Question: what was the percentage cumulative total shareholder return on disca for the five year period ended december 31 , 2018?

def solution():
    # Define variables name and value
    ending_value = 53.56
    starting_value = 100

    # Do math calculation to get the answer
    answer = ((ending_value - starting_value) / starting_value) * 100

    return answer

PROVISIONS FOR LOSSES Charge card provision for losses decreased $41 million or 6 percent in 2016 compared to 2015, and $55 million or 7 percent in 2015 compared to 2014.

The decrease in 2016 was driven by lower net write-offs and improved delinquencies.

The decrease in 2015 reflects a reserve release versus a reserve build in 2014, partially offset by higher write-offs.

Card Member loans provision for losses increased $45 million or 4 percent in 2016 compared to 2015, and $52 million or 5 percent in 2015 compared to 2014.

The increase in 2016 was primarily driven by strong momentum in our lending growth initiatives, resulting in higher loan balances, increased net write-offs in the current year and a slight increase in delinquencies, partially offset by the impact of the HFS portfolios, as the current year does not reflect the associated credit costs, as previously mentioned.

The increase in 2015 primarily reflects a reserve build versus a reserve release in 2014.

The reserve build in 2015 was due to a small increase in delinquency rates combined with an increase in loan balances, partially offset by lower write-offs and the impact related to transferring the HFS portfolios to Card Member loans and receivables HFS in December 2015.

Other provision for losses increased $34 million or 56 percent in 2016 compared to 2015, and decreased $53 million or 46 percent in 2015 compared to 2014.

The increase in 2016 was primarily driven by growth in the commercial financing portfolio resulting in higher net write-offs.

The decrease in 2015 was primarily due to a merchant-related charge in the fourth quarter of 2014.

(a) Beginning December 1, 2015 through to the sale completion dates, includes the valuation allowance adjustment associated with the HFS portfolios.

EXPENSES Marketing and promotion expenses increased $541 million or 17 percent in 2016 compared to 2015, and decreased $107 million or 3 percent in 2015 compared to 2014 (increasing 1 percent on an FX-adjusted basis), with higher levels of spending on growth initiatives in both periods.2 Card Member rewards expenses decreased $203 million or 3 percent in 2016 compared to 2015 and increased $65 million or 1 percent in 2015 compared to 2014.

The decrease in 2016 was primarily driven by lower cobrand rewards expense of $518 million, primarily reflecting lower Costco-related expenses and a shift in volumes to cash rebate cards for which the rewards costs are classified as contra-discount revenue, partially offset by increased spending volumes across other cobrand card products.

The lower cobrand rewards expense was partially offset by higher Membership Rewards expense of $315 million, primarily driven by an increase in new points earned as a result of higher spending volumes, recent enhancements to U. S.  Consumer and Small Business Platinum rewards and less of a decline in the weighted average cost (WAC) per point.

The increase in 2015 was primarily driven by higher cobrand rewards expense of $199 million, driven by rate impacts as a result of cobrand partnership renewal costs, partially offset by a decrease in Membership Rewards expense of $134 million.

The latter was primarily driven by slower growth in the Ultimate Redemption Rate (URR) and a decline in the WAC per point assumption, including the impact of the $109 million charge in the fourth quarter of 2014 related to the Delta partnership renewal, partially offset by increased expenses related to new points earned, driven by higher spending volumes.

The Membership Rewards URR for current program participants was 95 percent (rounded down) at December 31, 2016, compared to 95 percent (rounded down) at December 31, 2015, and 95 percent (rounded up) at December 31, 2014.2 Refer to footnote 1 on page 41 for details regarding foreign currency adjusted information

| Credit Agency| American Express Entity| Short-Term Ratings| Long-Term Ratings| Outlook|
|DBRS|All rated entities|R-1 (middle)|A (high)|Stable|
|Fitch|All rated entities|F1|A|Negative|
|Moody’s|TRS and rated operating subsidiaries(a)|Prime-1|A2|Stable|
|Moody’s|American Express Company|Prime-2|A3|Stable|
|S&P|TRS(a)|N/A|A-|Stable|
|S&P|Other rated operating subsidiaries|A-2|A-|Stable|
|S&P|American Express Company|A-2|BBB+|Stable|

(a) American Express Travel Related Services Company, Inc.

Downgrades in the ratings of our unsecured debt or asset securitization program securities could result in higher funding costs, as well as higher fees related to borrowings under our unused lines of credit.

Declines in credit ratings could also reduce our borrowing capacity in the unsecured debt and asset securitization capital markets.

