 million , or 68 cents a share for legal settlements net of insurance ; $ 21 million , or 12 cents a share for direct costs related to the impact of hurricanes katrina and rita ; $ 17 million , or 10 cents a share , related to an asset impairment charge related to our fine chemicals operating segment ; $ 12 million , or 7 cents a share , for debt refinancing cost ; and $ 13 million , or 8 cents a share , to reflect the net increase in the current 2006 ppg annual report and form 10-k 19 4282_txt to be issued options , number of .
|
what was the change in earnings per share from 2005 to 2006?
|
0.78
|
{
"answer": "0.78",
"decimal": 0.78,
"type": "float"
}
| |
the environmental liability includes costs for remediation and restoration of sites , as well as for ongoing monitoring costs , but excludes any anticipated recoveries from third parties .cost estimates are based on information available for each site , financial viability of other potentially responsible parties , and existing technology , laws , and regulations .we believe that we have adequately accrued for our ultimate share of costs at sites subject to joint and several liability .however , the ultimate liability for remediation is difficult to determine because of the number of potentially responsible parties involved , site-specific cost sharing arrangements with other potentially responsible parties , the degree of contamination by various wastes , the scarcity and quality of volumetric data related to many of the sites , and the speculative nature of remediation costs .estimates may also vary due to changes in federal , state , and local laws governing environmental remediation .we do not expect current obligations to have a material adverse effect on our results of operations or financial condition .guarantees 2013 at december 31 , 2006 , we were contingently liable for $ 464 million in guarantees .we have recorded a liability of $ 6 million for the fair value of these obligations as of december 31 , 2006 .we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .the final guarantee expires in 2022 .we are not aware of any existing event of default that would require us to satisfy these guarantees .we do not expect that these guarantees will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity .indemnities 2013 our maximum potential exposure under indemnification arrangements , including certain tax indemnifications , can range from a specified dollar amount to an unlimited amount , depending on the nature of the transactions and the agreements .due to uncertainty as to whether claims will be made or how they will be resolved , we cannot reasonably determine the probability of an adverse claim or reasonably estimate any adverse liability or the total maximum exposure under these indemnification arrangements .we do not have any reason to believe that we will be required to make any material payments under these indemnity provisions .income taxes 2013 as previously reported in our form 10-q for the quarter ended september 30 , 2005 , the irs has completed its examinations and issued notices of deficiency for tax years 1995 through 2002 .among their proposed adjustments is the disallowance of tax deductions claimed in connection with certain donations of property .in the fourth quarter of 2005 , the irs national office issued a technical advice memorandum which left unresolved whether the deductions were proper , pending further factual development .we continue to dispute the donation issue , as well as many of the other proposed adjustments , and will contest the associated tax deficiencies through the irs appeals process , and , if necessary , litigation .in addition , the irs is examining the corporation 2019s federal income tax returns for tax years 2003 and 2004 and should complete their exam in 2007 .we do not expect that the ultimate resolution of these examinations will have a material adverse effect on our consolidated financial statements .11 .other income other income included the following for the years ended december 31 : millions of dollars 2006 2005 2004 .
[['millions of dollars', '2006', '2005', '2004'], ['rental income', '$ 83', '$ 59', '$ 55'], ['net gain on non-operating asset dispositions', '72', '135', '69'], ['interest income', '29', '17', '10'], ['sale of receivables fees', '-33 ( 33 )', '-23 ( 23 )', '-11 ( 11 )'], ['non-operating environmental costs and other', '-33 ( 33 )', '-43 ( 43 )', '-35 ( 35 )'], ['total', '$ 118', '$ 145', '$ 88']]
.
|
what was the percentage change in rental income from 2005 to 2006?
|
41%
|
{
"answer": "41%",
"decimal": 0.41,
"type": "percentage"
}
| |
volume declines in cement , some agricultural products , and newsprint shipments partially offset the increases .operating expenses millions of dollars 2008 2007 2006 % ( % ) change 2008 v 2007 % ( % ) change 2007 v 2006 .
[['millions of dollars', '2008', '2007', '2006', '% ( % ) change 2008 v 2007', '% ( % ) change 2007 v 2006'], ['compensation and benefits', '$ 4457', '$ 4526', '$ 4535', '( 2 ) % ( % )', '-% ( - % )'], ['fuel', '3983', '3104', '2968', '28', '5'], ['purchased services and materials', '1902', '1856', '1756', '2', '6'], ['depreciation', '1387', '1321', '1237', '5', '7'], ['equipment and other rents', '1326', '1368', '1396', '-3 ( 3 )', '-2 ( 2 )'], ['other', '840', '733', '802', '15', '-9 ( 9 )'], ['total', '$ 13895', '$ 12908', '$ 12694', '8 % ( % )', '2% ( 2 % )']]
operating expenses increased $ 987 million in 2008 .our fuel price per gallon rose 39% ( 39 % ) during the year , increasing operating expenses by $ 1.1 billion compared to 2007 .wage , benefit , and materials inflation , higher depreciation , and costs associated with the january cascade mudslide and hurricanes gustav and ike also increased expenses during the year .cost savings from productivity improvements , better resource utilization , and lower volume helped offset these increases .operating expenses increased $ 214 million in 2007 versus 2006 .higher fuel prices , which rose 9% ( 9 % ) during the period , increased operating expenses by $ 242 million .wage , benefit and materials inflation and higher depreciation expense also increased expenses during the year .productivity improvements , better resource utilization , and a lower fuel consumption rate helped offset these increases .compensation and benefits 2013 compensation and benefits include wages , payroll taxes , health and welfare costs , pension costs , other postretirement benefits , and incentive costs .productivity initiatives in all areas , combined with lower volume , led to a 4% ( 4 % ) decline in our workforce for 2008 , saving $ 227 million compared to 2007 .conversely , general wage and benefit inflation and higher pension and postretirement benefits increased expenses in 2008 , partially offsetting these reductions .operational improvements and lower volume levels in 2007 led to a 1% ( 1 % ) decline in our workforce , saving $ 79 million in 2007 compared to 2006 .a smaller workforce and less need for new train personnel reduced training costs during the year , which contributed to the improvement .general wage and benefit inflation mostly offset the reductions , reflecting higher salaries and wages and the impact of higher healthcare and other benefit costs .fuel 2013 fuel includes locomotive fuel and gasoline for highway and non-highway vehicles and heavy equipment .diesel fuel prices , which averaged $ 3.15 per gallon ( including taxes and transportation costs ) in 2008 compared to $ 2.27 per gallon in 2007 , increased expenses by $ 1.1 billion .a 4% ( 4 % ) improvement in our fuel consumption rate resulted in $ 136 million of cost savings due to the use of newer , more fuel 2008 operating expenses .
|
what percent of total operating expenses was fuel in 2007?
|
24%
|
{
"answer": "24%",
"decimal": 0.24,
"type": "percentage"
}
| |
abiomed , inc .and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 3 .acquisitions ( continued ) including the revenues of third-party licensees , or ( ii ) the company 2019s sale of ( a ) ecp , ( b ) all or substantially all of ecp 2019s assets , or ( c ) certain of ecp 2019s patent rights , the company will pay to syscore the lesser of ( x ) one-half of the profits earned from such sale described in the foregoing item ( ii ) , after accounting for the costs of acquiring and operating ecp , or ( y ) $ 15.0 million ( less any previous milestone payment ) .ecp 2019s acquisition of ais gmbh aachen innovative solutions in connection with the company 2019s acquisition of ecp , ecp acquired all of the share capital of ais gmbh aachen innovative solutions ( 201cais 201d ) , a limited liability company incorporated in germany , pursuant to a share purchase agreement dated as of june 30 , 2014 , by and among ecp and ais 2019s four individual shareholders .ais , based in aachen , germany , holds certain intellectual property useful to ecp 2019s business , and , prior to being acquired by ecp , had licensed such intellectual property to ecp .the purchase price for the acquisition of ais 2019s share capital was approximately $ 2.8 million in cash , which was provided by the company , and the acquisition closed immediately prior to abiomed europe 2019s acquisition of ecp .the share purchase agreement contains representations , warranties and closing conditions customary for transactions of its size and nature .purchase price allocation the acquisition of ecp and ais was accounted for as a business combination .the purchase price for the acquisition has been allocated to the assets acquired and liabilities assumed based on their estimated fair values .the acquisition-date fair value of the consideration transferred is as follows : acquisition date fair value ( in thousands ) .
[['', 'total acquisition date fair value ( in thousands )'], ['cash consideration', '$ 15750'], ['contingent consideration', '6000'], ['total consideration transferred', '$ 21750']]
.
|
what portion of total consideration transferred for acquisition of ecp and ais is contingent consideration?
|
27.6%
|
{
"answer": "27.6%",
"decimal": 0.276,
"type": "percentage"
}
| |
stock performance graph the following graph provides a comparison of five year cumulative total stockholder returns of teleflex common stock , the standard & poor 2019s ( s&p ) 500 stock index and the s&p 500 healthcare equipment & supply index .the annual changes for the five-year period shown on the graph are based on the assumption that $ 100 had been invested in teleflex common stock and each index on december 31 , 2009 and that all dividends were reinvested .market performance .
[['company / index', '2009', '2010', '2011', '2012', '2013', '2014'], ['teleflex incorporated', '100', '102', '119', '142', '190', '235'], ['s&p 500 index', '100', '115', '117', '136', '180', '205'], ['s&p 500 healthcare equipment & supply index', '100', '97', '97', '113', '144', '182']]
s&p 500 healthcare equipment & supply index 100 97 97 113 144 182 .
|
what is the range of market performance for the two indexes in 2014?
|
53
|
{
"answer": "53",
"decimal": 53,
"type": "float"
}
| |
analog devices , inc .notes to consolidated financial statements 2014 ( continued ) a summary of the company 2019s restricted stock unit award activity as of october 31 , 2015 and changes during the fiscal year then ended is presented below : restricted stock units outstanding ( in thousands ) weighted- average grant- date fair value per share .
