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the total intrinsic value of options exercised ( i.e .the difference between the market price at exercise and the price paid by the employee to exercise the options ) during fiscal 2011 , 2010 and 2009 was $ 96.5 million , $ 29.6 million and $ 4.7 million , respectively .the total amount of proceeds received by the company from exercise of these options during fiscal 2011 , 2010 and 2009 was $ 217.4 million , $ 240.4 million and $ 15.1 million , respectively .proceeds from stock option exercises pursuant to employee stock plans in the company 2019s statement of cash flows of $ 217.2 million , $ 216.1 million and $ 12.4 million for fiscal 2011 , 2010 and 2009 , respectively , are net of the value of shares surrendered by employees in certain limited circumstances to satisfy the exercise price of options , and to satisfy employee tax obligations upon vesting of restricted stock or restricted stock units and in connection with the exercise of stock options granted to the company 2019s employees under the company 2019s equity compensation plans .the withholding amount is based on the company 2019s minimum statutory withholding requirement .a summary of the company 2019s restricted stock unit award activity as of october 29 , 2011 and changes during the year then ended is presented below : restricted outstanding weighted- average grant- date fair value per share .
[['', 'restricted stock units outstanding', 'weighted- average grant- date fair value per share'], ['restricted stock units outstanding at october 30 2010', '1265', '$ 28.21'], ['units granted', '898', '$ 34.93'], ['restrictions lapsed', '-33 ( 33 )', '$ 24.28'], ['units forfeited', '-42 ( 42 )', '$ 31.39'], ['restricted stock units outstanding at october 29 2011', '2088', '$ 31.10']]
as of october 29 , 2011 , there was $ 88.6 million of total unrecognized compensation cost related to unvested share-based awards comprised of stock options and restricted stock units .that cost is expected to be recognized over a weighted-average period of 1.3 years .the total grant-date fair value of shares that vested during fiscal 2011 , 2010 and 2009 was approximately $ 49.6 million , $ 67.7 million and $ 74.4 million , respectively .common stock repurchase program the company 2019s common stock repurchase program has been in place since august 2004 .in the aggregate , the board of directors has authorized the company to repurchase $ 5 billion of the company 2019s common stock under the program .under the program , the company may repurchase outstanding shares of its common stock from time to time in the open market and through privately negotiated transactions .unless terminated earlier by resolution of the company 2019s board of directors , the repurchase program will expire when the company has repurchased all shares authorized under the program .as of october 29 , 2011 , the company had repurchased a total of approximately 125.0 million shares of its common stock for approximately $ 4278.5 million under this program .an additional $ 721.5 million remains available for repurchase of shares under the current authorized program .the repurchased shares are held as authorized but unissued shares of common stock .any future common stock repurchases will be dependent upon several factors , including the amount of cash available to the company in the united states and the company 2019s financial performance , outlook and liquidity .the company also from time to time repurchases shares in settlement of employee tax withholding obligations due upon the vesting of restricted stock units , or in certain limited circumstances to satisfy the exercise price of options granted to the company 2019s employees under the company 2019s equity compensation plans .analog devices , inc .notes to consolidated financial statements 2014 ( continued ) .
|
what percentage did the intrinsic value increase from 2009 to 2011?
|
1953.2%
|
{
"answer": "1953.2%",
"decimal": 19.532,
"type": "percentage"
}
|
to find the percentage increase one must subtract the amount from the two dates . then one must take the answer and divide it by the initial number of 2009 .
|
credit rating fall below investment grade , the value of the outstanding undivided interest held by investors would be reduced , and , in certain cases , the investors would have the right to discontinue the facility .the railroad collected approximately $ 20.1 billion and $ 18.8 billion of receivables during the years ended december 31 , 2012 and 2011 , respectively .upri used certain of these proceeds to purchase new receivables under the facility .the costs of the receivables securitization facility include interest , which will vary based on prevailing commercial paper rates , program fees paid to banks , commercial paper issuing costs , and fees for unused commitment availability .the costs of the receivables securitization facility are included in interest expense and were $ 3 million , $ 4 million and $ 6 million for 2012 , 2011 and 2010 , respectively .the investors have no recourse to the railroad 2019s other assets , except for customary warranty and indemnity claims .creditors of the railroad do not have recourse to the assets of upri .in july 2012 , the receivables securitization facility was renewed for an additional 364-day period at comparable terms and conditions .subsequent event 2013 on january 2 , 2013 , we transferred an additional $ 300 million in undivided interest to investors under the receivables securitization facility , increasing the value of the outstanding undivided interest held by investors from $ 100 million to $ 400 million .contractual obligations and commercial commitments as described in the notes to the consolidated financial statements and as referenced in the tables below , we have contractual obligations and commercial commitments that may affect our financial condition .based on our assessment of the underlying provisions and circumstances of our contractual obligations and commercial commitments , including material sources of off-balance sheet and structured finance arrangements , other than the risks that we and other similarly situated companies face with respect to the condition of the capital markets ( as described in item 1a of part ii of this report ) , there is no known trend , demand , commitment , event , or uncertainty that is reasonably likely to occur that would have a material adverse effect on our consolidated results of operations , financial condition , or liquidity .in addition , our commercial obligations , financings , and commitments are customary transactions that are similar to those of other comparable corporations , particularly within the transportation industry .the following tables identify material obligations and commitments as of december 31 , 2012 : payments due by december 31 , contractual obligations after millions total 2013 2014 2015 2016 2017 2017 other .
[['contractual obligationsmillions', 'total', 'payments due by december 31 2013', 'payments due by december 31 2014', 'payments due by december 31 2015', 'payments due by december 31 2016', 'payments due by december 31 2017', 'payments due by december 31 after2017', 'payments due by december 31 other'], ['debt [a]', '$ 12637', '$ 507', '$ 904', '$ 632', '$ 769', '$ 900', '$ 8925', '$ -'], ['operating leases [b]', '4241', '525', '466', '410', '375', '339', '2126', '-'], ['capital lease obligations [c]', '2441', '282', '265', '253', '232', '243', '1166', '-'], ['purchase obligations [d]', '5877', '3004', '1238', '372', '334', '213', '684', '32'], ['other post retirement benefits [e]', '452', '43', '44', '45', '45', '46', '229', '-'], ['income tax contingencies [f]', '115', '-', '-', '-', '-', '-', '-', '115'], ['total contractualobligations', '$ 25763', '$ 4361', '$ 2917', '$ 1712', '$ 1755', '$ 1741', '$ 13130', '$ 147']]
[a] excludes capital lease obligations of $ 1848 million and unamortized discount of $ ( 365 ) million .includes an interest component of $ 5123 million .[b] includes leases for locomotives , freight cars , other equipment , and real estate .[c] represents total obligations , including interest component of $ 593 million .[d] purchase obligations include locomotive maintenance contracts ; purchase commitments for fuel purchases , locomotives , ties , ballast , and rail ; and agreements to purchase other goods and services .for amounts where we cannot reasonably estimate the year of settlement , they are reflected in the other column .[e] includes estimated other post retirement , medical , and life insurance payments , payments made under the unfunded pension plan for the next ten years .[f] future cash flows for income tax contingencies reflect the recorded liabilities and assets for unrecognized tax benefits , including interest and penalties , as of december 31 , 2012 .for amounts where the year of settlement is uncertain , they are reflected in the other column. .
|
what percentage of total material obligations and commitments as of december 31 , 2012 are capital leases obligations?
|
9%
|
{
"answer": "9%",
"decimal": 0.09,
"type": "percentage"
}
| |
"distribution date" ) .until the distribution date ( or earlier redemption or expiration of the rights ) , the rights will be traded with , and only with , the common stock .until a right is exercised , the right will not entitle the holder thereof to any rights as a stockholder .if any person or group becomes an acquiring person , each holder of a right , other than rights beneficially owned by the acquiring person , will thereafter have the right to receive upon exercise and payment of the purchase price that number of shares of common stock having a market value of two times the purchase price and , if the company is acquired in a business combination transaction or 50% ( 50 % ) or more of its assets are sold , each holder of a right will thereafter have the right to receive upon exercise and payment of the purchase price that number of shares of common stock of the acquiring company which at the time of the transaction will have a market value of two times the purchase price .at any time after any person becomes an acquiring person and prior to the acquisition by such person or group of 50% ( 50 % ) or more of the outstanding common stock , the board of directors of the company may cause the rights ( other than rights owned by such person or group ) to be exchanged , in whole or in part , for common stock or junior preferred shares , at an exchange rate of one share of common stock per right or one half of one-hundredth of a junior preferred share per right .at any time prior to the acquisition by a person or group of beneficial ownership of 15% ( 15 % ) or more of the outstanding common stock , the board of directors of the company may redeem the rights at a price of $ 0.01 per right .the rights have certain anti-takeover effects , in that they will cause substantial dilution to a person or group that attempts to acquire a significant interest in vertex on terms not approved by the board of directors .common stock reserved for future issuance at december 31 , 2005 , the company has reserved shares of common stock for future issuance under all equity compensation plans as follows ( shares in thousands ) : o .significant revenue arrangements the company has formed strategic collaborations with pharmaceutical companies and other organizations in the areas of drug discovery , development , and commercialization .research , development and commercialization agreements provide the company with financial support and other valuable resources for its research programs and for the development of clinical drug candidates , and the marketing and sales of products .collaborative research , development and commercialization agreements in the company's collaborative research , development and commercialization programs the company seeks to discover , develop and commercialize pharmaceutical products in conjunction with and supported by the company's collaborators .collaborative research and development arrangements may provide research funding over an initial contract period with renewal and termination options that .
[['common stock under stock and option plans', '17739'], ['common stock under the vertex purchase plan', '842'], ['common stock under the vertex 401 ( k ) plan', '270'], ['total', '18851']]
.
|
what was the percent of the common stock under the vertex 401 ( k ) plan as part of the total common stock used for research funding
|
1.43%
|
{
"answer": "1.43%",
"decimal": 0.0143,
"type": "percentage"
}
| |
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 , 2007 and that all dividends were reinvested .purchases of equity securities 2013 during 2012 , we repurchased 13804709 shares of our common stock at an average price of $ 115.33 .the following table presents common stock repurchases during each month for the fourth quarter of 2012 : 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 paidper share', 'total number of sharespurchased as part of apublicly announced planor program [b]', 'maximum number ofshares that may yetbe purchased under the planor program [b]'], ['oct . 1 through oct . 31', '1068414', '121.70', '1028300', '16041399'], ['nov . 1 through nov . 30', '659631', '120.84', '655000', '15386399'], ['dec . 1 through dec . 31', '411683', '124.58', '350450', '15035949'], ['total', '2139728', '$ 121.99', '2033750', 'n/a']]
[a] total number of shares purchased during the quarter includes approximately 105978 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] on april 1 , 2011 , our board of directors authorized the repurchase of up to 40 million shares of our common stock by march 31 , 2014 .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 the total number of shares purchased were purchased in october?
|
50%
|
{
"answer": "50%",
"decimal": 0.5,
"type": "percentage"
}
| |
contracts as of december 31 , 2006 , which all mature in 2007 .forward contract notional amounts presented below are expressed in the stated currencies ( in thousands ) .forward currency contracts: .
[['', '( pay ) /receive'], ['u.s . dollars', '-114000 ( 114000 )'], ['euros', '-4472 ( 4472 )'], ['singapore dollars', '37180'], ['canadian dollars', '81234'], ['malaysian ringgits', '85963']]
a movement of 10% ( 10 % ) in the value of the u.s .dollar against foreign currencies would impact our expected net earnings by approximately $ 0.1 million .item 8 .financial statements and supplementary data the financial statements and supplementary data required by this item are included herein , commencing on page f-1 .item 9 .changes in and disagreements with accountants on accounting and financial disclosure item 9a .controls and procedures ( a ) evaluation of disclosure controls and procedures our management , with the participation of our chief executive officer and chief financial officer , evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report .based on that evaluation , the chief executive officer and chief financial officer concluded that our disclosure controls and procedures as of the end of the period covered by this report are functioning effectively to provide reasonable assurance that the information required to be disclosed by us in reports filed under the securities exchange act of 1934 is ( i ) recorded , processed , summarized and reported within the time periods specified in the sec 2019s rules and forms and ( ii ) accumulated and communicated to our management , including the chief executive officer and chief financial officer , as appropriate to allow timely decisions regarding disclosure .a controls system cannot provide absolute assurance , however , that the objectives of the controls system are met , and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud , if any , within a company have been detected .( b ) management 2019s report on internal control over financial reporting our management 2019s report on internal control over financial reporting is set forth on page f-2 of this annual report on form 10-k and is incorporated by reference herein .( c ) change in internal control over financial reporting no change in our internal control over financial reporting occurred during our most recent fiscal quarter that has materially affected , or is reasonably likely to materially affect , our internal control over financial reporting .item 9b .other information .
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if the u.s dollar would change by 5% ( 5 % ) against foreign currencies , what would the expected net earnings?
|
$ 0.05 million
|
{
"answer": "$ 0.05 million",
"decimal": 50000,
"type": "money"
}
|
if a currency change of 10% would change the net earnings by $ 0.1 million . then dividing that in half to get a change in 5% . the answer would then be $ 0.05 million .
|
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 , including rail grinding , 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 $ 2.1 billion for 2012 , $ 2.2 billion for 2011 , and $ 2.0 billion for 2010 .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 2012 2011 .
[['millions', 'dec . 31 2012', 'dec . 312011'], ['accounts payable', '$ 825', '$ 819'], ['accrued wages and vacation', '376', '363'], ['income and other taxes', '368', '482'], ['dividends payable', '318', '284'], ['accrued casualty costs', '213', '249'], ['interest payable', '172', '197'], ['equipment rents payable', '95', '90'], ['other', '556', '624'], ['total accounts payable and othercurrent liabilities', '$ 2923', '$ 3108']]
.
|
what was the percentage change in accrued wages and vacation from 2011 to 2012?
|
4%
|
{
"answer": "4%",
"decimal": 0.04,
"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 2013?
|
7%
|
{
"answer": "7%",
"decimal": 0.07,
"type": "percentage"
}
| |
off-balance sheet transactions contractual obligations as of december 31 , 2017 , our contractual obligations with initial or remaining terms in excess of one year , including interest payments on long-term debt obligations , were as follows ( in thousands ) : the table above does not include $ 0.5 million of unrecognized tax benefits ( we refer you to the notes to the consolidated financial statements note 201410 201cincome tax 201d ) .certain service providers may require collateral in the normal course of our business .the amount of collateral may change based on certain terms and conditions .as a routine part of our business , depending on market conditions , exchange rates , pricing and our strategy for growth , we regularly consider opportunities to enter into contracts for the building of additional ships .we may also consider the sale of ships , potential acquisitions and strategic alliances .if any of these transactions were to occur , they may be financed through the incurrence of additional permitted indebtedness , through cash flows from operations , or through the issuance of debt , equity or equity-related securities .funding sources certain of our debt agreements contain covenants that , among other things , require us to maintain a minimum level of liquidity , as well as limit our net funded debt-to-capital ratio , maintain certain other ratios and restrict our ability to pay dividends .substantially all of our ships and other property and equipment are pledged as collateral for certain of our debt .we believe we were in compliance with these covenants as of december 31 , 2017 .the impact of changes in world economies and especially the global credit markets can create a challenging environment and may reduce future consumer demand for cruises and adversely affect our counterparty credit risks .in the event this environment deteriorates , our business , financial condition and results of operations could be adversely impacted .we believe our cash on hand , expected future operating cash inflows , additional available borrowings under our new revolving loan facility and our ability to issue debt securities or additional equity securities , will be sufficient to fund operations , debt payment requirements , capital expenditures and maintain compliance with covenants under our debt agreements over the next twelve-month period .there is no assurance that cash flows from operations and additional financings will be available in the future to fund our future obligations .less than 1 year 1-3 years 3-5 years more than 5 years long-term debt ( 1 ) $ 6424582 $ 619373 $ 1248463 $ 3002931 $ 1553815 operating leases ( 2 ) 131791 15204 28973 26504 61110 ship construction contracts ( 3 ) 6138219 1016892 1363215 1141212 2616900 port facilities ( 4 ) 138308 30509 43388 23316 41095 interest ( 5 ) 947967 218150 376566 203099 150152 other ( 6 ) 168678 54800 73653 23870 16355 .
[['', 'total', 'less than1 year', '1-3 years', '3-5 years', 'more than5 years'], ['long-term debt ( 1 )', '$ 6424582', '$ 619373', '$ 1248463', '$ 3002931', '$ 1553815'], ['operating leases ( 2 )', '131791', '15204', '28973', '26504', '61110'], ['ship construction contracts ( 3 )', '6138219', '1016892', '1363215', '1141212', '2616900'], ['port facilities ( 4 )', '138308', '30509', '43388', '23316', '41095'], ['interest ( 5 )', '947967', '218150', '376566', '203099', '150152'], ['other ( 6 )', '168678', '54800', '73653', '23870', '16355'], ['total', '$ 13949545', '$ 1954928', '$ 3134258', '$ 4420932', '$ 4439427']]
( 1 ) includes discount and premiums aggregating $ 0.5 million .also includes capital leases .the amount excludes deferred financing fees which are included in the consolidated balance sheets as an offset to long-term debt .( 2 ) primarily for offices , motor vehicles and office equipment .( 3 ) for our newbuild ships based on the euro/u.s .dollar exchange rate as of december 31 , 2017 .export credit financing is in place from syndicates of banks .( 4 ) primarily for our usage of certain port facilities .( 5 ) includes fixed and variable rates with libor held constant as of december 31 , 2017 .( 6 ) future commitments for service , maintenance and other business enhancement capital expenditure contracts. .
|
what percentage of payments was long-term debt?
|
46.1%
|
{
"answer": "46.1%",
"decimal": 0.461,
"type": "percentage"
}
|
to find the percentage of payments was long-term debt one must divide long-term debt by the total amount of payments .
|
synopsys , inc .notes to consolidated financial statements 2014continued the company has the following tax loss and credit carryforwards available to offset future income tax liabilities : carryforward amount expiration ( in thousands ) .
[['carryforward', 'amount ( in thousands )', 'expirationdate'], ['federal net operating loss carryforward', '$ 57265', '2018-2034'], ['federal research credit carryforward', '78599', '2019-2036'], ['federal foreign tax credit carryforward', '2081', '2019-2022'], ['international foreign tax credit carryforward', '13351', 'indefinite'], ['california research credit carryforward', '169038', 'indefinite'], ['other state research credit carryforward', '7482', '2023-2032'], ['state net operating loss carryforward', '33201', '2024-2035']]
the federal and state net operating loss carryforward is from acquired companies and the annual use of such loss is subject to significant limitations under internal revenue code section 382 .foreign tax credits may only be used to offset tax attributable to foreign source income .the federal research tax credit was permanently reinstated in fiscal 2016 .the company adopted asu 2016-09 in the first quarter of fiscal 2017 .the company recorded all income tax effects of share-based awards in its provision for income taxes in the condensed consolidated statement of operations on a prospective basis .prior to adoption , the company did not recognize excess tax benefits from stock-based compensation as a charge to capital in excess of par value to the extent that the related tax deduction did not reduce income taxes payable .upon adoption of asu 2016-09 , the company recorded a deferred tax asset of $ 106.5 million mainly related to the research tax credit carryover , for the previously unrecognized excess tax benefits with an offsetting adjustment to retained earnings .adoption of the new standard resulted in net excess tax benefits in the provision for income taxes of $ 38.1 million for fiscal 2017 .during the fourth quarter of fiscal 2017 , the company repatriated $ 825 million from its foreign subsidiary .the repatriation was executed in anticipation of potential u.s .corporate tax reform , and the company plans to indefinitely reinvest the remainder of its undistributed foreign earnings outside the united states .the company provides for u.s .income and foreign withholding taxes on foreign earnings , except for foreign earnings that are considered indefinitely reinvested outside the u.s .as of october 31 , 2017 , there were approximately $ 598.3 million of earnings upon which u.s .income taxes of approximately $ 110.0 million have not been provided for. .
|
what is the variation between the federal research credit carryforward and federal net operating loss carryforward , in thousands?
|
21334
|
{
"answer": "21334",
"decimal": 21334,
"type": "float"
}
|
it is the difference between those values .
|
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 percent of the restricted stock was lost due to restrictions lapsed in the 2014 period?
|
36.1%
|
{
"answer": "36.1%",
"decimal": 0.361,
"type": "percentage"
}
|
to find the percentage lost one must divide the total number restrictions lapsed of restricted stocks by the total number of restricted stock .
|
note 11 .commitments and contingencies commitments leases the company fffds corporate headquarters is located in danvers , massachusetts .this facility encompasses most of the company fffds u.s .operations , including research and development , manufacturing , sales and marketing and general and administrative departments .in october 2017 , the acquired its corporate headquarters for approximately $ 16.5 million and terminated its existing lease arrangement ( see note 6 ) .future minimum lease payments under non-cancelable leases as of march 31 , 2018 are approximately as follows : fiscal years ending march 31 , operating leases ( in $ 000s ) .
[['fiscal years ending march 31,', 'operating leases ( in $ 000s )'], ['2019', '$ 2078'], ['2020', '1888'], ['2021', '1901'], ['2022', '1408'], ['2023', '891'], ['thereafter', '1923'], ['total minimum lease payments', '$ 10089']]
in february 2017 , the company entered into a lease agreement for an additional 21603 square feet of office space in danvers , massachusetts which expires on july 31 , 2022 .in december 2017 , the company entered into an amendment to this lease to extend the term through august 31 , 2025 and to add an additional 6607 square feet of space in which rent would begin around june 1 , 2018 .the amendment also allows the company a right of first offer to purchase the property from january 1 , 2018 through august 31 , 2035 , if the lessor decides to sell the building or receives an offer to purchase the building from a third-party buyer .in march 2018 , the company entered into an amendment to the lease to add an additional 11269 square feet of space for which rent will begin on or around june 1 , 2018 through august 31 , 2025 .the annual rent expense for this lease agreement is estimated to be $ 0.4 million .in september 2016 , the company entered into a lease agreement in berlin , germany which commenced in may 2017 and expires in may 2024 .the annual rent expense for the lease is estimated to be $ 0.3 million .in october 2016 , the company entered into a lease agreement for an office in tokyokk japan and expires in september 2021 .the office houses administrative , regulatory , and training personnel in connection with the company fffds commercial launch in japan .the annual rent expense for the lease is estimated to be $ 0.9 million .license agreements in april 2014 , the company entered into an exclusive license agreement for the rights to certain optical sensor technologies in the field of cardio-circulatory assist devices .pursuant to the terms of the license agreement , the company agreed to make potential payments of $ 6.0 million .through march 31 , 2018 , the company has made $ 3.5 million in milestones payments which included a $ 1.5 million upfront payment upon the execution of the agreement .any potential future milestone payment amounts have not been included in the contractual obligations table above due to the uncertainty related to the successful achievement of these milestones .contingencies from time to time , the company is involved in legal and administrative proceedings and claims of various types .in some actions , the claimants seek damages , as well as other relief , which , if granted , would require significant expenditures .the company records a liability in its consolidated financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated .the company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate .if a matter is both probable to result in liability and the amount of loss can be reasonably estimated , the company estimates and discloses the possible loss or range of loss .if the loss is not probable or cannot be reasonably estimated , a liability is not recorded in its consolidated financial statements. .
|
what is the expected growth rate in operating leases from 2019 to 2020?
|
-9.1%
|
{
"answer": "-9.1%",
"decimal": -0.091,
"type": "percentage"
}
| |
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 , 2010 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 2015 , we repurchased 36921641 shares of our common stock at an average price of $ 99.16 .the following table presents common stock repurchases during each month for the fourth quarter of 2015 : 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', '3247731', '$ 92.98', '3221153', '56078192'], ['nov . 1 through nov . 30', '2325865', '86.61', '2322992', '53755200'], ['dec . 1 through dec . 31', '1105389', '77.63', '1102754', '52652446'], ['total', '6678985', '$ 88.22', '6646899', 'n/a']]
[a] total number of shares purchased during the quarter includes approximately 32086 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 shares purchased were purchased in november?
|
35%
|
{
"answer": "35%",
"decimal": 0.35,
"type": "percentage"
}
| |
part iii item 10 .directors , executive officers and corporate governance for the information required by this item 10 , other than information with respect to our executive officers contained at the end of item 1 of this report , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection 16 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .the proxy statement for our 2015 annual meeting will be filed within 120 days of the close of our fiscal year .for the information required by this item 10 with respect to our executive officers , see part i of this report on pages 11 - 12 .item 11 .executive compensation for the information required by this item 11 , see 201cexecutive compensation , 201d 201ccompensation committee report on executive compensation 201d and 201ccompensation committee interlocks and insider participation 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .item 12 .security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item 12 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .the following table sets forth certain information as of december 31 , 2014 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1233672 $ 75.93 4903018 item 13 .certain relationships and related transactions , and director independence for the information required by this item 13 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .item 14 .principal accounting fees and services for the information required by this item 14 , see 201caudit and non-audit fees 201d and 201cpolicy on audit committee pre- approval of audit and non-audit services of independent registered public accounting firm 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference. .
[['plan category', 'number of securitiesto be issued uponexercise ofoutstanding options warrants and rights ( a ) ( b )', 'weighted-averageexercise price ofoutstanding options warrants and rights', 'number of securitiesremaining available forfuture issuance underequity compensationplans ( excludingsecurities reflected in column ( a ) ) ( c )'], ['equity compensation plans approved by security holders', '1233672', '$ 75.93', '4903018']]
part iii item 10 .directors , executive officers and corporate governance for the information required by this item 10 , other than information with respect to our executive officers contained at the end of item 1 of this report , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection 16 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .the proxy statement for our 2015 annual meeting will be filed within 120 days of the close of our fiscal year .for the information required by this item 10 with respect to our executive officers , see part i of this report on pages 11 - 12 .item 11 .executive compensation for the information required by this item 11 , see 201cexecutive compensation , 201d 201ccompensation committee report on executive compensation 201d and 201ccompensation committee interlocks and insider participation 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .item 12 .security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item 12 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .the following table sets forth certain information as of december 31 , 2014 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1233672 $ 75.93 4903018 item 13 .certain relationships and related transactions , and director independence for the information required by this item 13 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .item 14 .principal accounting fees and services for the information required by this item 14 , see 201caudit and non-audit fees 201d and 201cpolicy on audit committee pre- approval of audit and non-audit services of independent registered public accounting firm 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference. .
|
what is the ratio of issued units to outstanding units?
|
0.252:1
|
{
"answer": "0.252:1",
"decimal": 0.252,
"type": "open_ended_answer"
}
| |
74 2012 ppg annual report and form 10-k 25 .separation and merger transaction on january , 28 , 2013 , the company completed the previously announced separation of its commodity chemicals business and merger of its wholly-owned subsidiary , eagle spinco inc. , with a subsidiary of georgia gulf corporation in a tax efficient reverse morris trust transaction ( the 201ctransaction 201d ) .pursuant to the merger , eagle spinco , the entity holding ppg's former commodity chemicals business , is now a wholly-owned subsidiary of georgia gulf .the closing of the merger followed the expiration of the related exchange offer and the satisfaction of certain other conditions .the combined company formed by uniting georgia gulf with ppg's former commodity chemicals business is named axiall corporation ( 201caxiall 201d ) .ppg holds no ownership interest in axiall .ppg received the necessary ruling from the internal revenue service and as a result this transaction was generally tax free to ppg and its shareholders .under the terms of the exchange offer , 35249104 shares of eagle spinco common stock were available for distribution in exchange for shares of ppg common stock accepted in the offer .following the merger , each share of eagle spinco common stock automatically converted into the right to receive one share of axiall corporation common stock .accordingly , ppg shareholders who tendered their shares of ppg common stock as part of this offer received 3.2562 shares of axiall common stock for each share of ppg common stock accepted for exchange .ppg was able to accept the maximum of 10825227 shares of ppg common stock for exchange in the offer , and thereby , reduced its outstanding shares by approximately 7% ( 7 % ) .under the terms of the transaction , ppg received $ 900 million of cash and 35.2 million shares of axiall common stock ( market value of $ 1.8 billion on january 25 , 2013 ) which was distributed to ppg shareholders by the exchange offer as described above .the cash consideration is subject to customary post-closing adjustment , including a working capital adjustment .in the transaction , ppg transferred environmental remediation liabilities , defined benefit pension plan assets and liabilities and other post-employment benefit liabilities related to the commodity chemicals business to axiall .ppg will report a gain on the transaction reflecting the excess of the sum of the cash proceeds received and the cost ( closing stock price on january 25 , 2013 ) of the ppg shares tendered and accepted in the exchange for the 35.2 million shares of axiall common stock over the net book value of the net assets of ppg's former commodity chemicals business .the transaction will also result in a net partial settlement loss associated with the spin out and termination of defined benefit pension liabilities and the transfer of other post-retirement benefit liabilities under the terms of the transaction .during 2012 , the company incurred $ 21 million of pretax expense , primarily for professional services , related to the transaction .additional transaction-related expenses will be incurred in 2013 .ppg will report the results of its commodity chemicals business for january 2013 and a net gain on the transaction as results from discontinued operations when it reports its results for the quarter ending march 31 , 2013 .in the ppg results for prior periods , presented for comparative purposes beginning with the first quarter 2013 , the results of its former commodity chemicals business will be reclassified from continuing operations and presented as the results from discontinued operations .the net sales and income before income taxes of the commodity chemicals business that will be reclassified and reported as discontinued operations are presented in the table below for the years ended december 31 , 2012 , 2011 and 2010: .
[['millions', 'year-ended 2012', 'year-ended 2011', 'year-ended 2010'], ['net sales', '$ 1700', '$ 1741', '$ 1441'], ['income before income taxes', '$ 368', '$ 376', '$ 187']]
income before income taxes for the year ended december 31 , 2012 , 2011 and 2010 is $ 4 million lower , $ 6 million higher and $ 2 million lower , respectively , than segment earnings for the ppg commodity chemicals segment reported for these periods .these differences are due to the inclusion of certain gains , losses and expenses associated with the chlor-alkali and derivatives business that were not reported in the ppg commodity chemicals segment earnings in accordance with the accounting guidance on segment reporting .table of contents notes to the consolidated financial statements .
|
what was the percentage change in net sales of the commodity chemicals business that will be reclassified and reported as discontinued operations from 2011 to 2012?
|
-2%
|
{
"answer": "-2%",
"decimal": -0.02,
"type": "percentage"
}
| |
higher in the first half of the year , but declined dur- ing the second half of the year reflecting the pass- through to customers of lower resin input costs .however , average margins benefitted from a more favorable mix of products sold .raw material costs were lower , primarily for resins .freight costs were also favorable , while operating costs increased .shorewood sales volumes in 2009 declined from 2008 levels reflecting weaker demand in the home entertainment segment and a decrease in tobacco segment orders as customers have shifted pro- duction outside of the united states , partially offset by higher shipments in the consumer products segment .average sales margins improved reflecting a more favorable mix of products sold .raw material costs were higher , but were partially offset by lower freight costs .operating costs were favorable , reflect- ing benefits from business reorganization and cost reduction actions taken in 2008 and 2009 .charges to restructure operations totaled $ 7 million in 2009 and $ 30 million in 2008 .entering 2010 , coated paperboard sales volumes are expected to increase , while average sales price real- izations should be comparable to 2009 fourth-quarter levels .raw material costs are expected to be sig- nificantly higher for wood , energy and chemicals , but planned maintenance downtime costs will decrease .foodservice sales volumes are expected to remain about flat , but average sales price realizations should improve slightly .input costs for resins should be higher , but will be partially offset by lower costs for bleached board .shorewood sales volumes are expected to decline reflecting seasonal decreases in home entertainment segment shipments .operating costs are expected to be favorable reflecting the benefits of business reorganization efforts .european consumer packaging net sales in 2009 were $ 315 million compared with $ 300 million in 2008 and $ 280 million in 2007 .operating earnings in 2009 of $ 66 million increased from $ 22 million in 2008 and $ 30 million in 2007 .sales volumes in 2009 were higher than in 2008 reflecting increased ship- ments to export markets .average sales margins declined due to increased shipments to lower- margin export markets and lower average sales prices in western europe .entering 2010 , sales volumes for the first quarter are expected to remain strong .average margins should improve reflecting increased sales price realizations and a more favorable geographic mix of products sold .input costs are expected to be higher due to increased wood prices in poland and annual energy tariff increases in russia .asian consumer packaging net sales were $ 545 million in 2009 compared with $ 390 million in 2008 and $ 330 million in 2007 .operating earnings in 2009 were $ 24 million compared with a loss of $ 13 million in 2008 and earnings of $ 12 million in 2007 .the improved operating earnings in 2009 reflect increased sales volumes , higher average sales mar- gins and lower input costs , primarily for chemicals .the loss in 2008 was primarily due to a $ 12 million charge to revalue pulp inventories at our shandong international paper and sun coated paperboard co. , ltd .joint venture and start-up costs associated with the joint venture 2019s new folding box board paper machine .distribution xpedx , our distribution business , markets a diverse array of products and supply chain services to cus- tomers in many business segments .customer demand is generally sensitive to changes in general economic conditions , although the commercial printing segment is also dependent on consumer advertising and promotional spending .distribution 2019s margins are relatively stable across an economic cycle .providing customers with the best choice and value in both products and supply chain services is a key competitive factor .additionally , efficient customer service , cost-effective logistics and focused working capital management are key factors in this segment 2019s profitability .distribution in millions 2009 2008 2007 .