We believe our funding mix, including the proportion of U. S.  retail deposits insured by the Federal Deposit Insurance Corporation (FDIC), should reduce the impact that credit rating downgrades would have on our funding capacity and costs.

SHORT-TERM FUNDING PROGRAMS Short-term borrowings, such as commercial paper, are defined as any debt with an original maturity of twelve months or less, as well as interest-bearing overdrafts with banks.

Our short-term funding programs are used primarily to meet working capital needs, such as managing seasonal variations in receivables balances.

The amount of short-term borrowings issued in the future will depend on our funding strategy, our needs and market conditions.

As of December 31, 2016, we had $3.0 billion in commercial paper outstanding and we had an average of $0.5 billion in commercial paper outstanding during 2016.

Refer to Note 9 to the “Consolidated Financial Statements” for a further description of these borrowings.

DEPOSIT PROGRAMS We offer deposits within our Centurion Bank and American Express Bank subsidiaries.

These funds are currently insured up to $250,000 per account holder through the FDIC.

Our ability to obtain deposit funding and offer competitive interest rates is dependent on the capital levels of Centurion Bank and American Express Bank.

We, through American Express Bank, have a direct retail deposit program, Personal Savings from American Express, to supplement our distribution of deposit products sourced through third-party distribution channels.

The direct retail program makes FDIC-insured certificates of deposit (CDs) and high-yield savings account products available directly to consumers.

As of December 31, 2016 we had $53.0 billion in customer deposits.

Refer to Note 8 to the “Consolidated Financial Statements” for a further description of these deposits.

LONG-TERM DEBT PROGRAMS As of December 31, 2016 we had $47.0 billion in long-term debt outstanding.

During 2016, we and our subsidiaries issued $3.8 billion of unsecured debt with maturities ranging from 3 to 5 years.

Referto Note 9 to the “Consolidated Financial Statements” for a further description of these borrowings.

Our 2016 debt issuances were as follows: TABLE 23: DEBT ISSUANCES

|(Billions)| 2016|
|American Express Credit Corporation:||
|Fixed Rate Senior Notes (weighted-average coupon of 1.65%)|$3.5|
|Floating Rate Senior Notes(3-monthLIBOR plus 57 basis points onaverage)|0.3|
|Total|$3.8|

ASSET SECURITIZATION PROGRAMS We periodically securitize Card Member loans and receivables arising from our card business, as the securitization market provides us with cost-effective funding.

Securitization of Card Member loans and receivables is accomplished through the transfer of those assets to a trust, which in turn issues securities collateralized by the transferred assets to third-party investors.

The proceeds from issuance are distributed to us, through our wholly owned subsidiaries, as consideration for the transferred assets.

NOTE 3 LOANS AND ACCOUNTS RECEIVABLE The Company’s lending and charge payment card products result in the generation of Card Member loans and Card Member receivables, respectively.

CARD MEMBER AND OTHER LOANS Card Member loans are recorded at the time a Card Member enters into a point-of-sale transaction with a merchant and represent revolving amounts due on lending card products, as well as amounts due from charge Card Members who utilize the Pay Over Time features on their account and elect to revolve a portion of the outstanding balance by entering into a revolving payment arrangement with the Company.

These loans have a range of terms such as credit limits, interest rates, fees and payment structures, which can be revised over time based on new information about Card Members, and in accordance with applicable regulations and the respective product’s terms and conditions.

Card Members holding revolving loans are typically required to make monthly payments based on pre-established amounts and the amounts that Card Members choose to revolve are subject to finance charges.

Card Member loans are presented on the Consolidated Balance Sheets net of reserves for losses (refer to Note 4), and include principal and any related accrued interest and fees.

The Company’s policy generally is to cease accruing interest on a Card Member loan at the time the account is written off, and establish reserves for interest that the Company believes will not be collected.

Card Member loans by segment and Other loans as of December 31, 2017 and 2016 consisted of:

|(Millions)|2017|2016|
|U.S. Consumer Services(a)|$53,668|$48,758|
|International Consumer and Network Services|8,651|6,971|
|Global Commercial Services|11,080|9,536|
|Card Member loans|73,399|65,265|
|Less: Reserve for losses|1,706|1,223|
|Card Member loans, net|$71,693|$64,042|
|Other loans, net(b)|$2,607|$1,419|

(a) Includes approximately $25.7 billion and $26.1 billion of gross Card Member loans available to settle obligations of a consolidated VIE as of December 31, 2017 and 2016, respectively.

(b) Other loans primarily represent personal and commercial financing products.

