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9 .lease commitments the company leases certain land , facilities , equipment and software under various operating leases that expire at various dates through 2057 .the lease agreements frequently include renewal and escalation clauses and require the company to pay taxes , insurance and maintenance costs .total rental expense under operating leases was approximatelya $ 92.3 million in fiscal 2019 , $ 84.9 million in fiscal 2018 and $ 58.8 million in fiscal 2017 .the following is a schedule of futureff minimum rental payments required under long-term operating leases at november 2 , 2019 : operating fiscal years leases .
[['fiscal years', 'operating leases'], ['2020', '$ 79789'], ['2021', '67993'], ['2022', '40338'], ['2023', '37673'], ['2024', '32757'], ['later years', '190171'], ['total', '$ 448721']]
10 .commitments and contingencies from time to time , in the ordinary course of the company 2019s business , various claims , charges and litigation are asserted or commenced against the company arising from , or related to , among other things , contractual matters , patents , trademarks , personal injury , environmental matters , product liability , insurance coverage , employment or employment benefits .as to such claims and litigation , the company can give no assurance that it will prevail .the company does not believe that any current legal matters will have a material adverse effect on the company 2019s financial position , results of operations or cash flows .11 .retirement plans the company and its subsidiaries have various savings and retirement plans covering substantially all employees .defined contribution plans the company maintains a defined contribution plan for the benefit of its eligible u.s .employees .this plan provides for company contributions of up to 5% ( 5 % ) of each participant 2019s total eligible compensation .in addition , the company contributes an amount equal to each participant 2019s pre-tax contribution , if any , up to a maximum of 3% ( 3 % ) of each participant 2019s total eligible compensation .the total expense related to the defined contribution plans for u.s .employees was $ 47.7 million in fiscal 2019 , $ 41.4 million in fiscal 2018 and $ 35.8 million in fiscal 2017 .non-qualified deferred compensation plan the deferred compensation plan ( dcp ) allows certain members of management and other highly-compensated employees and non-employee directors to defer receipt of all or any portion of their compensation .the dcp was established to provide participants with the opportunity to defer receiving all or a portion of their compensation , which includes salary , bonus , commissions and director fees .under the dcp , the company provides all participants ( other than non-employee directors ) with company contributions equal to 8% ( 8 % ) of eligible deferred contributions .the dcp is a non-qualified plan that is maintained in a rabbi trust .the fair value of the investments held in the rabbi trust are presented separately as deferred compensation plan investments , with the current portion of the investment included in prepaid expenses and other current assets in the consolidated balance sheets .see note 2j , fair value , for further information on these investments .the deferred compensation obligation represents dcp participant accumulated deferrals and earnings thereon since the inception of the dcp net of withdrawals .the deferred compensation obligation is presented separately as deferred compensation plan liability , with the current portion of the obligation in accrued liabilities in the consolidated balance sheets .the company 2019s liability under the dcp is an unsecured general obligation of the company .analog devices , inc .notes to consolidated financial statements 2014 ( continued ) .
|
what percentage has renting lease expenses increased from 2017 to 2019?
|
57%
|
{
"answer": "57%",
"decimal": 0.57,
"type": "percentage"
}
|
to find the answer one must look at line 4 where it states the lease expenses for the years of 20172018 , and 2019 . then one must take the 2019 and 2017 lease expenses and subtract them from each other . then divide the answer by the 2017 lease expenses .
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the following table presents the net periodic pension and opeb cost/ ( benefit ) for the years ended december 31 : millions 2013 2012 2011 2010 .
[['millions', 'est.2013', '2012', '2011', '2010'], ['net periodic pension cost', '$ 111', '$ 89', '$ 78', '$ 51'], ['net periodic opeb cost/ ( benefit )', '15', '13', '-6 ( 6 )', '-14 ( 14 )']]
our net periodic pension cost is expected to increase to approximately $ 111 million in 2013 from $ 89 million in 2012 .the increase is driven mainly by a decrease in the discount rate to 3.78% ( 3.78 % ) , our net periodic opeb expense is expected to increase to approximately $ 15 million in 2013 from $ 13 million in 2012 .the increase in our net periodic opeb cost is primarily driven by a decrease in the discount rate to 3.48% ( 3.48 % ) .cautionary information certain statements in this report , and statements in other reports or information filed or to be filed with the sec ( as well as information included in oral statements or other written statements made or to be made by us ) , are , or will be , forward-looking statements as defined by the securities act of 1933 and the securities exchange act of 1934 .these forward-looking statements and information include , without limitation , ( a ) statements in the ceo 2019s letter preceding part i ; statements regarding planned capital expenditures under the caption 201c2013 capital expenditures 201d in item 2 of part i ; statements regarding dividends in item 5 ; and statements and information set forth under the captions 201c2013 outlook 201d and 201cliquidity and capital resources 201d in this item 7 , and ( b ) any other statements or information in this report ( including information incorporated herein by reference ) regarding : expectations as to financial performance , revenue growth and cost savings ; the time by which goals , targets , or objectives will be achieved ; projections , predictions , expectations , estimates , or forecasts as to our business , financial and operational results , future economic performance , and general economic conditions ; expectations as to operational or service performance or improvements ; expectations as to the effectiveness of steps taken or to be taken to improve operations and/or service , including capital expenditures for infrastructure improvements and equipment acquisitions , any strategic business acquisitions , and modifications to our transportation plans ( including statements set forth in item 2 as to expectations related to our planned capital expenditures ) ; expectations as to existing or proposed new products and services ; expectations as to the impact of any new regulatory activities or legislation on our operations or financial results ; estimates of costs relating to environmental remediation and restoration ; estimates and expectations regarding tax matters ; expectations that claims , litigation , environmental costs , commitments , contingent liabilities , labor negotiations or agreements , or other matters will not have a material adverse effect on our consolidated results of operations , financial condition , or liquidity and any other similar expressions concerning matters that are not historical facts .forward-looking statements may be identified by their use of forward-looking terminology , such as 201cbelieves , 201d 201cexpects , 201d 201cmay , 201d 201cshould , 201d 201cwould , 201d 201cwill , 201d 201cintends , 201d 201cplans , 201d 201cestimates , 201d 201canticipates , 201d 201cprojects 201d and similar words , phrases or expressions .forward-looking statements should not be read as a guarantee of future performance or results , and will not necessarily be accurate indications of the times that , or by which , such performance or results will be achieved .forward-looking statements and information are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements and information .forward-looking statements and information reflect the good faith consideration by management of currently available information , and may be based on underlying assumptions believed to be reasonable under the circumstances .however , such information and assumptions ( and , therefore , such forward-looking statements and information ) are or may be subject to variables or unknown or unforeseeable events or circumstances over which management has little or no influence or control .the risk factors in item 1a of this report could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in any forward-looking statements or information .to the extent circumstances require or we deem it otherwise necessary , we will update or amend these risk factors in a form 10-q , form 8-k or subsequent form 10-k .all forward-looking statements are qualified by , and should be read in conjunction with , these risk factors .forward-looking statements speak only as of the date the statement was made .we assume no obligation to update forward-looking information to reflect actual results , changes in assumptions or changes in other factors affecting forward-looking information .if we do update one or more forward-looking .
|
what is the estimated growth rate in net periodic pension cost from 2012 to 2013?
|
24.7%
|
{
"answer": "24.7%",
"decimal": 0.247,
"type": "percentage"
}
| |
note 9 2014 benefit plans the company has defined benefit pension plans covering certain employees in the united states and certain international locations .postretirement healthcare and life insurance benefits provided to qualifying domestic retirees as well as other postretirement benefit plans in international countries are not material .the measurement date used for the company 2019s employee benefit plans is september 30 .effective january 1 , 2018 , the legacy u.s .pension plan was frozen to limit the participation of employees who are hired or re-hired by the company , or who transfer employment to the company , on or after january 1 , net pension cost for the years ended september 30 included the following components: .
[['( millions of dollars )', 'pension plans 2019', 'pension plans 2018', 'pension plans 2017'], ['service cost', '$ 134', '$ 136', '$ 110'], ['interest cost', '107', '90', '61'], ['expected return on plan assets', '( 180 )', '( 154 )', '( 112 )'], ['amortization of prior service credit', '( 13 )', '( 13 )', '( 14 )'], ['amortization of loss', '78', '78', '92'], ['settlements', '10', '2', '2014'], ['net pension cost', '$ 135', '$ 137', '$ 138'], ['net pension cost included in the preceding table that is attributable to international plans', '$ 32', '$ 34', '$ 43']]
net pension cost included in the preceding table that is attributable to international plans $ 32 $ 34 $ 43 the amounts provided above for amortization of prior service credit and amortization of loss represent the reclassifications of prior service credits and net actuarial losses that were recognized in accumulated other comprehensive income ( loss ) in prior periods .the settlement losses recorded in 2019 and 2018 primarily included lump sum benefit payments associated with the company 2019s u.s .supplemental pension plan .the company recognizes pension settlements when payments from the supplemental plan exceed the sum of service and interest cost components of net periodic pension cost associated with this plan for the fiscal year .as further discussed in note 2 , upon adopting an accounting standard update on october 1 , 2018 , all components of the company 2019s net periodic pension and postretirement benefit costs , aside from service cost , are recorded to other income ( expense ) , net on its consolidated statements of income , for all periods presented .notes to consolidated financial statements 2014 ( continued ) becton , dickinson and company .
|
what is the average net pension cost for 2017-2019 , in millions?
|
136.67
|
{
"answer": "136.67",
"decimal": 136.67,
"type": "float"
}
| |
at december 31 , 2012 and 2011 , we had a working capital surplus .this reflects a strong cash position , which provides enhanced liquidity in an uncertain economic environment .in addition , we believe we have adequate access to capital markets to meet any foreseeable cash requirements , and we have sufficient financial capacity to satisfy our current liabilities .cash flows millions 2012 2011 2010 .
[['cash flowsmillions', '2012', '2011', '2010'], ['cash provided by operating activities', '$ 6161', '$ 5873', '$ 4105'], ['cash used in investing activities', '-3633 ( 3633 )', '-3119 ( 3119 )', '-2488 ( 2488 )'], ['cash used in financing activities', '-2682 ( 2682 )', '-2623 ( 2623 )', '-2381 ( 2381 )'], ['net change in cash and cashequivalents', '$ -154 ( 154 )', '$ 131', '$ -764 ( 764 )']]
operating activities higher net income in 2012 increased cash provided by operating activities compared to 2011 , partially offset by lower tax benefits from bonus depreciation ( as explained below ) and payments for past wages based on national labor negotiations settled earlier this year .higher net income and lower cash income tax payments in 2011 increased cash provided by operating activities compared to 2010 .the tax relief , unemployment insurance reauthorization , and job creation act of 2010 provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 , and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012 .as a result of the act , the company deferred a substantial portion of its 2011 income tax expense .this deferral decreased 2011 income tax payments , thereby contributing to the positive operating cash flow .in future years , however , additional cash will be used to pay income taxes that were previously deferred .in addition , the adoption of a new accounting standard in january of 2010 changed the accounting treatment for our receivables securitization facility from a sale of undivided interests ( recorded as an operating activity ) to a secured borrowing ( recorded as a financing activity ) , which decreased cash provided by operating activities by $ 400 million in 2010 .investing activities higher capital investments in 2012 drove the increase in cash used in investing activities compared to 2011 .included in capital investments in 2012 was $ 75 million for the early buyout of 165 locomotives under long-term operating and capital leases during the first quarter of 2012 , which we exercised due to favorable economic terms and market conditions .higher capital investments partially offset by higher proceeds from asset sales in 2011 drove the increase in cash used in investing activities compared to 2010. .
|
what was the change in millions of cash provided by operating activities from 2011 to 2012?
|
288
|
{
"answer": "288",
"decimal": 288,
"type": "float"
}
| |
credit rating fall below investment grade , the value of the outstanding undivided interest held by investors would be reduced , and , in certain cases , the investors would have the right to discontinue the facility .the railroad collected approximately $ 20.1 billion and $ 18.8 billion of receivables during the years ended december 31 , 2012 and 2011 , respectively .upri used certain of these proceeds to purchase new receivables under the facility .the costs of the receivables securitization facility include interest , which will vary based on prevailing commercial paper rates , program fees paid to banks , commercial paper issuing costs , and fees for unused commitment availability .the costs of the receivables securitization facility are included in interest expense and were $ 3 million , $ 4 million and $ 6 million for 2012 , 2011 and 2010 , respectively .the investors have no recourse to the railroad 2019s other assets , except for customary warranty and indemnity claims .creditors of the railroad do not have recourse to the assets of upri .in july 2012 , the receivables securitization facility was renewed for an additional 364-day period at comparable terms and conditions .subsequent event 2013 on january 2 , 2013 , we transferred an additional $ 300 million in undivided interest to investors under the receivables securitization facility , increasing the value of the outstanding undivided interest held by investors from $ 100 million to $ 400 million .contractual obligations and commercial commitments as described in the notes to the consolidated financial statements and as referenced in the tables below , we have contractual obligations and commercial commitments that may affect our financial condition .based on our assessment of the underlying provisions and circumstances of our contractual obligations and commercial commitments , including material sources of off-balance sheet and structured finance arrangements , other than the risks that we and other similarly situated companies face with respect to the condition of the capital markets ( as described in item 1a of part ii of this report ) , there is no known trend , demand , commitment , event , or uncertainty that is reasonably likely to occur that would have a material adverse effect on our consolidated results of operations , financial condition , or liquidity .in addition , our commercial obligations , financings , and commitments are customary transactions that are similar to those of other comparable corporations , particularly within the transportation industry .the following tables identify material obligations and commitments as of december 31 , 2012 : payments due by december 31 , contractual obligations after millions total 2013 2014 2015 2016 2017 2017 other .
[['contractual obligationsmillions', 'total', 'payments due by december 31 2013', 'payments due by december 31 2014', 'payments due by december 31 2015', 'payments due by december 31 2016', 'payments due by december 31 2017', 'payments due by december 31 after2017', 'payments due by december 31 other'], ['debt [a]', '$ 12637', '$ 507', '$ 904', '$ 632', '$ 769', '$ 900', '$ 8925', '$ -'], ['operating leases [b]', '4241', '525', '466', '410', '375', '339', '2126', '-'], ['capital lease obligations [c]', '2441', '282', '265', '253', '232', '243', '1166', '-'], ['purchase obligations [d]', '5877', '3004', '1238', '372', '334', '213', '684', '32'], ['other post retirement benefits [e]', '452', '43', '44', '45', '45', '46', '229', '-'], ['income tax contingencies [f]', '115', '-', '-', '-', '-', '-', '-', '115'], ['total contractualobligations', '$ 25763', '$ 4361', '$ 2917', '$ 1712', '$ 1755', '$ 1741', '$ 13130', '$ 147']]
[a] excludes capital lease obligations of $ 1848 million and unamortized discount of $ ( 365 ) million .includes an interest component of $ 5123 million .[b] includes leases for locomotives , freight cars , other equipment , and real estate .[c] represents total obligations , including interest component of $ 593 million .[d] purchase obligations include locomotive maintenance contracts ; purchase commitments for fuel purchases , locomotives , ties , ballast , and rail ; and agreements to purchase other goods and services .for amounts where we cannot reasonably estimate the year of settlement , they are reflected in the other column .[e] includes estimated other post retirement , medical , and life insurance payments , payments made under the unfunded pension plan for the next ten years .[f] future cash flows for income tax contingencies reflect the recorded liabilities and assets for unrecognized tax benefits , including interest and penalties , as of december 31 , 2012 .for amounts where the year of settlement is uncertain , they are reflected in the other column. .
|
what percentage of total material obligations and commitments as of december 31 , 2012 are operating leases?
|
16%
|
{
"answer": "16%",
"decimal": 0.16,
"type": "percentage"
}
| |
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 2008 to 2009?
|
-18.8%
|
{
"answer": "-18.8%",
"decimal": -0.188,
"type": "percentage"
}
| |
82 | 2017 form 10-k a reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions , including positions impacting only the timing of tax benefits , follows .reconciliation of unrecognized tax benefits:1 years a0ended a0december a031 .
[['( millions of dollars )', 'years ended december 31 , 2017', 'years ended december 31 , 2016'], ['balance at january 1,', '$ 1032', '$ 968'], ['additions for tax positions related to current year', '270', '73'], ['additions for tax positions related to prior years', '20', '55'], ['reductions for tax positions related to prior years', '-27 ( 27 )', '-36 ( 36 )'], ['reductions for settlements2', '-9 ( 9 )', '-24 ( 24 )'], ['reductions for expiration of statute of limitations', '2014', '-4 ( 4 )'], ['balance at december 31,', '$ 1286', '$ 1032'], ['amount that if recognized would impact the effective tax rate', '$ 1209', '$ 963']]
1 foreign currency impacts are included within each line as applicable .2 includes cash payment or other reduction of assets to settle liability .we classify interest and penalties on income taxes as a component of the provision for income taxes .we recognized a net provision for interest and penalties of $ 38 million , $ 34 million and $ 20 million during the years ended december 31 , 2017 , 2016 and 2015 , respectively .the total amount of interest and penalties accrued was $ 157 million and $ 120 million as of december a031 , 2017 and 2016 , respectively .on january 31 , 2018 , we received a revenue agent 2019s report from the irs indicating the end of the field examination of our u.s .income tax returns for 2010 to 2012 .in the audits of 2007 to 2012 including the impact of a loss carryback to 2005 , the irs has proposed to tax in the united states profits earned from certain parts transactions by csarl , based on the irs examination team 2019s application of the 201csubstance-over-form 201d or 201cassignment-of-income 201d judicial doctrines .we are vigorously contesting the proposed increases to tax and penalties for these years of approximately $ 2.3 billion .we believe that the relevant transactions complied with applicable tax laws and did not violate judicial doctrines .we have filed u.s .income tax returns on this same basis for years after 2012 .based on the information currently available , we do not anticipate a significant increase or decrease to our unrecognized tax benefits for this matter within the next 12 months .we currently believe the ultimate disposition of this matter will not have a material adverse effect on our consolidated financial position , liquidity or results of operations .with the exception of a loss carryback to 2005 , tax years prior to 2007 are generally no longer subject to u.s .tax assessment .in our major non-u.s .jurisdictions including australia , brazil , china , germany , japan , mexico , switzerland , singapore and the u.k. , tax years are typically subject to examination for three to ten years .due to the uncertainty related to the timing and potential outcome of audits , we cannot estimate the range of reasonably possible change in unrecognized tax benefits in the next 12 months. .
|
what is the percentage change net provision for interest and penalties from 2015 to 2016?
|
70.0%
|
{
"answer": "70.0%",
"decimal": 0.7,
"type": "percentage"
}
| |
management 2019s discussion and analysis of financial condition and results of operations comcast corporation and subsidiaries28 comcast corporation and subsidiaries the exchangeable notes varies based upon the fair market value of the security to which it is indexed .the exchangeable notes are collateralized by our investments in cablevision , microsoft and vodafone , respectively .the comcast exchangeable notes are collateralized by our class a special common stock held in treasury .we have settled and intend in the future to settle all of the comcast exchangeable notes using cash .during 2004 and 2003 , we settled an aggregate of $ 847 million face amount and $ 638 million face amount , respectively , of our obligations relating to our notes exchangeable into comcast stock by delivering cash to the counterparty upon maturity of the instruments , and the equity collar agreements related to the underlying shares expired or were settled .during 2004 and 2003 , we settled $ 2.359 billion face amount and $ 1.213 billion face amount , respectively , of our obligations relating to our exchangeable notes by delivering the underlying shares of common stock to the counterparty upon maturity of the investments .as of december 31 , 2004 , our debt includes an aggregate of $ 1.699 billion of exchangeable notes , including $ 1.645 billion within current portion of long-term debt .as of december 31 , 2004 , the securities we hold collateralizing the exchangeable notes were sufficient to substantially satisfy the debt obligations associated with the outstanding exchangeable notes .stock repurchases .during 2004 , under our board-authorized , $ 2 billion share repurchase program , we repurchased 46.9 million shares of our class a special common stock for $ 1.328 billion .we expect such repurchases to continue from time to time in the open market or in private transactions , subject to market conditions .refer to notes 8 and 10 to our consolidated financial statements for a discussion of our financing activities .investing activities net cash used in investing activities from continuing operations was $ 4.512 billion for the year ended december 31 , 2004 , and consists primarily of capital expenditures of $ 3.660 billion , additions to intangible and other noncurrent assets of $ 628 million and the acquisition of techtv for approximately $ 300 million .capital expenditures .our most significant recurring investing activity has been and is expected to continue to be capital expendi- tures .the following table illustrates the capital expenditures we incurred in our cable segment during 2004 and expect to incur in 2005 ( dollars in millions ) : .
[['', '2004', '2005'], ['deployment of cable modems digital converters and new service offerings', '$ 2106', '$ 2300'], ['upgrading of cable systems', '902', '200'], ['recurring capital projects', '614', '500'], ['total cable segment capital expenditures', '$ 3622', '$ 3000']]
the amount of our capital expenditures for 2005 and for subsequent years will depend on numerous factors , some of which are beyond our control , including competition , changes in technology and the timing and rate of deployment of new services .additions to intangibles .additions to intangibles during 2004 primarily relate to our investment in a $ 250 million long-term strategic license agreement with gemstar , multiple dwelling unit contracts of approximately $ 133 million and other licenses and software intangibles of approximately $ 168 million .investments .proceeds from sales , settlements and restructurings of investments totaled $ 228 million during 2004 , related to the sales of our non-strategic investments , including our 20% ( 20 % ) interest in dhc ventures , llc ( discovery health channel ) for approximately $ 149 million .we consider investments that we determine to be non-strategic , highly-valued , or both to be a source of liquidity .we consider our investment in $ 1.5 billion in time warner common-equivalent preferred stock to be an anticipated source of liquidity .we do not have any significant contractual funding commitments with respect to any of our investments .refer to notes 6 and 7 to our consolidated financial statements for a discussion of our investments and our intangible assets , respectively .off-balance sheet arrangements we do not have any significant off-balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition , results of operations , liquidity , capital expenditures or capital resources. .
|
what was the approximate sum of the addition to our intangibles in 2004 in millions
|
551
|
{
"answer": "551",
"decimal": 551,
"type": "float"
}
| |
17 .leases we lease certain locomotives , freight cars , and other property .the consolidated statements of financial position as of december 31 , 2016 , and 2015 included $ 1997 million , net of $ 1121 million of accumulated depreciation , and $ 2273 million , net of $ 1189 million of accumulated depreciation , respectively , for properties held under capital leases .a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2016 , were as follows : millions operating leases capital leases .
[['millions', 'operatingleases', 'capitalleases'], ['2017', '$ 461', '$ 221'], ['2018', '390', '193'], ['2019', '348', '179'], ['2020', '285', '187'], ['2021', '245', '158'], ['later years', '1314', '417'], ['total minimum lease payments', '$ 3043', '$ 1355'], ['amount representing interest', 'n/a', '-250 ( 250 )'], ['present value of minimum lease payments', 'n/a', '$ 1105']]
approximately 96% ( 96 % ) of capital lease payments relate to locomotives .rent expense for operating leases with terms exceeding one month was $ 535 million in 2016 , $ 590 million in 2015 , and $ 593 million in 2014 .when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .contingent rentals and sub-rentals are not significant .18 .commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries .we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity .to the extent possible , we have recorded a liability where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated .we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters .personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year .we use an actuarial analysis to measure the expense and liability , including unasserted claims .the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents .under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements .we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work .our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments .approximately 94% ( 94 % ) of the recorded liability is related to asserted claims and approximately 6% ( 6 % ) is related to unasserted claims at december 31 , 2016 .because of the uncertainty surrounding the ultimate outcome of personal injury claims , it is reasonably possible that future costs to settle these claims may range from approximately $ 290 million to $ 317 million .we record an accrual at the low end of the range as no amount of loss within the range is more probable than any other .estimates can vary over time due to evolving trends in litigation. .
|
the total minimum payments for operating leases is what percentage of total minimum payments for capital leases?
|
224.6%
|
{
"answer": "224.6%",
"decimal": 2.246,
"type": "percentage"
}
| |
maintenance and contract expenses incurred by our subsidiaries for external transportation services ) ; materials used to maintain the railroad 2019s lines , structures , and equipment ; costs of operating facilities jointly used by uprr and other railroads ; transportation and lodging for train crew employees ; trucking and contracting costs for intermodal containers ; leased automobile maintenance expenses ; and tools and supplies .expenses for contract services increased $ 103 million in 2012 versus 2011 , primarily due to increased demand for transportation services purchased by our logistics subsidiaries for their customers and additional costs for repair and maintenance of locomotives and freight cars .expenses for contract services increased $ 106 million in 2011 versus 2010 , driven by volume-related external transportation services incurred by our subsidiaries , and various other types of contractual services , including flood-related repairs , mitigation and improvements .volume-related crew transportation and lodging costs , as well as expenses associated with jointly owned operating facilities , also increased costs compared to 2010 .in addition , an increase in locomotive maintenance materials used to prepare a portion of our locomotive fleet for return to active service due to increased volume and additional capacity for weather related issues and warranty expirations increased expenses in 2011 .depreciation 2013 the majority of depreciation relates to road property , including rail , ties , ballast , and other track material .a higher depreciable asset base , reflecting ongoing capital spending , increased depreciation expense in 2012 compared to 2011 .a higher depreciable asset base , reflecting ongoing capital spending , increased depreciation expense in 2011 compared to 2010 .higher depreciation rates for rail and other track material also contributed to the increase .the higher rates , which became effective january 1 , 2011 , resulted primarily from increased track usage ( based on higher gross ton-miles in 2010 ) .equipment and other rents 2013 equipment and other rents expense primarily includes rental expense that the railroad pays for freight cars owned by other railroads or private companies ; freight car , intermodal , and locomotive leases ; and office and other rent expenses .increased automotive and intermodal shipments , partially offset by improved car-cycle times , drove an increase in our short-term freight car rental expense in 2012 .conversely , lower locomotive lease expense partially offset the higher freight car rental expense .costs increased in 2011 versus 2010 as higher short-term freight car rental expense and container lease expense offset lower freight car and locomotive lease expense .other 2013 other expenses include personal injury , freight and property damage , destruction of equipment , insurance , environmental , bad debt , state and local taxes , utilities , telephone and cellular , employee travel , computer software , and other general expenses .other costs in 2012 were slightly higher than 2011 primarily due to higher property taxes .despite continual improvement in our safety experience and lower estimated annual costs , personal injury expense increased in 2012 compared to 2011 , as the liability reduction resulting from historical claim experience was less than the reduction in 2011 .higher property taxes , casualty costs associated with destroyed equipment , damaged freight and property and environmental costs increased other costs in 2011 compared to 2010 .a one-time payment of $ 45 million in the first quarter of 2010 related to a transaction with csxi and continued improvement in our safety performance and lower estimated liability for personal injury , which reduced our personal injury expense year-over-year , partially offset increases in other costs .non-operating items millions 2012 2011 2010 % ( % ) change 2012 v 2011 % ( % ) change 2011 v 2010 .
[['millions', '2012', '2011', '2010', '% ( % ) change 2012 v 2011', '% ( % ) change 2011 v 2010'], ['other income', '$ 108', '$ 112', '$ 54', '( 4 ) % ( % )', '107% ( 107 % )'], ['interest expense', '-535 ( 535 )', '-572 ( 572 )', '-602 ( 602 )', '-6 ( 6 )', '-5 ( 5 )'], ['income taxes', '-2375 ( 2375 )', '-1972 ( 1972 )', '-1653 ( 1653 )', '20% ( 20 % )', '19% ( 19 % )']]
other income 2013 other income decreased in 2012 versus 2011 due to lower gains from real estate sales and higher environmental costs associated with non-operating properties , partially offset by an interest payment from a tax refund. .
|
what was the change in other income from 2011 to 2012 in millions?
|
-4
|
{
"answer": "-4",
"decimal": -4,
"type": "float"
}
| |
analog devices , inc .notes to consolidated financial statements 2014 ( continued ) depreciation expense for property , plant and equipment was $ 134.5 million , $ 130.1 million and $ 114.1 million in fiscal 2016 , 2015 and 2014 , respectively .the company reviews property , plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable .recoverability of these assets is determined by comparison of their carrying amount to the future undiscounted cash flows the assets are expected to generate over their remaining economic lives .if such assets are considered to be impaired , the impairment to be recognized in earnings equals the amount by which the carrying value of the assets exceeds their fair value determined by either a quoted market price , if any , or a value determined by utilizing a discounted cash flow technique .if such assets are not impaired , but their useful lives have decreased , the remaining net book value is depreciated over the revised useful life .we have not recorded any material impairment charges related to our property , plant and equipment in fiscal 2016 , fiscal 2015 or fiscal 2014 .f .goodwill and intangible assets goodwill the company evaluates goodwill for impairment annually , as well as whenever events or changes in circumstances suggest that the carrying value of goodwill may not be recoverable .the company tests goodwill for impairment at the reporting unit level ( operating segment or one level below an operating segment ) on an annual basis on the first day of the fourth quarter ( on or about august 1 ) or more frequently if indicators of impairment exist .for the company 2019s latest annual impairment assessment that occurred as of july 31 , 2016 , the company identified its reporting units to be its seven operating segments .the performance of the test involves a two-step process .the first step of the quantitative impairment test involves comparing the fair values of the applicable reporting units with their aggregate carrying values , including goodwill .the company determines the fair value of its reporting units using a weighting of the income and market approaches .under the income approach , the company uses a discounted cash flow methodology which requires management to make significant estimates and assumptions related to forecasted revenues , gross profit margins , operating income margins , working capital cash flow , perpetual growth rates , and long-term discount rates , among others .for the market approach , the company uses the guideline public company method .under this method the company utilizes information from comparable publicly traded companies with similar operating and investment characteristics as the reporting units , to create valuation multiples that are applied to the operating performance of the reporting unit being tested , in order to obtain their respective fair values .in order to assess the reasonableness of the calculated reporting unit fair values , the company reconciles the aggregate fair values of its reporting units determined , as described above , to its current market capitalization , allowing for a reasonable control premium .if the carrying amount of a reporting unit , calculated using the above approaches , exceeds the reporting unit 2019s fair value , the company performs the second step of the goodwill impairment test to determine the amount of impairment loss .the second step of the goodwill impairment test involves comparing the implied fair value of the affected reporting unit 2019s goodwill with the carrying value of that reporting unit .there was no impairment of goodwill in any of the fiscal years presented .the company 2019s next annual impairment assessment will be performed as of the first day of the fourth quarter of the fiscal year ending october 28 , 2017 ( fiscal 2017 ) unless indicators arise that would require the company to reevaluate at an earlier date .the following table presents the changes in goodwill during fiscal 2016 and fiscal 2015: .
[['', '2016', '2015'], ['balance at beginning of year', '$ 1636526', '$ 1642438'], ['acquisition of hittite ( note 6 ) ( 1 )', '2014', '-1105 ( 1105 )'], ['goodwill adjustment related to other acquisitions ( 2 )', '44046', '3663'], ['foreign currency translation adjustment', '-1456 ( 1456 )', '-8470 ( 8470 )'], ['balance at end of year', '$ 1679116', '$ 1636526']]
( 1 ) amount in fiscal 2015 represents changes to goodwill as a result of finalizing the acquisition accounting related to the hittite acquisition .( 2 ) represents goodwill related to other acquisitions that were not material to the company on either an individual or aggregate basis .intangible assets the company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of assets may not be recoverable .recoverability of these assets is determined by comparison of their carrying value to the estimated future undiscounted cash flows the assets are expected to generate over their remaining .
|
how much money can be deducted from income taxes from the 2014 to 2016 , not counting goodwill and intangible assets?
|
$ 378.7 million
|
{
"answer": "$ 378.7 million",
"decimal": 378700000,
"type": "money"
}
|
depreciation expenses are able to be deducted from future income taxes therefore based on line 2 the total amount of depreciated expenses was $ 378.7 million . this was found by adding up the total depreciation expenses for 20142015 , and 2016
|
operating expenses millions 2014 2013 2012 % ( % ) change 2014 v 2013 % ( % ) change 2013 v 2012 .
[['millions', '2014', '2013', '2012', '% ( % ) change 2014 v 2013', '% ( % ) change 2013 v 2012'], ['compensation and benefits', '$ 5076', '$ 4807', '$ 4685', '6% ( 6 % )', '3% ( 3 % )'], ['fuel', '3539', '3534', '3608', '-', '-2 ( 2 )'], ['purchased services and materials', '2558', '2315', '2143', '10', '8'], ['depreciation', '1904', '1777', '1760', '7', '1'], ['equipment and other rents', '1234', '1235', '1197', '-', '3'], ['other', '924', '849', '788', '9', '8'], ['total', '$ 15235', '$ 14517', '$ 14181', '5% ( 5 % )', '2% ( 2 % )']]
operating expenses increased $ 718 million in 2014 versus 2013 .volume-related expenses , incremental costs associated with operating a slower network , depreciation , wage and benefit inflation , and locomotive and freight car materials contributed to the higher costs .lower fuel price partially offset these increases .in addition , there were approximately $ 35 million of weather related costs in the first quarter of operating expenses increased $ 336 million in 2013 versus 2012 .wage and benefit inflation , new logistics management fees and container costs for our automotive business , locomotive overhauls , property taxes and repairs on jointly owned property contributed to higher expenses during the year .lower fuel prices partially offset the cost increases .compensation and benefits 2013 compensation and benefits include wages , payroll taxes , health and welfare costs , pension costs , other postretirement benefits , and incentive costs .volume-related expenses , including training , and a slower network increased our train and engine work force , which , along with general wage and benefit inflation , drove increased wages .weather-related costs in the first quarter of 2014 also increased costs .general wages and benefits inflation , including increased pension and other postretirement benefits , and higher work force levels drove the increases in 2013 versus 2012 .the impact of ongoing productivity initiatives partially offset these increases .fuel 2013 fuel includes locomotive fuel and gasoline for highway and non-highway vehicles and heavy equipment .volume growth of 7% ( 7 % ) , as measured by gross ton-miles , drove the increase in fuel expense .this was essentially offset by lower locomotive diesel fuel prices , which averaged $ 2.97 per gallon ( including taxes and transportation costs ) in 2014 , compared to $ 3.15 in 2013 , along with a slight improvement in fuel consumption rate , computed as gallons of fuel consumed divided by gross ton-miles .lower locomotive diesel fuel prices , which averaged $ 3.15 per gallon ( including taxes and transportation costs ) in 2013 , compared to $ 3.22 in 2012 , decreased expenses by $ 75 million .volume , as measured by gross ton-miles , decreased 1% ( 1 % ) while the fuel consumption rate , computed as gallons of fuel consumed divided by gross ton-miles , increased 2% ( 2 % ) compared to 2012 .declines in heavier , more fuel-efficient coal shipments drove the variances in gross-ton-miles and the fuel consumption rate .purchased services and materials 2013 expense for purchased services and materials includes the costs of services purchased from outside contractors and other service providers ( including equipment maintenance and contract expenses incurred by our subsidiaries for external transportation services ) ; materials used to maintain the railroad 2019s lines , structures , and equipment ; costs of operating facilities jointly used by uprr and other railroads ; transportation and lodging for train crew employees ; trucking and contracting costs for intermodal containers ; leased automobile maintenance expenses ; and tools and supplies .expenses for purchased services increased 8% ( 8 % ) compared to 2013 primarily due to volume- 2014 operating expenses .
|
what percentage of total operating expenses was fuel in 2013?
|
24%
|
{
"answer": "24%",
"decimal": 0.24,
"type": "percentage"
}
| |
entering 2006 , industrial packaging earnings are expected to improve significantly in the first quarter compared with the fourth quarter 2005 .average price realizations should continue to benefit from price in- creases announced in late 2005 and early 2006 for linerboard and domestic boxes .containerboard sales volumes are expected to drop slightly in the 2006 first quarter due to fewer shipping days , but growth is antici- pated for u.s .converted products due to stronger de- mand .costs for wood , freight and energy are expected to remain stable during the 2006 first quarter , approach- ing fourth quarter 2005 levels .the continued im- plementation of the new supply chain model at our mills during 2006 will bring additional efficiency improve- ments and cost savings .on a global basis , the european container operating results are expected to improve as a result of targeted market growth and cost reduction ini- tiatives , and we will begin seeing further contributions from our recent moroccan box plant acquisition and from international paper distribution limited .consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and gen- eral economic activity .in addition to prices and volumes , major factors affecting the profitability of con- sumer packaging are raw material and energy costs , manufacturing efficiency and product mix .consumer packaging 2019s 2005 net sales of $ 2.6 bil- lion were flat compared with 2004 and 5% ( 5 % ) higher com- pared with 2003 .operating profits in 2005 declined 22% ( 22 % ) from 2004 and 31% ( 31 % ) from 2003 as improved price realizations ( $ 46 million ) and favorable operations in the mills and converting operations ( $ 60 million ) could not overcome the impact of cost increases in energy , wood , polyethylene and other raw materials ( $ 120 million ) , lack-of-order downtime ( $ 13 million ) and other costs ( $ 8 million ) .consumer packaging in millions 2005 2004 2003 .