[['in millions', '2009', '2008', '2007'], ['sales', '$ 6525', '$ 7970', '$ 7320'], ['operating profit', '50', '103', '108']]
distribution 2019s 2009 annual sales decreased 18% ( 18 % ) from 2008 and 11% ( 11 % ) from 2007 while operating profits in 2009 decreased 51% ( 51 % ) compared with 2008 and 54% ( 54 % ) compared with 2007 .annual sales of printing papers and graphic arts supplies and equipment totaled $ 4.1 billion in 2009 compared with $ 5.2 billion in 2008 and $ 4.7 billion in 2007 , reflecting weak economic conditions in 2009 .trade margins as a percent of sales for printing papers increased from 2008 but decreased from 2007 due to a higher mix of lower margin direct ship- ments from manufacturers .revenue from packaging products was $ 1.3 billion in 2009 compared with $ 1.7 billion in 2008 and $ 1.5 billion in 2007 .trade margins as a percent of sales for packaging products were higher than in the past two years reflecting an improved product and service mix .facility supplies annual revenue was $ 1.1 billion in 2009 , essentially .
|
what is the highest value of operating profit during this period?
|
108
|
{
"answer": "108",
"decimal": 108,
"type": "float"
}
|
it is the maximum value .
|
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 2014 2013 2012 .
[['millions', '2014', '2013', '2012'], ['cash provided by operating activities', '$ 7385', '$ 6823', '$ 6161'], ['cash used in investing activities', '-4249 ( 4249 )', '-3405 ( 3405 )', '-3633 ( 3633 )'], ['dividends paid', '-1632 ( 1632 )', '-1333 ( 1333 )', '-1146 ( 1146 )'], ['free cash flow', '$ 1504', '$ 2085', '$ 1382']]
2015 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 , quality control , training and employee engagement , 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 2015 , we will continue to add resources to support growth , improve service , and replenish our surge capability .f0b7 fuel prices 2013 with the dramatic drop in fuel prices at the end of 2014 , there is even more uncertainty around the projections of fuel prices .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 fluctuations 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 will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments .f0b7 capital plan 2013 in 2015 , we expect our capital plan to be approximately $ 4.3 billion , including expenditures for ptc and 218 locomotives .the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 we expect the overall u.s .economy to continue to improve at a moderate pace .one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities .on balance , we expect to see positive volume growth for 2015 versus the prior year .in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives and the ability to leverage our resources as we improve the fluidity of our network. .
|
what was the percentage change in free cash flow from 2013 to 2014?
|
-29%
|
{
"answer": "-29%",
"decimal": -0.29,
"type": "percentage"
}
| |
part a0ii item a05 .market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock is listed on the new york stock exchange under the symbol 201ctfx . 201d as of february 19 , 2019 , we had 473 holders of record of our common stock .a substantially greater number of holders of our common stock are beneficial owners whose shares are held by brokers and other financial institutions for the accounts of beneficial owners .stock performance graph the following graph provides a comparison of five year cumulative total stockholder returns of teleflex common stock , the standard a0& 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 a031 , 2013 and that all dividends were reinvested .market performance .
[['company / index', '2013', '2014', '2015', '2016', '2017', '2018'], ['teleflex incorporated', '100', '124', '143', '177', '275', '288'], ['s&p 500 index', '100', '114', '115', '129', '157', '150'], ['s&p 500 healthcare equipment & supply index', '100', '126', '134', '142', '186', '213']]
s&p 500 healthcare equipment & supply index 100 126 134 142 186 213 .
|
what is the range of market performance for the s&p 500 index from 2013-2018?
|
57
|
{
"answer": "57",
"decimal": 57,
"type": "float"
}
| |
vertex pharmaceuticals incorporated notes to consolidated financial statements ( continued ) d .stock-based compensation ( continued ) the company uses the black-scholes valuation model to estimate the fair value of stock options at the grant date .the black-scholes valuation model uses the option exercise price as well as estimates and assumptions related to the expected price volatility of the company 2019s stock , the period during which the options will be outstanding , the rate of return on risk-free investments , and the expected dividend yield for the company 2019s stock to estimate the fair value of a stock option on the grant date .the company validates its estimates and assumptions through consultations with independent third parties having relevant expertise .the fair value of each option granted under the stock and option plans during 2006 was estimated on the date of grant using the black- scholes option pricing model with the following weighted average assumptions : the weighted-average valuation assumptions were determined as follows : 2022 expected stock price volatility : in 2006 , the company changed its method of estimating expected volatility from relying exclusively on historical volatility to relying exclusively on implied volatility .options to purchase the company 2019s stock with remaining terms of greater than one year are regularly traded in the market .expected stock price volatility is calculated using the trailing one month average of daily implied volatilities prior to grant date .2022 risk-free interest rate : the company bases the risk-free interest rate on the interest rate payable on u.s .treasury securities in effect at the time of grant for a period that is commensurate with the assumed expected option term .2022 expected term of options : the expected term of options represents the period of time options are expected to be outstanding .the company uses historical data to estimate employee exercise and post-vest termination behavior .the company believes that all groups of employees exhibit similar exercise and post-vest termination behavior and therefore does not stratify employees into multiple groups in determining the expected term of options .2022 expected annual dividends : the estimate for annual dividends is $ 0.00 , because the company has not historically paid , and does not intend for the foreseeable future to pay , a dividend .expected stock price volatility 57.10 % ( % ) risk-free interest rate 4.74 % ( % ) expected term 5.64 years .
[['', '2006'], ['expected stock price volatility', '57.10% ( 57.10 % )'], ['risk-free interest rate', '4.74% ( 4.74 % )'], ['expected term', '5.64 years'], ['expected annual dividends', '2014']]
.
|
in 2006 what was the ratio expected stock price volatility to risk-free interest rate
|
12.1%
|
{
"answer": "12.1%",
"decimal": 0.121,
"type": "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 average net sales from 2003 to 2005 in millions
|
627
|
{
"answer": "627",
"decimal": 627,
"type": "float"
}
| |
intermodal 2013 decreased volumes and fuel surcharges reduced freight revenue from intermodal shipments in 2009 versus 2008 .volume from international traffic decreased 24% ( 24 % ) in 2009 compared to 2008 , reflecting economic conditions , continued weak imports from asia , and diversions to non-uprr served ports .additionally , continued weakness in the domestic housing and automotive sectors translated into weak demand in large sectors of the international intermodal market , which also contributed to the volume decline .conversely , domestic traffic increased 8% ( 8 % ) in 2009 compared to 2008 .a new contract with hub group , inc. , which included additional shipments , was executed in the second quarter of 2009 and more than offset the impact of weak market conditions in the second half of 2009 .price increases and fuel surcharges generated higher revenue in 2008 , partially offset by lower volume levels .international traffic declined 11% ( 11 % ) in 2008 , reflecting continued softening of imports from china and the loss of a customer contract .notably , the peak intermodal shipping season , which usually starts in the third quarter , was particularly weak in 2008 .additionally , continued weakness in domestic housing and automotive sectors translated into weak demand in large sectors of the international intermodal market , which also contributed to lower volumes .domestic traffic declined 3% ( 3 % ) in 2008 due to the loss of a customer contract and lower volumes from less-than-truckload shippers .additionally , the flood-related embargo on traffic in the midwest during the second quarter hindered intermodal volume levels in 2008 .mexico business 2013 each of our commodity groups include revenue from shipments to and from mexico .revenue from mexico business decreased 26% ( 26 % ) in 2009 versus 2008 to $ 1.2 billion .volume declined in five of our six commodity groups , down 19% ( 19 % ) in 2009 , driven by 32% ( 32 % ) and 24% ( 24 % ) reductions in industrial products and automotive shipments , respectively .conversely , energy shipments increased 9% ( 9 % ) in 2009 versus 2008 , partially offsetting these declines .revenue from mexico business increased 13% ( 13 % ) to $ 1.6 billion in 2008 compared to 2007 .price improvements and fuel surcharges contributed to these increases , partially offset by a 4% ( 4 % ) decline in volume in 2008 compared to 2007 .operating expenses 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'], ['compensation and benefits', '$ 4063', '$ 4457', '$ 4526', '( 9 ) % ( % )', '( 2 ) % ( % )'], ['fuel', '1763', '3983', '3104', '-56 ( 56 )', '28'], ['purchased services and materials', '1614', '1902', '1856', '-15 ( 15 )', '2'], ['depreciation', '1444', '1387', '1321', '4', '5'], ['equipment and other rents', '1180', '1326', '1368', '-11 ( 11 )', '-3 ( 3 )'], ['other', '687', '840', '733', '-18 ( 18 )', '15'], ['total', '$ 10751', '$ 13895', '$ 12908', '( 23 ) % ( % )', '8% ( 8 % )']]
2009 intermodal revenue international domestic .
|
what was the change in millions of compensation and benefits from 2007 to 2008?
|
-69
|
{
"answer": "-69",
"decimal": -69,
"type": "float"
}
| |
nbcuniversal media , llc indefinite-lived intangible assets indefinite-lived intangible assets consist of trade names and fcc licenses .we assess the recoverability of our indefinite-lived intangible assets annually , or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired .we evaluate the unit of account used to test for impairment of our indefinite-lived intangible assets periodically or whenever events or substantive changes in circumstances occur to ensure impairment testing is performed at an appropriate level .the assessment of recoverability may first consider qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount .a quantitative assessment is per- formed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed .when performing a quantitative assessment , we estimate the fair value of our indefinite-lived intangible assets primarily based on a discounted cash flow analysis that involves significant judgment .when analyzing the fair values indicated under the discounted cash flow models , we also consider multiples of operating income before depreciation and amortization generated by the underlying assets , cur- rent market transactions , and profitability information .if the fair value of our indefinite-lived intangible assets were less than the carrying amount , we would recognize an impairment charge for the difference between the estimated fair value and the carrying value of the assets .unless presented separately , the impairment charge is included as a component of amortization expense .we did not recognize any material impairment charges in any of the periods presented .finite-lived intangible assets estimated amortization expense of finite-lived intangible assets ( in millions ) .
[['2016', '$ 812'], ['2017', '$ 789'], ['2018', '$ 776'], ['2019', '$ 777'], ['2020', '$ 781']]
finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations , intellectual property rights and software .our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement .we capitalize direct development costs associated with internal-use software , including external direct costs of material and services and payroll costs for employees devoting time to these software projects .we also capitalize costs associated with the purchase of software licenses .we include these costs in intangible assets and generally amortize them on a straight-line basis over a period not to exceed five years .we expense maintenance and training costs , as well as costs incurred during the preliminary stage of a project , as they are incurred .we capitalize initial operating system software costs and amortize them over the life of the associated hardware .we evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable .the evaluation is based on the cash flows generated by the underlying asset groups , including estimated future operating results , trends or other determinants of fair value .if the total of the expected future undiscounted cash flows were less than the carry- ing amount of the asset group , we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value .unless presented separately , the impairment charge is included as a component of amortization expense .comcast 2015 annual report on form 10-k 162 .
|
what was the ratio of the finite lived intangible assets estimated amortization in 2016 compared to 2017
|
1.03
|
{
"answer": "1.03",
"decimal": 1.03,
"type": "float"
}
| |
on either a straight-line or accelerated basis .amortization expense for intangibles was approximately $ 4.2 million , $ 4.1 million and $ 4.1 million during the years ended december 31 , 2010 , 2009 and 2008 , respectively .estimated annual amortization expense of the december 31 , 2010 balance for the years ended december 31 , 2011 through 2015 is approximately $ 4.8 million .impairment of long-lived assets long-lived assets are reviewed for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable .if such review indicates that the carrying amount of long- lived assets is not recoverable , the carrying amount of such assets is reduced to fair value .during the year ended december 31 , 2010 , we recognized impairment charges on certain long-lived assets during the normal course of business of $ 1.3 million .there were no adjustments to the carrying value of long-lived assets of continuing operations during the years ended december 31 , 2009 or 2008 .fair value of financial instruments our debt is reflected on the balance sheet at cost .based on market conditions as of december 31 , 2010 , the fair value of our term loans ( see note 5 , 201clong-term obligations 201d ) reasonably approximated the carrying value of $ 590 million .at december 31 , 2009 , the fair value of our term loans at $ 570 million was below the carrying value of $ 596 million because our interest rate margins were below the rate available in the market .we estimated the fair value of our term loans by calculating the upfront cash payment a market participant would require to assume our obligations .the upfront cash payment , excluding any issuance costs , is the amount that a market participant would be able to lend at december 31 , 2010 and 2009 to an entity with a credit rating similar to ours and achieve sufficient cash inflows to cover the scheduled cash outflows under our term loans .the carrying amounts of our cash and equivalents , net trade receivables and accounts payable approximate fair value .we apply the market and income approaches to value our financial assets and liabilities , which include the cash surrender value of life insurance , deferred compensation liabilities and interest rate swaps .required fair value disclosures are included in note 7 , 201cfair value measurements . 201d product warranties some of our salvage mechanical products are sold with a standard six-month warranty against defects .additionally , some of our remanufactured engines are sold with a standard three-year warranty against defects .we record the estimated warranty costs at the time of sale using historical warranty claim information to project future warranty claims activity and related expenses .the changes in the warranty reserve are as follows ( in thousands ) : .
[['balance as of january 1 2009', '$ 540'], ['warranty expense', '5033'], ['warranty claims', '-4969 ( 4969 )'], ['balance as of december 31 2009', '604'], ['warranty expense', '9351'], ['warranty claims', '-8882 ( 8882 )'], ['business acquisitions', '990'], ['balance as of december 31 2010', '$ 2063']]
self-insurance reserves we self-insure a portion of employee medical benefits under the terms of our employee health insurance program .we purchase certain stop-loss insurance to limit our liability exposure .we also self-insure a portion of .
|
what was the percentage change in the changes in the warranty reserve in 2009
|
11.9%
|
{
"answer": "11.9%",
"decimal": 0.11900000000000001,
"type": "percentage"
}
| |
the following table presents the estimated future amortization of deferred stock compensation reported in both cost of revenue and operating expenses : fiscal year ( in thousands ) .
[['fiscal year', '( in thousands )'], ['2004', '$ 3677'], ['2005', '2403'], ['2006', '840'], ['2007', '250'], ['total estimated future amortization of deferred stock compensation', '$ 7170']]
impairment of intangible assets .in fiscal 2002 , we recognized an aggregate impairment charge of $ 3.8 million to reduce the amount of certain intangible assets associated with prior acquisitions to their estimated fair value .approximately $ 3.7 million and $ 0.1 million are included in integration expense and amortization of intangible assets , respectively , on the consolidated statement of operations .the impairment charge is primarily attributable to certain technology acquired from and goodwill related to the acquisition of stanza , inc .( stanza ) in 1999 .during fiscal 2002 , we determined that we would not allocate future resources to assist in the market growth of this technology as products acquired in the merger with avant! provided customers with superior capabilities .as a result , we do not anticipate any future sales of the stanza product .in fiscal 2001 , we recognized an aggregate impairment charge of $ 2.2 million to reduce the amount of certain intangible assets associated with prior acquisitions to their estimated fair value .approximately $ 1.8 million and $ 0.4 million are included in cost of revenues and amortization of intangible assets , respectively , on the consolidated statement of operations .the impairment charge is attributable to certain technology acquired from and goodwill related to the acquisition of eagle design automation , inc .( eagle ) in 1997 .during fiscal 2001 , we determined that we would not allocate future resources to assist in the market growth of this technology .as a result , we do not anticipate any future sales of the eagle product .there were no impairment charges during fiscal 2003 .other ( expense ) income , net .other income , net was $ 24.1 million in fiscal 2003 and consisted primarily of ( i ) realized gain on investments of $ 20.7 million ; ( ii ) rental income of $ 6.3 million ; ( iii ) interest income of $ 5.2 million ; ( iv ) impairment charges related to certain assets in our venture portfolio of ( $ 4.5 ) million ; ( vii ) foundation contributions of ( $ 2.1 ) million ; and ( viii ) interest expense of ( $ 1.6 ) million .other ( expense ) , net of other income was ( $ 208.6 ) million in fiscal 2002 and consisted primarily of ( i ) ( $ 240.8 ) million expense due to the settlement of the cadence design systems , inc .( cadence ) litigation ; ( ii ) ( $ 11.3 ) million in impairment charges related to certain assets in our venture portfolio ; ( iii ) realized gains on investments of $ 22.7 million ; ( iv ) a gain of $ 3.1 million for the termination fee on the ikos systems , inc .( ikos ) merger agreement ; ( v ) rental income of $ 10.0 million ; ( vi ) interest income of $ 8.3 million ; and ( vii ) and other miscellaneous expenses including amortization of premium forwards and foreign exchange gains and losses recognized during the fiscal year of ( $ 0.6 ) million .other income , net was $ 83.8 million in fiscal 2001 and consisted primarily of ( i ) a gain of $ 10.6 million on the sale of our silicon libraries business to artisan components , inc. ; ( ii ) ( $ 5.8 ) million in impairment charges related to certain assets in our venture portfolio ; ( iii ) realized gains on investments of $ 55.3 million ; ( iv ) rental income of $ 8.6 million ; ( v ) interest income of $ 12.8 million ; and ( vi ) other miscellaneous income including amortization of premium forwards and foreign exchange gains and losses recognized during the fiscal year of $ 2.3 million .termination of agreement to acquire ikos systems , inc .on july 2 , 2001 , we entered into an agreement and plan of merger and reorganization ( the ikos merger agreement ) with ikos systems , inc .the ikos merger agreement provided for the acquisition of all outstanding shares of ikos common stock by synopsys. .
|
considering the years 2004-2005 , what is the percentual decrease observed in the estimated future amortization of deferred stock compensation?
|
34.65%
|
{
"answer": "34.65%",
"decimal": 0.3465,
"type": "percentage"
}
|
it is the variation between those values divided by the initial one , then turned into a percentage .
|
increase in dividends paid .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 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 2013 2012 2011 .
[['millions', '2013', '2012', '2011'], ['cash provided by operating activities', '$ 6823', '$ 6161', '$ 5873'], ['cash used in investing activities', '-3405 ( 3405 )', '-3633 ( 3633 )', '-3119 ( 3119 )'], ['dividends paid', '-1333 ( 1333 )', '-1146 ( 1146 )', '-837 ( 837 )'], ['free cash flow', '$ 2085', '$ 1382', '$ 1917']]
2014 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 and courage to care 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 also critical aspects of our safety programs .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 ) , various industry programs and local community activities across our network .f0b7 network operations 2013 we believe the railroad is capable of handling growing volumes while providing high levels of customer service .our track structure is in excellent condition , and certain sections of our network have surplus line and terminal capacity .we are in a solid resource position , with sufficient supplies of locomotives , freight cars and crews to support growth .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 2014 , we plan to make total capital investments of approximately $ 3.9 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. ) f0b7 positive train control 2013 in response to a legislative mandate to implement ptc by the end of 2015 , we have invested $ 1.2 billion in capital expenditures and plan to spend an additional $ 450 million during 2014 on developing and deploying ptc .we currently estimate that ptc , in accordance with implementing rules issued by the federal rail administration ( fra ) , will cost us approximately $ 2 billion by the end of the project .this includes costs for installing the new system along our tracks , upgrading locomotives to work with the new system , and adding digital data communication equipment to integrate the various components of the system and achieve interoperability for the industry .although it is unlikely that the rail industry will meet the current mandatory 2015 deadline ( as the fra indicated in its 2012 report to congress ) , we are making a good faith effort to do so and we are working closely with regulators as we implement this new technology. .
|
what percentage of cash provided by operating activities were dividends paid in 2012?
|
19%
|
{
"answer": "19%",
"decimal": 0.19,
"type": "percentage"
}
|
looking to see what kind of cash coverage the firm has to pay its dividend from its operations .
|
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. .
|
what was the average expected volatility rate from 2005 to 2007
|
21.7%
|
{
"answer": "21.7%",
"decimal": 0.217,
"type": "percentage"
}
| |
operating expenses millions 2010 2009 2008 % ( % ) change 2010 v 2009 % ( % ) change 2009 v 2008 .
[['millions', '2010', '2009', '2008', '% ( % ) change 2010 v 2009', '% ( % ) change2009 v 2008'], ['compensation and benefits', '$ 4314', '$ 4063', '$ 4457', '6% ( 6 % )', '( 9 ) % ( % )'], ['fuel', '2486', '1763', '3983', '41', '-56 ( 56 )'], ['purchased services and materials', '1836', '1644', '1928', '12', '-15 ( 15 )'], ['depreciation', '1487', '1427', '1366', '4', '4'], ['equipment and other rents', '1142', '1180', '1326', '-3 ( 3 )', '-11 ( 11 )'], ['other', '719', '687', '840', '5', '-18 ( 18 )'], ['total', '$ 11984', '$ 10764', '$ 13900', '11% ( 11 % )', '( 23 ) % ( % )']]
operating expenses increased $ 1.2 billion in 2010 versus 2009 .our fuel price per gallon increased 31% ( 31 % ) during the year , accounting for $ 566 million of the increase .wage and benefit inflation , depreciation , volume-related costs , and property taxes also contributed to higher expenses during 2010 compared to 2009 .cost savings from productivity improvements and better resource utilization partially offset these increases .operating expenses decreased $ 3.1 billion in 2009 versus 2008 .our fuel price per gallon declined 44% ( 44 % ) during 2009 , decreasing operating expenses by $ 1.3 billion compared to 2008 .cost savings from lower volume , productivity improvements , and better resource utilization also decreased operating expenses in 2009 .in addition , lower casualty expense resulting primarily from improving trends in safety performance decreased operating expenses in 2009 .conversely , wage and benefit inflation partially offset these reductions .compensation and benefits 2013 compensation and benefits include wages , payroll taxes , health and welfare costs , pension costs , other postretirement benefits , and incentive costs .general wage and benefit inflation increased costs by approximately $ 190 million in 2010 compared to 2009 .volume- related expenses and higher equity and incentive compensation also drove costs up during the year .workforce levels declined 1% ( 1 % ) in 2010 compared to 2009 as network efficiencies and ongoing productivity initiatives enabled us to effectively handle the 13% ( 13 % ) increase in volume levels with fewer employees .lower volume and productivity initiatives led to a 10% ( 10 % ) decline in our workforce in 2009 compared to 2008 , saving $ 516 million during the year .conversely , general wage and benefit inflation increased expenses , partially offsetting these savings .fuel 2013 fuel includes locomotive fuel and gasoline for highway and non-highway vehicles and heavy equipment .higher diesel fuel prices , which averaged $ 2.29 per gallon ( including taxes and transportation costs ) in 2010 compared to $ 1.75 per gallon in 2009 , increased expenses by $ 566 million .volume , as measured by gross ton-miles , increased 10% ( 10 % ) in 2010 versus 2009 , driving fuel expense up by $ 166 million .conversely , the use of newer , more fuel efficient locomotives , our fuel conservation programs and efficient network operations drove a 3% ( 3 % ) improvement in our fuel consumption rate in 2010 , resulting in $ 40 million of cost savings versus 2009 at the 2009 average fuel price .lower diesel fuel prices , which averaged $ 1.75 per gallon ( including taxes and transportation costs ) in 2009 compared to $ 3.15 per gallon in 2008 , reduced expenses by $ 1.3 billion in 2009 .volume , as measured by gross ton-miles , decreased 17% ( 17 % ) in 2009 , lowering expenses by $ 664 million compared to 2008 .our fuel consumption rate improved 4% ( 4 % ) in 2009 , resulting in $ 147 million of cost savings versus 2008 at the 2008 average fuel price .the consumption rate savings versus 2008 using the lower 2009 fuel price was $ 68 million .newer , more fuel efficient locomotives , reflecting locomotive acquisitions in recent years and the impact of a smaller fleet due to storage of some of our older locomotives ; increased use of 2010 operating expenses .
|
in millions , what is the average operating expenses from 2008-2010?
|
12216
|
{
"answer": "12216",
"decimal": 12216,
"type": "float"
}
| |
united states , fail to either complete treatment or show a long-term sustained response to therapy .as a result , we believe new safe and effective treatment options for hcv infection are needed .telaprevir development program we are conducting three major phase 2b clinical trials of telaprevir .prove 1 is ongoing in the united states and prove 2 is ongoing in european union , both in treatment-na efve patients .prove 3 has commenced and is being conducted with patients in north america and the european union who did not achieve sustained viral response with previous interferon-based treatments .prove 1 and prove 2 are fully enrolled , and we commenced patient enrollment in prove 3 in january 2007 .prove 1 and prove 2 we expect that together , the prove 1 and prove 2 clinical trials will evaluate rates of sustained viral response , or svr , in approximately 580 treatment-na efve patients infected with genotype 1 hcv , including patients who will receive telaprevir and patients in the control arms .svr is defined as undetectable viral levels 24 weeks after all treatment has ceased .a description of each of the clinical trial arms for the prove 1 and prove 2 clinical trials , including the intended number of patients in each trial , is set forth in the following table : the prove 1 and prove 2 clinical trials together have the following four key objectives : 2022 to evaluate the optimal svr rate that can be achieved with telaprevir therapy in combination with peg-ifn and rbv ; 2022 to evaluate the optimal treatment duration for telaprevir combination therapy ; 2022 to evaluate the role of rbv in telaprevir-based therapy ; and 2022 to evaluate the safety of telaprevir in combination with peg-ifn and rbv .in the prove 1 and prove 2 clinical trials , patients receive telaprevir in a tablet formulation at a dose of 750 mg every eight hours for 12 weeks .the prove 1 clinical trial is double-blinded and placebo-controlled , and the prove 2 clinical trial is partially-blinded and placebo-controlled .in december 2006 , we announced results from a planned interim safety and antiviral activity analysis that was conducted and reviewed by the independent data monitoring committee overseeing the prove 1 clinical trial .as of the cut-off date of the interim analysis , a total of 250 patients had been enrolled in the prove 1 clinical trial and received at least one dose of telaprevir or placebo .in the data reported , the patients in all three telaprevir-containing arms ( approximately 175 patients ) were pooled together and the results were compared to the results in the control arm of peg-ifn and rbv and placebo ( approximately 75 patients ) .at the time of the data cut-off for the safety analysis , approximately 100 patients had completed 12 weeks on-study and more than 200 patients had completed eight weeks .the most common adverse treatment regimen number of patients ( treatment na efve ) prove 1 number of patients ( treatment na efve ) prove 2 total .
[['treatment regimen', 'number of patients ( treatment na efve ) prove 1', 'number of patients ( treatment na efve ) prove 2', 'total'], ['12-week regimens of telaprevir in combination with peg-ifn and rbv', '20', '80', '100'], ['12-week regimens of telaprevir in combination with only peg-ifn', '0', '80', '80'], ['12-week regimens of telaprevir in combination with peg-ifn and rbv followed by 12 weeks of therapy with peg-ifn and rbv', '80', '80', '160'], ['12-week regimens of telaprevir in combination with peg-ifn and rbv followed by 36 weeks of therapy with peg-ifn and rbv', '80', '0', '80'], ['48-weeks of therapy with peg-ifn and rbv', '80', '80', '160'], ['total', '260', '320', '580']]
.
|
what was the percent of the total treatment regiment for prove1 for the 48-weeks of therapy with peg-ifn and rbv
|
30.8%
|
{
"answer": "30.8%",
"decimal": 0.308,
"type": "percentage"
}
| |
liquidity and capital resources as of december 31 , 2006 , our principal sources of liquidity included cash , cash equivalents , the sale of receivables , and our revolving credit facilities , as well as the availability of commercial paper and other sources of financing through the capital markets .we had $ 2 billion of committed credit facilities available , of which there were no borrowings outstanding as of december 31 , 2006 , and we did not make any short-term borrowings under these facilities during the year .the value of the outstanding undivided interest held by investors under the sale of receivables program was $ 600 million as of december 31 , 2006 .the sale of receivables program is subject to certain requirements , including the maintenance of an investment grade bond rating .if our bond rating were to deteriorate , it could have an adverse impact on our liquidity .access to commercial paper is dependent on market conditions .deterioration of our operating results or financial condition due to internal or external factors could negatively impact our ability to utilize commercial paper as a source of liquidity .liquidity through the capital markets is also dependent on our financial stability .at both december 31 , 2006 and 2005 , we had a working capital deficit of approximately $ 1.1 billion .a working capital deficit is common in our industry and does not indicate a lack of liquidity .we maintain adequate resources to meet our daily cash requirements , and we have sufficient financial capacity to satisfy our current liabilities .financial condition cash flows millions of dollars 2006 2005 2004 .
[['cash flowsmillions of dollars', '2006', '2005', '2004'], ['cash provided by operating activities', '$ 2880', '$ 2595', '$ 2257'], ['cash used in investing activities', '-2042 ( 2042 )', '-2047 ( 2047 )', '-1732 ( 1732 )'], ['cash used in financing activities', '-784 ( 784 )', '-752 ( 752 )', '-75 ( 75 )'], ['net change in cash and cash equivalents', '$ 54', '$ -204 ( 204 )', '$ 450']]
cash provided by operating activities 2013 higher income in 2006 generated the increased cash provided by operating activities , which was partially offset by higher income tax payments , $ 150 million in voluntary pension contributions , higher material and supply inventories , and higher management incentive payments in 2006 .higher income , lower management incentive payments in 2005 ( executive bonuses , which would have been paid to individuals in 2005 , were not awarded based on company performance in 2004 and bonuses for the professional workforce that were paid out in 2005 were significantly reduced ) , and working capital performance generated higher cash from operating activities in 2005 .a voluntary pension contribution of $ 100 million in 2004 also augmented the positive year-over-year variance in 2005 as no pension contribution was made in 2005 .this improvement was partially offset by cash received in 2004 for income tax refunds .cash used in investing activities 2013 an insurance settlement for the 2005 january west coast storm and lower balances for work in process decreased the amount of cash used in investing activities in 2006 .higher capital investments and lower proceeds from asset sales partially offset this decrease .increased capital spending , partially offset by higher proceeds from asset sales , increased the amount of cash used in investing activities in 2005 compared to 2004 .cash used in financing activities 2013 the increase in cash used in financing activities primarily resulted from lower net proceeds from equity compensation plans ( $ 189 million in 2006 compared to $ 262 million in 2005 ) .the increase in 2005 results from debt issuances in 2004 and higher debt repayments in 2005 .we did not issue debt in 2005 versus $ 745 million of debt issuances in 2004 , and we repaid $ 699 million of debt in 2005 compared to $ 588 million in 2004 .the higher outflows in 2005 were partially offset by higher net proceeds from equity compensation plans ( $ 262 million in 2005 compared to $ 80 million in 2004 ) . .
|
what was the percentage change in cash provided by operating activities between 2004 and 2005?
|
15%
|
{
"answer": "15%",
"decimal": 0.15,
"type": "percentage"
}
| |
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 2008 to 2009?
|
394
|
{
"answer": "394",
"decimal": 394,
"type": "float"
}
| |
liquidity and capital resources during the past three years , we had sufficient financial resources to meet our operating requirements , to fund our capital spending , share repurchases and pension plans and to pay increasing dividends to our shareholders .cash from operating activities was $ 1436 million , $ 1310 million , and $ 1345 million in 2011 , 2010 , and 2009 , respectively .higher earnings increased cash from operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 .cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings .operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first-in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities .see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital .we believe operating working capital represents the key components of working capital under the operating control of our businesses .operating working capital at december 31 , 2011 and 2010 was $ 2.7 billion and $ 2.6 billion , respectively .a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) .( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( % ) of sales 19.5% ( 19.5 % ) 19.2% ( 19.2 % ) the change in operating working capital elements , excluding the impact of currency and acquisitions , was an increase of $ 195 million during the year ended december 31 , 2011 .this increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in fifo inventory slightly offset by an increase in trade creditors 2019 liabilities .trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2011 was 17.9 percent , down slightly from 18.1 percent for 2010 .days sales outstanding was 66 days in 2011 , level with 2010 .inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2011 was 13.1 percent level with 2010 .inventory turnover was 5.0 times in 2011 and 4.6 times in 2010 .total capital spending , including acquisitions , was $ 446 million , $ 341 million and $ 265 million in 2011 , 2010 , and 2009 , respectively .spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 390 million , $ 307 million and $ 239 million in 2011 , 2010 , and 2009 , respectively , and is expected to be in the range of $ 450-$ 550 million during 2012 .capital spending , excluding acquisitions , as a percentage of sales was 2.6% ( 2.6 % ) , 2.3% ( 2.3 % ) and 2.0% ( 2.0 % ) in 2011 , 2010 and 2009 , respectively .capital spending related to business acquisitions amounted to $ 56 million , $ 34 million , and $ 26 million in 2011 , 2010 and 2009 , respectively .we continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions , as part of a balanced deployment of our cash to support growth in earnings .in january 2012 , the company closed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company .the cost of these acquisitions , including assumed debt , was $ 193 million .dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011 , 2010 and 2009 , respectively .ppg has paid uninterrupted annual dividends since 1899 , and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders .we did not have a mandatory contribution to our u.s .defined benefit pension plans in 2011 ; however , we made voluntary contributions to these plans in 2011 totaling $ 50 million .in 2010 and 2009 , we made voluntary contributions to our u.s .defined benefit pension plans of $ 250 and $ 360 million ( of which $ 100 million was made in ppg stock ) , respectively .we expect to make voluntary contributions to our u.s .defined benefit pension plans in 2012 of up to $ 60 million .contributions were made to our non-u.s .defined benefit pension plans of $ 71 million , $ 87 million and $ 90 million ( of which approximately $ 20 million was made in ppg stock ) for 2011 , 2010 and 2009 , respectively , some of which were required by local funding requirements .we expect to make mandatory contributions to our non-u.s .plans in 2012 of approximately $ 90 million .the company 2019s share repurchase activity in 2011 , 2010 and 2009 was 10.2 million shares at a cost of $ 858 million , 8.1 million shares at a cost of $ 586 million and 1.5 million shares at a cost of $ 59 million , respectively .we expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth .the amount of spending will depend on the level of acquisition spending and other uses of cash , but we currently expect to spend in the range of $ 250 million to $ 500 million on share repurchases in 2012 .we can repurchase about 9 million shares under the current authorization from the board of directors .26 2011 ppg annual report and form 10-k .