Other loans are presented net of reserves for losses of $80 million and $42 million as of December 31, 2017 and 2016, respectively.

CARD MEMBER AND OTHER RECEIVABLES Card Member receivables are also recorded at the time a Card Member enters into a point-of-sale transaction with a merchant and represent amounts due on charge card products.

Each charge card transaction is authorized based on its likely economics, a Card Member’s most recent credit information and spend patterns.

Additionally, global spend limits are established to limit the maximum exposure for the Company.

Charge Card Members generally must pay the full amount billed each month.

Card Member receivable balances are presented on the Consolidated Balance Sheets net of reserves for losses (refer to Note 4), and include principal and any related accrued fees.

Card Member accounts receivable by segment and Other receivables as of December 31, 2017 and 2016 consisted of:

|(Millions)|2017|2016|
|U.S. Consumer Services(a)|$13,143|$12,302|
|International Consumer and Network Services|7,803|5,966|
|Global Commercial Services|33,101|29,040|
|Card Member receivables|54,047|47,308|
|Less: Reserve for losses|521|467|
|Card Member receivables, net|$53,526|$46,841|
|Other receivables, net(b)|$3,163|$3,232|

(a) Includes $8.9 billion of gross Card Member receivables available to settle obligations of a consolidated VIE as of both December 31, 2017 and 2016.

(b) Other receivables primarily represent amounts related to (i) GNS partner banks for items such as royalty and franchise fees, (ii) certain merchants for billed discount revenue, (iii) tax-related receivables, and (iv) loyalty coalition partners for points issued, as well as program participation and servicing fees.

Other receivables are presented net of reserves for losses of $31 million and $45 million as of December 31, 2017 and 2016, respectively.

Stock Performance Graph The following graph sets forth the cumulative total shareholder return on our Series A common stock, Series B common stock and Series C common stock as compared with the cumulative total return of the companies listed in the Standard and Poor’s 500 Stock Index (“S&P 500 Index”) and a peer group of companies comprised of CBS Corporation Class B common stock, Scripps Network Interactive, Inc.  (acquired by the Company in March 2018), Time Warner, Inc.  (acquired by AT&T Inc.  in June 2018), Twenty-First Century Fox, Inc.  Class A common stock (News Corporation Class A Common Stock prior to June 2013), Viacom, Inc.  Class B common stock and The Walt Disney Company.

The graph assumes $100 originally invested on December 31, 2013 in each of our Series A common stock, Series B common stock and Series C common stock, the S&P 500 Index, and the stock of our peer group companies, including reinvestment of dividends, for the years ended December 31, 2014, 2015, 2016, 2017 and 2018.

Two peer companies, Scripps Networks Interactive, Inc.  and Time Warner, Inc. , were acquired in 2018.

The stock performance chart shows the peer group including Scripps Networks Interactive, Inc.  and Time Warner, Inc.  and excluding both acquired companies for the entire five year period.

Equity Compensation Plan Information Information regarding securities authorized for issuance under equity compensation plans will be set forth in our definitive Proxy Statement for our 2019 Annual Meeting of Stockholders under the caption “Securities Authorized for Issuance Under Equity Compensation Plans,” which is incorporated herein by reference.


Question: What is the sum of corporateand in the range of 6000 in 2015? (in million)

def solution():
    # Define variables name and value
    corporate_medium_large = 5758.2
    corporate_small_business = 1058.2

    # Do math calculation to get the answer
    answer = corporate_medium_large + corporate_small_business

    return answer

(e) Other adjustments primarily include certain historical retention costs, unusual, non-recurring litigation matters, secondary-offering-related expenses and expenses related to the consolidation of office locations north of Chicago.

During the year ended December 31, 2013, we recorded IPO- and secondary-offering related expenses of $75.0 million.

For additional information on the IPO- and secondary-offering related expenses, see Note 10 (Stockholder’s Equity) to the accompanying Consolidated Financial Statements.

(f) Includes the impact of consolidating five months for the year ended December 31, 2015 of Kelway’s financial results.

(4) Non-GAAPnet income excludes, among other things, charges related to the amortization of acquisition-related intangible assets, non-cash equity-based compensation, acquisition and integration expenses, and gains and losses from the extinguishment of long-term debt.

Non-GAAP net income is considered a non-GAAP financial measure.

Generally, a non-GAAPfinancial measure is a numerical measure of a company’s performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP.

Non-GAAP measures used by us may differ from similar measures used by other companies, even when similar terms are used to identify such measures.