[['', 'restrictedstock unitsoutstanding ( in thousands )', 'weighted-average grant-date fair valueper share'], ['restricted stock units outstanding at november 1 2014', '3188', '$ 43.46'], ['units granted', '818', '$ 52.25'], ['restrictions lapsed', '-1151 ( 1151 )', '$ 39.72'], ['forfeited', '-157 ( 157 )', '$ 45.80'], ['restricted stock units outstanding at october 31 2015', '2698', '$ 47.59']]
as of october 31 , 2015 , there was $ 108.8 million of total unrecognized compensation cost related to unvested share- based awards comprised of stock options and restricted stock units .that cost is expected to be recognized over a weighted- average period of 1.3 years .the total grant-date fair value of shares that vested during fiscal 2015 , 2014 and 2013 was approximately $ 65.6 million , $ 57.4 million and $ 63.9 million , respectively .common stock repurchase program the company 2019s common stock repurchase program has been in place since august 2004 .in the aggregate , the board of directors have authorized the company to repurchase $ 5.6 billion of the company 2019s common stock under the program .under the program , the company may repurchase outstanding shares of its common stock from time to time in the open market and through privately negotiated transactions .unless terminated earlier by resolution of the company 2019s board of directors , the repurchase program will expire when the company has repurchased all shares authorized under the program .as of october 31 , 2015 , the company had repurchased a total of approximately 140.7 million shares of its common stock for approximately $ 5.0 billion under this program .an additional $ 544.5 million remains available for repurchase of shares under the current authorized program .the repurchased shares are held as authorized but unissued shares of common stock .the company also , from time to time , repurchases shares in settlement of employee minimum tax withholding obligations due upon the vesting of restricted stock units or the exercise of stock options .the withholding amount is based on the employees minimum statutory withholding requirement .any future common stock repurchases will be dependent upon several factors , including the company's financial performance , outlook , liquidity and the amount of cash the company has available in the united states .preferred stock the company has 471934 authorized shares of $ 1.00 par value preferred stock , none of which is issued or outstanding .the board of directors is authorized to fix designations , relative rights , preferences and limitations on the preferred stock at the time of issuance .4 .industry , segment and geographic information the company operates and tracks its results in one reportable segment based on the aggregation of six operating segments .the company designs , develops , manufactures and markets a broad range of integrated circuits ( ics ) .the chief executive officer has been identified as the company's chief operating decision maker .the company has determined that all of the company's operating segments share the following similar economic characteristics , and therefore meet the criteria established for operating segments to be aggregated into one reportable segment , namely : 2022 the primary source of revenue for each operating segment is the sale of integrated circuits .2022 the integrated circuits sold by each of the company's operating segments are manufactured using similar semiconductor manufacturing processes and raw materials in either the company 2019s own production facilities or by third-party wafer fabricators using proprietary processes .2022 the company sells its products to tens of thousands of customers worldwide .many of these customers use products spanning all operating segments in a wide range of applications .2022 the integrated circuits marketed by each of the company's operating segments are sold globally through a direct sales force , third-party distributors , independent sales representatives and via our website to the same types of customers .all of the company's operating segments share a similar long-term financial model as they have similar economic characteristics .the causes for variation in operating and financial performance are the same among the company's operating segments and include factors such as ( i ) life cycle and price and cost fluctuations , ( ii ) number of competitors , ( iii ) product .
|
what was the total amount of money set aside from the market cap for restricted stock in 2014?
|
$ 138559.5 thousand
|
{
"answer": "$ 138559.5 thousand",
"decimal": 138559500,
"type": "money"
}
|
to find out the answer one must realize when the question talks about market cap one must multiple the share price by the amount of shares . therefore in order to find the amount of money withheld one has to multiple the amount of shares withheld at the average share price .
|
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. .
|
what percentage of total revenue in 2010 was freight revenue?
|
95%
|
{
"answer": "95%",
"decimal": 0.95,
"type": "percentage"
}
| |
distribution xpedx , our north american merchant distribution business , distributes products and services to a number of customer markets including : commercial printers with printing papers and graphic pre-press , printing presses and post-press equipment ; building services and away-from-home markets with facility supplies ; manufacturers with packaging supplies and equipment ; and to a growing number of customers , we exclusively provide distribution capabilities including warehousing and delivery services .xpedx is the leading wholesale distribution marketer in these customer and product segments in north america , operating 122 warehouse locations and 130 retail stores in the united states , mexico and cana- forest products international paper owns and manages approx- imately 200000 acres of forestlands and develop- ment properties in the united states , mostly in the south .our remaining forestlands are managed as a portfolio to optimize the economic value to our shareholders .most of our portfolio represents prop- erties that are likely to be sold to investors and other buyers for various purposes .specialty businesses and other chemicals : this business was sold in the first quarter of 2007 .ilim holding s.a .in october 2007 , international paper and ilim holding s.a .( ilim ) completed a 50:50 joint venture to operate a pulp and paper business located in russia .ilim 2019s facilities include three paper mills located in bratsk , ust-ilimsk , and koryazhma , russia , with combined total pulp and paper capacity of over 2.5 million tons .ilim has exclusive harvesting rights on timberland and forest areas exceeding 12.8 million acres ( 5.2 million hectares ) .products and brand designations appearing in italics are trademarks of international paper or a related company .industry segment results industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods pro- duction , as well as with demand for processed foods , poultry , meat and agricultural products .in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , manufacturing effi- ciency and product mix .industrial packaging results for 2009 and 2008 include the cbpr business acquired in the 2008 third quarter .net sales for 2009 increased 16% ( 16 % ) to $ 8.9 billion compared with $ 7.7 billion in 2008 , and 69% ( 69 % ) compared with $ 5.2 billion in 2007 .operating profits were 95% ( 95 % ) higher in 2009 than in 2008 and more than double 2007 levels .benefits from higher total year-over-year shipments , including the impact of the cbpr business , ( $ 11 million ) , favorable operating costs ( $ 294 million ) , and lower raw material and freight costs ( $ 295 million ) were parti- ally offset by the effects of lower price realizations ( $ 243 million ) , higher corporate overhead allocations ( $ 85 million ) , incremental integration costs asso- ciated with the acquisition of the cbpr business ( $ 3 million ) and higher other costs ( $ 7 million ) .additionally , operating profits in 2009 included a gain of $ 849 million relating to alternative fuel mix- ture credits , u.s .plant closure costs of $ 653 million , and costs associated with the shutdown of the eti- enne mill in france of $ 87 million .industrial packaging in millions 2009 2008 2007 .
[['in millions', '2009', '2008', '2007'], ['sales', '$ 8890', '$ 7690', '$ 5245'], ['operating profit', '761', '390', '374']]
north american industrial packaging results include the net sales and operating profits of the cbpr business from the august 4 , 2008 acquis- ition date .net sales were $ 7.6 billion in 2009 com- pared with $ 6.2 billion in 2008 and $ 3.9 billion in 2007 .operating profits in 2009 were $ 791 million ( $ 682 million excluding alternative fuel mixture cred- its , mill closure costs and costs associated with the cbpr integration ) compared with $ 322 million ( $ 414 million excluding charges related to the write-up of cbpr inventory to fair value , cbpr integration costs and other facility closure costs ) in 2008 and $ 305 million in 2007 .excluding the effect of the cbpr acquisition , con- tainerboard and box shipments were lower in 2009 compared with 2008 reflecting weaker customer demand .average sales price realizations were sig- nificantly lower for both containerboard and boxes due to weaker world-wide economic conditions .however , average sales margins for boxes .
|
what is the value of operating expenses and other costs concerning the activities , in 2007?
|
4871
|
{
"answer": "4871",
"decimal": 4871,
"type": "float"
}
|
it is the value of sales ( operating income ) subtracted by the value of operating profit .
|
although many clients use both active and passive strategies , the application of these strategies differs greatly .for example , clients may use index products to gain exposure to a market or asset class pending reallocation to an active manager .this has the effect of increasing turnover of index aum .in addition , institutional non-etp index assignments tend to be very large ( multi- billion dollars ) and typically reflect low fee rates .this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings .equity year-end 2012 equity aum of $ 1.845 trillion increased by $ 285.4 billion , or 18% ( 18 % ) , from the end of 2011 , largely due to flows into regional , country-specific and global mandates and the effect of higher market valuations .equity aum growth included $ 54.0 billion in net new business and $ 3.6 billion in new assets related to the acquisition of claymore .net new business of $ 54.0 billion was driven by net inflows of $ 53.0 billion and $ 19.1 billion into ishares and non-etp index accounts , respectively .passive inflows were offset by active net outflows of $ 18.1 billion , with net outflows of $ 10.0 billion and $ 8.1 billion from fundamental and scientific active equity products , respectively .passive strategies represented 84% ( 84 % ) of equity aum with the remaining 16% ( 16 % ) in active mandates .institutional investors represented 62% ( 62 % ) of equity aum , while ishares , and retail and hnw represented 29% ( 29 % ) and 9% ( 9 % ) , respectively .at year-end 2012 , 63% ( 63 % ) of equity aum was managed for clients in the americas ( defined as the united states , caribbean , canada , latin america and iberia ) compared with 28% ( 28 % ) and 9% ( 9 % ) managed for clients in emea and asia-pacific , respectively .blackrock 2019s effective fee rates fluctuate due to changes in aum mix .approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than similar u.s .equity strategies .accordingly , fluctuations in international equity markets , which do not consistently move in tandem with u.s .markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues .fixed income fixed income aum ended 2012 at $ 1.259 trillion , rising $ 11.6 billion , or 1% ( 1 % ) , relative to december 31 , 2011 .growth in aum reflected $ 43.3 billion in net new business , excluding the two large previously mentioned low-fee outflows , $ 75.4 billion in market and foreign exchange gains and $ 3.0 billion in new assets related to claymore .net new business was led by flows into domestic specialty and global bond mandates , with net inflows of $ 28.8 billion , $ 13.6 billion and $ 3.1 billion into ishares , non-etp index and model-based products , respectively , partially offset by net outflows of $ 2.2 billion from fundamental strategies .fixed income aum was split between passive and active strategies with 48% ( 48 % ) and 52% ( 52 % ) , respectively .institutional investors represented 74% ( 74 % ) of fixed income aum while ishares and retail and hnw represented 15% ( 15 % ) and 11% ( 11 % ) , respectively .at year-end 2012 , 59% ( 59 % ) of fixed income aum was managed for clients in the americas compared with 33% ( 33 % ) and 8% ( 8 % ) managed for clients in emea and asia- pacific , respectively .multi-asset class component changes in multi-asset class aum ( dollar amounts in millions ) 12/31/2011 net new business acquired market /fx app ( dep ) 12/31/2012 .