[['in millions', '2005', '2004', '2003'], ['sales', '$ 2590', '$ 2605', '$ 2465'], ['operating profit', '$ 126', '$ 161', '$ 183']]
bleached board net sales of $ 864 million in 2005 were up from $ 842 million in 2004 and $ 751 million in 2003 .the effects in 2005 of improved average price realizations and mill operating improvements were not enough to offset increased energy , wood , polyethylene and other raw material costs , a slight decrease in volume and increased lack-of-order downtime .bleached board mills took 100000 tons of downtime in 2005 , including 65000 tons of lack-of-order downtime , compared with 40000 tons of downtime in 2004 , none of which was market related .during 2005 , restructuring and manufacturing improvement plans were implemented to reduce costs and improve market alignment .foodservice net sales were $ 437 million in 2005 compared with $ 480 million in 2004 and $ 460 million in 2003 .average sales prices in 2005 were up 3% ( 3 % ) ; how- ever , domestic cup and lid sales volumes were 5% ( 5 % ) lower than in 2004 as a result of a rationalization of our cus- tomer base early in 2005 .operating profits in 2005 in- creased 147% ( 147 % ) compared with 2004 , largely due to the settlement of a lawsuit and a favorable adjustment on the sale of the jackson , tennessee bag plant .excluding unusual items , operating profits were flat as improved price realizations offset increased costs for bleached board and resin .shorewood net sales of $ 691 million in 2005 were essentially flat with net sales in 2004 of $ 687 million , but were up compared with $ 665 million in 2003 .operating profits in 2005 were 17% ( 17 % ) above 2004 levels and about equal to 2003 levels .improved margins resulting from a rationalization of the customer mix and the effects of improved manufacturing operations , including the successful start up of our south korean tobacco operations , more than offset cost increases for board and paper and the impact of unfavorable foreign exchange rates in canada .beverage packaging net sales were $ 597 million in 2005 , $ 595 million in 2004 and $ 589 million in 2003 .average sale price realizations increased 2% ( 2 % ) compared with 2004 , principally the result of the pass-through of higher raw material costs , although the implementation of price increases continues to be impacted by com- petitive pressures .operating profits were down 14% ( 14 % ) compared with 2004 and 19% ( 19 % ) compared with 2003 , due principally to increases in board and resin costs .in 2006 , the bleached board market is expected to remain strong , with sales volumes increasing in the first quarter compared with the fourth quarter of 2005 for both folding carton and cup products .improved price realizations are also expected for bleached board and in our foodservice and beverage packaging businesses , al- though continued high costs for energy , wood and resin will continue to negatively impact earnings .shorewood should continue to benefit from strong asian operations and from targeted sales volume growth in 2006 .capital improvements and operational excellence initiatives undertaken in 2005 should benefit operating results in 2006 for all businesses .distribution our distribution business , principally represented by our xpedx business , markets a diverse array of products and supply chain services to customers in many business segments .customer demand is generally sensitive to changes in general economic conditions , although the .
|
what was the average shorewood net sales from 2003 to 2005 in millions
|
681
|
{
"answer": "681",
"decimal": 681,
"type": "float"
}
| |
the following is a schedule of future minimum rental payments required under long-term operating leases at october 30 , 2010 : fiscal years operating leases .
[['fiscal years', 'operating leases'], ['2011', '$ 21871'], ['2012', '12322'], ['2013', '9078'], ['2014', '6381'], ['2015', '5422'], ['later years', '30655'], ['total', '$ 85729']]
12 .commitments and contingencies from time to time in the ordinary course of the company 2019s business , various claims , charges and litigation are asserted or commenced against the company arising from , or related to , contractual matters , patents , trademarks , personal injury , environmental matters , product liability , insurance coverage and personnel and employment disputes .as to such claims and litigation , the company can give no assurance that it will prevail .the company does not believe that any current legal matters will have a material adverse effect on the company 2019s financial position , results of operations or cash flows .13 .retirement plans the company and its subsidiaries have various savings and retirement plans covering substantially all employees .the company maintains a defined contribution plan for the benefit of its eligible u.s .employees .this plan provides for company contributions of up to 5% ( 5 % ) of each participant 2019s total eligible compensation .in addition , the company contributes an amount equal to each participant 2019s pre-tax contribution , if any , up to a maximum of 3% ( 3 % ) of each participant 2019s total eligible compensation .the total expense related to the defined contribution plan for u.s .employees was $ 20.5 million in fiscal 2010 , $ 21.5 million in fiscal 2009 and $ 22.6 million in fiscal 2008 .the company also has various defined benefit pension and other retirement plans for certain non-u.s .employees that are consistent with local statutory requirements and practices .the total expense related to the various defined benefit pension and other retirement plans for certain non-u.s .employees was $ 11.7 million in fiscal 2010 , $ 10.9 million in fiscal 2009 and $ 13.9 million in fiscal 2008 .during fiscal 2009 , the measurement date of the plan 2019s funded status was changed from september 30 to the company 2019s fiscal year end .non-u.s .plan disclosures the company 2019s funding policy for its foreign defined benefit pension plans is consistent with the local requirements of each country .the plans 2019 assets consist primarily of u.s .and non-u.s .equity securities , bonds , property and cash .the benefit obligations and related assets under these plans have been measured at october 30 , 2010 and october 31 , 2009 .analog devices , inc .notes to consolidated financial statements 2014 ( continued ) .
|
what was the total expense related to contribution plans from 2008 to 2010
|
$ 101.1 million
|
{
"answer": "$ 101.1 million",
"decimal": 101100000,
"type": "money"
}
|
the way to find the answer is to take the total expense related contributions for both the us and non-us and add them together . then take all 3 years totals and add them together .
|
at december 31 , 2013 , total future minimum commitments under existing non-cancelable operating leases and purchase obligations were as follows: .
[['in millions', '2014', '2015', '2016', '2017', '2018', 'thereafter'], ['lease obligations', '$ 171', '$ 133', '$ 97', '$ 74', '$ 59', '$ 162'], ['purchase obligations ( a )', '3170', '770', '642', '529', '453', '2404'], ['total', '$ 3341', '$ 903', '$ 739', '$ 603', '$ 512', '$ 2566']]
( a ) includes $ 3.3 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business .rent expense was $ 215 million , $ 231 million and $ 205 million for 2013 , 2012 and 2011 , respectively .guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , international paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters .where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction .environmental proceedings international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , including the comprehensive environmental response , compensation and liability act ( cercla ) .many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources .while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties .remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable .international paper has estimated the probable liability associated with these matters to be approximately $ 94 million in the aggregate at december 31 , 2013 .cass lake : one of the matters referenced above is a closed wood treating facility located in cass lake , minnesota .during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a site remediation feasibility study .in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million .the overall remediation reserve for the site is currently $ 51 million to address this selection of an alternative for the soil remediation component of the overall site remedy .in october 2011 , the epa released a public statement indicating that the final soil remedy decision would be delayed .in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean-up alternative , the remediation costs could be material , and significantly higher than amounts currently recorded .in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to perform a natural resource damage assessment .it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred .other : in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 42 million at december 31 , 2013 .other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements .kalamazoo river : the company is a potentially responsible party with respect to the allied paper , inc./ portage creek/kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan .the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the kalamazoo river , including a paper mill formerly owned by st .regis paper company ( st .regis ) .the company is a successor in interest to st .regis .the company has not received any orders from the epa with respect to the site and continues to collect information from the epa and other parties relative to the site to evaluate the extent of its liability , if any , with respect to the site .accordingly , it is premature to estimate a loss or range of loss with respect to this site .also in connection with the kalamazoo river superfund site , the company was named as a defendant by georgia-pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the site .the suit seeks contribution under cercla for $ 79 million in costs purportedly expended by plaintiffs as of the filing of the complaint and for future remediation costs .the suit alleges that a mill , during the time it was allegedly owned and operated by st .regis , discharged pcb contaminated solids and paper residuals resulting from paper de-inking and recycling .also named as defendants in the suit are ncr corporation and weyerhaeuser company .in mid-2011 , the suit was transferred from the district court for the eastern district of wisconsin to the district court for the western .
|
what was the cumulative rent expense from 2011 to 2013
|
651
|
{
"answer": "651",
"decimal": 651,
"type": "float"
}
| |
areas exceeding 14.1 million acres ( 5.7 million hectares ) .products and brand designations appearing in italics are trademarks of international paper or a related company .industry segment results industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods production , as well as with demand for processed foods , poultry , meat and agricultural products .in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , manufacturing efficiency and product mix .industrial packaging net sales and operating profits include the results of the temple-inland packaging operations from the date of acquisition in february 2012 and the results of the brazil packaging business from the date of acquisition in january 2013 .in addition , due to the acquisition of a majority share of olmuksa international paper sabanci ambalaj sanayi ve ticaret a.s. , ( now called olmuksan international paper or olmuksan ) net sales for our corrugated packaging business in turkey are included in the business segment totals beginning in the first quarter of 2013 and the operating profits reflect a higher ownership percentage than in previous years .net sales for 2013 increased 12% ( 12 % ) to $ 14.8 billion compared with $ 13.3 billion in 2012 , and 42% ( 42 % ) compared with $ 10.4 billion in 2011 .operating profits were 69% ( 69 % ) higher in 2013 than in 2012 and 57% ( 57 % ) higher than in 2011 .excluding costs associated with the acquisition and integration of temple-inland , the divestiture of three containerboard mills and other special items , operating profits in 2013 were 36% ( 36 % ) higher than in 2012 and 59% ( 59 % ) higher than in 2011 .benefits from the net impact of higher average sales price realizations and an unfavorable mix ( $ 749 million ) were offset by lower sales volumes ( $ 73 million ) , higher operating costs ( $ 64 million ) , higher maintenance outage costs ( $ 16 million ) and higher input costs ( $ 102 million ) .additionally , operating profits in 2013 include costs of $ 62 million associated with the integration of temple-inland , a gain of $ 13 million related to a bargain purchase adjustment on the acquisition of a majority share of our operations in turkey , and a net gain of $ 1 million for other items , while operating profits in 2012 included costs of $ 184 million associated with the acquisition and integration of temple-inland , mill divestiture costs of $ 91 million , costs associated with the restructuring of our european packaging business of $ 17 million and a $ 3 million gain for other items .industrial packaging .
[['in millions', '2013', '2012', '2011'], ['sales', '$ 14810', '$ 13280', '$ 10430'], ['operating profit', '1801', '1066', '1147']]
north american industrial packaging net sales were $ 12.5 billion in 2013 compared with $ 11.6 billion in 2012 and $ 8.6 billion in 2011 .operating profits in 2013 were $ 1.8 billion ( both including and excluding costs associated with the integration of temple-inland and other special items ) compared with $ 1.0 billion ( $ 1.3 billion excluding costs associated with the acquisition and integration of temple-inland and mill divestiture costs ) in 2012 and $ 1.1 billion ( both including and excluding costs associated with signing an agreement to acquire temple-inland ) in 2011 .sales volumes decreased in 2013 compared with 2012 reflecting flat demand for boxes and the impact of commercial decisions .average sales price realizations were significantly higher mainly due to the realization of price increases for domestic containerboard and boxes .input costs were higher for wood , energy and recycled fiber .freight costs also increased .planned maintenance downtime costs were higher than in 2012 .manufacturing operating costs decreased , but were offset by inflation and higher overhead and distribution costs .the business took about 850000 tons of total downtime in 2013 of which about 450000 were market- related and 400000 were maintenance downtime .in 2012 , the business took about 945000 tons of total downtime of which about 580000 were market-related and about 365000 were maintenance downtime .operating profits in 2013 included $ 62 million of costs associated with the integration of temple-inland .operating profits in 2012 included $ 184 million of costs associated with the acquisition and integration of temple-inland and $ 91 million of costs associated with the divestiture of three containerboard mills .looking ahead to 2014 , compared with the fourth quarter of 2013 , sales volumes in the first quarter are expected to increase for boxes due to a higher number of shipping days offset by the impact from the severe winter weather events impacting much of the u.s .input costs are expected to be higher for energy , recycled fiber , wood and starch .planned maintenance downtime spending is expected to be about $ 51 million higher with outages scheduled at six mills compared with four mills in the 2013 fourth quarter .manufacturing operating costs are expected to be lower .however , operating profits will be negatively impacted by the adverse winter weather in the first quarter of 2014 .emea industrial packaging net sales in 2013 include the sales of our packaging operations in turkey which are now fully consolidated .net sales were $ 1.3 billion in 2013 compared with $ 1.0 billion in 2012 and $ 1.1 billion in 2011 .operating profits in 2013 were $ 43 million ( $ 32 .
|
what was the increase in net sales in billions in 2013
|
1.776
|
{
"answer": "1.776",
"decimal": 1.776,
"type": "float"
}
| |
compared with $ 6.2 billion in 2013 .operating profits in 2015 were significantly higher than in both 2014 and 2013 .excluding facility closure costs , impairment costs and other special items , operating profits in 2015 were 3% ( 3 % ) lower than in 2014 and 4% ( 4 % ) higher than in 2013 .benefits from lower input costs ( $ 18 million ) , lower costs associated with the closure of our courtland , alabama mill ( $ 44 million ) and favorable foreign exchange ( $ 33 million ) were offset by lower average sales price realizations and mix ( $ 52 million ) , lower sales volumes ( $ 16 million ) , higher operating costs ( $ 18 million ) and higher planned maintenance downtime costs ( $ 26 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', '2015', '2014', '2013'], ['sales', '$ 5031', '$ 5720', '$ 6205'], ['operating profit ( loss )', '533', '-16 ( 16 )', '271']]
north american printing papers net sales were $ 1.9 billion in 2015 , $ 2.1 billion in 2014 and $ 2.6 billion in 2013 .operating profits in 2015 were $ 179 million compared with a loss of $ 398 million ( a gain of $ 156 million excluding costs associated with the shutdown of our courtland , alabama mill ) in 2014 and a gain of $ 36 million ( $ 154 million excluding costs associated with the courtland mill shutdown ) in 2013 .sales volumes in 2015 decreased compared with 2014 primarily due to the closure of our courtland mill in 2014 .shipments to the domestic market increased , but export shipments declined .average sales price realizations decreased , primarily in the domestic market .input costs were lower , mainly for energy .planned maintenance downtime costs were $ 12 million higher in 2015 .operating profits in 2014 were negatively impacted by costs associated with the shutdown of our courtland , alabama mill .entering the first quarter of 2016 , sales volumes are expected to be up slightly compared with the fourth quarter of 2015 .average sales margins should be about flat reflecting lower average sales price realizations offset by a more favorable product mix .input costs are expected to be stable .planned maintenance downtime costs are expected to be about $ 14 million lower with an outage scheduled in the 2016 first quarter at our georgetown mill compared with outages at our eastover and riverdale mills in the 2015 fourth quarter .in january 2015 , the united steelworkers , domtar corporation , packaging corporation of america , finch paper llc and p .h .glatfelter company ( the petitioners ) filed an anti-dumping petition before the united states international trade commission ( itc ) and the united states department of commerce ( doc ) alleging that paper producers in china , indonesia , australia , brazil , and portugal are selling uncoated free sheet paper in sheet form ( the products ) in violation of international trade rules .the petitioners also filed a countervailing-duties petition with these agencies regarding imports of the products from china and indonesia .in january 2016 , the doc announced its final countervailing duty rates on imports of the products to the united states from certain producers from china and indonesia .also , in january 2016 , the doc announced its final anti-dumping duty rates on imports of the products to the united states from certain producers from australia , brazil , china , indonesia and portugal .in february 2016 , the itc concluded its anti- dumping and countervailing duties investigations and made a final determination that the u.s .market had been injured by imports of the products .accordingly , the doc 2019s previously announced countervailing duty rates and anti-dumping duty rates will be in effect for a minimum of five years .we do not believe the impact of these rates will have a material , adverse effect on our consolidated financial statements .brazilian papers net sales for 2015 were $ 878 million compared with $ 1.1 billion in 2014 and $ 1.1 billion in 2013 .operating profits for 2015 were $ 186 million compared with $ 177 million ( $ 209 million excluding costs associated with a tax amnesty program ) in 2014 and $ 210 million in 2013 .sales volumes in 2015 were lower compared with 2014 reflecting weak economic conditions and the absence of 2014 one-time events .average sales price realizations improved for domestic uncoated freesheet paper due to the realization of price increases implemented in the second half of 2015 .margins were unfavorably affected by an increased proportion of sales to the lower-margin export markets .raw material costs increased for energy and wood .operating costs were higher than in 2014 , while planned maintenance downtime costs were $ 4 million lower. .
|
what was the percentage change in operating profits in 2015
|
5.1%
|
{
"answer": "5.1%",
"decimal": 0.051,
"type": "percentage"
}
| |
32 | bhge 2018 form 10-k baker hughes rig count the baker hughes rig counts are an important business barometer for the drilling industry and its suppliers .when drilling rigs are active they consume products and services produced by the oil service industry .rig count trends are driven by the exploration and development spending by oil and natural gas companies , which in turn is influenced by current and future price expectations for oil and natural gas .the counts may reflect the relative strength and stability of energy prices and overall market activity , however , these counts should not be solely relied on as other specific and pervasive conditions may exist that affect overall energy prices and market activity .we have been providing rig counts to the public since 1944 .we gather all relevant data through our field service personnel , who obtain the necessary data from routine visits to the various rigs , customers , contractors and other outside sources as necessary .we base the classification of a well as either oil or natural gas primarily upon filings made by operators in the relevant jurisdiction .this data is then compiled and distributed to various wire services and trade associations and is published on our website .we believe the counting process and resulting data is reliable , however , it is subject to our ability to obtain accurate and timely information .rig counts are compiled weekly for the u.s .and canada and monthly for all international rigs .published international rig counts do not include rigs drilling in certain locations , such as russia , the caspian region and onshore china because this information is not readily available .rigs in the u.s .and canada are counted as active if , on the day the count is taken , the well being drilled has been started but drilling has not been completed and the well is anticipated to be of sufficient depth to be a potential consumer of our drill bits .in international areas , rigs are counted on a weekly basis and deemed active if drilling activities occurred during the majority of the week .the weekly results are then averaged for the month and published accordingly .the rig count does not include rigs that are in transit from one location to another , rigging up , being used in non-drilling activities including production testing , completion and workover , and are not expected to be significant consumers of drill bits .the rig counts are summarized in the table below as averages for each of the periods indicated. .
[['', '2018', '2017', '2016'], ['north america', '1223', '1082', '642'], ['international', '988', '948', '956'], ['worldwide', '2211', '2030', '1598']]
2018 compared to 2017 overall the rig count was 2211 in 2018 , an increase of 9% ( 9 % ) as compared to 2017 due primarily to north american activity .the rig count in north america increased 13% ( 13 % ) in 2018 compared to 2017 .internationally , the rig count increased 4% ( 4 % ) in 2018 as compared to the same period last year .within north america , the increase was primarily driven by the u.s .rig count , which was up 18% ( 18 % ) on average versus 2017 , partially offset with a decrease in the canadian rig count , which was down 8% ( 8 % ) on average .internationally , the improvement in the rig count was driven primarily by increases in the africa region of 18% ( 18 % ) , the asia-pacific region and latin america region , were also up by 9% ( 9 % ) and 3% ( 3 % ) , respectively , partially offset by the europe region , which was down 8% ( 8 % ) .2017 compared to 2016 overall the rig count was 2030 in 2017 , an increase of 27% ( 27 % ) as compared to 2016 due primarily to north american activity .the rig count in north america increased 69% ( 69 % ) in 2017 compared to 2016 .internationally , the rig count decreased 1% ( 1 % ) in 2017 as compared to the same period last year .within north america , the increase was primarily driven by the land rig count , which was up 72% ( 72 % ) , partially offset by a decrease in the offshore rig count of 16% ( 16 % ) .internationally , the rig count decrease was driven primarily by decreases in latin america of 7% ( 7 % ) , the europe region and africa region , which were down by 4% ( 4 % ) and 2% ( 2 % ) , respectively , partially offset by the asia-pacific region , which was up 8%. .
|
what portion of total rig count is in north america in 2017?
|
53.3%
|
{
"answer": "53.3%",
"decimal": 0.5329999999999999,
"type": "percentage"
}
| |
in june 2011 , the fasb issued asu no .2011-05 201ccomprehensive income 2013 presentation of comprehensive income . 201d asu 2011-05 requires comprehensive income , the components of net income , and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements .in both choices , an entity is required to present each component of net income along with total net income , each component of other comprehensive income along with a total for other comprehensive income , and a total amount for comprehensive income .this update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity .the amendments in this update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income .the amendments in this update should be applied retrospectively and is effective for interim and annual reporting periods beginning after december 15 , 2011 .the company adopted this guidance in the first quarter of 2012 .the adoption of asu 2011-05 is for presentation purposes only and had no material impact on the company 2019s consolidated financial statements .3 .inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 95% ( 95 % ) of inventories at both december 29 , 2012 and december 31 , 2011 .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 fiscal 2012 and prior years .the company recorded a reduction to cost of sales of $ 24087 and $ 29554 in fiscal 2012 and fiscal 2010 , respectively .as a result of utilizing lifo , the company recorded an increase to cost of sales of $ 24708 for fiscal 2011 , due to an increase in supply chain costs and inflationary pressures affecting certain product categories .the company 2019s overall costs to acquire inventory for the same or similar products have generally decreased historically as the company has been able to leverage its continued growth , execution of merchandise strategies and realization of supply chain efficiencies .product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries , which are valued under the first-in , first-out ( "fifo" ) method .product cores are included as part of the company's 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's 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 at december 29 , 2012 and december 31 , 2011 , were $ 134258 and $ 126840 , respectively .inventory balance and inventory reserves inventory balances at the end of fiscal 2012 and 2011 were as follows : december 29 , december 31 .
[['', 'december 292012', 'december 312011'], ['inventories at fifo net', '$ 2182419', '$ 1941055'], ['adjustments to state inventories at lifo', '126190', '102103'], ['inventories at lifo net', '$ 2308609', '$ 2043158']]
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 both merchandise and core inventory in these locations .in its distribution centers and pdq aes , the company uses a cycle counting program to ensure the accuracy of the perpetual inventory quantities of both merchandise and product core inventory .reserves advance auto parts , inc .and subsidiaries notes to the consolidated financial statements december 29 , 2012 , december 31 , 2011 and january 1 , 2011 ( in thousands , except per share data ) .
|
how much did the cost of sales change over from 2010 to 2012
|
the cost of sales decreased 29333 from 2010 to 2012
|
{
"answer": "the cost of sales decreased 29333 from 2010 to 2012",
"decimal": null,
"type": "open_ended_answer"
}
|
to find the answer one must added the two years the cost of sales decreased then take the year that the cost of sales increased and subtract that by the previous answer .
|
increased over 4% ( 4 % ) in 2005 , costs for trucking services provided by intermodal carriers remained flat as we substantially reduced expenses associated with network inefficiencies .higher diesel fuel prices increased sales and use taxes in 2005 , which resulted in higher state and local taxes .other contract expenses for equipment maintenance and other services increased in 2005 .the 2005 january west coast storm and hurricanes katrina and rita also contributed to higher expenses in 2005 ( net of insurance settlements received ) .partially offsetting these increases was a reduction in relocation expenses as we incurred higher relocation costs associated with moving support personnel to omaha , nebraska during 2004 .non-operating items millions of dollars 2006 2005 2004 % ( % ) change 2006 v 2005 % ( % ) change 2005 v 2004 .
[['millions of dollars', '2006', '2005', '2004', '% ( % ) change 2006 v 2005', '% ( % ) change 2005 v 2004'], ['other income', '$ 118', '$ 145', '$ 88', '( 19 ) % ( % )', '65% ( 65 % )'], ['interest expense', '-477 ( 477 )', '-504 ( 504 )', '-527 ( 527 )', '-5 ( 5 )', '-4 ( 4 )'], ['income taxes', '-919 ( 919 )', '-410 ( 410 )', '-252 ( 252 )', '124', '63']]
other income 2013 lower net gains from non-operating asset sales and higher expenses due to rising interest rates associated with our sale of receivables program resulted in a reduction in other income in 2006 , which was partially offset by higher rental income for the use of our right-of-way ( including 2006 settlements of rate disputes from prior years ) and cash investment returns due to higher interest rates .in 2005 , other income increased largely as a result of higher gains from real estate sales partially offset by higher expenses due to rising interest rates associated with our sale of receivables program .interest expense 2013 lower interest expense in 2006 and 2005 was primarily due to declining weighted-average debt levels of $ 7.1 billion , $ 7.8 billion , and $ 8.1 billion in 2006 , 2005 , and 2004 , respectively .a higher effective interest rate of 6.7% ( 6.7 % ) in 2006 , compared to 6.5% ( 6.5 % ) in both 2005 and 2004 , partially offset the effects of the declining debt level .income taxes 2013 income tax expense was $ 509 million higher in 2006 than 2005 .higher pre-tax income resulted in additional taxes of $ 414 million and $ 118 million of the increase resulted from the one-time reduction in 2005 described below .our effective tax rate was 36.4% ( 36.4 % ) and 28.6% ( 28.6 % ) in 2006 and 2005 , respectively .income taxes were greater in 2005 than 2004 due to higher pre-tax income partially offset by a previously reported reduction in income tax expense .in our quarterly report on form 10-q for the quarter ended june 30 , 2005 , we reported that the corporation analyzed the impact that final settlements of pre-1995 tax years had on previously recorded estimates of deferred tax assets and liabilities .the completed analysis of the final settlements for pre-1995 tax years , along with internal revenue service examination reports for tax years 1995 through 2002 were considered , among other things , in a review and re-evaluation of the corporation 2019s estimated deferred tax assets and liabilities as of september 30 , 2005 , resulting in an income tax expense reduction of $ 118 million in .
|
what was the net change in other income from 2004 to 2005 in millions?
|
-27
|
{
"answer": "-27",
"decimal": -27,
"type": "float"
}
| |
investments prior to our acquisition of keystone on october 12 , 2007 , we held common shares of keystone , which were classified as an available-for-sale investment security .accordingly , the investment was included in other assets at its fair value , with the unrealized gain excluded from earnings and included in accumulated other comprehensive income , net of applicable taxes .upon our acquisition of keystone on october 12 , 2007 , the unrealized gain was removed from accumulated other comprehensive income , net of applicable taxes , and the original cost of the common shares was considered a component of the purchase price .fair value of financial instruments our debt is reflected on the balance sheet at cost .based on current market conditions , our interest rate margins are below the rate available in the market , which causes the fair value of our debt to fall below the carrying value .the fair value of our term loans ( see note 6 , 201clong-term obligations 201d ) is approximately $ 570 million at december 31 , 2009 , as compared to the carrying value of $ 596 million .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 , 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 approach to value our financial assets and liabilities , which include the cash surrender value of life insurance , deferred compensation liabilities and interest rate swaps .the market approach utilizes available market information to estimate fair value .required fair value disclosures are included in note 8 , 201cfair value measurements . 201d accrued expenses 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 our property and casualty risk , which includes automobile liability , general liability , workers 2019 compensation and property under deductible insurance programs .the insurance premium costs are expensed over the contract periods .a reserve for liabilities associated with these losses is established for claims filed and claims incurred but not yet reported based upon our estimate of ultimate cost , which is calculated using analyses of historical data .we monitor new claims and claim development as well as trends related to the claims incurred but not reported in order to assess the adequacy of our insurance reserves .self-insurance reserves on the consolidated balance sheets are net of claims deposits of $ 0.7 million and $ 0.8 million , at december 31 , 2009 and 2008 , respectively .while we do not expect the amounts ultimately paid to differ significantly from our estimates , our insurance reserves and corresponding expenses could be affected if future claim experience differs significantly from historical trends and assumptions .product warranties some of our mechanical products are sold with a standard six-month 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 2008', '$ 580'], ['warranty expense', '3681'], ['warranty claims', '-3721 ( 3721 )'], ['balance as of december 31 2008', '540'], ['warranty expense', '5033'], ['warranty claims', '-4969 ( 4969 )'], ['balance as of december 31 2009', '$ 604']]
.
|
based on the review of the changes in the warranty reserve what was the percentage change in the year end balance in 2009
|
11.9%
|
{
"answer": "11.9%",
"decimal": 0.11900000000000001,
"type": "percentage"
}
| |
when the likelihood of clawback is considered mathematically improbable .the company records a deferred carried interest liability to the extent it receives cash or capital allocations related to carried interest prior to meeting the revenue recognition criteria .at december 31 , 2017 and 2016 , the company had $ 219 million and $ 152 million , respectively , of deferred carried interest recorded in other liabilities/other liabilities of consolidated vies on the consolidated statements of financial condition .a portion of the deferred carried interest liability will be paid to certain employees .the ultimate timing of the recognition of performance fee revenue , if any , for these products is unknown .the following table presents changes in the deferred carried interest liability ( including the portion related to consolidated vies ) for 2017 and 2016: .
[['( in millions )', '2017', '2016'], ['beginning balance', '$ 152', '$ 143'], ['net increase ( decrease ) in unrealized allocations', '75', '37'], ['performance fee revenue recognized', '-21 ( 21 )', '-28 ( 28 )'], ['acquisition', '13', '2014'], ['ending balance', '$ 219', '$ 152']]
for 2017 , 2016 and 2015 , performance fee revenue ( which included recognized carried interest ) totaled $ 594 million , $ 295 million and $ 621 million , respectively .fees earned for technology and risk management revenue are recorded as services are performed and are generally determined using the value of positions on the aladdin platform or on a fixed-rate basis .for 2017 , 2016 and 2016 , technology and risk management revenue totaled $ 677 million , $ 595 million and $ 528 million , respectively .adjustments to revenue arising from initial estimates recorded historically have been immaterial since the majority of blackrock 2019s investment advisory and administration revenue is calculated based on aum and since the company does not record performance fee revenue until performance thresholds have been exceeded and the likelihood of clawback is mathematically improbable .accounting developments recent accounting pronouncements not yet adopted .revenue from contracts with customers .in may 2014 , the financial accounting standards board ( 201cfasb 201d ) issued accounting standards update ( 201casu 201d ) 2014-09 , revenue from contracts with customers ( 201casu 2014-09 201d ) .asu 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance , including industry-specific guidance .the guidance also changes the accounting for certain contract costs and revises the criteria for determining if an entity is acting as a principal or agent in certain arrangements .the key changes in the standard that impact the company 2019s revenue recognition relate to the presentation of certain revenue contracts and associated contract costs .the most significant of these changes relates to the presentation of certain distribution costs , which are currently presented net against revenues ( contra-revenue ) and will be presented as an expense on a gross basis .the company adopted asu 2014-09 effective january 1 , 2018 on a full retrospective basis , which will require 2016 and 2017 to be restated in future filings .the cumulative effect adjustment to the 2016 opening retained earnings was not material .the company currently expects the net gross up to revenue to be approximately $ 1 billion with a corresponding gross up to expense for both 2016 and 2017 .consequently , the company expects its gaap operating margin to decline upon adoption due to the gross up of revenue .however , no material impact is expected on the company 2019s as adjusted operating margin .for accounting pronouncements that the company adopted during the year ended december 31 , 2017 and for additional recent accounting pronouncements not yet adopted , see note 2 , significant accounting policies , in the consolidated financial statements contained in part ii , item 8 of this filing .item 7a .quantitative and qualitative disclosures about market risk aum market price risk .blackrock 2019s investment advisory and administration fees are primarily comprised of fees based on a percentage of the value of aum and , in some cases , performance fees expressed as a percentage of the returns realized on aum .at december 31 , 2017 , the majority of the company 2019s investment advisory and administration fees were based on average or period end aum of the applicable investment funds or separate accounts .movements in equity market prices , interest rates/credit spreads , foreign exchange rates or all three could cause the value of aum to decline , which would result in lower investment advisory and administration fees .corporate investments portfolio risks .as a leading investment management firm , blackrock devotes significant resources across all of its operations to identifying , measuring , monitoring , managing and analyzing market and operating risks , including the management and oversight of its own investment portfolio .the board of directors of the company has adopted guidelines for the review of investments to be made by the company , requiring , among other things , that investments be reviewed by certain senior officers of the company , and that certain investments may be referred to the audit committee or the board of directors , depending on the circumstances , for approval .in the normal course of its business , blackrock is exposed to equity market price risk , interest rate/credit spread risk and foreign exchange rate risk associated with its corporate investments .blackrock has investments primarily in sponsored investment products that invest in a variety of asset classes , including real assets , private equity and hedge funds .investments generally are made for co-investment purposes , to establish a performance track record , to hedge exposure to certain deferred compensation plans or for regulatory purposes .currently , the company has a seed capital hedging program in which it enters into swaps to hedge market and interest rate exposure to certain investments .at december 31 , 2017 , the company had outstanding total return swaps with an aggregate notional value of approximately $ 587 million .at december 31 , 2017 , there were no outstanding interest rate swaps. .
|
what is the growth rate in revenue related technology and risk management from 2015 to 2016?
|
12.7%
|
{
"answer": "12.7%",
"decimal": 0.127,
"type": "percentage"
}
| |
guarantees in november 2002 , the fasb issued interpretation no .45 ( 201cfin 45 201d ) , 201cguarantor 2019s accounting and disclosure requirements for guarantees , including indirect guarantees of indebtedness of others , 201d an interpretation of fasb statements no .5 , 57 , and 107 and rescission of fasb interpretation no .34 .fin 45 clarifies the requirements of sfas no .5 , 201caccounting for contingencies , 201d relating to the guarantor 2019s accounting for , and disclosure of , the issuance of certain types of guarantees .disclosures about each group of similar guarantees are provided below and summarized in the following table: .
[['( dollars in millions )', 'december 31 2004'], ['obligations of equity affiliates', '$ 131'], ['residual value guarantees', '90'], ['total', '$ 221']]
if certain operating leases are terminated by the company , it guarantees a portion of the residual value loss , if any , incurred by the lessors in disposing of the related assets .under these operating leases , the residual value guarantees at december 31 , 2004 totaled $ 90 million and consisted primarily of leases for railcars , company aircraft , and other equipment .the company believes , based on current facts and circumstances , that a material payment pursuant to such guarantees is remote .guarantees and claims also arise during the ordinary course of business from relationships with suppliers , customers and non-consolidated affiliates when the company undertakes an obligation to guarantee the performance of others if specified triggering events occur .non-performance under a contract could trigger an obligation of the company .these potential claims include actions based upon alleged exposures to products , intellectual property and environmental matters , and other indemnifications .the ultimate effect on future financial results is not subject to reasonable estimation because considerable uncertainty exists as to the final outcome of these claims .however , while the ultimate liabilities resulting from such claims may be significant to results of operations in the period recognized , management does not anticipate they will have a material adverse effect on the company 2019s consolidated financial position or liquidity .product warranty liability the company warrants to the original purchaser of its products that it will repair or replace without charge products if they fail due to a manufacturing defect .however , the company 2019s historical claims experience has not been material .the estimated product warranty liability for the company 2019s products as of december 31 , 2004 is approximately $ 1 million .the company accrues for product warranties when it is probable that customers will make claims under warranties relating to products that have been sold and a reasonable estimate of the costs can be made .variable interest entities the company has evaluated material relationships including the guarantees related to the third-party borrowings of joint ventures described above and has concluded that the entities are not variable interest entities ( 201cvies 201d ) or , in the case of primester , a joint venture that manufactures cellulose acetate at its kingsport , tennessee plant , the company is not the primary beneficiary of the vie .as such , in accordance with fin 46r , the company is not required to consolidate these entities .in addition , the company has evaluated long-term purchase obligations with two entities that may be vies at december 31 , 2004 .these potential vies are joint ventures from which the company has purchased raw materials and utilities for several years and purchases approximately $ 40 million of raw materials and utilities on an annual basis .the company has no equity interest in these entities and has confirmed that one party to each of these joint ventures does consolidate the potential vie .however , due to competitive and other reasons , the company has not been able to obtain the necessary financial information to determine whether the entities are vies , and if one or both are vies , whether or not the company is the primary beneficiary .notes to consolidated financial statements eastman chemical company and subsidiaries 2013 80 2013 .
|
in 2004 what was the ratio of the obligations of equity affiliates to residual value guarantees
|
1.5
|
{
"answer": "1.5",
"decimal": 1.5,
"type": "float"
}
| |
notes to the consolidated financial statements at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest .cash proceeds from the sale of these notes was $ 983 million ( net of discount and issuance costs ) .the discount and issuance costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes .in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the 201ccredit agreement 201d ) .the credit agreement provides for a $ 1.2 billion unsecured revolving credit facility .in connection with entering into this credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 .there were no outstanding amounts due under either revolving facility at the times of their termination .the company has the ability to increase the size of the credit agreement by up to an additional $ 300 million , subject to the receipt of lender commitments and other conditions .the credit agreement will terminate and all amounts outstanding will be due and payable on august 5 , 2013 .the credit agreement provides that loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement .additionally , the credit agreement contains a commitment fee on the amount of unused commitment under the credit agreement ranging from 0.125% ( 0.125 % ) to 0.625% ( 0.625 % ) per annum .the applicable interest rate and the fee will vary depending on the ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc .for the company 2019s non-credit enhanced , long- term , senior , unsecured debt .there were no amounts outstanding under the credit agreement at december 31 , 2011 ; however , the available borrowing rate on a one month , u.s .dollar denominated borrowing would have been 1.05 percent .the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the company 2019s ability to create liens or other encumbrances , to enter into sale and leaseback transactions and to enter into consolidations , mergers or transfers of all or substantially all of its assets .the credit agreement also requires the company to maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of 60 percent or less .the credit agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency .ppg 2019s non-u.s .operations have uncommitted lines of credit totaling $ 679 million of which $ 36 million was used as of december 31 , 2011 .these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees .short-term debt outstanding as of december 31 , 2011 and 2010 , was as follows : ( millions ) 2011 2010 other , weighted average 3.72% ( 3.72 % ) as of dec .31 , 2011 and 3.39% ( 3.39 % ) as of december 31 , 2010 33 24 total $ 33 $ 24 ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .the company 2019s revolving credit agreements include a financial ratio covenant .the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .as of december 31 , 2011 , total indebtedness was 43 percent of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .additionally , substantially all of the company 2019s debt agreements contain customary cross-default provisions .those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .interest payments in 2011 , 2010 and 2009 totaled $ 212 million , $ 189 million and $ 201 million , respectively .in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) .the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares .in december 2008 , the company entered into an agreement with a counterparty to repurchase 1.5 million 44 2011 ppg annual report and form 10-k .