We believe that non-GAAP net income provides meaningful information regarding our operating performance and cash flows including our ability to meet our future debt service, capital expenditures and working capital requirements.

The following unaudited table sets forth a reconciliation of net income to non-GAAPnet income for the periods presented:

||Years Ended December 31,|
|(in millions)|2015|2014|2013|2012|2011|
|Net income|$403.1|$244.9|$132.8|$119.0|$17.1|
|Amortization of intangibles(a)|173.9|161.2|161.2|163.7|165.7|
|Non-cash equity-based compensation|31.2|16.4|8.6|22.1|19.5|
|Non-cash equity-based compensation related to equity investment(b)|20.0|—|—|—|—|
|Net loss on extinguishments of long-term debt|24.3|90.7|64.0|17.2|118.9|
|Acquisition and integration expenses(c)|10.2|—|—|—|—|
|Gain on remeasurement of equity investment(d)|-98.1|—|—|—|—|
|Other adjustments(e)|3.7|-0.3|61.2|-3.3|-15.6|
|Aggregate adjustment for income taxes(f)|-64.8|-103.0|-113.5|-71.6|-106.8|
|Non-GAAP net income(g)|$503.5|$409.9|$314.3|$247.1|$198.8|

(a) Includes amortization expense for acquisition-related intangible assets, primarily customer relationships, customer contracts and trade names.

(b) Represents our 35% share of an expense related to certain equity awards granted by one of the sellers to Kelway coworkers in July 2015 prior to our acquisition of Kelway.

(c) Primarily includes expenses related to the acquisition of Kelway.

(d) Represents the gain resulting from the remeasurement of our previously held 35% equity investment to fair value upon the completion of the acquisition of Kelway.

(e) Primarily includes expenses related to the consolidation of office locations north of Chicago and secondaryoffering-related expenses.

Amount in 2013 primarily relates to IPO- and secondary-offering related expenses.

(f) Based on a normalized effective tax rate of 38.0% (39.0% prior to the Kelway acquisition), except for the noncash equity-based compensation from our equity investment and the gain resulting from the remeasurement of our previously held 35% equity investment to fair value upon the completion of the acquisition of Kelway, which were tax effected at a rate of 35.4%.

The aggregate adjustment for income taxes also includes a $4.0 million deferred tax benefit recorded during the three months and year ended December 31, 2015 as a result of a tax rate reduction in the United Kingdom and additional tax expense during the year ended December 31, 2015 of $3.3 million as a result of recording withholding tax on the unremitted earnings of our Canadian subsidiary.

Additionally, note that certain acquisition costs are non-deductible.

Net sales Net sales by segment, in dollars and as a percentage of total Net sales, and the year-over-year dollar and percentage change in Net sales for the years ended December 31, 2015 and 2014 are as follows:

(1) There were 254 selling days for the years ended December 31, 2015 and 2014.

Total Net sales in 2015 increased $914.2 million, or 7.6%, to $12,988.7 million, compared to $12,074.5 million in 2014, reflecting both organic net sales growth and the impact of consolidating five months of Kelway net sales.

Customer priorities continued to shift more towards integrated solutions, which drove higher growth in solutions sales compared to transactional product sales.

Strong sales performance in solutions-focused products was driven by netcomm and server and server-related products.

The growth in transactional products was led by notebooks/mobile devices, partially offset by a decline in desktop computers.

Organic net sales, which excludes the impact of the acquisition of Kelway, increased $563.5 million, or 4.7%, to $12,638.0 million in 2015, compared to $12,074.5 million in 2014.

Organic net sales on a constant currency basis, which excludes the impact of foreign currency translation, in 2015 increased $635.0 million, or 5.3%, to $12,638.0 million, compared to $12,003.0 million in 2014.

For additional information, see “Non-GAAP Financial Measure Reconciliations” below.

Corporate segment net sales in 2015 increased $340.9 million, or 5.3%, compared to 2014, driven by sales growth in both our medium/large and small business customer channels and reflecting stronger performance in solutions sales compared to transactional product sales.

Within our Corporate segment, net sales to medium/large customers increased $272.8 million, or 5.0%, year over year, primarily due to strong sales performance in solutions-focused products driven by netcomm products and server and server-related products.

Growth in transactional products was driven by notebook/mobile devices, partially offset by a decline in desktop computers.

Net sales to small business customers increased by $68.1 million, or 6.9%, between periods, driven by growth in notebooks/mobile devices and netcomm products, partially offset by a decline in desktop computers.