[['( dollar amounts in millions )', '12/31/2011', 'net new business', 'net acquired', 'market /fx app ( dep )', '12/31/2012'], ['asset allocation', '$ 126067', '$ 1575', '$ 78', '$ 12440', '$ 140160'], ['target date/risk', '49063', '14526', '2014', '6295', '69884'], ['fiduciary', '50040', '-284 ( 284 )', '2014', '7948', '57704'], ['multi-asset', '$ 225170', '$ 15817', '$ 78', '$ 26683', '$ 267748']]
multi-asset class aum totaled $ 267.7 billion at year-end 2012 , up 19% ( 19 % ) , or $ 42.6 billion , reflecting $ 15.8 billion in net new business and $ 26.7 billion in portfolio valuation gains .blackrock 2019s multi-asset class team manages a variety of bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , currencies , bonds and commodities , and our extensive risk management capabilities .investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays .at december 31 , 2012 , institutional investors represented 66% ( 66 % ) of multi-asset class aum , while retail and hnw accounted for the remaining aum .additionally , 58% ( 58 % ) of multi-asset class aum is managed for clients based in the americas with 37% ( 37 % ) and 5% ( 5 % ) managed for clients in emea and asia-pacific , respectively .flows reflected ongoing institutional demand for our advice in an increasingly .
|
what portion of the total multi-assets is related to asset allocation as of december 31 , 2012?
|
52.3%
|
{
"answer": "52.3%",
"decimal": 0.523,
"type": "percentage"
}
| |
russia and europe .average sales price realizations for uncoated freesheet paper decreased in both europe and russia , reflecting weak economic conditions and soft market demand .in russia , sales prices in rubles increased , but this improvement is masked by the impact of the currency depreciation against the u.s .dollar .input costs were significantly higher for wood in both europe and russia , partially offset by lower chemical costs .planned maintenance downtime costs were $ 11 million lower in 2014 than in 2013 .manufacturing and other operating costs were favorable .entering 2015 , sales volumes in the first quarter are expected to be seasonally weaker in russia , and about flat in europe .average sales price realizations for uncoated freesheet paper are expected to remain steady in europe , but increase in russia .input costs should be lower for oil and wood , partially offset by higher chemicals costs .indian papers net sales were $ 178 million in 2014 , $ 185 million ( $ 174 million excluding excise duties which were included in net sales in 2013 and prior periods ) in 2013 and $ 185 million ( $ 178 million excluding excise duties ) in 2012 .operating profits were $ 8 million ( a loss of $ 12 million excluding a gain related to the resolution of a legal contingency ) in 2014 , a loss of $ 145 million ( a loss of $ 22 million excluding goodwill and trade name impairment charges ) in 2013 and a loss of $ 16 million in 2012 .average sales price realizations improved in 2014 compared with 2013 due to the impact of price increases implemented in 2013 .sales volumes were flat , reflecting weak economic conditions .input costs were higher , primarily for wood .operating costs and planned maintenance downtime costs were lower in 2014 .looking ahead to the first quarter of 2015 , sales volumes are expected to be seasonally higher .average sales price realizations are expected to decrease due to competitive pressures .asian printing papers net sales were $ 59 million in 2014 , $ 90 million in 2013 and $ 85 million in 2012 .operating profits were $ 0 million in 2014 and $ 1 million in both 2013 and 2012 .u.s .pulp net sales were $ 895 million in 2014 compared with $ 815 million in 2013 and $ 725 million in 2012 .operating profits were $ 57 million in 2014 compared with $ 2 million in 2013 and a loss of $ 59 million in 2012 .sales volumes in 2014 increased from 2013 for both fluff pulp and market pulp reflecting improved market demand .average sales price realizations increased significantly for fluff pulp , while prices for market pulp were also higher .input costs for wood and energy were higher .operating costs were lower , but planned maintenance downtime costs were $ 1 million higher .compared with the fourth quarter of 2014 , sales volumes in the first quarter of 2015 , are expected to decrease for market pulp , but be slightly higher for fluff pulp .average sales price realizations are expected to to be stable for fluff pulp and softwood market pulp , while hardwood market pulp prices are expected to improve .input costs should be flat .planned maintenance downtime costs should be about $ 13 million higher than in the fourth quarter of 2014 .consumer packaging demand and pricing for consumer packaging products correlate closely with consumer spending and general economic activity .in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix .consumer packaging net sales in 2014 decreased 1% ( 1 % ) from 2013 , but increased 7% ( 7 % ) from 2012 .operating profits increased 11% ( 11 % ) from 2013 , but decreased 34% ( 34 % ) from 2012 .excluding sheet plant closure costs , costs associated with the permanent shutdown of a paper machine at our augusta , georgia mill and costs related to the sale of the shorewood business , 2014 operating profits were 11% ( 11 % ) lower than in 2013 , and 30% ( 30 % ) lower than in 2012 .benefits from higher average sales price realizations and a favorable mix ( $ 60 million ) were offset by lower sales volumes ( $ 11 million ) , higher operating costs ( $ 9 million ) , higher planned maintenance downtime costs ( $ 12 million ) , higher input costs ( $ 43 million ) and higher other costs ( $ 7 million ) .in addition , operating profits in 2014 include $ 8 million of costs associated with sheet plant closures , while operating profits in 2013 include costs of $ 45 million related to the permanent shutdown of a paper machine at our augusta , georgia mill and $ 2 million of costs associated with the sale of the shorewood business .consumer packaging .
[['in millions', '2014', '2013', '2012'], ['sales', '$ 3403', '$ 3435', '$ 3170'], ['operating profit', '178', '161', '268']]
north american consumer packaging net sales were $ 2.0 billion in 2014 compared with $ 2.0 billion in 2013 and $ 2.0 billion in 2012 .operating profits were $ 92 million ( $ 100 million excluding sheet plant closure costs ) in 2014 compared with $ 63 million ( $ 110 million excluding paper machine shutdown costs and costs related to the sale of the shorewood business ) in 2013 and $ 165 million ( $ 162 million excluding a gain associated with the sale of the shorewood business in 2012 ) .coated paperboard sales volumes in 2014 were lower than in 2013 reflecting weaker market demand .the business took about 41000 tons of market-related downtime in 2014 compared with about 24000 tons in 2013 .average sales price realizations increased year- .
|
what was the consumer packaging profit margin in 2012
|
8.45%
|
{
"answer": "8.45%",
"decimal": 0.08449999999999999,
"type": "percentage"
}
| |
notes to the audited consolidated financial statements director stock compensation subplan eastman's 2016 director stock compensation subplan ( "directors' subplan" ) , a component of the 2012 omnibus plan , remains in effect until terminated by the board of directors or the earlier termination of thf e 2012 omnibus plan .the directors' subplan provides for structured awards of restricted shares to non-employee members of the board of directors .restricted shares awarded under the directors' subplan are subject to the same terms and conditions of the 2012 omnibus plan .the directors' subplan does not constitute a separate source of shares for grant of equity awards and all shares awarded are part of the 10 million shares authorized under the 2012 omnibus plan .shares of restricted stock are granted on the first day of a non-f employee director's initial term of service and shares of restricted stock are granted each year to each non-employee director on the date of the annual meeting of stockholders .general the company is authorized by the board of directors under the 2012 omnibus plan tof provide awards to employees and non- employee members of the board of directors .it has been the company's practice to issue new shares rather than treasury shares for equity awards that require settlement by the issuance of common stock and to withhold or accept back shares awarded to cover the related income tax obligations of employee participants .shares of unrestricted common stock owned by non-d employee directors are not eligible to be withheld or acquired to satisfy the withholding obligation related to their income taxes .aa shares of unrestricted common stock owned by specified senior management level employees are accepted by the company to pay the exercise price of stock options in accordance with the terms and conditions of their awards .for 2016 , 2015 , and 2014 , total share-based compensation expense ( before tax ) of approximately $ 36 million , $ 36 million , and $ 28 million , respectively , was recognized in selling , general and administrative exd pense in the consolidated statements of earnings , comprehensive income and retained earnings for all share-based awards of which approximately $ 7 million , $ 7 million , and $ 4 million , respectively , related to stock options .the compensation expense is recognized over the substantive vesting period , which may be a shorter time period than the stated vesting period for qualifying termination eligible employees as defined in the forms of award notice .for 2016 , 2015 , and 2014 , approximately $ 2 million , $ 2 million , and $ 1 million , respectively , of stock option compensation expense was recognized due to qualifying termination eligibility preceding the requisite vesting period .stock option awards options have been granted on an annual basis to non-employee directors under the directors' subplan and predecessor plans and by the compensation and management development committee of the board of directors under the 2012 omnibus plan and predecessor plans to employees .option awards have an exercise price equal to the closing price of the company's stock on the date of grant .the term of options is 10 years with vesting periods thf at vary up to three years .vesting usually occurs ratably over the vesting period or at the end of the vesting period .the company utilizes the black scholes merton option valuation model which relies on certain assumptions to estimate an option's fair value .the weighted average assumptions used in the determination of fair value for stock options awarded in 2016 , 2015 , and 2014 are provided in the table below: .
[['assumptions', '2016', '2015', '2014'], ['expected volatility rate', '23.71% ( 23.71 % )', '24.11% ( 24.11 % )', '25.82% ( 25.82 % )'], ['expected dividend yield', '2.31% ( 2.31 % )', '1.75% ( 1.75 % )', '1.70% ( 1.70 % )'], ['average risk-free interest rate', '1.23% ( 1.23 % )', '1.45% ( 1.45 % )', '1.44% ( 1.44 % )'], ['expected term years', '5.0', '4.8', '4.7']]
.
|
what was the average expected dividend yield from 2014 to 2016
|
1.92%
|
{
"answer": "1.92%",
"decimal": 0.0192,
"type": "percentage"
}
| |
amount of commitment expiration per period other commercial commitments after millions total 2013 2014 2015 2016 2017 2017 .