[['( millions )', '2011', '2010'], ['other weighted average 3.72% ( 3.72 % ) as of dec . 31 2011 and 3.39% ( 3.39 % ) as of december 31 2010', '33', '24'], ['total', '$ 33', '$ 24']]
notes to the consolidated financial statements at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest .cash proceeds from the sale of these notes was $ 983 million ( net of discount and issuance costs ) .the discount and issuance costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes .in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the 201ccredit agreement 201d ) .the credit agreement provides for a $ 1.2 billion unsecured revolving credit facility .in connection with entering into this credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 .there were no outstanding amounts due under either revolving facility at the times of their termination .the company has the ability to increase the size of the credit agreement by up to an additional $ 300 million , subject to the receipt of lender commitments and other conditions .the credit agreement will terminate and all amounts outstanding will be due and payable on august 5 , 2013 .the credit agreement provides that loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement .additionally , the credit agreement contains a commitment fee on the amount of unused commitment under the credit agreement ranging from 0.125% ( 0.125 % ) to 0.625% ( 0.625 % ) per annum .the applicable interest rate and the fee will vary depending on the ratings established by standard & poor 2019s financial services llc and moody 2019s investor service inc .for the company 2019s non-credit enhanced , long- term , senior , unsecured debt .there were no amounts outstanding under the credit agreement at december 31 , 2011 ; however , the available borrowing rate on a one month , u.s .dollar denominated borrowing would have been 1.05 percent .the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the company 2019s ability to create liens or other encumbrances , to enter into sale and leaseback transactions and to enter into consolidations , mergers or transfers of all or substantially all of its assets .the credit agreement also requires the company to maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of 60 percent or less .the credit agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency .ppg 2019s non-u.s .operations have uncommitted lines of credit totaling $ 679 million of which $ 36 million was used as of december 31 , 2011 .these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees .short-term debt outstanding as of december 31 , 2011 and 2010 , was as follows : ( millions ) 2011 2010 other , weighted average 3.72% ( 3.72 % ) as of dec .31 , 2011 and 3.39% ( 3.39 % ) as of december 31 , 2010 33 24 total $ 33 $ 24 ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .the company 2019s revolving credit agreements include a financial ratio covenant .the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .as of december 31 , 2011 , total indebtedness was 43 percent of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .additionally , substantially all of the company 2019s debt agreements contain customary cross-default provisions .those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .interest payments in 2011 , 2010 and 2009 totaled $ 212 million , $ 189 million and $ 201 million , respectively .in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) .the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares .in december 2008 , the company entered into an agreement with a counterparty to repurchase 1.5 million 44 2011 ppg annual report and form 10-k .
|
what was the percentage change in total interest payments from 2010 to 2011?
|
12%
|
{
"answer": "12%",
"decimal": 0.12,
"type": "percentage"
}
| |
fair value of the tangible assets and identifiable intangible assets acquired , was $ 17.7 million .goodwill resulted primarily from the company 2019s expectation of synergies from the integration of sigma-c 2019s technology with the company 2019s technology and operations .virtio corporation , inc .( virtio ) the company acquired virtio on may 15 , 2006 in an all-cash transaction .reasons for the acquisition .the company believes that its acquisition of virtio will expand its presence in electronic system level design .the company expects the combination of the company 2019s system studio solution with virtio 2019s virtual prototyping technology will help accelerate systems to market by giving software developers the ability to begin code development earlier than with prevailing methods .purchase price .the company paid $ 9.1 million in cash for the outstanding shares of virtio , of which $ 0.9 million was deposited with an escrow agent and which will be paid to the former stockholders of virtio pursuant to the terms of an escrow agreement .in addition , the company had a prior investment in virtio of approximately $ 1.7 million .the total purchase consideration consisted of: .
[['', '( in thousands )'], ['cash paid', '$ 9076'], ['prior investment in virtio', '1664'], ['acquisition-related costs', '713'], ['total purchase price', '$ 11453']]
acquisition-related costs of $ 0.7 million consist primarily of legal , tax and accounting fees , estimated facilities closure costs and employee termination costs .as of october 31 , 2006 , the company had paid $ 0.3 million of the acquisition-related costs .the $ 0.4 million balance remaining at october 31 , 2006 primarily consists of professional and tax-related service fees and facilities closure costs .under the agreement with virtio , the company has also agreed to pay up to $ 4.3 million over three years to the former stockholders based upon achievement of certain sales milestones .this contingent consideration is considered to be additional purchase price and will be an adjustment to goodwill when and if payment is made .additionally , the company has also agreed to pay $ 0.9 million in employee retention bonuses which will be recognized as compensation expense over the service period of the applicable employees .assets acquired .the company has performed a preliminary valuation and allocated the total purchase consideration to the assets and liabilities acquired , including identifiable intangible assets based on their respective fair values on the acquisition date .the company acquired $ 2.5 million of intangible assets consisting of $ 1.9 million in existing technology , $ 0.4 million in customer relationships and $ 0.2 million in non-compete agreements to be amortized over five to seven years .additionally , the company acquired tangible assets of $ 5.5 million and assumed liabilities of $ 3.2 million .goodwill , representing the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in the merger , was $ 6.7 million .goodwill resulted primarily from the company 2019s expectation of synergies from the integration of virtio 2019s technology with the company 2019s technology and operations .hpl technologies , inc .( hpl ) the company acquired hpl on december 7 , 2005 in an all-cash transaction .reasons for the acquisition .the company believes that the acquisition of hpl will help solidify the company 2019s position as a leading electronic design automation vendor in design for manufacturing ( dfm ) .
|
what is the percentage of customer relationships among the total intangible assets?
|
16%
|
{
"answer": "16%",
"decimal": 0.16,
"type": "percentage"
}
|
it is the value of the customer relationships divided by the total value of intangible assets , then turned into a percentage .
|
other operating and administrative expenses increased slightly in 2015 due to increased expenses asso- ciated with our larger film slate .other operating and administrative expenses increased in 2014 primarily due to the inclusion of fandango , which was previously presented in our cable networks segment .advertising , marketing and promotion expenses advertising , marketing and promotion expenses consist primarily of expenses associated with advertising for our theatrical releases and the marketing of our films on dvd and in digital formats .we incur significant marketing expenses before and throughout the release of a film in movie theaters .as a result , we typically incur losses on a film prior to and during the film 2019s exhibition in movie theaters and may not realize profits , if any , until the film generates home entertainment and content licensing revenue .the costs associated with producing and marketing films have generally increased in recent years and may continue to increase in the future .advertising , marketing and promotion expenses increased in 2015 primarily due to higher promotional costs associated with our larger 2015 film slate and increased advertising expenses for fandango .advertising , marketing and promotion expenses decreased in 2014 primarily due to fewer major film releases compared to theme parks segment results of operations year ended december 31 ( in millions ) 2015 2014 2013 % ( % ) change 2014 to 2015 % ( % ) change 2013 to 2014 .
[['year ended december 31 ( in millions )', '2015', '2014', '2013', '% ( % ) change 2014 to 2015', '% ( % ) change 2013 to 2014'], ['revenue', '$ 3339', '$ 2623', '$ 2235', '27.3% ( 27.3 % )', '17.3% ( 17.3 % )'], ['operating costs and expenses', '1875', '1527', '1292', '22.8', '18.1'], ['operating income before depreciation and amortization', '$ 1464', '$ 1096', '$ 943', '33.5% ( 33.5 % )', '16.3% ( 16.3 % )']]
operating income before depreciation and amortization $ 1464 $ 1096 $ 943 33.5% ( 33.5 % ) 16.3% ( 16.3 % ) theme parks segment 2013 revenue in 2015 , our theme parks segment revenue was generated primarily from ticket sales and guest spending at our universal theme parks in orlando , florida and hollywood , california , as well as from licensing and other fees .in november 2015 , nbcuniversal acquired a 51% ( 51 % ) interest in universal studios japan .guest spending includes in-park spending on food , beverages and merchandise .guest attendance at our theme parks and guest spending depend heavily on the general environment for travel and tourism , including consumer spend- ing on travel and other recreational activities .licensing and other fees relate primarily to our agreements with third parties that own and operate the universal studios singapore theme park , as well as from the universal studios japan theme park , to license the right to use the universal studios brand name and other intellectual property .theme parks segment revenue increased in 2015 and 2014 primarily due to increases in guest attendance and increases in guest spending at our orlando and hollywood theme parks .the increase in 2015 was pri- marily due to the continued success of our attractions , including the wizarding world of harry potter 2122 2014 diagon alley 2122 in orlando and the fast & furious 2122 2014 supercharged 2122 studio tour and the simpson 2019s springfield attraction in hollywood , both of which opened in 2015 .in addition , theme parks segment revenue in 2015 includes $ 169 million of revenue attributable to universal studios japan for the period from november 13 , 2015 to december 31 , 2015 .the increase in 2014 was primarily due to new attractions , such as the wizarding world of harry potter 2122 2014 diagon alley 2122 in orlando , which opened in july 2014 , and despicable me : minion mayhem in hollywood .59 comcast 2015 annual report on form 10-k .
|
what was the average operating income before depreciation and amortization from 2013 to 2015
|
1167.7
|
{
"answer": "1167.7",
"decimal": 1167.7,
"type": "float"
}
| |
the following is a reconciliation of the total amounts of unrecognized tax benefits for the year : ( in thousands ) .
[['unrecognized tax benefit 2014january 1 2008', '$ 7928'], ['ansoft unrecognized tax benefit 2014acquired july 31 2008', '3525'], ['gross increases 2014tax positions in prior period', '2454'], ['gross decreases 2014tax positions in prior period', '-1572 ( 1572 )'], ['gross increases 2014tax positions in current period', '2255'], ['reductions due to a lapse of the applicable statute of limitations', '-1598 ( 1598 )'], ['changes due to currency fluctuation', '-259 ( 259 )'], ['settlements', '-317 ( 317 )'], ['unrecognized tax benefit 2014december 31 2008', '$ 12416']]
included in the balance of unrecognized tax benefits at december 31 , 2008 are $ 5.6 million of tax benefits that , if recognized , would affect the effective tax rate .also included in the balance of unrecognized tax benefits at december 31 , 2008 are $ 5.0 million of tax benefits that , if recognized , would result in a decrease to goodwill recorded in purchase business combinations , and $ 1.9 million of tax benefits that , if recognized , would result in adjustments to other tax accounts , primarily deferred taxes .the company believes it is reasonably possible that uncertain tax positions of approximately $ 2.6 million as of december 31 , 2008 will be resolved within the next twelve months .the company recognizes interest and penalties related to unrecognized tax benefits as income tax expense .related to the uncertain tax benefits noted above , the company recorded interest of $ 171000 during 2008 .penalties recorded during 2008 were insignificant .in total , as of december 31 , 2008 , the company has recognized a liability for penalties of $ 498000 and interest of $ 1.8 million .the company is subject to taxation in the u.s .and various states and foreign jurisdictions .the company 2019s 2005 through 2008 tax years are open to examination by the internal revenue service .the 2005 and 2006 federal returns are currently under examination .the company also has various foreign subsidiaries with tax filings under examination , as well as numerous foreign and state tax filings subject to examination for various years .10 .pension and profit-sharing plans the company has 401 ( k ) /profit-sharing plans for all qualifying full-time domestic employees that permit participants to make contributions by salary reduction pursuant to section 401 ( k ) of the internal revenue code .the company makes matching contributions on behalf of each eligible participant in an amount equal to 100% ( 100 % ) of the first 3% ( 3 % ) and an additional 25% ( 25 % ) of the next 5% ( 5 % ) , for a maximum total of 4.25% ( 4.25 % ) of the employee 2019s compensation .the company may make a discretionary profit sharing contribution in the amount of 0% ( 0 % ) to 5% ( 5 % ) based on the participant 2019s eligible compensation , provided the employee is employed at the end of the year and has worked at least 1000 hours .the qualifying domestic employees of the company 2019s ansoft subsidiary , acquired on july 31 , 2008 , also participate in a 401 ( k ) plan .there is no matching employer contribution associated with this plan .the company also maintains various defined contribution pension arrangements for its international employees .expenses related to the company 2019s retirement programs were $ 3.7 million in 2008 , $ 4.7 million in 2007 and $ 4.1 million in 2006 .11 .non-compete and employment agreements employees of the company have signed agreements under which they have agreed not to disclose trade secrets or confidential information and , where legally permitted , that restrict engagement in or connection with any business that is competitive with the company anywhere in the world while employed by the company ( and .
|
what is the percentage increase in unrecognized tax benefits from jan 2008-dec 2008?
|
56.61%
|
{
"answer": "56.61%",
"decimal": 0.5661,
"type": "percentage"
}
| |
table of contents valero energy corporation and subsidiaries notes to consolidated financial statements ( continued ) cash flow hedges cash flow hedges are used to hedge price volatility in certain forecasted feedstock and refined product purchases , refined product sales , and natural gas purchases .the objective of our cash flow hedges is to lock in the price of forecasted feedstock , product or natural gas purchases , or refined product sales at existing market prices that we deem favorable .as of december 31 , 2012 , we had the following outstanding commodity derivative instruments that were entered into to hedge forecasted purchases or sales of crude oil and refined products .the information presents the notional volume of outstanding contracts by type of instrument and year of maturity ( volumes in thousands of barrels ) .notional contract volumes by year of maturity derivative instrument 2013 .
[['derivative instrument', 'notionalcontractvolumes byyear ofmaturity 2013'], ['crude oil and refined products:', ''], ['swaps 2013 long', '1300'], ['swaps 2013 short', '1300'], ['futures 2013 long', '11894'], ['futures 2013 short', '2981'], ['physical contracts 2013 short', '8913']]
.
|
if physical contracts ( short ) and futures ( short ) combined equal futures ( long ) , then what percentage of futures long are future shorts?
|
25.1%
|
{
"answer": "25.1%",
"decimal": 0.251,
"type": "percentage"
}
| |
( 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 market value of marketable securities between 2002 and 2003?
|
-15803000
|
{
"answer": "-15803000",
"decimal": -15803000,
"type": "float"
}
| |
us in a position to handle demand changes .we will also continue utilizing industrial engineering techniques to improve productivity .2022 fuel prices 2013 uncertainty about the economy makes fuel price projections difficult , and we could see volatile fuel prices during the year , as they are sensitive to global and u.s .domestic demand , refining capacity , geopolitical events , weather conditions and other factors .to reduce the impact of fuel price on earnings , we will continue to seek recovery from our customers through our fuel surcharge programs and to expand our fuel conservation efforts .2022 capital plan 2013 in 2011 , we plan to make total capital investments of approximately $ 3.2 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. ) 2022 positive train control 2013 in response to a legislative mandate to implement ptc by the end of 2015 , we expect to spend approximately $ 250 million during 2011 on developing ptc .we currently estimate that ptc will cost us approximately $ 1.4 billion to implement by the end of 2015 , in accordance with rules issued by the federal railroad administration ( fra ) .this includes costs for installing the new system along our tracks , upgrading locomotives to work with the new system , and adding digital data communication equipment so all the parts of the system can communicate with each other .during 2011 , we plan to begin testing the technology to evaluate its effectiveness .2022 financial expectations 2013 we remain cautious about economic conditions , but anticipate volume to increase from 2010 levels .in addition , we expect volume , price , and productivity gains to offset expected higher costs for fuel , labor inflation , depreciation , casualty costs , and property taxes to drive operating ratio improvement .results of operations operating revenues millions 2010 2009 2008 % ( % ) change 2010 v 2009 % ( % ) change 2009 v 2008 .
[['millions', '2010', '2009', '2008', '% ( % ) change 2010 v 2009', '% ( % ) change 2009 v 2008'], ['freight revenues', '$ 16069', '$ 13373', '$ 17118', '20% ( 20 % )', '( 22 ) % ( % )'], ['other revenues', '896', '770', '852', '16', '-10 ( 10 )'], ['total', '$ 16965', '$ 14143', '$ 17970', '20% ( 20 % )', '( 21 ) % ( % )']]
freight revenues are revenues generated by transporting freight or other materials from our six commodity groups .freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) .changes in price , traffic mix and fuel surcharges drive arc .we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as a reduction to freight revenues based on the actual or projected future shipments .we recognize freight revenues as freight moves from origin to destination .we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them .other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage .we recognize other revenues as we perform services or meet contractual obligations .freight revenues and volume levels for all six commodity groups increased during 2010 as a result of economic improvement in many market sectors .we experienced particularly strong volume growth in automotive , intermodal , and industrial products shipments .core pricing gains and higher fuel surcharges also increased freight revenues and drove a 6% ( 6 % ) improvement in arc .freight revenues and volume levels for all six commodity groups decreased during 2009 , reflecting continued economic weakness .we experienced the largest volume declines in automotive and industrial .
|
what is the percent change in freight revenue from 2008 to 2010?
|
( 6.13% )
|
{
"answer": "( 6.13% )",
"decimal": 0.0613,
"type": "percentage"
}
| |
the use of the two wholly-owned special purpose entities discussed below preserved the tax deferral that resulted from the 2007 temple-inland timberlands sales .the company recognized an $ 840 million deferred tax liability in connection with the 2007 sales , which will be settled with the maturity of the notes in in october 2007 , temple-inland sold 1.55 million acres of timberlands for $ 2.38 billion .the total consideration consisted almost entirely of notes due in 2027 issued by the buyer of the timberlands , which temple-inland contributed to two wholly-owned , bankruptcy-remote special purpose entities .the notes are shown in financial assets of special purpose entities in the accompanying consolidated balance sheet and are supported by $ 2.38 billion of irrevocable letters of credit issued by three banks , which are required to maintain minimum credit ratings on their long-term debt .in the third quarter of 2012 , international paper completed its preliminary analysis of the acquisition date fair value of the notes and determined it to be $ 2.09 billion .as of december 31 , 2014 and 2013 , the fair value of the notes was $ 2.27 billion and $ 2.62 billion , respectively .these notes are classified as level 2 within the fair value hierarchy , which is further defined in note 14 .in december 2007 , temple-inland's two wholly-owned special purpose entities borrowed $ 2.14 billion shown in nonrecourse financial liabilities of special purpose entities in the accompanying consolidated balance sheet .the loans are repayable in 2027 and are secured only by the $ 2.38 billion of notes and the irrevocable letters of credit securing the notes and are nonrecourse to the company .the loan agreements provide that if a credit rating of any of the banks issuing the letters of credit is downgraded below the specified threshold , the letters of credit issued by that bank must be replaced within 30 days with letters of credit from another qualifying financial institution .in the third quarter of 2012 , international paper completed its preliminary analysis of the acquisition date fair value of the borrowings and determined it to be $ 2.03 billion .as of december 31 , 2014 and 2013 , the fair value of this debt was $ 2.16 billion and $ 2.49 billion , respectively .this debt is classified as level 2 within the fair value hierarchy , which is further defined in note 14 .during 2012 , the credit ratings for two letter of credit banks that support $ 1.0 billion of the 2007 monetized notes were downgraded below the specified threshold .these letters of credit were successfully replaced by other qualifying institutions .fees of $ 8 million were incurred in connection with these replacements .activity between the company and the 2007 financing entities was as follows: .
[['in millions', '2014', '2013', '2012'], ['revenue ( loss ) ( a )', '$ 26', '$ 27', '$ 28'], ['expense ( b )', '25', '29', '28'], ['cash receipts ( c )', '7', '8', '12'], ['cash payments ( d )', '18', '21', '22']]
( a ) the revenue is included in interest expense , net in the accompanying consolidated statement of operations and includes approximately $ 19 million , $ 19 million and $ 17 million for the years ended december 31 , 2014 , 2013 and 2012 , respectively , of accretion income for the amortization of the purchase accounting adjustment of the financial assets of special purpose entities .( b ) the expense is included in interest expense , net in the accompanying consolidated statement of operations and includes $ 7 million , $ 7 million and $ 6 million for the years ended december 31 , 2014 , 2013 and 2012 , respectively , of accretion expense for the amortization of the purchase accounting adjustment on the nonrecourse financial liabilities of special purpose entities .( c ) the cash receipts are interest received on the financial assets of special purpose entities .( d ) the cash payments are interest paid on nonrecourse financial liabilities of special purpose entities .preferred securities of subsidiaries in march 2003 , southeast timber , inc .( southeast timber ) , a consolidated subsidiary of international paper , issued $ 150 million of preferred securities to a private investor with future dividend payments based on libor .southeast timber , which through a subsidiary initially held approximately 1.50 million acres of forestlands in the southern united states , was international paper 2019s primary vehicle for sales of southern forestlands .as of december 31 , 2014 , substantially all of these forestlands have been sold .on march 27 , 2013 , southeast timber redeemed its class a common shares owned by the private investor for $ 150 million .distributions paid to the third-party investor were $ 1 million and $ 6 million in 2013 and 2012 , respectively .the expense related to these preferred securities is shown in net earnings ( loss ) attributable to noncontrolling interests in the accompanying consolidated statement of operations .note 13 debt and lines of credit during the second quarter of 2014 , international paper issued $ 800 million of 3.65% ( 3.65 % ) senior unsecured notes with a maturity date in 2024 and $ 800 million of 4.80% ( 4.80 % ) senior unsecured notes with a maturity date in 2044 .the proceeds from this borrowing were used to repay approximately $ 960 million of notes with interest rates ranging from 7.95% ( 7.95 % ) to 9.38% ( 9.38 % ) and original maturities from 2018 to 2019 .pre-tax early debt retirement costs of $ 262 million related to these debt repayments , including $ 258 million of cash premiums , are included in restructuring and other charges in the .
|
what was the ratio of the fair value of the preliminary debt analysis of the acquisition date fair value of the borrowings for 2014 to 2013
|
0.87
|
{
"answer": "0.87",
"decimal": 0.87,
"type": "float"
}
| |
stock performance graph * $ 100 invested on 11/17/11 in our stock or 10/31/11 in the relevant index , including reinvestment of dividends .fiscal year ending december 31 , 2013 .( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index , including american axle & manufacturing , borgwarner inc. , cooper tire & rubber company , dana holding corp. , delphi automotive plc , dorman products inc. , federal-mogul corp. , ford motor co. , fuel systems solutions inc. , general motors co. , gentex corp. , gentherm inc. , genuine parts co. , johnson controls inc. , lkq corp. , lear corp. , meritor inc. , remy international inc. , standard motor products inc. , stoneridge inc. , superior industries international , trw automotive holdings corp. , tenneco inc. , tesla motors inc. , the goodyear tire & rubber co. , tower international inc. , visteon corp. , and wabco holdings inc .company index november 17 , december 31 , december 31 , december 31 .
[['company index', 'november 17 2011', 'december 31 2011', 'december 31 2012', 'december 31 2013'], ['delphi automotive plc ( 1 )', '$ 100.00', '$ 100.98', '$ 179.33', '$ 285.81'], ['s&p 500 ( 2 )', '100.00', '100.80', '116.93', '154.80'], ['automotive supplier peer group ( 3 )', '100.00', '89.27', '110.41', '166.46']]
dividends on february 26 , 2013 , the board of directors approved the initiation of dividend payments on the company's ordinary shares .the board of directors declared a regular quarterly cash dividend of $ 0.17 per ordinary share that was paid in each quarter of 2013 .in addition , in january 2014 , the board of directors declared a regular quarterly cash dividend of $ 0.25 per ordinary share , payable on february 27 , 2014 to shareholders of record at the close of business on february 18 , 2014 .in october 2011 , the board of managers of delphi automotive llp approved a distribution of approximately $ 95 million , which was paid on december 5 , 2011 , principally in respect of taxes , to members of delphi automotive llp who held membership interests as of the close of business on october 31 , 2011. .
|
what is the lowest return for the first year of the investment?
|
10.41%
|
{
"answer": "10.41%",
"decimal": 0.1041,
"type": "percentage"
}
|
it is the minimum value , turned into a percentage .
|
the following unaudited pro forma information for the years ended december 31 , 2008 and 2007 pres- ents the results of operations of international paper as if the cbpr and central lewmar acquisitions , and the luiz antonio asset exchange , had occurred on january 1 , 2007 .this pro forma information does not purport to represent international paper 2019s actual results of operations if the transactions described above would have occurred on january 1 , 2007 , nor is it necessarily indicative of future results .in millions , except per share amounts 2008 2007 .
[['in millions except per share amounts', '2008', '2007'], ['net sales', '$ 27920', '$ 27489'], ['earnings ( loss ) from continuingoperations', '-1348 ( 1348 )', '1083'], ['net earnings ( loss ) ( 1 )', '-1361 ( 1361 )', '1052'], ['earnings ( loss ) from continuingoperations per common share', '-3.20 ( 3.20 )', '2.50'], ['net earnings ( loss ) per common share ( 1 )', '-3.23 ( 3.23 )', '2.43']]
earnings ( loss ) from continuing operations per common share ( 3.20 ) 2.50 net earnings ( loss ) per common share ( 1 ) ( 3.23 ) 2.43 ( 1 ) attributable to international paper company common share- holders .joint ventures in october 2007 , international paper and ilim holding s.a .announced the completion of the formation of a 50:50 joint venture to operate in russia as ilim group .to form the joint venture , international paper purchased 50% ( 50 % ) of ilim holding s.a .( ilim ) for approx- imately $ 620 million , including $ 545 million in cash and $ 75 million of notes payable , and contributed an additional $ 21 million in 2008 .the company 2019s investment in ilim totaled approximately $ 465 mil- lion at december 31 , 2009 , which is approximately $ 190 million higher than the company 2019s share of the underlying net assets of ilim .this basis difference primarily consists of the estimated fair value write-up of ilim plant , property and equipment of $ 150 million that is being amortized as a reduction of reported net income over the estimated remaining useful lives of the related assets , goodwill of $ 90 million and other basis differences of $ 50 million , including deferred taxes .a key element of the proposed joint venture strategy is a long-term investment program in which the joint venture will invest , through cash from operations and additional borrowings by the joint venture , approximately $ 1.5 billion in ilim 2019s three mills over approximately five years .this planned investment in the russian pulp and paper industry will be used to upgrade equipment , increase production capacity and allow for new high-value uncoated paper , pulp and corrugated packaging product development .this capital expansion strategy is expected to be ini- tiated in the second half of 2010 , subject to ilim obtaining financing sufficient to fund the project .note 7 businesses held for sale , divestitures and impairments discontinued operations 2008 : during the fourth quarter of 2008 , the com- pany recorded pre-tax gains of $ 9 million ( $ 5 million after taxes ) for adjustments to reserves associated with the sale of discontinued operations .during the first quarter of 2008 , the company recorded a pre-tax charge of $ 25 million ( $ 16 million after taxes ) related to the final settlement of a post- closing adjustment to the purchase price received by the company for the sale of its beverage packaging business , and a $ 3 million charge before taxes ( $ 2 million after taxes ) for 2008 operating losses related to certain wood products facilities .2007 : during the fourth quarter of 2007 , the com- pany recorded a pre-tax charge of $ 9 million ( $ 6 mil- lion after taxes ) and a pre-tax credit of $ 4 million ( $ 3 million after taxes ) relating to adjustments to esti- mated losses on the sales of its beverage packaging and wood products businesses , respectively .addi- tionally , during the fourth quarter , a $ 4 million pre-tax charge ( $ 3 million after taxes ) was recorded for additional taxes associated with the sale of the company 2019s former weldwood of canada limited business .during the third quarter of 2007 , the company com- pleted the sale of the remainder of its non-u.s .beverage packaging business .during the second quarter of 2007 , the company recorded pre-tax charges of $ 6 million ( $ 4 million after taxes ) and $ 5 million ( $ 3 million after taxes ) relating to adjustments to estimated losses on the sales of its wood products and beverage packaging businesses , respectively .during the first quarter of 2007 , the company recorded pre-tax credits of $ 21 million ( $ 9 million after taxes ) and $ 6 million ( $ 4 million after taxes ) relating to the sales of its wood products and kraft papers businesses , respectively .in addition , a $ 15 million pre-tax charge ( $ 39 million after taxes ) was recorded for adjustments to the loss on the com- pletion of the sale of most of the beverage packaging business .finally , a pre-tax credit of approximately $ 10 million ( $ 6 million after taxes ) was recorded for refunds received from the canadian government of .
|
what was the ratio of the purchase composition international paper purchased 50% ( 50 % ) of ilim holding s.a for the cash to the notes notes parables
|
7.26
|
{
"answer": "7.26",
"decimal": 7.26,
"type": "float"
}
| |
lkq corporation and subsidiaries notes to consolidated financial statements ( continued ) note 5 .long-term obligations ( continued ) as part of the consideration for business acquisitions completed during 2007 , 2006 and 2005 , we issued promissory notes totaling approximately $ 1.7 million , $ 7.2 million and $ 6.4 million , respectively .the notes bear interest at annual rates of 3.0% ( 3.0 % ) to 6.0% ( 6.0 % ) , and interest is payable at maturity or in monthly installments .we also assumed certain liabilities in connection with a business acquisition during the second quarter of 2005 , including a promissory note with a remaining principle balance of approximately $ 0.2 million .the annual interest rate on the note , which was retired during 2006 , was note 6 .commitments and contingencies operating leases we are obligated under noncancelable operating leases for corporate office space , warehouse and distribution facilities , trucks and certain equipment .the future minimum lease commitments under these leases at december 31 , 2007 are as follows ( in thousands ) : years ending december 31: .
[['2008', '$ 42335'], ['2009', '33249'], ['2010', '25149'], ['2011', '17425'], ['2012', '11750'], ['thereafter', '28581'], ['future minimum lease payments', '$ 158489']]
rental expense for operating leases was approximately $ 27.4 million , $ 18.6 million and $ 12.2 million during the years ended december 31 , 2007 , 2006 and 2005 , respectively .we guaranty the residual values of the majority of our truck and equipment operating leases .the residual values decline over the lease terms to a defined percentage of original cost .in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall .similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value .had we terminated all of our operating leases subject to these guaranties at december 31 , 2007 , the guarantied residual value would have totaled approximately $ 24.0 million .litigation and related contingencies on december 2 , 2005 , ford global technologies , llc ( 2018 2018ford 2019 2019 ) filed a complaint with the united states international trade commission ( 2018 2018usitc 2019 2019 ) against keystone and five other named respondents , including four taiwan-based manufacturers .on december 12 , 2005 , ford filed an amended complaint .both the complaint and the amended complaint contended that keystone and the other respondents infringed 14 design patents that ford alleges cover eight parts on the 2004-2005 .
|
in 2007 what was the percent of the the total future minimum lease commitments and contingencies for operating leases that was due in 2009
|
21%
|
{
"answer": "21%",
"decimal": 0.21,
"type": "percentage"
}
| |
augusta , georgia mill and $ 2 million of costs associated with the sale of the shorewood business .consumer packaging .
[['in millions', '2015', '2014', '2013'], ['sales', '$ 2940', '$ 3403', '$ 3435'], ['operating profit ( loss )', '-25 ( 25 )', '178', '161']]
north american consumer packaging net sales were $ 1.9 billion in 2015 compared with $ 2.0 billion in 2014 and $ 2.0 billion in 2013 .operating profits were $ 81 million ( $ 91 million excluding the cost associated with the planned conversion of our riegelwood mill to 100% ( 100 % ) pulp production , net of proceeds from the sale of the carolina coated bristols brand , and sheet plant closure costs ) in 2015 compared with $ 92 million ( $ 100 million excluding sheet plant closure costs ) in 2014 and $ 63 million ( $ 110 million excluding paper machine shutdown costs and costs related to the sale of the shorewood business ) in 2013 .coated paperboard sales volumes in 2015 were lower than in 2014 reflecting weaker market demand .the business took about 77000 tons of market-related downtime in 2015 compared with about 41000 tons in 2014 .average sales price realizations increased modestly year over year as competitive pressures in the current year only partially offset the impact of sales price increases implemented in 2014 .input costs decreased for energy and chemicals , but wood costs increased .planned maintenance downtime costs were $ 10 million lower in 2015 .operating costs were higher , mainly due to inflation and overhead costs .foodservice sales volumes increased in 2015 compared with 2014 reflecting strong market demand .average sales margins increased due to lower resin costs and a more favorable mix .operating costs and distribution costs were both higher .looking ahead to the first quarter of 2016 , coated paperboard sales volumes are expected to be slightly lower than in the fourth quarter of 2015 due to our exit from the coated bristols market .average sales price realizations are expected to be flat , but margins should benefit from a more favorable product mix .input costs are expected to be higher for wood , chemicals and energy .planned maintenance downtime costs should be $ 4 million higher with a planned maintenance outage scheduled at our augusta mill in the first quarter .foodservice sales volumes are expected to be seasonally lower .average sales margins are expected to improve due to a more favorable mix .operating costs are expected to decrease .european consumer packaging net sales in 2015 were $ 319 million compared with $ 365 million in 2014 and $ 380 million in 2013 .operating profits in 2015 were $ 87 million compared with $ 91 million in 2014 and $ 100 million in 2013 .sales volumes in 2015 compared with 2014 increased in europe , but decreased in russia .average sales margins improved in russia due to slightly higher average sales price realizations and a more favorable mix .in europe average sales margins decreased reflecting lower average sales price realizations and an unfavorable mix .input costs were lower in europe , primarily for wood and energy , but were higher in russia , primarily for wood .looking forward to the first quarter of 2016 , compared with the fourth quarter of 2015 , sales volumes are expected to be stable .average sales price realizations are expected to be slightly higher in both russia and europe .input costs are expected to be flat , while operating costs are expected to increase .asian consumer packaging the company sold its 55% ( 55 % ) equity share in the ip-sun jv in october 2015 .net sales and operating profits presented below include results through september 30 , 2015 .net sales were $ 682 million in 2015 compared with $ 1.0 billion in 2014 and $ 1.1 billion in 2013 .operating profits in 2015 were a loss of $ 193 million ( a loss of $ 19 million excluding goodwill and other asset impairment costs ) compared with losses of $ 5 million in 2014 and $ 2 million in 2013 .sales volumes and average sales price realizations were lower in 2015 due to over-supplied market conditions and competitive pressures .average sales margins were also negatively impacted by a less favorable mix .input costs and freight costs were lower and operating costs also decreased .on october 13 , 2015 , the company finalized the sale of its 55% ( 55 % ) interest in ip asia coated paperboard ( ip- sun jv ) business , within the company's consumer packaging segment , to its chinese coated board joint venture partner , shandong sun holding group co. , ltd .for rmb 149 million ( approximately usd $ 23 million ) .during the third quarter of 2015 , a determination was made that the current book value of the asset group exceeded its estimated fair value of $ 23 million , which was the agreed upon selling price .the 2015 loss includes the net pre-tax impairment charge of $ 174 million ( $ 113 million after taxes ) .a pre-tax charge of $ 186 million was recorded during the third quarter in the company's consumer packaging segment to write down the long-lived assets of this business to their estimated fair value .in the fourth quarter of 2015 , upon the sale and corresponding deconsolidation of ip-sun jv from the company's consolidated balance sheet , final adjustments were made resulting in a reduction of the impairment of $ 12 million .the amount of pre-tax losses related to noncontrolling interest of the ip-sun jv included in the company's consolidated statement of operations for the years ended december 31 , 2015 , 2014 and 2013 were $ 19 million , $ 12 million and $ 8 million , respectively .the amount of pre-tax losses related to the ip-sun jv included in the company's .
|
what was the change in net sales in 2015 in millions
|
-318
|
{
"answer": "-318",
"decimal": -318,
"type": "float"
}
| |
notes to the audited consolidated financial statements 6 .equity investments eastman has a 50 percent interest in and serves as the operating partner in primester , a joint venture which manufactures cellulose acetate at eastman's kingsport , tennessee plant .this investment is accounted for under the equity method .eastman's net investment in the joint venture at december 31 , 2007 and 2006 was approximately $ 43 million and $ 47 million , respectively , which was comprised of the recognized portion of the venture's accumulated deficits , long-term amounts owed to primester , and a line of credit from eastman to primester .such amounts are included in other noncurrent assets .eastman owns a 50 percent interest in nanjing yangzi eastman chemical ltd .( 201cnanjing 201d ) , a company which manufactures eastotactm hydrocarbon tackifying resins for the adhesives market .this joint venture is accounted for under the equity method and is included in other noncurrent assets .at december 31 , 2007 and 2006 , the company 2019s investment in nanjing was approximately $ 7 million and $ 5 million , respectively .in october 2007 , the company entered into an agreement with green rock energy , l.l.c .( "green rock" ) , a company formed by the d .e .shaw group and goldman , sachs & co. , to jointly develop the industrial gasification facility in beaumont , texas through tx energy , llc ( "tx energy" ) .eastman owns a 50 percent interest in tx energy , which is expected to be operational in 2011 and will produce intermediate chemicals , such as hydrogen , methanol , and ammonia from petroleum coke .this joint venture in the development stage is accounted for under the equity method , and is included in other noncurrent assets .at december 31 , 2007 , the company 2019s investment in tx energy was approximately $ 26 million .eastman also plans to participate in a project sponsored by faustina hydrogen products , l.l.c .which will use petroleum coke as the primary feedstock to make anhydrous ammonia and methanol .faustina hydrogen products is primarily owned by green rock .the company intends to take a 25 percent or greater equity position in the project , provide operations , maintenance , and other site management services , and purchase methanol under a long-term contract .capital costs for the facility are estimated to be approximately $ 1.6 billion .project financing is expected to be obtained by the end of 2008 .the facility will be built in st .james parish , louisiana and is expected to be complete by 2011 .on april 21 , 2005 , the company completed the sale of its equity investment in genencor international , inc .( "genencor" ) for cash proceeds of approximately $ 417 million , net of $ 2 million in fees .the book value of the investment prior to sale was $ 246 million , and the company recorded a pre-tax gain on the sale of $ 171 million .7 .payables and other current liabilities december 31 , ( dollars in millions ) 2007 2006 .