Public segment net sales in 2015 increased $246.1 million, or 5.0%, between years, due to strong sales performance in government and growth in healthcare, partially offset by education remaining relatively flat.

Net sales to government customers increased $226.5 million, or 15.6%, between periods, as sales to both federal and state/local government customers experienced mid-teens growth.

The increase in net sales to the federal government was driven by growth in sales of netcomm products, software and enterprise storage, as we continued to benefit from strategic changes made to better align with new federal government purchasing programs implemented last year.

A continued focus on public safety drove the increase in net sales to state/local government customers, which was led by netcomm products, notebooks/mobile devices and software, partially offset by a decline in desktop computers.

Net sales to education customers decreased $17.0 million, or 0.9%, year over year, primarily due to declines in notebooks/mobile devices, partially offset by growth in netcomm products.

Net sales to healthcare customers increased $36.6 million, or 2.3%, year over year, driven by growth in netcomm and server-related products, partially offset by declines in desktop

DISH NETWORK CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued F-43 15.

Stock-Based Compensation Stock Incentive Plans We maintain stock incentive plans to attract and retain officers, directors and key employees.

Stock awards under these plans include both performance and non-performance based stock incentives.

As of December 31, 2013, we had outstanding under these plans stock options to acquire 14.1 million shares of our Class A common stock and 1.9 million restricted stock units.

Stock options granted on or prior to December 31, 2013 were granted with exercise prices equal to or greater than the market value of our Class A common stock at the date of grant and with a maximum term of approximately ten years.

While historically we have issued stock awards subject to vesting, typically at the rate of 20% per year, some stock awards have been granted with immediate vesting and other stock awards vest only upon the achievement of certain company-specific subscriber, operational and/or financial goals.

As of December 31, 2013, we had 69.7 million shares of our Class A common stock available for future grant under our stock incentive plans.

During December 2011, we paid a dividend in cash of $2.00 per share on our outstanding Class A and Class B common stock to shareholders of record on November 17, 2011.

In light of such dividend, during January 2012, the exercise price of 21.2 million stock options, affecting approximately 600 employees, was reduced by $2.00 per share (the “2011 Stock Option Adjustment”).

Except as noted below, all information discussed below reflects the 2011 Stock Option Adjustment.

On December 28, 2012, we paid a dividend in cash of $1.00 per share on our outstanding Class A and Class B common stock to shareholders of record on December 14, 2012.

In light of such dividend, during January 2013, the exercise price of 16.3 million stock options, affecting approximately 550 employees, was reduced by $0.77 per share (the “2012 Stock Option Adjustment”).

Except as noted below, all information discussed below reflects the 2012 Stock Option Adjustment.

On January 1, 2008, we completed the distribution of our technology and set-top box business and certain infrastructure assets (the “Spin-off”) into a separate publicly-traded company, EchoStar.

In connection with the Spin-off, each DISH Network stock award was converted into an adjusted DISH Network stock award and a new EchoStar stock award consistent with the Spin-off exchange ratio.

We are responsible for fulfilling all stock awards related to DISH Network common stock and EchoStar is responsible for fulfilling all stock awards related to EchoStar common stock, regardless of whether such stock awards are held by our or EchoStar’s employees.

Notwithstanding the foregoing, our stock-based compensation expense, resulting from stock awards outstanding at the Spin-off date, is based on the stock awards held by our employees regardless of whether such stock awards were issued by DISH Network or EchoStar.

Accordingly, stock-based compensation that we expense with respect to EchoStar stock awards is included in “Additional paid-in capital” on our Consolidated Balance Sheets.

As of March 31, 2013, we have recognized all of our stock-based compensation expense resulting from EchoStar stock awards outstanding at the Spin-off date held by our employees except for the 2005 LTIP performance awards, which were determined not to be probable as of December 31, 2013.

The following stock awards were outstanding:

| | As of December 31, 2013|
| | DISH Network Awards| EchoStar Awards|
| Stock Awards Outstanding| Stock Options| Restricted Stock Units| Stock Options| Restricted Stock Units|
|Held by DISH Network employees|12,821,290|1,876,498|602,048|44,288|
|Held by EchoStar employees|1,237,284|66,999|N/A|N/A|
|Total|14,058,574|1,943,497|602,048|44,288|

Average Balances and Interest Rates鈥擫iabilities and Equity, and Net Interest Revenue(1)(2)(3)(4)

Net interest revenue includes the taxable equivalent adjustments related to the tax-exempt bond portfolio (based on the U. S.  federal statutory tax rate of 35%) of $487 million, $498 million and $521 million for 2015, 2014 and 2013, respectively.