[['other commercial commitmentsmillions', 'total', 'amount of commitment expiration per period 2013', 'amount of commitment expiration per period 2014', 'amount of commitment expiration per period 2015', 'amount of commitment expiration per period 2016', 'amount of commitment expiration per period 2017', 'amount of commitment expiration per period after 2017'], ['credit facilities [a]', '$ 1800', '$ -', '$ -', '$ 1800', '$ -', '$ -', '$ -'], ['receivables securitization facility [b]', '600', '600', '-', '-', '-', '-', '-'], ['guarantees [c]', '307', '8', '214', '12', '30', '10', '33'], ['standby letters of credit [d]', '25', '24', '1', '-', '-', '-', '-'], ['total commercialcommitments', '$ 2732', '$ 632', '$ 215', '$ 1812', '$ 30', '$ 10', '$ 33']]
[a] none of the credit facility was used as of december 31 , 2012 .[b] $ 100 million of the receivables securitization facility was utilized at december 31 , 2012 , which is accounted for as debt .the full program matures in july 2013 .[c] includes guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .[d] none of the letters of credit were drawn upon as of december 31 , 2012 .off-balance sheet arrangements guarantees 2013 at december 31 , 2012 , we were contingently liable for $ 307 million in guarantees .we have recorded a liability of $ 2 million for the fair value of these obligations as of december 31 , 2012 and 2011 .we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .the final guarantee expires in 2022 .we are not aware of any existing event of default that would require us to satisfy these guarantees .we do not expect that these guarantees will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity .other matters labor agreements 2013 approximately 86% ( 86 % ) of our 45928 full-time-equivalent employees are represented by 14 major rail unions .during the year , we concluded the most recent round of negotiations , which began in 2010 , with the ratification of new agreements by several unions that continued negotiating into 2012 .all of the unions executed similar multi-year agreements that provide for higher employee cost sharing of employee health and welfare benefits and higher wages .the current agreements will remain in effect until renegotiated under provisions of the railway labor act .the next round of negotiations will begin in early 2015 .inflation 2013 long periods of inflation significantly increase asset replacement costs for capital-intensive companies .as a result , assuming that we replace all operating assets at current price levels , depreciation charges ( on an inflation-adjusted basis ) would be substantially greater than historically reported amounts .derivative financial instruments 2013 we may use derivative financial instruments in limited instances to assist in managing our overall exposure to fluctuations in interest rates and fuel prices .we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes .derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period .we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk-management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness .changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings .we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable price movements .market and credit risk 2013 we address market risk related to derivative financial instruments by selecting instruments with value fluctuations that highly correlate with the underlying hedged item .we manage credit risk related to derivative financial instruments , which is minimal , by requiring high credit standards for counterparties and periodic settlements .at december 31 , 2012 and 2011 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities. .
|
what percentage of total commercial commitments are credit facilities?
|
66%
|
{
"answer": "66%",
"decimal": 0.66,
"type": "percentage"
}
| |
abiomed , inc .and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 8 .goodwill and in-process research and development ( continued ) the company has no accumulated impairment losses on goodwill .the company performed a step 0 qualitative assessment during the annual impairment review for fiscal 2015 as of october 31 , 2014 and concluded that it is not more likely than not that the fair value of the company 2019s single reporting unit is less than its carrying amount .therefore , the two-step goodwill impairment test for the reporting unit was not necessary in fiscal 2015 .as described in note 3 .201cacquisitions , 201d in july 2014 , the company acquired ecp and ais and recorded $ 18.5 million of ipr&d .the estimated fair value of the ipr&d was determined using a probability-weighted income approach , which discounts expected future cash flows to present value .the projected cash flows from the expandable catheter pump technology were based on certain key assumptions , including estimates of future revenue and expenses , taking into account the stage of development of the technology at the acquisition date and the time and resources needed to complete development .the company used a discount rate of 22.5% ( 22.5 % ) and cash flows that have been probability adjusted to reflect the risks of product commercialization , which the company believes are appropriate and representative of market participant assumptions .the carrying value of the company 2019s ipr&d assets and the change in the balance for the year ended march 31 , 2015 is as follows : march 31 , ( in $ 000 2019s ) .
[['', 'march 31 2015 ( in $ 000 2019s )'], ['beginning balance', '$ 2014'], ['additions', '18500'], ['foreign currency translation impact', '-3789 ( 3789 )'], ['ending balance', '$ 14711']]
note 9 .stockholders 2019 equity class b preferred stock the company has authorized 1000000 shares of class b preferred stock , $ .01 par value , of which the board of directors can set the designation , rights and privileges .no shares of class b preferred stock have been issued or are outstanding .stock repurchase program in november 2012 , the company 2019s board of directors authorized a stock repurchase program for up to $ 15.0 million of its common stock .the company financed the stock repurchase program with its available cash .during the year ended march 31 , 2013 , the company repurchased 1123587 shares for $ 15.0 million in open market purchases at an average cost of $ 13.39 per share , including commission expense .the company completed the purchase of common stock under this stock repurchase program in january 2013 .note 10 .stock award plans and stock-based compensation stock award plans the company grants stock options and restricted stock awards to employees and others .all outstanding stock options of the company as of march 31 , 2015 were granted with an exercise price equal to the fair market value on the date of grant .outstanding stock options , if not exercised , expire 10 years from the date of grant .the company 2019s 2008 stock incentive plan ( the 201cplan 201d ) authorizes the grant of a variety of equity awards to the company 2019s officers , directors , employees , consultants and advisers , including awards of unrestricted and restricted stock , restricted stock units , incentive and nonqualified stock options to purchase shares of common stock , performance share awards and stock appreciation rights .the plan provides that options may only be granted at the current market value on the date of grant .each share of stock issued pursuant to a stock option or stock appreciation right counts as one share against the maximum number of shares issuable under the plan , while each share of stock issued .
|
what is the percentage decrease in carrying value of ipr&d assets due to foreign currency impact?
|
-20.5%
|
{
"answer": "-20.5%",
"decimal": -0.205,
"type": "percentage"
}
| |
notes to the consolidated financial statements related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2010 , 2009 and 2008 was $ 1 million , $ ( 16 ) million and $ 30 million , respectively .19 .employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s .employees .the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations .for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation .for those participants whose employment is covered by a collective bargaining agreement , the level of company- matching contribution , if any , is determined by the collective bargaining agreement .the company-matching contribution was 100% ( 100 % ) for 2008 and for the first two months of 2009 .the company- matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession .effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) contributed for most employees eligible for the company-matching contribution feature .this would have included the bargained employees in accordance with their collective bargaining agreements .on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) contributed by these eligible employees .compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2010 , 2009 and 2008 totaled $ 9 million , $ 7 million and $ 42 million , respectively .a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan .as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 24 million , $ 28 million and $ 29 million for 2010 , 2009 and 2008 , respectively .20 .other earnings ( millions ) 2010 2009 2008 .
[['( millions )', '2010', '2009', '2008'], ['interest income', '$ 34', '$ 28', '$ 26'], ['royalty income', '58', '45', '52'], ['share of net earnings ( loss ) of equity affiliates ( see note 6 )', '45', '-5 ( 5 )', '3'], ['gain on sale of assets', '8', '36', '23'], ['other', '69', '74', '61'], ['total', '$ 214', '$ 178', '$ 165']]
total $ 214 $ 178 $ 165 21 .stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return .all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc .omnibus incentive plan ( 201cppg omnibus plan 201d ) .shares available for future grants under the ppg omnibus plan were 4.1 million as of december 31 , 2010 .total stock-based compensation cost was $ 52 million , $ 34 million and $ 33 million in 2010 , 2009 and 2008 , respectively .the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 18 million , $ 12 million and $ 12 million in 2010 , 2009 and 2008 , respectively .stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc .stock plan ( 201cppg stock plan 201d ) and the ppg omnibus plan .under the ppg omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted .the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years .upon exercise of a stock option , shares of company stock are issued from treasury stock .the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that allows an optionee to exercise options and satisfy the option price by certifying ownership of mature shares of ppg common stock with equivalent market value .the fair value of stock options issued to employees is measured on the date of grant and is recognized as expense over the requisite service period .ppg estimates the fair value of stock options using the black-scholes option pricing model .the risk-free interest rate is determined by using the u.s .treasury yield curve at the date of the grant and using a maturity equal to the expected life of the option .the expected life of options is calculated using the average of the vesting term and the maximum term , as prescribed by accounting guidance on the use of the simplified method for determining the expected term of an employee share option .this method is used as the vesting term of stock options was changed to three years in 2004 and , as a result , the historical exercise data does not provide a reasonable basis upon which to estimate the expected life of options .the expected dividend yield and volatility are based on historical stock prices and dividend amounts over past time periods equal in length to the expected life of the options .66 2010 ppg annual report and form 10-k .
|
what was the change in millions of total other earnings from 2008 to 2009?
|
13
|
{
"answer": "13",
"decimal": 13,
"type": "float"
}
| |
table of contents valero energy corporation notes to consolidated financial statements ( continued ) 11 .equity share activity activity in the number of shares of common stock and treasury stock was as follows ( in millions ) : common treasury .
[['', 'commonstock', 'treasurystock'], ['balance as of december 31 2015', '673', '-200 ( 200 )'], ['transactions in connection withstock-based compensation plans', '2014', '1'], ['stock purchases under purchase program', '2014', '-23 ( 23 )'], ['balance as of december 31 2016', '673', '-222 ( 222 )'], ['transactions in connection withstock-based compensation plans', '2014', '1'], ['stock purchases under purchase programs', '2014', '-19 ( 19 )'], ['balance as of december 31 2017', '673', '-240 ( 240 )'], ['stock purchases under purchase programs', '2014', '-16 ( 16 )'], ['balance as of december 31 2018', '673', '-256 ( 256 )']]
preferred stock we have 20 million shares of preferred stock authorized with a par value of $ 0.01 per share .no shares of preferred stock were outstanding as of december 31 , 2018 or 2017 .treasury stock we purchase shares of our common stock as authorized under our common stock purchase program ( described below ) and to meet our obligations under employee stock-based compensation plans .on july 13 , 2015 , our board of directors authorized us to purchase $ 2.5 billion of our outstanding common stock with no expiration date , and we completed that program during 2017 .on september 21 , 2016 , our board of directors authorized our purchase of up to an additional $ 2.5 billion with no expiration date , and we completed that program during 2018 .on january 23 , 2018 , our board of directors authorized our purchase of up to an additional $ 2.5 billion ( the 2018 program ) with no expiration date .during the years ended december 31 , 2018 , 2017 , and 2016 , we purchased $ 1.5 billion , $ 1.3 billion , and $ 1.3 billion , respectively , of our common stock under our programs .as of december 31 , 2018 , we have approval under the 2018 program to purchase approximately $ 2.2 billion of our common stock .common stock dividends on january 24 , 2019 , our board of directors declared a quarterly cash dividend of $ 0.90 per common share payable on march 5 , 2019 to holders of record at the close of business on february 13 , 2019 .valero energy partners lp units on september 16 , 2016 , vlp entered into an equity distribution agreement pursuant to which vlp offered and sold from time to time their common units having an aggregate offering price of up to $ 350 million based on amounts , at prices , and on terms determined by market conditions and other factors at the time of .
|
if the same amount was spent monthly for 24 months purchasing $ 2.5 billion of common stock , what was the monthly average spent be , in billions?
|
0.104
|
{
"answer": "0.104",
"decimal": 0.104,
"type": "float"
}
| |
five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 .the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2009 and that all dividends were reinvested .the information below is historical in nature and is not necessarily indicative of future performance .purchases of equity securities 2013 during 2014 , we repurchased 33035204 shares of our common stock at an average price of $ 100.24 .the following table presents common stock repurchases during each month for the fourth quarter of 2014 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares that may yet be purchased under the plan or program [b] .