[['( millions )', '2011', '2010', ''], ['operating working capital', '$ 2739', '$ 2595', ''], ['operating working capital as % ( % ) of sales', '19.5% ( 19.5 % )', '19.2', '% ( % )']]
liquidity and capital resources during the past three years , we had sufficient financial resources to meet our operating requirements , to fund our capital spending , share repurchases and pension plans and to pay increasing dividends to our shareholders .cash from operating activities was $ 1436 million , $ 1310 million , and $ 1345 million in 2011 , 2010 , and 2009 , respectively .higher earnings increased cash from operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 .cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings .operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first-in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities .see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital .we believe operating working capital represents the key components of working capital under the operating control of our businesses .operating working capital at december 31 , 2011 and 2010 was $ 2.7 billion and $ 2.6 billion , respectively .a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) .( millions ) 2011 2010 operating working capital $ 2739 $ 2595 operating working capital as % ( % ) of sales 19.5% ( 19.5 % ) 19.2% ( 19.2 % ) the change in operating working capital elements , excluding the impact of currency and acquisitions , was an increase of $ 195 million during the year ended december 31 , 2011 .this increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in fifo inventory slightly offset by an increase in trade creditors 2019 liabilities .trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2011 was 17.9 percent , down slightly from 18.1 percent for 2010 .days sales outstanding was 66 days in 2011 , level with 2010 .inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2011 was 13.1 percent level with 2010 .inventory turnover was 5.0 times in 2011 and 4.6 times in 2010 .total capital spending , including acquisitions , was $ 446 million , $ 341 million and $ 265 million in 2011 , 2010 , and 2009 , respectively .spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 390 million , $ 307 million and $ 239 million in 2011 , 2010 , and 2009 , respectively , and is expected to be in the range of $ 450-$ 550 million during 2012 .capital spending , excluding acquisitions , as a percentage of sales was 2.6% ( 2.6 % ) , 2.3% ( 2.3 % ) and 2.0% ( 2.0 % ) in 2011 , 2010 and 2009 , respectively .capital spending related to business acquisitions amounted to $ 56 million , $ 34 million , and $ 26 million in 2011 , 2010 and 2009 , respectively .we continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions , as part of a balanced deployment of our cash to support growth in earnings .in january 2012 , the company closed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company .the cost of these acquisitions , including assumed debt , was $ 193 million .dividends paid to shareholders totaled $ 355 million , $ 360 million and $ 353 million in 2011 , 2010 and 2009 , respectively .ppg has paid uninterrupted annual dividends since 1899 , and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders .we did not have a mandatory contribution to our u.s .defined benefit pension plans in 2011 ; however , we made voluntary contributions to these plans in 2011 totaling $ 50 million .in 2010 and 2009 , we made voluntary contributions to our u.s .defined benefit pension plans of $ 250 and $ 360 million ( of which $ 100 million was made in ppg stock ) , respectively .we expect to make voluntary contributions to our u.s .defined benefit pension plans in 2012 of up to $ 60 million .contributions were made to our non-u.s .defined benefit pension plans of $ 71 million , $ 87 million and $ 90 million ( of which approximately $ 20 million was made in ppg stock ) for 2011 , 2010 and 2009 , respectively , some of which were required by local funding requirements .we expect to make mandatory contributions to our non-u.s .plans in 2012 of approximately $ 90 million .the company 2019s share repurchase activity in 2011 , 2010 and 2009 was 10.2 million shares at a cost of $ 858 million , 8.1 million shares at a cost of $ 586 million and 1.5 million shares at a cost of $ 59 million , respectively .we expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth .the amount of spending will depend on the level of acquisition spending and other uses of cash , but we currently expect to spend in the range of $ 250 million to $ 500 million on share repurchases in 2012 .we can repurchase about 9 million shares under the current authorization from the board of directors .26 2011 ppg annual report and form 10-k .
|
what was the percentage change in cash from operating activities from 2009 to 2010?
|
-3%
|
{
"answer": "-3%",
"decimal": -0.03,
"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 2014?
|
14%
|
{
"answer": "14%",
"decimal": 0.14,
"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 , 2010 and that all dividends were reinvested .market performance .
[['company / index', '2010', '2011', '2012', '2013', '2014', '2015'], ['teleflex incorporated', '100', '117', '138', '185', '229', '266'], ['s&p 500 index', '100', '102', '118', '157', '178', '181'], ['s&p 500 healthcare equipment & supply index', '100', '99', '116', '148', '187', '199']]
s&p 500 healthcare equipment & supply index 100 99 116 148 187 199 .
|
based on the table , how much percent did the healthcare sector outperform the overall market in this 5 year period?
|
18%
|
{
"answer": "18%",
"decimal": 0.18,
"type": "percentage"
}
|
to find the percentage the healthcare sector outperformed the overall market fist one has to find the percentage increase for both the healthcare sector and the overall market . then take those percentages and compare them .
|
1 2 4 n o t e s effective january 1 , 2011 , all u.s .employees , including u.s .legacy bgi employees , will participate in the brsp .all plan assets in the two legacy bgi plans , including the 401k plan and retirement plan ( see below ) , were merged into the brsp on january 1 , 2011 .under the combined brsp , employee contributions of up to 8% ( 8 % ) of eligible compensation , as defined by the plan and subject to irc limitations , will be matched by the company at 50% ( 50 % ) .in addition , the company will continue to make an annual retirement contribution to eligible participants equal to 3-5% ( 3-5 % ) of eligible compensation .blackrock institutional trust company 401 ( k ) savings plan ( formerly the bgi 401 ( k ) savings plan ) the company assumed a 401 ( k ) plan ( the 201cbgi plan 201d ) covering employees of former bgi as a result of the bgi transaction .as part of the bgi plan , employee contributions for participants with at least one year of service were matched at 200% ( 200 % ) of participants 2019 pre-tax contributions up to 2% ( 2 % ) of base salary and overtime , and matched 100% ( 100 % ) of the next 2% ( 2 % ) of base salary and overtime , as defined by the plan and subject to irc limitations .the maximum matching contribution a participant would have received is an amount equal to 6% ( 6 % ) of base salary up to the irc limitations .the bgi plan expense was $ 12 million for the year ended december 31 , 2010 and immaterial to the company 2019s consolidated financial statements for the year ended december 31 , 2009 .effective january 1 , 2011 , the net assets of this plan merged into the brsp .blackrock institutional trust company retirement plan ( formerly the bgi retirement plan ) the company assumed a defined contribution money purchase pension plan ( 201cbgi retirement plan 201d ) as a result of the bgi transaction .all salaried employees of former bgi and its participating affiliates who were u.s .residents on the u.s .payroll were eligible to participate .for participants earning less than $ 100000 in base salary , the company contributed 6% ( 6 % ) of a participant 2019s total compensation ( base salary , overtime and performance bonus ) up to $ 100000 .for participants earning $ 100000 or more in base salary , the company contributed 6% ( 6 % ) of a participant 2019s base salary and overtime up to the irc limita- tion of $ 245000 in 2010 .these contributions were 25% ( 25 % ) vested once the participant has completed two years of service and then vested at a rate of 25% ( 25 % ) for each additional year of service completed .employees with five or more years of service under the retirement plan were 100% ( 100 % ) vested in their entire balance .the retirement plan expense was $ 13 million for the year ended december 31 , 2010 and immaterial to the company 2019s consolidated financial statements for the year ended december 31 , 2009 .effective january 1 , 2011 , the net assets of this plan merged into the brsp .blackrock group personal pension plan blackrock investment management ( uk ) limited ( 201cbim 201d ) , a wholly-owned subsidiary of the company , contributes to the blackrock group personal pension plan , a defined contribution plan for all employees of bim .bim contributes between 6% ( 6 % ) and 15% ( 15 % ) of each employee 2019s eligible compensation .the expense for this plan was $ 22 million , $ 13 million and $ 16 million for the years ended december 31 , 2010 , 2009 and 2008 , respectively .defined benefit plans in 2009 , prior to the bgi transaction , the company had several defined benefit pension plans in japan , germany , luxembourg and jersey .all accrued benefits under these defined benefit plans are currently frozen and the plans are closed to new participants .in 2008 , the defined benefit pension values in luxembourg were transferred into a new defined contribution plan for such employees , removing future liabilities .participant benefits under the plans will not change with salary increases or additional years of service .through the bgi transaction , the company assumed defined benefit pension plans in japan and germany which are closed to new participants .during 2010 , these plans merged into the legacy blackrock plans in japan ( the 201cjapan plan 201d ) and germany .at december 31 , 2010 and 2009 , the plan assets for these plans were approximately $ 19 million and $ 10 million , respectively , and the unfunded obligations were less than $ 6 million and $ 3 million , respectively , which were recorded in accrued compensation and benefits on the consolidated statements of financial condition .benefit payments for the next five years and in aggregate for the five years thereafter are not expected to be material .defined benefit plan assets for the japan plan of approximately $ 16 million are invested using a total return investment approach whereby a mix of equity securities , debt securities and other investments are used to preserve asset values , diversify risk and achieve the target investment return benchmark .investment strategies and asset allocations are based on consideration of plan liabilities and the funded status of the plan .investment performance and asset allocation are measured and monitored on an ongoing basis .the current target allocations for the plan assets are 45-50% ( 45-50 % ) for u.s .and international equity securities , 50-55% ( 50-55 % ) for u.s .and international fixed income securities and 0-5% ( 0-5 % ) for cash and cash equivalents .the table below provides the fair value of the defined benefit japan plan assets at december 31 , 2010 by asset category .the table also identifies the level of inputs used to determine the fair value of assets in each category .quoted prices significant in active other markets for observable identical assets inputs december 31 , ( dollar amounts in millions ) ( level 1 ) ( level 2 ) 2010 .
[['( dollar amounts in millions )', 'quoted prices inactive marketsfor identical assets ( level 1 )', 'significant other observable inputs ( level 2 )', 'december 31 2010'], ['cash and cash equivalents', '$ 9', '$ 2014', '$ 9'], ['equity securities', '4', '2014', '4'], ['fixed income securities', '2014', '3', '3'], ['fair value of plan assets', '$ 13', '$ 3', '$ 16']]
the assets and unfunded obligation for the defined benefit pension plan in germany and jersey were immaterial to the company 2019s consolidated financial statements at december 31 , 2010 .post-retirement benefit plans prior to the bgi transaction , the company had requirements to deliver post-retirement medical benefits to a closed population based in the united kingdom and through the bgi transaction , the company assumed a post-retirement benefit plan to a closed population of former bgi employees in the united kingdom .for the years ended december 31 , 2010 , 2009 and 2008 , expenses and unfunded obligations for these benefits were immaterial to the company 2019s consolidated financial statements .in addition , through the bgi transaction , the company assumed a requirement to deliver post-retirement medical benefits to a .
|
what is the percentage change in expenses related to personal pension plan from 2009 to 2010?
|
69.2%
|
{
"answer": "69.2%",
"decimal": 0.6920000000000001,
"type": "percentage"
}
| |
depending upon our senior unsecured debt ratings .the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio .at december 31 , 2006 , we were in compliance with these covenants .the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral .in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 .neither of these lines of credit were used as of december 31 , 2006 .we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines .dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under the credit facilities referred to above .the amount of retained earnings available for dividends was $ 7.8 billion and $ 6.2 billion at december 31 , 2006 and 2005 , respectively .we do not expect that these restrictions will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity .we declared dividends of $ 323 million in 2006 and $ 316 million in 2005 .shelf registration statement 2013 under a current shelf registration statement , we may issue any combination of debt securities , preferred stock , common stock , or warrants for debt securities or preferred stock in one or more offerings .at december 31 , 2006 , we had $ 500 million remaining for issuance under the current shelf registration statement .we have no immediate plans to issue any securities ; however , we routinely consider and evaluate opportunities to replace existing debt or access capital through issuances of debt securities under this shelf registration , and , therefore , we may issue debt securities at any time .6 .leases we lease certain locomotives , freight cars , and other property .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 , 2006 were as follows : millions of dollars operating leases capital leases .
[['millions of dollars', 'operatingleases', 'capital leases'], ['2007', '$ 624', '$ 180'], ['2008', '546', '173'], ['2009', '498', '168'], ['2010', '456', '148'], ['2011', '419', '157'], ['later years', '2914', '1090'], ['total minimum lease payments', '$ 5457', '$ 1916'], ['amount representing interest', 'n/a', '-680 ( 680 )'], ['present value of minimum lease payments', 'n/a', '$ 1236']]
rent expense for operating leases with terms exceeding one month was $ 798 million in 2006 , $ 728 million in 2005 , and $ 651 million in 2004 .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 percentage of total minimum lease payments are capital leases as of december 31 , 2006?
|
26%
|
{
"answer": "26%",
"decimal": 0.26,
"type": "percentage"
}
| |
in april 2009 , the fasb issued additional guidance under asc 820 which provides guidance on estimat- ing the fair value of an asset or liability ( financial or nonfinancial ) when the volume and level of activity for the asset or liability have significantly decreased , and on identifying transactions that are not orderly .the application of the requirements of this guidance did not have a material effect on the accompanying consolidated financial statements .in august 2009 , the fasb issued asu 2009-05 , 201cmeasuring liabilities at fair value , 201d which further amends asc 820 by providing clarification for cir- cumstances in which a quoted price in an active market for the identical liability is not available .the company included the disclosures required by this guidance in the accompanying consolidated financial statements .accounting for uncertainty in income taxes in june 2006 , the fasb issued guidance under asc 740 , 201cincome taxes 201d ( formerly fin 48 ) .this guid- ance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in tax returns .specifically , the financial statement effects of a tax position may be recognized only when it is determined that it is 201cmore likely than not 201d that , based on its technical merits , the tax position will be sustained upon examination by the relevant tax authority .the amount recognized shall be measured as the largest amount of tax benefits that exceed a 50% ( 50 % ) probability of being recognized .this guidance also expands income tax disclosure requirements .international paper applied the provisions of this guidance begin- ning in the first quarter of 2007 .the adoption of this guidance resulted in a charge to the beginning bal- ance of retained earnings of $ 94 million at the date of adoption .note 3 industry segment information financial information by industry segment and geo- graphic area for 2009 , 2008 and 2007 is presented on pages 47 and 48 .effective january 1 , 2008 , the company changed its method of allocating corpo- rate overhead expenses to its business segments to increase the expense amounts allocated to these businesses in reports reviewed by its chief executive officer to facilitate performance comparisons with other companies .accordingly , the company has revised its presentation of industry segment operat- ing profit to reflect this change in allocation method , and has adjusted all comparative prior period information on this basis .note 4 earnings per share attributable to international paper company common shareholders basic earnings per common share from continuing operations are computed by dividing earnings from continuing operations by the weighted average number of common shares outstanding .diluted earnings per common share from continuing oper- ations are computed assuming that all potentially dilutive securities , including 201cin-the-money 201d stock options , were converted into common shares at the beginning of each year .in addition , the computation of diluted earnings per share reflects the inclusion of contingently convertible securities in periods when dilutive .a reconciliation of the amounts included in the computation of basic earnings per common share from continuing operations , and diluted earnings per common share from continuing operations is as fol- in millions except per share amounts 2009 2008 2007 .
[['in millions except per share amounts', '2009', '2008', '2007'], ['earnings ( loss ) from continuing operations', '$ 663', '$ -1269 ( 1269 )', '$ 1215'], ['effect of dilutive securities ( a )', '2013', '2013', '2013'], ['earnings ( loss ) from continuing operations 2013 assumingdilution', '$ 663', '$ -1269 ( 1269 )', '$ 1215'], ['average common shares outstanding', '425.3', '421.0', '428.9'], ['effect of dilutive securities restricted performance share plan ( a )', '2.7', '2013', '3.7'], ['stock options ( b )', '2013', '2013', '0.4'], ['average common shares outstanding 2013 assuming dilution', '428.0', '421.0', '433.0'], ['basic earnings ( loss ) per common share from continuing operations', '$ 1.56', '$ -3.02 ( 3.02 )', '$ 2.83'], ['diluted earnings ( loss ) per common share from continuing operations', '$ 1.55', '$ -3.02 ( 3.02 )', '$ 2.81']]
average common shares outstanding 2013 assuming dilution 428.0 421.0 433.0 basic earnings ( loss ) per common share from continuing operations $ 1.56 $ ( 3.02 ) $ 2.83 diluted earnings ( loss ) per common share from continuing operations $ 1.55 $ ( 3.02 ) $ 2.81 ( a ) securities are not included in the table in periods when anti- dilutive .( b ) options to purchase 22.2 million , 25.1 million and 17.5 million shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively , were not included in the computation of diluted common shares outstanding because their exercise price exceeded the average market price of the company 2019s common stock for each respective reporting date .note 5 restructuring and other charges this footnote discusses restructuring and other charges recorded for each of the three years included in the period ended december 31 , 2009 .it .
|
what was the sum of the earnings ( loss ) from continuing operations
|
609
|
{
"answer": "609",
"decimal": 609,
"type": "float"
}
| |
were more than offset by higher raw material and energy costs ( $ 312 million ) , increased market related downtime ( $ 187 million ) and other items ( $ 30 million ) .com- pared with 2003 , higher 2005 earnings in the brazilian papers , u.s .coated papers and u.s .market pulp busi- nesses were offset by lower earnings in the u.s .un- coated papers and the european papers businesses .the printing papers segment took 995000 tons of downtime in 2005 , including 540000 tons of lack-of-order down- time to align production with customer demand .this compared with 525000 tons of downtime in 2004 , of which 65000 tons related to lack-of-orders .printing papers in millions 2005 2004 2003 .
[['in millions', '2005', '2004', '2003'], ['sales', '$ 7860', '$ 7670', '$ 7280'], ['operating profit', '$ 552', '$ 581', '$ 464']]
uncoated papers sales totaled $ 4.8 billion in 2005 compared with $ 5.0 billion in 2004 and 2003 .sales price realizations in the united states averaged 4.4% ( 4.4 % ) higher in 2005 than in 2004 , and 4.6% ( 4.6 % ) higher than 2003 .favorable pricing momentum which began in 2004 carried over into the beginning of 2005 .demand , however , began to weaken across all grades as the year progressed , resulting in lower price realizations in the second and third quarters .however , prices stabilized as the year ended .total shipments for the year were 7.2% ( 7.2 % ) lower than in 2004 and 4.2% ( 4.2 % ) lower than in 2003 .to continue matching our productive capacity with customer demand , the business announced the perma- nent closure of three uncoated freesheet machines and took significant lack-of-order downtime during the period .demand showed some improvement toward the end of the year , bolstered by the introduction our new line of vision innovation paper products ( vip technologiestm ) , with improved brightness and white- ness .mill operations were favorable compared to last year , and the rebuild of the no .1 machine at the east- over , south carolina mill was completed as planned in the fourth quarter .however , the favorable impacts of improved mill operations and lower overhead costs were more than offset by record high input costs for energy and wood and higher transportation costs compared to 2004 .the earnings decline in 2005 compared with 2003 was principally due to lower shipments , higher down- time and increased costs for wood , energy and trans- portation , partially offset by lower overhead costs and favorable mill operations .average sales price realizations for our european operations remained relatively stable during 2005 , but averaged 1% ( 1 % ) lower than in 2004 , and 6% ( 6 % ) below 2003 levels .sales volumes rose slightly , up 1% ( 1 % ) in 2005 com- pared with 2004 and 5% ( 5 % ) compared to 2003 .earnings were lower than in 2004 , reflecting higher wood and energy costs and a compression of margins due to un- favorable foreign currency exchange movements .earn- ings were also adversely affected by downtime related to the rebuild of three paper machines during the year .coated papers sales in the united states were $ 1.6 bil- lion in 2005 , compared with $ 1.4 billion in 2004 and $ 1.3 billion in 2003 .the business reported an operating profit in 2005 versus a small operating loss in 2004 .the earnings improvement was driven by higher average sales prices and improved mill operations .price realiza- tions in 2005 averaged 13% ( 13 % ) higher than 2004 .higher input costs for raw materials and energy partially offset the benefits from improved prices and operations .sales volumes were about 1% ( 1 % ) lower in 2005 versus 2004 .market pulp sales from our u.s .and european facilities totaled $ 757 million in 2005 compared with $ 661 mil- lion and $ 571 million in 2004 and 2003 , respectively .operating profits in 2005 were up 86% ( 86 % ) from 2004 .an operating loss had been reported in 2003 .higher aver- age prices and sales volumes , lower overhead costs and improved mill operations in 2005 more than offset in- creases in raw material , energy and chemical costs .u.s .softwood and hardwood pulp prices improved through the 2005 first and second quarters , then declined during the third quarter , but recovered somewhat toward year end .softwood pulp prices ended the year about 2% ( 2 % ) lower than 2004 , but were 15% ( 15 % ) higher than 2003 , while hardwood pulp prices ended the year about 15% ( 15 % ) higher than 2004 and 10% ( 10 % ) higher than 2003 .u.s .pulp sales volumes were 12% ( 12 % ) higher than in 2004 and 19% ( 19 % ) higher than in 2003 , reflecting increased global demand .euro- pean pulp volumes increased 15% ( 15 % ) and 2% ( 2 % ) compared with 2004 and 2003 , respectively , while average sales prices increased 4% ( 4 % ) and 11% ( 11 % ) compared with 2004 and 2003 , respectively .brazilian paper sales were $ 684 million in 2005 com- pared with $ 592 million in 2004 and $ 540 million in 2003 .sales volumes for uncoated freesheet paper , coated paper and wood chips were down from 2004 , but average price realizations improved for exported un- coated freesheet and coated groundwood paper grades .favorable currency translation , as yearly average real exchange rates versus the u.s .dollar were 17% ( 17 % ) higher in 2005 than in 2004 , positively impacted reported sales in u.s .dollars .average sales prices for domestic un- coated paper declined 4% ( 4 % ) in local currency versus 2004 , while domestic coated paper prices were down 3% ( 3 % ) .operating profits in 2005 were down 9% ( 9 % ) from 2004 , but were up 2% ( 2 % ) from 2003 .earnings in 2005 were neg- atively impacted by a weaker product and geographic sales mix for both uncoated and coated papers , reflecting increased competition and softer demand , particularly in the printing , commercial and editorial market segments. .
|
what was the printing papers profit margin in 2003
|
6.4%
|
{
"answer": "6.4%",
"decimal": 0.064,
"type": "percentage"
}
| |
average highway revenue equipment owned leased total age ( yrs. ) .
[['highway revenue equipment', 'owned', 'leased', 'total', 'average age ( yrs. )'], ['containers', '33633', '25998', '59631', '8.0'], ['chassis', '22086', '26837', '48923', '9.6'], ['total highway revenue equipment', '55719', '52835', '108554', '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 .2015 capital program 2013 during 2015 , our capital program totaled $ 4.3 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 , item 7. ) 2016 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , which will include expenditures for ptc of approximately $ 375 million and may include non-cash investments .we may revise our 2016 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 2016 capital plan in management 2019s discussion and analysis of financial condition and results of operations 2013 2016 outlook , item 7. ) equipment encumbrances 2013 equipment with a carrying value of approximately $ 2.6 billion and $ 2.8 billion at december 31 , 2015 , and 2014 , 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 owned is containers?
|
60%
|
{
"answer": "60%",
"decimal": 0.6,
"type": "percentage"
}
| |
the company recorded equity earnings , net of taxes , related to ilim of $ 290 million in 2018 , compared with earnings of $ 183 million in 2017 , and $ 199 million in 2016 .operating results recorded in 2018 included an after-tax non-cash foreign exchange loss of $ 82 million , compared with an after-tax foreign exchange gain of $ 15 million in 2017 and an after-tax foreign exchange gain of $ 25 million in 2016 , primarily on the remeasurement of ilim's u.s .dollar denominated net debt .ilim delivered outstanding performance in 2018 , driven largely by higher price realization and strong demand .sales volumes for the joint venture increased year over year for shipments to china of softwood pulp and linerboard , but were offset by decreased sales of hardwood pulp to china .sales volumes in the russian market increased for softwood pulp and hardwood pulp , but decreased for linerboard .average sales price realizations were significantly higher in 2018 for sales of softwood pulp , hardwood pulp and linerboard to china and other export markets .average sales price realizations in russian markets increased year over year for all products .input costs were higher in 2018 , primarily for wood , fuel and chemicals .distribution costs were negatively impacted by tariffs and inflation .the company received cash dividends from the joint venture of $ 128 million in 2018 , $ 133 million in 2017 and $ 58 million in entering the first quarter of 2019 , sales volumes are expected to be lower than in the fourth quarter of 2018 , due to the seasonal slowdown in china and fewer trading days .based on pricing to date in the current quarter , average sales prices are expected to decrease for hardwood pulp , softwood pulp and linerboard to china .input costs are projected to be relatively flat , while distribution costs are expected to increase .equity earnings - gpip international paper recorded equity earnings of $ 46 million on its 20.5% ( 20.5 % ) ownership position in gpip in 2018 .the company received cash dividends from the investment of $ 25 million in 2018 .liquidity and capital resources overview a major factor in international paper 2019s liquidity and capital resource planning is its generation of operating 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 , raw material , mill outage and transportation costs , do have an effect on operating cash generation , we believe that our focus on pricing and cost controls has improved our cash flow generation over an operating cycle .cash uses during 2018 were primarily focused on working capital requirements , capital spending , debt reductions and returning cash to shareholders through dividends and share repurchases under the company's share repurchase program .cash provided by operating activities cash provided by operations , including discontinued operations , totaled $ 3.2 billion in 2018 , compared with $ 1.8 billion for 2017 , and $ 2.5 billion for 2016 .cash used by working capital components ( accounts receivable , contract assets and inventory less accounts payable and accrued liabilities , interest payable and other ) totaled $ 439 million in 2018 , compared with cash used by working capital components of $ 402 million in 2017 , and cash provided by working capital components of $ 71 million in 2016 .investment activities including discontinued operations , investment activities in 2018 increased from 2017 , as 2018 included higher capital spending .in 2016 , investment activity included the purchase of weyerhaeuser's pulp business for $ 2.2 billion in cash , the purchase of the holmen business for $ 57 million in cash , net of cash acquired , and proceeds from the sale of the asia packaging business of $ 108 million , net of cash divested .the company maintains an average capital spending target around depreciation and amortization levels , or modestly above , due to strategic plans over the course of an economic cycle .capital spending was $ 1.6 billion in 2018 , or 118% ( 118 % ) of depreciation and amortization , compared with $ 1.4 billion in 2017 , or 98% ( 98 % ) of depreciation and amortization , and $ 1.3 billion , or 110% ( 110 % ) of depreciation and amortization in 2016 .across our segments , capital spending as a percentage of depreciation and amortization ranged from 69.8% ( 69.8 % ) to 132.1% ( 132.1 % ) in 2018 .the following table shows capital spending for operations by business segment for the years ended december 31 , 2018 , 2017 and 2016 , excluding amounts related to discontinued operations of $ 111 million in 2017 and $ 107 million in 2016. .
[['in millions', '2018', '2017', '2016'], ['industrial packaging', '$ 1061', '$ 836', '$ 832'], ['global cellulose fibers', '183', '188', '174'], ['printing papers', '303', '235', '215'], ['subtotal', '1547', '1259', '1221'], ['corporate and other', '25', '21', '20'], ['capital spending', '$ 1572', '$ 1280', '$ 1241']]
capital expenditures in 2019 are currently expected to be about $ 1.4 billion , or 104% ( 104 % ) of depreciation and amortization , including approximately $ 400 million of strategic investments. .
|
what is the average capital spending for the global cellulose fibers segment , considering the years 2016-2018?
|
181.67
|
{
"answer": "181.67",
"decimal": 181.67,
"type": "float"
}
|
it is the sum of all values divided by three .
|
at december 31 , 2005 , estimated total future post- retirement benefit payments , net of participant con- tributions and estimated future medicare part d subsidy receipts are as follows : in millions benefit payments subsidy receipts .
[['in millions', 'benefitpayments', 'subsidy receipts'], ['2006', '$ 87', '$ -13 ( 13 )'], ['2007', '86', '-14 ( 14 )'], ['2008', '83', '-15 ( 15 )'], ['2009', '81', '-16 ( 16 )'], ['2010', '79', '-17 ( 17 )'], ['2011 2013 2015', '352', '-90 ( 90 )']]
non-u.s .postretirement benefits in addition to the u.s .plan , certain canadian and brazilian employees are eligible for retiree health care and life insurance .net postretirement benefit cost for our non-u.s .plans was $ 3 million for 2005 and $ 2 mil- lion for 2004 .the benefit obligation for these plans was $ 21 million in 2005 and $ 20 million in 2004 .note 17 incentive plans international paper currently has a long-term in- centive compensation plan ( lticp ) that includes a stock option program , a restricted performance share program and a continuity award program , ad- ministered by a committee of nonemployee members of the board of directors ( committee ) who are not eligible for awards .also , stock appreciation rights ( sar 2019s ) have been awarded to employees of a non-u.s .subsidiary , with 5135 and 5435 rights outstanding at de- cember 31 , 2005 and 2004 , respectively .we also have other performance-based restricted share/unit programs available to senior executives and directors .international paper applies the provisions of apb opinion no .25 , 201caccounting for stock issued to employees , 201d and related interpretations and the dis- closure provisions of sfas no .123 , 201caccounting for stock-based compensation , 201d in accounting for our plans .sfas no .123 ( r ) will be adopted effective jan- uary 1 , 2006 .as no unvested stock options were out- standing at this date , the company believes that the adoption will not have a material impact on its con- solidated financial statements .stock option program international paper accounts for stock options using the intrinsic value method under apb opinion no .25 .under this method , compensation expense is recorded over the related service period when the market price exceeds the option price at the measurement date , which is the grant date for international paper 2019s options .no compensation expense is recorded as options are is- sued with an exercise price equal to the market price of international paper stock on the grant date .during each reporting period , fully diluted earnings per share is calculated by assuming that 201cin-the-money 201d options are exercised and the exercise proceeds are used to repurchase shares in the marketplace .when options are actually exercised , option proceeds are credited to equity and issued shares are included in the computation of earnings per common share , with no effect on re- ported earnings .equity is also increased by the tax benefit that international paper will receive in its tax return for income reported by the optionees in their in- dividual tax returns .under the program , officers and certain other em- ployees may be granted options to purchase interna- tional paper common stock .the option price is the market price of the stock on the close of business on the day prior to the date of grant .options must be vested before they can be exercised .upon exercise of an op- tion , a replacement option may be granted under certain circumstances with an exercise price equal to the market price at the time of exercise and with a term extending to the expiration date of the original option .the company discontinued its stock option pro- gram in 2004 for members of executive management , and in 2005 for all other eligible u.s .and non-u.s .employees .in the united states , the stock option pro- gram was replaced with a performance-based restricted share program for approximately 1250 employees to more closely tie long-term incentive compensation to company performance on two key performance drivers : return on investment ( roi ) and total shareholder re- turn ( tsr ) .as part of this shift in focus away from stock options to performance-based restricted stock , the company accelerated the vesting of all 14 million un- vested stock options to july 12 , 2005 .the company also considered the benefit to employees and the income statement impact in making its decision to accelerate the vesting of these options .based on the market value of the company 2019s common stock on july 12 , 2005 , the exercise prices of all such stock options were above the market value and , accordingly , the company recorded no expense as a result of this action. .
|
in 2006 what was the ratio of the benefit payments to the subsidy receipts
|
6.7
|
{
"answer": "6.7",
"decimal": 6.7,
"type": "float"
}
| |
future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security .the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 notes .2021 notes .in may 2011 , 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 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes , which were repaid in may 2013 at maturity .net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc .interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , which commenced november 24 , 2011 , and is approximately $ 32 million per year .the 2021 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 2021 notes .2019 notes .in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations .these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes , which were repaid in december 2014 at maturity , and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2019 ( the 201c2019 notes 201d ) .net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors from barclays on december 1 , 2009 , and for general corporate purposes .interest on the 2019 notes of approximately $ 50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year .these 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 2019 notes .2017 notes .in september 2007 , the company issued $ 700 million in aggregate principal amount of 6.25% ( 6.25 % ) senior unsecured and unsubordinated notes maturing on september 15 , 2017 ( the 201c2017 notes 201d ) .a portion of the net proceeds of the 2017 notes was used to fund the initial cash payment for the acquisition of the fund-of-funds business of quellos and the remainder was used for general corporate purposes .interest is payable semi-annually in arrears on march 15 and september 15 of each year , or approximately $ 44 million per year .the 2017 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 2017 notes .13 .commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2035 .future minimum commitments under these operating leases are as follows : ( in millions ) .