Interest rates and amounts include the effects of risk management activities associated with the respective liability categories.

Monthly or quarterly averages have been used by certain subsidiaries where daily averages are unavailable.

Detailed average volume, Interest revenue and Interest expense exclude Discontinued operations.

See Note 2 to the Consolidated Financial Statements.

Consists of other time deposits and savings deposits.

Savings deposits are made up of insured money market accounts, NOW accounts, and other savings deposits.

The interest expense on savings deposits includes FDIC deposit insurance assessments.

Average rates reflect prevailing local interest rates, including inflationary effects and monetary corrections in certain countries.

Average volumes of securities sold under agreements to repurchase are reported net pursuant to ASC 210-20-45.

However, Interest expense excludes the impact of ASC 210-20-45.

The fair value carrying amounts of derivative contracts are reported net, pursuant to ASC 815-10-45, in Non-interest-earning assets and Other non-interest bearing liabilities.


Question: In the year with lowest amount of Commercial for TotalLoans, what's the increasing rate of Equipment lease financing for TotalLoans?

def solution():
    # Define variables name and value
    equipment_lease_financing_previous = 6416
    equipment_lease_financing_current = 7247

    # Do math calculation to get the answer
    difference = equipment_lease_financing_current - equipment_lease_financing_previous
    answer = (difference / equipment_lease_financing_previous) * 100

    return answer

ADDITIONAL FINANCIAL INFORMATION OFF-BALANCE SHEET ARRANGEMENTS On December 31, 2016, other than operating leases, we had no material off-balance sheet arrangements.

CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS The following tables present information about our contractual obligations and commercial commitments on December 31, 2016:

(a) Includes scheduled interest payments.

See Note J to the Consolidated Financial Statements in Item 8 for a discussion of long-term debt.

(b) Includes amounts committed under legally enforceable agreements for goods and services with defined terms as to quantity, price and timing of delivery.

This amount includes $16.3 billion of purchase obligations for products and services to be delivered under firm government contracts under which we would expect full recourse under normal contract termination clauses.

(c) Represents other long-term liabilities on our Consolidated Balance Sheet, including the current portion of these liabilities.

The projected timing of cash flows associated with these obligations is based on management’s estimates, which are based largely on historical experience.

This amount also includes all liabilities under our defined-benefit retirement plans.

See Note P to the Consolidated Financial Statements in Item 8 for information regarding these liabilities and the plan assets available to satisfy them.

|||Amount of Commitment Expiration by Period|
|Commercial Commitments|Total Amount Committed|Less Than 1 Year|1-3 Years|4-5 Years|More Than 5 Years|
|Letters of credit and guarantees*|$1,044|$560|$257|$68|$159|

* See Note N to the Consolidated Financial Statements in Item 8 for a discussion of letters of credit.

APPLICATION OF CRITICAL ACCOUNTING POLICIES Management’s Discussion and Analysis of Financial Condition and Results of Operations is based on our Consolidated Financial Statements, which have been prepared in accordance with GAAP.

The preparation of financial statements in accordance with GAAP requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the period.

On an ongoing basis, we evaluate our estimates, including most pervasively those related to various assumptions and projections for our long-term contracts and programs.

Other significant estimates include those related to goodwill and other intangible assets, income taxes, pension and other post-retirement benefits, workers’ compensation, warranty obligations and litigation and other contingencies.

We employ judgment in making our estimates but they are based on historical experience, currently available information and various other assumptions that we believe to be reasonable under the circumstances.

The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily available from other sources.

Actual results may differ from these estimates.

We believe that our judgment is applied consistently and produces financial information that fairly depicts the results of operations for all periods presented.

In our opinion, the following policies are critical and require the use of significant judgment in their application: Revenue Recognition We account for revenue and earnings using the percentage-ofcompletion method.

Under this method, we recognize contract costs and revenue as the work progresses, either as the products are produced or as services are rendered.

We determine progress using either input measures (e. g. , costs incurred) or output measures (e. g. , contract milestones or units delivered), as appropriate to the circumstances.

An input measure is used in most cases unless an output measure is identified that is reliably determinable and representative of progress toward completion.

We estimate the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract and recognize that profit

Table 66: Commercial Lending Asset Quality Indicators (a)

(b) Pass Rated loans include loans not classified as “Special Mention”, “Substandard”, or “Doubtful”.

(c) Special Mention rated loans have a potential weakness that deserves management’s close attention.

If left uncorrected, these potential weaknesses may result in deterioration of repayment prospects at some future date.