[['period', 'total number ofsharespurchased[a]', 'averageprice paidpershare', 'total number of sharespurchased as part of apublicly announcedplan or program [b]', 'maximum number ofshares that may yetbe purchased under the planor program [b]'], ['oct . 1 through oct . 31', '3087549', '$ 107.59', '3075000', '92618000'], ['nov . 1 through nov . 30', '1877330', '119.84', '1875000', '90743000'], ['dec . 1 through dec . 31', '2787108', '116.54', '2786400', '87956600'], ['total', '7751987', '$ 113.77', '7736400', 'n/a']]
[a] total number of shares purchased during the quarter includes approximately 15587 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares .[b] effective january 1 , 2014 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2017 .these repurchases may be made on the open market or through other transactions .our management has sole discretion with respect to determining the timing and amount of these transactions. .
|
what percentage of total number of shares purchased were purchased in december?
|
36%
|
{
"answer": "36%",
"decimal": 0.36,
"type": "percentage"
}
| |
is downgraded below a specified threshold , the new bank is required to provide credit support for its obligation .fees of $ 5 million were incurred in connection with this replacement .on november 29 , 2011 , standard and poor's reduced its credit rating of senior unsecured long-term debt of lloyds tsb bank plc , which issued letters of credit that support $ 1.2 billion of the timber notes , below the specified threshold .the letters of credit were successfully replaced by another qualifying institution .fees of $ 4 million were incurred in connection with this replacement .on january 23 , 2012 , standard and poor's reduced its credit rating of senior unsecured long-term debt of soci e9t e9 g e9n e9rale sa , which issued letters of credit that support $ 666 million of the timber notes , below the specified threshold .the letters of credit were successfully replaced by another qualifying institution .fees of $ 5 million were incurred in connection with this replacement .on june 21 , 2012 , moody's investor services reduced its credit rating of senior unsecured long-term debt of bnp paribas , which issued letters of credit that support $ 707 million of timber notes , below the specified threshold .on december 19 , 2012 , the company and the third-party managing member agreed to a continuing replacement waiver for these letters of credit , terminable upon 30 days notice .activity between the company and the entities was as follows: .
[['in millions', '2013', '2012', '2011'], ['revenue ( loss ) ( a )', '$ 45', '$ 49', '$ 49'], ['expense ( a )', '79', '90', '79'], ['cash receipts ( b )', '33', '36', '28'], ['cash payments ( c )', '84', '87', '79']]
( a ) the net expense related to the company 2019s interest in the entities is included in interest expense , net in the accompanying consolidated statement of operations , as international paper has and intends to effect its legal right to offset as discussed above .( b ) the cash receipts are equity distributions from the entities to international paper .( c ) the semi-annual payments are related to interest on the associated debt obligations discussed above .based on an analysis of the entities discussed above under guidance that considers the potential magnitude of the variability in the structures and which party has a controlling financial interest , international paper determined that it is not the primary beneficiary of the entities , and therefore , should not consolidate its investments in these entities .it was also determined that the source of variability in the structure is the value of the timber notes , the assets most significantly impacting the structure 2019s economic performance .the credit quality of the timber notes is supported by irrevocable letters of credit obtained by third-party buyers which are 100% ( 100 % ) cash collateralized .international paper analyzed which party has control over the economic performance of each entity , and concluded international paper does not have control over significant decisions surrounding the timber notes and letters of credit and therefore is not the primary beneficiary .the company 2019s maximum exposure to loss equals the value of the timber notes ; however , an analysis performed by the company concluded the likelihood of this exposure is remote .international paper also held variable interests in two financing entities that were used to monetize long-term notes received from the sale of forestlands in 2001 and 2002 .international paper transferred notes ( the monetized notes , with an original maturity of 10 years from inception ) and cash of approximately $ 1.0 billion to these entities in exchange for preferred interests , and accounted for the transfers as a sale of the notes with no associated gain or loss .in the same period , the entities acquired approximately $ 1.0 billion of international paper debt obligations for cash .international paper has no obligation to make any further capital contributions to these entities and did not provide any financial support that was not previously contractually required during the years ended december 31 , 2013 , 2012 or 2011 .the 2001 monetized notes of $ 499 million matured on march 16 , 2011 .following their maturity , international paper purchased the class a preferred interest in the 2001 financing entities from an external third-party for $ 21 million .as a result of the purchase , effective march 16 , 2011 , international paper owned 100% ( 100 % ) of the 2001 financing entities .based on an analysis performed by the company after the purchase , under guidance that considers the potential magnitude of the variability in the structure and which party has a controlling financial interest , international paper determined that it was the primary beneficiary of the 2001 financing entities and thus consolidated the entities effective march 16 , 2011 .effective april 30 , 2011 , international paper liquidated its interest in the 2001 financing entities .activity between the company and the 2001 financing entities during 2011 was immaterial. .
|
based on the review of the activity between the company and the entities what was the ratio of the revenue to expense in 2013
|
57%
|
{
"answer": "57%",
"decimal": 0.57,
"type": "percentage"
}
| |
the company further presents total net 201ceconomic 201d investment exposure , net of deferred compensation investments and hedged investments , to reflect another gauge for investors as the economic impact of investments held pursuant to deferred compensation arrangements is substantially offset by a change in compensation expense and the impact of hedged investments is substantially mitigated by total return swap hedges .carried interest capital allocations are excluded as there is no impact to blackrock 2019s stockholders 2019 equity until such amounts are realized as performance fees .finally , the company 2019s regulatory investment in federal reserve bank stock , which is not subject to market or interest rate risk , is excluded from the company 2019s net economic investment exposure .( dollar amounts in millions ) december 31 , december 31 .
[['( dollar amounts in millions )', 'december 31 2012', 'december 31 2011'], ['total investments gaap', '$ 1750', '$ 1631'], ['investments held by consolidated sponsored investmentfunds ( 1 )', '-524 ( 524 )', '-587 ( 587 )'], ['net exposure to consolidated investment funds', '430', '475'], ['total investments as adjusted', '1656', '1519'], ['federal reserve bank stock ( 2 )', '-89 ( 89 )', '-328 ( 328 )'], ['carried interest', '-85 ( 85 )', '-21 ( 21 )'], ['deferred compensation investments', '-62 ( 62 )', '-65 ( 65 )'], ['hedged investments', '-209 ( 209 )', '-43 ( 43 )'], ['total 201ceconomic 201d investment exposure', '$ 1211', '$ 1062']]
total 201ceconomic 201d investment exposure ...$ 1211 $ 1062 ( 1 ) at december 31 , 2012 and december 31 , 2011 , approximately $ 524 million and $ 587 million , respectively , of blackrock 2019s total gaap investments were maintained in sponsored investment funds that were deemed to be controlled by blackrock in accordance with gaap , and , therefore , are consolidated even though blackrock may not economically own a majority of such funds .( 2 ) the decrease of $ 239 million related to a lower holding requirement of federal reserve bank stock held by blackrock institutional trust company , n.a .( 201cbtc 201d ) .total investments , as adjusted , at december 31 , 2012 increased $ 137 million from december 31 , 2011 , resulting from $ 765 million of purchases/capital contributions , $ 185 million from positive market valuations and earnings from equity method investments , and $ 64 million from net additional carried interest capital allocations , partially offset by $ 742 million of sales/maturities and $ 135 million of distributions representing return of capital and return on investments. .
|
what is the percentage change in the balance of total investments gaap from 2011 to 2012?
|
7.3%
|
{
"answer": "7.3%",
"decimal": 0.073,
"type": "percentage"
}
| |
12 .borrowings short-term borrowings 2015 revolving credit facility .in march 2011 , the company entered into a five-year $ 3.5 billion unsecured revolving credit facility , which was amended in 2014 , 2013 and 2012 .in april 2015 , the company 2019s credit facility was further amended to extend the maturity date to march 2020 and to increase the amount of the aggregate commitment to $ 4.0 billion ( the 201c2015 credit facility 201d ) .the 2015 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2015 credit facility to an aggregate principal amount not to exceed $ 5.0 billion .interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .the 2015 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2015 .the 2015 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities .at december 31 , 2015 , the company had no amount outstanding under the 2015 credit facility .commercial paper program .on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 4.0 billion as amended in april 2015 .the cp program is currently supported by the 2015 credit facility .at december 31 , 2015 , blackrock had no cp notes outstanding .long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2015 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .
[['( in millions )', 'maturityamount', 'unamortized discount and debt issuance costs', 'carrying value', 'fair value'], ['6.25% ( 6.25 % ) notes due 2017', '$ 700', '$ -1 ( 1 )', '$ 699', '$ 757'], ['5.00% ( 5.00 % ) notes due 2019', '1000', '-3 ( 3 )', '997', '1106'], ['4.25% ( 4.25 % ) notes due 2021', '750', '-5 ( 5 )', '745', '828'], ['3.375% ( 3.375 % ) notes due 2022', '750', '-6 ( 6 )', '744', '773'], ['3.50% ( 3.50 % ) notes due 2024', '1000', '-8 ( 8 )', '992', '1030'], ['1.25% ( 1.25 % ) notes due 2025', '760', '-7 ( 7 )', '753', '729'], ['total long-term borrowings', '$ 4960', '$ -30 ( 30 )', '$ 4930', '$ 5223']]
long-term borrowings at december 31 , 2014 had a carrying value of $ 4.922 billion and a fair value of $ 5.309 billion determined using market prices at the end of december 2025 notes .in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) .the notes are listed on the new york stock exchange .the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness .interest of approximately $ 10 million per year based on current exchange rates is payable annually on may 6 of each year .the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price .the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes .upon conversion to u.s .dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations .a gain of $ 19 million , net of tax , was recognized in other comprehensive income for 2015 .no hedge ineffectiveness was recognized during 2015 .2024 notes .in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) .the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 .interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year .the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 notes .2022 notes .in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) .net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes .interest on the 2022 notes of approximately $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 .the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a .
|
what portion of total long-term borrowings is due in the next 36 months as of december 31 , 2015?