[['year', 'amount'], ['2017', '142'], ['2018', '135'], ['2019', '125'], ['2020', '120'], ['2021', '112'], ['thereafter', '404'], ['total', '$ 1038']]
rent expense and certain office equipment expense under lease agreements amounted to $ 134 million , $ 136 million and $ 132 million in 2016 , 2015 and 2014 , respectively .investment commitments .at december 31 , 2016 , the company had $ 192 million of various capital commitments to fund sponsored investment funds , including consolidated vies .these funds include private equity funds , real assets funds , and opportunistic funds .this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds .in addition to the capital commitments of $ 192 million , the company had approximately $ 12 million of contingent commitments for certain funds which have investment periods that have expired .generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment .these unfunded commitments are not recorded on the consolidated statements of financial condition .these commitments do not include potential future commitments approved by the company that are not yet legally binding .the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients .contingencies contingent payments related to business acquisitions .in connection with certain acquisitions , blackrock is required to make contingent payments , subject to achieving specified performance targets , which may include revenue related to acquired contracts or new capital commitments for certain products .the fair value of the remaining aggregate contingent payments at december 31 , 2016 totaled $ 115 million and is included in other liabilities on the consolidated statement of financial condition .other contingent payments .the company acts as the portfolio manager in a series of derivative transactions and has a maximum potential exposure of $ 17 million between the company and counterparty .see note 7 , derivatives and hedging , for further discussion .legal proceedings .from time to time , blackrock receives subpoenas or other requests for information from various u.s .federal , state governmental and domestic and international regulatory authorities in connection with .
|
what is the expected percentage change in rent expense and certain office equipment expense in 2017?
|
6.0%
|
{
"answer": "6.0%",
"decimal": 0.06,
"type": "percentage"
}
| |
regions .principal cost drivers include manufacturing efficiency , raw material and energy costs and freight costs .printing papers net sales for 2014 decreased 8% ( 8 % ) to $ 5.7 billion compared with $ 6.2 billion in 2013 and 8% ( 8 % ) compared with $ 6.2 billion in 2012 .operating profits in 2014 were 106% ( 106 % ) lower than in 2013 and 103% ( 103 % ) lower than in 2012 .excluding facility closure costs , impairment costs and other special items , operating profits in 2014 were 7% ( 7 % ) higher than in 2013 and 8% ( 8 % ) lower than in 2012 .benefits from higher average sales price realizations and a favorable mix ( $ 178 million ) , lower planned maintenance downtime costs ( $ 26 million ) , the absence of a provision for bad debt related to a large envelope customer that was booked in 2013 ( $ 28 million ) , and lower foreign exchange and other costs ( $ 25 million ) were offset by lower sales volumes ( $ 82 million ) , higher operating costs ( $ 49 million ) , higher input costs ( $ 47 million ) , and costs associated with the closure of our courtland , alabama mill ( $ 41 million ) .in addition , operating profits in 2014 include special items costs of $ 554 million associated with the closure of our courtland , alabama mill .during 2013 , the company accelerated depreciation for certain courtland assets , and evaluated certain other assets for possible alternative uses by one of our other businesses .the net book value of these assets at december 31 , 2013 was approximately $ 470 million .in the first quarter of 2014 , we completed our evaluation and concluded that there were no alternative uses for these assets .we recognized approximately $ 464 million of accelerated depreciation related to these assets in 2014 .operating profits in 2014 also include a charge of $ 32 million associated with a foreign tax amnesty program , and a gain of $ 20 million for the resolution of a legal contingency in india , while operating profits in 2013 included costs of $ 118 million associated with the announced closure of our courtland , alabama mill and a $ 123 million impairment charge associated with goodwill and a trade name intangible asset in our india papers business .printing papers .
[['in millions', '2014', '2013', '2012'], ['sales', '$ 5720', '$ 6205', '$ 6230'], ['operating profit ( loss )', '-16 ( 16 )', '271', '599']]
north american printing papers net sales were $ 2.1 billion in 2014 , $ 2.6 billion in 2013 and $ 2.7 billion in 2012 .operating profits in 2014 were a loss of $ 398 million ( a gain of $ 156 million excluding costs associated with the shutdown of our courtland , alabama mill ) compared with gains of $ 36 million ( $ 154 million excluding costs associated with the courtland mill shutdown ) in 2013 and $ 331 million in 2012 .sales volumes in 2014 decreased compared with 2013 due to lower market demand for uncoated freesheet paper and the closure our courtland mill .average sales price realizations were higher , reflecting sales price increases in both domestic and export markets .higher input costs for wood were offset by lower costs for chemicals , however freight costs were higher .planned maintenance downtime costs were $ 14 million lower in 2014 .operating profits in 2014 were negatively impacted by costs associated with the shutdown of our courtland , alabama mill but benefited from the absence of a provision for bad debt related to a large envelope customer that was recorded in 2013 .entering the first quarter of 2015 , sales volumes are expected to be stable compared with the fourth quarter of 2014 .average sales margins should improve reflecting a more favorable mix although average sales price realizations are expected to be flat .input costs are expected to be stable .planned maintenance downtime costs are expected to be about $ 16 million lower with an outage scheduled in the 2015 first quarter at our georgetown mill compared with outages at our eastover and riverdale mills in the 2014 fourth quarter .brazilian papers net sales for 2014 were $ 1.1 billion compared with $ 1.1 billion in 2013 and $ 1.1 billion in 2012 .operating profits for 2014 were $ 177 million ( $ 209 million excluding costs associated with a tax amnesty program ) compared with $ 210 million in 2013 and $ 163 million in 2012 .sales volumes in 2014 were about flat compared with 2013 .average sales price realizations improved for domestic uncoated freesheet paper due to the realization of price increases implemented in the second half of 2013 and in 2014 .margins were favorably affected by an increased proportion of sales to the higher-margin domestic market .raw material costs increased for wood and chemicals .operating costs were higher than in 2013 and planned maintenance downtime costs were flat .looking ahead to 2015 , sales volumes in the first quarter are expected to decrease due to seasonally weaker customer demand for uncoated freesheet paper .average sales price improvements are expected to reflect the partial realization of announced sales price increases in the brazilian domestic market for uncoated freesheet paper .input costs are expected to be flat .planned maintenance outage costs should be $ 5 million lower with an outage scheduled at the luiz antonio mill in the first quarter .european papers net sales in 2014 were $ 1.5 billion compared with $ 1.5 billion in 2013 and $ 1.4 billion in 2012 .operating profits in 2014 were $ 140 million compared with $ 167 million in 2013 and $ 179 million in compared with 2013 , sales volumes for uncoated freesheet paper in 2014 were slightly higher in both .
|
in 2013 what was printing papers operating margin
|
4.37%
|
{
"answer": "4.37%",
"decimal": 0.0437,
"type": "percentage"
}
| |
the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows .funding decisions will be guided by our capital structure planning objectives .the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense .the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors .maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy .at december 31 , 2015 , the company held long-term credit ratings of bbb ( stable outlook ) and baa2 ( stable outlook ) by s&p and moody 2019s , respectively .contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2015 , were as follows: .
[['in millions', '2015', '2016', '2017', '2018', '2019', 'thereafter'], ['maturities of long-term debt ( a )', '$ 426', '$ 43', '$ 811', '$ 427', '$ 183', '$ 7436'], ['lease obligations', '118', '95', '72', '55', '41', '128'], ['purchase obligations ( b )', '3001', '541', '447', '371', '358', '1579'], ['total ( c )', '$ 3545', '$ 679', '$ 1330', '$ 853', '$ 582', '$ 9143']]
( a ) total debt includes scheduled principal payments only .( b ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business .( c ) not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax benefits of approximately $ 101 million .we consider the undistributed earnings of our foreign subsidiaries as of december 31 , 2015 , to be indefinitely reinvested and , accordingly , no u.s .income taxes have been provided thereon .as of december 31 , 2015 , the amount of cash associated with indefinitely reinvested foreign earnings was approximately $ 600 million .we do not anticipate the need to repatriate funds to the united states to satisfy domestic liquidity needs arising in the ordinary course of business , including liquidity needs associated with our domestic debt service requirements .pension obligations and funding at december 31 , 2015 , the projected benefit obligation for the company 2019s u.s .defined benefit plans determined under u.s .gaap was approximately $ 3.5 billion higher than the fair value of plan assets .approximately $ 3.2 billion of this amount relates to plans that are subject to minimum funding requirements .under current irs funding rules , the calculation of minimum funding requirements differs from the calculation of the present value of plan benefits ( the projected benefit obligation ) for accounting purposes .in december 2008 , the worker , retiree and employer recovery act of 2008 ( wera ) was passed by the u.s .congress which provided for pension funding relief and technical corrections .funding contributions depend on the funding method selected by the company , and the timing of its implementation , as well as on actual demographic data and the targeted funding level .the company continually reassesses the amount and timing of any discretionary contributions and elected to make contributions totaling $ 750 million and $ 353 million for the years ended december 31 , 2015 and 2014 , respectively .at this time , we do not expect to have any required contributions to our plans in 2016 , although the company may elect to make future voluntary contributions .the timing and amount of future contributions , which could be material , will depend on a number of factors , including the actual earnings and changes in values of plan assets and changes in interest rates .international paper has announced a voluntary , limited-time opportunity for former employees who are participants in the retirement plan of international paper company ( the pension plan ) to request early payment of their entire pension plan benefit in the form of a single lump sum payment .eligible participants who wish to receive the lump sum payment must make an election between february 29 and april 29 , 2016 , and payment is scheduled to be made on or before june 30 , 2016 .all payments will be made from the pension plan trust assets .the target population has a total liability of $ 3.0 billion .the amount of the total payments will depend on the participation rate of eligible participants , but is expected to be approximately $ 1.5 billion .based on the expected level of payments , settlement accounting rules will apply in the period in which the payments are made .this will result in a plan remeasurement and the recognition in earnings of a pro-rata portion of unamortized net actuarial loss .ilim holding s.a .shareholder 2019s agreement in october 2007 , in connection with the formation of the ilim holding s.a .joint venture , international paper entered into a shareholder 2019s agreement that includes provisions relating to the reconciliation of disputes among the partners .this agreement was amended on may 7 , 2014 .pursuant to the amended agreement , beginning on january 1 , 2017 , either the company or its partners may commence certain procedures specified under the deadlock provisions .if these or any other deadlock provisions are commenced , the company may in certain situations , choose to purchase its partners 2019 50% ( 50 % ) interest in ilim .any such transaction would be subject to review and approval by russian and other relevant antitrust authorities .any such purchase by international paper would result in the consolidation of ilim 2019s financial position and results of operations in all subsequent periods. .
|
what was the ratio of discretionary company contributions in 2015 compared to 2014
|
2.12
|
{
"answer": "2.12",
"decimal": 2.12,
"type": "float"
}
| |
bhge 2018 form 10-k | 39 outstanding under the commercial paper program .the maximum combined borrowing at any time under both the 2017 credit agreement and the commercial paper program is $ 3 billion .if market conditions were to change and our revenue was reduced significantly or operating costs were to increase , our cash flows and liquidity could be reduced .additionally , it could cause the rating agencies to lower our credit rating .there are no ratings triggers that would accelerate the maturity of any borrowings under our committed credit facility .however , a downgrade in our credit ratings could increase the cost of borrowings under the credit facility and could also limit or preclude our ability to issue commercial paper .should this occur , we could seek alternative sources of funding , including borrowing under the credit facility .during the year ended december 31 , 2018 , we used cash to fund a variety of activities including certain working capital needs and restructuring costs , capital expenditures , the repayment of debt , payment of dividends , distributions to ge and share repurchases .we believe that cash on hand , cash flows generated from operations and the available credit facility will provide sufficient liquidity to manage our global cash needs .cash flows cash flows provided by ( used in ) each type of activity were as follows for the years ended december 31: .
[['( in millions )', '2018', '2017', '2016'], ['operating activities', '$ 1762', '$ -799 ( 799 )', '$ 262'], ['investing activities', '-578 ( 578 )', '-4123 ( 4123 )', '-472 ( 472 )'], ['financing activities', '-4363 ( 4363 )', '10919', '-102 ( 102 )']]
operating activities our largest source of operating cash is payments from customers , of which the largest component is collecting cash related to product or services sales including advance payments or progress collections for work to be performed .the primary use of operating cash is to pay our suppliers , employees , tax authorities and others for a wide range of material and services .cash flows from operating activities generated cash of $ 1762 million and used cash of $ 799 million for the years ended december 31 , 2018 and 2017 , respectively .cash flows from operating activities increased $ 2561 million in 2018 primarily driven by better operating performance .these cash inflows were supported by strong working capital cash flows , especially in the fourth quarter of 2018 , including approximately $ 300 million for a progress collection payment from a customer .included in our cash flows from operating activities for 2018 and 2017 are payments of $ 473 million and $ 612 million , respectively , made primarily for employee severance as a result of our restructuring activities and merger and related costs .cash flows from operating activities used $ 799 million and generated $ 262 million for the years ended december 31 , 2017 and 2016 , respectively .cash flows from operating activities decreased $ 1061 million in 2017 primarily driven by a $ 1201 million negative impact from ending our receivables monetization program in the fourth quarter , and restructuring related payments throughout the year .these cash outflows were partially offset by strong working capital cash flows , especially in the fourth quarter of 2017 .included in our cash flows from operating activities for 2017 and 2016 are payments of $ 612 million and $ 177 million , respectively , made for employee severance as a result of our restructuring activities and merger and related costs .investing activities cash flows from investing activities used cash of $ 578 million , $ 4123 million and $ 472 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively .our principal recurring investing activity is the funding of capital expenditures to ensure that we have the appropriate levels and types of machinery and equipment in place to generate revenue from operations .expenditures for capital assets totaled $ 995 million , $ 665 million and $ 424 million for 2018 , 2017 and 2016 , respectively , partially offset by cash flows from the sale of property , plant and equipment of $ 458 million , $ 172 million and $ 20 million in 2018 , 2017 and 2016 , respectively .proceeds from the disposal of assets related primarily .
|
what is the net change in cash during 2018?
|
-3179
|
{
"answer": "-3179",
"decimal": -3179,
"type": "float"
}
| |
10-k altria ar release tuesday , february 27 , 2018 10:00pm andra design llc performance stock units : in january 2017 , altria group , inc .granted an aggregate of 187886 performance stock units to eligible employees .the payout of the performance stock units requires the achievement of certain performance measures , which were predetermined at the time of grant , over a three-year performance cycle .these performance measures consist of altria group , inc . 2019s adjusted diluted earnings per share ( 201ceps 201d ) compounded annual growth rate and altria group , inc . 2019s total shareholder return relative to a predetermined peer group .the performance stock units are also subject to forfeiture if certain employment conditions are not met .at december 31 , 2017 , altria group , inc .had 170755 performance stock units remaining , with a weighted-average grant date fair value of $ 70.39 per performance stock unit .the fair value of the performance stock units at the date of grant , net of estimated forfeitures , is amortized to expense over the performance period .altria group , inc .recorded pre-tax compensation expense related to performance stock units for the year ended december 31 , 2017 of $ 6 million .the unamortized compensation expense related to altria group , inc . 2019s performance stock units was $ 7 million at december 31 , 2017 .altria group , inc .did not grant any performance stock units during 2016 and 2015 .note 12 .earnings per share basic and diluted eps were calculated using the following: .
[['( in millions )', 'for the years ended december 31 , 2017', 'for the years ended december 31 , 2016', 'for the years ended december 31 , 2015'], ['net earnings attributable to altria group inc .', '$ 10222', '$ 14239', '$ 5241'], ['less : distributed and undistributed earnings attributable to share-based awards', '-14 ( 14 )', '-24 ( 24 )', '-10 ( 10 )'], ['earnings for basic and diluted eps', '$ 10208', '$ 14215', '$ 5231'], ['weighted-average shares for basic and diluted eps', '1921', '1952', '1961']]
net earnings attributable to altria group , inc .$ 10222 $ 14239 $ 5241 less : distributed and undistributed earnings attributable to share-based awards ( 14 ) ( 24 ) ( 10 ) earnings for basic and diluted eps $ 10208 $ 14215 $ 5231 weighted-average shares for basic and diluted eps 1921 1952 1961 .
|
what is the growth rate in net earnings attributable to altria group inc . in 2017?
|
-28.2%
|
{
"answer": "-28.2%",
"decimal": -0.282,
"type": "percentage"
}
| |
table of contents item 1b .unresolved staff comments we have no unresolved sec staff comments to report .item 2 .properties as of december 31 , 2015 , we owned or leased 126 major manufacturing sites and 14 major technical centers .a manufacturing site may include multiple plants and may be wholly or partially owned or leased .we also have many smaller manufacturing sites , sales offices , warehouses , engineering centers , joint ventures and other investments strategically located throughout the world .we have a presence in 44 countries .the following table shows the regional distribution of our major manufacturing sites by the operating segment that uses such facilities : north america europe , middle east & africa asia pacific south america total .
[['', 'north america', 'europemiddle east& africa', 'asia pacific', 'south america', 'total'], ['electrical/electronic architecture', '30', '32', '25', '5', '92'], ['powertrain systems', '4', '10', '5', '2', '21'], ['electronics and safety', '3', '7', '3', '2014', '13'], ['total', '37', '49', '33', '7', '126']]
in addition to these manufacturing sites , we had 14 major technical centers : four in north america ; five in europe , middle east and africa ; four in asia pacific ; and one in south america .of our 126 major manufacturing sites and 14 major technical centers , which include facilities owned or leased by our consolidated subsidiaries , 77 are primarily owned and 63 are primarily leased .we frequently review our real estate portfolio and develop footprint strategies to support our customers 2019 global plans , while at the same time supporting our technical needs and controlling operating expenses .we believe our evolving portfolio will meet current and anticipated future needs .item 3 .legal proceedings we are from time to time subject to various actions , claims , suits , government investigations , and other proceedings incidental to our business , including those arising out of alleged defects , breach of contracts , competition and antitrust matters , product warranties , intellectual property matters , personal injury claims and employment-related matters .it is our opinion that the outcome of such matters will not have a material adverse impact on our consolidated financial position , results of operations , or cash flows .with respect to warranty matters , although we cannot ensure that the future costs of warranty claims by customers will not be material , we believe our established reserves are adequate to cover potential warranty settlements .however , the final amounts required to resolve these matters could differ materially from our recorded estimates .gm ignition switch recall in the first quarter of 2014 , gm , delphi 2019s largest customer , initiated a product recall related to ignition switches .delphi received requests for information from , and cooperated with , various government agencies related to this ignition switch recall .in addition , delphi was initially named as a co-defendant along with gm ( and in certain cases other parties ) in class action and product liability lawsuits related to this matter .as of december 31 , 2015 , delphi was not named as a defendant in any class action complaints .although no assurances can be made as to the ultimate outcome of these or any other future claims , delphi does not believe a loss is probable and , accordingly , no reserve has been made as of december 31 , 2015 .unsecured creditors litigation the fourth amended and restated limited liability partnership agreement of delphi automotive llp ( the 201cfourth llp agreement 201d ) was entered into on july 12 , 2011 by the members of delphi automotive llp in order to position the company for its initial public offering .under the terms of the fourth llp agreement , if cumulative distributions to the members of delphi automotive llp under certain provisions of the fourth llp agreement exceed $ 7.2 billion , delphi , as disbursing agent on behalf of dphh , is required to pay to the holders of allowed general unsecured claims against dphh $ 32.50 for every $ 67.50 in excess of $ 7.2 billion distributed to the members , up to a maximum amount of $ 300 million .in december 2014 , a complaint was filed in the bankruptcy court alleging that the redemption by delphi automotive llp of the membership interests of gm and the pbgc , and the repurchase of shares and payment of dividends by delphi automotive plc , constituted distributions under the terms of the fourth llp agreement approximating $ 7.2 billion .delphi considers cumulative .
|
what is the percentage of powertrain systems sites among all sites?
|
16.67%
|
{
"answer": "16.67%",
"decimal": 0.16670000000000001,
"type": "percentage"
}
|
it is the number of powertrain systems sites divided by all sites , then turned into a 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 2015?
|
82
|
{
"answer": "82",
"decimal": 82,
"type": "float"
}
| |
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 discussed in note 4 , the irs has completed its examinations and issued notices of deficiency for tax years 1995 through 2004 , and we are in different stages of the irs appeals process for these years .the irs is examining our tax returns for tax years 2005 and 2006 .in the third quarter of 2007 , we believe that we reached an agreement in principle with the irs to resolve all of the issues , except interest , related to tax years 1995 through 1998 , including the previously reported dispute over certain donations of property .we anticipate signing a closing agreement in 2008 .at december 31 , 2007 , we have recorded a current liability of $ 140 million for tax payments in 2008 related to federal and state income tax examinations .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 2007 2006 2005 .
[['millions of dollars', '2007', '2006', '2005'], ['rental income', '$ 68', '$ 83', '$ 59'], ['net gain on non-operating asset dispositions', '52', '72', '135'], ['interest income', '50', '29', '17'], ['sale of receivables fees', '-35 ( 35 )', '-33 ( 33 )', '-23 ( 23 )'], ['non-operating environmental costs and other', '-19 ( 19 )', '-33 ( 33 )', '-43 ( 43 )'], ['total', '$ 116', '$ 118', '$ 145']]
12 .share repurchase program on january 30 , 2007 , our board of directors authorized the repurchase of up to 20 million shares of union pacific corporation common stock through the end of 2009 .management 2019s assessments of market conditions and other pertinent facts guide the timing and volume of all repurchases .we expect to fund our common stock repurchases through cash generated from operations , the sale or lease of various operating and non- operating properties , debt issuances , and cash on hand at december 31 , 2007 .during 2007 , we repurchased approximately 13 million shares under this program at an aggregate purchase price of approximately $ 1.5 billion .these shares were recorded in treasury stock at cost , which includes any applicable commissions and fees. .
|
what percent of total other income was rental income in 2007?
|
59%
|
{
"answer": "59%",
"decimal": 0.59,
"type": "percentage"
}
| |
management 2019s discussion and analysis action antitrust legal settlement .net income for 2005 and 2004 included an aftertax charge of $ 13 million , or 8 cents a share , and $ 19 million , or 11 cents a share , respectively , to reflect the net increase in the current value of the company 2019s obligation under the ppg settlement arrangement relating to asbestos claims .results of business segments net sales operating income ( millions ) 2005 2004 2005 2004 .
[['( millions )', 'net sales 2005', 'net sales 2004', 'net sales 2005', '2004'], ['coatings', '$ 5566', '$ 5275', '$ 609', '$ 777'], ['glass', '2237', '2204', '56', '169'], ['chemicals', '2398', '2034', '451', '291']]
coatings sales increased $ 291 million or 5% ( 5 % ) in 2005 .sales increased 3% ( 3 % ) due to higher selling prices across all businesses except automotive ; 1% ( 1 % ) due to improved volumes as increases in our aerospace , architectural and original equipment automotive businesses offset volume declines in automotive refinish and industrial coatings ; and 1% ( 1 % ) due to the positive effects of foreign currency translation .operating income decreased $ 168 million in 2005 .the adverse impact of inflation totaled $ 315 million , of which $ 245 million was attributable to higher raw material costs .higher year-over-year selling prices increased operating earnings by $ 169 million .coatings operating earnings were reduced by the $ 132 million charge for the cost of the marvin legal settlement net of insurance recoveries .other factors increasing coatings operating income in 2005 were the increased sales volumes described above , manufacturing efficiencies , formula cost reductions and higher other income .glass sales increased $ 33 million or 1% ( 1 % ) in 2005 .sales increased 1% ( 1 % ) due to improved volumes as increases in our automotive replacement glass , insurance and services and performance glazings ( flat glass ) businesses offset volume declines in our fiber glass and automotive original equipment glass businesses .the positive effects of foreign currency translation were largely offset by lower selling prices primarily in our automotive replacement glass and automotive original equipment businesses .operating income decreased $ 113 million in 2005 .the federal glass class action antitrust legal settlement of $ 61 million , the $ 49 million impact of rising natural gas costs and the absence of the $ 19 million gain in 2004 from the sale/ leaseback of precious metal combined to account for a reduction in operating earnings of $ 129 million .the remaining year-over-year increase in glass operating earnings of $ 16 million resulted primarily from improved manufacturing efficiencies and lower overhead costs exceeding the adverse impact of other inflation .our continuing efforts in 2005 to position the fiber glass business for future growth in profitability were adversely impacted by the rise in fourth quarter natural gas prices , slightly lower year-over-year sales , lower equity earnings due to weaker pricing in the asian electronics market , and the absence of the $ 19 million gain which occurred in 2004 stemming from the sale/ leaseback of precious metals .despite high energy costs , we expect fiber glass earnings to improve in 2006 because of price strengthening in the asian electronics market , which began to occur in the fourth quarter of 2005 , increased cost reduction initiatives and the positive impact resulting from the start up of our new joint venture in china .this joint venture will produce high labor content fiber glass reinforcement products and take advantage of lower labor costs , allowing us to refocus our u.s .production capacity on higher margin direct process products .the 2005 operating earnings of our north american automotive oem glass business declined by $ 30 million compared with 2004 .significant structural changes continue to occur in the north american automotive industry , including the loss of u.s .market share by general motors and ford .this has created a very challenging and competitive environment for all suppliers to the domestic oems , including our business .about half of the decline in earnings resulted from the impact of rising natural gas costs , particularly in the fourth quarter , combined with the traditional adverse impact of year-over-year sales price reductions producing a decline in earnings that exceeded our successful efforts to reduce manufacturing costs .the other half of the 2005 decline was due to lower sales volumes and mix and higher new program launch costs .the challenging competitive environment and high energy prices will continue in 2006 .our business is working in 2006 to improve its performance through increased manufacturing efficiencies , structural cost reduction initiatives , focusing on profitable growth opportunities and improving our sales mix .chemicals sales increased $ 364 million or 18% ( 18 % ) in 2005 .sales increased 21% ( 21 % ) due to higher selling prices , primarily for chlor-alkali products , and 1% ( 1 % ) due to the combination of an acquisition in our optical products business and the positive effects of foreign currency translation .total volumes declined 4% ( 4 % ) as volume increases in optical products were more than offset by volume declines in chlor-alkali and fine chemicals .volume in chlor-alkali products and silicas were adversely impacted in the third and fourth quarters by the hurricanes .operating income increased $ 160 million in 2005 .the primary factor increasing operating income was the record high selling prices in chlor-alkali .factors decreasing operating income were higher inflation , including $ 136 million due to increased energy and ethylene costs ; $ 34 million of direct costs related to the impact of the hurricanes ; $ 27 million due to the asset impairment charge related to our fine chemicals business ; lower sales volumes ; higher manufacturing costs and increased environmental expenses .the increase in chemicals operating earnings occurred primarily through the first eight months of 2005 .the hurricanes hit in september impacting volumes and costs in september through november and contributing to the rise in natural gas prices which lowered fourth quarter chemicals earnings by $ 58 million , almost 57% ( 57 % ) of the full year impact of higher natural gas prices .the damage caused by hurricane rita resulted in the shutdown of our lake charles , la chemical plant for a total of eight days in september and an additional five 18 2005 ppg annual report and form 10-k .
|
what was the operating margin for the coatings segment in 2004?
|
15%
|
{
"answer": "15%",
"decimal": 0.15,
"type": "percentage"
}
| |
purchases of equity securities 2013 during 2018 , we repurchased 57669746 shares of our common stock at an average price of $ 143.70 .the following table presents common stock repurchases during each month for the fourth quarter of 2018 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares remaining under the plan or program [b] .
[['period', 'total number of shares purchased [a]', 'average price paid per share', 'total number of shares purchased as part of a publicly announcedplan or program [b]', 'maximum number of shares remaining under the plan or program [b]'], ['oct . 1 through oct . 31', '6091605', '$ 158.20', '6087727', '32831024'], ['nov . 1 through nov . 30', '3408467', '147.91', '3402190', '29428834'], ['dec . 1 through dec . 31', '3007951', '148.40', '3000715', '26428119'], ['total', '12508023', '$ 153.04', '12490632', 'n/a']]
[a] total number of shares purchased during the quarter includes approximately 17391 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares .[b] effective january 1 , 2017 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2020 .these repurchases may be made on the open market or through other transactions .our management has sole discretion with respect to determining the timing and amount of these transactions. .
|
what percentage of the total number of shares purchased where purchased in december?
|
24%
|
{
"answer": "24%",
"decimal": 0.24,
"type": "percentage"
}
| |
management believes it is important for interna- tional paper to maintain an investment-grade credit rat- ing to facilitate access to capital markets on favorable terms .at december 31 , 2005 , the company held long- term credit ratings of bbb ( negative 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 $ 1.5 billion for 2005 , compared with $ 2.1 billion in 2004 and $ 1.5 billion in 2003 .the major components of cash provided by continuing operations are earnings from continuing operations adjusted for non-cash in- come and expense items and changes in working capital .earnings from continuing operations adjusted for non-cash items declined by $ 83 million in 2005 versus 2004 .this compared with an increase of $ 612 million for 2004 over 2003 .working capital , representing international paper 2019s investments in accounts receivable and inventory less accounts payable and accrued liabilities , was $ 2.6 billion at december 31 , 2005 .cash used for working capital components increased by $ 591 million in 2005 , com- pared with a $ 86 million increase in 2004 and an $ 11 million increase in 2003 .the increase in 2005 was principally due to a decline in accrued liabilities at de- cember 31 , 2005 .investment activities capital spending from continuing operations was $ 1.2 billion in 2005 , or 84% ( 84 % ) of depreciation and amor- tization , comparable to the $ 1.2 billion , or 87% ( 87 % ) of depreciation and amortization in 2004 , and $ 1.0 billion , or 74% ( 74 % ) of depreciation and amortization in 2003 .the following table presents capital spending from continuing operations by each of our business segments for the years ended december 31 , 2005 , 2004 and 2003 .in millions 2005 2004 2003 .
[['in millions', '2005', '2004', '2003'], ['printing papers', '$ 658', '$ 590', '$ 482'], ['industrial packaging', '187', '179', '165'], ['consumer packaging', '131', '205', '128'], ['distribution', '9', '5', '12'], ['forest products', '121', '126', '121'], ['specialty businesses and other', '31', '39', '31'], ['subtotal', '1137', '1144', '939'], ['corporate and other', '18', '32', '54'], ['total from continuing operations', '$ 1155', '$ 1176', '$ 993']]
we expect capital expenditures in 2006 to be about $ 1.2 billion , or about 80% ( 80 % ) of depreciation and amor- tization .we will continue to focus our future capital spending on improving our key platform businesses in north america and on investments in geographic areas with strong growth opportunities .acquisitions in october 2005 , international paper acquired ap- proximately 65% ( 65 % ) of compagnie marocaine des cartons et des papiers ( cmcp ) , a leading moroccan corrugated packaging company , for approximately $ 80 million in cash plus assumed debt of approximately $ 40 million .in august 2005 , pursuant to an existing agreement , international paper purchased a 50% ( 50 % ) third-party interest in ippm ( subsequently renamed international paper distribution limited ) for $ 46 million to facilitate possi- ble further growth in asian markets .in 2001 , interna- tional paper had acquired a 25% ( 25 % ) interest in this business .the accompanying consolidated balance sheet as of december 31 , 2005 includes preliminary estimates of the fair values of the assets and liabilities acquired , including approximately $ 50 million of goodwill .in july 2004 , international paper acquired box usa holdings , inc .( box usa ) for approximately $ 400 million , including the assumption of approximately $ 197 million of debt , of which approximately $ 193 mil- lion was repaid by july 31 , 2004 .each of the above acquisitions was accounted for using the purchase method .the operating results of these acquisitions have been included in the con- solidated statement of operations from the dates of ac- quisition .financing activities 2005 : financing activities during 2005 included debt issuances of $ 1.0 billion and retirements of $ 2.7 billion , for a net debt and preferred securities reduction of $ 1.7 billion .in november and december 2005 , international paper investments ( luxembourg ) s.ar.l. , a wholly- owned subsidiary of international paper , issued $ 700 million of long-term debt with an initial interest rate of libor plus 40 basis points that can vary depending upon the credit rating of the company , and a maturity date in november 2010 .additionally , the subsidiary borrowed $ 70 million under a bank credit agreement with an initial interest rate of libor plus 40 basis points that can vary depending upon the credit rating of the company , and a maturity date in november 2006 .in december 2005 , international paper used pro- ceeds from the above borrowings , and from the sale of chh in the third quarter of 2005 , to repay approx- imately $ 190 million of notes with coupon rates ranging from 3.8% ( 3.8 % ) to 10% ( 10 % ) and original maturities from 2008 to 2029 .the remaining proceeds from the borrowings and the chh sale will be used for further debt reductions in the first quarter of 2006. .
|
what was the percent of the total capital spending from continuing operations for industrial packaging in 2005
|
16.2%
|
{
"answer": "16.2%",
"decimal": 0.162,
"type": "percentage"
}
| |
business subsequent to the acquisition .the liabilities for these payments are classified as level 3 liabilities because the related fair value measurement , which is determined using an income approach , includes significant inputs not observable in the market .financial assets and liabilities not measured at fair value our debt is reflected on the consolidated balance sheets at cost .based on market conditions as of december 31 , 2018 and 2017 , the fair value of our credit agreement borrowings reasonably approximated the carrying values of $ 1.7 billion and $ 2.0 billion , respectively .in addition , based on market conditions , the fair values of the outstanding borrowings under the receivables facility reasonably approximated the carrying values of $ 110 million and $ 100 million at december 31 , 2018 and december 31 , 2017 , respectively .as of december 31 , 2018 and december 31 , 2017 , the fair values of the u.s .notes ( 2023 ) were approximately $ 574 million and $ 615 million , respectively , compared to a carrying value of $ 600 million at each date .as of december 31 , 2018 and december 31 , 2017 , the fair values of the euro notes ( 2024 ) were approximately $ 586 million and $ 658 million compared to carrying values of $ 573 million and $ 600 million , respectively .as of december 31 , 2018 , the fair value of the euro notes ( 2026/28 ) approximated the carrying value of $ 1.1 billion .the fair value measurements of the borrowings under our credit agreement and receivables facility are classified as level 2 within the fair value hierarchy since they are determined based upon significant inputs observable in the market , including interest rates on recent financing transactions with similar terms and maturities .we estimated the fair value by calculating the upfront cash payment a market participant would require at december 31 , 2018 to assume these obligations .the fair value of our u.s .notes ( 2023 ) is classified as level 1 within the fair value hierarchy since it is determined based upon observable market inputs including quoted market prices in an active market .the fair values of our euro notes ( 2024 ) and euro notes ( 2026/28 ) are determined based upon observable market inputs including quoted market prices in markets that are not active , and therefore are classified as level 2 within the fair value hierarchy .note 13 .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 , 2018 are as follows ( in thousands ) : years ending december 31: .