These loans do not expose us to sufficient risk to warrant a more adverse classification at this time.

(d) Substandard rated loans have a well-defined weakness or weaknesses that jeopardize the collection or liquidation of debt.

They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected.

(e) Doubtful rated loans possess all the inherent weaknesses of a Substandard rated loan with the additional characteristics that the weakness makes collection or liquidation in full improbable due to existing facts, conditions, and values.

(f) Loans are included above based on their contractual terms as “Pass”, “Special Mention”, “Substandard” or “Doubtful”.

CONSUMER LENDING ASSET CLASSES Home Equity and Residential Real Estate Loan Classes We use several credit quality indicators, including delinquency information, nonperforming loan information, updated credit scores, originated and updated LTV ratios, and geography, to monitor and manage credit risk within the home equity and residential real estate loan classes.

We evaluate mortgage loan performance by source originators and loan servicers.

A summary of asset quality indicators follows: Delinquency/Delinquency Rates: We monitor trending of delinquency/delinquency rates for home equity and residential real estate loans.

See the Asset Quality section of this Note 5 for additional information.

Nonperforming Loans: We monitor trending of nonperforming loans for home equity and residential real estate loans.

See the Asset Quality section of this Note 5 for additional information.

Credit Scores: We use a national third-party provider to update FICO credit scores for home equity loans and lines of credit and residential real estate loans on at least a quarterly basis.

The updated scores are incorporated into a series of credit management reports, which are utilized to monitor the risk in the loan classes.

LTV (inclusive of combined loan-to-value (CLTV) ratios for second lien positions): At least semi-annually, we update the property values of real estate collateral and calculate an updated LTV ratio.

For open-end credit lines secured by real estate in regions experiencing significant declines in property values, more frequent valuations may occur.

We examine LTV migration and stratify LTV into categories to monitor the risk in the loan classes.

Historically, we used, and we continue to use, a combination of original LTV and updated LTV for internal risk management reporting and risk management purposes (e. g. , line management, loss mitigation strategies).

In addition to the fact that estimated property values by their nature are estimates, given certain data limitations it is important to note that updated LTVs may be based upon management’s assumptions (e. g. , if an updated LTV is not provided by the third-party service provider, home price index (HPI) changes will be incorporated in arriving at management’s estimate of updated LTV).

Geography: Geographic concentrations are monitored to evaluate and manage exposures.

Loan purchase programs are sensitive to, and focused within, certain regions to manage geographic exposures and associated risks.

ITEM 5 – MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES (a) (1) Our common stock is listed on the New York Stock Exchange and is traded under the symbol “PNC.

” At the close of business on February 15, 2013, there were 75,100 common shareholders of record.

Holders of PNC common stock are entitled to receive dividends when declared by the Board of Directors out of funds legally available for this purpose.

Our Board of Directors may not pay or set apart dividends on the common stock until dividends for all past dividend periods on any series of outstanding preferred stock have been paid or declared and set apart for payment.

The Board presently intends to continue the policy of paying quarterly cash dividends.

The amount of any future dividends will depend on economic and market conditions, our financial condition and operating results, and other factors, including contractual restrictions and applicable government regulations and policies (such as those relating to the ability of bank and nonbank subsidiaries to pay dividends to the parent company and regulatory capital limitations).

The amount of our dividend is also currently subject to the results of the Federal Reserve’s 2013 Comprehensive Capital Analysis and Review (CCAR) as part of its supervisory assessment of capital adequacy described under “Supervision and Regulation” in Item 1 of this Report.

The Federal Reserve has the power to prohibit us from paying dividends without its approval.

For further information concerning dividend restrictions and restrictions on loans, dividends or advances from bank subsidiaries to the parent company, see “Supervision and Regulation” in Item 1 of this Report, “Funding and Capital Sources” in the Consolidated Balance Sheet Review section, “Liquidity Risk Management” in the Risk Management section, and “Trust Preferred Securities” in the Off-Balance Sheet Arrangements And Variable Interest Entities section of Item 7 of this Report, and Note 14 Capital Securities of Subsidiary Trusts and Perpetual Trust Securities and Note 22 Regulatory Matters in the Notes To Consolidated Financial Statements in Item 8 of this Report, which we include here by reference.

We include here by reference additional information relating to PNC common stock under the caption “Common Stock Prices/Dividends Declared” in the Statistical Information (Unaudited) section of Item 8 of this Report.

We include here by reference the information regarding our compensation plans under which PNC equity securities are authorized for issuance as of December 31, 2012 in the table (with introductory paragraph and notes) that appears in Item 12 of this Report.