[['( dollars in millions )', 'december 31 2007', '2006'], ['trade creditors', '$ 578', '$ 581'], ['accrued payrolls vacation and variable-incentive compensation', '138', '126'], ['accrued taxes', '36', '59'], ['post-employment obligations', '60', '63'], ['interest payable', '31', '31'], ['bank overdrafts', '6', '11'], ['other', '164', '185'], ['total payables and other current liabilities', '$ 1013', '$ 1056']]
the current portion of post-employment obligations is an estimate of current year payments in excess of plan assets. .
|
what was the ratio of the investment prior to sale to the pre-tax gain on the sale
|
1.44
|
{
"answer": "1.44",
"decimal": 1.44,
"type": "float"
}
| |
stock performance graph comcast the graph below compares the yearly percentage change in the cumulative total shareholder return on comcast 2019s class a common stock during the five years ended december 31 , 2015 with the cumulative total returns on the standard & poor 2019s 500 stock index and with a select peer group consisting of us and other companies engaged in the cable , communications and media industries .this peer group consists of us , as well as cablevision systems corporation ( class a ) , dish network corporation ( class a ) , directv inc .( included through july 24 , 2015 , the date of acquisition by at&t corp. ) and time warner cable inc .( the 201ccable subgroup 201d ) , and time warner inc. , walt disney company , viacom inc .( class b ) , twenty-first century fox , inc .( class a ) , and cbs corporation ( class b ) ( the 201cmedia subgroup 201d ) .the peer group was constructed as a composite peer group in which the cable subgroup is weighted 63% ( 63 % ) and the media subgroup is weighted 37% ( 37 % ) based on the respective revenue of our cable communications and nbcuniversal segments .the graph assumes $ 100 was invested on december 31 , 2010 in our class a common stock and in each of the following indices and assumes the reinvestment of dividends .comparison of 5 year cumulative total return 12/1412/1312/1212/10 12/15 comcast class a s&p 500 peer group index .
[['', '2011', '2012', '2013', '2014', '2015'], ['comcast class a', '$ 110', '$ 177', '$ 250', '$ 282', '$ 279'], ['s&p 500 stock index', '$ 102', '$ 118', '$ 156', '$ 177', '$ 180'], ['peer group index', '$ 110', '$ 157', '$ 231', '$ 267', '$ 265']]
nbcuniversal nbcuniversal is a wholly owned subsidiary of nbcuniversal holdings and there is no market for its equity securities .39 comcast 2015 annual report on form 10-k .
|
what was the ratio of the 5 year cumulative return in 2015 for the performance of comcast class a compared to the s&p 500 stock index
|
1.55
|
{
"answer": "1.55",
"decimal": 1.55,
"type": "float"
}
| |
bhge 2017 form 10-k | 27 the short term .we do , however , view the long term economics of the lng industry as positive given our outlook for supply and demand .2022 refinery , petrochemical and industrial projects : in refining , we believe large , complex refineries should gain advantage in a more competitive , oversupplied landscape in 2018 as the industry globalizes and refiners position to meet local demand and secure export potential .in petrochemicals , we continue to see healthy demand and cost-advantaged supply driving projects forward in 2018 .the industrial market continues to grow as outdated infrastructure is replaced , policy changes come into effect and power is decentralized .we continue to see growing demand across these markets in 2018 .we have other segments in our portfolio that are more correlated with different industrial metrics such as our digital solutions business .overall , we believe our portfolio is uniquely positioned to compete across the value chain , and deliver unique solutions for our customers .we remain optimistic about the long-term economics of the industry , but are continuing to operate with flexibility given our expectations for volatility and changing assumptions in the near term .in 2016 , solar and wind net additions exceeded coal and gas for the first time and it continued throughout 2017 .governments may change or may not continue incentives for renewable energy additions .in the long term , renewables' cost decline may accelerate to compete with new-built fossil capacity , however , we do not anticipate any significant impacts to our business in the foreseeable future .despite the near-term volatility , the long-term outlook for our industry remains strong .we believe the world 2019s demand for energy will continue to rise , and the supply of energy will continue to increase in complexity , requiring greater service intensity and more advanced technology from oilfield service companies .as such , we remain focused on delivering innovative cost-efficient solutions that deliver step changes in operating and economic performance for our customers .business environment the following discussion and analysis summarizes the significant factors affecting our results of operations , financial condition and liquidity position as of and for the year ended december 31 , 2017 , 2016 and 2015 , and should be read in conjunction with the consolidated and combined financial statements and related notes of the company .amounts reported in millions in graphs within this report are computed based on the amounts in hundreds .as a result , the sum of the components reported in millions may not equal the total amount reported in millions due to rounding .we operate in more than 120 countries helping customers find , evaluate , drill , produce , transport and process hydrocarbon resources .our revenue is predominately generated from the sale of products and services to major , national , and independent oil and natural gas companies worldwide , and is dependent on spending by our customers for oil and natural gas exploration , field development and production .this spending is driven by a number of factors , including our customers' forecasts of future energy demand and supply , their access to resources to develop and produce oil and natural gas , their ability to fund their capital programs , the impact of new government regulations and most importantly , their expectations for oil and natural gas prices as a key driver of their cash flows .oil and natural gas prices oil and natural gas prices are summarized in the table below as averages of the daily closing prices during each of the periods indicated. .
[['', '2017', '2016', '2015'], ['brent oil prices ( $ /bbl ) ( 1 )', '$ 54.12', '$ 43.64', '$ 52.32'], ['wti oil prices ( $ /bbl ) ( 2 )', '50.80', '43.29', '48.66'], ['natural gas prices ( $ /mmbtu ) ( 3 )', '2.99', '2.52', '2.62']]
brent oil prices ( $ /bbl ) ( 1 ) $ 54.12 $ 43.64 $ 52.32 wti oil prices ( $ /bbl ) ( 2 ) 50.80 43.29 48.66 natural gas prices ( $ /mmbtu ) ( 3 ) 2.99 2.52 2.62 ( 1 ) energy information administration ( eia ) europe brent spot price per barrel .
|
what is the growth rate in brent oil prices from 2016 to 2017?
|
24.0%
|
{
"answer": "24.0%",
"decimal": 0.24,
"type": "percentage"
}
| |
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 2014 equity aum of $ 2.451 trillion increased by $ 133.4 billion , or 6% ( 6 % ) , from the end of 2013 due to net new business of $ 52.4 billion and net market appreciation and foreign exchange movements of $ 81.0 billion .net inflows were driven by $ 59.6 billion and $ 17.7 billion into ishares and non-etf index accounts , respectively .index inflows were offset by active net outflows of $ 24.9 billion , with outflows of $ 18.0 billion and $ 6.9 billion from fundamental and scientific active equity products , respectively .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 similar 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 2014 at $ 1.394 trillion , increasing $ 151.5 billion , or 12% ( 12 % ) , from december 31 , 2013 .the increase in aum reflected $ 96.4 billion in net new business and $ 55.1 billion in net market appreciation and foreign exchange movements .in 2014 , net new business was diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield products .flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income global opportunities funds , with net inflows of $ 13.3 billion and $ 4.2 billion , respectively ; our total return fund with net inflows of $ 2.1 billion ; and our high yield bond fund with net inflows of $ 2.1 billion .fixed income net inflows were positive across investment styles , with ishares , non- etf index , and active net inflows of $ 40.0 billion , $ 28.7 billion and $ 27.7 billion , respectively .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 , currencies , bonds and commodities , and our extensive risk management capabilities .investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays .component changes in multi-asset class aum for 2014 are presented below .( in millions ) december 31 , 2013 net inflows ( outflows ) market change fx impact december 31 , 2014 .
[['( in millions )', 'december 31 2013', 'net inflows ( outflows )', 'market change', 'fx impact', 'december 31 2014'], ['asset allocation and balanced', '$ 169604', '$ 18387', '$ -827 ( 827 )', '$ -4132 ( 4132 )', '$ 183032'], ['target date/risk', '111408', '10992', '7083', '-872 ( 872 )', '128611'], ['fiduciary', '60202', '-474 ( 474 )', '14788', '-8322 ( 8322 )', '66194'], ['multi-asset', '$ 341214', '$ 28905', '$ 21044', '$ -13326 ( 13326 )', '$ 377837']]
flows reflected ongoing institutional demand for our solutions-based advice with $ 15.1 billion , or 52% ( 52 % ) , of net inflows coming from institutional clients .defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 12.8 billion to institutional multi- asset class net new business in 2014 , primarily into target date and target risk product offerings .retail net inflows of $ 13.4 billion were driven by particular demand for our multi- asset income fund , which raised $ 6.3 billion in 2014 .the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 48% ( 48 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 18.4 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 .2022 target date and target risk products grew 10% ( 10 % ) organically in 2014 .institutional investors represented 90% ( 90 % ) of target date and target risk aum , with defined contribution plans accounting for over 80% ( 80 % ) of aum .the remaining 10% ( 10 % ) of target date and target risk aum consisted of retail client investments .flows were driven by defined contribution investments in our lifepath and lifepath retirement income ae offerings .lifepath products utilize a proprietary asset allocation model that seeks to balance risk and return over an investment horizon based on the investor 2019s expected retirement timing .2022 fiduciary management services are complex mandates in which pension plan sponsors or endowments and foundations retain blackrock to assume responsibility for some or all aspects of planmanagement .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 portion of total multi-asset is related to target date/risk as of december 31 , 2013?
|
32.7%
|
{
"answer": "32.7%",
"decimal": 0.327,
"type": "percentage"
}
| |
nbcuniversal media , llc our consolidated balance sheet also includes the assets and liabilities of certain legacy pension plans , as well as the assets and liabilities for pension plans of certain foreign subsidiaries .as of december 31 , 2015 and 2014 , the benefit obligations associated with these plans exceeded the fair value of the plan assets by $ 67 million and $ 51 million , respectively .other employee benefits deferred compensation plans we maintain unfunded , nonqualified deferred compensation plans for certain members of management ( each , a 201cparticipant 201d ) .the amount of compensation deferred by each participant is based on participant elections .participants in the plan designate one or more valuation funds , independently established funds or indices that are used to determine the amount of investment gain or loss in the participant 2019s account .additionally , certain of our employees participate in comcast 2019s unfunded , nonqualified deferred compensa- tion plan .the amount of compensation deferred by each participant is based on participant elections .participant accounts are credited with income primarily based on a fixed annual rate .in the case of both deferred compensation plans , participants are eligible to receive distributions from their account based on elected deferral periods that are consistent with the plans and applicable tax law .the table below presents the benefit obligation and interest expense for our deferred compensation plans. .
[['year ended december 31 ( in millions )', '2015', '2014', '2013'], ['benefit obligation', '$ 417', '$ 349', '$ 250'], ['interest expense', '$ 28', '$ 24', '$ 18']]
retirement investment plans we sponsor several 401 ( k ) defined contribution retirement plans that allow eligible employees to contribute a portion of their compensation through payroll deductions in accordance with specified plan guidelines .we make contributions to the plans that include matching a percentage of the employees 2019 contributions up to certain limits .in 2015 , 2014 and 2013 , expenses related to these plans totaled $ 174 million , $ 165 million and $ 152 million , respectively .multiemployer benefit plans we participate in various multiemployer benefit plans , including pension and postretirement benefit plans , that cover some of our employees and temporary employees who are represented by labor unions .we also partic- ipate in other multiemployer benefit plans that provide health and welfare and retirement savings benefits to active and retired participants .we make periodic contributions to these plans in accordance with the terms of applicable collective bargaining agreements and laws but do not sponsor or administer these plans .we do not participate in any multiemployer benefit plans for which we consider our contributions to be individually significant , and the largest plans in which we participate are funded at a level of 80% ( 80 % ) or greater .in 2015 , 2014 and 2013 , the total contributions we made to multiemployer pension plans were $ 77 million , $ 58 million and $ 59 million , respectively .in 2015 , 2014 and 2013 , the total contributions we made to multi- employer postretirement and other benefit plans were $ 119 million , $ 125 million and $ 98 million , respectively .if we cease to be obligated to make contributions or were to otherwise withdraw from participation in any of these plans , applicable law would require us to fund our allocable share of the unfunded vested benefits , which is known as a withdrawal liability .in addition , actions taken by other participating employers may lead to adverse changes in the financial condition of one of these plans , which could result in an increase in our withdrawal liability .comcast 2015 annual report on form 10-k 166 .
|
what was the ratio of the excess of the benefits over their fair value in 2015 to 2014 as of december 31 , 2015 and 2014 , the benefit obligations associated with these plans exceeded the fair value of the plan assets by $ 67 million and $ 51 million , respectively .
|
1.31
|
{
"answer": "1.31",
"decimal": 1.31,
"type": "float"
}
| |
the relative percentages of operating companies income ( loss ) attributable to each reportable segment and the all other category were as follows: .
[['', '2016', '2015', '2014'], ['smokeable products', '86.2% ( 86.2 % )', '87.4% ( 87.4 % )', '87.2% ( 87.2 % )'], ['smokeless products', '13.1', '12.8', '13.4'], ['wine', '1.8', '1.8', '1.7'], ['all other', '-1.1 ( 1.1 )', '-2.0 ( 2.0 )', '-2.3 ( 2.3 )'], ['total', '100.0% ( 100.0 % )', '100.0% ( 100.0 % )', '100.0% ( 100.0 % )']]
for items affecting the comparability of the relative percentages of operating companies income ( loss ) attributable to each reportable segment , see note 16 .narrative description of business portions of the information called for by this item are included in operating results by business segment in item 7 .management 2019s discussion and analysis of financial condition and results of operations of this annual report on form 10-k ( 201citem 7 201d ) .tobacco space altria group , inc . 2019s tobacco operating companies include pm usa , usstc and other subsidiaries of ust , middleton , nu mark and nat sherman .altria group distribution company provides sales , distribution and consumer engagement services to altria group , inc . 2019s tobacco operating companies .the products of altria group , inc . 2019s tobacco subsidiaries include smokeable tobacco products , consisting of cigarettes manufactured and sold by pm usa and nat sherman , machine- made large cigars and pipe tobacco manufactured and sold by middleton and premium cigars sold by nat sherman ; smokeless tobacco products manufactured and sold by usstc ; and innovative tobacco products , including e-vapor products manufactured and sold by nu mark .cigarettes : pm usa is the largest cigarette company in the united states , with total cigarette shipment volume in the united states of approximately 122.9 billion units in 2016 , a decrease of 2.5% ( 2.5 % ) from 2015 .marlboro , the principal cigarette brand of pm usa , has been the largest-selling cigarette brand in the united states for over 40 years .nat sherman sells substantially all of its super-premium cigarettes in the united states .cigars : middleton is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco to customers , substantially all of which are located in the united states .middleton sources a portion of its cigars from an importer through a third-party contract manufacturing arrangement .total shipment volume for cigars was approximately 1.4 billion units in 2016 , an increase of 5.9% ( 5.9 % ) from 2015 .black & mild is the principal cigar brand of middleton .nat sherman sources its premium cigars from importers through third-party contract manufacturing arrangements and sells substantially all of its cigars in the united states .smokeless tobacco products : usstc is the leading producer and marketer of moist smokeless tobacco ( 201cmst 201d ) products .the smokeless products segment includes the premium brands , copenhagen and skoal , and value brands , red seal and husky .substantially all of the smokeless tobacco products are manufactured and sold to customers in the united states .total smokeless products shipment volume was 853.5 million units in 2016 , an increase of 4.9% ( 4.9 % ) from 2015 .innovative tobacco products : nu mark participates in the e-vapor category and has developed and commercialized other innovative tobacco products .in addition , nu mark sources the production of its e-vapor products through overseas contract manufacturing arrangements .in 2013 , nu mark introduced markten e-vapor products .in april 2014 , nu mark acquired the e-vapor business of green smoke , inc .and its affiliates ( 201cgreen smoke 201d ) , which began selling e-vapor products in 2009 .for a further discussion of the acquisition of green smoke , see note 3 .acquisition of green smoke to the consolidated financial statements in item 8 ( 201cnote 3 201d ) .in december 2013 , altria group , inc . 2019s subsidiaries entered into a series of agreements with philip morris international inc .( 201cpmi 201d ) pursuant to which altria group , inc . 2019s subsidiaries provide an exclusive license to pmi to sell nu mark 2019s e-vapor products outside the united states , and pmi 2019s subsidiaries provide an exclusive license to altria group , inc . 2019s subsidiaries to sell two of pmi 2019s heated tobacco product platforms in the united states .further , in july 2015 , altria group , inc .announced the expansion of its strategic framework with pmi to include a joint research , development and technology-sharing agreement .under this agreement , altria group , inc . 2019s subsidiaries and pmi will collaborate to develop e-vapor products for commercialization in the united states by altria group , inc . 2019s subsidiaries and in markets outside the united states by pmi .this agreement also provides for exclusive technology cross licenses , technical information sharing and cooperation on scientific assessment , regulatory engagement and approval related to e-vapor products .in the fourth quarter of 2016 , pmi submitted a modified risk tobacco product ( 201cmrtp 201d ) application for an electronically heated tobacco product with the united states food and drug administration 2019s ( 201cfda 201d ) center for tobacco products and announced that it plans to file its corresponding pre-market tobacco product application during the first quarter of 2017 .the fda must determine whether to accept the applications for substantive review .upon regulatory authorization by the fda , altria group , inc . 2019s subsidiaries will have an exclusive license to sell this heated tobacco product in the united states .distribution , competition and raw materials : altria group , inc . 2019s tobacco subsidiaries sell their tobacco products principally to wholesalers ( including distributors ) , large retail organizations , including chain stores , and the armed services .the market for tobacco products is highly competitive , characterized by brand recognition and loyalty , with product quality , taste , price , product innovation , marketing , packaging and distribution constituting the significant methods of competition .promotional activities include , in certain instances and where .
|
what is the total units of shipment volume for smokeless products in 2015 , in millions?
|
813.63
|
{
"answer": "813.63",
"decimal": 813.63,
"type": "float"
}
| |
bhge 2018 form 10-k | 41 estimate would equal up to 5% ( 5 % ) of annual revenue .the expenditures are expected to be used primarily for normal , recurring items necessary to support our business .we also anticipate making income tax payments in the range of $ 425 million to $ 475 million in 2019 .contractual obligations in the table below , we set forth our contractual obligations as of december 31 , 2018 .certain amounts included in this table are based on our estimates and assumptions about these obligations , including their duration , anticipated actions by third parties and other factors .the contractual obligations we will actually pay in future periods may vary from those reflected in the table because the estimates and assumptions are subjective. .
[['( in millions )', 'payments due by period total', 'payments due by period less than1 year', 'payments due by period 1 - 3years', 'payments due by period 4 - 5years', 'payments due by period more than5 years'], ['total debt and capital lease obligations ( 1 )', '$ 6989', '$ 942', '$ 562', '$ 1272', '$ 4213'], ['estimated interest payments ( 2 )', '3716', '239', '473', '404', '2600'], ['operating leases ( 3 )', '846', '186', '262', '132', '266'], ['purchase obligations ( 4 )', '1507', '1388', '86', '25', '8'], ['total', '$ 13058', '$ 2755', '$ 1383', '$ 1833', '$ 7087']]
( 1 ) amounts represent the expected cash payments for the principal amounts related to our debt , including capital lease obligations .amounts for debt do not include any deferred issuance costs or unamortized discounts or premiums including step up in the value of the debt on the acquisition of baker hughes .expected cash payments for interest are excluded from these amounts .total debt and capital lease obligations includes $ 896 million payable to ge and its affiliates .as there is no fixed payment schedule on the amount payable to ge and its affiliates we have classified it as payable in less than one year .( 2 ) amounts represent the expected cash payments for interest on our long-term debt and capital lease obligations .( 3 ) amounts represent the future minimum payments under noncancelable operating leases with initial or remaining terms of one year or more .we enter into operating leases , some of which include renewal options , however , we have excluded renewal options from the table above unless it is anticipated that we will exercise such renewals .( 4 ) purchase obligations include expenditures for capital assets for 2019 as well as agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms , including : fixed or minimum quantities to be purchased ; fixed , minimum or variable price provisions ; and the approximate timing of the transaction .due to the uncertainty with respect to the timing of potential future cash outflows associated with our uncertain tax positions , we are unable to make reasonable estimates of the period of cash settlement , if any , to the respective taxing authorities .therefore , $ 597 million in uncertain tax positions , including interest and penalties , have been excluded from the contractual obligations table above .see "note 12 .income taxes" of the notes to consolidated and combined financial statements in item 8 herein for further information .we have certain defined benefit pension and other post-retirement benefit plans covering certain of our u.s .and international employees .during 2018 , we made contributions and paid direct benefits of approximately $ 72 million in connection with those plans , and we anticipate funding approximately $ 41 million during 2019 .amounts for pension funding obligations are based on assumptions that are subject to change , therefore , we are currently not able to reasonably estimate our contribution figures after 2019 .see "note 11 .employee benefit plans" of the notes to consolidated and combined financial statements in item 8 herein for further information .off-balance sheet arrangements in the normal course of business with customers , vendors and others , we have entered into off-balance sheet arrangements , such as surety bonds for performance , letters of credit and other bank issued guarantees , which totaled approximately $ 3.6 billion at december 31 , 2018 .it is not practicable to estimate the fair value of these financial instruments .none of the off-balance sheet arrangements either has , or is likely to have , a material effect on our consolidated and combined financial statements. .
|
what portion of the total debt and capital lease obligations is payable to ge and its affiliates?
|
12.8%
|
{
"answer": "12.8%",
"decimal": 0.128,
"type": "percentage"
}
| |
nbcuniversal media , llc consolidated statement of comprehensive income .
[['year ended december 31 ( in millions )', '2015', '2014', '2013'], ['net income', '$ 3624', '$ 3297', '$ 2122'], ['deferred gains ( losses ) on cash flow hedges net', '-21 ( 21 )', '25', '-5 ( 5 )'], ['employee benefit obligations net', '60', '-106 ( 106 )', '95'], ['currency translation adjustments net', '-121 ( 121 )', '-62 ( 62 )', '-41 ( 41 )'], ['comprehensive income', '3542', '3154', '2171'], ['net ( income ) loss attributable to noncontrolling interests', '-210 ( 210 )', '-182 ( 182 )', '-154 ( 154 )'], ['other comprehensive ( income ) loss attributable to noncontrolling interests', '29', '2014', '2014'], ['comprehensive income attributable to nbcuniversal', '$ 3361', '$ 2972', '$ 2017']]
see accompanying notes to consolidated financial statements .147 comcast 2015 annual report on form 10-k .
|
what was the average net income from 2013 to 2015
|
3014.33
|
{
"answer": "3014.33",
"decimal": 3014.33,
"type": "float"
}
| |
have access to liquidity by issuing bonds to public or private investors based on our assessment of the current condition of the credit markets .at december 31 , 2009 , we had a working capital surplus of approximately $ 1.0 billion , which reflects our decision to maintain additional cash reserves to enhance liquidity in response to difficult economic conditions .at december 31 , 2008 , we had a working capital deficit of approximately $ 100 million .historically , we have had a working capital deficit , which is common in our industry and does not indicate a lack of liquidity .we maintain adequate resources and , when necessary , have access to capital to meet any daily and short-term cash requirements , and we have sufficient financial capacity to satisfy our current liabilities .cash flows millions of dollars 2009 2008 2007 .
[['millions of dollars', '2009', '2008', '2007'], ['cash provided by operating activities', '$ 3234', '$ 4070', '$ 3277'], ['cash used in investing activities', '-2175 ( 2175 )', '-2764 ( 2764 )', '-2426 ( 2426 )'], ['cash used in financing activities', '-458 ( 458 )', '-935 ( 935 )', '-800 ( 800 )'], ['net change in cash and cash equivalents', '$ 601', '$ 371', '$ 51']]
operating activities lower net income in 2009 , a reduction of $ 184 million in the outstanding balance of our accounts receivable securitization program , higher pension contributions of $ 72 million , and changes to working capital combined to decrease cash provided by operating activities compared to 2008 .higher net income and changes in working capital combined to increase cash provided by operating activities in 2008 compared to 2007 .in addition , accelerated tax deductions enacted in 2008 on certain new operating assets resulted in lower income tax payments in 2008 versus 2007 .voluntary pension contributions in 2008 totaling $ 200 million and other pension contributions of $ 8 million partially offset the year-over-year increase versus 2007 .investing activities lower capital investments and higher proceeds from asset sales drove the decrease in cash used in investing activities in 2009 versus 2008 .increased capital investments and lower proceeds from asset sales drove the increase in cash used in investing activities in 2008 compared to 2007. .
|
what was the percentage change in cash provided by operating activities from 2007 to 2008?
|
24%
|
{
"answer": "24%",
"decimal": 0.24,
"type": "percentage"
}
| |
kimco realty corporation and subsidiaries notes to consolidated financial statements , continued investment in retail store leases the company has interests in various retail store leases relating to the anchor store premises in neighborhood and community shopping centers .these premises have been sublet to retailers who lease the stores pursuant to net lease agreements .income from the investment in these retail store leases during the years ended december 31 , 2008 , 2007 and 2006 , was approximately $ 2.7 million , $ 1.2 million and $ 1.3 million , respectively .these amounts represent sublease revenues during the years ended december 31 , 2008 , 2007 and 2006 , of approximately $ 7.1 million , $ 7.7 million and $ 8.2 million , respectively , less related expenses of $ 4.4 million , $ 5.1 million and $ 5.7 million , respectively , and an amount which , in management 2019s estimate , reasonably provides for the recovery of the investment over a period representing the expected remaining term of the retail store leases .the company 2019s future minimum revenues under the terms of all non-cancelable tenant subleases and future minimum obligations through the remaining terms of its retail store leases , assuming no new or renegotiated leases are executed for such premises , for future years are as follows ( in millions ) : 2009 , $ 5.6 and $ 3.8 ; 2010 , $ 5.4 and $ 3.7 ; 2011 , $ 4.5 and $ 3.1 ; 2012 , $ 2.3 and $ 2.1 ; 2013 , $ 1.0 and $ 1.3 and thereafter , $ 1.4 and $ 0.5 , respectively .leveraged lease during june 2002 , the company acquired a 90% ( 90 % ) equity participation interest in an existing leveraged lease of 30 properties .the properties are leased under a long-term bond-type net lease whose primary term expires in 2016 , with the lessee having certain renewal option rights .the company 2019s cash equity investment was approximately $ 4.0 million .this equity investment is reported as a net investment in leveraged lease in accordance with sfas no .13 , accounting for leases ( as amended ) .from 2002 to 2007 , 18 of these properties were sold , whereby the proceeds from the sales were used to pay down the mortgage debt by approximately $ 31.2 million .as of december 31 , 2008 , the remaining 12 properties were encumbered by third-party non-recourse debt of approximately $ 42.8 million that is scheduled to fully amortize during the primary term of the lease from a portion of the periodic net rents receivable under the net lease .as an equity participant in the leveraged lease , the company has no recourse obligation for principal or interest payments on the debt , which is collateralized by a first mortgage lien on the properties and collateral assignment of the lease .accordingly , this obligation has been offset against the related net rental receivable under the lease .at december 31 , 2008 and 2007 , the company 2019s net investment in the leveraged lease consisted of the following ( in millions ) : .
[['', '2008', '2007'], ['remaining net rentals', '$ 53.8', '$ 55.0'], ['estimated unguaranteed residual value', '31.7', '36.0'], ['non-recourse mortgage debt', '-38.5 ( 38.5 )', '-43.9 ( 43.9 )'], ['unearned and deferred income', '-43.0 ( 43.0 )', '-43.3 ( 43.3 )'], ['net investment in leveraged lease', '$ 4.0', '$ 3.8']]
9 .mortgages and other financing receivables : the company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the company .for a complete listing of the company 2019s mortgages and other financing receivables at december 31 , 2008 , see financial statement schedule iv included on page 141 of this annual report on form 10-k .reconciliation of mortgage loans and other financing receivables on real estate: .
|
what is the total of the company 2019s future minimum revenues under the terms of all non-cancelable tenant sublease from 2009-2011 , in millions?\\n
|
15.5
|
{
"answer": "15.5",
"decimal": 15.5,
"type": "float"
}
| |
part ii item 5 .market for registrant's common equity , related stockholder matters and issuer purchases of equity securities market information our common stock is traded on the nasdaq national market under the symbol "vrtx." the following table sets forth for the periods indicated the high and low sale prices per share of our common stock as reported by nasdaq : as of march 14 , 2006 , there were 1312 holders of record of our common stock ( approximately 20200 beneficial holders ) .dividends we have never declared or paid any cash dividends on our common stock , and we currently expect that future earnings , if any , will be retained for use in our business .issuer repurchases of equity securities we did not repurchase any equity securities of the company during the quarter ended december 31 , 2005 .unregistered sales of equity securities in december 2005 , we issued an additional 781000 shares of our common stock in connection with exchanges with certain existing holders of 2011 notes .the exchanges were exempt from registration under the securities act of 1933 , as amended , under section 3 ( a ) ( 9 ) thereof , as exchanges by the company of securities with its existing holders exclusively in transactions in which no commission or other remuneration was paid. .
[['year ended december 31 2004:', 'high', 'low'], ['first quarter', '$ 12.20', '$ 8.82'], ['second quarter', '10.00', '8.00'], ['third quarter', '11.19', '8.06'], ['fourth quarter', '12.05', '9.79'], ['year ended december 31 2005:', '', ''], ['first quarter', '$ 11.99', '$ 9.20'], ['second quarter', '17.06', '8.61'], ['third quarter', '22.68', '15.33'], ['fourth quarter', '29.24', '20.31']]
.
|
what was the average quarterly highs in 2004
|
8.86
|
{
"answer": "8.86",
"decimal": 8.86,
"type": "float"
}
| |
liquidity and capital resources the following table summarizes liquidity data as of the dates indicated ( in thousands ) : december 31 , december 31 .
[['', 'december 31 2016', 'december 31 2015'], ['cash and equivalents', '$ 227400', '$ 87397'], ['total debt ( 1 )', '3365687', '1599695'], ['current maturities ( 2 )', '68414', '57494'], ['capacity under credit facilities ( 3 )', '2550000', '1947000'], ['availability under credit facilities ( 3 )', '1019112', '1337653'], ['total liquidity ( cash and equivalents plus availability on credit facilities )', '1246512', '1425050']]
total debt ( 1 ) 3365687 1599695 current maturities ( 2 ) 68414 57494 capacity under credit facilities ( 3 ) 2550000 1947000 availability under credit facilities ( 3 ) 1019112 1337653 total liquidity ( cash and equivalents plus availability on credit facilities ) 1246512 1425050 ( 1 ) debt amounts reflect the gross values to be repaid ( excluding debt issuance costs of $ 23.9 million and $ 15.0 million as of december 31 , 2016 and 2015 , respectively ) .( 2 ) debt amounts reflect the gross values to be repaid ( excluding debt issuance costs of $ 2.3 million and $ 1.5 million as of december 31 , 2016 and 2015 , respectively ) .( 3 ) includes our revolving credit facilities , our receivables securitization facility , and letters of credit .we assess our liquidity in terms of our ability to fund our operations and provide for expansion through both internal development and acquisitions .our primary sources of liquidity are cash flows from operations and our credit facilities .we utilize our cash flows from operations to fund working capital and capital expenditures , with the excess amounts going towards funding acquisitions or paying down outstanding debt .as we have pursued acquisitions as part of our growth strategy , our cash flows from operations have not always been sufficient to cover our investing activities .to fund our acquisitions , we have accessed various forms of debt financing , including revolving credit facilities , senior notes , and a receivables securitization facility .as of december 31 , 2016 , we had debt outstanding and additional available sources of financing , as follows : 2022 senior secured credit facilities maturing in january 2021 , composed of term loans totaling $ 750 million ( $ 732.7 million outstanding at december 31 , 2016 ) and $ 2.45 billion in revolving credit ( $ 1.36 billion outstanding at december 31 , 2016 ) , bearing interest at variable rates ( although a portion of this debt is hedged through interest rate swap contracts ) reduced by $ 72.7 million of amounts outstanding under letters of credit 2022 senior notes totaling $ 600 million , maturing in may 2023 and bearing interest at a 4.75% ( 4.75 % ) fixed rate 2022 euro notes totaling $ 526 million ( 20ac500 million ) , maturing in april 2024 and bearing interest at a 3.875% ( 3.875 % ) fixed rate 2022 receivables securitization facility with availability up to $ 100 million ( $ 100 million outstanding as of december 31 , 2016 ) , maturing in november 2019 and bearing interest at variable commercial paper from time to time , we may undertake financing transactions to increase our available liquidity , such as our january 2016 amendment to our senior secured credit facilities , the issuance of 20ac500 million of euro notes in april 2016 , and the november 2016 amendment to our receivables securitization facility .the rhiag acquisition was the catalyst for the april issuance of 20ac500 million of euro notes .given that rhiag is a long term asset , we considered alternative financing options and decided to fund a portion of this acquisition through the issuance of long term notes .additionally , the interest rates on rhiag's acquired debt ranged between 6.45% ( 6.45 % ) and 7.25% ( 7.25 % ) .with the issuance of the 20ac500 million of senior notes at a rate of 3.875% ( 3.875 % ) , we were able to replace rhiag's borrowings with long term financing at favorable rates .this refinancing also provides financial flexibility to execute our long-term growth strategy by freeing up availability under our revolver .if we see an attractive acquisition opportunity , we have the ability to use our revolver to move quickly and have certainty of funding .as of december 31 , 2016 , we had approximately $ 1.02 billion available under our credit facilities .combined with approximately $ 227.4 million of cash and equivalents at december 31 , 2016 , we had approximately $ 1.25 billion in available liquidity , a decrease of $ 178.5 million from our available liquidity as of december 31 , 2015 .we expect to use the proceeds from the sale of pgw's glass manufacturing business to pay down borrowings under our revolving credit facilities , which would increase our available liquidity by approximately $ 310 million when the transaction closes. .
|
what was the percentage decline in the liquidity in 2016 from 2015
|
1.25%
|
{
"answer": "1.25%",
"decimal": 0.0125,
"type": "percentage"
}
| |
input costs for board and resin are expected to be flat and operating costs are expected to decrease .european consumer packaging net sales in 2013 were $ 380 million compared with $ 380 million in 2012 and $ 375 million in 2011 .operating profits in 2013 were $ 100 million compared with $ 99 million in 2012 and $ 93 million in 2011 .sales volumes in 2013 decreased from 2012 in both the european and russian markets .average sales price realizations were significantly higher in the russian market , but were lower in europe .input costs were flat year-over-year .planned maintenance downtime costs were higher in 2013 than in 2012 .looking forward to the first quarter of 2014 , sales volumes compared with the fourth quarter of 2013 are expected to be about flat .average sales price realizations are expected to be higher in both russia and europe .input costs are expected to increase for wood and energy , but decrease for purchased pulp .there are no maintenance outages scheduled for the first quarter , however the kwidzyn mill will have additional costs associated with the rebuild of a coated board machine .asian consumer packaging net sales were $ 1.1 billion in 2013 compared with $ 830 million in 2012 and $ 855 million in 2011 .operating profits in 2013 were a loss of $ 2 million compared with gains of $ 4 million in 2012 and $ 35 million in 2011 .sales volumes increased in 2013 compared with 2012 , reflecting the ramp-up of a new coated paperboard machine installed in 2012 .however , average sales price realizations were significantly lower , reflecting competitive pressure on sales prices which squeezed margins and created an unfavorable product mix .lower input costs were offset by higher freight costs .in 2012 , start-up costs for the new coated paperboard machine adversely impacted operating profits .in the first quarter of 2014 , sales volumes are expected to increase slightly .average sales price realizations are expected to be flat reflecting continuing competitive pressures .input costs are expected be higher for pulp , energy and chemicals .the business will drive margin improvement through operational excellence and better distribution xpedx , our distribution business , is one of north america 2019s leading business-to-business distributors to manufacturers , facility managers and printers , providing customized solutions that are designed to improve efficiency , reduce costs and deliver results .customer demand is generally sensitive to changes in economic conditions and consumer behavior , along with segment specific activity including corporate advertising and promotional spending , government spending and domestic manufacturing activity .distribution 2019s margins are relatively stable across an economic cycle .providing customers with the best choice for value in both products and supply chain services is a key competitive factor .additionally , efficient customer service , cost-effective logistics and focused working capital management are key factors in this segment 2019s profitability .distribution .