[['2019', '$ 294269'], ['2020', '256172'], ['2021', '210632'], ['2022', '158763'], ['2023', '131518'], ['thereafter', '777165'], ['future minimum lease payments', '$ 1828519']]
rental expense for operating leases was approximately $ 300 million , $ 247 million , and $ 212 million during the years ended december 31 , 2018 , 2017 and 2016 , respectively .we guarantee 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 guarantees at december 31 , 2018 , our portion of the guaranteed residual value would have totaled approximately $ 76 million .we have not recorded a liability for the guaranteed residual value of equipment under operating leases as the recovery on disposition of the equipment under the leases is expected to approximate the guaranteed residual value .litigation and related contingencies we have certain contingencies resulting from litigation , claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business .we currently expect that the resolution of such contingencies will not materially affect our financial position , results of operations or cash flows. .
|
at december 31 , 2018 what was the percent of the total future minimum lease commitments under the leases that was due in 2020
|
14.1%
|
{
"answer": "14.1%",
"decimal": 0.141,
"type": "percentage"
}
| |
intermodal 2013 decreased volumes and fuel surcharges reduced freight revenue from intermodal shipments in 2009 versus 2008 .volume from international traffic decreased 24% ( 24 % ) in 2009 compared to 2008 , reflecting economic conditions , continued weak imports from asia , and diversions to non-uprr served ports .additionally , continued weakness in the domestic housing and automotive sectors translated into weak demand in large sectors of the international intermodal market , which also contributed to the volume decline .conversely , domestic traffic increased 8% ( 8 % ) in 2009 compared to 2008 .a new contract with hub group , inc. , which included additional shipments , was executed in the second quarter of 2009 and more than offset the impact of weak market conditions in the second half of 2009 .price increases and fuel surcharges generated higher revenue in 2008 , partially offset by lower volume levels .international traffic declined 11% ( 11 % ) in 2008 , reflecting continued softening of imports from china and the loss of a customer contract .notably , the peak intermodal shipping season , which usually starts in the third quarter , was particularly weak in 2008 .additionally , continued weakness in domestic housing and automotive sectors translated into weak demand in large sectors of the international intermodal market , which also contributed to lower volumes .domestic traffic declined 3% ( 3 % ) in 2008 due to the loss of a customer contract and lower volumes from less-than-truckload shippers .additionally , the flood-related embargo on traffic in the midwest during the second quarter hindered intermodal volume levels in 2008 .mexico business 2013 each of our commodity groups include revenue from shipments to and from mexico .revenue from mexico business decreased 26% ( 26 % ) in 2009 versus 2008 to $ 1.2 billion .volume declined in five of our six commodity groups , down 19% ( 19 % ) in 2009 , driven by 32% ( 32 % ) and 24% ( 24 % ) reductions in industrial products and automotive shipments , respectively .conversely , energy shipments increased 9% ( 9 % ) in 2009 versus 2008 , partially offsetting these declines .revenue from mexico business increased 13% ( 13 % ) to $ 1.6 billion in 2008 compared to 2007 .price improvements and fuel surcharges contributed to these increases , partially offset by a 4% ( 4 % ) decline in volume in 2008 compared to 2007 .operating expenses 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'], ['compensation and benefits', '$ 4063', '$ 4457', '$ 4526', '( 9 ) % ( % )', '( 2 ) % ( % )'], ['fuel', '1763', '3983', '3104', '-56 ( 56 )', '28'], ['purchased services and materials', '1614', '1902', '1856', '-15 ( 15 )', '2'], ['depreciation', '1444', '1387', '1321', '4', '5'], ['equipment and other rents', '1180', '1326', '1368', '-11 ( 11 )', '-3 ( 3 )'], ['other', '687', '840', '733', '-18 ( 18 )', '15'], ['total', '$ 10751', '$ 13895', '$ 12908', '( 23 ) % ( % )', '8% ( 8 % )']]
2009 intermodal revenue international domestic .
|
what was the change in millions of compensation and benefits from 2008 to 2009?
|
-394
|
{
"answer": "-394",
"decimal": -394,
"type": "float"
}
| |
item 2 .properties .bd 2019s executive offices are located in franklin lakes , new jersey .as of october 31 , 2017 , bd owned or leased 289 facilities throughout the world , comprising approximately 20462405 square feet of manufacturing , warehousing , administrative and research facilities .the u.s .facilities , including those in puerto rico , comprise approximately 7472419 square feet of owned and 2976267 square feet of leased space .the international facilities comprise approximately 7478714 square feet of owned and 2535005 square feet of leased space .sales offices and distribution centers included in the total square footage are also located throughout the world .operations in each of bd 2019s business segments are conducted at both u.s .and international locations .particularly in the international marketplace , facilities often serve more than one business segment and are used for multiple purposes , such as administrative/sales , manufacturing and/or warehousing/distribution .bd generally seeks to own its manufacturing facilities , although some are leased .the following table summarizes property information by business segment. .
[['sites', 'corporate', 'bd life sciences', 'bd medical', 'mixed ( a )', 'total'], ['leased', '14', '25', '96', '83', '218'], ['owned', '6', '26', '33', '6', '71'], ['total', '20', '51', '129', '89', '289'], ['square feet', '2263694', '4421732', '10838632', '2938347', '20462405']]
( a ) facilities used by more than one business segment .bd believes that its facilities are of good construction and in good physical condition , are suitable and adequate for the operations conducted at those facilities , and are , with minor exceptions , fully utilized and operating at normal capacity .the u.s .facilities are located in alabama , arizona , california , connecticut , florida , georgia , illinois , indiana , maryland , massachusetts , michigan , missouri , nebraska , new jersey , north carolina , ohio , oklahoma , south carolina , texas , utah , virginia , washington , d.c. , washington , wisconsin and puerto rico .the international facilities are as follows : - europe , middle east , africa , which includes facilities in austria , belgium , bosnia and herzegovina , the czech republic , denmark , england , finland , france , germany , ghana , hungary , ireland , israel , italy , kenya , luxembourg , netherlands , norway , poland , portugal , russia , saudi arabia , south africa , spain , sweden , switzerland , turkey , the united arab emirates and zambia .- greater asia , which includes facilities in australia , bangladesh , china , india , indonesia , japan , malaysia , new zealand , the philippines , singapore , south korea , taiwan , thailand and vietnam .- latin america , which includes facilities in argentina , brazil , chile , colombia , mexico , peru and the dominican republic .- canada .item 3 .legal proceedings .information with respect to certain legal proceedings is included in note 5 to the consolidated financial statements contained in item 8 .financial statements and supplementary data , and is incorporated herein by reference .item 4 .mine safety disclosures .not applicable. .
|
what percentage of mixed use units are owned?
|
6.74%
|
{
"answer": "6.74%",
"decimal": 0.0674,
"type": "percentage"
}
| |
other expense , net : the company's other expense consists of the following: .
[['( in thousands )', 'year ended december 31 , 2013', 'year ended december 31 , 2012'], ['foreign currency losses net', '$ -1115 ( 1115 )', '$ -1401 ( 1401 )'], ['other income ( expense ) net', '69', '-4 ( 4 )'], ['total other expense net', '$ -1046 ( 1046 )', '$ -1405 ( 1405 )']]
income tax provision : the company recorded income tax expense of $ 77.2 million and had income before income taxes of $ 322.5 million for the year ended december 31 , 2013 , representing an effective tax rate of 23.9% ( 23.9 % ) .during the year ended december 31 , 2012 , the company recorded income tax expense of $ 90.1 million and had income before income taxes of $ 293.5 million , representing an effective tax rate of 30.7% ( 30.7 % ) .in december 2013 , the company received notice from the irs that the joint committee on taxation took no exception to the company's tax returns that were filed for 2009 and 2010 .an $ 11.0 million tax benefit was recognized in the company's 2013 financial results as the company had effectively settled uncertainty regarding the realization of refund claims filed in connection with the 2009 and 2010 returns .in the u.s. , which is the largest jurisdiction where the company receives such a tax credit , the availability of the research and development credit expired at the end of the 2011 tax year .in january 2013 , the u.s .congress passed legislation that reinstated the research and development credit retroactive to 2012 .the income tax provision for the year ended december 31 , 2013 includes approximately $ 2.3 million related to the reinstated research and development credit for 2012 activity .the decrease in the effective tax rate from the prior year is primarily due to the release of an uncertain tax position mentioned above , the reinstatement of the u.s .research and development credit mentioned above , and cash repatriation activities .when compared to the federal and state combined statutory rate , the effective tax rates for the years ended december 31 , 2013 and 2012 were favorably impacted by lower statutory tax rates in many of the company 2019s foreign jurisdictions , the domestic manufacturing deduction and tax benefits associated with the merger of the company 2019s japan subsidiaries in 2010 .net income : the company 2019s net income for the year ended december 31 , 2013 was $ 245.3 million as compared to net income of $ 203.5 million for the year ended december 31 , 2012 .diluted earnings per share was $ 2.58 for the year ended december 31 , 2013 and $ 2.14 for the year ended december 31 , 2012 .the weighted average shares used in computing diluted earnings per share were 95.1 million and 95.0 million for the years ended december 31 , 2013 and 2012 , respectively .table of contents .
|
what was the percentage decrease in net come for the year ended 2013 to the year ended 2012?
|
17.04%
|
{
"answer": "17.04%",
"decimal": 0.1704,
"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 , 201ccompany 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .1 .nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s .our network includes 31974 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 26012 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 2014 2013 2012 .
[['millions', '2014', '2013', '2012'], ['agricultural products', '$ 3777', '$ 3276', '$ 3280'], ['automotive', '2103', '2077', '1807'], ['chemicals', '3664', '3501', '3238'], ['coal', '4127', '3978', '3912'], ['industrial products', '4400', '3822', '3494'], ['intermodal', '4489', '4030', '3955'], ['total freight revenues', '$ 22560', '$ 20684', '$ 19686'], ['other revenues', '1428', '1279', '1240'], ['total operatingrevenues', '$ 23988', '$ 21963', '$ 20926']]
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 $ 2.3 billion in 2014 , $ 2.1 billion in 2013 , and $ 1.9 billion in 2012 .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 coal commodity group in 2013?
|
18%
|
{
"answer": "18%",
"decimal": 0.18,
"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 , 201ccompany 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .1 .nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s .our network includes 32236 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 26039 miles and operate on the remainder pursuant to trackage rights or leases .we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico .export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders .the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment .although we provide and analyze revenue by commodity group , we treat the financial results of the railroad as one segment due to the integrated nature of our rail network .our operating revenues are primarily derived from contracts with customers for the transportation of freight from origin to destination .effective january 1 , 2018 , the company reclassified its six commodity groups into four : agricultural products , energy , industrial , and premium .the following table represents a disaggregation of our freight and other revenues: .
[['millions', '2018', '2017', '2016'], ['agricultural products', '$ 4469', '$ 4303', '$ 4209'], ['energy', '4608', '4498', '3715'], ['industrial', '5679', '5204', '4964'], ['premium', '6628', '5832', '5713'], ['total freight revenues', '$ 21384', '$ 19837', '$ 18601'], ['other subsidiary revenues', '881', '885', '814'], ['accessorial revenues', '502', '458', '455'], ['other', '65', '60', '71'], ['total operating revenues', '$ 22832', '$ 21240', '$ 19941']]
although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products we transport are outside the u.s .each of our commodity groups includes revenue from shipments to and from mexico .included in the above table are freight revenues from our mexico business which amounted to $ 2.5 billion in 2018 , $ 2.3 billion in 2017 , and $ 2.2 billion in 2016 .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 , cash equivalents and restricted cash 2013 cash equivalents consist of investments with original maturities of three months or less .amounts included in restricted cash represent those required to be set aside by contractual agreement. .
|
what percent of total operating revenues in 2017 were industrial?
|
25%
|
{
"answer": "25%",
"decimal": 0.25,
"type": "percentage"
}
| |
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 2008 to 2009?
|
-38%
|
{
"answer": "-38%",
"decimal": -0.38,
"type": "percentage"
}
| |
2018 a0form 10-k18 item 7 .management 2019s discussion and analysis of financial condition and results of operations .this management 2019s discussion and analysis of financial condition and results of operations should be read in conjunction with our discussion of cautionary statements and significant risks to the company 2019s business under item 1a .risk factors of the 2018 form a010-k .overview our sales and revenues for 2018 were $ 54.722 billion , a 20 a0percent increase from 2017 sales and revenues of $ 45.462 a0billion .the increase was primarily due to higher sales volume , mostly due to improved demand across all regions and across the three primary segments .profit per share for 2018 was $ 10.26 , compared to profit per share of $ 1.26 in 2017 .profit was $ 6.147 billion in 2018 , compared with $ 754 million in 2017 .the increase was primarily due to lower tax expense , higher sales volume , decreased restructuring costs and improved price realization .the increase was partially offset by higher manufacturing costs and selling , general and administrative ( sg&a ) and research and development ( r&d ) expenses and lower profit from the financial products segment .fourth-quarter 2018 sales and revenues were $ 14.342 billion , up $ 1.446 billion , or 11 percent , from $ 12.896 billion in the fourth quarter of 2017 .fourth-quarter 2018 profit was $ 1.78 per share , compared with a loss of $ 2.18 per share in the fourth quarter of 2017 .fourth-quarter 2018 profit was $ 1.048 billion , compared with a loss of $ 1.299 billion in 2017 .highlights for 2018 include : zz sales and revenues in 2018 were $ 54.722 billion , up 20 a0percent from 2017 .sales improved in all regions and across the three primary segments .zz operating profit as a percent of sales and revenues was 15.2 a0percent in 2018 , compared with 9.8 percent in 2017 .adjusted operating profit margin was 15.9 percent in 2018 , compared with 12.5 percent in 2017 .zz profit was $ 10.26 per share for 2018 , and excluding the items in the table below , adjusted profit per share was $ 11.22 .for 2017 profit was $ 1.26 per share , and excluding the items in the table below , adjusted profit per share was $ 6.88 .zz in order for our results to be more meaningful to our readers , we have separately quantified the impact of several significant items: .
[['( millions of dollars )', 'full year 2018 profit before taxes', 'full year 2018 profitper share', 'full year 2018 profit before taxes', 'profitper share'], ['profit', '$ 7822', '$ 10.26', '$ 4082', '$ 1.26'], ['restructuring costs', '386', '0.50', '1256', '1.68'], ['mark-to-market losses', '495', '0.64', '301', '0.26'], ['deferred tax valuation allowance adjustments', '2014', '-0.01 ( 0.01 )', '2014', '-0.18 ( 0.18 )'], ['u.s . tax reform impact', '2014', '-0.17 ( 0.17 )', '2014', '3.95'], ['gain on sale of equity investment', '2014', '2014', '-85 ( 85 )', '-0.09 ( 0.09 )'], ['adjusted profit', '$ 8703', '$ 11.22', '$ 5554', '$ 6.88']]
zz machinery , energy & transportation ( me&t ) operating cash flow for 2018 was about $ 6.3 billion , more than sufficient to cover capital expenditures and dividends .me&t operating cash flow for 2017 was about $ 5.5 billion .restructuring costs in recent years , we have incurred substantial restructuring costs to achieve a flexible and competitive cost structure .during 2018 , we incurred $ 386 million of restructuring costs related to restructuring actions across the company .during 2017 , we incurred $ 1.256 billion of restructuring costs with about half related to the closure of the facility in gosselies , belgium , and the remainder related to other restructuring actions across the company .although we expect restructuring to continue as part of ongoing business activities , restructuring costs should be lower in 2019 than 2018 .notes : zz glossary of terms included on pages 33-34 ; first occurrence of terms shown in bold italics .zz information on non-gaap financial measures is included on pages 42-43. .
|
what is the net change in sales and revenues from 2017 to 2018 , in billions?
|
9.26
|
{
"answer": "9.26",
"decimal": 9.26,
"type": "float"
}
| |
expected durations of less than one year .the company generally offers a twelve-month warranty for its products .the company 2019s warranty policy provides for replacement of defective products .specific accruals are recorded forff known product warranty issues .transaction price : the transaction price reflects the company 2019s expectations about the consideration it will be entitled to receive from the customer and may include fixed or variable amounts .fixed consideration primarily includes sales to direct customers and sales to distributors in which both the sale to the distributor and the sale to the end customer occur within the same reporting period .variable consideration includes sales in which the amount of consideration that the company will receive is unknown as of the end of a reporting period .such consideration primarily includes credits issued to the distributor due to price protection and sales made to distributors under agreements that allow certain rights of return , referred to as stock rotation .price protection represents price discounts granted to certain distributors to allow the distributor to earn an appropriate margin on sales negotiated with certain customers and in the event of a price decrease subsequent to the date the product was shipped and billed to the distributor .stock rotation allows distributors limited levels of returns in order to reduce the amounts of slow-moving , discontinued or obsolete product from their inventory .a liability for distributor credits covering variable consideration is made based on the company's estimate of historical experience rates as well as considering economic conditions and contractual terms .to date , actual distributor claims activity has been materially consistent with the provisions the company has made based on its historical estimates .for the years ended november 2 , 2019 and november 3 , 2018 , sales to distributors were $ 3.4 billion in both periods , net of variable consideration for which the liability balances as of november 2 , 2019 and november 3 , 2018 were $ 227.0 million and $ 144.9 million , respectively .contract balances : accounts receivable represents the company 2019s unconditional right to receive consideration from its customers .payments are typically due within 30 to 45 days of invoicing and do not include a significant financing component .to date , there have been no material impairment losses on accounts receivable .there were no material contract assets or contract liabilities recorded on the consolidated balance sheets in any of the periods presented .the company generally warrants that products will meet their published specifications and that the company will repair or replace defective products for twelve-months from the date title passes to the customer .specific accruals are recorded for known product warranty issues .product warranty expenses during fiscal 2019 , fiscal 2018 and fiscal 2017 were not material .o .accumulated other compcc rehensive ( loss ) income accumulated other comprehensive ( loss ) income ( aoci ) includes certain transactions that have generally been reported in the consolidated statement of shareholders 2019 equity .the components of aoci at november 2 , 2019 and november 3 , 2018 consisted of the following , net of tax : foreign currency translation adjustment unrealized holding gains ( losses ) on available for sale securities unrealized holding ( losses ) on derivatives pension plans total .
[['', 'foreign currency translation adjustment', 'unrealized holding gains ( losses ) on available for sale securities', 'unrealized holding gains ( losses ) on derivatives', 'pension plans', 'total'], ['november 3 2018', '$ -28711 ( 28711 )', '$ -10 ( 10 )', '$ -14355 ( 14355 )', '$ -15364 ( 15364 )', '$ -58440 ( 58440 )'], ['other comprehensive ( loss ) income before reclassifications', '-1365 ( 1365 )', '10', '-140728 ( 140728 )', '-31082 ( 31082 )', '-173165 ( 173165 )'], ['amounts reclassified out of other comprehensive loss', '2014', '2014', '9185', '1004', '10189'], ['tax effects', '2014', '2014', '27883', '5734', '33617'], ['other comprehensive ( loss ) income', '-1365 ( 1365 )', '10', '-103660 ( 103660 )', '-24344 ( 24344 )', '-129359 ( 129359 )'], ['november 2 2019', '$ -30076 ( 30076 )', '$ 2014', '$ -118015 ( 118015 )', '$ -39708 ( 39708 )', '$ -187799 ( 187799 )']]
november 2 , 2019 $ ( 30076 ) $ 2014 $ ( 118015 ) $ ( 39708 ) $ ( 187799 ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) analog devices , inc .notes to consolidated financial statements 2014 ( continued ) .
|
how much did the balance debt increase from 2018 to 2019?
|
221.4%
|
{
"answer": "221.4%",
"decimal": 2.214,
"type": "percentage"
}
|
to find how much the balance debt increased over the period of time one has to subtract the 2019 balance by the 2018 balance . then take the answer and divide by the 2018 balance .
|
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 2004 to 2005?
|
-3%
|
{
"answer": "-3%",
"decimal": -0.03,
"type": "percentage"
}
| |
( v ) bankruptcy , insolvency , or other similar proceedings , ( vi ) our inability to pay debts , ( vii ) judgment defaults of $ 15 million or more , ( viii ) customary erisa and environmental defaults , ( ix ) actual or asserted invalidity of any material provision of the loan documentation or impairment of a portion of the collateral , ( x ) failure of subordinated indebtedness to be validly and sufficiently subordinated , and ( xi ) a change of control .borrowings under the credit agreement accrue interest at variable rates , which depend on the type ( u.s .dollar or canadian dollar ) and duration of the borrowing , plus an applicable margin rate .the weighted-average interest rates , including the effect of interest rate swap agreements , on borrowings outstanding against our senior secured credit facility at december 31 , 2010 and 2009 were 3.97% ( 3.97 % ) and 4.53% ( 4.53 % ) , respectively .borrowings against the senior secured credit facility totaled $ 590.1 million and $ 595.7 million at december 31 , 2010 and 2009 , respectively , of which $ 50.0 million and $ 7.5 million were classified as current maturities , respectively .we also incur commitment fees on the unused portion of our revolving credit facility ranging from 0.38% ( 0.38 % ) to 0.50% ( 0.50 % ) .as part of the consideration for business acquisitions completed during 2010 , 2009 and 2008 , we issued promissory notes totaling approximately $ 5.5 million , $ 1.2 million and $ 1.6 million , respectively .the notes bear interest at annual rates of 2.0% ( 2.0 % ) to 4.0% ( 4.0 % ) , and interest is payable at maturity or in monthly installments .note 6 .derivative instruments and hedging activities we are exposed to market risks , including the effect of changes in interest rates , foreign currency exchange rates and commodity prices .under our current policies , we use derivatives to manage our exposure to variable interest rates on our credit agreement , but we do not attempt to hedge our foreign currency and commodity price risks .we do not hold or issue derivatives for trading purposes .at december 31 , 2010 , we had interest rate swap agreements in place to hedge a portion of the variable interest rate risk on our variable rate term loans , with the objective of minimizing the impact of interest rate fluctuations and stabilizing cash flows .beginning on the effective dates of the interest rate swap agreements , on a monthly basis through the maturity date , we have paid and will pay the fixed interest rate and have received and will receive payment at a variable rate of interest based on the london interbank offered rate ( 201clibor 201d ) on the notional amount .the interest rate swap agreements qualify as cash flow hedges , and we have elected to apply hedge accounting for these swap agreements .as a result , the effective portion of changes in the fair value of the interest rate swap agreements is recorded in other comprehensive income and is reclassified to interest expense when the underlying interest payment has an impact on earnings .the ineffective portion of changes in the fair value of the interest rate swap agreements is reported in interest expense .the following table summarizes the terms of our interest rate swap agreements as of december 31 , 2010: .
[['notional amount', 'effective date', 'maturity date', 'fixed interest rate*'], ['$ 200000000', 'april 14 2008', 'april 14 2011', '4.99% ( 4.99 % )'], ['$ 250000000', 'october 14 2010', 'october 14 2015', '3.81% ( 3.81 % )'], ['$ 100000000', 'april 14 2011', 'october 14 2013', '3.34% ( 3.34 % )']]
* includes applicable margin of 2.25% ( 2.25 % ) per annum currently in effect under the credit agreement as of december 31 , 2010 , the fair market value of the $ 200 million notional amount swap was a liability of $ 1.4 million , included in other accrued expenses on our consolidated balance sheet .the fair market value of the other swap contracts was an asset of $ 4.8 million , included in other assets on our consolidated balance sheet as of december 31 , 2010 .as of december 31 , 2009 , the fair market value of the interest rate swap contracts was a liability of $ 10.2 million and was included in other accrued expenses ( $ 5.0 million ) and other noncurrent liabilities ( $ 5.2 million ) on our consolidated balance sheet. .
|
what was the sum of the promissory notes totaling approximately issued as part of the plan business acquisitions from 2008 to 2010 in millions
|
8.3
|
{
"answer": "8.3",
"decimal": 8.3,
"type": "float"
}
| |
bhge 2017 form 10-k | 103 part iii item 10 .directors , executive officers and corporate governance information regarding our code of conduct , the spirit and the letter , and code of ethical conduct certificates for our principal executive officer , principal financial officer and principal accounting officer are described in item 1 .business of this annual report .information concerning our directors is set forth in the sections entitled "proposal no .1 , election of directors - board nominees for directors" and "corporate governance - committees of the board" in our definitive proxy statement for the 2018 annual meeting of stockholders to be filed with the sec pursuant to the exchange act within 120 days of the end of our fiscal year on december 31 , 2017 ( "proxy statement" ) , which sections are incorporated herein by reference .for information regarding our executive officers , see "item 1 .business - executive officers of baker hughes" in this annual report on form 10-k .additional information regarding compliance by directors and executive officers with section 16 ( a ) of the exchange act is set forth under the section entitled "section 16 ( a ) beneficial ownership reporting compliance" in our proxy statement , which section is incorporated herein by reference .item 11 .executive compensation information for this item is set forth in the following sections of our proxy statement , which sections are incorporated herein by reference : "compensation discussion and analysis" "director compensation" "compensation committee interlocks and insider participation" and "compensation committee report." item 12 .security ownership of certain beneficial owners and management and related stockholder matters information concerning security ownership of certain beneficial owners and our management is set forth in the sections entitled "stock ownership of certain beneficial owners" and 201cstock ownership of section 16 ( a ) director and executive officers 201d ) in our proxy statement , which sections are incorporated herein by reference .we permit our employees , officers and directors to enter into written trading plans complying with rule 10b5-1 under the exchange act .rule 10b5-1 provides criteria under which such an individual may establish a prearranged plan to buy or sell a specified number of shares of a company's stock over a set period of time .any such plan must be entered into in good faith at a time when the individual is not in possession of material , nonpublic information .if an individual establishes a plan satisfying the requirements of rule 10b5-1 , such individual's subsequent receipt of material , nonpublic information will not prevent transactions under the plan from being executed .certain of our officers have advised us that they have and may enter into stock sales plans for the sale of shares of our class a common stock which are intended to comply with the requirements of rule 10b5-1 of the exchange act .in addition , the company has and may in the future enter into repurchases of our class a common stock under a plan that complies with rule 10b5-1 or rule 10b-18 of the exchange act .equity compensation plan information the information in the following table is presented as of december 31 , 2017 with respect to shares of our class a common stock that may be issued under our lti plan which has been approved by our stockholders ( in millions , except per share prices ) .equity compensation plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in the first column ) .
[['equity compensation plancategory', 'number ofsecurities to beissued uponexercise ofoutstandingoptions warrantsand rights', 'weighted averageexercise price ofoutstandingoptions warrantsand rights', 'number of securitiesremaining availablefor future issuanceunder equitycompensation plans ( excluding securitiesreflected in the firstcolumn )'], ['stockholder-approved plans', '1.6', '$ 36.61', '53.7'], ['nonstockholder-approved plans', '2014', '2014', '2014'], ['total', '1.6', '$ 36.61', '53.7']]
.
|
what is the total number of securities approved by stockholders?
|
55.3
|
{
"answer": "55.3",
"decimal": 55.3,
"type": "float"
}
| |
long-term product offerings include active and index strategies .our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile .we offer two types of active strategies : those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction .in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index .index strategies include both our non-etf index products and ishares etfs .althoughmany clients use both active and index strategies , the application of these strategies may differ .for example , clients may use index products to gain exposure to a market or asset class .in addition , institutional non-etf 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 2015 equity aum totaled $ 2.424 trillion , reflecting net inflows of $ 52.8 billion .net inflows included $ 78.4 billion and $ 4.2 billion into ishares and active products , respectively .ishares net inflows were driven by the core series and flows into broad developed market equity exposures , and active net inflows reflected demand for international equities .ishares and active net inflows were partially offset by non-etf index net outflows of $ 29.8 billion .blackrock 2019s effective fee rates fluctuate due to changes in aummix .approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than u.s .equity strategies .accordingly , fluctuations in international equity markets , which do not consistently move in tandemwith u.s .markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues .fixed income fixed income aum ended 2015 at $ 1.422 trillion , increasing $ 28.7 billion , or 2% ( 2 % ) , from december 31 , 2014 .the increase in aum reflected $ 76.9 billion in net inflows , partially offset by $ 48.2 billion in net market depreciation and foreign exchange movements .in 2015 , active net inflows of $ 35.9 billion were diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield strategies .flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income strategies funds , with net inflows of $ 7.0 billion and $ 3.7 billion , respectively ; our total return fund with net inflows of $ 2.7 billion ; and our high yield bond fund with net inflows of $ 3.5 billion .fixed income ishares net inflows of $ 50.3 billion were led by flows into core , corporate and high yield bond funds .active and ishares net inflows were partially offset by non-etf index net outflows of $ 9.3 billion .multi-asset class blackrock 2019s multi-asset class teammanages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies 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 .component changes in multi-asset class aum for 2015 are presented below .( in millions ) december 31 , 2014 net inflows ( outflows ) acquisition ( 1 ) market change fx impact december 31 , 2015 asset allocation and balanced $ 183032 $ 12926 $ 2014 $ ( 6731 ) $ ( 3391 ) $ 185836 .
[['( in millions )', 'december 312014', 'net inflows ( outflows )', 'acquisition ( 1 )', 'market change', 'fx impact', 'december 312015'], ['asset allocation and balanced', '$ 183032', '$ 12926', '$ 2014', '$ -6731 ( 6731 )', '$ -3391 ( 3391 )', '$ 185836'], ['target date/risk', '128611', '218', '2014', '-1308 ( 1308 )', '-1857 ( 1857 )', '125664'], ['fiduciary', '66194', '3985', '2014', '627', '-6373 ( 6373 )', '64433'], ['futureadvisor', '2014', '38', '366', '-1 ( 1 )', '2014', '403'], ['multi-asset', '$ 377837', '$ 17167', '$ 366', '$ -7413 ( 7413 )', '$ -11621 ( 11621 )', '$ 376336']]
( 1 ) amounts represent $ 366 million of aum acquired in the futureadvisor acquisition in october 2015 .the futureadvisor acquisition amount does not include aum that was held in ishares holdings .multi-asset class net inflows reflected ongoing institutional demand for our solutions-based advice with $ 17.4 billion of net inflows coming from institutional clients .defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 7.3 billion to institutional multi-asset class net new business in 2015 , primarily into target date and target risk product offerings .retail net outflows of $ 1.3 billion were primarily due to a large single-client transition out of mutual funds into a series of ishares across asset classes .notwithstanding this transition , retail flows reflected demand for our multi-asset income fund family , which raised $ 4.6 billion in 2015 .the company 2019s multi-asset class strategies include the following : 2022 asset allocation and balanced products represented 49% ( 49 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 12.9 billion .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 .flagship products in this category include our global allocation andmulti-asset income suites. .
|
what is the growth rate in the balance of total multi assets from 2014 to 2015?
|
-0.4%
|
{
"answer": "-0.4%",
"decimal": -0.004,
"type": "percentage"
}
| |
agreements containing cross-default provisions .under these circumstances , we might not have sufficient funds or other resources to satisfy all of our obligations .the mandatory convertible preferred stock underlying the depositary shares issued in connection with the financing of the bard transaction may adversely affect the market price of bd common stock .the market price of bd common stock is likely to be influenced by the mandatory convertible preferred stock underlying the depositary shares issued in connection with the financing for the bard transaction .the market price of bd common stock could become more volatile and could be depressed by : 2022 investors 2019 anticipation of the potential resale in the market of a substantial number of additional shares of bd common stock received upon conversion of the mandatory convertible preferred stock ; 2022 possible sales of bd common stock by investors who view the mandatory convertible preferred stock as a more attractive means of equity participation in bd than owning shares of bd common stock ; and 2022 hedging or arbitrage trading activity that may develop involving the mandatory convertible preferred stock and bd common stock .item 1b .unresolved staff comments .item 2 .properties .bd 2019s executive offices are located in franklin lakes , new jersey .as of october 31 , 2018 , bd owned or leased 380 facilities throughout the world , comprising approximately 24658363 square feet of manufacturing , warehousing , administrative and research facilities .the u.s .facilities , including those in puerto rico , comprise approximately 8619099 square feet of owned and 4407539 square feet of leased space .the international facilities comprise approximately 8484223 square feet of owned and 3147502 square feet of leased space .sales offices and distribution centers included in the total square footage are also located throughout the world .operations in each of bd 2019s business segments are conducted at both u.s .and international locations .particularly in the international marketplace , facilities often serve more than one business segment and are used for multiple purposes , such as administrative/sales , manufacturing and/or warehousing/distribution .bd generally seeks to own its manufacturing facilities , although some are leased .the following table summarizes property information by business segment. .
[['sites', 'corporate', 'bd life sciences', 'bd medical', 'bd interventional', 'mixed ( a )', 'total'], ['leased', '20', '21', '81', '86', '83', '291'], ['owned', '6', '23', '31', '23', '6', '89'], ['total', '26', '44', '112', '109', '89', '380'], ['square feet', '2281986', '3958668', '10946766', '4651903', '2819040', '24658363']]
( a ) facilities used by more than one business segment .bd believes that its facilities are of good construction and in good physical condition , are suitable and adequate for the operations conducted at those facilities , and are , with minor exceptions , fully utilized and operating at normal capacity .the u.s .facilities are located in alabama , arizona , california , connecticut , florida , georgia , illinois , indiana , maryland , massachusetts , michigan , minnesota , missouri , montana , nebraska , new jersey , new york , north carolina , ohio , oklahoma , oregon , pennsylvania , rhode island , south carolina , tennessee , texas , utah , virginia , washington , d.c. , washington , wisconsin and puerto rico. .
|
what is the average square footage of leased corporate sites?
|
114099.3
|
{
"answer": "114099.3",
"decimal": 114099.3,
"type": "float"
}
| |
( i ) intellectual property the company capitalizes as intellectual property costs incurred , excluding costs associated with company personnel , relating to patenting its technology .capitalized costs , the majority of which represent legal costs , reflect the cost of both awarded patents and patents pending .the company amortizes the cost of these patents on a straight-line basis over a period of seven years .if the company elects to stop pursuing a particular patent application or determines that a patent application is not likely to be awarded for a particular patent or elects to discontinue payment of required maintenance fees for a particular patent , the company at that time records as expense the net capitalized amount of such patent application or patent .the company does not capitalize maintenance fees for patents .( j ) net loss per share basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the fiscal year .diluted net loss per share is computed by dividing net loss by the weighted-average number of dilutive common shares outstanding during the fiscal year .diluted weighted-average shares reflect the dilutive effect , if any , of potential common stock such as options and warrants based on the treasury stock method .no potential common stock is considered dilutive in periods in which a loss is reported , such as the fiscal years ended march 31 , 2001 , 2002 and 2003 , because all such common equivalent shares would be antidilutive .the calculation of diluted weighted-average shares outstanding for the years ended march 31 , 2001 , 2002 and 2003 excludes the options to purchase common stock as shown below .potential dilutive shares year ended march 31 , from exercise of common stock options .