|
14.1%
|
{
"answer": "14.1%",
"decimal": 0.141,
"type": "percentage"
}
| |
kimco realty corporation and subsidiaries notes to consolidated financial statements , continued senior unsecured notes / medium term notes 2013 during september 2009 , the company entered into a fifth supplemental indenture , under the indenture governing its medium term notes ( 201cmtn 201d ) and senior notes , which included the financial covenants for future offerings under the indenture that were removed by the fourth supplemental indenture .in accordance with the terms of the indenture , as amended , pursuant to which the company 2019s senior unsecured notes , except for $ 300.0 million issued during april 2007 under the fourth supplemental indenture , have been issued , the company is subject to maintaining ( a ) certain maximum leverage ratios on both unsecured senior corporate and secured debt , minimum debt service coverage ratios and minimum equity levels , ( b ) certain debt service ratios , ( c ) certain asset to debt ratios and ( d ) restricted from paying dividends in amounts that exceed by more than $ 26.0 million the funds from operations , as defined , generated through the end of the calendar quarter most recently completed prior to the declaration of such dividend ; however , this dividend limitation does not apply to any distributions necessary to maintain the company 2019s qualification as a reit providing the company is in compliance with its total leverage limitations .the company had a mtn program pursuant to which it offered for sale its senior unsecured debt for any general corporate purposes , including ( i ) funding specific liquidity requirements in its business , including property acquisitions , development and redevelopment costs and ( ii ) managing the company 2019s debt maturities .interest on the company 2019s fixed-rate senior unsecured notes and medium term notes is payable semi-annually in arrears .proceeds from these issuances were primarily used for the acquisition of neighborhood and community shopping centers , the expansion and improvement of properties in the company 2019s portfolio and the repayment of certain debt obligations of the company .during april 2014 , the company issued $ 500.0 million of 7-year senior unsecured notes at an interest rate of 3.20% ( 3.20 % ) payable semi-annually in arrears which are scheduled to mature in may 2021 .the company used the net proceeds from this issuance of $ 495.4 million , after deducting the underwriting discount and offering expenses , for general corporate purposes including reducing borrowings under the company 2019s revolving credit facility and repayment of maturing debt .in connection with this issuance , the company entered into a seventh supplemental indenture which , among other things , revised , for all securities created on or after the date of the seventh supplemental indenture , the definition of unencumbered total asset value , used to determine compliance with certain covenants within the indenture .during may 2013 , the company issued $ 350.0 million of 10-year senior unsecured notes at an interest rate of 3.125% ( 3.125 % ) payable semi-annually in arrears which are scheduled to mature in june 2023 .net proceeds from the issuance were $ 344.7 million , after related transaction costs of $ 0.5 million .the proceeds from this issuance were used for general corporate purposes including the partial reduction of borrowings under the company 2019s revolving credit facility and the repayment of $ 75.0 million senior unsecured notes which matured in june 2013 .during july 2013 , a wholly-owned subsidiary of the company issued $ 200.0 million canadian denominated ( 201ccad 201d ) series 4 unsecured notes on a private placement basis in canada .the notes bear interest at 3.855% ( 3.855 % ) and are scheduled to mature on august 4 , 2020 .proceeds from the notes were used to repay the company 2019s cad $ 200.0 million 5.180% ( 5.180 % ) unsecured notes , which matured on august 16 , 2013 .during the years ended december 31 , 2014 and 2013 , the company repaid the following notes ( dollars in millions ) : type date issued amount repaid interest rate maturity date date paid .
[['type', 'date issued', 'amount repaid', 'interest rate', 'maturity date', 'date paid'], ['mtn', 'jun-05', '$ 194.6', '4.82% ( 4.82 % )', 'jun-14', 'jun-14'], ['senior note', 'oct-06', '$ 100.0', '5.95% ( 5.95 % )', 'jun-14', 'jun-14'], ['mtn', 'oct-03', '$ 100.0', '5.19% ( 5.19 % )', 'oct-13', 'oct-13'], ['senior note', 'oct-06', '$ 75.0', '4.70% ( 4.70 % )', 'jun-13', 'jun-13'], ['senior note', 'oct-06', '$ 100.0', '6.125% ( 6.125 % )', 'jan-13', 'jan-13']]
.
|
for years ended dec 31 , 2013 and dec 31 , 2014 , how much did the company repay , in millions , to mtn?
|
294.6
|
{
"answer": "294.6",
"decimal": 294.6,
"type": "float"
}
| |
working on the site .the company resolved five of the eight pending lawsuits arising from this matter and believes that it has adequate insurance to resolve remaining matters .the company believes that the settlement of these lawsuits will not have a material adverse effect on its consolidated financial statements .during the 2009 third quarter , in connection with an environmental site remediation action under cer- cla , international paper submitted to the epa a feasibility study for this site .the epa has indicated that it intends to select a proposed remedial action alternative from those identified in the study and present this proposal for public comment .since it is not currently possible to determine the final remedial action that will be required , the company has accrued , as of december 31 , 2009 , an estimate of the minimum costs that could be required for this site .when the remediation plan is finalized by the epa , it is possible that the remediation costs could be sig- nificantly higher than amounts currently recorded .exterior siding and roofing litigation international paper has established reserves relating to the settlement , during 1998 and 1999 , of three nationwide class action lawsuits against the com- pany and masonite corp. , a former wholly-owned subsidiary of the company .those settlements relate to ( 1 ) exterior hardboard siding installed during the 1980 2019s and 1990 2019s ( the hardboard claims ) ; ( 2 ) omniwood siding installed during the 1990 2019s ( the omniwood claims ) ; and ( 3 ) woodruf roofing installed during the 1980 2019s and 1990 2019s ( the woodruf claims ) .all hardboard claims were required to be made by january 15 , 2008 , while all omniwood and woodruf claims were required to be made by jan- uary 6 , 2009 .the following table presents an analysis of total reserve activity related to the hardboard , omniwood and woodruf settlements for the years ended december 31 , 2009 , 2008 and 2007 : in millions total .
[['in millions', 'total'], ['balance december 31 2006', '$ 124'], ['payments', '-78 ( 78 )'], ['balance december 31 2007', '46'], ['additional provision', '82'], ['payments', '-87 ( 87 )'], ['balance december 31 2008', '41'], ['payments', '-38 ( 38 )'], ['balance december 31 2009', '$ 3']]
the company believes that the aggregate reserve balance remaining at december 31 , 2009 is adequate to cover the final settlement of remaining claims .summary the company is also involved in various other inquiries , administrative proceedings and litigation relating to contracts , sales of property , intellectual property , environmental and safety matters , tax , personal injury , labor and employment and other matters , some of which allege substantial monetary damages .while any proceeding or litigation has the element of uncertainty , the company believes that the outcome of any of the lawsuits or claims that are pending or threatened , or all of them combined , will not have a material adverse effect on its consolidated financial statements .note 12 variable interest entities and preferred securities of subsidiaries variable interest entities in connection with the 2006 sale of approximately 5.6 million acres of forestlands , international paper received installment notes ( the timber notes ) total- ing approximately $ 4.8 billion .the timber notes , which do not require principal payments prior to their august 2016 maturity , are supported by irrev- ocable letters of credit obtained by the buyers of the forestlands .during the 2006 fourth quarter , interna- tional paper contributed the timber notes to newly formed entities ( the borrower entities ) in exchange for class a and class b interests in these entities .subsequently , international paper contributed its $ 200 million class a interests in the borrower enti- ties , along with approximately $ 400 million of international paper promissory notes , to other newly formed entities ( the investor entities ) in exchange for class a and class b interests in these entities , and simultaneously sold its class a interest in the investor entities to a third party investor .as a result , at december 31 , 2006 , international paper held class b interests in the borrower entities and class b interests in the investor entities valued at approx- imately $ 5.0 billion .international paper has no obligation to make any further capital contributions to these entities and did not provide financial or other support during 2009 , 2008 or 2007 that was not previously contractually required .based on an analysis of these entities under guidance that considers the potential magnitude of the variability in the structure and which party bears a majority of the gains or losses , international paper determined that it is not the primary beneficiary of these entities .
|
in 2006 what was the ratio of the class a shares and promissory notes international paper contributed in the acquisition of borrower entities interest
|
0.5
|
{
"answer": "0.5",
"decimal": 0.5,
"type": "float"
}
| |
f0b7 free cash flow 2013 cash generated by operating activities totaled $ 6.2 billion , reduced by $ 3.6 billion for cash used in investing activities and a 37% ( 37 % ) increase in dividends paid , yielding free cash flow of $ 1.4 billion .free cash flow is defined as cash provided by operating activities ( adjusted for the reclassification of our receivables securitization facility ) , less cash used in investing activities and dividends paid .free cash flow is not considered a financial measure under accounting principles generally accepted in the u.s .( gaap ) by sec regulation g and item 10 of sec regulation s-k and may not be defined and calculated by other companies in the same manner .we believe free cash flow is important to management and investors in evaluating our financial performance and measures our ability to generate cash without additional external financings .free cash flow should be considered in addition to , rather than as a substitute for , cash provided by operating activities .the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions 2012 2011 2010 .
[['millions', '2012', '2011', '2010'], ['cash provided by operating activities', '$ 6161', '$ 5873', '$ 4105'], ['receivables securitization facility [a]', '-', '-', '400'], ['cash provided by operating activities adjusted for the receivables securitizationfacility', '6161', '5873', '4505'], ['cash used in investing activities', '-3633 ( 3633 )', '-3119 ( 3119 )', '-2488 ( 2488 )'], ['dividends paid', '-1146 ( 1146 )', '-837 ( 837 )', '-602 ( 602 )'], ['free cash flow', '$ 1382', '$ 1917', '$ 1415']]
[a] effective january 1 , 2010 , a new accounting standard required us to account for receivables transferred under our receivables securitization facility as secured borrowings in our consolidated statements of financial position and as financing activities in our consolidated statements of cash flows .the receivables securitization facility is included in our free cash flow calculation to adjust cash provided by operating activities as though our receivables securitization facility had been accounted for under the new accounting standard for all periods presented .2013 outlook f0b7 safety 2013 operating a safe railroad benefits our employees , our customers , our shareholders , and the communities we serve .we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments .we will continue using and expanding the deployment of total safety culture throughout our operations , which allows us to identify and implement best practices for employee and operational safety .derailment prevention and the reduction of grade crossing incidents are critical aspects of our safety programs .we will continue our efforts to increase rail defect detection ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , various industry programs and local community activities across our network .f0b7 network operations 2013 we will continue focusing on our six critical initiatives to improve safety , service and productivity during 2013 .we are seeing solid contributions from reducing variability , continuous improvements , and standard work .resource agility allows us to respond quickly to changing market conditions and network disruptions from weather or other events .the railroad continues to benefit from capital investments that allow us to build capacity for growth and harden our infrastructure to reduce failure .f0b7 fuel prices 2013 uncertainty about the economy makes projections of fuel prices difficult .we again could see volatile fuel prices during the year , as they are sensitive to global and u.s .domestic demand , refining capacity , geopolitical events , weather conditions and other factors .to reduce the impact of fuel price on earnings , we will continue seeking cost recovery from our customers through our fuel surcharge programs and expanding our fuel conservation efforts .f0b7 capital plan 2013 in 2013 , we plan to make total capital investments of approximately $ 3.6 billion , including expenditures for positive train control ( ptc ) , which may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) .
|
what was the change in free cash flow from 2010 to 2011 , in millions?