[['in millions', '2013', '2012', '2011'], ['sales', '$ 5650', '$ 6040', '$ 6630'], ['operating profit', '-389 ( 389 )', '22', '34']]
distribution 2019s 2013 annual sales decreased 6% ( 6 % ) from 2012 , and decreased 15% ( 15 % ) from 2011 .operating profits in 2013 were a loss of $ 389 million ( a gain of $ 43 million excluding goodwill impairment charges and reorganization costs ) compared with $ 22 million ( $ 71 million excluding reorganization costs ) in 2012 and $ 34 million ( $ 86 million excluding reorganization costs ) in annual sales of printing papers and graphic arts supplies and equipment totaled $ 3.2 billion in 2013 compared with $ 3.5 billion in 2012 and $ 4.0 billion in 2011 reflecting declining demand and the discontinuation of a distribution agreement with a large manufacturer of graphic supplies .trade margins as a percent of sales for printing papers were down from both 2012 and 2011 .revenue from packaging products was flat at $ 1.6 billion in 2013 , 2012 and 2011 despite the significant decline of a large high-tech customer's business .packaging margins remained flat to the 2012 level , and up from 2011 .facility supplies annual revenue was $ 845 million in 2013 , down from $ 944 million in 2012 and $ 981 million in 2011 .operating profits in 2013 included a goodwill impairment charge of $ 400 million and reorganization costs for severance , professional services and asset write-downs of $ 32 million .operating profits in 2012 and 2011 included reorganization costs of $ 49 million and $ 52 million , respectively .looking ahead to the 2014 first quarter , operating profits will be seasonally lower , but will continue to reflect the benefits of strategic and other cost reduction initiatives. .
|
what was the percentage change in the asian consumer packaging net sales in 2013
|
32.5%
|
{
"answer": "32.5%",
"decimal": 0.325,
"type": "percentage"
}
| |
guaranteed by the company with guarantees from the joint venture partners for their proportionate amounts of any guaranty payment the company is obligated to make ( see guarantee table above ) .non-recourse mortgage debt is generally defined as debt whereby the lenders 2019 sole recourse with respect to borrower defaults is limited to the value of the property collateralized by the mortgage .the lender generally does not have recourse against any other assets owned by the borrower or any of the constituent members of the borrower , except for certain specified exceptions listed in the particular loan documents ( see footnote 7 of the notes to consolidated financial statements included in this form 10-k ) .these investments include the following joint ventures : venture ownership interest number of properties total gla thousands ) recourse mortgage payable ( in millions ) number of encumbered properties average interest weighted average ( months ) .
[['venture', 'kimco ownership interest', 'number of properties', 'total gla ( in thousands )', 'non- recourse mortgage payable ( in millions )', 'number of encumbered properties', 'average interest rate', 'weighted average term ( months )'], ['kimpru ( a )', '15.0% ( 15.0 % )', '60', '10573', '$ 920.4', '39', '5.53% ( 5.53 % )', '23.0'], ['riocan venture ( b )', '50.0% ( 50.0 % )', '45', '9307', '$ 642.6', '28', '4.29% ( 4.29 % )', '39.9'], ['kir ( c )', '48.6% ( 48.6 % )', '54', '11519', '$ 866.4', '46', '5.04% ( 5.04 % )', '61.9'], ['big shopping centers ( d )', '50.1% ( 50.1 % )', '6', '1029', '$ 144.6', '6', '5.52% ( 5.52 % )', '22.0'], ['kimstone ( e ) ( g )', '33.3% ( 33.3 % )', '39', '5595', '$ 704.4', '38', '4.45% ( 4.45 % )', '28.7'], ['cpp ( f )', '55.0% ( 55.0 % )', '7', '2425', '$ 112.1', '2', '5.05% ( 5.05 % )', '10.1']]
( a ) represents the company 2019s joint ventures with prudential real estate investors .( b ) represents the company 2019s joint ventures with riocan real estate investment trust .( c ) represents the company 2019s joint ventures with certain institutional investors .( d ) represents the company 2019s remaining joint venture with big shopping centers ( tlv:big ) , an israeli public company ( see footnote 7 of the notes to consolidated financial statements included in this form 10-k ) .( e ) represents the company 2019s joint ventures with blackstone .( f ) represents the company 2019s joint ventures with the canadian pension plan investment board ( cppib ) .( g ) on february 2 , 2015 , the company purchased the remaining 66.7% ( 66.7 % ) interest in the 39-property kimstone portfolio for a gross purchase price of $ 1.4 billion , including the assumption of $ 638.0 million in mortgage debt ( see footnote 26 of the notes to consolidated financial statements included in this form 10-k ) .the company has various other unconsolidated real estate joint ventures with varying structures .as of december 31 , 2014 , these other unconsolidated joint ventures had individual non-recourse mortgage loans aggregating $ 1.2 billion .the aggregate debt as of december 31 , 2014 , of all of the company 2019s unconsolidated real estate joint ventures is $ 4.6 billion , of which the company 2019s proportionate share of this debt is $ 1.8 billion .as of december 31 , 2014 , these loans had scheduled maturities ranging from one month to 19 years and bear interest at rates ranging from 1.92% ( 1.92 % ) to 8.39% ( 8.39 % ) .approximately $ 525.7 million of the aggregate outstanding loan balance matures in 2015 , of which the company 2019s proportionate share is $ 206.0 million .these maturing loans are anticipated to be repaid with operating cash flows , debt refinancing and partner capital contributions , as deemed appropriate ( see footnote 7 of the notes to consolidated financial statements included in this form 10-k ) . .
|
what is the company's proportional share of debt from real estate joint ventures ? [14] : the aggregate debt as of december 31 , 2014 , of all of the company 2019s unconsolidated real estate joint ventures is $ 4.6 billion , of which the company 2019s proportionate share of this debt is $ 1.8 billion .
|
0.39:1
|
{
"answer": "0.39:1",
"decimal": 0.39,
"type": "open_ended_answer"
}
| |
table of contents the company concluded that the acquisition of sentinelle medical did not represent a material business combination , and therefore , no pro forma financial information has been provided herein .subsequent to the acquisition date , the company 2019s results of operations include the results of sentinelle medical , which is included within the company 2019s breast health reporting segment .the company accounted for the sentinelle medical acquisition as a purchase of a business under asc 805 .the purchase price was comprised of an $ 84.8 million cash payment , which was net of certain adjustments , plus three contingent payments up to a maximum of an additional $ 250.0 million in cash .the contingent payments are based on a multiple of incremental revenue growth during the two-year period following the completion of the acquisition as follows : six months after acquisition , 12 months after acquisition , and 24 months after acquisition .pursuant to asc 805 , the company recorded its estimate of the fair value of the contingent consideration liability based on future revenue projections of the sentinelle medical business under various potential scenarios and weighted probability assumptions of these outcomes .as of the date of acquisition , these cash flow projections were discounted using a rate of 16.5% ( 16.5 % ) .the discount rate is based on the weighted-average cost of capital of the acquired business plus a credit risk premium for non-performance risk related to the liability pursuant to asc 820 .this analysis resulted in an initial contingent consideration liability of $ 29.5 million , which will be adjusted periodically as a component of operating expenses based on changes in the fair value of the liability driven by the accretion of the liability for the time value of money and changes in the assumptions pertaining to the achievement of the defined revenue growth milestones .this fair value measurement was based on significant inputs not observable in the market and thus represented a level 3 measurement as defined in asc during each quarter in fiscal 2011 , the company has re-evaluated its assumptions and updated the revenue and probability assumptions for future earn-out periods and lowered its projections .as a result of these adjustments , which were partially offset by the accretion of the liability , and using a current discount rate of approximately 17.0% ( 17.0 % ) , the company recorded a reversal of expense of $ 14.3 million in fiscal 2011 to record the contingent consideration liability at fair value .in addition , during the second quarter of fiscal 2011 , the first earn-out period ended , and the company adjusted the fair value of the contingent consideration liability for actual results during the earn-out period .this payment of $ 4.3 million was made in the third quarter of fiscal 2011 .at september 24 , 2011 , the fair value of the liability is $ 10.9 million .the company did not issue any equity awards in connection with this acquisition .the company incurred third-party transaction costs of $ 1.2 million , which were expensed within general and administrative expenses in fiscal 2010 .the purchase price was as follows: .
[['cash', '$ 84751'], ['contingent consideration', '29500'], ['total purchase price', '$ 114251']]
source : hologic inc , 10-k , november 23 , 2011 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely .the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law .past financial performance is no guarantee of future results. .
|
what percentage of the total purchase price was contingent consideration?
|
25.8%
|
{
"answer": "25.8%",
"decimal": 0.258,
"type": "percentage"
}
|
to find the percentage of the total purchase price was contingent consideration , one must divide the contingent consideration by the total purchase price .
|
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 change in thousands of the warranty expense incurred for the year from 2005 to 2006?
|
45
|
{
"answer": "45",
"decimal": 45,
"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 2007 to 2008?
|
124%
|
{
"answer": "124%",
"decimal": 1.24,
"type": "percentage"
}
| |
synopsys , inc .notes to consolidated financial statements 2014continued acquired identifiable intangible assets of $ 107.3 million , resulting in total goodwill of $ 257.6 million .identifiable intangible assets are being amortized over three to eight years .acquisition-related costs directly attributable to the business combination were $ 6.6 million for fiscal 2012 and were expensed as incurred in the consolidated statements of operations .these costs consisted primarily of employee separation costs and professional services .acquisition of magma design automation , inc .( magma ) on february 22 , 2012 , the company acquired magma , a chip design software provider , at a per- share price of $ 7.35 .additionally , the company assumed unvested restricted stock units ( rsus ) and stock options , collectively called 201cequity awards . 201d the aggregate purchase price was approximately $ 550.2 million .this acquisition enables the company to more rapidly meet the needs of leading-edge semiconductor designers for more sophisticated design tools .the company allocated the total purchase consideration of $ 550.2 million ( including $ 6.8 million related to equity awards assumed ) to the assets acquired and liabilities assumed based on their respective fair values at the acquisition date , including acquired identifiable intangible assets of $ 184.3 million , resulting in total goodwill of $ 316.3 million .identifiable intangible assets are being amortized over three to ten years .acquisition-related costs directly attributable to the business combination totaling $ 33.5 million for fiscal 2012 were expensed as incurred in the consolidated statements of operations and consist primarily of employee separation costs , contract terminations , professional services , and facilities closure costs .other fiscal 2012 acquisitions during fiscal 2012 , the company acquired five other companies , including emulation & verification engineering , s.a .( eve ) , for cash and allocated the total purchase consideration of $ 213.2 million to the assets acquired and liabilities assumed based on their respective fair values , resulting in total goodwill of $ 118.1 million .acquired identifiable intangible assets totaling $ 73.3 million were valued using appropriate valuation methods such as income or cost methods and are being amortized over their respective useful lives ranging from one to eight years .during fiscal 2012 , acquisition-related costs totaling $ 6.8 million were expensed as incurred in the consolidated statements of operations .fiscal 2011 acquisitions during fiscal 2011 , the company completed two acquisitions for cash and allocated the total purchase consideration of $ 37.4 million to the assets and liabilities acquired based on their respective fair values at the acquisition date resulting in goodwill of $ 30.6 million .acquired identifiable intangible assets of $ 9.3 million are being amortized over two to ten years .note 4 .goodwill and intangible assets goodwill: .
[['', '( in thousands )'], ['balance at october 31 2011', '$ 1289286'], ['additions', '687195'], ['other adjustments ( 1 )', '506'], ['balance at october 31 2012', '$ 1976987'], ['additions', '2014'], ['other adjustments ( 1 )', '-1016 ( 1016 )'], ['balance at october 31 2013', '$ 1975971']]
.
|
what is the percentual decrease observed in the balance between 2012 and 2013?\\n
|
0.052%
|
{
"answer": "0.052%",
"decimal": 0.00052,
"type": "percentage"
}
|
it is the variation divided by the initial value , then turned into a percentage .
|
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 .although many 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 , 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 .this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings .equity year-end 2016 equity aum totaled $ 2.657 trillion , reflecting net inflows of $ 51.4 billion .net inflows included $ 74.9 billion into ishares , driven by net inflows into the core ranges and broad developed and emerging market equities .ishares net inflows were partially offset by active and non-etf index net outflows of $ 20.2 billion and $ 3.3 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 effective equity fee rates and revenues .fixed income fixed income aum ended 2016 at $ 1.572 trillion , reflecting net inflows of $ 120.0 billion .in 2016 , active net inflows of $ 16.6 billion were diversified across fixed income offerings , and included strong inflows from insurance clients .fixed income ishares net inflows of $ 59.9 billion were led by flows into the core ranges , emerging market , high yield and corporate bond funds .non-etf index net inflows of $ 43.4 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 2016 are presented below .( in millions ) december 31 , net inflows ( outflows ) market change impact december 31 .
[['( in millions )', 'december 312015', 'net inflows ( outflows )', 'marketchange', 'fx impact', 'december 312016'], ['asset allocation and balanced', '$ 185836', '$ -10332 ( 10332 )', '$ 6705', '$ -5534 ( 5534 )', '$ 176675'], ['target date/risk', '125664', '13500', '10189', '79', '149432'], ['fiduciary', '64433', '998', '5585', '-2621 ( 2621 )', '68395'], ['futureadvisor ( 1 )', '403', '61', '41', '2014', '505'], ['total', '$ 376336', '$ 4227', '$ 22520', '$ -8076 ( 8076 )', '$ 395007']]
( 1 ) the futureadvisor amount does not include aum that was held in ishares holdings .multi-asset net inflows reflected ongoing institutional demand for our solutions-based advice with $ 13.2 billion of net inflows coming from institutional clients .defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 11.3 billion to institutional multi-asset net inflows in 2016 , primarily into target date and target risk product offerings .retail net outflows of $ 9.4 billion were primarily due to outflows from world allocation strategies .the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 45% ( 45 % ) 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 11% ( 11 % ) organically in 2016 , with net inflows of $ 13.5 billion .institutional investors represented 94% ( 94 % ) of target date and target risk aum , with defined contribution plans accounting for 88% ( 88 % ) of aum .flows were driven by defined contribution investments in our lifepath and lifepath retirement income ae offerings .lifepath products utilize a proprietary asset allocation model that seeks to balance risk and return over an investment horizon based on the investor 2019s expected retirement timing .2022 fiduciary management services are complex mandates in which pension plan sponsors or endowments and foundations retain blackrock to assume responsibility for some or all aspects of plan management .these customized services require strong partnership with the clients 2019 investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives. .
|
what is the percentage change in total multi-asset aum during 2016?
|
5.0%
|
{
"answer": "5.0%",
"decimal": 0.05,
"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 2008?
|
15%
|
{
"answer": "15%",
"decimal": 0.15,
"type": "percentage"
}
| |
income tax expense .
[['( in millions )', 'gaap 2017', 'gaap 2016', 'gaap 2015', 'gaap 2017', 'gaap 2016', '2015'], ['operating income ( 1 )', '$ 5272', '$ 4570', '$ 4664', '$ 5287', '$ 4674', '$ 4695'], ['total nonoperating income ( expense ) ( 1 ) ( 2 )', '-32 ( 32 )', '-108 ( 108 )', '-69 ( 69 )', '-32 ( 32 )', '-108 ( 108 )', '-70 ( 70 )'], ['income before income taxes ( 2 )', '$ 5240', '$ 4462', '$ 4595', '$ 5255', '$ 4566', '$ 4625'], ['income tax expense ( 3 )', '$ 270', '$ 1290', '$ 1250', '$ 1539', '$ 1352', '$ 1312'], ['effective tax rate ( 3 )', '5.2% ( 5.2 % )', '28.9% ( 28.9 % )', '27.2% ( 27.2 % )', '29.3% ( 29.3 % )', '29.6% ( 29.6 % )', '28.4% ( 28.4 % )']]
operating income ( 1 ) $ 5272 $ 4570 $ 4664 $ 5287 $ 4674 $ 4695 total nonoperating income ( expense ) ( 1 ) ( 2 ) ( 32 ) ( 108 ) ( 69 ) ( 32 ) ( 108 ) ( 70 ) income before income taxes ( 2 ) $ 5240 $ 4462 $ 4595 $ 5255 $ 4566 $ 4625 income tax expense ( 3 ) $ 270 $ 1290 $ 1250 $ 1539 $ 1352 $ 1312 effective tax rate ( 3 ) 5.2% ( 5.2 % ) 28.9% ( 28.9 % ) 27.2% ( 27.2 % ) 29.3% ( 29.3 % ) 29.6% ( 29.6 % ) 28.4% ( 28.4 % ) ( 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 .( 3 ) gaap income tax expense and effective tax rate for 2017 reflects $ 1.2 billion of a net tax benefit related to the 2017 tax act .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 netherlands .2017 .income tax expense ( gaap ) reflected : 2022 the following amounts related to the 2017 tax act : 2022 $ 106 million tax expense related to the revaluation of certain deferred income tax assets ; 2022 $ 1758 million noncash tax benefit related to the revaluation of certain deferred income tax liabilities ; 2022 $ 477 million tax expense related to the mandatory deemed repatriation of undistributed foreign earnings and profits .2022 a noncash expense of $ 16 million , primarily associated with the revaluation of certain deferred income tax liabilities as a result of domestic state and local tax changes ; and 2022 $ 173 million discrete tax benefits , primarily related to stock-based compensation awards , including $ 151 million related to the adoption of new accounting guidance related to stock-based compensation awards .see note 2 , significant accounting policies , for further information .the as adjusted effective tax rate of 29.3% ( 29.3 % ) for 2017 excluded the noncash deferred tax revaluation benefit of $ 1758 million and noncash expense of $ 16 million mentioned above as it will not have a cash flow impact and to ensure comparability among periods presented .in addition , the deemed repatriation tax expense of $ 477 million has been excluded from the as adjusted results due to the one-time nature and to ensure comparability among periods presented .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 .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 assets that have equal and offsetting liabilities or noncontrolling interests that ultimately do not have an impact on stockholders 2019 equity or cash flows .management views the as adjusted balance sheet , which contains non-gaap financial measures , as an economic presentation of the company 2019s total assets and liabilities ; however , it does not advocate that investors consider such non-gaap financial measures in isolation from , or as a substitute for , financial information prepared in accordance with gaap .separate account assets and liabilities and separate account collateral held under securities lending agreements separate account assets are maintained by blackrock life limited , a wholly owned subsidiary of the company that is a registered life insurance company in the united kingdom , and represent segregated assets held for purposes of funding individual and group pension contracts .the .
|
what is the growth rate in operating income from 2015 to 2016?
|
-2.0%
|
{
"answer": "-2.0%",
"decimal": -0.02,
"type": "percentage"
}
| |
notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .1 .nature of operations operations and segmentation 2013 we are a class i railroad operating in the u.s .our network includes 31868 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s .gateways and providing several corridors to key mexican gateways .we own 26020 miles and operate on the remainder pursuant to trackage rights or leases .we serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico .export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders .the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment .although we provide and review revenue by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network .the following table provides freight revenue by commodity group : millions 2012 2011 2010 .
[['millions', '2012', '2011', '2010'], ['agricultural', '$ 3280', '$ 3324', '$ 3018'], ['automotive', '1807', '1510', '1271'], ['chemicals', '3238', '2815', '2425'], ['coal', '3912', '4084', '3489'], ['industrial products', '3494', '3166', '2639'], ['intermodal', '3955', '3609', '3227'], ['total freight revenues', '$ 19686', '$ 18508', '$ 16069'], ['other revenues', '1240', '1049', '896'], ['total operatingrevenues', '$ 20926', '$ 19557', '$ 16965']]
although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products transported by us are outside the u.s .each of our commodity groups includes revenue from shipments to and from mexico .included in the above table are revenues from our mexico business which amounted to $ 1.9 billion in 2012 , $ 1.8 billion in 2011 , and $ 1.6 billion in 2010 .basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s .( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) .2 .significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries .investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting .all intercompany transactions are eliminated .we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements .cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less .accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts .the allowance is based upon historical losses , credit worthiness of customers , and current economic conditions .receivables not expected to be collected in one year and the associated allowances are classified as other assets in our consolidated statements of financial position. .
|
what percentage of total freight revenues was the industrial products commodity group in 2012?
|
18%
|
{
"answer": "18%",
"decimal": 0.18,
"type": "percentage"
}
| |
sources of blackrock 2019s operating cash primarily include investment advisory , administration fees and securities lending revenue , performance fees , revenue from blackrock solutions and advisory products and services , other revenue and distribution fees .blackrock uses its cash to pay all operating expense , interest and principal on borrowings , income taxes , dividends on blackrock 2019s capital stock , repurchases of the company 2019s stock , capital expenditures and purchases of co-investments and seed investments .for details of the company 2019s gaap cash flows from operating , investing and financing activities , see the consolidated statements of cash flows contained in part ii , item 8 of this filing .cash flows from operating activities , excluding the impact of consolidated sponsored investment funds , primarily include the receipt of investment advisory and administration fees , securities lending revenue and performance fees offset by the payment of operating expenses incurred in the normal course of business , including year-end incentive compensation accrued for in the prior year .cash outflows from investing activities , excluding the impact of consolidated sponsored investment funds , for 2016 were $ 58 million and primarily reflected $ 384 million of investment purchases , $ 119 million of purchases of property and equipment and $ 30 million related to an acquisition , partially offset by $ 441 million of net proceeds from sales and maturities of certain investments .cash outflows from financing activities , excluding the impact of consolidated sponsored investment funds , for 2016 were $ 2831 million , primarily resulting from $ 1.4 billion of share repurchases , including $ 1.1 billion in open market- transactions and $ 274 million of employee tax withholdings related to employee stock transactions and $ 1.5 billion of cash dividend payments , partially offset by $ 82 million of excess tax benefits from vested stock-based compensation awards .the company manages its financial condition and funding to maintain appropriate liquidity for the business .liquidity resources at december 31 , 2016 and 2015 were as follows : ( in millions ) december 31 , december 31 , cash and cash equivalents ( 1 ) $ 6091 $ 6083 cash and cash equivalents held by consolidated vres ( 2 ) ( 53 ) ( 100 ) .
[['( in millions )', 'december 31 2016', 'december 31 2015'], ['cash and cash equivalents ( 1 )', '$ 6091', '$ 6083'], ['cash and cash equivalents held by consolidated vres ( 2 )', '-53 ( 53 )', '-100 ( 100 )'], ['subtotal', '6038', '5983'], ['credit facility 2014 undrawn', '4000', '4000'], ['total liquidity resources ( 3 )', '$ 10038', '$ 9983']]
total liquidity resources ( 3 ) $ 10038 $ 9983 ( 1 ) the percentage of cash and cash equivalents held by the company 2019s u.s .subsidiaries was approximately 50% ( 50 % ) at both december 31 , 2016 and 2015 .see net capital requirements herein for more information on net capital requirements in certain regulated subsidiaries .( 2 ) the company cannot readily access such cash to use in its operating activities .( 3 ) amounts do not reflect year-end incentive compensation accruals of approximately $ 1.3 billion and $ 1.5 billion for 2016 and 2015 , respectively , which were paid in the first quarter of the following year .total liquidity resources increased $ 55 million during 2016 , primarily reflecting cash flows from operating activities , partially offset by cash payments of 2015 year-end incentive awards , share repurchases of $ 1.4 billion and cash dividend payments of $ 1.5 billion .a significant portion of the company 2019s $ 2414 million of total investments , as adjusted , is illiquid in nature and , as such , cannot be readily convertible to cash .share repurchases .the company repurchased 3.3 million common shares in open market-transactions under its share repurchase program for $ 1.1 billion during 2016 .at december 31 , 2016 , there were 3 million shares still authorized to be repurchased .in january 2017 , the board of directors approved an increase in the shares that may be repurchased under the company 2019s existing share repurchase program to allow for the repurchase of an additional 6 million shares for a total up to 9 million shares of blackrock common stock .net capital requirements .the company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions , which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions .as a result , such subsidiaries of the company may be restricted in their ability to transfer cash between different jurisdictions and to their parents .additionally , transfers of cash between international jurisdictions , including repatriation to the united states , may have adverse tax consequences that could discourage such transfers .blackrock institutional trust company , n.a .( 201cbtc 201d ) is chartered as a national bank that does not accept client deposits and whose powers are limited to trust and other fiduciary activities .btc provides investment management services , including investment advisory and securities lending agency services , to institutional investors and other clients .btc is subject to regulatory capital and liquid asset requirements administered by the office of the comptroller of the currency .at december 31 , 2016 and 2015 , the company was required to maintain approximately $ 1.4 billion and $ 1.1 billion , respectively , in net capital in certain regulated subsidiaries , including btc , entities regulated by the financial conduct authority and prudential regulation authority in the united kingdom , and the company 2019s broker-dealers .the company was in compliance with all applicable regulatory net capital requirements .undistributed earnings of foreign subsidiaries .as of december 31 , 2016 , the company has not provided for u.s .federal and state income taxes on approximately $ 5.3 billion of undistributed earnings of its foreign subsidiaries .such earnings are considered indefinitely reinvested outside the united states .the company 2019s current plans do not demonstrate a need to repatriate these funds .short-term borrowings 2016 revolving credit facility .the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) .the 2016 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $ 5.0 billion .interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .the 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to .
|
what is the percentage change in total liquidity resources from 2015 to 2016?
|
0.6%
|
{
"answer": "0.6%",
"decimal": 0.006,
"type": "percentage"
}
| |
accounts receivable , net october 31 , 2006 october 31 , 2005 dollar change change .
[['october 31 2006', 'october 31 2005', 'dollar change', '% ( % ) change'], ['( dollars in millions )', '( dollars in millions )', '', ''], ['$ 122.6', '$ 100.2', '$ 22.4', '22% ( 22 % )']]
the increase in accounts receivable was primarily due to the increased billings during the fiscal year ended october 31 , 2006 .days sales outstanding ( dso ) was 39 days at october 31 , 2006 and 36 days at october 31 , 2005 .our accounts receivable and dso are primarily driven by our billing and collections activities .net working capital working capital is comprised of current assets less current liabilities , as shown on our balance sheet .as of october 31 , 2006 , our working capital was $ 23.4 million , compared to $ 130.6 million as of october 31 , 2005 .the decrease in net working capital of $ 107.2 million was primarily due to ( 1 ) a decrease of $ 73.7 million in cash and cash equivalents ; ( 2 ) a decrease of current deferred tax assets of $ 83.2 million , primarily due to a tax accounting method change ; ( 3 ) a decrease in income taxes receivable of $ 5.8 million ; ( 4 ) an increase in income taxes payable of $ 21.5 million ; ( 5 ) an increase in deferred revenue of $ 29.9 million ; and ( 6 ) a net increase of $ 2.8 million in accounts payable and other liabilities which included a reclassification of debt of $ 7.5 million from long term to short term debt .this decrease was partially offset by ( 1 ) an increase in short-term investments of $ 59.9 million ; ( 2 ) an increase in prepaid and other assets of $ 27.4 million , which includes land of $ 23.4 million reclassified from property plant and equipment to asset held for sale within prepaid expense and other assets on our consolidated balance sheet ; and ( 3 ) an increase in accounts receivable of $ 22.4 million .other commitments 2014revolving credit facility on october 20 , 2006 , we entered into a five-year , $ 300.0 million senior unsecured revolving credit facility providing for loans to synopsys and certain of its foreign subsidiaries .the facility replaces our previous $ 250.0 million senior unsecured credit facility , which was terminated effective october 20 , 2006 .the amount of the facility may be increased by up to an additional $ 150.0 million through the fourth year of the facility .the facility contains financial covenants requiring us to maintain a minimum leverage ratio and specified levels of cash , as well as other non-financial covenants .the facility terminates on october 20 , 2011 .borrowings under the facility bear interest at the greater of the administrative agent 2019s prime rate or the federal funds rate plus 0.50% ( 0.50 % ) ; however , we have the option to pay interest based on the outstanding amount at eurodollar rates plus a spread between 0.50% ( 0.50 % ) and 0.70% ( 0.70 % ) based on a pricing grid tied to a financial covenant .in addition , commitment fees are payable on the facility at rates between 0.125% ( 0.125 % ) and 0.175% ( 0.175 % ) per year based on a pricing grid tied to a financial covenant .as of october 31 , 2006 we had no outstanding borrowings under this credit facility and were in compliance with all the covenants .we believe that our current cash , cash equivalents , short-term investments , cash generated from operations , and available credit under our credit facility will satisfy our business requirements for at least the next twelve months. .
|
considering the years 2005-2006 , what is the variation observed in the working capital , in millions?
|
107.2
|
{
"answer": "107.2",
"decimal": 107.2,
"type": "float"
}
|
it is the difference between those values .
|
the redemptions resulted in an early extinguishment charge of $ 5 million .on march 22 , 2010 , we redeemed $ 175 million of our 6.5% ( 6.5 % ) notes due april 15 , 2012 .the redemption resulted in an early extinguishment charge of $ 16 million in the first quarter of 2010 .on november 1 , 2010 , we redeemed all $ 400 million of our outstanding 6.65% ( 6.65 % ) notes due january 15 , 2011 .the redemption resulted in a $ 5 million early extinguishment charge .receivables securitization facility 2013 as of december 31 , 2011 and 2010 , we have recorded $ 100 million as secured debt under our receivables securitization facility .( see further discussion of our receivables securitization facility in note 10 ) .15 .variable interest entities we have entered into various lease transactions in which the structure of the leases contain variable interest entities ( vies ) .these vies were created solely for the purpose of doing lease transactions ( principally involving railroad equipment and facilities , including our headquarters building ) and have no other activities , assets or liabilities outside of the lease transactions .within these lease arrangements , we have the right to purchase some or all of the assets at fixed prices .depending on market conditions , fixed-price purchase options available in the leases could potentially provide benefits to us ; however , these benefits are not expected to be significant .we maintain and operate the assets based on contractual obligations within the lease arrangements , which set specific guidelines consistent within the railroad industry .as such , we have no control over activities that could materially impact the fair value of the leased assets .we do not hold the power to direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies .additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase price options are not considered to be potentially significant to the vie 2019s .the future minimum lease payments associated with the vie leases totaled $ 3.9 billion as of december 31 , 2011 .16 .leases we lease certain locomotives , freight cars , and other property .the consolidated statement of financial position as of december 31 , 2011 and 2010 included $ 2458 million , net of $ 915 million of accumulated depreciation , and $ 2520 million , net of $ 901 million of accumulated depreciation , respectively , for properties held under capital leases .a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2011 , were as follows : millions operating leases capital leases .
[['millions', 'operatingleases', 'capitalleases'], ['2012', '$ 525', '$ 297'], ['2013', '489', '269'], ['2014', '415', '276'], ['2015', '372', '276'], ['2016', '347', '262'], ['later years', '2380', '1179'], ['total minimum leasepayments', '$ 4528', '$ 2559'], ['amount representing interest', 'n/a', '-685 ( 685 )'], ['present value of minimum leasepayments', 'n/a', '$ 1874']]
the majority of capital lease payments relate to locomotives .rent expense for operating leases with terms exceeding one month was $ 637 million in 2011 , $ 624 million in 2010 , and $ 686 million in 2009 .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 percent of total minimum operating lease payments are due in 2012?
|
12%
|
{
"answer": "12%",
"decimal": 0.12,
"type": "percentage"
}
| |
llc 201d ) , that will focus on the deployment of a nationwide 4g wire- less network .we , together with the other members of the investor group , have invested $ 3.2 billion in clearwire llc .our portion of the investment was $ 1.05 billion .as a result of our investment , we received ownership units ( 201cownership units 201d ) of clearwire llc and class b stock ( 201cvoting stock 201d ) of clearwire corporation , the pub- licly traded holding company that controls clearwire llc .the voting stock has voting rights equal to those of the publicly traded class a stock of clearwire corporation , but has only minimal economic rights .we hold our economic rights through the owner- ship units , which have limited voting rights .one ownership unit combined with one share of voting stock are exchangeable into one share of clearwire corporation 2019s publicly traded class a stock .at closing , we received 52.5 million ownership units and 52.5 million shares of voting stock , which represents an approx- imate 7% ( 7 % ) ownership interest on a fully diluted basis .during the first quarter of 2009 , the purchase price per share is expected to be adjusted based on the trading prices of clearwire corporation 2019s publicly traded class a stock .after the post-closing adjustment , we anticipate that we will have an approximate 8% ( 8 % ) ownership interest on a fully diluted basis .in connection with the clearwire transaction , we entered into an agreement with sprint that allows us to offer wireless services utilizing certain of sprint 2019s existing wireless networks and an agreement with clearwire llc that allows us to offer wireless serv- ices utilizing clearwire 2019s next generation wireless broadband network .we allocated a portion of our $ 1.05 billion investment to the related agreements .we will account for our investment under the equity method and record our share of net income or loss one quarter in arrears .clearwire llc is expected to incur losses in the early years of operation , which under the equity method of accounting , will be reflected in our future operating results and reduce the cost basis of our investment .we evaluated our investment at december 31 , 2008 to determine if an other than temporary decline in fair value below our cost basis had occurred .the primary input in estimating the fair value of our investment was the quoted market value of clearwire publicly traded class a shares at december 31 , 2008 , which declined significantly from the date of our initial agreement in may 2008 .as a result of the severe decline in the quoted market value , we recognized an impairment in other income ( expense ) of $ 600 million to adjust our cost basis in our investment to its esti- mated fair value .in the future , our evaluation of other than temporary declines in fair value of our investment will include a comparison of actual operating results and updated forecasts to the projected discounted cash flows that were used in making our initial investment decision , other impairment indicators , such as changes in competition or technology , as well as a comparison to the value that would be obtained by exchanging our investment into clearwire corporation 2019s publicly traded class a shares .cost method airtouch communications , inc .we hold two series of preferred stock of airtouch communica- tions , inc .( 201cairtouch 201d ) , a subsidiary of vodafone , which are redeemable in april 2020 .as of december 31 , 2008 and 2007 , the airtouch preferred stock was recorded at $ 1.479 billion and $ 1.465 billion , respectively .as of december 31 , 2008 , the estimated fair value of the airtouch preferred stock was $ 1.357 billion , which is below our carrying amount .the recent decline in fair value is attributable to changes in interest rates .we have determined this decline to be temporary .the factors considered were the length of time and the extent to which the market value has been less than cost , the credit rating of airtouch , and our intent and ability to retain the investment for a period of time sufficient to allow for recovery .specifically , we expect to hold the two series of airtouch preferred stock until their redemption in 2020 .the dividend and redemption activity of the airtouch preferred stock determines the dividend and redemption payments asso- ciated with substantially all of the preferred shares issued by one of our consolidated subsidiaries , which is a vie .the subsidiary has three series of preferred stock outstanding with an aggregate redemption value of $ 1.750 billion .substantially all of the preferred shares are redeemable in april 2020 at a redemption value of $ 1.650 billion .as of december 31 , 2008 and 2007 , the two redeemable series of subsidiary preferred shares were recorded at $ 1.468 billion and $ 1.465 billion , respectively , and those amounts are included in other noncurrent liabilities .the one nonredeemable series of subsidiary preferred shares was recorded at $ 100 million as of both december 31 , 2008 and 2007 and those amounts are included in minority interest on our consolidated balance sheet .investment income ( loss ) , net .
[['year ended december 31 ( in millions )', '2008', '2007', '2006'], ['gains on sales and exchanges of investments net', '$ 8', '$ 151', '$ 733'], ['investment impairment losses', '-28 ( 28 )', '-4 ( 4 )', '-4 ( 4 )'], ['unrealized gains ( losses ) on trading securities and hedged items', '-1117 ( 1117 )', '315', '339'], ['mark to market adjustments on derivatives related to trading securities and hedged items', '1120', '-188 ( 188 )', '-238 ( 238 )'], ['mark to market adjustments on derivatives', '57', '160', '-18 ( 18 )'], ['interest and dividend income', '149', '199', '212'], ['other', '-100 ( 100 )', '-32 ( 32 )', '-34 ( 34 )'], ['investment income ( loss ) net', '$ 89', '$ 601', '$ 990']]
55 comcast 2008 annual report on form 10-k .
|
what was the percent of our investment in clearwire compared to other investors
|
32.8%
|
{
"answer": "32.8%",
"decimal": 0.32799999999999996,
"type": "percentage"
}
| |
advance auto parts , inc .schedule ii - valuation and qualifying accounts ( in thousands ) allowance for doubtful accounts receivable : balance at beginning of period charges to expenses deductions balance at end of period january 3 , 2015 $ 13295 $ 17182 $ ( 14325 ) ( 1 ) $ 16152 january 2 , 2016 16152 22067 ( 12461 ) ( 1 ) 25758 december 31 , 2016 25758 24597 ( 21191 ) ( 1 ) 29164 ( 1 ) accounts written off during the period .these amounts did not impact the company 2019s statement of operations for any year presented .note : other valuation and qualifying accounts have not been reported in this schedule because they are either not applicable or because the information has been included elsewhere in this report. .