[['year ended march 31,', 'potential dilutive shares from exercise of common stock options'], ['2001', '1808322'], ['2002', '1420831'], ['2003', '58343']]
the calculation of diluted weighted-average shares outstanding excludes unissued shares of common stock associated with outstanding stock options that have exercise prices greater than the average market price of abiomed common stock during the period .for the fiscal years ending march 31 , 2001 , 2002 and 2003 , the weighted-average number of these potential shares totaled 61661 , 341495 and 2463715 shares , respectively .the calculation of diluted weighted-average shares outstanding for the years ended march 31 , 2001 , 2002 and 2003 also excludes warrants to purchase 400000 shares of common stock issued in connection with the acquisition of intellectual property ( see note 4 ) .( k ) cash and cash equivalents the company classifies any marketable security with a maturity date of 90 days or less at the time of purchase as a cash equivalent .( l ) marketable securities the company classifies any security with a maturity date of greater than 90 days at the time of purchase as marketable securities and classifies marketable securities with a maturity date of greater than one year from the balance sheet date as long-term investments .under statement of financial accounting standards ( sfas ) no .115 , accounting for certain investments in debt and equity securities , securities that the company has the positive intent and ability to hold to maturity are reported at amortized cost and classified as held-to-maturity securities .the amortized cost and market value of marketable securities were approximately $ 25654000 and $ 25661000 at march 31 , 2002 , and $ 9877000 and $ 9858000 at march 31 , 2003 , respectively .at march 31 , 2003 , these short-term investments consisted primarily of government securities .( m ) disclosures about fair value of financial instruments as of march 31 , 2002 and 2003 , the company 2019s financial instruments were comprised of cash and cash equivalents , marketable securities , accounts receivable and accounts payable , the carrying amounts of which approximated fair market value .( n ) comprehensive income sfas no .130 , reporting comprehensive income , requires disclosure of all components of comprehensive income and loss on an annual and interim basis .comprehensive income and loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources .other than the reported net loss , there were no components of comprehensive income or loss which require disclosure for the years ended march 31 , 2001 , 2002 and 2003 .notes to consolidated financial statements ( continued ) march 31 , 2003 page 20 .
|
what is the difference in amortized cost between 2002 and 2003?
|
-1577700019
|
{
"answer": "-1577700019",
"decimal": -1577700019,
"type": "float"
}
| |
f0b7 financial expectations 2013 we are cautious about the economic environment , but , assuming that industrial production grows approximately 3% ( 3 % ) as projected , volume should exceed 2013 levels .even with no volume growth , we expect earnings to exceed 2013 earnings , generated by core pricing gains , on-going network improvements and productivity initiatives .we expect that free cash flow for 2014 will be lower than 2013 as higher cash from operations will be more than offset by additional cash of approximately $ 400 million that will be used to pay income taxes that were previously deferred through bonus depreciation , increased capital spend and higher dividend payments .results of operations operating revenues millions 2013 2012 2011 % ( % ) change 2013 v 2012 % ( % ) change 2012 v 2011 .
[['millions', '2013', '2012', '2011', '% ( % ) change 2013 v 2012', '% ( % ) change 2012 v 2011'], ['freight revenues', '$ 20684', '$ 19686', '$ 18508', '5% ( 5 % )', '6% ( 6 % )'], ['other revenues', '1279', '1240', '1049', '3', '18'], ['total', '$ 21963', '$ 20926', '$ 19557', '5% ( 5 % )', '7% ( 7 % )']]
we generate freight revenues by transporting freight or other materials from our six commodity groups .freight revenues vary with volume ( carloads ) and arc .changes in price , traffic mix and fuel surcharges drive arc .we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments .we recognize freight revenues as shipments move from origin to destination .we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them .other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage .we recognize other revenues as we perform services or meet contractual obligations .freight revenues from five of our six commodity groups increased during 2013 compared to 2012 .revenue from agricultural products was down slightly compared to 2012 .arc increased 5% ( 5 % ) , driven by core pricing gains , shifts in business mix and an automotive logistics management arrangement .volume was essentially flat year over year as growth in automotives , frac sand , crude oil and domestic intermodal offset declines in coal , international intermodal and grain shipments .freight revenues from four of our six commodity groups increased during 2012 compared to 2011 .revenues from coal and agricultural products declined during the year .our franchise diversity allowed us to take advantage of growth from shale-related markets ( crude oil , frac sand and pipe ) and strong automotive manufacturing , which offset volume declines from coal and agricultural products .arc increased 7% ( 7 % ) , driven by core pricing gains and higher fuel cost recoveries .improved fuel recovery provisions and higher fuel prices , including the lag effect of our programs ( surcharges trail fluctuations in fuel price by approximately two months ) , combined to increase revenues from fuel surcharges .our fuel surcharge programs generated freight revenues of $ 2.6 billion , $ 2.6 billion , and $ 2.2 billion in 2013 , 2012 , and 2011 , respectively .fuel surcharge in 2013 was essentially flat versus 2012 as lower fuel price offset improved fuel recovery provisions and the lag effect of our programs ( surcharges trail fluctuations in fuel price by approximately two months ) .rising fuel prices and more shipments subject to fuel surcharges drove the increase from 2011 to 2012 .in 2013 , other revenue increased from 2012 due primarily to miscellaneous contract revenue and higher revenues at our subsidiaries that broker intermodal and automotive services .in 2012 , other revenues increased from 2011 due primarily to higher revenues at our subsidiaries that broker intermodal and automotive services .assessorial revenues also increased in 2012 due to container revenue related to an increase in intermodal shipments. .
|
what was the percentage change in fuel surcharge revenues from 2012 to 2013?
|
0%
|
{
"answer": "0%",
"decimal": null,
"type": "percentage"
}
| |
2016 compared with 2015 net gains on investments of $ 57 million in 2016 decreased $ 52 million from 2015 due to lower net gains in 2016 .net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment .interest and dividend income increased $ 14 million from 2015 primarily due to higher dividend income in 2016 .2015 compared with 2014 net gains on investments of $ 109 million in 2015 decreased $ 45 million from 2014 due to lower net gains in 2015 .net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment .net gains on investments in 2014 included the positive impact of the monetization of a nonstrategic , opportunistic private equity investment .interest expense decreased $ 28 million from 2014 primarily due to repayments of long-term borrowings in the fourth quarter of 2014 .income tax expense .
[['( in millions )', 'gaap 2016', 'gaap 2015', 'gaap 2014', 'gaap 2016', 'gaap 2015', '2014'], ['operating income ( 1 )', '$ 4570', '$ 4664', '$ 4474', '$ 4674', '$ 4695', '$ 4563'], ['total nonoperating income ( expense ) ( 1 ) ( 2 )', '-108 ( 108 )', '-69 ( 69 )', '-49 ( 49 )', '-108 ( 108 )', '-70 ( 70 )', '-56 ( 56 )'], ['income before income taxes ( 2 )', '$ 4462', '$ 4595', '$ 4425', '$ 4566', '$ 4625', '$ 4507'], ['income tax expense', '$ 1290', '$ 1250', '$ 1131', '$ 1352', '$ 1312', '$ 1197'], ['effective tax rate', '28.9% ( 28.9 % )', '27.2% ( 27.2 % )', '25.6% ( 25.6 % )', '29.6% ( 29.6 % )', '28.4% ( 28.4 % )', '26.6% ( 26.6 % )']]
( 1 ) see non-gaap financial measures for further information on and reconciliation of as adjusted items .( 2 ) net of net income ( loss ) attributable to nci .the company 2019s tax rate is affected by tax rates in foreign jurisdictions and the relative amount of income earned in those jurisdictions , which the company expects to be fairly consistent in the near term .the significant foreign jurisdictions that have lower statutory tax rates than the u.s .federal statutory rate of 35% ( 35 % ) include the united kingdom , channel islands , ireland and canada .u.s .income taxes were not provided for certain undistributed foreign earnings intended to be indefinitely reinvested outside the united states .2016 .income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 30 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 65 million of nonrecurring items , including the resolution of certain outstanding tax matters .the as adjusted effective tax rate of 29.6% ( 29.6 % ) for 2016 excluded the net noncash benefit of $ 30 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented .2015 .income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 54 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 75 million of nonrecurring items , primarily due to the realization of losses from changes in the company 2019s organizational tax structure and the resolution of certain outstanding tax matters .the as adjusted effective tax rate of 28.4% ( 28.4 % ) for 2015 excluded the net noncash benefit of $ 54 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented .2014 .income tax expense ( gaap ) reflected : 2022 a $ 94 million tax benefit , primarily due to the resolution of certain outstanding tax matters related to the acquisition of bgi , including the previously mentioned $ 50 million tax benefit ( see executive summary for more information ) ; 2022 a $ 73 million net tax benefit related to several favorable nonrecurring items ; and 2022 a net noncash benefit of $ 9 million associated with the revaluation of deferred income tax liabilities .the as adjusted effective tax rate of 26.6% ( 26.6 % ) for 2014 excluded the $ 9 million net noncash benefit as it will not have a cash flow impact and to ensure comparability among periods presented and the $ 50 million tax benefit mentioned above .the $ 50 million general and administrative expense and $ 50 million tax benefit have been excluded from as adjusted results as there is no impact on blackrock 2019s book value .balance sheet overview as adjusted balance sheet the following table presents a reconciliation of the consolidated statement of financial condition presented on a gaap basis to the consolidated statement of financial condition , excluding the impact of separate account assets and separate account collateral held under securities lending agreements ( directly related to lending separate account securities ) and separate account liabilities and separate account collateral liabilities under securities lending agreements and consolidated sponsored investment funds , including consolidated vies .the company presents the as adjusted balance sheet as additional information to enable investors to exclude certain .
|
what is the growth rate in operating income from 2014 to 2015?
|
4.2%
|
{
"answer": "4.2%",
"decimal": 0.042,
"type": "percentage"
}
| |
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 , 2010 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 2015 , we repurchased 36921641 shares of our common stock at an average price of $ 99.16 .the following table presents common stock repurchases during each month for the fourth quarter of 2015 : 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', '3247731', '$ 92.98', '3221153', '56078192'], ['nov . 1 through nov . 30', '2325865', '86.61', '2322992', '53755200'], ['dec . 1 through dec . 31', '1105389', '77.63', '1102754', '52652446'], ['total', '6678985', '$ 88.22', '6646899', 'n/a']]
[a] total number of shares purchased during the quarter includes approximately 32086 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 shares purchased were purchased in december?
|
17%
|
{
"answer": "17%",
"decimal": 0.17,
"type": "percentage"
}
| |
bhge 2018 form 10-k | 107 part iii item 10 .directors , executive officers and corporate governance information regarding our code of conduct , the spirit and the letter , and code of ethical conduct certificates for our principal executive officer , principal financial officer and principal accounting officer are described in item 1 .business of this annual report .information concerning our directors is set forth in the sections entitled "proposal no .1 , election of directors - board nominees for directors" and "corporate governance - committees of the board" in our definitive proxy statement for the 2019 annual meeting of stockholders to be filed with the sec pursuant to the exchange act within 120 days of the end of our fiscal year on december 31 , 2018 ( proxy statement ) , which sections are incorporated herein by reference .for information regarding our executive officers , see "item 1 .business - executive officers of baker hughes" in this annual report on form 10-k .additional information regarding compliance by directors and executive officers with section 16 ( a ) of the exchange act is set forth under the section entitled "section 16 ( a ) beneficial ownership reporting compliance" in our proxy statement , which section is incorporated herein by reference .item 11 .executive compensation information for this item is set forth in the following sections of our proxy statement , which sections are incorporated herein by reference : "compensation discussion and analysis" "director compensation" "compensation committee interlocks and insider participation" and "compensation committee report." item 12 .security ownership of certain beneficial owners and management and related stockholder matters information concerning security ownership of certain beneficial owners and our management is set forth in the sections entitled "stock ownership of certain beneficial owners" and 201cstock ownership of section 16 ( a ) director and executive officers 201d in our proxy statement , which sections are incorporated herein by reference .we permit our employees , officers and directors to enter into written trading plans complying with rule 10b5-1 under the exchange act .rule 10b5-1 provides criteria under which such an individual may establish a prearranged plan to buy or sell a specified number of shares of a company's stock over a set period of time .any such plan must be entered into in good faith at a time when the individual is not in possession of material , nonpublic information .if an individual establishes a plan satisfying the requirements of rule 10b5-1 , such individual's subsequent receipt of material , nonpublic information will not prevent transactions under the plan from being executed .certain of our officers have advised us that they have and may enter into stock sales plans for the sale of shares of our class a common stock which are intended to comply with the requirements of rule 10b5-1 of the exchange act .in addition , the company has and may in the future enter into repurchases of our class a common stock under a plan that complies with rule 10b5-1 or rule 10b-18 of the exchange act .equity compensation plan information the information in the following table is presented as of december 31 , 2018 with respect to shares of our class a common stock that may be issued under our lti plan which has been approved by our stockholders ( in millions , except per share prices ) .equity compensation plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in the first column ) .
[['equity compensation plancategory', 'number ofsecurities to beissued uponexercise ofoutstandingoptions warrantsand rights', 'weighted averageexercise price ofoutstandingoptions warrantsand rights', 'number of securitiesremaining availablefor future issuanceunder equitycompensation plans ( excluding securitiesreflected in the firstcolumn )'], ['stockholder-approved plans', '2.7', '$ 36.11', '46.2'], ['nonstockholder-approved plans', '2014', '2014', '2014'], ['subtotal ( except for weighted average exercise price )', '2.7', '36.11', '46.2'], ['employee stock purchase plan', '2014', '2014', '15.0'], ['total', '2.7', '$ 36.11', '61.2']]
.
|
what portion of the total securities approved by stockholders is oustanding?
|
5.5%
|
{
"answer": "5.5%",
"decimal": 0.055,
"type": "percentage"
}
| |
part iv item 15 .exhibits , financial statement schedules ( 1 ) financial statements our consolidated financial statements have been prepared in accordance with item 8 .financial statements and supplementary data and are included beginning on page f-1 of this report .( 2 ) financial statement schedules schedule ii : valuation and qualifying accounts for the three years ended december 31 , 2018 are included on page 61 .( 3 ) exhibits the exhibits listed below are filed or incorporated by reference as part of this annual report on form 10-k .index to exhibits exhibit number description of exhibit 3.1 memorandum of association of norwegian cruise line holdings ltd .( incorporated herein by reference to exhibit 3.1 to amendment no .5 to norwegian cruise line holdings ltd . 2019s registration statement on form s-1 filed on january 8 , 2013 ( file no .333-175579 ) ) 3.2 amended and restated bye-laws of norwegian cruise line holdings ltd. , effective as of may 20 , 2015 ( incorporated herein by reference to exhibit 3.2 to norwegian cruise line holdings ltd . 2019s form 8-k filed on may 26 , 2015 ( file no .001-35784 ) ) 4.1 indenture , dated as of december 14 , 2016 , between ncl corporation ltd .and u.s .bank national association , as trustee with respect to $ 700.0 million aggregate principal amount of 4.750% ( 4.750 % ) senior unsecured notes due 2021 ( incorporated herein by reference to exhibit 4.1 to norwegian cruise line holdings ltd . 2019s form 8-k filed on december 14 , 2016 ( file no .001- 35784 ) ) 4.2 form of certificate of ordinary shares ( incorporated herein by reference to exhibit 4.7 to amendment no .5 to norwegian cruise line holdings ltd . 2019s registration statement on form s-1 filed on january 8 , 2013 ( file no .333-175579 ) ) 9.1 deed of trust , dated january 24 , 2013 , by and between norwegian cruise line holdings ltd .and state house trust company limited ( incorporated herein by reference to exhibit 9.1 to norwegian cruise line holdings ltd . 2019s form 8-k filed on january 30 , 2013 ( file no .001-35784 ) ) 10.1 sixth supplemental deed , dated june 1 , 2012 , to 20ac662.9 million norwegian epic loan , dated as of september 22 , 2006 , as amended , by and among f3 two , ltd. , ncl corporation ltd .and a syndicate of international banks and related amended and restated guarantee by ncl corporation ltd .( incorporated herein by reference to exhibit 10.5 to ncl corporation ltd . 2019s report on form 6-k/a filed on january 8 , 2013 ( file no .333-128780 ) ) + 2020 10.2 letter , dated november 27 , 2015 , amending 20ac662.9 million norwegian epic loan , dated as of september 22 , 2006 , as amended , by and among norwegian epic , ltd .( formerly f3 two , ltd. ) , ncl corporation ltd .and a syndicate of international banks and related amended and restated guarantee by ncl corporation ltd .( incorporated herein by reference to exhibit 10.5 to norwegian cruise line holdings ltd . 2019s form 10-k filed on february 29 , 2016 ( file no .001-35784 ) ) 10.3 office lease agreement , dated as of november 27 , 2006 , by and between ncl ( bahamas ) ltd .and hines reit airport corporate center llc and related guarantee by ncl corporation ltd. , and first amendment , dated november 27 , 2006 ( incorporated herein by reference to exhibit 4.46 to ncl corporation ltd . 2019s annual report on form 20-f filed on march 6 , 2007 ( file no .333-128780 ) ) + .
[['exhibit number', 'description of exhibit'], ['3.1', 'memorandum of association of norwegian cruise line holdings ltd . ( incorporated herein by reference to exhibit 3.1 to amendment no . 5 to norwegian cruise line holdings ltd . 2019s registration statement on form s-1 filed on january 8 2013 ( file no . 333-175579 ) )'], ['3.2', 'amended and restated bye-laws of norwegian cruise line holdings ltd . effective as of may 20 2015 ( incorporated herein by reference to exhibit 3.2 to norwegian cruise line holdings ltd . 2019s form 8-k filed on may 26 2015 ( file no . 001-35784 ) )'], ['4.1', 'indenture dated as of december 14 2016 between ncl corporation ltd . and u.s . bank national association as trustee with respect to $ 700.0 million aggregate principal amount of 4.750% ( 4.750 % ) senior unsecured notes due 2021 ( incorporated herein by reference to exhibit 4.1 to norwegian cruise line holdings ltd . 2019s form 8-k filed on december 14 2016 ( file no . 001-35784 ) )'], ['4.2', 'form of certificate of ordinary shares ( incorporated herein by reference to exhibit 4.7 to amendment no . 5 to norwegian cruise line holdings ltd . 2019s registration statement on form s-1 filed on january 8 2013 ( file no . 333-175579 ) )'], ['9.1', 'deed of trust dated january 24 2013 by and between norwegian cruise line holdings ltd . and state house trust company limited ( incorporated herein by reference to exhibit 9.1 to norwegian cruise line holdings ltd . 2019s form 8-k filed on january 30 2013 ( file no . 001-35784 ) )'], ['10.1', 'sixth supplemental deed dated june 1 2012 to 20ac662.9 million norwegian epic loan dated as of september 22 2006 as amended by and among f3 two ltd . ncl corporation ltd . and a syndicate of international banks and related amended and restated guarantee by ncl corporation ltd . ( incorporated herein by reference to exhibit 10.5 to ncl corporation ltd . 2019s report on form 6-k/a filed on january 8 2013 ( file no . 333-128780 ) ) + 2020'], ['10.2', 'letter dated november 27 2015 amending 20ac662.9 million norwegian epic loan dated as of september 22 2006 as amended by and among norwegian epic ltd . ( formerly f3 two ltd. ) ncl corporation ltd . and a syndicate of international banks and related amended and restated guarantee by ncl corporation ltd . ( incorporated herein by reference to exhibit 10.5 to norwegian cruise line holdings ltd . 2019s form 10-k filed on february 29 2016 ( file no . 001-35784 ) )'], ['10.3', 'office lease agreement dated as of november 27 2006 by and between ncl ( bahamas ) ltd . and hines reit airport corporate center llc and related guarantee by ncl corporation ltd . and first amendment dated november 27 2006 ( incorporated herein by reference to exhibit 4.46 to ncl corporation ltd . 2019s annual report on form 20-f filed on march 6 2007 ( file no . 333-128780 ) ) +']]
part iv item 15 .exhibits , financial statement schedules ( 1 ) financial statements our consolidated financial statements have been prepared in accordance with item 8 .financial statements and supplementary data and are included beginning on page f-1 of this report .( 2 ) financial statement schedules schedule ii : valuation and qualifying accounts for the three years ended december 31 , 2018 are included on page 61 .( 3 ) exhibits the exhibits listed below are filed or incorporated by reference as part of this annual report on form 10-k .index to exhibits exhibit number description of exhibit 3.1 memorandum of association of norwegian cruise line holdings ltd .( incorporated herein by reference to exhibit 3.1 to amendment no .5 to norwegian cruise line holdings ltd . 2019s registration statement on form s-1 filed on january 8 , 2013 ( file no .333-175579 ) ) 3.2 amended and restated bye-laws of norwegian cruise line holdings ltd. , effective as of may 20 , 2015 ( incorporated herein by reference to exhibit 3.2 to norwegian cruise line holdings ltd . 2019s form 8-k filed on may 26 , 2015 ( file no .001-35784 ) ) 4.1 indenture , dated as of december 14 , 2016 , between ncl corporation ltd .and u.s .bank national association , as trustee with respect to $ 700.0 million aggregate principal amount of 4.750% ( 4.750 % ) senior unsecured notes due 2021 ( incorporated herein by reference to exhibit 4.1 to norwegian cruise line holdings ltd . 2019s form 8-k filed on december 14 , 2016 ( file no .001- 35784 ) ) 4.2 form of certificate of ordinary shares ( incorporated herein by reference to exhibit 4.7 to amendment no .5 to norwegian cruise line holdings ltd . 2019s registration statement on form s-1 filed on january 8 , 2013 ( file no .333-175579 ) ) 9.1 deed of trust , dated january 24 , 2013 , by and between norwegian cruise line holdings ltd .and state house trust company limited ( incorporated herein by reference to exhibit 9.1 to norwegian cruise line holdings ltd . 2019s form 8-k filed on january 30 , 2013 ( file no .001-35784 ) ) 10.1 sixth supplemental deed , dated june 1 , 2012 , to 20ac662.9 million norwegian epic loan , dated as of september 22 , 2006 , as amended , by and among f3 two , ltd. , ncl corporation ltd .and a syndicate of international banks and related amended and restated guarantee by ncl corporation ltd .( incorporated herein by reference to exhibit 10.5 to ncl corporation ltd . 2019s report on form 6-k/a filed on january 8 , 2013 ( file no .333-128780 ) ) + 2020 10.2 letter , dated november 27 , 2015 , amending 20ac662.9 million norwegian epic loan , dated as of september 22 , 2006 , as amended , by and among norwegian epic , ltd .( formerly f3 two , ltd. ) , ncl corporation ltd .and a syndicate of international banks and related amended and restated guarantee by ncl corporation ltd .( incorporated herein by reference to exhibit 10.5 to norwegian cruise line holdings ltd . 2019s form 10-k filed on february 29 , 2016 ( file no .001-35784 ) ) 10.3 office lease agreement , dated as of november 27 , 2006 , by and between ncl ( bahamas ) ltd .and hines reit airport corporate center llc and related guarantee by ncl corporation ltd. , and first amendment , dated november 27 , 2006 ( incorporated herein by reference to exhibit 4.46 to ncl corporation ltd . 2019s annual report on form 20-f filed on march 6 , 2007 ( file no .333-128780 ) ) + .
|
what will the payment of interest be on the 2021 senior unsecure note?
|
$ 33.25 million
|
{
"answer": "$ 33.25 million",
"decimal": 33250000,
"type": "money"
}
|
to find the payment on interest one would multiple the amount by the interest rate .
|
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 2004 to 2005?
|
7%
|
{
"answer": "7%",
"decimal": 0.07,
"type": "percentage"
}
| |
2012 ppg annual report and form 10-k 45 costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes .in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the "2010 credit agreement" ) which was subsequently terminated in july 2012 .the 2010 credit agreement provided for a $ 1.2 billion unsecured revolving credit facility .in connection with entering into the 2010 credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 .there were no outstanding amounts due under either revolving facility at the times of their termination .the 2010 credit agreement was set to terminate on august 5 , 2013 .ppg 2019s non-u.s .operations have uncommitted lines of credit totaling $ 705 million of which $ 34 million was used as of december 31 , 2012 .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 , 2012 and 2011 , was as follows: .
[['( millions )', '2012', '2011'], ['other weighted average 2.27% ( 2.27 % ) as of dec . 31 2012 and 3.72% ( 3.72 % ) as of december 31 2011', '$ 39', '$ 33'], ['total', '$ 39', '$ 33']]
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 , 2012 , total indebtedness was 42% ( 42 % ) 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 2012 , 2011 and 2010 totaled $ 219 million , $ 212 million and $ 189 million , respectively .in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) .the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares .rental expense for operating leases was $ 233 million , $ 249 million and $ 233 million in 2012 , 2011 and 2010 , respectively .the primary leased assets include paint stores , transportation equipment , warehouses and other distribution facilities , and office space , including the company 2019s corporate headquarters located in pittsburgh , pa .minimum lease commitments for operating leases that have initial or remaining lease terms in excess of one year as of december 31 , 2012 , are ( in millions ) $ 171 in 2013 , $ 135 in 2014 , $ 107 in 2015 , $ 83 in 2016 , $ 64 in 2017 and $ 135 thereafter .the company had outstanding letters of credit and surety bonds of $ 119 million as of december 31 , 2012 .the letters of credit secure the company 2019s performance to third parties under certain self-insurance programs and other commitments made in the ordinary course of business .as of december 31 , 2012 and 2011 , guarantees outstanding were $ 96 million and $ 90 million , respectively .the guarantees relate primarily to debt of certain entities in which ppg has an ownership interest and selected customers of certain of the company 2019s businesses .a portion of such debt is secured by the assets of the related entities .the carrying values of these guarantees were $ 11 million and $ 13 million as of december 31 , 2012 and 2011 , respectively , and the fair values were $ 11 million and $ 21 million , as of december 31 , 2012 and 2011 , respectively .the fair value of each guarantee was estimated by comparing the net present value of two hypothetical cash flow streams , one based on ppg 2019s incremental borrowing rate and the other based on the borrower 2019s incremental borrowing rate , as of the effective date of the guarantee .both streams were discounted at a risk free rate of return .the company does not believe any loss related to these letters of credit , surety bonds or guarantees is likely .9 .fair value measurement the accounting guidance on fair value measurements establishes a hierarchy with three levels of inputs used to determine fair value .level 1 inputs are quoted prices ( unadjusted ) in active markets for identical assets and liabilities , are considered to be the most reliable evidence of fair value , and should be used whenever available .level 2 inputs are observable prices that are not quoted on active exchanges .level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities .table of contents notes to the consolidated financial statements .
|
what was the percentage change in rental expense for operating leases from 2010 to 2011?
|
7%
|
{
"answer": "7%",
"decimal": 0.07,
"type": "percentage"
}
| |
expenses decreased to $ 23 million from $ 115 million in 2006 and $ 146 million in 2005 , reflecting the reduced level of operations .operating profits for the real estate division , which principally sells higher-and-better-use properties , were $ 32 million , $ 124 million and $ 198 million in 2007 , 2006 and 2005 , respectively .looking forward to 2008 , operating profits are expected to decline significantly , reflecting the reduced level of forestland holdings .operating earn- ings will primarily reflect the periodic sales of remaining acreage , and can be expected to vary from quarter to quarter depending on the timing of sale transactions .specialty businesses and other the specialty businesses and other segment princi- pally includes the operating results of the arizona chemical business as well as certain smaller busi- nesses .the arizona chemical business was sold in february 2007 .thus , operating results in 2007 reflect only two months of activity .specialty businesses and other in millions 2007 2006 2005 .
[['in millions', '2007', '2006', '2005'], ['sales', '$ 135', '$ 935', '$ 915'], ['operating profit', '$ 6', '$ 61', '$ 4']]
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 , raw material and transportation 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 operat- ing cycle .as part of our 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 .financing activities in 2007 continued the focus on the transformation plan objectives of returning value to shareholders through additional repurchases of common stock and strengthening the balance sheet through further reductions of 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 , 2007 , the com- pany held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) by standard & poor 2019s ( s&p ) and moody 2019s investor services ( moody 2019s ) , respectively .cash provided by operations cash provided by continuing operations totaled $ 1.9 billion , compared with $ 1.0 billion for 2006 and $ 1.2 billion for 2005 .the 2006 amount is net of a $ 1.0 bil- lion voluntary cash pension plan contribution made in the fourth quarter of 2006 .the major components of cash provided by continuing operations are earn- ings from continuing operations adjusted for non-cash income and expense items and changes in working capital .earnings from continuing oper- ations , adjusted for non-cash items and excluding the pension contribution in 2006 , increased by $ 123 million in 2007 versus 2006 .this compared with an increase of $ 584 million for 2006 over 2005 .international paper 2019s investments in accounts receiv- able and inventory less accounts payable and accrued liabilities , totaled $ 1.7 billion at december 31 , 2007 .cash used for these working capital components increased by $ 539 million in 2007 , compared with a $ 354 million increase in 2006 and a $ 558 million increase in 2005 .investment activities investment activities in 2007 included the receipt of $ 1.7 billion of additional cash proceeds from divest- itures , and the use of $ 239 million for acquisitions and $ 578 million for an investment in a 50% ( 50 % ) equity interest in ilim holding s.a .in russia .capital spending from continuing operations was $ 1.3 billion in 2007 , or 119% ( 119 % ) of depreciation and amortization , comparable to $ 1.0 billion , or 87% ( 87 % ) of depreciation and amortization in 2006 , and $ 992 mil- lion , or 78% ( 78 % ) of depreciation and amortization in 2005 .the increase in 2007 reflects spending for the con- version of the pensacola paper machine to the pro- duction of linerboard , a fluff pulp project at our riegelwood mill , and a specialty pulp production project at our svetogorsk mill in russia , all of which were part of the company 2019s transformation plan. .
|
what was the ratio of the increase in the cash working capital components in 2007 compared to 2006
|
1.5
|
{
"answer": "1.5",
"decimal": 1.5,
"type": "float"
}
| |
notes to the consolidated financial statements on march 18 , 2008 , ppg completed a public offering of $ 600 million in aggregate principal amount of its 5.75% ( 5.75 % ) notes due 2013 ( the 201c2013 notes 201d ) , $ 700 million in aggregate principal amount of its 6.65% ( 6.65 % ) notes due 2018 ( the 201c2018 notes 201d ) and $ 250 million in aggregate principal amount of its 7.70% ( 7.70 % ) notes due 2038 ( the 201c2038 notes 201d and , together with the 2013 notes and the 2018 notes , the 201cnotes 201d ) .the notes were offered by the company pursuant to its existing shelf registration .the proceeds of this offering of $ 1538 million ( net of discount and issuance costs ) and additional borrowings of $ 195 million under the 20ac650 million revolving credit facility were used to repay existing debt , including certain short-term debt and the amounts outstanding under the 20ac1 billion bridge loan .no further amounts can be borrowed under the 20ac1 billion bridge loan .the discount and issuance costs related to the notes , which totaled $ 12 million , will be amortized to interest expense over the respective lives of the notes .short-term debt outstanding as of december 31 , 2008 and 2007 , was as follows : ( millions ) 2008 2007 .