|
502
|
{
"answer": "502",
"decimal": 502,
"type": "float"
}
| |
risks related to our common stock our stock price is extremely volatile .the trading price of our common stock has been extremely volatile and may continue to be volatile in the future .many factors could have an impact on our stock price , including fluctuations in our or our competitors 2019 operating results , clinical trial results or adverse events associated with our products , product development by us or our competitors , changes in laws , including healthcare , tax or intellectual property laws , intellectual property developments , changes in reimbursement or drug pricing , the existence or outcome of litigation or government proceedings , including the sec/doj investigation , failure to resolve , delays in resolving or other developments with respect to the issues raised in the warning letter , acquisitions or other strategic transactions , and the perceptions of our investors that we are not performing or meeting expectations .the trading price of the common stock of many biopharmaceutical companies , including ours , has experienced extreme price and volume fluctuations , which have at times been unrelated to the operating performance of the companies whose stocks were affected .anti-takeover provisions in our charter and bylaws and under delaware law could make a third-party acquisition of us difficult and may frustrate any attempt to remove or replace our current management .our corporate charter and by-law provisions may discourage certain types of transactions involving an actual or potential change of control that might be beneficial to us or our stockholders .our bylaws provide that special meetings of our stockholders may be called only by the chairman of the board , the president , the secretary , or a majority of the board of directors , or upon the written request of stockholders who together own of record 25% ( 25 % ) of the outstanding stock of all classes entitled to vote at such meeting .our bylaws also specify that the authorized number of directors may be changed only by resolution of the board of directors .our charter does not include a provision for cumulative voting for directors , which may have enabled a minority stockholder holding a sufficient percentage of a class of shares to elect one or more directors .under our charter , our board of directors has the authority , without further action by stockholders , to designate up to 5 shares of preferred stock in one or more series .the rights of the holders of common stock will be subject to , and may be adversely affected by , the rights of the holders of any class or series of preferred stock that may be issued in the future .because we are a delaware corporation , the anti-takeover provisions of delaware law could make it more difficult for a third party to acquire control of us , even if the change in control would be beneficial to stockholders .we are subject to the provisions of section 203 of the delaware general laws , which prohibits a person who owns in excess of 15% ( 15 % ) of our outstanding voting stock from merging or combining with us for a period of three years after the date of the transaction in which the person acquired in excess of 15% ( 15 % ) of our outstanding voting stock , unless the merger or combination is approved in a prescribed manner .item 1b .unresolved staff comments .item 2 .properties .we conduct our primary operations at the owned and leased facilities described below .location operations conducted approximate square feet expiration new haven , connecticut corporate headquarters and executive , sales , research and development offices 514000 2030 dublin , ireland global supply chain , distribution , and administration offices 160000 owned .
[['location', 'operations conducted', 'approximatesquare feet', 'leaseexpirationdates'], ['new haven connecticut', 'corporate headquarters and executive sales research and development offices', '514000', '2030'], ['dublin ireland', 'global supply chain distribution and administration offices', '160000', 'owned'], ['athlone ireland', 'commercial research and development manufacturing', '80000', 'owned'], ['lexington massachusetts', 'research and development offices', '81000', '2019'], ['bogart georgia', 'commercial research and development manufacturing', '70000', 'owned'], ['smithfield rhode island', 'commercial research and development manufacturing', '67000', 'owned'], ['zurich switzerland', 'regional executive and sales offices', '69000', '2025']]
we believe that our administrative office space is adequate to meet our needs for the foreseeable future .we also believe that our research and development facilities and our manufacturing facilities , together with third party manufacturing facilities , will be adequate for our on-going activities .in addition to the locations above , we also lease space in other u.s .locations and in foreign countries to support our operations as a global organization. .
|
how many square feet are owned by the company?
|
377000
|
{
"answer": "377000",
"decimal": 377000,
"type": "float"
}
| |
the portion of compensation expense associated with certain long-term incentive plans ( 201cltip 201d ) funded or to be funded through share distributions to participants of blackrock stock held by pnc and a merrill lynch & co. , inc .( 201cmerrill lynch 201d ) cash compensation contribution , has been excluded because it ultimately does not impact blackrock 2019s book value .the expense related to the merrill lynch cash compensation contribution ceased at the end of third quarter 2011 .as of first quarter 2012 , all of the merrill lynch contributions had been received .compensation expense associated with appreciation ( depreciation ) on investments related to certain blackrock deferred compensation plans has been excluded as returns on investments set aside for these plans , which substantially offset this expense , are reported in non-operating income ( expense ) .management believes operating income exclusive of these items is a useful measure in evaluating blackrock 2019s operating performance and helps enhance the comparability of this information for the reporting periods presented .operating margin , as adjusted : operating income used for measuring operating margin , as adjusted , is equal to operating income , as adjusted , excluding the impact of closed-end fund launch costs and commissions .management believes the exclusion of such costs and commissions is useful because these costs can fluctuate considerably and revenues associated with the expenditure of these costs will not fully impact the company 2019s results until future periods .operating margin , as adjusted , allows the company to compare performance from period-to-period by adjusting for items that may not recur , recur infrequently or may have an economic offset in non-operating income ( expense ) .examples of such adjustments include bgi transaction and integration costs , u.k .lease exit costs , contribution to stifs , restructuring charges , closed-end fund launch costs , commissions paid to certain employees as compensation and fluctuations in compensation expense based on mark-to-market movements in investments held to fund certain compensation plans .the company also uses operating margin , as adjusted , to monitor corporate performance and efficiency and as a benchmark to compare its performance with other companies .management uses both the gaap and non- gaap financial measures in evaluating the financial performance of blackrock .the non-gaap measure by itself may pose limitations because it does not include all of the company 2019s revenues and expenses .revenue used for operating margin , as adjusted , excludes distribution and servicing costs paid to related parties and other third parties .management believes the exclusion of such costs is useful because it creates consistency in the treatment for certain contracts for similar services , which due to the terms of the contracts , are accounted for under gaap on a net basis within investment advisory , administration fees and securities lending revenue .amortization of deferred sales commissions is excluded from revenue used for operating margin measurement , as adjusted , because such costs , over time , substantially offset distribution fee revenue earned by the company .for each of these items , blackrock excludes from revenue used for operating margin , as adjusted , the costs related to each of these items as a proxy for such offsetting revenues .( b ) non-operating income ( expense ) , less net income ( loss ) attributable to non-controlling interests , as adjusted : non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , is presented below .the compensation expense offset is recorded in operating income .this compensation expense has been included in non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , to offset returns on investments set aside for these plans , which are reported in non-operating income ( expense ) , gaap basis .( dollar amounts in millions ) 2012 2011 2010 non-operating income ( expense ) , gaap basis .............................$ ( 54 ) $ ( 114 ) $ 23 less : net income ( loss ) attributable to nci ........................( 18 ) 2 ( 13 ) non-operating income ( expense ) ( 1 ) ......( 36 ) ( 116 ) 36 compensation expense related to ( appreciation ) depreciation on deferred compensation plans ....( 6 ) 3 ( 11 ) non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted ..........................$ ( 42 ) $ ( 113 ) $ 25 ( 1 ) net of net income ( loss ) attributable to nci .management believes non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , provides comparability of this information among reporting periods and is an effective measure for reviewing blackrock 2019s non-operating contribution to its results .as compensation expense associated with ( appreciation ) depreciation on investments related to certain deferred compensation plans , which is included in operating income , substantially offsets the gain ( loss ) on the investments set aside for these plans , management .
[['( dollar amounts in millions )', '2012', '2011', '2010'], ['non-operating income ( expense ) gaap basis', '$ -54 ( 54 )', '$ -114 ( 114 )', '$ 23'], ['less : net income ( loss ) attributable to nci', '-18 ( 18 )', '2', '-13 ( 13 )'], ['non-operating income ( expense ) ( 1 )', '-36 ( 36 )', '-116 ( 116 )', '36'], ['compensation expense related to ( appreciation ) depreciation on deferred compensation plans', '-6 ( 6 )', '3', '-11 ( 11 )'], ['non-operating income ( expense ) less net income ( loss ) attributable to nci as adjusted', '$ -42 ( 42 )', '$ -113 ( 113 )', '$ 25']]
the portion of compensation expense associated with certain long-term incentive plans ( 201cltip 201d ) funded or to be funded through share distributions to participants of blackrock stock held by pnc and a merrill lynch & co. , inc .( 201cmerrill lynch 201d ) cash compensation contribution , has been excluded because it ultimately does not impact blackrock 2019s book value .the expense related to the merrill lynch cash compensation contribution ceased at the end of third quarter 2011 .as of first quarter 2012 , all of the merrill lynch contributions had been received .compensation expense associated with appreciation ( depreciation ) on investments related to certain blackrock deferred compensation plans has been excluded as returns on investments set aside for these plans , which substantially offset this expense , are reported in non-operating income ( expense ) .management believes operating income exclusive of these items is a useful measure in evaluating blackrock 2019s operating performance and helps enhance the comparability of this information for the reporting periods presented .operating margin , as adjusted : operating income used for measuring operating margin , as adjusted , is equal to operating income , as adjusted , excluding the impact of closed-end fund launch costs and commissions .management believes the exclusion of such costs and commissions is useful because these costs can fluctuate considerably and revenues associated with the expenditure of these costs will not fully impact the company 2019s results until future periods .operating margin , as adjusted , allows the company to compare performance from period-to-period by adjusting for items that may not recur , recur infrequently or may have an economic offset in non-operating income ( expense ) .examples of such adjustments include bgi transaction and integration costs , u.k .lease exit costs , contribution to stifs , restructuring charges , closed-end fund launch costs , commissions paid to certain employees as compensation and fluctuations in compensation expense based on mark-to-market movements in investments held to fund certain compensation plans .the company also uses operating margin , as adjusted , to monitor corporate performance and efficiency and as a benchmark to compare its performance with other companies .management uses both the gaap and non- gaap financial measures in evaluating the financial performance of blackrock .the non-gaap measure by itself may pose limitations because it does not include all of the company 2019s revenues and expenses .revenue used for operating margin , as adjusted , excludes distribution and servicing costs paid to related parties and other third parties .management believes the exclusion of such costs is useful because it creates consistency in the treatment for certain contracts for similar services , which due to the terms of the contracts , are accounted for under gaap on a net basis within investment advisory , administration fees and securities lending revenue .amortization of deferred sales commissions is excluded from revenue used for operating margin measurement , as adjusted , because such costs , over time , substantially offset distribution fee revenue earned by the company .for each of these items , blackrock excludes from revenue used for operating margin , as adjusted , the costs related to each of these items as a proxy for such offsetting revenues .( b ) non-operating income ( expense ) , less net income ( loss ) attributable to non-controlling interests , as adjusted : non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , is presented below .the compensation expense offset is recorded in operating income .this compensation expense has been included in non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , to offset returns on investments set aside for these plans , which are reported in non-operating income ( expense ) , gaap basis .( dollar amounts in millions ) 2012 2011 2010 non-operating income ( expense ) , gaap basis .............................$ ( 54 ) $ ( 114 ) $ 23 less : net income ( loss ) attributable to nci ........................( 18 ) 2 ( 13 ) non-operating income ( expense ) ( 1 ) ......( 36 ) ( 116 ) 36 compensation expense related to ( appreciation ) depreciation on deferred compensation plans ....( 6 ) 3 ( 11 ) non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted ..........................$ ( 42 ) $ ( 113 ) $ 25 ( 1 ) net of net income ( loss ) attributable to nci .management believes non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , provides comparability of this information among reporting periods and is an effective measure for reviewing blackrock 2019s non-operating contribution to its results .as compensation expense associated with ( appreciation ) depreciation on investments related to certain deferred compensation plans , which is included in operating income , substantially offsets the gain ( loss ) on the investments set aside for these plans , management .