[['allowance for doubtful accounts receivable:', 'balance atbeginningof period', 'charges toexpenses', 'deductions', '', 'balance atend ofperiod'], ['january 3 2015', '$ 13295', '$ 17182', '$ -14325 ( 14325 )', '-1 ( 1 )', '$ 16152'], ['january 2 2016', '16152', '22067', '-12461 ( 12461 )', '-1 ( 1 )', '25758'], ['december 31 2016', '25758', '24597', '-21191 ( 21191 )', '-1 ( 1 )', '29164']]
advance auto parts , inc .schedule ii - valuation and qualifying accounts ( in thousands ) allowance for doubtful accounts receivable : balance at beginning of period charges to expenses deductions balance at end of period january 3 , 2015 $ 13295 $ 17182 $ ( 14325 ) ( 1 ) $ 16152 january 2 , 2016 16152 22067 ( 12461 ) ( 1 ) 25758 december 31 , 2016 25758 24597 ( 21191 ) ( 1 ) 29164 ( 1 ) accounts written off during the period .these amounts did not impact the company 2019s statement of operations for any year presented .note : other valuation and qualifying accounts have not been reported in this schedule because they are either not applicable or because the information has been included elsewhere in this report. .
|
what percentage did the allowance for doubtful accounts receivables increase from the beginning of 2015 to the end of 2016?
|
119.4%
|
{
"answer": "119.4%",
"decimal": 1.194,
"type": "percentage"
}
|
to find the increase in allowance for doubtful accounts receivables one must subtract the begging of the year by the end of the year . then divide the answer by the beginning of the year .
|
the following table discloses purchases of shares of valero 2019s common stock made by us or on our behalf during the fourth quarter of period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs ( a ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( b ) .
[['period', 'total numberof sharespurchased', 'averageprice paidper share', 'total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a )', 'total number ofshares purchased aspart of publiclyannounced plans orprograms', 'approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b )'], ['october 2014', '3180678', '$ 46.27', '302005', '2878673', '$ 1.8 billion'], ['november 2014', '2001273', '$ 50.32', '119047', '1882226', '$ 1.7 billion'], ['december 2014', '5120398', '$ 48.56', '2624', '5117774', '$ 1.5 billion'], ['total', '10302349', '$ 48.20', '423676', '9878673', '$ 1.5 billion']]
( a ) the shares reported in this column represent purchases settled in the fourth quarter of 2014 relating to ( i ) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans , and ( ii ) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options , the vesting of restricted stock , and other stock compensation transactions in accordance with the terms of our stock-based compensation plans .( b ) on february 28 , 2008 , we announced that our board of directors approved a $ 3 billion common stock purchase program .this $ 3 billion program has no expiration date. .
|
what was the value of all the shares purchased in october?
|
147169971
|
{
"answer": "147169971",
"decimal": 147169971,
"type": "float"
}
| |
item 7 .management 2019s discussion and analysis of financial condition and results of operations executive summary international paper 2019s operating results in 2006 bene- fited from strong gains in pricing and sales volumes and lower operating costs .our average paper and packaging prices in 2006 increased faster than our costs for the first time in four years .the improve- ment in sales volumes reflects increased uncoated papers , corrugated box , coated paperboard and european papers shipments , as well as improved revenues from our xpedx distribution business .our manufacturing operations also made solid cost reduction improvements .lower interest expense , reflecting debt repayments in 2005 and 2006 , was also a positive factor .together , these improvements more than offset the effects of continued high raw material and distribution costs , lower real estate sales , higher net corporate expenses and lower con- tributions from businesses and forestlands divested during 2006 .looking forward to 2007 , we expect seasonally higher sales volumes in the first quarter .average paper price realizations should continue to improve as we implement previously announced price increases in europe and brazil .input costs for energy , fiber and chemicals are expected to be mixed , although slightly higher in the first quarter .operating results will benefit from the recently completed international paper/sun paperboard joint ventures in china and the addition of the luiz anto- nio paper mill to our operations in brazil .however , primarily as a result of lower real estate sales in the first quarter , we anticipate earnings from continuing operations will be somewhat lower than in the 2006 fourth quarter .significant steps were also taken in 2006 in the execution of the company 2019s transformation plan .we completed the sales of our u.s .and brazilian coated papers businesses and 5.6 million acres of u.s .forestlands , and announced definitive sale agreements for our kraft papers , beverage pack- aging and arizona chemical businesses and a majority of our wood products business , all expected to close during 2007 .through december 31 , 2006 , we have received approximately $ 9.7 billion of the estimated proceeds from divest- itures announced under this plan of approximately $ 11.3 billion , with the balance to be received as the remaining divestitures are completed in the first half of 2007 .we have strengthened our balance sheet by reducing debt by $ 6.2 billion , and returned value to our shareholders by repurchasing 39.7 million shares of our common stock for approximately $ 1.4 billion .we made a $ 1.0 billion voluntary contribution to our u.s .qualified pension fund .we have identified selective reinvestment opportunities totaling approx- imately $ 2.0 billion , including opportunities in china , brazil and russia .finally , we remain focused on our three-year $ 1.2 billion target for non-price profit- ability improvements , with $ 330 million realized during 2006 .while more remains to be done in 2007 , we have made substantial progress toward achiev- ing the objectives announced at the outset of the plan in july 2005 .results of operations industry segment operating profits are used by inter- national paper 2019s management to measure the earn- ings performance of its businesses .management believes that this measure allows a better under- standing of trends in costs , operating efficiencies , prices and volumes .industry segment operating profits are defined as earnings before taxes and minority interest , interest expense , corporate items and corporate special items .industry segment oper- ating profits are defined by the securities and exchange commission as a non-gaap financial measure , and are not gaap alternatives to net income or any other operating measure prescribed by accounting principles generally accepted in the united states .international paper operates in six segments : print- ing papers , industrial packaging , consumer pack- aging , distribution , forest products and specialty businesses and other .the following table shows the components of net earnings ( loss ) for each of the last three years : in millions 2006 2005 2004 .
[['in millions', '2006', '2005', '2004'], ['industry segment operating profits', '$ 2074', '$ 1622', '$ 1703'], ['corporate items net', '-746 ( 746 )', '-607 ( 607 )', '-477 ( 477 )'], ['corporate special items*', '2373', '-134 ( 134 )', '-141 ( 141 )'], ['interest expense net', '-521 ( 521 )', '-595 ( 595 )', '-712 ( 712 )'], ['minority interest', '-9 ( 9 )', '-9 ( 9 )', '-21 ( 21 )'], ['income tax ( provision ) benefit', '-1889 ( 1889 )', '407', '-114 ( 114 )'], ['discontinued operations', '-232 ( 232 )', '416', '-273 ( 273 )'], ['net earnings ( loss )', '$ 1050', '$ 1100', '$ -35 ( 35 )']]
* corporate special items include gains on transformation plan forestland sales , goodwill impairment charges , restructuring and other charges , net losses on sales and impairments of businesses , insurance recoveries and reversals of reserves no longer required. .
|
what was the average industry segment operating profits from 2004 to 2006
|
1799.7
|
{
"answer": "1799.7",
"decimal": 1799.7,
"type": "float"
}
| |
revenue from other sources includes scrap sales , bulk sales to mechanical remanufacturers , and sales of aluminum ingots and sows .foreign currency translation for our foreign operations , the local currency is the functional currency .assets and liabilities are translated into u.s .dollars at the period-ending exchange rate .statements of income amounts are translated to u.s .dollars using average exchange rates during the period .translation gains and losses are reported as a component of accumulated other comprehensive income ( loss ) in stockholders 2019 equity .gains and losses from foreign currency transactions are included in current earnings .recent accounting pronouncements on january 1 , 2011 , we will adopt financial accounting standards board accounting standards update 2010-29 , 201cdisclosure of supplementary pro forma information for business combinations , 201d which clarifies the disclosure requirements for pro forma financial information related to a material business combination or a series of immaterial business combinations that are material in the aggregate .the guidance clarified that the pro forma disclosures are prepared assuming the business combination occurred at the start of the prior annual reporting period .additionally , a narrative description of the nature and amount of material , non-recurring pro forma adjustments would be required .as this newly issued accounting standard only requires enhanced disclosure , the adoption of this standard will not impact our financial position or results of operations .note 3 .discontinued operations on october 1 , 2009 , we sold to schnitzer steel industries , inc .( 201cssi 201d ) four self service retail facilities in oregon and washington and certain business assets related to two self service facilities in northern california and a self service facility in portland , oregon for $ 17.5 million , net of cash sold .we recognized a gain on the sale of approximately $ 2.5 million , net of tax , in our fourth quarter 2009 results .goodwill totaling $ 9.9 million was included in the cost basis of net assets disposed when determining the gain on sale .in the fourth quarter of 2009 , we closed the two self service facilities in northern california and converted the self service operation in portland to a wholesale recycling business .on january 15 , 2010 , we also sold to ssi two self service retail facilities in dallas , texas for $ 12.0 million .we recognized a gain on the sale of approximately $ 1.7 million , net of tax , in our first quarter 2010 results .goodwill totaling $ 6.7 million was included in the cost basis of net assets disposed when determining the gain on the self service facilities that we sold or closed are reported as discontinued operations for all periods presented .we reported these facilities in discontinued operations because the cash flows derived from the facilities were eliminated as a result of the sales or closures , and we will not have continuing involvement in these facilities .a summary of the assets and liabilities applicable to discontinued operations included in the consolidated balance sheets as of december 31 , 2010 and 2009 is as follows ( in thousands ) : december 31 , december 31 .
[['', 'december 31 2010', 'december 31 2009'], ['inventory', '$ 2014', '$ 1152'], ['other current assets', '2014', '307'], ['property and equipment net', '2014', '1553'], ['goodwill', '2014', '6708'], ['total assets', '$ 2014', '$ 9720'], ['accounts payable and accrued liabilities', '$ 2744', '$ 3832'], ['total liabilities', '$ 2744', '$ 3832']]
.
|
what was the ratio of the accounts payable and accrued liabilities in 2010 compared to 2009
|
0.72
|
{
"answer": "0.72",
"decimal": 0.72,
"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 asset allocation from 2016 to 2017?
|
11.2%
|
{
"answer": "11.2%",
"decimal": 0.11199999999999999,
"type": "percentage"
}
| |
notes to the consolidated financial statements related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2010 , 2009 and 2008 was $ 1 million , $ ( 16 ) million and $ 30 million , respectively .19 .employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s .employees .the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations .for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation .for those participants whose employment is covered by a collective bargaining agreement , the level of company- matching contribution , if any , is determined by the collective bargaining agreement .the company-matching contribution was 100% ( 100 % ) for 2008 and for the first two months of 2009 .the company- matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession .effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) contributed for most employees eligible for the company-matching contribution feature .this would have included the bargained employees in accordance with their collective bargaining agreements .on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) contributed by these eligible employees .compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2010 , 2009 and 2008 totaled $ 9 million , $ 7 million and $ 42 million , respectively .a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan .as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 24 million , $ 28 million and $ 29 million for 2010 , 2009 and 2008 , respectively .20 .other earnings ( millions ) 2010 2009 2008 .
[['( millions )', '2010', '2009', '2008'], ['interest income', '$ 34', '$ 28', '$ 26'], ['royalty income', '58', '45', '52'], ['share of net earnings ( loss ) of equity affiliates ( see note 6 )', '45', '-5 ( 5 )', '3'], ['gain on sale of assets', '8', '36', '23'], ['other', '69', '74', '61'], ['total', '$ 214', '$ 178', '$ 165']]
total $ 214 $ 178 $ 165 21 .stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return .all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc .omnibus incentive plan ( 201cppg omnibus plan 201d ) .shares available for future grants under the ppg omnibus plan were 4.1 million as of december 31 , 2010 .total stock-based compensation cost was $ 52 million , $ 34 million and $ 33 million in 2010 , 2009 and 2008 , respectively .the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 18 million , $ 12 million and $ 12 million in 2010 , 2009 and 2008 , respectively .stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc .stock plan ( 201cppg stock plan 201d ) and the ppg omnibus plan .under the ppg omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted .the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years .upon exercise of a stock option , shares of company stock are issued from treasury stock .the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that allows an optionee to exercise options and satisfy the option price by certifying ownership of mature shares of ppg common stock with equivalent market value .the fair value of stock options issued to employees is measured on the date of grant and is recognized as expense over the requisite service period .ppg estimates the fair value of stock options using the black-scholes option pricing model .the risk-free interest rate is determined by using the u.s .treasury yield curve at the date of the grant and using a maturity equal to the expected life of the option .the expected life of options is calculated using the average of the vesting term and the maximum term , as prescribed by accounting guidance on the use of the simplified method for determining the expected term of an employee share option .this method is used as the vesting term of stock options was changed to three years in 2004 and , as a result , the historical exercise data does not provide a reasonable basis upon which to estimate the expected life of options .the expected dividend yield and volatility are based on historical stock prices and dividend amounts over past time periods equal in length to the expected life of the options .66 2010 ppg annual report and form 10-k .
|
what was the change in millions of total other earnings from 2009 to 2010?
|
36
|
{
"answer": "36",
"decimal": 36,
"type": "float"
}
| |
for fiscal year 2005 , the effective tax rate includes the impact of $ 11.6 million tax expense associated with repatriation of approximately $ 185.0 million of foreign earnings under the provisions of the american jobs creation act of 2004 .for fiscal year 2004 , the effective tax rate reflects the tax benefit derived from higher earnings in low-tax jurisdictions .during fiscal year 2006 , primarily due to a tax accounting method change , there was a decrease of $ 83.2 million in the current deferred tax assets , and a corresponding increase in non-current deferred tax assets .in the third quarter of fiscal year 2006 , we changed our tax accounting method on our tax return for fiscal year 2005 with respect to the current portion of deferred revenue to follow the recognition of revenue under u.s .generally accepted accounting principles .this accounting method change , as well as other adjustments made to our taxable income upon the filing of the fiscal year 2005 tax return , resulted in an increase in our operating loss ( nol ) carryforwards .in may 2006 , the tax increase prevention and reconciliation act of 2005 was enacted , which provides a three-year exception to current u.s .taxation of certain foreign intercompany income .this provision will first apply to synopsys in fiscal year 2007 .management estimates that had such provisions been applied for fiscal 2006 , our income tax expense would have been reduced by approximately $ 3 million .in december 2006 , the tax relief and health care act of 2006 was enacted , which retroactively extended the research and development credit from january 1 , 2006 .as a result , we will record an expected increase in our fiscal 2006 research and development credit of between $ 1.5 million and $ 1.8 million in the first quarter of fiscal 2007 .revision of prior year financial statements .as part of our remediation of the material weakness in internal control over financial reporting identified in fiscal 2005 relating to accounting for income taxes we implemented additional internal control and review procedures .through such procedures , in the fourth quarter of fiscal 2006 , we identified four errors totaling $ 8.2 million which affected our income tax provision in fiscal years 2001 through 2005 .we concluded that these errors were not material to any prior year financial statements .although the errors are not material to prior periods , we elected to revise prior year financial statements to correct such errors .the fiscal periods in which the errors originated , and the resulting change in provision ( benefit ) for income taxes for each year , are reflected in the following table : year ended october 31 ( in thousands ) .
[['2001', '2002', '2003', '2004', '2005'], ['$ 205', '$ 1833', '$ 5303', '$ -748 ( 748 )', '$ 1636']]
the errors were as follows : ( 1 ) synopsys inadvertently provided a $ 1.4 million tax benefit for the write- off of goodwill relating to an acquisition in fiscal 2002 ; ( 2 ) synopsys did not accrue interest and penalties for certain foreign tax contingency items in the amount of $ 3.2 million ; ( 3 ) synopsys made certain computational errors relating to foreign dividends of $ 2.3 million ; and ( 4 ) synopsys did not record a valuation allowance relating to certain state tax credits of $ 1.3 million .as result of this revision , non-current deferred tax assets decreased by $ 8.1 million and current taxes payable increased by $ 0.2 million .retained earnings decreased by $ 8.2 million and additional paid in capital decreased by $ 0.1 million .see item 9a .controls and procedures for a further discussion of our remediation of the material weakness .tax effects of stock awards .in november 2005 , fasb issued a staff position ( fsp ) on fas 123 ( r ) -3 , transition election related to accounting for the tax effects of share-based payment awards .effective upon issuance , this fsp describes an alternative transition method for calculating the tax effects of share-based compensation pursuant to sfas 123 ( r ) .the alternative transition method includes simplified methods to establish the beginning balance of the additional paid-in capital pool ( apic pool ) related to the tax effects of employee stock based compensation , and to determine the subsequent impact on the apic pool and the statement of cash flows of the tax effects of employee share-based compensation .
|
what is the variation observed in the resulting change in provision for income taxes caused by errors during 2002 and 2001?
|
1628
|
{
"answer": "1628",
"decimal": 1628,
"type": "float"
}
|
it is the difference between those values .
|
will no longer be significant contributors to business operating results , while expenses should also decline significantly reflecting the reduced level of operations .operating earnings will primarily consist of retail forestland and real estate sales of remaining acreage .specialty businesses and other the specialty businesses and other segment includes the results of the arizona chemical business and certain divested businesses whose results are included in this segment for periods prior to their sale or closure .this segment 2019s 2006 net sales increased 2% ( 2 % ) from 2005 , but declined 17% ( 17 % ) from 2004 .operating profits in 2006 were up substantially from both 2005 and 2004 .the decline in sales compared with 2004 principally reflects declining contributions from businesses sold or closed .specialty businesses and other in millions 2006 2005 2004 .
[['in millions', '2006', '2005', '2004'], ['sales', '$ 935', '$ 915', '$ 1120'], ['operating profit', '$ 61', '$ 4', '$ 38']]
arizona chemical sales were $ 769 million in 2006 , compared with $ 692 million in 2005 and $ 672 million in 2004 .sales volumes declined in 2006 compared with 2005 , but average sales price realiza- tions in 2006 were higher in both the united states and europe .operating earnings in 2006 were sig- nificantly higher than in 2005 and more than 49% ( 49 % ) higher than in 2004 .the increase over 2005 reflects the impact of the higher average sales price realiza- tions and lower manufacturing costs , partially offset by higher prices for crude tall oil ( cto ) .earnings for 2005 also included a $ 13 million charge related to a plant shutdown in norway .other businesses in this operating segment include operations that have been sold , closed or held for sale , primarily the polyrey business in france and , in prior years , the european distribution business .sales for these businesses were approximately $ 166 million in 2006 , compared with $ 223 million in 2005 and $ 448 million in 2004 .in december 2006 , the company entered into a definitive agreement to sell the arizona chemical business , expected to close in the first quarter of liquidity and capital resources overview a major factor in international paper 2019s liquidity and capital resource planning is its generation of operat- ing cash flow , which is highly sensitive to changes in the pricing and demand for our major products .while changes in key cash operating costs , such as energy and raw material costs , do have an effect on operating cash generation , we believe that our strong focus on cost controls has improved our cash flow generation over an operating cycle .as part of the continuing focus on improving our return on investment , we have focused our capital spending on improving our key paper and packaging businesses both globally and in north america .spending levels have been kept below the level of depreciation and amortization charges for each of the last three years , and we anticipate spending will again be slightly below depreciation and amor- tization in 2007 .financing activities in 2006 have been focused on the transformation plan objective of strengthening the balance sheet through repayment of debt , resulting in a net reduction in 2006 of $ 5.2 billion following a $ 1.7 billion net reduction in 2005 .additionally , we made a $ 1.0 billion voluntary cash contribution to our u.s .qualified pension plan in december 2006 to begin satisfying projected long-term funding requirements and to lower future pension expense .our liquidity position continues to be strong , with approximately $ 3.0 billion of committed liquidity to cover future short-term cash flow requirements not met by operating cash flows .management believes it is important for interna- tional paper to maintain an investment-grade credit rating to facilitate access to capital markets on favorable terms .at december 31 , 2006 , the com- pany held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) from standard & poor 2019s and moody 2019s investor services , respectively .cash provided by operations cash provided by continuing operations totaled $ 1.0 billion for 2006 , compared with $ 1.2 billion for 2005 and $ 1.7 billion in 2004 .the 2006 amount is net of a $ 1.0 billion voluntary cash pension plan contribution made in the fourth quarter of 2006 .the major components of cash provided by continuing oper- ations are earnings from continuing operations .
|
what was the average cash provided by the continuing operations from 2004 to 2006 in billions
|
1.3
|
{
"answer": "1.3",
"decimal": 1.3,
"type": "float"
}
| |
the following table presents a rollforward of the severance and other costs for approximately 1650 employees included in the 2010 restructuring charg- in millions severance and other .
[['in millions', 'severance and other'], ['opening balance ( recorded first quarter 2010 )', '$ 20'], ['additions and adjustments', '26'], ['cash charges in 2010', '-32 ( 32 )'], ['cash charges in 2011', '-8 ( 8 )'], ['cash charges in 2012', '-4 ( 4 )'], ['balance december 31 2012', '$ 2']]
as of december 31 , 2012 , 1638 employees had left the company under these programs .cellulosic bio-fuel tax credit in a memorandum dated june 28 , 2010 , the irs concluded that black liquor would qualify for the cellulosic bio-fuel tax credit of $ 1.01 per gallon pro- duced in 2009 .on october 15 , 2010 , the irs ruled that companies may qualify in the same year for the $ 0.50 per gallon alternative fuel mixture credit and the $ 1.01 cellulosic bio-fuel tax credit for 2009 , but not for the same gallons of fuel produced and con- sumed .to the extent a taxpayer changes its position and uses the $ 1.01 credit , it must re-pay the refunds they received as alternative fuel mixture credits attributable to the gallons converted to the cellulosic bio-fuel credit .the repayment of this refund must include interest .one important difference between the two credits is that the $ 1.01 credit must be credited against a company 2019s federal tax liability , and the credit may be carried forward through 2015 .in contrast , the $ 0.50 credit is refundable in cash .also , the cellulosic bio- fuel credit is required to be included in federal tax- able income .the company filed an application with the irs on november 18 , 2010 , to receive the required registra- tion code to become a registered cellulosic bio-fuel producer .the company received its registration code on february 28 , 2011 .the company has evaluated the optimal use of the two credits with respect to gallons produced in 2009 .considerations include uncertainty around future federal taxable income , the taxability of the alter- native fuel mixture credit , future liquidity and uses of cash such as , but not limited to , acquisitions , debt repayments and voluntary pension contributions versus repayment of alternative fuel mixture credits with interest .at the present time , the company does not intend to convert any gallons under the alter- native fuel mixture credit to gallons under the cellulosic bio-fuel credit .on july 19 , 2011 the com- pany filed an amended 2009 tax return claiming alternative fuel mixture tax credits as non-taxable income .if that amended position is not upheld , the company will re-evaluate its position with regard to alternative fuel mixture gallons produced in 2009 .during 2009 , the company produced 64 million gal- lons of black liquor that were not eligible for the alternative fuel mixture credit .the company claimed these gallons for the cellulosic bio-fuel credit by amending the company 2019s 2009 tax return .the impact of this amendment was included in the company 2019s 2010 fourth quarter income tax provision ( benefit ) , resulting in a $ 40 million net credit to tax expense .temple-inland , inc .also recognized an income tax benefit of $ 83 million in 2010 related to cellulosic bio-fuel credits .as is the case with other tax credits , taxpayer claims are subject to possible future review by the irs which has the authority to propose adjustments to the amounts claimed , or credits received .note 5 acquisitions and joint ventures acquisitions 2013 : on january 3 , 2013 , international paper completed the acquisition ( effective date of acquis- ition on january 1 , 2013 ) of the shares of its joint venture partner , sabanci holding , in the turkish corrugated packaging company , olmuksa interna- tional paper sabanci ambalaj sanayi ve ticaret a.s .( olmuksa ) , for a purchase price of $ 56 million .the acquired shares represent 43.7% ( 43.7 % ) of olmuksa 2019s shares , and prior to this acquisition , international paper already held a 43.7% ( 43.7 % ) equity interest in olmuk- sa .thus , international paper now owns 87.4% ( 87.4 % ) of olmuksa 2019s outstanding and issued shares .the company has not completed the valuation of assets acquired and liabilities assumed ; however , the company anticipates providing a preliminary pur- chase price allocation in its 2013 first quarter form 10-q filing .because the transaction resulted in international paper becoming the majority shareholder , owning 87.4% ( 87.4 % ) of olmuksa 2019s shares , its completion triggered a mandatory call for tender of the remaining public shares .also as a result of international paper taking majority control of the entity , olmuksa 2019s financial results will be consolidated with our industrial pack- aging segment beginning with the effective date international paper obtained majority control of the entity on january 1 , 2013 .pro forma information related to the acquisition of olmuksa has not been included as it does not have a material effect on the company 2019s consolidated results of operations .2012 : on february 13 , 2012 , international paper com- pleted the acquisition of temple-inland , inc .( temple- inland ) .international paper acquired all of the outstanding common stock of temple-inland for $ 32.00 per share in cash , totaling approximately $ 3.7 billion .
|
what was the total approximate number of shares international paper acquired of the outstanding common stock of temple-inland
|
115625000
|
{
"answer": "115625000",
"decimal": 115625000,
"type": "float"
}
| |
the following table details the effect on net income and earnings per share had compensation expense for all of our stock-based awards , including stock options , been recorded in the year ended december 31 , 2005 based on the fair value method under fasb statement no .123 , accounting for stock-based compensation .pro forma stock-based compensation expense millions of dollars , except per share amounts 2005 .
[['pro forma stock-based compensation expensemillions of dollars except per share amounts', '2005'], ['net income as reported', '$ 1026'], ['stock-based employee compensation expense reported in net income net of tax', '13'], ['total stock-based employee compensation expense determined under fair value 2013based method for allawards net of tax [a]', '-50 ( 50 )'], ['pro forma net income', '$ 989'], ['earnings per share 2013 basic as reported', '$ 3.89'], ['earnings per share 2013 basic pro forma', '$ 3.75'], ['earnings per share 2013 diluted as reported', '$ 3.85'], ['earnings per share 2013 diluted pro forma', '$ 3.71']]
[a] stock options for executives granted in 2003 and 2002 included a reload feature .this reload feature allowed executives to exercise their options using shares of union pacific corporation common stock that they already owned and obtain a new grant of options in the amount of the shares used for exercise plus any shares withheld for tax purposes .the reload feature of these option grants could only be exercised if the price of our common stock increased at least 20% ( 20 % ) from the price at the time of the reload grant .during the year ended december 31 , 2005 , reload option grants represented $ 19 million of the pro forma expense noted above .there were no reload option grants during 2007 and 2006 as stock options exercised after january 1 , 2006 are not eligible for the reload feature .earnings per share 2013 basic earnings per share are calculated on the weighted-average number of common shares outstanding during each period .diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive .use of estimates 2013 our consolidated financial statements include estimates and assumptions regarding certain assets , liabilities , revenue , and expenses and the disclosure of certain contingent assets and liabilities .actual future results may differ from such estimates .income taxes 2013 as required under fasb statement no .109 , accounting for income taxes , we account for income taxes by recording taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our financial statements or tax returns .these expected future tax consequences are measured based on provisions of tax law as currently enacted ; the effects of future changes in tax laws are not anticipated .future tax law changes , such as a change in the corporate tax rate , could have a material impact on our financial condition or results of operations .when appropriate , we record a valuation allowance against deferred tax assets to offset future tax benefits that may not be realized .in determining whether a valuation allowance is appropriate , we consider whether it is more likely than not that all or some portion of our deferred tax assets will not be realized , based on management 2019s judgments regarding the best available evidence about future events .when we have claimed tax benefits that may be challenged by a tax authority , these uncertain tax positions are accounted for under fasb interpretation no .48 , accounting for uncertainty in income taxes , an interpretation of fasb statement no .109 ( fin 48 ) .we adopted fin 48 beginning january 1 , 2007 .prior to 2007 , income tax contingencies were accounted for under fasb statement no .5 , accounting for contingencies .under fin 48 , we recognize tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities .the amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement .a liability for 201cunrecognized tax benefits 201d is .
|
what was the difference between earnings per share 2013 diluted as reported and earnings per share 2013 diluted pro forma ?
|
-.14
|
{
"answer": "-.14",
"decimal": -0.14,
"type": "float"
}
| |
liquidity and capital resources as of december 31 , 2011 , our principal sources of liquidity included cash , cash equivalents , our receivables securitization facility , and our revolving credit facility , as well as the availability of commercial paper and other sources of financing through the capital markets .we had $ 1.8 billion of committed credit available under our credit facility , with no borrowings outstanding as of december 31 , 2011 .we did not make any borrowings under this facility during 2011 .the value of the outstanding undivided interest held by investors under the receivables securitization facility was $ 100 million as of december 31 , 2011 , and is included in our consolidated statements of financial position as debt due after one year .the receivables securitization facility obligates us to maintain 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 as well as other capital market financings 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 access capital markets as a source of liquidity .access to liquidity through the capital markets is also dependent on our financial stability .we expect that we will continue to have access to liquidity by issuing bonds to public or private investors based on our assessment of the current condition of the credit markets .at december 31 , 2011 and 2010 , we had a working capital surplus .this reflects a strong cash position , which provides enhanced liquidity in an uncertain economic environment .in addition , we believe we have adequate access to capital markets to meet cash requirements , and we have sufficient financial capacity to satisfy our current liabilities .cash flows millions 2011 2010 2009 .
[['cash flowsmillions', '2011', '2010', '2009'], ['cash provided by operating activities', '$ 5873', '$ 4105', '$ 3204'], ['cash used in investing activities', '-3119 ( 3119 )', '-2488 ( 2488 )', '-2145 ( 2145 )'], ['cash used in financing activities', '-2623 ( 2623 )', '-2381 ( 2381 )', '-458 ( 458 )'], ['net change in cash and cashequivalents', '$ 131', '$ -764 ( 764 )', '$ 601']]
operating activities higher net income and lower cash income tax payments in 2011 increased cash provided by operating activities compared to 2010 .the tax relief , unemployment insurance reauthorization , and job creation act of 2010 , enacted in december 2010 , provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 , and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012 .as a result of the act , the company deferred a substantial portion of its 2011 income tax expense .this deferral decreased 2011 income tax payments , thereby contributing to the positive operating cash flow .in future years , however , additional cash will be used to pay income taxes that were previously deferred .in addition , the adoption of a new accounting standard in january of 2010 changed the accounting treatment for our receivables securitization facility from a sale of undivided interests ( recorded as an operating activity ) to a secured borrowing ( recorded as a financing activity ) , which decreased cash provided by operating activities by $ 400 million in 2010 .higher net income in 2010 increased cash provided by operating activities compared to 2009 .investing activities higher capital investments partially offset by higher proceeds from asset sales in 2011 drove the increase in cash used in investing activities compared to 2010 .higher capital investments and lower proceeds from asset sales in 2010 drove the increase in cash used in investing activities compared to 2009. .
|
what was the change in cash provided by operating activities from 2009 to 2010 , in millions?
|
901
|
{
"answer": "901",
"decimal": 901,
"type": "float"
}
| |
we have not capitalized any stock-based compensation costs during the years ended december 31 , 2018 , 2017 , and as of december 31 , 2018 , unrecognized compensation expense related to unvested rsus is expected to be recognized as follows ( in thousands ) : .
[['', 'rsus'], ['2019', '$ 15166'], ['2020', '9715'], ['2021', '6315'], ['2022', '3458'], ['2023', '150'], ['total unrecognized compensation expense', '$ 34804']]
stock-based compensation expense related to these awards will be different to the extent that forfeitures are realized. .
|
in 2018 what was the percent of the total unrecognized compensation expense due in 2020
|
27.9%
|
{
"answer": "27.9%",
"decimal": 0.27899999999999997,
"type": "percentage"
}
| |
abiomed , inc .and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 8 .stock award plans and stock-based compensation ( continued ) restricted stock and restricted stock units the following table summarizes restricted stock and restricted stock unit activity for the fiscal year ended march 31 , 2012 : number of shares ( in thousands ) weighted average grant date fair value ( per share ) .
[['', 'number of shares ( in thousands )', 'weighted average grant date fair value ( per share )'], ['restricted stock and restricted stock units at beginning of year', '407', '$ 9.84'], ['granted', '607', '18.13'], ['vested', '-134 ( 134 )', '10.88'], ['forfeited', '-9 ( 9 )', '13.72'], ['restricted stock and restricted stock units at end of year', '871', '$ 15.76']]
the remaining unrecognized compensation expense for outstanding restricted stock and restricted stock units , including performance-based awards , as of march 31 , 2012 was $ 7.1 million and the weighted-average period over which this cost will be recognized is 2.2 years .the weighted average grant-date fair value for restricted stock and restricted stock units granted during the years ended march 31 , 2012 , 2011 , and 2010 was $ 18.13 , $ 10.00 and $ 7.67 per share , respectively .the total fair value of restricted stock and restricted stock units vested in fiscal years 2012 , 2011 , and 2010 was $ 1.5 million , $ 1.0 million and $ 0.4 million , respectively .performance-based awards included in the restricted stock and restricted stock units activity discussed above are certain awards granted in fiscal years 2012 , 2011 and 2010 that vest subject to certain performance-based criteria .in june 2010 , 311000 shares of restricted stock and a performance-based award for the potential issuance of 45000 shares of common stock were issued to certain executive officers and members of senior management of the company , all of which would vest upon achievement of prescribed service milestones by the award recipients and performance milestones by the company .during the year ended march 31 , 2011 , the company determined that it met the prescribed performance targets and a portion of these shares and stock options vested .the remaining shares will vest upon satisfaction of prescribed service conditions by the award recipients .during the three months ended june 30 , 2011 , the company determined that it should have been using the graded vesting method instead of the straight-line method to expense stock-based compensation for the performance-based awards issued in june 2010 .this resulted in additional stock based compensation expense of approximately $ 0.6 million being recorded during the three months ended june 30 , 2011 that should have been recorded during the year ended march 31 , 2011 .the company believes that the amount is not material to its march 31 , 2011 consolidated financial statements and therefore recorded the adjustment in the quarter ended june 30 , 2011 .during the three months ended june 30 , 2011 , performance-based awards of restricted stock units for the potential issuance of 284000 shares of common stock were issued to certain executive officers and members of the senior management , all of which would vest upon achievement of prescribed service milestones by the award recipients and revenue performance milestones by the company .as of march 31 , 2012 , the company determined that it met the prescribed targets for 184000 shares underlying these awards and it believes it is probable that the prescribed performance targets will be met for the remaining 100000 shares , and the compensation expense is being recognized accordingly .during the year ended march 31 , 2012 , the company has recorded $ 3.3 million in stock-based compensation expense for equity awards in which the prescribed performance milestones have been achieved or are probable of being achieved .the remaining unrecognized compensation expense related to these equity awards at march 31 , 2012 is $ 3.6 million based on the company 2019s current assessment of probability of achieving the performance milestones .the weighted-average period over which this cost will be recognized is 2.1 years. .
|
what is the total value of vested shares during the fiscal year ended march 31 , 2012 , in millions?
|
1.46
|
{
"answer": "1.46",
"decimal": 1.46,
"type": "float"
}
| |
on the credit rating of the company and a $ 200 million term loan with an interest rate of libor plus a margin of 175 basis points , both with maturity dates in 2017 .the proceeds from these borrowings were used , along with available cash , to fund the acquisition of temple- inland .during 2012 , international paper fully repaid the $ 1.2 billion term loan .international paper utilizes interest rate swaps to change the mix of fixed and variable rate debt and manage interest expense .at december 31 , 2012 , international paper had interest rate swaps with a total notional amount of $ 150 million and maturities in 2013 ( see note 14 derivatives and hedging activities on pages 70 through 74 of item 8 .financial statements and supplementary data ) .during 2012 , existing swaps and the amortization of deferred gains on previously terminated swaps decreased the weighted average cost of debt from 6.8% ( 6.8 % ) to an effective rate of 6.6% ( 6.6 % ) .the inclusion of the offsetting interest income from short- term investments reduced this effective rate to 6.2% ( 6.2 % ) .other financing activities during 2012 included the issuance of approximately 1.9 million shares of treasury stock , net of restricted stock withholding , and 1.0 million shares of common stock for various incentive plans , including stock options exercises that generated approximately $ 108 million of cash .payment of restricted stock withholding taxes totaled $ 35 million .off-balance sheet variable interest entities information concerning off-balance sheet variable interest entities is set forth in note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 of item 8 .financial statements and supplementary data for discussion .liquidity and capital resources outlook for 2015 capital expenditures and long-term debt international paper expects to be able to meet projected capital expenditures , service existing debt and meet working capital and dividend requirements during 2015 through current cash balances and cash from operations .additionally , the company has existing credit facilities totaling $ 2.0 billion of which nothing has been used .the company was in compliance with all its debt covenants at december 31 , 2014 .the company 2019s financial covenants require the maintenance of a minimum net worth of $ 9 billion and a total debt-to- capital ratio of less than 60% ( 60 % ) .net worth is defined as the sum of common stock , paid-in capital and retained earnings , less treasury stock plus any cumulative goodwill impairment charges .the calculation also excludes accumulated other comprehensive income/ loss and nonrecourse financial liabilities of special purpose entities .the total debt-to-capital ratio is defined as total debt divided by the sum of total debt plus net worth .at december 31 , 2014 , international paper 2019s net worth was $ 14.0 billion , and the total-debt- to-capital ratio was 40% ( 40 % ) .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 , 2014 , 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 , 2014 , were as follows: .