[['( millions )', '2008', '2007'], ['20ac1 billion bridge loan agreement 5.2% ( 5.2 % )', '$ 2014', '$ 1047'], ['u.s . commercial paper 5.3% ( 5.3 % ) as of dec . 31 2008', '222', '617'], ['20ac650 million revolving credit facility weighted average 2.9% ( 2.9 % ) as of dec . 31 2008 ( 1 )', '200', '2014'], ['other weighted average 4.0% ( 4.0 % ) as of dec . 31 2008', '362', '154'], ['total', '$ 784', '$ 1818']]
total $ 784 $ 1818 ( 1 ) borrowings under this facility have a term of 30 days and can be rolled over monthly until the facility expires in 2010 .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 , 2008 , 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 2008 , 2007 and 2006 totaled $ 228 million , $ 102 million and $ 90 million , respectively .rental expense for operating leases was $ 267 million , $ 188 million and $ 161 million in 2008 , 2007 and 2006 , respectively .the primary leased assets include paint stores , transportation equipment , warehouses and other distribution facilities , and office space , including the company 2019s corporate headquarters located in pittsburgh , pa .minimum lease commitments for operating leases that have initial or remaining lease terms in excess of one year as of december 31 , 2008 , are ( in millions ) $ 126 in 2009 , $ 107 in 2010 , $ 82 in 2011 , $ 65 in 2012 , $ 51 in 2013 and $ 202 thereafter .the company had outstanding letters of credit of $ 82 million as of december 31 , 2008 .the letters of credit secure the company 2019s performance to third parties under certain self-insurance programs and other commitments made in the ordinary course of business .as of december 31 , 2008 and 2007 guarantees outstanding were $ 70 million .the guarantees relate primarily to debt of certain entities in which ppg has an ownership interest and selected customers of certain of the company 2019s businesses .a portion of such debt is secured by the assets of the related entities .the carrying values of these guarantees were $ 9 million and $ 3 million as of december 31 , 2008 and 2007 , respectively , and the fair values were $ 40 million and $ 17 million , as of december 31 , 2008 and 2007 , respectively .the company does not believe any loss related to these letters of credit or guarantees is likely .10 .financial instruments , excluding derivative financial instruments included in ppg 2019s financial instrument portfolio are cash and cash equivalents , cash held in escrow , marketable equity securities , company-owned life insurance and short- and long-term debt instruments .the fair values of the financial instruments approximated their carrying values , in the aggregate , except for long-term long-term debt ( excluding capital lease obligations ) , had carrying and fair values totaling $ 3122 million and $ 3035 million , respectively , as of december 31 , 2008 .the corresponding amounts as of december 31 , 2007 , were $ 1201 million and $ 1226 million , respectively .the fair values of the debt instruments were based on discounted cash flows and interest rates currently available to the company for instruments of the same remaining maturities .2008 ppg annual report and form 10-k 45 .
|
what was the percentage change in interest payments from 2006 to 2007?
|
13%
|
{
"answer": "13%",
"decimal": 0.13,
"type": "percentage"
}
| |
contribution incurred in 2013 and foreign currency remeasurement , partially offset by the $ 50 million reduction of an indemnification asset .as adjusted .expense , as adjusted , increased $ 362 million , or 6% ( 6 % ) , to $ 6518 million in 2014 from $ 6156 million in 2013 .the increase in total expense , as adjusted , is primarily attributable to higher employee compensation and benefits and direct fund expense .amounts related to the reduction of the indemnification asset and the charitable contribution have been excluded from as adjusted results .2013 compared with 2012 gaap .expense increased $ 510 million , or 9% ( 9 % ) , from 2012 , primarily reflecting higher revenue-related expense and the $ 124 million expense related to the charitable contribution .employee compensation and benefits expense increased $ 273 million , or 8% ( 8 % ) , to $ 3560 million in 2013 from $ 3287 million in 2012 , reflecting higher headcount and higher incentive compensation driven by higher operating income , including higher performance fees .employees at december 31 , 2013 totaled approximately 11400 compared with approximately 10500 at december 31 , 2012 .distribution and servicing costs totaled $ 353 million in 2013 compared with $ 364 million in 2012 .these costs included payments to bank of america/merrill lynch under a global distribution agreement and payments to pnc , as well as other third parties , primarily associated with the distribution and servicing of client investments in certain blackrock products .distribution and servicing costs for 2013 and 2012 included $ 184 million and $ 195 million , respectively , attributable to bank of america/merrill lynch .direct fund expense increased $ 66 million , reflecting higher average aum , primarily related to ishares , where blackrock pays certain nonadvisory expense of the funds .general and administration expense increased $ 181 million , largely driven by the $ 124 million expense related to the charitable contribution , higher marketing and promotional costs and various lease exit costs .the full year 2012 included a one-time $ 30 million contribution to stifs .as adjusted .expense , as adjusted , increased $ 393 million , or 7% ( 7 % ) , to $ 6156 million in 2013 from $ 5763 million in 2012 .the increase in total expense , as adjusted , is primarily attributable to higher employee compensation and benefits , direct fund expense and general and administration expense .nonoperating results nonoperating income ( expense ) , less net income ( loss ) attributable to nci for 2014 , 2013 and 2012 was as follows : ( in millions ) 2014 2013 2012 nonoperating income ( expense ) , gaap basis $ ( 79 ) $ 116 $ ( 54 ) less : net income ( loss ) attributable to nci ( 1 ) ( 30 ) 19 ( 18 ) nonoperating income ( expense ) ( 2 ) ( 49 ) 97 ( 36 ) gain related to the charitable contribution 2014 ( 80 ) 2014 compensation expense related to ( appreciation ) depreciation on deferred compensation plans ( 7 ) ( 10 ) ( 6 ) nonoperating income ( expense ) , as adjusted ( 2 ) $ ( 56 ) $ 7 $ ( 42 ) ( 1 ) amounts included losses of $ 41 million and $ 38 million attributable to consolidated variable interest entities ( 201cvies 201d ) for 2014 and 2012 , respectively .during 2013 , the company did not record any nonoperating income ( loss ) or net income ( loss ) attributable to vies on the consolidated statements of income .( 2 ) net of net income ( loss ) attributable to nci. .
[['( in millions )', '2014', '2013', '2012'], ['nonoperating income ( expense ) gaap basis', '$ -79 ( 79 )', '$ 116', '$ -54 ( 54 )'], ['less : net income ( loss ) attributableto nci ( 1 )', '-30 ( 30 )', '19', '-18 ( 18 )'], ['nonoperating income ( expense ) ( 2 )', '-49 ( 49 )', '97', '-36 ( 36 )'], ['gain related to the charitable contribution', '2014', '-80 ( 80 )', '2014'], ['compensation expense related to ( appreciation ) depreciation on deferred compensation plans', '-7 ( 7 )', '-10 ( 10 )', '-6 ( 6 )'], ['nonoperating income ( expense ) asadjusted ( 2 )', '$ -56 ( 56 )', '$ 7', '$ -42 ( 42 )']]
contribution incurred in 2013 and foreign currency remeasurement , partially offset by the $ 50 million reduction of an indemnification asset .as adjusted .expense , as adjusted , increased $ 362 million , or 6% ( 6 % ) , to $ 6518 million in 2014 from $ 6156 million in 2013 .the increase in total expense , as adjusted , is primarily attributable to higher employee compensation and benefits and direct fund expense .amounts related to the reduction of the indemnification asset and the charitable contribution have been excluded from as adjusted results .2013 compared with 2012 gaap .expense increased $ 510 million , or 9% ( 9 % ) , from 2012 , primarily reflecting higher revenue-related expense and the $ 124 million expense related to the charitable contribution .employee compensation and benefits expense increased $ 273 million , or 8% ( 8 % ) , to $ 3560 million in 2013 from $ 3287 million in 2012 , reflecting higher headcount and higher incentive compensation driven by higher operating income , including higher performance fees .employees at december 31 , 2013 totaled approximately 11400 compared with approximately 10500 at december 31 , 2012 .distribution and servicing costs totaled $ 353 million in 2013 compared with $ 364 million in 2012 .these costs included payments to bank of america/merrill lynch under a global distribution agreement and payments to pnc , as well as other third parties , primarily associated with the distribution and servicing of client investments in certain blackrock products .distribution and servicing costs for 2013 and 2012 included $ 184 million and $ 195 million , respectively , attributable to bank of america/merrill lynch .direct fund expense increased $ 66 million , reflecting higher average aum , primarily related to ishares , where blackrock pays certain nonadvisory expense of the funds .general and administration expense increased $ 181 million , largely driven by the $ 124 million expense related to the charitable contribution , higher marketing and promotional costs and various lease exit costs .the full year 2012 included a one-time $ 30 million contribution to stifs .as adjusted .expense , as adjusted , increased $ 393 million , or 7% ( 7 % ) , to $ 6156 million in 2013 from $ 5763 million in 2012 .the increase in total expense , as adjusted , is primarily attributable to higher employee compensation and benefits , direct fund expense and general and administration expense .nonoperating results nonoperating income ( expense ) , less net income ( loss ) attributable to nci for 2014 , 2013 and 2012 was as follows : ( in millions ) 2014 2013 2012 nonoperating income ( expense ) , gaap basis $ ( 79 ) $ 116 $ ( 54 ) less : net income ( loss ) attributable to nci ( 1 ) ( 30 ) 19 ( 18 ) nonoperating income ( expense ) ( 2 ) ( 49 ) 97 ( 36 ) gain related to the charitable contribution 2014 ( 80 ) 2014 compensation expense related to ( appreciation ) depreciation on deferred compensation plans ( 7 ) ( 10 ) ( 6 ) nonoperating income ( expense ) , as adjusted ( 2 ) $ ( 56 ) $ 7 $ ( 42 ) ( 1 ) amounts included losses of $ 41 million and $ 38 million attributable to consolidated variable interest entities ( 201cvies 201d ) for 2014 and 2012 , respectively .during 2013 , the company did not record any nonoperating income ( loss ) or net income ( loss ) attributable to vies on the consolidated statements of income .( 2 ) net of net income ( loss ) attributable to nci. .
|
what portion of the increase in general and administration expense is driven by charitable contributions?
|
68.5%
|
{
"answer": "68.5%",
"decimal": 0.685,
"type": "percentage"
}
| |
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 average of total fair value of time-vested restricted stock units vested during 2009 , 2008 and 2007?
|
19867
|
{
"answer": "19867",
"decimal": 19867,
"type": "float"
}
| |
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 optical and specialty materials segment?
|
22%
|
{
"answer": "22%",
"decimal": 0.22,
"type": "percentage"
}
| |
of global business , there are many transactions and calculations where the ultimate tax outcome is uncertain .some of these uncertainties arise as a consequence of cost reimbursement arrangements among related entities .although the company believes its estimates are reasonable , no assurance can be given that the final tax outcome of these matters will not be different than that which is reflected in the historical income tax provisions and accruals .such differences could have a material impact on the company 2019s income tax provision and operating results in the period in which such determination is made .on november 4 , 2007 ( the first day of its 2008 fiscal year ) , the company adopted new accounting principles on accounting for uncertain tax positions .these principles require companies to determine whether it is 201cmore likely than not 201d that a tax position will be sustained upon examination by the appropriate taxing authorities before any benefit can be recorded in the financial statements .an uncertain income tax position will not be recognized if it has less than a 50% ( 50 % ) likelihood of being sustained .there were no changes to the company 2019s liabilities for uncertain tax positions as a result of the adoption of these provisions .as of october 30 , 2010 and october 31 , 2009 , the company had a liability of $ 18.4 million and $ 18.2 million , respectively , for gross unrealized tax benefits , all of which , if settled in the company 2019s favor , would lower the company 2019s effective tax rate in the period recorded .in addition , as of october 30 , 2010 and october 31 , 2009 , the company had a liability of approximately $ 9.8 million and $ 8.0 million , respectively , for interest and penalties .the total liability as of october 30 , 2010 and october 31 , 2009 of $ 28.3 million and $ 26.2 million , respectively , for uncertain tax positions is classified as non-current , and is included in other non-current liabilities , because the company believes that the ultimate payment or settlement of these liabilities will not occur within the next twelve months .prior to the adoption of these provisions , these amounts were included in current income tax payable .the company includes interest and penalties related to unrecognized tax benefits within the provision for taxes in the condensed consolidated statements of income , and as a result , no change in classification was made upon adopting these provisions .the condensed consolidated statements of income for fiscal years 2010 , 2009 and 2008 include $ 1.8 million , $ 1.7 million and $ 1.3 million , respectively , of interest and penalties related to these uncertain tax positions .due to the complexity associated with its tax uncertainties , the company cannot make a reasonably reliable estimate as to the period in which it expects to settle the liabilities associated with these uncertain tax positions .the following table summarizes the changes in the total amounts of uncertain tax positions for fiscal 2008 through fiscal 2010. .
[['balance november 3 2007', '$ 9889'], ['additions for tax positions of 2008', '3861'], ['balance november 1 2008', '13750'], ['additions for tax positions of 2009', '4411'], ['balance october 31 2009', '18161'], ['additions for tax positions of 2010', '286'], ['balance october 30 2010', '$ 18447']]
fiscal years 2004 and 2005 irs examination during the fourth quarter of fiscal 2007 , the irs completed its field examination of the company 2019s fiscal years 2004 and 2005 .on january 2 , 2008 , the irs issued its report for fiscal 2004 and 2005 , which included proposed adjustments related to these two fiscal years .the company has recorded taxes and penalties related to certain of these proposed adjustments .there are four items with an additional potential total tax liability of $ 46 million .the company has concluded , based on discussions with its tax advisors , that these four items are not likely to result in any additional tax liability .therefore , the company has not recorded any additional tax liability for these items and is appealing these proposed adjustments through the normal processes for the resolution of differences between the irs and taxpayers .the company 2019s initial meetings with the appellate division of the irs were held during fiscal analog devices , inc .notes to consolidated financial statements 2014 ( continued ) .
|
what percentage did the balance increase from 2007 to 2010?
|
86.5%
|
{
"answer": "86.5%",
"decimal": 0.865,
"type": "percentage"
}
|
to find the percentage increase from 2007 to 2010 one must take the balance for 2010 and subtract that by the balance for 2007 . then take the answer and divide it by the balance for 2007 .
|
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. .
|
what percent increase was the adjustments to state inventories of the 2016 starting inventories?
|
5% increase in inventories
|
{
"answer": "5% increase in inventories",
"decimal": 0.05,
"type": "percentage"
}
|
to find the increase in inventories one must divide the amount that is adding to the inventories by total original amount of inventories .
|
levels during 2008 , an indication that efforts to improve network operations translated into better customer service .2022 fuel prices 2013 crude oil prices increased at a steady rate through the first seven months of 2008 , closing at a record high of $ 145.29 a barrel in early july .as the economy worsened during the third and fourth quarters , fuel prices dropped dramatically , hitting $ 33.87 per barrel in december , a near five-year low .despite these price declines toward the end of the year , our 2008 average fuel price increased by 39% ( 39 % ) and added $ 1.1 billion of operating expenses compared to 2007 .our fuel surcharge programs helped offset the impact of higher fuel prices .in addition , we reduced our consumption rate by 4% ( 4 % ) , saving approximately 58 million gallons of fuel during the year .the use of newer , more fuel efficient locomotives ; our fuel conservation programs ; improved network operations ; and a shift in commodity mix , primarily due to growth in bulk shipments , contributed to the improvement .2022 free cash flow 2013 cash generated by operating activities totaled a record $ 4.1 billion , yielding free cash flow of $ 825 million in 2008 .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 2008 2007 2006 .
[['millions of dollars', '2008', '2007', '2006'], ['cash provided by operating activities', '$ 4070', '$ 3277', '$ 2880'], ['cash used in investing activities', '-2764 ( 2764 )', '-2426 ( 2426 )', '-2042 ( 2042 )'], ['dividends paid', '-481 ( 481 )', '-364 ( 364 )', '-322 ( 322 )'], ['free cash flow', '$ 825', '$ 487', '$ 516']]
2009 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 plan to continue implementation of total safety culture ( tsc ) throughout our operations .tsc , an employee-focused initiative that has helped improve safety , is a process designed to establish , maintain , and promote safety among co-workers .with respect to public safety , we will continue our efforts to maintain , upgrade , and close crossings , install video cameras on locomotives , and educate the public about crossing safety through various railroad and industry programs , along with other activities .2022 transportation plan 2013 in 2009 , we will continue to evaluate traffic flows and network logistic patterns to identify additional opportunities to simplify operations and improve network efficiency and asset utilization .we plan to maintain adequate manpower and locomotives , and improve productivity using industrial engineering techniques .2022 fuel prices 2013 on average , we expect fuel prices to decrease substantially from the average price we paid in 2008 .however , due to economic uncertainty , other global pressures , and weather incidents , fuel prices again could be volatile during the year .to reduce the impact of fuel price on earnings , we .
|
what was the percentage change in free cash flow from 2007 to 2008?
|
70%
|
{
"answer": "70%",
"decimal": 0.7,
"type": "percentage"
}
| |
amount of commitment expiration per period other commercial commitments after millions total 2015 2016 2017 2018 2019 2019 .
[['other commercial commitmentsmillions', 'total', '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 2018', 'amount of commitment expiration per period 2019', 'amount of commitment expiration per period after2019'], ['credit facilities [a]', '$ 1700', '$ -', '$ -', '$ -', '$ -', '$ 1700', '$ -'], ['receivables securitization facility [b]', '650', '-', '-', '650', '-', '-', '-'], ['guarantees [c]', '82', '12', '26', '10', '11', '8', '15'], ['standby letters of credit [d]', '40', '34', '6', '-', '-', '-', '-'], ['total commercialcommitments', '$ 2472', '$ 46', '$ 32', '$ 660', '$ 11', '$ 1708', '$ 15']]
[a] none of the credit facility was used as of december 31 , 2014 .[b] $ 400 million of the receivables securitization facility was utilized as of december 31 , 2014 , which is accounted for as debt .the full program matures in july 2017 .[c] includes guaranteed obligations related to our equipment financings and affiliated operations .[d] none of the letters of credit were drawn upon as of december 31 , 2014 .off-balance sheet arrangements guarantees 2013 at december 31 , 2014 , and 2013 , we were contingently liable for $ 82 million and $ 299 million in guarantees .we have recorded liabilities of $ 0.3 million and $ 1 million for the fair value of these obligations as of december 31 , 2014 , and 2013 , respectively .we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our 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 85% ( 85 % ) of our 47201 full-time-equivalent employees are represented by 14 major rail unions .on january 1 , 2015 , current labor agreements became subject to modification and we began the current round of negotiations with the unions .existing agreements remain in effect until new agreements are reached or the railway labor act 2019s procedures ( which include mediation , cooling-off periods , and the possibility of presidential emergency boards and congressional intervention ) are exhausted .contract negotiations historically continue for an extended period of time and we rarely experience work stoppages while negotiations are pending .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 , 2014 and 2013 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities. .
|
what percentage of the total commercial commitments is credit facilities?
|
69%
|
{
"answer": "69%",
"decimal": 0.69,
"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 that operates in the u.s .our network includes 31898 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 26027 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 revenue is 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 freight revenue by commodity group : millions 2011 2010 2009 .
[['millions', '2011', '2010', '2009'], ['agricultural', '$ 3324', '$ 3018', '$ 2666'], ['automotive', '1510', '1271', '854'], ['chemicals', '2815', '2425', '2102'], ['energy', '4084', '3489', '3118'], ['industrial products', '3166', '2639', '2147'], ['intermodal', '3609', '3227', '2486'], ['total freight revenues', '$ 18508', '$ 16069', '$ 13373'], ['other revenues', '1049', '896', '770'], ['total operatingrevenues', '$ 19557', '$ 16965', '$ 14143']]
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 .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 ) .certain prior year amounts have been disaggregated to provide more detail and conform to the current period financial statement presentation .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 percent of total freight revenues was automotive in 2011?
|
8%
|
{
"answer": "8%",
"decimal": 0.08,
"type": "percentage"
}
| |
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 leased by the company?
|
664000
|
{
"answer": "664000",
"decimal": 664000,
"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 , 2008 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 2013 , we repurchased 14996957 shares of our common stock at an average price of $ 152.14 .the following table presents common stock repurchases during each month for the fourth quarter of 2013 : 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 paidper share', 'total number of sharespurchased as part ofapublicly announced planor program [b]', 'maximum number ofshares that may yetbe purchased under the planor program [b]'], ['oct . 1 through oct . 31', '1405535', '153.18', '1405535', '4020650'], ['nov . 1 through nov . 30', '1027840', '158.66', '1025000', '2995650'], ['dec . 1 through dec . 31', '2500944', '163.14', '2498520', '497130'], ['total', '4934319', '$ 159.37', '4929055', 'n/a']]
[a] total number of shares purchased during the quarter includes approximately 5264 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] on april 1 , 2011 , our board of directors authorized the repurchase of up to 40 million shares of our common stock by march 31 , 2014 .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 21 , 2013 , the board of directors approved the early renewal of the share repurchase program , authorizing the repurchase of 60 million common shares by december 31 , 2017 .the new authorization is effective january 1 , 2014 , and replaces the previous authorization , which expired on december 31 , 2013 , three months earlier than its original expiration date. .
|
what percentage of total shares purchased where purchased in october?
|
28%
|
{
"answer": "28%",
"decimal": 0.28,
"type": "percentage"
}
| |
operating expenses millions 2012 2011 2010 % ( % ) change 2012 v 2011 % ( % ) change 2011 v 2010 .
[['millions', '2012', '2011', '2010', '% ( % ) change 2012 v 2011', '% ( % ) change 2011 v 2010'], ['compensation and benefits', '$ 4685', '$ 4681', '$ 4314', '-% ( - % )', '9% ( 9 % )'], ['fuel', '3608', '3581', '2486', '1', '44'], ['purchased services and materials', '2143', '2005', '1836', '7', '9'], ['depreciation', '1760', '1617', '1487', '9', '9'], ['equipment and other rents', '1197', '1167', '1142', '3', '2'], ['other', '788', '782', '719', '1', '9'], ['total', '$ 14181', '$ 13833', '$ 11984', '3% ( 3 % )', '15% ( 15 % )']]
operating expenses increased $ 348 million in 2012 versus 2011 .depreciation , wage and benefit inflation , higher fuel prices and volume- related trucking services purchased by our logistics subsidiaries , contributed to higher expenses during the year .efficiency gains , volume related fuel savings ( 2% ( 2 % ) fewer gallons of fuel consumed ) and $ 38 million of weather related expenses in 2011 , which favorably affects the comparison , partially offset the cost increase .operating expenses increased $ 1.8 billion in 2011 versus 2010 .our fuel price per gallon rose 36% ( 36 % ) during 2011 , accounting for $ 922 million of the increase .wage and benefit inflation , volume-related costs , depreciation , and property taxes also contributed to higher expenses .expenses increased $ 20 million for costs related to the flooding in the midwest and $ 18 million due to the impact of severe heat and drought in the south , primarily texas .cost savings from productivity improvements and better resource utilization partially offset these increases .a $ 45 million one-time payment relating to a transaction with csx intermodal , inc ( csxi ) increased operating expenses during the first quarter of 2010 , which favorably affects the comparison of operating expenses in 2011 to those in 2010 .compensation and benefits 2013 compensation and benefits include wages , payroll taxes , health and welfare costs , pension costs , other postretirement benefits , and incentive costs .expenses in 2012 were essentially flat versus 2011 as operational improvements and cost reductions offset general wage and benefit inflation and higher pension and other postretirement benefits .in addition , weather related costs increased these expenses in 2011 .a combination of general wage and benefit inflation , volume-related expenses , higher training costs associated with new hires , additional crew costs due to speed restrictions caused by the midwest flooding and heat and drought in the south , and higher pension expense drove the increase during 2011 compared to 2010 .fuel 2013 fuel includes locomotive fuel and gasoline for highway and non-highway vehicles and heavy equipment .higher locomotive diesel fuel prices , which averaged $ 3.22 per gallon ( including taxes and transportation costs ) in 2012 , compared to $ 3.12 in 2011 , increased expenses by $ 105 million .volume , as measured by gross ton-miles , decreased 2% ( 2 % ) in 2012 versus 2011 , driving expense down .the fuel consumption rate was flat year-over-year .higher locomotive diesel fuel prices , which averaged $ 3.12 ( including taxes and transportation costs ) in 2011 , compared to $ 2.29 per gallon in 2010 , increased expenses by $ 922 million .in addition , higher gasoline prices for highway and non-highway vehicles also increased year-over-year .volume , as measured by gross ton-miles , increased 5% ( 5 % ) in 2011 versus 2010 , driving expense up by $ 122 million .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 2012 operating expenses .
|
what percentage of total operating expenses was purchased services and materials in 2011?
|
15%
|
{
"answer": "15%",
"decimal": 0.15,
"type": "percentage"
}
| |
52 2013 ppg annual report and form 10-k repatriation of undistributed earnings of non-u.s .subsidiaries as of december 31 , 2013 and december 31 , 2012 would have resulted in a u.s .tax cost of approximately $ 250 million and $ 110 million , respectively .the company files federal , state and local income tax returns in numerous domestic and foreign jurisdictions .in most tax jurisdictions , returns are subject to examination by the relevant tax authorities for a number of years after the returns have been filed .the company is no longer subject to examinations by tax authorities in any major tax jurisdiction for years before 2006 .additionally , the internal revenue service has completed its examination of the company 2019s u.s .federal income tax returns filed for years through 2010 .the examination of the company 2019s u.s .federal income tax return for 2011 is currently underway and is expected to be finalized during 2014 .a reconciliation of the total amounts of unrecognized tax benefits ( excluding interest and penalties ) as of december 31 follows: .
[['( millions )', '2013', '2012', '2011'], ['balance at january 1', '$ 82', '$ 107', '$ 111'], ['additions based on tax positions related to the current year', '12', '12', '15'], ['additions for tax positions of prior years', '9', '2', '17'], ['reductions for tax positions of prior years', '-10 ( 10 )', '-12 ( 12 )', '-19 ( 19 )'], ['pre-acquisition unrecognized tax benefits', '2014', '2', '2014'], ['reductions for expiration of the applicable statute of limitations', '-10 ( 10 )', '-6 ( 6 )', '-7 ( 7 )'], ['settlements', '2014', '-23 ( 23 )', '-8 ( 8 )'], ['foreign currency translation', '2', '2014', '-2 ( 2 )'], ['balance at december 31', '$ 85', '$ 82', '$ 107']]
the company expects that any reasonably possible change in the amount of unrecognized tax benefits in the next 12 months would not be significant .the total amount of unrecognized tax benefits that , if recognized , would affect the effective tax rate was $ 81 million as of december 31 , 2013 .the company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense .as of december 31 , 2013 , 2012 and 2011 , the company had liabilities for estimated interest and penalties on unrecognized tax benefits of $ 9 million , $ 10 million and $ 15 million , respectively .the company recognized $ 2 million and $ 5 million of income in 2013 and 2012 , respectively , related to the reduction of estimated interest and penalties .the company recognized no income or expense for estimated interest and penalties during the year ended december 31 , 2011 .13 .pensions and other postretirement benefits defined benefit plans ppg has defined benefit pension plans that cover certain employees worldwide .the principal defined benefit pension plans are those in the u.s. , canada , the netherlands and the u.k .which , in the aggregate represent approximately 91% ( 91 % ) of the projected benefit obligation at december 31 , 2013 , of which the u.s .defined benefit pension plans represent the majority .ppg also sponsors welfare benefit plans that provide postretirement medical and life insurance benefits for certain u.s .and canadian employees and their dependents .these programs require retiree contributions based on retiree-selected coverage levels for certain retirees and their dependents and provide for sharing of future benefit cost increases between ppg and participants based on management discretion .the company has the right to modify or terminate certain of these benefit plans in the future .salaried and certain hourly employees in the u.s .hired on or after october 1 , 2004 , or rehired on or after october 1 , 2012 are not eligible for postretirement medical benefits .salaried employees in the u.s .hired , rehired or transferred to salaried status on or after january 1 , 2006 , and certain u.s .hourly employees hired in 2006 or thereafter are eligible to participate in a defined contribution retirement plan .these employees are not eligible for defined benefit pension plan benefits .plan design changes in january 2011 , the company approved an amendment to one of its u.s .defined benefit pension plans that represented about 77% ( 77 % ) of the total u.s .projected benefit obligation at december 31 , 2011 .depending upon the affected employee's combined age and years of service to ppg , this change resulted in certain employees no longer accruing benefits under this plan as of december 31 , 2011 , while the remaining employees will no longer accrue benefits under this plan as of december 31 , 2020 .the affected employees will participate in the company 2019s defined contribution retirement plan from the date their benefit under the defined benefit plan is frozen .the company remeasured the projected benefit obligation of this amended plan , which lowered 2011 pension expense by approximately $ 12 million .the company made similar changes to certain other u.s .defined benefit pension plans in 2011 .the company recognized a curtailment loss and special termination benefits associated with these plan amendments of $ 5 million in 2011 .the company plans to continue reviewing and potentially changing other ppg defined benefit plans in the future .separation and merger of commodity chemicals business on january 28 , 2013 , ppg completed the separation of its commodity chemicals business and the merger of the subsidiary holding the ppg commodity chemicals business with a subsidiary of georgia gulf , as discussed in note 22 , 201cseparation and merger transaction . 201d ppg transferred the defined benefit pension plan and other postretirement benefit liabilities for the affected employees in the u.s. , canada , and taiwan in the separation resulting in a net partial settlement loss of $ 33 million notes to the consolidated financial statements .
|
what was the percentage change in the unrecognized tax benefits from 2011 to 2012?
|
-23%
|
{
"answer": "-23%",
"decimal": -0.23,
"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 , 201ccompany 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .1 .nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s .our network includes 32122 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 26042 miles and operate on the remainder pursuant to trackage rights or leases .we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico .export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders .the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment .although we provide and analyze revenue by commodity group , we treat the financial results of the railroad as one segment due to the integrated nature of our rail network .the following table provides freight revenue by commodity group: .
[['millions', '2017', '2016', '2015'], ['agricultural products', '$ 3685', '$ 3625', '$ 3581'], ['automotive', '1998', '2000', '2154'], ['chemicals', '3596', '3474', '3543'], ['coal', '2645', '2440', '3237'], ['industrial products', '4078', '3348', '3808'], ['intermodal', '3835', '3714', '4074'], ['total freight revenues', '$ 19837', '$ 18601', '$ 20397'], ['other revenues', '1403', '1340', '1416'], ['total operating revenues', '$ 21240', '$ 19941', '$ 21813']]
although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products we transport are outside the u.s .each of our commodity groups includes revenue from shipments to and from mexico .included in the above table are freight revenues from our mexico business which amounted to $ 2.3 billion in 2017 , $ 2.2 billion in 2016 , and $ 2.2 billion in 2015 .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 agricultural commodity group in 2017?
|
19%
|
{
"answer": "19%",
"decimal": 0.19,
"type": "percentage"
}
| |
regions .principal cost drivers include manufacturing efficiency , raw material and energy costs and freight costs .printing papers net sales for 2014 decreased 8% ( 8 % ) to $ 5.7 billion compared with $ 6.2 billion in 2013 and 8% ( 8 % ) compared with $ 6.2 billion in 2012 .operating profits in 2014 were 106% ( 106 % ) lower than in 2013 and 103% ( 103 % ) lower than in 2012 .excluding facility closure costs , impairment costs and other special items , operating profits in 2014 were 7% ( 7 % ) higher than in 2013 and 8% ( 8 % ) lower than in 2012 .benefits from higher average sales price realizations and a favorable mix ( $ 178 million ) , lower planned maintenance downtime costs ( $ 26 million ) , the absence of a provision for bad debt related to a large envelope customer that was booked in 2013 ( $ 28 million ) , and lower foreign exchange and other costs ( $ 25 million ) were offset by lower sales volumes ( $ 82 million ) , higher operating costs ( $ 49 million ) , higher input costs ( $ 47 million ) , and costs associated with the closure of our courtland , alabama mill ( $ 41 million ) .in addition , operating profits in 2014 include special items costs of $ 554 million associated with the closure of our courtland , alabama mill .during 2013 , the company accelerated depreciation for certain courtland assets , and evaluated certain other assets for possible alternative uses by one of our other businesses .the net book value of these assets at december 31 , 2013 was approximately $ 470 million .in the first quarter of 2014 , we completed our evaluation and concluded that there were no alternative uses for these assets .we recognized approximately $ 464 million of accelerated depreciation related to these assets in 2014 .operating profits in 2014 also include a charge of $ 32 million associated with a foreign tax amnesty program , and a gain of $ 20 million for the resolution of a legal contingency in india , while operating profits in 2013 included costs of $ 118 million associated with the announced closure of our courtland , alabama mill and a $ 123 million impairment charge associated with goodwill and a trade name intangible asset in our india papers business .printing papers .
[['in millions', '2014', '2013', '2012'], ['sales', '$ 5720', '$ 6205', '$ 6230'], ['operating profit ( loss )', '-16 ( 16 )', '271', '599']]
north american printing papers net sales were $ 2.1 billion in 2014 , $ 2.6 billion in 2013 and $ 2.7 billion in 2012 .operating profits in 2014 were a loss of $ 398 million ( a gain of $ 156 million excluding costs associated with the shutdown of our courtland , alabama mill ) compared with gains of $ 36 million ( $ 154 million excluding costs associated with the courtland mill shutdown ) in 2013 and $ 331 million in 2012 .sales volumes in 2014 decreased compared with 2013 due to lower market demand for uncoated freesheet paper and the closure our courtland mill .average sales price realizations were higher , reflecting sales price increases in both domestic and export markets .higher input costs for wood were offset by lower costs for chemicals , however freight costs were higher .planned maintenance downtime costs were $ 14 million lower in 2014 .operating profits in 2014 were negatively impacted by costs associated with the shutdown of our courtland , alabama mill but benefited from the absence of a provision for bad debt related to a large envelope customer that was recorded in 2013 .entering the first quarter of 2015 , sales volumes are expected to be stable compared with the fourth quarter of 2014 .average sales margins should improve reflecting a more favorable mix although average sales price realizations are expected to be flat .input costs are expected to be stable .planned maintenance downtime costs are expected to be about $ 16 million lower with an outage scheduled in the 2015 first quarter at our georgetown mill compared with outages at our eastover and riverdale mills in the 2014 fourth quarter .brazilian papers net sales for 2014 were $ 1.1 billion compared with $ 1.1 billion in 2013 and $ 1.1 billion in 2012 .operating profits for 2014 were $ 177 million ( $ 209 million excluding costs associated with a tax amnesty program ) compared with $ 210 million in 2013 and $ 163 million in 2012 .sales volumes in 2014 were about flat compared with 2013 .average sales price realizations improved for domestic uncoated freesheet paper due to the realization of price increases implemented in the second half of 2013 and in 2014 .margins were favorably affected by an increased proportion of sales to the higher-margin domestic market .raw material costs increased for wood and chemicals .operating costs were higher than in 2013 and planned maintenance downtime costs were flat .looking ahead to 2015 , sales volumes in the first quarter are expected to decrease due to seasonally weaker customer demand for uncoated freesheet paper .average sales price improvements are expected to reflect the partial realization of announced sales price increases in the brazilian domestic market for uncoated freesheet paper .input costs are expected to be flat .planned maintenance outage costs should be $ 5 million lower with an outage scheduled at the luiz antonio mill in the first quarter .european papers net sales in 2014 were $ 1.5 billion compared with $ 1.5 billion in 2013 and $ 1.4 billion in 2012 .operating profits in 2014 were $ 140 million compared with $ 167 million in 2013 and $ 179 million in compared with 2013 , sales volumes for uncoated freesheet paper in 2014 were slightly higher in both .
|
in 2014 what was the decrease in printing papers net sales in millions
|
500
|
{
"answer": "500",
"decimal": 500,
"type": "float"
}
| |
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', '2016', '2015', '2014'], ['cash provided by operating activities', '$ 7525', '$ 7344', '$ 7385'], ['cash used in investing activities', '-3393 ( 3393 )', '-4476 ( 4476 )', '-4249 ( 4249 )'], ['dividends paid', '-1879 ( 1879 )', '-2344 ( 2344 )', '-1632 ( 1632 )'], ['free cash flow', '$ 2253', '$ 524', '$ 1504']]
2017 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve .we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , training and employee engagement , quality control , and targeted capital investments .we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety .we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network .f0b7 network operations 2013 in 2017 , we will continue to align resources with customer demand , maintain an efficient network , and ensure surge capability with our assets .f0b7 fuel prices 2013 fuel price projections for crude oil and natural gas continue to fluctuate in the current environment .we again could see volatile fuel prices during the year , as they are sensitive to global and u.s .domestic demand , refining capacity , geopolitical events , weather conditions and other factors .as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail increases or decreases in fuel price by approximately two months .continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport .alternatively , lower fuel prices could likely have a negative impact on other commodities such as coal and domestic drilling-related shipments .f0b7 capital plan 2013 in 2017 , we expect our capital plan to be approximately $ 3.1 billion , including expenditures for ptc , approximately 60 locomotives scheduled to be delivered , and intermodal containers and chassis , and freight cars .the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels .we expect volume to grow in the low single digit range in 2017 compared to 2016 , but it will depend on the overall economy and market conditions .one of the more significant uncertainties is the outlook for energy markets , which will bring both challenges and opportunities .in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise .over the longer term , we expect the overall u.s .economy to continue to improve at a modest pace , with some markets outperforming others. .
|
what was the percentage of dividends paid to cash provided by operating activities in 2015?
|
32%
|
{
"answer": "32%",
"decimal": 0.32,
"type": "percentage"
}
| |
vertex pharmaceuticals incorporated notes to consolidated financial statements ( continued ) i .altus investment ( continued ) of the offering , held 450000 shares of redeemable preferred stock , which are not convertible into common stock and which are redeemable for $ 10.00 per share plus annual dividends of $ 0.50 per share , which have been accruing since the redeemable preferred stock was issued in 1999 , at vertex 2019s option on or after december 31 , 2010 , or by altus at any time .the company was restricted from trading altus securities for a period of six months following the initial public offering .when the altus securities trading restrictions expired , the company sold the 817749 shares of altus common stock for approximately $ 11.7 million , resulting in a realized gain of approximately $ 7.7 million in august 2006 .additionally when the restrictions expired , the company began accounting for the altus warrants as derivative instruments under the financial accounting standards board statement no .fas 133 , 201caccounting for derivative instruments and hedging activities 201d ( 201cfas 133 201d ) .in accordance with fas 133 , in the third quarter of 2006 , the company recorded the altus warrants on its consolidated balance sheet at a fair market value of $ 19.1 million and recorded an unrealized gain on the fair market value of the altus warrants of $ 4.3 million .in the fourth quarter of 2006 the company sold the altus warrants for approximately $ 18.3 million , resulting in a realized loss of $ 0.7 million .as a result of the company 2019s sales of altus common stock and altus warrrants in 2006 , the company recorded a realized gain on a sale of investment of $ 11.2 million .in accordance with the company 2019s policy , as outlined in note b , 201caccounting policies , 201d the company assessed its investment in altus , which it accounts for using the cost method , and determined that there had not been any adjustments to the fair values of that investment that would require the company to write down the investment basis of the asset , in 2005 and 2006 .the company 2019s cost basis carrying value in its outstanding equity and warrants of altus was $ 18.9 million at december 31 , 2005 .j .accrued expenses and other current liabilities accrued expenses and other current liabilities consist of the following at december 31 ( in thousands ) : k .commitments the company leases its facilities and certain equipment under non-cancelable operating leases .the company 2019s leases have terms through april 2018 .the term of the kendall square lease began january 1 , 2003 and lease payments commenced in may 2003 .the company had an obligation under the kendall square lease , staged through 2006 , to build-out the space into finished laboratory and office space .this lease will expire in 2018 , and the company has the option to extend the term for two consecutive terms of ten years each , ultimately expiring in 2038 .the company occupies and uses for its operations approximately 120000 square feet of the kendall square facility .the company has sublease arrangements in place for the remaining rentable square footage of the kendall square facility , with initial terms that expires in april 2011 and august 2012 .see note e , 201crestructuring 201d for further information. .