|
what is the net change in non-operating income from 2011 to 2012?
|
80
|
{
"answer": "80",
"decimal": 80,
"type": "float"
}
| |
2022 asset utilization 2013 in response to economic conditions and lower revenue in 2009 , we implemented productivity initiatives to improve efficiency and reduce costs , in addition to adjusting our resources to reflect lower demand .although varying throughout the year , our resource reductions included removing from service approximately 26% ( 26 % ) of our road locomotives and 18% ( 18 % ) of our freight car inventory by year end .we also reduced shift levels at most rail facilities and closed or significantly reduced operations in 30 of our 114 principal rail yards .these demand-driven resource adjustments and our productivity initiatives combined to reduce our workforce by 10% ( 10 % ) .2022 fuel prices 2013 as the economy worsened during the third and fourth quarters of 2008 , fuel prices dropped dramatically , reaching $ 33.87 per barrel in december 2008 , a near five-year low .throughout 2009 , crude oil prices generally increased , ending the year around $ 80 per barrel .overall , our average fuel price decreased by 44% ( 44 % ) in 2009 , reducing operating expenses by $ 1.3 billion compared to 2008 .we also reduced our consumption rate by 4% ( 4 % ) during the year , saving approximately 40 million gallons of fuel .the use of newer , more fuel efficient locomotives ; increased use of distributed locomotive power ; fuel conservation programs ; and improved network operations and asset utilization all contributed to this improvement .2022 free cash flow 2013 cash generated by operating activities totaled $ 3.2 billion , yielding free cash flow of $ 515 million in 2009 .free cash flow is defined as cash provided by operating activities , less cash used in investing activities and dividends paid .free cash flow is not considered a financial measure under accounting principles generally accepted in the united states ( gaap ) by sec regulation g and item 10 of sec regulation s-k .we believe free cash flow is important in evaluating our financial performance and measures our ability to generate cash without additional external financings .free cash flow should be considered in addition to , rather than as a substitute for , cash provided by operating activities .the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions of dollars 2009 2008 2007 .
[['millions of dollars', '2009', '2008', '2007'], ['cash provided by operating activities', '$ 3234', '$ 4070', '$ 3277'], ['cash used in investing activities', '-2175 ( 2175 )', '-2764 ( 2764 )', '-2426 ( 2426 )'], ['dividends paid', '-544 ( 544 )', '-481 ( 481 )', '-364 ( 364 )'], ['free cash flow', '$ 515', '$ 825', '$ 487']]
2010 outlook 2022 safety 2013 operating a safe railroad benefits our employees , our customers , our shareholders , and the public .we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , and training , and by engaging our employees .we will continue implementing total safety culture ( tsc ) throughout our operations .tsc is designed to establish , maintain , reinforce , and promote safe practices among co-workers .this process allows us to identify and implement best practices for employee and operational safety .reducing grade-crossing incidents is a critical aspect of our safety programs , and we will continue our efforts to maintain , upgrade , and close crossings ; install video cameras on locomotives ; and educate the public about crossing safety through our own programs , various industry programs , and other activities .2022 transportation plan 2013 to build upon our success in recent years , we will continue evaluating traffic flows and network logistic patterns , which can be quite dynamic from year-to-year , to identify additional opportunities to simplify operations , remove network variability and improve network efficiency and asset utilization .we plan to adjust manpower and our locomotive and rail car fleets to .
|
what was the percentage change in free cash flow from 2007 to 2008?
|
69%
|
{
"answer": "69%",
"decimal": 0.69,
"type": "percentage"
}
| |
17 .leases we lease certain locomotives , freight cars , and other property .the consolidated statements of financial position as of december 31 , 2017 , and 2016 included $ 1635 million , net of $ 953 million of accumulated depreciation , and $ 1997 million , net of $ 1121 million of accumulated depreciation , respectively , for properties held under capital leases .a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2017 , were as follows : millions operating leases capital leases .
[['millions', 'operatingleases', 'capitalleases'], ['2018', '$ 398', '$ 173'], ['2019', '359', '156'], ['2020', '297', '164'], ['2021', '259', '168'], ['2022', '221', '147'], ['later years', '1115', '271'], ['total minimum lease payments', '$ 2649', '$ 1079'], ['amount representing interest', 'n/a', '-187 ( 187 )'], ['present value of minimum lease payments', 'n/a', '$ 892']]
approximately 97% ( 97 % ) of capital lease payments relate to locomotives .rent expense for operating leases with terms exceeding one month was $ 480 million in 2017 , $ 535 million in 2016 , and $ 590 million in 2015 .when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .contingent rentals and sub-rentals are not significant .18 .commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries .we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity .to the extent possible , we have recorded a liability where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated .we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters .personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year .we use an actuarial analysis to measure the expense and liability , including unasserted claims .the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents .under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements .we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work .our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments .approximately 95% ( 95 % ) of the recorded liability is related to asserted claims and approximately 5% ( 5 % ) is related to unasserted claims at december 31 , 2017 .because of the uncertainty surrounding the ultimate outcome of personal injury claims , it is reasonably possible that future costs to settle these claims may range from approximately $ 285 million to $ 310 million .we record an accrual at the low end of the range as no amount of loss within the range is more probable than any other .estimates can vary over time due to evolving trends in litigation. .
|
what percentage of total minimum lease payments are operating leases?
|
71%
|
{
"answer": "71%",
"decimal": 0.71,
"type": "percentage"
}
| |
performance graph the following graph compares the yearly change in the cumulative total stockholder return for our last five full fiscal years , based upon the market price of our common stock , with the cumulative total return on a nasdaq composite index ( u.s .companies ) and a peer group , the nasdaq medical equipment-sic code 3840-3849 index , which is comprised of medical equipment companies , for that period .the performance graph assumes the investment of $ 100 on march 31 , 2006 in our common stock , the nasdaq composite index ( u.s .companies ) and the peer group index , and the reinvestment of any and all dividends. .
[['', '3/31/2006', '3/31/2007', '3/31/2008', '3/31/2009', '3/31/2010', '3/31/2011'], ['abiomed inc', '100', '105.89', '101.86', '37.98', '80.00', '112.64'], ['nasdaq composite index', '100', '103.50', '97.41', '65.33', '102.49', '118.86'], ['nasdaq medical equipment sic code 3840-3849', '100', '88.78', '84.26', '46.12', '83.47', '91.35']]
this graph is not 201csoliciting material 201d under regulation 14a or 14c of the rules promulgated under the securities exchange act of 1934 , is not deemed filed with the securities and exchange commission and is not to be incorporated by reference in any of our filings under the securities act of 1933 , as amended , or the exchange act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing .transfer agent american stock transfer & trust company , 59 maiden lane , new york , ny 10038 , is our stock transfer agent. .
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what is the roi of an investment in nasdaq composite index from march 2006 to march 2009?
|
-34.7%
|
{
"answer": "-34.7%",
"decimal": -0.34700000000000003,
"type": "percentage"
}
| |
table of contents the company concluded that the acquisition of sentinelle medical did not represent a material business combination , and therefore , no pro forma financial information has been provided herein .subsequent to the acquisition date , the company 2019s results of operations include the results of sentinelle medical , which is included within the company 2019s breast health reporting segment .the company accounted for the sentinelle medical acquisition as a purchase of a business under asc 805 .the purchase price was comprised of an $ 84.8 million cash payment , which was net of certain adjustments , plus three contingent payments up to a maximum of an additional $ 250.0 million in cash .the contingent payments are based on a multiple of incremental revenue growth during the two-year period following the completion of the acquisition as follows : six months after acquisition , 12 months after acquisition , and 24 months after acquisition .pursuant to asc 805 , the company recorded its estimate of the fair value of the contingent consideration liability based on future revenue projections of the sentinelle medical business under various potential scenarios and weighted probability assumptions of these outcomes .as of the date of acquisition , these cash flow projections were discounted using a rate of 16.5% ( 16.5 % ) .the discount rate is based on the weighted-average cost of capital of the acquired business plus a credit risk premium for non-performance risk related to the liability pursuant to asc 820 .this analysis resulted in an initial contingent consideration liability of $ 29.5 million , which will be adjusted periodically as a component of operating expenses based on changes in the fair value of the liability driven by the accretion of the liability for the time value of money and changes in the assumptions pertaining to the achievement of the defined revenue growth milestones .this fair value measurement was based on significant inputs not observable in the market and thus represented a level 3 measurement as defined in asc during each quarter in fiscal 2011 , the company has re-evaluated its assumptions and updated the revenue and probability assumptions for future earn-out periods and lowered its projections .as a result of these adjustments , which were partially offset by the accretion of the liability , and using a current discount rate of approximately 17.0% ( 17.0 % ) , the company recorded a reversal of expense of $ 14.3 million in fiscal 2011 to record the contingent consideration liability at fair value .in addition , during the second quarter of fiscal 2011 , the first earn-out period ended , and the company adjusted the fair value of the contingent consideration liability for actual results during the earn-out period .this payment of $ 4.3 million was made in the third quarter of fiscal 2011 .at september 24 , 2011 , the fair value of the liability is $ 10.9 million .the company did not issue any equity awards in connection with this acquisition .the company incurred third-party transaction costs of $ 1.2 million , which were expensed within general and administrative expenses in fiscal 2010 .the purchase price was as follows: .
[['cash', '$ 84751'], ['contingent consideration', '29500'], ['total purchase price', '$ 114251']]
source : hologic inc , 10-k , november 23 , 2011 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely .the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law .past financial performance is no guarantee of future results. .
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what was the total purchase price in cash payment for the sentinelle medical acquisition?
|
$ 834.8 million
|
{
"answer": "$ 834.8 million",
"decimal": 834800000,
"type": "money"
}
|
in line 4 it states that the company paid 3 amounts of 250 and therefore you would multiple that amount by 3 and then add up the initial payment .
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