[['in millions', '2015', '2016', '2017', '2018', '2019', 'thereafter'], ['maturities of long-term debt ( a )', '$ 742', '$ 543', '$ 71', '$ 1229', '$ 605', '$ 6184'], ['debt obligations with right of offset ( b )', '2014', '5202', '2014', '2014', '2014', '2014'], ['lease obligations', '142', '106', '84', '63', '45', '91'], ['purchase obligations ( c )', '3266', '761', '583', '463', '422', '1690'], ['total ( d )', '$ 4150', '$ 6612', '$ 738', '$ 1755', '$ 1072', '$ 7965']]
( 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 effect , a legal right to offset these obligations with investments held in the entities .accordingly , in its consolidated balance sheet at december 31 , 2014 , international paper has offset approximately $ 5.2 billion of interests in the entities against this $ 5.3 billion of debt obligations held by the entities ( see note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 in item 8 .financial statements and supplementary data ) .( c ) includes $ 2.3 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 .( d ) 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 $ 119 million .as discussed in note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 in item 8 .financial statements and supplementary data , in connection with the 2006 international paper installment sale of forestlands , we received $ 4.8 billion of installment notes ( or timber notes ) , which we contributed to certain non- consolidated borrower entities .the installment notes mature in august 2016 ( unless extended ) .the deferred .
|
in 2016 what was the percent of the maturities of long-term debt to the total contractual obligations for future payments under existing debt and lease commitments
|
8.21%
|
{
"answer": "8.21%",
"decimal": 0.0821,
"type": "percentage"
}
| |
( c ) the cash payments are interest payments on the associated debt obligations discussed above .after formation of the 2015 financing entities , the payments represent interest paid on nonrecourse financial liabilities of special purpose entities .in connection with the acquisition of temple-inland in february 2012 , two special purpose entities became wholly-owned subsidiaries of international paper .the use of the two wholly-owned special purpose entities discussed below preserved the tax deferral that resulted from the 2007 temple-inland timberlands sales .the company recognized an $ 840 million deferred tax liability in connection with the 2007 sales , which will be settled with the maturity of the notes in in october 2007 , temple-inland sold 1.55 million acres of timberland for $ 2.38 billion .the total consideration consisted almost entirely of notes due in 2027 issued by the buyer of the timberland , which temple-inland contributed to two wholly-owned , bankruptcy-remote special purpose entities .the notes are shown in financial assets of special purpose entities in the accompanying consolidated balance sheet and are supported by $ 2.38 billion of irrevocable letters of credit issued by three banks , which are required to maintain minimum credit ratings on their long-term debt .in the third quarter of 2012 , international paper completed its preliminary analysis of the acquisition date fair value of the notes and determined it to be $ 2.09 billion .as of december 31 , 2015 and 2014 , the fair value of the notes was $ 2.10 billion and $ 2.27 billion , respectively .these notes are classified as level 2 within the fair value hierarchy , which is further defined in note 14 .in december 2007 , temple-inland's two wholly-owned special purpose entities borrowed $ 2.14 billion shown in nonrecourse financial liabilities of special purpose entities .the loans are repayable in 2027 and are secured only by the $ 2.38 billion of notes and the irrevocable letters of credit securing the notes and are nonrecourse to us .the loan agreements provide that if a credit rating of any of the banks issuing the letters of credit is downgraded below the specified threshold , the letters of credit issued by that bank must be replaced within 30 days with letters of credit from another qualifying financial institution .in the third quarter of 2012 , international paper completed its preliminary analysis of the acquisition date fair value of the borrowings and determined it to be $ 2.03 billion .as of december 31 , 2015 and 2014 , the fair value of this debt was $ 1.97 billion and $ 2.16 billion , respectively .this debt is classified as level 2 within the fair value hierarchy , which is further defined in note 14 .activity between the company and the 2007 financing entities was as follows: .
[['in millions', '2015', '2014', '2013'], ['revenue ( a )', '$ 27', '$ 26', '$ 27'], ['expense ( b )', '27', '25', '29'], ['cash receipts ( c )', '7', '7', '8'], ['cash payments ( d )', '18', '18', '21']]
( a ) the revenue is included in interest expense , net in the accompanying consolidated statement of operations and includes approximately $ 19 million , $ 19 million and $ 19 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively , of accretion income for the amortization of the purchase accounting adjustment on the financial assets of special purpose entities .( b ) the expense is included in interest expense , net in the accompanying consolidated statement of operations and includes approximately $ 7 million , $ 7 million and $ 7 million for the years ended december 31 , 2015 , 2014 and 2013 , respectively , of accretion expense for the amortization of the purchase accounting adjustment on the nonrecourse financial liabilities of special purpose entities .( c ) the cash receipts are interest received on the financial assets of special purpose entities .( d ) the cash payments are interest paid on nonrecourse financial liabilities of special purpose entities .note 13 debt and lines of credit in 2015 , international paper issued $ 700 million of 3.80% ( 3.80 % ) senior unsecured notes with a maturity date in 2026 , $ 600 million of 5.00% ( 5.00 % ) senior unsecured notes with a maturity date in 2035 , and $ 700 million of 5.15% ( 5.15 % ) senior unsecured notes with a maturity date in 2046 .the proceeds from this borrowing were used to repay approximately $ 1.0 billion of notes with interest rates ranging from 4.75% ( 4.75 % ) to 9.38% ( 9.38 % ) and original maturities from 2018 to 2022 , along with $ 211 million of cash premiums associated with the debt repayments .additionally , the proceeds from this borrowing were used to make a $ 750 million voluntary cash contribution to the company's pension plan .pre-tax early debt retirement costs of $ 207 million related to the debt repayments , including the $ 211 million of cash premiums , are included in restructuring and other charges in the accompanying consolidated statement of operations for the twelve months ended december 31 , 2015 .during the second quarter of 2014 , international paper issued $ 800 million of 3.65% ( 3.65 % ) senior unsecured notes with a maturity date in 2024 and $ 800 million of 4.80% ( 4.80 % ) senior unsecured notes with a maturity date in 2044 .the proceeds from this borrowing were used to repay approximately $ 960 million of notes with interest rates ranging from 7.95% ( 7.95 % ) to 9.38% ( 9.38 % ) and original maturities from 2018 to 2019 .pre-tax early debt retirement costs of $ 262 million related to these debt repayments , including $ 258 million of cash premiums , are included in restructuring and other charges in the accompanying consolidated statement of operations for the twelve months ended december 31 , 2014. .
|
based on the activity between the company and the 2007 financing entities what was the ratio of the cash payments to the cash receipts in 2013
|
2.625
|
{
"answer": "2.625",
"decimal": 2.625,
"type": "float"
}
| |
2018 ppg annual report and form 10-k 59 other acquisitions in 2018 , 2017 , and 2016 , the company completed several smaller business acquisitions .the total consideration paid for these acquisitions , net of cash acquired , debt assumed and other post closing adjustments , was $ 108 million , $ 74 million and $ 43 million , respectively .in january 2018 , ppg acquired procoatings , a leading architectural paint and coatings wholesaler located in the netherlands .procoatings , established in 2001 , distributes a large portfolio of well-known professional paint brands through its network of 23 multi-brand stores .the company employs nearly 100 people .the results of this business since the date of acquisition have been reported within the architectural coatings americas and asia pacific business within the performance coatings reportable segment .in january 2017 , ppg acquired certain assets of automotive refinish coatings company futian xinshi ( 201cfutian 201d ) , based in the guangdong province of china .futian distributes its products in china through a network of more than 200 distributors .in january 2017 , ppg completed the acquisition of deutek s.a. , a leading romanian paint and architectural coatings manufacturer , from the emerging europe accession fund .deutek , established in 1993 , manufactures and markets a large portfolio of well-known professional and consumer paint brands , including oskar and danke! .the company 2019s products are sold in more than 120 do-it-yourself stores and 3500 independent retail outlets in romania .divestitures glass segment in 2017 , ppg completed a multi-year strategic shift in the company's business portfolio , resulting in the exit of all glass operations which consisted of the global fiber glass business , ppg's ownership interest in two asian fiber glass joint ventures and the flat glass business .accordingly , the results of operations , including the gains on the divestitures , and cash flows have been recast as discontinued operations for all periods presented .ppg now has two reportable business segments .the net sales and income from discontinued operations related to the former glass segment for the three years ended december 31 , 2018 , 2017 , and 2016 were as follows: .
[['( $ in millions )', '2018', '2017', '2016'], ['net sales', '$ 2014', '$ 217', '$ 908'], ['income from operations', '$ 21', '$ 30', '$ 111'], ['net gains on the divestitures of businesses', '2014', '343', '421'], ['income tax expense', '5', '140', '202'], ['income from discontinued operations net of tax', '$ 16', '$ 233', '$ 330']]
during 2018 , ppg released $ 13 million of previously recorded accruals and contingencies established in conjunction with the divestitures of businesses within the former glass segment as a result of completed actions , new information and updated estimates .also during 2018 , ppg made a final payment of $ 20 million to vitro s.a.b .de c.v related to the transfer of certain pension obligations upon the sale of the former flat glass business .north american fiber glass business on september 1 , 2017 , ppg completed the sale of its north american fiber glass business to nippon electric glass co .ltd .( 201cneg 201d ) .cash proceeds from the sale were $ 541 million , resulting in a pre-tax gain of $ 343 million , net of certain accruals and contingencies established in conjunction with the divestiture .ppg 2019s fiber glass operations included manufacturing facilities in chester , south carolina , and lexington and shelby , north carolina ; and administrative and research-and-development operations in shelby and in harmar , pennsylvania , near pittsburgh .the business , which employed more than 1000 people and had net sales of approximately $ 350 million in 2016 , supplies the transportation , energy , infrastructure and consumer markets .flat glass business in october 2016 , ppg completed the sale of its flat glass manufacturing and glass coatings operations to vitro s.a.b .de c.v .ppg received approximately $ 740 million in cash proceeds and recorded a pre-tax gain of $ 421 million on the sale .under the terms of the agreement , ppg divested its entire flat glass manufacturing and glass coatings operations , including production sites located in fresno , california ; salem , oregon ; carlisle , pennsylvania ; and wichita falls , texas ; four distribution/fabrication facilities located across canada ; and a research-and-development center located in harmar , pennsylvania .ppg 2019s flat glass business included approximately 1200 employees .the business manufactures glass that is fabricated into products used primarily in commercial and residential construction .notes to the consolidated financial statements .
|
what was the change in net sales for the discontinued operations related to the former glass segment from 2016 to 2017 in millions?
|
-691
|
{
"answer": "-691",
"decimal": -691,
"type": "float"
}
| |
deferred tax assets and liabilities are recorded in the accompanying consolidated balance sheet under the captions deferred income tax assets , deferred charges and other assets , other accrued liabilities and deferred income taxes .the decrease in 2009 in deferred tax assets principally relates to the tax impact of changes in recorded qualified pension liabilities , minimum tax credit utilization and an increase in the valuation allowance .the decrease in deferred income tax liabilities principally relates to less tax depreciation taken on the company 2019s assets purchased in 2009 .the valuation allowance for deferred tax assets as of december 31 , 2008 was $ 72 million .the net change in the total valuation allowance for the year ended december 31 , 2009 , was an increase of $ 274 million .the increase of $ 274 million consists primarily of : ( 1 ) $ 211 million related to the company 2019s french operations , including a valuation allowance of $ 55 million against net deferred tax assets from current year operations and $ 156 million recorded in the second quarter of 2009 for the establishment of a valuation allowance against previously recorded deferred tax assets , ( 2 ) $ 10 million for net deferred tax assets arising from the company 2019s united king- dom current year operations , and ( 3 ) $ 47 million related to a reduction of previously recorded u.s .state deferred tax assets , including $ 15 million recorded in the fourth quarter of 2009 for louisiana recycling credits .the effect on the company 2019s effec- tive tax rate of the aforementioned $ 211 million and $ 10 million is included in the line item 201ctax rate and permanent differences on non-u.s .earnings . 201d international paper adopted the provisions of new guidance under asc 740 , 201cincome taxes , 201d on jan- uary 1 , 2007 related to uncertain tax positions .as a result of the implementation of this new guidance , the company recorded a charge to the beginning balance of retained earnings of $ 94 million , which was accounted for as a reduction to the january 1 , 2007 balance of retained earnings .a reconciliation of the beginning and ending amount of unrecognized tax benefits for the year ending december 31 , 2009 and 2008 is as follows : in millions 2009 2008 2007 .
[['in millions', '2009', '2008', '2007'], ['balance at january 1', '$ -435 ( 435 )', '$ -794 ( 794 )', '-919 ( 919 )'], ['additions based on tax positions related to current year', '-28 ( 28 )', '-14 ( 14 )', '-12 ( 12 )'], ['additions for tax positions of prior years', '-82 ( 82 )', '-66 ( 66 )', '-30 ( 30 )'], ['reductions for tax positions of prior years', '72', '67', '74'], ['settlements', '174', '352', '112'], ['expiration of statutes of limitations', '2', '3', '5'], ['currency translation adjustment', '-11 ( 11 )', '17', '-24 ( 24 )'], ['balance at december 31', '$ -308 ( 308 )', '$ -435 ( 435 )', '$ -794 ( 794 )']]
included in the balance at december 31 , 2009 and 2008 are $ 56 million and $ 9 million , respectively , for tax positions for which the ultimate benefits are highly certain , but for which there is uncertainty about the timing of such benefits .however , except for the possible effect of any penalties , any dis- allowance that would change the timing of these benefits would not affect the annual effective tax rate , but would accelerate the payment of cash to the taxing authority to an earlier period .the company accrues interest on unrecognized tax benefits as a component of interest expense .penal- ties , if incurred , are recognized as a component of income tax expense .the company had approx- imately $ 95 million and $ 74 million accrued for the payment of estimated interest and penalties asso- ciated with unrecognized tax benefits at december 31 , 2009 and 2008 , respectively .the major jurisdictions where the company files income tax returns are the united states , brazil , france , poland and russia .generally , tax years 2002 through 2009 remain open and subject to examina- tion by the relevant tax authorities .the company is typically engaged in various tax examinations at any given time , both in the united states and overseas .currently , the company is engaged in discussions with the u.s .internal revenue service regarding the examination of tax years 2006 and 2007 .as a result of these discussions , other pending tax audit settle- ments , and the expiration of statutes of limitation , the company currently estimates that the amount of unrecognized tax benefits could be reduced by up to $ 125 million during the next twelve months .during 2009 , unrecognized tax benefits decreased by $ 127 million .while the company believes that it is adequately accrued for possible audit adjustments , the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates .the company 2019s 2009 income tax provision of $ 469 million included $ 279 million related to special items and other charges , consisting of a $ 534 million tax benefit related to restructuring and other charges , a $ 650 million tax expense for the alternative fuel mixture credit , and $ 163 million of tax-related adjustments including a $ 156 million tax expense to establish a valuation allowance for net operating loss carryforwards in france , a $ 26 million tax benefit for the effective settlement of federal tax audits , a $ 15 million tax expense to establish a valuation allow- ance for louisiana recycling credits , and $ 18 million of other income tax adjustments .excluding the impact of special items , the tax provision was .
|
based on the review of the unrecognized tax benefits what was the average settlement amount from 2007 to 2009 in millions
|
212.7
|
{
"answer": "212.7",
"decimal": 212.7,
"type": "float"
}
| |
challenging investment environment with $ 15.0 billion , or 95% ( 95 % ) , of net inflows coming from institutional clients , with the remaining $ 0.8 billion , or 5% ( 5 % ) , generated by retail and hnw clients .defined contribution plans of institutional clients remained a significant driver of flows .this client group added $ 13.1 billion of net new business in 2012 .during the year , americas net inflows of $ 18.5 billion were partially offset by net outflows of $ 2.6 billion collectively from emea and asia-pacific clients .the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 52% ( 52 % ) , or $ 140.2 billion , of multi-asset class aum at year-end , up $ 14.1 billion , with growth in aum driven by net new business of $ 1.6 billion and $ 12.4 billion in market and foreign exchange gains .these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget .in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions .2022 target date and target risk products ended the year at $ 69.9 billion , up $ 20.8 billion , or 42% ( 42 % ) , since december 31 , 2011 .growth in aum was driven by net new business of $ 14.5 billion , a year-over-year organic growth rate of 30% ( 30 % ) .institutional investors represented 90% ( 90 % ) of target date and target risk aum , with defined contribution plans accounting for over 80% ( 80 % ) of aum .the remaining 10% ( 10 % ) of target date and target risk aum consisted of retail client investments .flows were driven by defined contribution investments in our lifepath and lifepath retirement income ae offerings , which are qualified investment options under the pension protection act of 2006 .these products utilize a proprietary asset allocation model that seeks to balance risk and return over an investment horizon based on the investor 2019s expected retirement timing .2022 fiduciary management services accounted for 22% ( 22 % ) , or $ 57.7 billion , of multi-asset aum at december 31 , 2012 and increased $ 7.7 billion during the year due to market and foreign exchange gains .these are complex mandates in which pension plan sponsors retain blackrock to assume responsibility for some or all aspects of plan management .these customized services require strong partnership with the clients 2019 investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives .alternatives component changes in alternatives aum ( dollar amounts in millions ) 12/31/2011 net new business acquired market /fx app ( dep ) 12/31/2012 .
[['( dollar amounts in millions )', '12/31/2011', 'net new business', 'net acquired', 'market /fx app ( dep )', '12/31/2012'], ['core', '$ 63647', '$ -3922 ( 3922 )', '$ 6166', '$ 2476', '$ 68367'], ['currency and commodities', '41301', '-1547 ( 1547 )', '860', '814', '41428'], ['alternatives', '$ 104948', '$ -5469 ( 5469 )', '$ 7026', '$ 3290', '$ 109795']]
alternatives aum totaled $ 109.8 billion at year-end 2012 , up $ 4.8 billion , or 5% ( 5 % ) , reflecting $ 3.3 billion in portfolio valuation gains and $ 7.0 billion in new assets related to the acquisitions of srpep , which deepened our alternatives footprint in the european and asian markets , and claymore .core alternative outflows of $ 3.9 billion were driven almost exclusively by return of capital to clients .currency net outflows of $ 5.0 billion were partially offset by net inflows of $ 3.5 billion into ishares commodity funds .we continued to make significant investments in our alternatives platform as demonstrated by our acquisition of srpep , successful closes on the renewable power initiative and our build out of an alternatives retail platform , which now stands at nearly $ 10.0 billion in aum .we believe that as alternatives become more conventional and investors adapt their asset allocation strategies to best meet their investment objectives , they will further increase their use of alternative investments to complement core holdings .institutional investors represented 69% ( 69 % ) , or $ 75.8 billion , of alternatives aum with retail and hnw investors comprising an additional 9% ( 9 % ) , or $ 9.7 billion , at year-end 2012 .ishares commodity products accounted for the remaining $ 24.3 billion , or 22% ( 22 % ) , of aum at year-end .alternative clients are geographically diversified with 56% ( 56 % ) , 26% ( 26 % ) , and 18% ( 18 % ) of clients located in the americas , emea and asia-pacific , respectively .the blackrock alternative investors ( 201cbai 201d ) group coordinates our alternative investment efforts , including .
|
what is the percentage change in the balance of alternative assets from 2011 to 2012?
|
4.6%
|
{
"answer": "4.6%",
"decimal": 0.046,
"type": "percentage"
}
| |
58 2018 ppg annual report and 10-k the crown group on october 2 , 2017 , ppg acquired the crown group ( 201ccrown 201d ) , a u.s.-based coatings application services business , which is reported as part of ppg's industrial coatings reportable segment .crown is one of the leading component and product finishers in north america .crown applies coatings to customers 2019 manufactured parts and assembled products at 11 u.s .sites .most of crown 2019s facilities , which also provide assembly , warehousing and sequencing services , are located at customer facilities or positioned near customer manufacturing sites .the company serves manufacturers in the automotive , agriculture , construction , heavy truck and alternative energy industries .the pro-forma impact on ppg's sales and results of operations , including the pro forma effect of events that are directly attributable to the acquisition , was not significant .the results of this business since the date of acquisition have been reported within the industrial coatings business within the industrial coatings reportable segment .taiwan chlorine industries taiwan chlorine industries ( 201ctci 201d ) was established in 1986 as a joint venture between ppg and china petrochemical development corporation ( 201ccpdc 201d ) to produce chlorine-based products in taiwan , at which time ppg owned 60 percent of the venture .in conjunction with the 2013 separation of its commodity chemicals business , ppg conveyed to axiall corporation ( "axiall" ) its 60% ( 60 % ) ownership interest in tci .under ppg 2019s agreement with cpdc , if certain post-closing conditions were not met following the three year anniversary of the separation , cpdc had the option to sell its 40% ( 40 % ) ownership interest in tci to axiall for $ 100 million .in turn , axiall had a right to designate ppg as its designee to purchase the 40% ( 40 % ) ownership interest of cpdc .in april 2016 , axiall announced that cpdc had decided to sell its ownership interest in tci to axiall .in june 2016 , axiall formally designated ppg to purchase the 40% ( 40 % ) ownership interest in tci .in august 2016 , westlake chemical corporation acquired axiall , which became a wholly-owned subsidiary of westlake .in april 2017 , ppg finalized its purchase of cpdc 2019s 40% ( 40 % ) ownership interest in tci .the difference between the acquisition date fair value and the purchase price of ppg 2019s 40% ( 40 % ) ownership interest in tci has been recorded as a loss in discontinued operations during the year-ended december 31 , 2017 .ppg 2019s ownership in tci is accounted for as an equity method investment and the related equity earnings are reported within other income in the consolidated statement of income and in legacy in note 20 , 201creportable business segment information . 201d metokote corporation in july 2016 , ppg completed the acquisition of metokote corporation ( "metokote" ) , a u.s.-based coatings application services business .metokote applies coatings to customers' manufactured parts and assembled products .it operates on- site coatings services within several customer manufacturing locations , as well as at regional service centers , located throughout the u.s. , canada , mexico , the united kingdom , germany , hungary and the czech republic .customers ship parts to metokote ae service centers where they are treated to enhance paint adhesion and painted with electrocoat , powder or liquid coatings technologies .coated parts are then shipped to the customer 2019s next stage of assembly .metokote coats an average of more than 1.5 million parts per day .the following table summarizes the estimated fair value of assets acquired and liabilities assumed as reflected in the final purchase price allocation for metokote .( $ in millions ) .
[['current assets', '$ 38'], ['property plant and equipment', '73'], ['identifiable intangible assets with finite lives', '86'], ['goodwill', '166'], ['deferred income taxes ( a )', '-12 ( 12 )'], ['total assets', '$ 351'], ['current liabilities', '-23 ( 23 )'], ['other long-term liabilities', '-22 ( 22 )'], ['total liabilities', '( $ 45 )'], ['total purchase price net of cash acquired', '$ 306']]
( a ) the net deferred income tax liability is included in assets due to the company's tax jurisdictional netting .the pro-forma impact on ppg's sales and results of operations , including the pro forma effect of events that are directly attributable to the acquisition , was not significant .while calculating this impact , no cost savings or operating synergies that may result from the acquisition were included .the results of this business since the date of acquisition have been reported within the industrial coatings business within the industrial coatings reportable segment .notes to the consolidated financial statements .
|
what percent of the total purchase price net of cash acquired was goodwill?
|
54%
|
{
"answer": "54%",
"decimal": 0.54,
"type": "percentage"
}
| |
table of contents valero energy corporation and subsidiaries notes to consolidated financial statements ( continued ) cash flow hedges cash flow hedges are used to hedge price volatility in certain forecasted feedstock and refined product purchases , refined product sales , and natural gas purchases .the objective of our cash flow hedges is to lock in the price of forecasted feedstock , product or natural gas purchases or refined product sales at existing market prices that we deem favorable .as of december 31 , 2011 , we had the following outstanding commodity derivative instruments that were entered into to hedge forecasted purchases or sales of crude oil and refined products .the information presents the notional volume of outstanding contracts by type of instrument and year of maturity ( volumes in thousands of barrels ) .notional contract volumes by year of maturity derivative instrument 2012 .
[['derivative instrument', 'notional contract volumes by year of maturity 2012'], ['crude oil and refined products:', ''], ['swaps 2013 long', '5961'], ['swaps 2013 short', '5961'], ['futures 2013 long', '38201'], ['futures 2013 short', '36637'], ['physical contracts 2013 short', '1564']]
.
|
what is the ratio of short physical contracts to long futures notional contracts?
|
0.041:1
|
{
"answer": "0.041:1",
"decimal": 0.041,
"type": "open_ended_answer"
}
| |
five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 .the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2009 and that all dividends were reinvested .the information below is historical in nature and is not necessarily indicative of future performance .purchases of equity securities 2013 during 2014 , we repurchased 33035204 shares of our common stock at an average price of $ 100.24 .the following table presents common stock repurchases during each month for the fourth quarter of 2014 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares that may yet be purchased under the plan or program [b] .
[['period', 'total number ofsharespurchased[a]', 'averageprice paidpershare', 'total number of sharespurchased as part of apublicly announcedplan or program [b]', 'maximum number ofshares that may yetbe purchased under the planor program [b]'], ['oct . 1 through oct . 31', '3087549', '$ 107.59', '3075000', '92618000'], ['nov . 1 through nov . 30', '1877330', '119.84', '1875000', '90743000'], ['dec . 1 through dec . 31', '2787108', '116.54', '2786400', '87956600'], ['total', '7751987', '$ 113.77', '7736400', 'n/a']]
[a] total number of shares purchased during the quarter includes approximately 15587 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares .[b] effective january 1 , 2014 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2017 .these repurchases may be made on the open market or through other transactions .our management has sole discretion with respect to determining the timing and amount of these transactions. .
|
what percentage of total number of shares purchased were purchased in november?
|
24%
|
{
"answer": "24%",
"decimal": 0.24,
"type": "percentage"
}
| |
advance auto parts , inc .and subsidiaries notes to consolidated financial statements 2013 ( continued ) december 30 , 2006 , december 31 , 2005 and january 1 , 2005 ( in thousands , except per share data ) 8 .inventories , net inventories are stated at the lower of cost or market , cost being determined using the last-in , first-out ( "lifo" ) method for approximately 93% ( 93 % ) of inventories at both december 30 , 2006 and december 31 , 2005 .under the lifo method , the company 2019s cost of sales reflects the costs of the most currently purchased inventories while the inventory carrying balance represents the costs relating to prices paid in prior years .the company 2019s costs to acquire inventory have been generally decreasing in recent years as a result of its significant growth .accordingly , the cost to replace inventory is less than the lifo balances carried for similar product .as a result of the lifo method and the ability to obtain lower product costs , the company recorded a reduction to cost of sales of $ 9978 for fiscal year ended 2006 , an increase in cost of sales of $ 526 for fiscal year ended 2005 and a reduction to cost of sales of $ 11212 for fiscal year ended 2004 .the remaining inventories are comprised of product cores , which consist of the non-consumable portion of certain parts and batteries and are valued under the first-in , first-out ( "fifo" ) method .core values are included as part of our merchandise costs and are either passed on to the customer or returned to the vendor .additionally , these products are not subject to the frequent cost changes like our other merchandise inventory , thus , there is no material difference from applying either the lifo or fifo valuation methods .the company capitalizes certain purchasing and warehousing costs into inventory .purchasing and warehousing costs included in inventory , at fifo , at december 30 , 2006 and december 31 , 2005 , were $ 95576 and $ 92833 , respectively .inventories consist of the following : december 30 , december 31 , 2006 2005 .
[['', 'december 30 2006', 'december 31 2005'], ['inventories at fifo net', '$ 1380573', '$ 1294310'], ['adjustments to state inventories at lifo', '82767', '72789'], ['inventories at lifo net', '$ 1463340', '$ 1367099']]
replacement cost approximated fifo cost at december 30 , 2006 and december 31 , 2005 .inventory quantities are tracked through a perpetual inventory system .the company uses a cycle counting program in all distribution centers , parts delivered quickly warehouses , or pdqs , local area warehouses , or laws , and retail stores to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory .the company establishes reserves for estimated shrink based on historical accuracy and effectiveness of the cycle counting program .the company also establishes reserves for potentially excess and obsolete inventories based on current inventory levels and the historical analysis of product sales and current market conditions .the nature of the company 2019s inventory is such that the risk of obsolescence is minimal and excess inventory has historically been returned to the company 2019s vendors for credit .the company provides reserves when less than full credit is expected from a vendor or when liquidating product will result in retail prices below recorded costs .the company 2019s reserves against inventory for these matters were $ 31376 and $ 22825 at december 30 , 2006 and december 31 , 2005 , respectively .9 .property and equipment : property and equipment are stated at cost , less accumulated depreciation .expenditures for maintenance and repairs are charged directly to expense when incurred ; major improvements are capitalized .when items are sold or retired , the related cost and accumulated depreciation are removed from the accounts , with any gain or loss reflected in the consolidated statements of operations .depreciation of land improvements , buildings , furniture , fixtures and equipment , and vehicles is provided over the estimated useful lives , which range from 2 to 40 years , of the respective assets using the straight-line method. .
|
what was the total decrease of cost of sales due to the adoption of the lifo method
|
$ 20630 decrease in cost of sales
|
{
"answer": "$ 20630 decrease in cost of sales",
"decimal": 20630,
"type": "money"
}
|
to find the total decrease of cost of sales one must add the decreases of cost of sales and then subtract the increase in cost of sales to get the total decrease of cost of sales .
|
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 .
|
what was the percentage increase for diesel fuel prices from 2009 to 2010?
|
30.9%
|
{
"answer": "30.9%",
"decimal": 0.309,
"type": "percentage"
}
| |
the following table details the effect on net income and earnings per share had compensation expense for all of our stock-based awards , including stock options , been recorded in the year ended december 31 , 2005 based on the fair value method under fasb statement no .123 , accounting for stock-based compensation .pro forma stock-based compensation expense millions of dollars , except per share amounts 2005 .
[['pro forma stock-based compensation expensemillions of dollars except per share amounts', '2005'], ['net income as reported', '$ 1026'], ['stock-based employee compensation expense reported in net income net of tax', '13'], ['total stock-based employee compensation expense determined under fair value 2013based method for allawards net of tax [a]', '-50 ( 50 )'], ['pro forma net income', '$ 989'], ['earnings per share 2013 basic as reported', '$ 3.89'], ['earnings per share 2013 basic pro forma', '$ 3.75'], ['earnings per share 2013 diluted as reported', '$ 3.85'], ['earnings per share 2013 diluted pro forma', '$ 3.71']]
[a] stock options for executives granted in 2003 and 2002 included a reload feature .this reload feature allowed executives to exercise their options using shares of union pacific corporation common stock that they already owned and obtain a new grant of options in the amount of the shares used for exercise plus any shares withheld for tax purposes .the reload feature of these option grants could only be exercised if the price of our common stock increased at least 20% ( 20 % ) from the price at the time of the reload grant .during the year ended december 31 , 2005 , reload option grants represented $ 19 million of the pro forma expense noted above .there were no reload option grants during 2007 and 2006 as stock options exercised after january 1 , 2006 are not eligible for the reload feature .earnings per share 2013 basic earnings per share are calculated on the weighted-average number of common shares outstanding during each period .diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive .use of estimates 2013 our consolidated financial statements include estimates and assumptions regarding certain assets , liabilities , revenue , and expenses and the disclosure of certain contingent assets and liabilities .actual future results may differ from such estimates .income taxes 2013 as required under fasb statement no .109 , accounting for income taxes , we account for income taxes by recording taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our financial statements or tax returns .these expected future tax consequences are measured based on provisions of tax law as currently enacted ; the effects of future changes in tax laws are not anticipated .future tax law changes , such as a change in the corporate tax rate , could have a material impact on our financial condition or results of operations .when appropriate , we record a valuation allowance against deferred tax assets to offset future tax benefits that may not be realized .in determining whether a valuation allowance is appropriate , we consider whether it is more likely than not that all or some portion of our deferred tax assets will not be realized , based on management 2019s judgments regarding the best available evidence about future events .when we have claimed tax benefits that may be challenged by a tax authority , these uncertain tax positions are accounted for under fasb interpretation no .48 , accounting for uncertainty in income taxes , an interpretation of fasb statement no .109 ( fin 48 ) .we adopted fin 48 beginning january 1 , 2007 .prior to 2007 , income tax contingencies were accounted for under fasb statement no .5 , accounting for contingencies .under fin 48 , we recognize tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities .the amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement .a liability for 201cunrecognized tax benefits 201d is .
|
what was the percentage difference between earnings per share 2013 diluted as reported and earnings per share 2013 diluted pro forma ?
|
-4%
|
{
"answer": "-4%",
"decimal": -0.04,
"type": "percentage"
}
| |
nbcuniversal media , llc following the close of the redemption transaction , comcast owns 96% ( 96 % ) of nbcuniversal holdings 2019 common units and nbcuniversal enterprise owns the remaining 4% ( 4 % ) .nbcuniversal enterprise is now a consolidated subsidiary of comcast , but we do not have any ownership interests in nbcuniversal enterprise .nbcuni- versal enterprise also owns all of nbcuniversal holdings 2019 preferred units with a $ 9.4 billion aggregate liquidation preference .nbcuniversal holdings is required to make quarterly payments to nbcuniversal enterprise at an initial rate of 8.25% ( 8.25 % ) per annum on the $ 9.4 billion aggregate liquidation preference of the preferred units .on march 1 , 2018 , and thereafter on every fifth anniversary of such date , this rate will reset to 7.44% ( 7.44 % ) plus the yield on actively traded united states treasury securities having a 5 year maturity .nbcuni- versal holdings has the right to redeem all of the preferred units during the 30 day period beginning on march 1 , 2018 , and nbcuniversal enterprise has the right to cause nbcuniversal holdings to redeem 15% ( 15 % ) of its preferred units during the 30 day period beginning on march 19 , 2020 .the price and units in a redemption initiated by either party will be based on the liquidation preference plus accrued but unpaid divi- dends and adjusted , in the case of an exercise of nbcuniversal enterprise 2019s right , to the extent the equity value of nbcuniversal holdings is less than the liquidation preference .our cash flows are , and will continue to be , the primary source of funding for the required payments and for any future redemption of the nbcuni- versal holdings preferred units .note 5 : related party transactions in the ordinary course of our business , we enter into transactions with comcast .we generate revenue from comcast primarily from the distribution of our cable network programming and , to a lesser extent , the sale of advertising and our owned programming , and we incur expenses primarily related to advertising and various support services provided by comcast to us .in 2013 , as part of the comcast cash management process , we and comcast entered into revolving credit agreements under which we can borrow up to $ 3 billion from comcast and comcast can borrow up to $ 3 bil- lion from us .amounts owed by us to comcast under the revolving credit agreement , including accrued interest , are presented under the caption 201cnote payable to comcast 201d in our consolidated balance sheet .the revolving credit agreements bear interest at floating rates equal to the interest rate under the comcast and comcast cable communications , llc revolving credit facility ( the 201ccomcast revolving credit facility 201d ) .the interest rate on the comcast revolving credit facility consists of a base rate plus a borrowing margin that is determined based on comcast 2019s credit rating .as of december 31 , 2015 , the borrowing margin for london interbank offered rate-based borrowings was 1.00% ( 1.00 % ) .in addition , comcast is the counterparty to one of our contractual obligations .as of both december 31 , 2015 and 2014 , the carrying value of the liability associated with this contractual obligation was $ 383 million .the following tables present transactions with comcast and its consolidated subsidiaries that are included in our consolidated financial statements .consolidated balance sheet .
[['december 31 ( in millions )', '2015', '2014'], ['transactions with comcast and consolidated subsidiaries', '', ''], ['receivables net', '$ 239', '$ 229'], ['accounts payable and accrued expenses related to trade creditors', '$ 68', '$ 47'], ['accrued expenses and other current liabilities', '$ 51', '$ 8'], ['note payable to comcast', '$ 1750', '$ 865'], ['other noncurrent liabilities', '$ 383', '$ 383']]
155 comcast 2015 annual report on form 10-k .
|
what was the change in the receivables net from 2014 to 2015 in millions
|
1.05
|
{
"answer": "1.05",
"decimal": 1.05,
"type": "float"
}
| |
f0b7 free cash flow 2013 cash generated by operating activities totaled $ 6.2 billion , reduced by $ 3.6 billion for cash used in investing activities and a 37% ( 37 % ) increase in dividends paid , yielding free cash flow of $ 1.4 billion .free cash flow is defined as cash provided by operating activities ( adjusted for the reclassification of our receivables securitization facility ) , less cash used in investing activities and dividends paid .free cash flow is not considered a financial measure under accounting principles generally accepted in the u.s .( gaap ) by sec regulation g and item 10 of sec regulation s-k and may not be defined and calculated by other companies in the same manner .we believe free cash flow is important to management and investors in evaluating our financial performance and measures our ability to generate cash without additional external financings .free cash flow should be considered in addition to , rather than as a substitute for , cash provided by operating activities .the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : millions 2012 2011 2010 .