[['', '2006', '2005'], ['research and development contract costs', '$ 57761', '$ 20098'], ['payroll and benefits', '25115', '15832'], ['professional fees', '3848', '4816'], ['other', '4635', '1315'], ['total', '$ 91359', '$ 42061']]
research and development contract costs $ 57761 $ 20098 payroll and benefits 25115 15832 professional fees 3848 4816 4635 1315 $ 91359 $ 42061 .
|
in 2006 what was the percent of the recorded an unrealized gain on the fair market value of the altus warrants\\n
|
22.5%
|
{
"answer": "22.5%",
"decimal": 0.225,
"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 that operates in the united states .we have 32094 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 2009 2008 2007 .
[['millions of dollars', '2009', '2008', '2007'], ['agricultural', '$ 2666', '$ 3174', '$ 2605'], ['automotive', '854', '1344', '1458'], ['chemicals', '2102', '2494', '2287'], ['energy', '3118', '3810', '3134'], ['industrial products', '2147', '3273', '3077'], ['intermodal', '2486', '3023', '2925'], ['total freight revenues', '$ 13373', '$ 17118', '$ 15486'], ['other revenues', '770', '852', '797'], ['total operating revenues', '$ 14143', '$ 17970', '$ 16283']]
although our revenues are principally derived from customers domiciled in the united states , the ultimate points of origination or destination for some products transported are outside the united states .basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the united states of america ( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) .subsequent events evaluation 2013 we evaluated the effects of all subsequent events through february 5 , 2010 , the date of this report , which is concurrent with the date we file this report with the u.s .securities and exchange commission ( sec ) .2 .significant accounting policies change in accounting principle 2013 we have historically accounted for rail grinding costs as a capital asset .beginning in the first quarter of 2010 , we will change our accounting policy for rail grinding costs .
|
what percent of total freight revenues was the chemicals group in 2009?
|
16%
|
{
"answer": "16%",
"decimal": 0.16,
"type": "percentage"
}
| |
of global business , there are many transactions and calculations where the ultimate tax outcome is uncertain .some of these uncertainties arise as a consequence of cost reimbursement arrangements among related entities .although the company believes its estimates are reasonable , no assurance can be given that the final tax outcome of these matters will not be different than that which is reflected in the historical income tax provisions and accruals .such differences could have a material impact on the company 2019s income tax provision and operating results in the period in which such determination is made .on november 4 , 2007 ( the first day of its 2008 fiscal year ) , the company adopted new accounting principles on accounting for uncertain tax positions .these principles require companies to determine whether it is 201cmore likely than not 201d that a tax position will be sustained upon examination by the appropriate taxing authorities before any benefit can be recorded in the financial statements .an uncertain income tax position will not be recognized if it has less than a 50% ( 50 % ) likelihood of being sustained .there were no changes to the company 2019s liabilities for uncertain tax positions as a result of the adoption of these provisions .as of october 30 , 2010 and october 31 , 2009 , the company had a liability of $ 18.4 million and $ 18.2 million , respectively , for gross unrealized tax benefits , all of which , if settled in the company 2019s favor , would lower the company 2019s effective tax rate in the period recorded .in addition , as of october 30 , 2010 and october 31 , 2009 , the company had a liability of approximately $ 9.8 million and $ 8.0 million , respectively , for interest and penalties .the total liability as of october 30 , 2010 and october 31 , 2009 of $ 28.3 million and $ 26.2 million , respectively , for uncertain tax positions is classified as non-current , and is included in other non-current liabilities , because the company believes that the ultimate payment or settlement of these liabilities will not occur within the next twelve months .prior to the adoption of these provisions , these amounts were included in current income tax payable .the company includes interest and penalties related to unrecognized tax benefits within the provision for taxes in the condensed consolidated statements of income , and as a result , no change in classification was made upon adopting these provisions .the condensed consolidated statements of income for fiscal years 2010 , 2009 and 2008 include $ 1.8 million , $ 1.7 million and $ 1.3 million , respectively , of interest and penalties related to these uncertain tax positions .due to the complexity associated with its tax uncertainties , the company cannot make a reasonably reliable estimate as to the period in which it expects to settle the liabilities associated with these uncertain tax positions .the following table summarizes the changes in the total amounts of uncertain tax positions for fiscal 2008 through fiscal 2010. .
[['balance november 3 2007', '$ 9889'], ['additions for tax positions of 2008', '3861'], ['balance november 1 2008', '13750'], ['additions for tax positions of 2009', '4411'], ['balance october 31 2009', '18161'], ['additions for tax positions of 2010', '286'], ['balance october 30 2010', '$ 18447']]
fiscal years 2004 and 2005 irs examination during the fourth quarter of fiscal 2007 , the irs completed its field examination of the company 2019s fiscal years 2004 and 2005 .on january 2 , 2008 , the irs issued its report for fiscal 2004 and 2005 , which included proposed adjustments related to these two fiscal years .the company has recorded taxes and penalties related to certain of these proposed adjustments .there are four items with an additional potential total tax liability of $ 46 million .the company has concluded , based on discussions with its tax advisors , that these four items are not likely to result in any additional tax liability .therefore , the company has not recorded any additional tax liability for these items and is appealing these proposed adjustments through the normal processes for the resolution of differences between the irs and taxpayers .the company 2019s initial meetings with the appellate division of the irs were held during fiscal analog devices , inc .notes to consolidated financial statements 2014 ( continued ) .
|
what was the percentage increase of income for the fiscal years of 2008 to 2010?
|
38.5%
|
{
"answer": "38.5%",
"decimal": 0.385,
"type": "percentage"
}
|
to find the percentage increase of income for the years of 2008 to 2010 one must subtract these two years from each other and then divide the answer by the income for 2008 .
|
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 2008 to 2009?
|
-27
|
{
"answer": "-27",
"decimal": -27,
"type": "float"
}
| |
abiomed , inc .and subsidiaries notes to consolidated financial statements 2014 ( continued ) evidence of an arrangement exists , ( 2 ) delivery has occurred or services have been rendered , ( 3 ) the seller 2019s price to the buyer is fixed or determinable , and ( 4 ) collectibility is reasonably assured .further , sab 104 requires that both title and the risks and rewards of ownership be transferred to the buyer before revenue can be recognized .in addition to sab 104 , we follow the guidance of eitf 00-21 , revenue arrangements with multiple deliverables .we derive our revenues primarily from product sales , including maintenance service agreements .the great majority of our product revenues are derived from shipments of our ab5000 and bvs 5000 product lines to fulfill customer orders for a specified number of consoles and/or blood pumps for a specified price .we recognize revenues and record costs related to such sales upon product shipment .maintenance and service support contract revenues are recognized ratably over the term of the service contracts based upon the elapsed term of the service contract .government-sponsored research and development contracts and grants generally provide for payment on a cost-plus-fixed-fee basis .revenues from these contracts and grants are recognized as work is performed , provided the government has appropriated sufficient funds for the work .under contracts in which the company elects to spend significantly more on the development project during the term of the contract than the total contract amount , the company prospectively recognizes revenue on such contracts ratably over the term of the contract as it incurs related research and development costs , provided the government has appropriated sufficient funds for the work .( d ) translation of foreign currencies all assets and liabilities of the company 2019s non-u.s .subsidiaries are translated at year-end exchange rates , and revenues and expenses are translated at average exchange rates for the year in accordance with sfas no .52 , foreign currency translation .resulting translation adjustments are reflected in the accumulated other comprehensive loss component of shareholders 2019 equity .currency transaction gains and losses are included in the accompanying statement of income and are not material for the three years presented .( e ) warranties the company routinely accrues for estimated future warranty costs on its product sales at the time of sale .our products are subject to rigorous regulation and quality standards .warranty costs are included in cost of product revenues within the consolidated statements of operations .the following table summarizes the activities in the warranty reserve for the two fiscal years ended march 31 , 2006 ( in thousands ) .
[['', '2005', '2006'], ['balance at the beginning of the year', '$ 245', '$ 231'], ['accrual for warranties', '198', '193'], ['warranty expense incurred for the year', '-212 ( 212 )', '-257 ( 257 )'], ['balance at the end of the year', '$ 231', '$ 167']]
.
|
what was the percentage change in warranty reserve from 2005 to 2006?
|
-28%
|
{
"answer": "-28%",
"decimal": -0.28,
"type": "percentage"
}
| |
exchanged installment notes totaling approximately $ 4.8 billion and approximately $ 400 million of inter- national paper promissory notes for interests in enti- ties formed to monetize the notes .international paper determined that it was not the primary benefi- ciary of these entities , and therefore should not consolidate its investments in these entities .during 2006 , these entities acquired an additional $ 4.8 bil- lion of international paper debt securities for cash , resulting in a total of approximately $ 5.2 billion of international paper debt obligations held by these entities at december 31 , 2006 .since international paper has , and intends to affect , a legal right to offset its obligations under these debt instruments with its investments in the entities , international paper has offset $ 5.0 billion of interest in the entities against $ 5.0 billion of international paper debt obligations held by the entities as of december 31 , 2007 .international paper also holds variable interests in two financing entities that were used to monetize long-term notes received from sales of forestlands in 2002 and 2001 .see note 8 of the notes to consolidated financial statements in item 8 .financial statements and supplementary data for a further discussion of these transactions .capital resources outlook for 2008 international paper expects to be able to meet pro- jected capital expenditures , service existing debt and meet working capital and dividend requirements during 2008 through current cash balances and cash from operations , supplemented as required by its various existing credit facilities .international paper has approximately $ 2.5 billion of committed bank credit agreements , which management believes is adequate to cover expected operating cash flow variability during our industry 2019s economic cycles .the agreements generally provide for interest rates at a floating rate index plus a pre-determined margin dependent upon international paper 2019s credit rating .the agreements include a $ 1.5 billion fully commit- ted revolving bank credit agreement that expires in march 2011 and has a facility fee of 0.10% ( 0.10 % ) payable quarterly .these agreements also include up to $ 1.0 billion of available commercial paper-based financ- ings under a receivables securitization program that expires in october 2009 with a facility fee of 0.10% ( 0.10 % ) .at december 31 , 2007 , there were no borrowings under either the bank credit agreements or receiv- ables securitization program .the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows .funding decisions will be guided by our capi- tal structure planning objectives .the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense .the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors .the company was in compliance with all its debt covenants at december 31 , 2007 .principal financial covenants include maintenance of a minimum net worth , defined as the sum of common stock , paid-in capital and retained earnings , less treasury stock , plus any goodwill impairment charges , of $ 9 billion ; and a maximum total debt to capital ratio , defined as total debt divided by total debt plus net worth , of 60% ( 60 % ) .maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy .at december 31 , 2007 , the company held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) by standard & poor 2019s ( s&p ) and moody 2019s investor services ( moody 2019s ) , respectively .the company currently has short-term credit ratings by s&p and moody 2019s of a-2 and p-3 , respectively .contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2007 , were as follows : in millions 2008 2009 2010 2011 2012 thereafter maturities of long-term debt ( a ) $ 267 $ 1300 $ 1069 $ 396 $ 532 $ 3056 debt obligations with right of offset ( b ) 2013 2013 2013 2013 2013 5000 .
[['in millions', '2008', '2009', '2010', '2011', '2012', 'thereafter'], ['maturities of long-term debt ( a )', '$ 267', '$ 1300', '$ 1069', '$ 396', '$ 532', '$ 3056'], ['debt obligations with right of offset ( b )', '2013', '2013', '2013', '2013', '2013', '5000'], ['lease obligations', '136', '116', '101', '84', '67', '92'], ['purchase obligations ( c )', '1953', '294', '261', '235', '212', '1480'], ['total ( d )', '$ 2356', '$ 1710', '$ 1431', '$ 715', '$ 811', '$ 9628']]
( a ) total debt includes scheduled principal payments only .( b ) represents debt obligations borrowed from non-consolidated variable interest entities for which international paper has , and intends to affect , a legal right to offset these obligations with investments held in the entities .accordingly , in its con- solidated balance sheet at december 31 , 2007 , international paper has offset approximately $ 5.0 billion of interests in the entities against this $ 5.0 billion of debt obligations held by the entities ( see note 8 in the accompanying consolidated financial statements ) .( c ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the transformation plan forestland sales .( d ) not included in the above table are unrecognized tax benefits of approximately $ 280 million. .
|
during 2006 what was the initial debt balance prior to the issuance of additional international paper debt securities for cash
|
0.4
|
{
"answer": "0.4",
"decimal": 0.4,
"type": "float"
}
| |
long-term product offerings include alpha-seeking active and index strategies .our alpha-seeking active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile , and leverage fundamental research and quantitative models to drive portfolio construction .in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index .index strategies include both our non-etf index products and ishares etfs .although many clients use both alpha-seeking active and index strategies , the application of these strategies may differ .for example , clients may use index products to gain exposure to a market or asset class , or may use a combination of index strategies to target active returns .in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates .net flows in institutional index products generally have a small impact on blackrock 2019s revenues and earnings .equity year-end 2017 equity aum totaled $ 3.372 trillion , reflecting net inflows of $ 130.1 billion .net inflows included $ 174.4 billion into ishares etfs , driven by net inflows into core funds and broad developed and emerging market equities , partially offset by non-etf index and active net outflows of $ 25.7 billion and $ 18.5 billion , 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 u.s .equity strategies .accordingly , fluctuations in international equity markets , which may not consistently move in tandem with u.s .markets , have a greater impact on blackrock 2019s equity revenues and effective fee rate .fixed income fixed income aum ended 2017 at $ 1.855 trillion , reflecting net inflows of $ 178.8 billion .in 2017 , active net inflows of $ 21.5 billion were diversified across fixed income offerings , and included strong inflows into municipal , unconstrained and total return bond funds .ishares etfs net inflows of $ 67.5 billion were led by flows into core , corporate and treasury bond funds .non-etf index net inflows of $ 89.8 billion were driven by demand for liability-driven investment solutions .multi-asset blackrock 2019s multi-asset team manages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies 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 .component changes in multi-asset aum for 2017 are presented below .( in millions ) december 31 , net inflows ( outflows ) market change impact december 31 .
[['( in millions )', 'december 312016', 'net inflows ( outflows )', 'marketchange', 'fximpact', 'december 312017'], ['asset allocation and balanced', '$ 176675', '$ -2502 ( 2502 )', '$ 17387', '$ 4985', '$ 196545'], ['target date/risk', '149432', '23925', '24532', '1577', '199466'], ['fiduciary', '68395', '-1047 ( 1047 )', '7522', '8819', '83689'], ['futureadvisor ( 1 )', '505', '-46 ( 46 )', '119', '2014', '578'], ['total', '$ 395007', '$ 20330', '$ 49560', '$ 15381', '$ 480278']]
( 1 ) futureadvisor amounts do not include aum held in ishares etfs .multi-asset net inflows reflected ongoing institutional demand for our solutions-based advice with $ 18.9 billion of net inflows coming from institutional clients .defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 20.8 billion to institutional multi-asset net inflows in 2017 , primarily into target date and target risk product offerings .retail net inflows of $ 1.1 billion reflected demand for our multi-asset income fund family , which raised $ 5.8 billion in 2017 .the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 41% ( 41 % ) of multi-asset aum at year-end .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 .flagship products in this category include our global allocation and multi-asset income fund families .2022 target date and target risk products grew 16% ( 16 % ) organically in 2017 , with net inflows of $ 23.9 billion .institutional investors represented 93% ( 93 % ) of target date and target risk aum , with defined contribution plans accounting for 87% ( 87 % ) of aum .flows were driven by defined contribution investments in our lifepath offerings .lifepath products utilize a proprietary active asset allocation overlay model that seeks to balance risk and return over an investment horizon based on the investor 2019s expected retirement timing .underlying investments are primarily index products .2022 fiduciary management services are complex mandates in which pension plan sponsors or endowments and foundations retain blackrock to assume responsibility for some or all aspects of investment 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. .
|
what is the percentage change in the balance of target date/risk from 2016 to 2017?
|
33.5%
|
{
"answer": "33.5%",
"decimal": 0.335,
"type": "percentage"
}
| |
the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows .funding decisions will be guided by our capital structure planning objectives .the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense .the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors .maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy .at december 31 , 2015 , the company held long-term credit ratings of bbb ( stable outlook ) and baa2 ( stable outlook ) by s&p and moody 2019s , respectively .contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2015 , were as follows: .
[['in millions', '2015', '2016', '2017', '2018', '2019', 'thereafter'], ['maturities of long-term debt ( a )', '$ 426', '$ 43', '$ 811', '$ 427', '$ 183', '$ 7436'], ['lease obligations', '118', '95', '72', '55', '41', '128'], ['purchase obligations ( b )', '3001', '541', '447', '371', '358', '1579'], ['total ( c )', '$ 3545', '$ 679', '$ 1330', '$ 853', '$ 582', '$ 9143']]
( a ) total debt includes scheduled principal payments only .( b ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business .( c ) not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax benefits of approximately $ 101 million .we consider the undistributed earnings of our foreign subsidiaries as of december 31 , 2015 , to be indefinitely reinvested and , accordingly , no u.s .income taxes have been provided thereon .as of december 31 , 2015 , the amount of cash associated with indefinitely reinvested foreign earnings was approximately $ 600 million .we do not anticipate the need to repatriate funds to the united states to satisfy domestic liquidity needs arising in the ordinary course of business , including liquidity needs associated with our domestic debt service requirements .pension obligations and funding at december 31 , 2015 , the projected benefit obligation for the company 2019s u.s .defined benefit plans determined under u.s .gaap was approximately $ 3.5 billion higher than the fair value of plan assets .approximately $ 3.2 billion of this amount relates to plans that are subject to minimum funding requirements .under current irs funding rules , the calculation of minimum funding requirements differs from the calculation of the present value of plan benefits ( the projected benefit obligation ) for accounting purposes .in december 2008 , the worker , retiree and employer recovery act of 2008 ( wera ) was passed by the u.s .congress which provided for pension funding relief and technical corrections .funding contributions depend on the funding method selected by the company , and the timing of its implementation , as well as on actual demographic data and the targeted funding level .the company continually reassesses the amount and timing of any discretionary contributions and elected to make contributions totaling $ 750 million and $ 353 million for the years ended december 31 , 2015 and 2014 , respectively .at this time , we do not expect to have any required contributions to our plans in 2016 , although the company may elect to make future voluntary contributions .the timing and amount of future contributions , which could be material , will depend on a number of factors , including the actual earnings and changes in values of plan assets and changes in interest rates .international paper has announced a voluntary , limited-time opportunity for former employees who are participants in the retirement plan of international paper company ( the pension plan ) to request early payment of their entire pension plan benefit in the form of a single lump sum payment .eligible participants who wish to receive the lump sum payment must make an election between february 29 and april 29 , 2016 , and payment is scheduled to be made on or before june 30 , 2016 .all payments will be made from the pension plan trust assets .the target population has a total liability of $ 3.0 billion .the amount of the total payments will depend on the participation rate of eligible participants , but is expected to be approximately $ 1.5 billion .based on the expected level of payments , settlement accounting rules will apply in the period in which the payments are made .this will result in a plan remeasurement and the recognition in earnings of a pro-rata portion of unamortized net actuarial loss .ilim holding s.a .shareholder 2019s agreement in october 2007 , in connection with the formation of the ilim holding s.a .joint venture , international paper entered into a shareholder 2019s agreement that includes provisions relating to the reconciliation of disputes among the partners .this agreement was amended on may 7 , 2014 .pursuant to the amended agreement , beginning on january 1 , 2017 , either the company or its partners may commence certain procedures specified under the deadlock provisions .if these or any other deadlock provisions are commenced , the company may in certain situations , choose to purchase its partners 2019 50% ( 50 % ) interest in ilim .any such transaction would be subject to review and approval by russian and other relevant antitrust authorities .any such purchase by international paper would result in the consolidation of ilim 2019s financial position and results of operations in all subsequent periods. .
|
in 2018 what was the percent of the long-term debt maturities as part of the total contractual obligations for future payments
|
50.1%
|
{
"answer": "50.1%",
"decimal": 0.501,
"type": "percentage"
}
| |
adequacy of our provision for income taxes , we regularly assess the likelihood of adverse outcomes resulting from tax examinations .while it is often difficult to predict the final outcome or the timing of the resolution of a tax examination , our reserves for uncertain tax benefits reflect the outcome of tax positions that are more likely than not to occur .while we believe that we have complied with all applicable tax laws , there can be no assurance that a taxing authority will not have a different interpretation of the law and assess us with additional taxes .should additional taxes be assessed , this may result in a material adverse effect on our results of operations and financial condition .item 1b .unresolved staff comments we have no unresolved sec staff comments to report .item 2 .properties as of december 31 , 2018 , we owned or leased 126 major manufacturing sites and 15 major technical centers .a manufacturing site may include multiple plants and may be wholly or partially owned or leased .we also have many smaller manufacturing sites , sales offices , warehouses , engineering centers , joint ventures and other investments strategically located throughout the world .we have a presence in 44 countries .the following table shows the regional distribution of our major manufacturing sites by the operating segment that uses such facilities : north america europe , middle east & africa asia pacific south america total .
[['', 'north america', 'europemiddle east& africa', 'asia pacific', 'south america', 'total'], ['signal and power solutions', '45', '33', '33', '5', '116'], ['advanced safety and user experience', '2', '5', '3', '2014', '10'], ['total', '47', '38', '36', '5', '126']]
in addition to these manufacturing sites , we had 15 major technical centers : eight in north america ; two in europe , middle east and africa ; and five in asia pacific .of our 126 major manufacturing sites and 15 major technical centers , which include facilities owned or leased by our consolidated subsidiaries , 61 are primarily owned and 80 are primarily leased .we frequently review our real estate portfolio and develop footprint strategies to support our customers 2019 global plans , while at the same time supporting our technical needs and controlling operating expenses .we believe our evolving portfolio will meet current and anticipated future needs .item 3 .legal proceedings we are from time to time subject to various actions , claims , suits , government investigations , and other proceedings incidental to our business , including those arising out of alleged defects , breach of contracts , competition and antitrust matters , product warranties , intellectual property matters , personal injury claims and employment-related matters .it is our opinion that the outcome of such matters will not have a material adverse impact on our consolidated financial position , results of operations , or cash flows .with respect to warranty matters , although we cannot ensure that the future costs of warranty claims by customers will not be material , we believe our established reserves are adequate to cover potential warranty settlements .however , the final amounts required to resolve these matters could differ materially from our recorded estimates .brazil matters aptiv conducts business operations in brazil that are subject to the brazilian federal labor , social security , environmental , tax and customs laws , as well as a variety of state and local laws .while aptiv believes it complies with such laws , they are complex , subject to varying interpretations , and the company is often engaged in litigation with government agencies regarding the application of these laws to particular circumstances .as of december 31 , 2018 , the majority of claims asserted against aptiv in brazil relate to such litigation .the remaining claims in brazil relate to commercial and labor litigation with private parties .as of december 31 , 2018 , claims totaling approximately $ 145 million ( using december 31 , 2018 foreign currency rates ) have been asserted against aptiv in brazil .as of december 31 , 2018 , the company maintains accruals for these asserted claims of $ 30 million ( using december 31 , 2018 foreign currency rates ) .the amounts accrued represent claims that are deemed probable of loss and are reasonably estimable based on the company 2019s analyses and assessment of the asserted claims and prior experience with similar matters .while the company believes its accruals are adequate , the final amounts required to resolve these matters could differ materially from the company 2019s recorded estimates and aptiv 2019s results of .
|
considering the asia pacific , what is the percentage of the signal and power solutions segment among all segments?
|
91.67%
|
{
"answer": "91.67%",
"decimal": 0.9167000000000001,
"type": "percentage"
}
|
it is the number of sites related to signal and power solutions divided by the total number of sites , then turned into a percentage .
|
comparison of cumulative return among lkq corporation , the nasdaq stock market ( u.s. ) index and the peer group .
[['', '12/31/2007', '12/31/2008', '12/31/2009', '12/31/2010', '12/31/2011', '12/31/2012'], ['lkq corporation', '$ 100', '$ 55', '$ 93', '$ 108', '$ 143', '$ 201'], ['nasdaq stock market ( u.s. ) index', '$ 100', '$ 59', '$ 86', '$ 100', '$ 98', '$ 114'], ['peer group', '$ 100', '$ 83', '$ 100', '$ 139', '$ 187', '$ 210']]
this stock performance information is "furnished" and shall not be deemed to be "soliciting material" or subject to rule 14a , shall not be deemed "filed" for purposes of section 18 of the securities exchange act of 1934 or otherwise subject to the liabilities of that section , and shall not be deemed incorporated by reference in any filing under the securities act of 1933 or the securities exchange act of 1934 , whether made before or after the date of this report and irrespective of any general incorporation by reference language in any such filing , except to the extent that it specifically incorporates the information by reference .information about our common stock that may be issued under our equity compensation plans as of december 31 , 2012 included in part iii , item 12 of this annual report on form 10-k is incorporated herein by reference. .
|
based on the review of the comparison of the cumulative return among lkq corporation , what was the performance ratio the nasdaq stock to the lqk corporation in 2018
|
0.69
|
{
"answer": "0.69",
"decimal": 0.69,
"type": "float"
}
| |
new term loan a facility , with the remaining unpaid principal amount of loans under the new term loan a facility due and payable in full at maturity on june 6 , 2021 .principal amounts outstanding under the new revolving loan facility are due and payable in full at maturity on june 6 , 2021 , subject to earlier repayment pursuant to the springing maturity date described above .in addition to paying interest on outstanding principal under the borrowings , we are obligated to pay a quarterly commitment fee at a rate determined by reference to a total leverage ratio , with a maximum commitment fee of 40% ( 40 % ) of the applicable margin for eurocurrency loans .in july 2016 , breakaway four , ltd. , as borrower , and nclc , as guarantor , entered into a supplemental agreement , which amended the breakaway four loan to , among other things , increase the aggregate principal amount of commitments under the multi-draw term loan credit facility from 20ac590.5 million to 20ac729.9 million .in june 2016 , we took delivery of seven seas explorer .to finance the payment due upon delivery , we had export credit financing in place for 80% ( 80 % ) of the contract price .the associated $ 373.6 million term loan bears interest at 3.43% ( 3.43 % ) with a maturity date of june 30 , 2028 .principal and interest payments shall be paid semiannually .in december 2016 , nclc issued $ 700.0 million aggregate principal amount of 4.750% ( 4.750 % ) senior unsecured notes due december 2021 ( the 201cnotes 201d ) in a private offering ( the 201coffering 201d ) at par .nclc used the net proceeds from the offering , after deducting the initial purchasers 2019 discount and estimated fees and expenses , together with cash on hand , to purchase its outstanding 5.25% ( 5.25 % ) senior notes due 2019 having an aggregate outstanding principal amount of $ 680 million .the redemption of the 5.25% ( 5.25 % ) senior notes due 2019 was completed in january 2017 .nclc will pay interest on the notes at 4.750% ( 4.750 % ) per annum , semiannually on june 15 and december 15 of each year , commencing on june 15 , 2017 , to holders of record at the close of business on the immediately preceding june 1 and december 1 , respectively .nclc may redeem the notes , in whole or part , at any time prior to december 15 , 2018 , at a price equal to 100% ( 100 % ) of the principal amount of the notes redeemed plus accrued and unpaid interest to , but not including , the redemption date and a 201cmake-whole premium . 201d nclc may redeem the notes , in whole or in part , on or after december 15 , 2018 , at the redemption prices set forth in the indenture governing the notes .at any time ( which may be more than once ) on or prior to december 15 , 2018 , nclc may choose to redeem up to 40% ( 40 % ) of the aggregate principal amount of the notes at a redemption price equal to 104.750% ( 104.750 % ) of the face amount thereof with an amount equal to the net proceeds of one or more equity offerings , so long as at least 60% ( 60 % ) of the aggregate principal amount of the notes issued remains outstanding following such redemption .the indenture governing the notes contains covenants that limit nclc 2019s ability ( and its restricted subsidiaries 2019 ability ) to , among other things : ( i ) incur or guarantee additional indebtedness or issue certain preferred shares ; ( ii ) pay dividends and make certain other restricted payments ; ( iii ) create restrictions on the payment of dividends or other distributions to nclc from its restricted subsidiaries ; ( iv ) create liens on certain assets to secure debt ; ( v ) make certain investments ; ( vi ) engage in transactions with affiliates ; ( vii ) engage in sales of assets and subsidiary stock ; and ( viii ) transfer all or substantially all of its assets or enter into merger or consolidation transactions .the indenture governing the notes also provides for events of default , which , if any of them occurs , would permit or require the principal , premium ( if any ) , interest and other monetary obligations on all of the then-outstanding notes to become due and payable immediately .interest expense , net for the year ended december 31 , 2016 was $ 276.9 million which included $ 34.7 million of amortization of deferred financing fees and a $ 27.7 million loss on extinguishment of debt .interest expense , net for the year ended december 31 , 2015 was $ 221.9 million which included $ 36.7 million of amortization of deferred financing fees and a $ 12.7 million loss on extinguishment of debt .interest expense , net for the year ended december 31 , 2014 was $ 151.8 million which included $ 32.3 million of amortization of deferred financing fees and $ 15.4 million of expenses related to financing transactions in connection with the acquisition of prestige .certain of our debt agreements contain covenants that , among other things , require us to maintain a minimum level of liquidity , as well as limit our net funded debt-to-capital ratio , maintain certain other ratios and restrict our ability to pay dividends .substantially all of our ships and other property and equipment are pledged as collateral for certain of our debt .we believe we were in compliance with these covenants as of december 31 , 2016 .the following are scheduled principal repayments on long-term debt including capital lease obligations as of december 31 , 2016 for each of the next five years ( in thousands ) : .
[['year', 'amount'], ['2017', '$ 560193'], ['2018', '554846'], ['2019', '561687'], ['2020', '1153733'], ['2021', '2193823'], ['thereafter', '1490322'], ['total', '$ 6514604']]
we had an accrued interest liability of $ 32.5 million and $ 34.2 million as of december 31 , 2016 and 2015 , respectively. .
|
in december 2016 the nclc issued senior unsecured notes due december 2021 , what is the payment they will receive on december 2021?
|
$ 733.35 million
|
{
"answer": "$ 733.35 million",
"decimal": 733350000,
"type": "money"
}
|
to find the total amount the company will be paid , one has to multiple the initial loan by the amount of interest and then add the interest to the initial amount .
|
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