[['millions', '2012', '2011', '2010'], ['cash provided by operating activities', '$ 6161', '$ 5873', '$ 4105'], ['receivables securitization facility [a]', '-', '-', '400'], ['cash provided by operating activities adjusted for the receivables securitizationfacility', '6161', '5873', '4505'], ['cash used in investing activities', '-3633 ( 3633 )', '-3119 ( 3119 )', '-2488 ( 2488 )'], ['dividends paid', '-1146 ( 1146 )', '-837 ( 837 )', '-602 ( 602 )'], ['free cash flow', '$ 1382', '$ 1917', '$ 1415']]
[a] effective january 1 , 2010 , a new accounting standard required us to account for receivables transferred under our receivables securitization facility as secured borrowings in our consolidated statements of financial position and as financing activities in our consolidated statements of cash flows .the receivables securitization facility is included in our free cash flow calculation to adjust cash provided by operating activities as though our receivables securitization facility had been accounted for under the new accounting standard for all periods presented .2013 outlook f0b7 safety 2013 operating a safe railroad benefits our employees , our customers , our shareholders , and the communities we serve .we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments .we will continue using and expanding the deployment of total safety culture throughout our operations , which allows us to identify and implement best practices for employee and operational safety .derailment prevention and the reduction of grade crossing incidents are critical aspects of our safety programs .we will continue our efforts to increase rail defect detection ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , various industry programs and local community activities across our network .f0b7 network operations 2013 we will continue focusing on our six critical initiatives to improve safety , service and productivity during 2013 .we are seeing solid contributions from reducing variability , continuous improvements , and standard work .resource agility allows us to respond quickly to changing market conditions and network disruptions from weather or other events .the railroad continues to benefit from capital investments that allow us to build capacity for growth and harden our infrastructure to reduce failure .f0b7 fuel prices 2013 uncertainty about the economy makes projections of fuel prices difficult .we again could see volatile fuel prices during the year , as they are sensitive to global and u.s .domestic demand , refining capacity , geopolitical events , weather conditions and other factors .to reduce the impact of fuel price on earnings , we will continue seeking cost recovery from our customers through our fuel surcharge programs and expanding our fuel conservation efforts .f0b7 capital plan 2013 in 2013 , we plan to make total capital investments of approximately $ 3.6 billion , including expenditures for positive train control ( ptc ) , which may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) .
|
what was the change in free cash flow from 2011 to 2012 , in millions?
|
-535
|
{
"answer": "-535",
"decimal": -535,
"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 2011 to 2012?
|
18%
|
{
"answer": "18%",
"decimal": 0.18,
"type": "percentage"
}
| |
credit and therefore was not the primary beneficiary at december 31 , 2014 .the company 2019s maximum exposure to loss at december 31 , 2014 equaled the principal amount of the timber notes ; however , an analysis performed by the company concluded the likelihood of this exposure was remote .during the third quarter of 2015 , we initiated a series of actions in order to extend the 2006 monetization structure and maintain the long-term nature of the $ 1.4 billion deferred tax liability .first , international paper acquired the class a interests in the investor entities from a third party for $ 198 million in cash .as a result , international paper became the owner of all of the class a and class b interests in the entities and became the primary beneficiary of the entities .the assets and liabilities of the entities , primarily consisting of the timber notes and third party bank loans , were recorded at fair value as of the acquisition date of the class a interests .subsequent to purchasing the class a interests in the investor entities , international paper restructured the entities , which resulted in the formation of wholly- owned , bankruptcy-remote special purpose entities ( the 2015 financing entities ) .as part of the restructuring , the timber notes held by the borrower entities , subject to the third party bank loans , were contributed to the 2015 financing entities along with approximately $ 150 million in international paper debt obligations , approximately $ 600 million in cash and approximately $ 130 million in demand loans from international paper , and certain entities were liquidated .as a result of these transactions , international paper began consolidating the 2015 financing entities during the third quarter of 2015 .also , during the third quarter of 2015 , the 2015 financing entities used $ 630 million in cash to pay down a portion of the third party bank loans and refinanced approximately $ 4.2 billion of those loans on nonrecourse terms ( the 2015 refinance loans ) .during the fourth quarter of 2015 , international paper extended the maturity date on the timber notes for an additional five years .the timber notes are shown in financial assets of special purpose entities on the accompanying consolidated balance sheet and mature in august 2021 unless extended for an additional five years .these notes are supported by approximately $ 4.8 billion of irrevocable letters of credit .in addition , the company extinguished the 2015 refinance loans scheduled to mature in may 2016 and entered into new nonrecourse third party bank loans totaling approximately $ 4.2 billion ( the extension loans ) .provisions of loan agreements related to approximately $ 1.1 billion of the extension loans require the bank issuing letters of credit supporting the timber notes pledged as collateral to maintain a credit rating at or above a specified threshold .in the event the credit rating of the letter of credit bank is downgraded below the specified threshold , the letters of credit must be replaced within 60 days with letters of credit from a qualifying financial institution .the extension loans are shown in nonrecourse financial liabilities of special purpose entities on the accompanying consolidated balance sheet and mature in the fourth quarter of 2020 .the extinguishment of the 2015 refinance loans of approximately $ 4.2 billion and the issuance of the extension loans of approximately $ 4.2 billion are shown as part of reductions of debt and issuances of debt , respectively , in the financing activities of the consolidated statement of cash flows .the extension loans are nonrecourse to the company , and are secured by approximately $ 4.8 billion of timber notes , the irrevocable letters of credit supporting the timber notes and approximately $ 150 million of international paper debt obligations .the $ 150 million of international paper debt obligations are eliminated in the consolidation of the 2015 financing entities and are not reflected in the company 2019s consolidated balance sheet .the purchase of the class a interests and subsequent restructuring described above facilitated the refinancing and extensions of the third party bank loans on nonrecourse terms .the transactions described in these paragraphs result in continued long-term classification of the $ 1.4 billion deferred tax liability recognized in connection with the 2006 forestlands as of december 31 , 2015 , the fair value of the timber notes and extension loans is $ 4.68 billion and $ 4.28 billion , respectively .the timber notes and extension loans are classified as level 2 within the fair value hierarchy , which is further defined in note 14 .activity between the company and the 2015 financing entities ( the entities prior to the purchase of the class a interest discussed above ) was as follows: .
[['in millions', '2015', '2014', '2013'], ['revenue ( a )', '$ 43', '$ 38', '$ 45'], ['expense ( a )', '81', '72', '79'], ['cash receipts ( b )', '21', '22', '33'], ['cash payments ( c )', '71', '73', '84']]
( a ) the net expense related to the company 2019s interest in the entities is included in the accompanying consolidated statement of operations , as international paper has and intends to effect its legal right to offset as discussed above .after formation of the 2015 financing entities , the revenue and expense are included in interest expense , net in the accompanying consolidated statement of operations .( b ) the cash receipts are equity distributions from the entities to international paper prior to the formation of the 2015 financing entities .after formation of the 2015 financing entities , cash receipts are interest received on the financial assets of special purpose entities. .
|
based on the review of the activity between the company and the 2015 financing entities what was the ratio of the cash payments to cash receipts in 2013
|
2.55
|
{
"answer": "2.55",
"decimal": 2.55,
"type": "float"
}
| |
average age ( yrs. ) highway revenue equipment owned leased total .
[['highway revenue equipment', 'owned', 'leased', 'total', 'averageage ( yrs. )'], ['containers', '26629', '28306', '54935', '7.1'], ['chassis', '15182', '25951', '41133', '8.9'], ['total highway revenue equipment', '41811', '54257', '96068', 'n/a']]
capital expenditures our rail network requires significant annual capital investments for replacement , improvement , and expansion .these investments enhance safety , support the transportation needs of our customers , and improve our operational efficiency .additionally , we add new locomotives and freight cars to our fleet to replace older , less efficient equipment , to support growth and customer demand , and to reduce our impact on the environment through the acquisition of more fuel-efficient and low-emission locomotives .2014 capital program 2013 during 2014 , our capital program totaled $ 4.1 billion .( see the cash capital expenditures table in management 2019s discussion and analysis of financial condition and results of operations 2013 liquidity and capital resources 2013 financial condition , item 7. ) 2015 capital plan 2013 in 2015 , we expect our capital plan to be approximately $ 4.3 billion , which will include expenditures for ptc of approximately $ 450 million and may include non-cash investments .we may revise our 2015 capital plan if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .( see discussion of our 2015 capital plan in management 2019s discussion and analysis of financial condition and results of operations 2013 2015 outlook , item 7. ) equipment encumbrances 2013 equipment with a carrying value of approximately $ 2.8 billion and $ 2.9 billion at december 31 , 2014 , and 2013 , respectively served as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire or refinance such railroad equipment .as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds .as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion .in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds .environmental matters 2013 certain of our properties are subject to federal , state , and local laws and regulations governing the protection of the environment .( see discussion of environmental issues in business 2013 governmental and environmental regulation , item 1 , and management 2019s discussion and analysis of financial condition and results of operations 2013 critical accounting policies 2013 environmental , item 7. ) item 3 .legal proceedings from time to time , we are involved in legal proceedings , claims , and litigation that occur in connection with our business .we routinely assess our liabilities and contingencies in connection with these matters based upon the latest available information and , when necessary , we seek input from our third-party advisors when making these assessments .consistent with sec rules and requirements , we describe below material pending legal proceedings ( other than ordinary routine litigation incidental to our business ) , material proceedings known to be contemplated by governmental authorities , other proceedings arising under federal , state , or local environmental laws and regulations ( including governmental proceedings involving potential fines , penalties , or other monetary sanctions in excess of $ 100000 ) , and such other pending matters that we may determine to be appropriate. .
|
what percentage of owned total highway revenue equipment is containers?
|
64%
|
{
"answer": "64%",
"decimal": 0.64,
"type": "percentage"
}
| |
note 3 .business combinations purchase combinations .during the fiscal years presented , the company made a number of purchase acquisitions .for each acquisition , the excess of the purchase price over the estimated value of the net tangible assets acquired was allocated to various intangible assets , consisting primarily of developed technology , customer and contract-related assets and goodwill .the values assigned to developed technologies related to each acquisition were based upon future discounted cash flows related to the existing products 2019 projected income streams .goodwill , representing the excess of the purchase consideration over the fair value of tangible and identifiable intangible assets acquired in the acquisitions , will not to be amortized .goodwill is not deductible for tax purposes .the amounts allocated to purchased in-process research and developments were determined through established valuation techniques in the high-technology industry and were expensed upon acquisition because technological feasibility had not been established and no future alternative uses existed .the consolidated financial statements include the operating results of each business from the date of acquisition .the company does not consider these acquisitions to be material to its results of operations and is therefore not presenting pro forma statements of operations for the fiscal years ended october 31 , 2006 , 2005 and 2004 .fiscal 2006 acquisitions sigma-c software ag ( sigma-c ) the company acquired sigma-c on august 16 , 2006 in an all-cash transaction .reasons for the acquisition .sigma-c provides simulation software that allows semiconductor manufacturers and their suppliers to develop and optimize process sequences for optical lithography , e-beam lithography and next-generation lithography technologies .the company believes the acquisition will enable a tighter integration between design and manufacturing tools , allowing the company 2019s customers to perform more accurate design layout analysis with 3d lithography simulation and better understand issues that affect ic wafer yields .purchase price .the company paid $ 20.5 million in cash for the outstanding shares and shareholder notes of which $ 2.05 million was deposited with an escrow agent and will be paid per the escrow agreement .the company believes that the escrow amount will be paid .the total purchase consideration consisted of: .
[['', '( in thousands )'], ['cash paid', '$ 20500'], ['acquisition-related costs', '2053'], ['total purchase price', '$ 22553']]
acquisition-related costs of $ 2.1 million consist primarily of legal , tax and accounting fees , estimated facilities closure costs and employee termination costs .as of october 31 , 2006 , the company had paid $ 0.9 million of the acquisition-related costs .the $ 1.2 million balance remaining at october 31 , 2006 primarily consists of legal , tax and accounting fees , estimated facilities closure costs and employee termination costs .assets acquired .the company performed a preliminary valuation and allocated the total purchase consideration to assets and liabilities .the company acquired $ 6.0 million of intangible assets consisting of $ 3.9 million in existing technology , $ 1.9 million in customer relationships and $ 0.2 million in trade names to be amortized over five years .the company also acquired assets of $ 3.9 million and assumed liabilities of $ 5.1 million as result of this transaction .goodwill , representing the excess of the purchase price over the .
|
what is the percentage of the acquisition-related costs among the total purchase price?
|
9.10%
|
{
"answer": "9.10%",
"decimal": 0.091,
"type": "percentage"
}
|
it is the value of the acquisition-related costs divided by the total purchase price , then turned into a percentage .
|
the graph below compares expeditors international of washington , inc.'s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index and the nasdaq industrial transportation index ( nqusb2770t ) .the graph assumes that the value of the investment in our common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on 12/31/2013 and tracks it through 12/31/2018 .total return assumes reinvestment of dividends in each of the indices indicated .comparison of 5-year cumulative total return among expeditors international of washington , inc. , the s&p 500 index and the nasdaq industrial transportation index. .
[['', '12/13', '12/14', '12/15', '12/16', '12/17', '12/18'], ['expeditors international of washington inc .', '$ 100.00', '$ 100.81', '$ 101.92', '$ 119.68', '$ 146.19', '$ 153.88'], ["standard and poor's 500 index", '100.00', '111.39', '110.58', '121.13', '144.65', '135.63'], ['nasdaq industrial transportation ( nqusb2770t )', '100.00', '121.41', '93.55', '120.89', '154.19', '140.25']]
the stock price performance included in this graph is not necessarily indicative of future stock price performance. .
|
what is the highest return rate for the first year of the investment?
|
21.41%
|
{
"answer": "21.41%",
"decimal": 0.2141,
"type": "percentage"
}
|
it is the maximum value turned into a 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 is the growth rate in employee headcount from 2012 to 2013?
|
8.6%
|
{
"answer": "8.6%",
"decimal": 0.086,
"type": "percentage"
}
| |
10-k altria ar release tuesday , february 27 , 2018 10:00pm andra design llc the relative percentages of operating companies income ( loss ) attributable to each reportable segment and the all other category were as follows: .
[['', '2017', '2016', '2015'], ['smokeable products', '85.8% ( 85.8 % )', '86.2% ( 86.2 % )', '87.4% ( 87.4 % )'], ['smokeless products', '13.2', '13.1', '12.8'], ['wine', '1.5', '1.8', '1.8'], ['all other', '-0.5 ( 0.5 )', '-1.1 ( 1.1 )', '-2.0 ( 2.0 )'], ['total', '100.0% ( 100.0 % )', '100.0% ( 100.0 % )', '100.0% ( 100.0 % )']]
for items affecting the comparability of the relative percentages of operating companies income ( loss ) attributable to each reportable segment , see note 15 .narrative description of business portions of the information called for by this item are included in operating results by business segment in item 7 .management 2019s discussion and analysis of financial condition and results of operations of this annual report on form 10-k ( 201citem 7 201d ) .tobacco space altria group , inc . 2019s tobacco operating companies include pm usa , usstc and other subsidiaries of ust , middleton , nu mark and nat sherman .altria group distribution company provides sales and distribution services to altria group , inc . 2019s tobacco operating companies .the products of altria group , inc . 2019s tobacco subsidiaries include smokeable tobacco products , consisting of cigarettes manufactured and sold by pm usa and nat sherman , machine- made large cigars and pipe tobacco manufactured and sold by middleton and premium cigars sold by nat sherman ; smokeless tobacco products manufactured and sold by usstc ; and innovative tobacco products , including e-vapor products manufactured and sold by nu mark .cigarettes : pm usa is the largest cigarette company in the united states .marlboro , the principal cigarette brand of pm usa , has been the largest-selling cigarette brand in the united states for over 40 years .nat sherman sells substantially all of its super premium cigarettes in the united states .total smokeable products segment 2019s cigarettes shipment volume in the united states was 116.6 billion units in 2017 , a decrease of 5.1% ( 5.1 % ) from cigars : middleton is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco .middleton contracts with a third-party importer to supply a majority of its cigars and sells substantially all of its cigars to customers in the united states .black & mild is the principal cigar brand of middleton .nat sherman sources all of its cigars from third-party suppliers and sells substantially all of its cigars to customers in the united states .total smokeable products segment 2019s cigars shipment volume was approximately 1.5 billion units in 2017 , an increase of 9.9% ( 9.9 % ) from 2016 .smokeless tobacco products : usstc is the leading producer and marketer of moist smokeless tobacco ( 201cmst 201d ) products .the smokeless products segment includes the premium brands , copenhagen and skoal , and value brands , red seal and husky .substantially all of the smokeless tobacco products are manufactured and sold to customers in the united states .total smokeless products segment 2019s shipment volume was 841.3 million units in 2017 , a decrease of 1.4% ( 1.4 % ) from 2016 .innovative tobacco products : nu mark participates in the e-vapor category and has developed and commercialized other innovative tobacco products .in addition , nu mark sources the production of its e-vapor products through overseas contract manufacturing arrangements .in 2013 , nu mark introduced markten e-vapor products .in april 2014 , nu mark acquired the e-vapor business of green smoke , inc .and its affiliates ( 201cgreen smoke 201d ) , which began selling e-vapor products in 2009 .in 2017 , altria group , inc . 2019s subsidiaries purchased certain intellectual property related to innovative tobacco products .in december 2013 , altria group , inc . 2019s subsidiaries entered into a series of agreements with philip morris international inc .( 201cpmi 201d ) pursuant to which altria group , inc . 2019s subsidiaries provide an exclusive license to pmi to sell nu mark 2019s e-vapor products outside the united states , and pmi 2019s subsidiaries provide an exclusive license to altria group , inc . 2019s subsidiaries to sell two of pmi 2019s heated tobacco product platforms in the united states .further , in july 2015 , altria group , inc .announced the expansion of its strategic framework with pmi to include a joint research , development and technology-sharing agreement .under this agreement , altria group , inc . 2019s subsidiaries and pmi will collaborate to develop e-vapor products for commercialization in the united states by altria group , inc . 2019s subsidiaries and in markets outside the united states by pmi .this agreement also provides for exclusive technology cross licenses , technical information sharing and cooperation on scientific assessment , regulatory engagement and approval related to e-vapor products .in the fourth quarter of 2016 , pmi submitted a modified risk tobacco product ( 201cmrtp 201d ) application for an electronically heated tobacco product with the united states food and drug administration 2019s ( 201cfda 201d ) center for tobacco products and filed its corresponding pre-market tobacco product application in the first quarter of 2017 .upon regulatory authorization by the fda , altria group , inc . 2019s subsidiaries will have an exclusive license to sell this heated tobacco product in the united states .distribution , competition and raw materials : altria group , inc . 2019s tobacco subsidiaries sell their tobacco products principally to wholesalers ( including distributors ) , large retail organizations , including chain stores , and the armed services .the market for tobacco products is highly competitive , characterized by brand recognition and loyalty , with product quality , taste , price , product innovation , marketing , packaging and distribution constituting the significant methods of competition .promotional activities include , in certain instances and where permitted by law , allowances , the distribution of incentive items , price promotions , product promotions , coupons and other discounts. .
|
what is the percentage change in the weight of smokeless products in operating income from 2015 to 2016?
|
2.3%
|
{
"answer": "2.3%",
"decimal": 0.023,
"type": "percentage"
}
| |
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 2016?
|
25%
|
{
"answer": "25%",
"decimal": 0.25,
"type": "percentage"
}
| |
the company further presents total net 201ceconomic 201d investment exposure , net of deferred compensation investments and hedged investments , to reflect another gauge for investors as the economic impact of investments held pursuant to deferred compensation arrangements is substantially offset by a change in compensation expense and the impact of hedged investments is substantially mitigated by total return swap hedges .carried interest capital allocations are excluded as there is no impact to blackrock 2019s stockholders 2019 equity until such amounts are realized as performance fees .finally , the company 2019s regulatory investment in federal reserve bank stock , which is not subject to market or interest rate risk , is excluded from the company 2019s net economic investment exposure .( dollar amounts in millions ) december 31 , december 31 .
[['( dollar amounts in millions )', 'december 31 2012', 'december 31 2011'], ['total investments gaap', '$ 1750', '$ 1631'], ['investments held by consolidated sponsored investmentfunds ( 1 )', '-524 ( 524 )', '-587 ( 587 )'], ['net exposure to consolidated investment funds', '430', '475'], ['total investments as adjusted', '1656', '1519'], ['federal reserve bank stock ( 2 )', '-89 ( 89 )', '-328 ( 328 )'], ['carried interest', '-85 ( 85 )', '-21 ( 21 )'], ['deferred compensation investments', '-62 ( 62 )', '-65 ( 65 )'], ['hedged investments', '-209 ( 209 )', '-43 ( 43 )'], ['total 201ceconomic 201d investment exposure', '$ 1211', '$ 1062']]
total 201ceconomic 201d investment exposure ...$ 1211 $ 1062 ( 1 ) at december 31 , 2012 and december 31 , 2011 , approximately $ 524 million and $ 587 million , respectively , of blackrock 2019s total gaap investments were maintained in sponsored investment funds that were deemed to be controlled by blackrock in accordance with gaap , and , therefore , are consolidated even though blackrock may not economically own a majority of such funds .( 2 ) the decrease of $ 239 million related to a lower holding requirement of federal reserve bank stock held by blackrock institutional trust company , n.a .( 201cbtc 201d ) .total investments , as adjusted , at december 31 , 2012 increased $ 137 million from december 31 , 2011 , resulting from $ 765 million of purchases/capital contributions , $ 185 million from positive market valuations and earnings from equity method investments , and $ 64 million from net additional carried interest capital allocations , partially offset by $ 742 million of sales/maturities and $ 135 million of distributions representing return of capital and return on investments. .
|
what is the percentage change in the balance of total 201ceconomic 201d investment exposure from 2011 to 2012?
|
14.0%
|
{
"answer": "14.0%",
"decimal": 0.14,
"type": "percentage"
}
| |
the activity related to the restructuring liability for 2004 is as follows ( in thousands ) : non-operating items interest income increased $ 1.7 million to $ 12.0 million in 2005 from $ 10.3 million in 2004 .the increase was mainly the result of higher returns on invested funds .interest expense decreased $ 1.0 million , or 5% ( 5 % ) , to $ 17.3 million in 2005 from $ 18.3 million in 2004 as a result of the exchange of newly issued stock for a portion of our outstanding convertible debt in the second half of 2005 .in addition , as a result of the issuance during 2005 of common stock in exchange for convertible subordinated notes , we recorded a non- cash charge of $ 48.2 million .this charge related to the incremental shares issued in the transactions over the number of shares that would have been issued upon the conversion of the notes under their original terms .liquidity and capital resources we have incurred operating losses since our inception and historically have financed our operations principally through public and private offerings of our equity and debt securities , strategic collaborative agreements that include research and/or development funding , development milestones and royalties on the sales of products , investment income and proceeds from the issuance of stock under our employee benefit programs .at december 31 , 2006 , we had cash , cash equivalents and marketable securities of $ 761.8 million , which was an increase of $ 354.2 million from $ 407.5 million at december 31 , 2005 .the increase was primarily a result of : 2022 $ 313.7 million in net proceeds from our september 2006 public offering of common stock ; 2022 $ 165.0 million from an up-front payment we received in connection with signing the janssen agreement ; 2022 $ 52.4 million from the issuance of common stock under our employee benefit plans ; and 2022 $ 30.0 million from the sale of shares of altus pharmaceuticals inc .common stock and warrants to purchase altus common stock .these cash inflows were partially offset by the significant cash expenditures we made in 2006 related to research and development expenses and sales , general and administrative expenses .capital expenditures for property and equipment during 2006 were $ 32.4 million .at december 31 , 2006 , we had $ 42.1 million in aggregate principal amount of the 2007 notes and $ 59.6 million in aggregate principal amount of the 2011 notes outstanding .the 2007 notes are due in september 2007 and are convertible into common stock at the option of the holder at a price equal to $ 92.26 per share , subject to adjustment under certain circumstances .in february 2007 , we announced that we will redeem our 2011 notes on march 5 , 2007 .the 2011 notes are convertible into shares of our common stock at the option of the holder at a price equal to $ 14.94 per share .we expect the holders of the 2011 notes will elect to convert their notes into stock , in which case we will issue approximately 4.0 million .we will be required to repay any 2011 notes that are not converted at the rate of $ 1003.19 per $ 1000 principal amount , which includes principal and interest that will accrue to the redemption date .liability as of december 31 , payments in 2004 cash received from sublease , net of operating costs in 2004 additional charge in liability as of december 31 , lease restructuring liability and other operating lease liability $ 69526 $ ( 31550 ) $ 293 $ 17574 $ 55843 .
[['', 'liability as of december 31 2003', 'cash payments in 2004', 'cash received from sublease net of operating costs in 2004', 'additional charge in 2004', 'liability as of december 31 2004'], ['lease restructuring liability and other operating lease liability', '$ 69526', '$ -31550 ( 31550 )', '$ 293', '$ 17574', '$ 55843']]
the activity related to the restructuring liability for 2004 is as follows ( in thousands ) : non-operating items interest income increased $ 1.7 million to $ 12.0 million in 2005 from $ 10.3 million in 2004 .the increase was mainly the result of higher returns on invested funds .interest expense decreased $ 1.0 million , or 5% ( 5 % ) , to $ 17.3 million in 2005 from $ 18.3 million in 2004 as a result of the exchange of newly issued stock for a portion of our outstanding convertible debt in the second half of 2005 .in addition , as a result of the issuance during 2005 of common stock in exchange for convertible subordinated notes , we recorded a non- cash charge of $ 48.2 million .this charge related to the incremental shares issued in the transactions over the number of shares that would have been issued upon the conversion of the notes under their original terms .liquidity and capital resources we have incurred operating losses since our inception and historically have financed our operations principally through public and private offerings of our equity and debt securities , strategic collaborative agreements that include research and/or development funding , development milestones and royalties on the sales of products , investment income and proceeds from the issuance of stock under our employee benefit programs .at december 31 , 2006 , we had cash , cash equivalents and marketable securities of $ 761.8 million , which was an increase of $ 354.2 million from $ 407.5 million at december 31 , 2005 .the increase was primarily a result of : 2022 $ 313.7 million in net proceeds from our september 2006 public offering of common stock ; 2022 $ 165.0 million from an up-front payment we received in connection with signing the janssen agreement ; 2022 $ 52.4 million from the issuance of common stock under our employee benefit plans ; and 2022 $ 30.0 million from the sale of shares of altus pharmaceuticals inc .common stock and warrants to purchase altus common stock .these cash inflows were partially offset by the significant cash expenditures we made in 2006 related to research and development expenses and sales , general and administrative expenses .capital expenditures for property and equipment during 2006 were $ 32.4 million .at december 31 , 2006 , we had $ 42.1 million in aggregate principal amount of the 2007 notes and $ 59.6 million in aggregate principal amount of the 2011 notes outstanding .the 2007 notes are due in september 2007 and are convertible into common stock at the option of the holder at a price equal to $ 92.26 per share , subject to adjustment under certain circumstances .in february 2007 , we announced that we will redeem our 2011 notes on march 5 , 2007 .the 2011 notes are convertible into shares of our common stock at the option of the holder at a price equal to $ 14.94 per share .we expect the holders of the 2011 notes will elect to convert their notes into stock , in which case we will issue approximately 4.0 million .we will be required to repay any 2011 notes that are not converted at the rate of $ 1003.19 per $ 1000 principal amount , which includes principal and interest that will accrue to the redemption date .liability as of december 31 , payments in 2004 cash received from sublease , net of operating costs in 2004 additional charge in liability as of december 31 , lease restructuring liability and other operating lease liability $ 69526 $ ( 31550 ) $ 293 $ 17574 $ 55843 .
|
what is the percent of the in the non operating income associated with interest income in 2005
|
16.5%
|
{
"answer": "16.5%",
"decimal": 0.165,
"type": "percentage"
}
| |
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 .
|
at december 31 , 2009 what was the difference between the fair value of our term loans to their carrying value in millions
|
26
|
{
"answer": "26",
"decimal": 26,
"type": "float"
}
| |
item 7 .management 2019s discussion and analysis of financial condition and results of operations executive summary international paper 2019s operating results in 2007 bene- fited from significantly higher paper and packaging price realizations .sales volumes were slightly high- er , with growth in overseas markets partially offset by lower volumes in north america as we continued to balance our production with our customers 2019 demand .operationally , our pulp and paper and containerboard mills ran very well in 2007 .however , input costs for wood , energy and transportation costs were all well above 2006 levels .in our forest products business , earnings decreased 31% ( 31 % ) reflect- ing a sharp decline in harvest income and a smaller drop in forestland and real estate sales , both reflect- ing our forestland divestitures in 2006 .interest expense decreased over 40% ( 40 % ) , principally due to lower debt balances and interest rates from debt repayments and refinancings .looking forward to the first quarter of 2008 , we expect demand for north american printing papers and packaging to remain steady .however , if the economic downturn in 2008 is greater than expected , this could have a negative impact on sales volumes and earnings .some slight increases in paper and packaging price realizations are expected as we implement our announced price increases .however , first quarter earnings will reflect increased planned maintenance expenses and continued escalation of wood , energy and transportation costs .as a result , excluding the impact of projected reduced earnings from land sales and the addition of equity earnings contributions from our recent investment in ilim holding s.a .in russia , we expect 2008 first-quarter earnings to be lower than in the 2007 fourth quarter .results of operations industry segment operating profits are used by inter- national paper 2019s management to measure the earn- ings performance of its businesses .management believes that this measure allows a better under- standing of trends in costs , operating efficiencies , prices and volumes .industry segment operating profits are defined as earnings before taxes and minority interest , interest expense , corporate items and corporate special items .industry segment oper- ating profits are defined by the securities and exchange commission as a non-gaap financial measure , and are not gaap alternatives to net earn- ings or any other operating measure prescribed by accounting principles generally accepted in the united states .international paper operates in six segments : print- ing papers , industrial packaging , consumer pack- aging , distribution , forest products , and specialty businesses and other .the following table shows the components of net earnings for each of the last three years : in millions 2007 2006 2005 .
[['in millions', '2007', '2006', '2005'], ['industry segment operating profits', '$ 2423', '$ 2074', '$ 1622'], ['corporate items net', '-732 ( 732 )', '-746 ( 746 )', '-607 ( 607 )'], ['corporate special items*', '241', '2373', '-134 ( 134 )'], ['interest expense net', '-297 ( 297 )', '-521 ( 521 )', '-595 ( 595 )'], ['minority interest', '-5 ( 5 )', '-9 ( 9 )', '-9 ( 9 )'], ['income tax benefit ( provision )', '-415 ( 415 )', '-1889 ( 1889 )', '407'], ['discontinued operations', '-47 ( 47 )', '-232 ( 232 )', '416'], ['net earnings', '$ 1168', '$ 1050', '$ 1100']]
* corporate special items include restructuring and other charg- es , net ( gains ) losses on sales and impairments of businesses , gains on transformation plan forestland sales , goodwill impairment charges , insurance recoveries and reversals of reserves no longer required .industry segment operating profits of $ 2.4 billion were $ 349 million higher in 2007 than in 2006 due principally to the benefits from higher average price realizations ( $ 461 million ) , the net impact of cost reduction initiatives , improved operating perform- ance and a more favorable mix of products sold ( $ 304 million ) , higher sales volumes ( $ 17 million ) , lower special item costs ( $ 115 million ) and other items ( $ 4 million ) .these benefits more than offset the impacts of higher energy , raw material and freight costs ( $ 205 million ) , higher costs for planned mill maintenance outages ( $ 48 million ) , lower earn- ings from land sales ( $ 101 million ) , costs at the pensacola mill associated with the conversion of a machine to the production of linerboard ( $ 52 million ) and reduced earnings due to net acquisitions and divestitures ( $ 146 million ) .segment operating profit ( in millions ) $ 2074 ( $ 205 ) ( $ 48 ) $ 17 ( $ 244 ) $ 2423$ 4 ( $ 52 ) ( $ 101 ) $ 461 $ 1000 $ 1500 $ 2000 $ 2500 $ 3000 .
|
what was the average industry segment operating profits from 2005 to 2007
|
2039.7
|
{
"answer": "2039.7",
"decimal": 2039.7,
"type": "float"
}
| |
item 7 .management 2019s discussion and analysis of financial condition and results of operations executive summary international paper company reported net sales of $ 23.4 billion in 2009 , compared with $ 24.8 billion in 2008 and $ 21.9 billion in 2007 .net earnings totaled $ 663 million in 2009 , including $ 1.4 billion of alter- native fuel mixture credits and $ 853 million of charges to restructure ongoing businesses , com- pared with a loss of $ 1.3 billion in 2008 , which included a $ 1.8 billion goodwill impairment charge .net earnings in 2007 totaled $ 1.2 billion .the company performed well in 2009 considering the magnitude of the challenges it faced , both domestically and around the world .despite weak global economic conditions , the company generated record cash flow from operations , enabling us to reduce long-term debt by $ 3.1 billion while increas- ing cash balances by approximately $ 800 million .also during 2009 , the company incurred 3.6 million tons of downtime , including 1.1 million tons asso- ciated with the shutdown of production capacity in our north american mill system to continue to match our production to our customers 2019 needs .these actions should result in higher operating rates , lower fixed costs and lower payroll costs in 2010 and beyond .furthermore , the realization of integration synergies in our u.s .industrial packaging business and overhead reduction initiatives across the com- pany position international paper to benefit from a lower cost profile in future years .as 2010 begins , we expect that first-quarter oper- ations will continue to be challenging .in addition to being a seasonally slow quarter for many of our businesses , poor harvesting weather conditions in the u.s .south and increasing competition for lim- ited supplies of recycled fiber are expected to lead to further increases in fiber costs for our u.s .mills .planned maintenance outage expenses will also be higher than in the 2009 fourth quarter .however , we have announced product price increases for our major global manufacturing businesses , and while these actions may not have a significant effect on first-quarter results , we believe that the benefits beginning in the second quarter will be significant .additionally , we expect to benefit from the capacity management , cost reduction and integration synergy actions taken during 2009 .as a result , the company remains positive about projected operating results in 2010 , with improved earnings versus 2009 expected in all major businesses .we will continue to focus on aggressive cost management and strong cash flow generation as 2010 progresses .results of operations industry segment operating profits are used by inter- national paper 2019s management to measure the earn- ings performance of its businesses .management believes that this measure allows a better under- standing of trends in costs , operating efficiencies , prices and volumes .industry segment operating profits are defined as earnings before taxes , equity earnings , noncontrolling interests , interest expense , corporate items and corporate special items .industry segment operating profits are defined by the securities and exchange commission as a non-gaap financial measure , and are not gaap alternatives to net income or any other operating measure prescribed by accounting principles gen- erally accepted in the united states .international paper operates in six segments : industrial packaging , printing papers , consumer packaging , distribution , forest products , and spe- cialty businesses and other .the following table shows the components of net earnings ( loss ) attributable to international paper company for each of the last three years : in millions 2009 2008 2007 .
[['in millions', '2009', '2008', '2007'], ['industry segment operating profits', '$ 2360', '$ 1393', '$ 1897'], ['corporate items net', '-181 ( 181 )', '-103 ( 103 )', '-206 ( 206 )'], ['corporate special items*', '-334 ( 334 )', '-1949 ( 1949 )', '241'], ['interest expense net', '-669 ( 669 )', '-492 ( 492 )', '-297 ( 297 )'], ['noncontrolling interests', '5', '-5 ( 5 )', '-5 ( 5 )'], ['income tax provision', '-469 ( 469 )', '-162 ( 162 )', '-415 ( 415 )'], ['equity ( loss ) earnings', '-49 ( 49 )', '49', '2013'], ['discontinued operations', '2013', '-13 ( 13 )', '-47 ( 47 )'], ['net earnings ( loss ) attributable to international paper company', '$ 663', '$ -1282 ( 1282 )', '$ 1168']]
net earnings ( loss ) attributable to international paper company $ 663 $ ( 1282 ) $ 1168 * corporate special items include restructuring and other charg- es , goodwill impairment charges , gains on transformation plan forestland sales and net losses ( gains ) on sales and impairments of businesses .industry segment operating profits of $ 2.4 billion were $ 967 million higher in 2009 than in 2008 .oper- ating profits benefited from lower energy and raw material costs ( $ 447 million ) , lower distribution costs ( $ 142 million ) , favorable manufacturing operating costs ( $ 481 million ) , incremental earnings from the cbpr business acquired in the third quarter of 2008 ( $ 202 million ) , and other items ( $ 35 million ) , offset by lower average sales price realizations ( $ 444 million ) , lower sales volumes and increased lack-of-order downtime ( $ 684 million ) , unfavorable .
|
what is the average value of interest expense net , in millions?
|
-486
|
{
"answer": "-486",
"decimal": -486,
"type": "float"
}
|
it is the sum of all values divided by three .
|
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