Our registrar, stock transfer agent, and dividend disbursing agent is: Computershare Trust Company, N. A.250 Royall Street Canton, MA 02021 800-982-7652 We include here by reference the information that appears under the caption “Common Stock Performance Graph” at the end of this Item 5.

(c) Details of our repurchases of PNC common stock during the fourth quarter of 2012 are included in the following table: In thousands, except per share data

|2012 period (a)|Total sharespurchased (b)|Averagepricepaid pershare|Total sharespurchased aspartofpubliclyannouncedprograms (c)|Maximumnumber ofshares thatmay yet bepurchasedundertheprograms (c)|
|October 1 – 31|13|$60.05||22,552|
|November 1 – 30|750|$55.08|750|21,802|
|December 1 – 31|292|$55.74|251|21,551|
|Total|1,055|$55.32|1,001||

(a) In addition to the repurchases of PNC common stock during the fourth quarter of 2012 included in the table above, PNC redeemed all 5,001 shares of its Series M Preferred Stock on December 10, 2012 as further described below.

As part of the National City transaction, we established the PNC Non-Cumulative Perpetual Preferred Stock, Series M (the “Series M Preferred Stock”), which mirrored in all material respects the former National City Non-Cumulative Perpetual Preferred Stock, Series E.  On December 10, 2012, PNC issued $500.1 million aggregate liquidation amount (5,001 shares) of the Series M Preferred Stock to the National City Preferred Capital Trust I (the “Trust”) as required pursuant to the settlement of a Stock Purchase Contract Agreement between the Trust and PNC dated as of January 30, 2008.

Immediately upon such issuance, PNC redeemed all 5,001 shares of the Series M Preferred Stock from the Trust on December 10, 2012 at a redemption price equal to $100,000 per share.

(b) Includes PNC common stock purchased under the program referred to in note (c) to this table and PNC common stock purchased in connection with our various employee benefit plans.

Note 15 Employee Benefit Plans and Note 16 Stock Based Compensation Plans in the Notes To Consolidated Financial Statements in Item 8 of this Report include additional information regarding our employee benefit plans that use PNC common stock.

(c) Our current stock repurchase program allows us to purchase up to 25 million shares on the open market or in privately negotiated transactions.

This program was authorized on October 4, 2007 and will remain in effect until fully utilized or until modified, superseded or terminated.

The extent and timing of share repurchases under this program will depend on a number of factors including, among others, market and general economic conditions, economic capital and regulatory capital considerations, alternative uses of capital, the potential impact on our credit ratings, and contractual and regulatory limitations, including the impact of the Federal Reserve’s supervisory assessment of capital adequacy program.


Question: In the year with lowest amount of Sales Commissions, what's the increasing rate of Occupancy and Equipment?

def solution():
    # Define variables name and value
    occupancy_and_equipment_2009 = 79072
    occupancy_and_equipment_2008 = 73253

    # Do math calculation to get the answer
    difference = occupancy_and_equipment_2009 - occupancy_and_equipment_2008
    answer = (difference / occupancy_and_equipment_2008) * 100

    return answer

Table of Contents Mac The following table presents Mac net sales and unit sales information for 2014, 2013 and 2012 (dollars in millions and units in thousands):

The year-over-year growth in Mac net sales and unit sales for 2014 was primarily driven by increased sales of MacBook Air, MacBook Pro and Mac Pro.

Mac net sales and unit sales increased in all of the Company’s operating segments.

Mac ASPs decreased during 2014 compared to 2013 primarily due to price reductions on certain Mac models and a shift in mix towards Mac portable systems.

Mac net sales and unit sales for 2013 were down or relatively flat in all of the Company’s operating segments.

Mac ASPs increased slightly partially offsetting the impact of lower unit sales on net sales.

The decline in Mac unit sales and net sales reflected the overall weakness in the market for personal computers.

iTunes, Software and Services The following table presents net sales information of iTunes, Software and Services for 2014, 2013 and 2012 (dollars in millions):

The increase in net sales of iTunes, Software and Services in 2014 compared to 2013 was primarily due to growth in net sales from the iTunes Store, AppleCare and licensing.

The iTunes Store generated a total of $10.2 billion in net sales during 2014 compared to $9.3 billion during 2013.

Growth in net sales from the iTunes Store was driven by increases in revenue from app sales reflecting continued growth in the installed base of iOS devices and the expanded offerings of iOS Apps and related in-App purchases.

This was partially offset by a decline in sales of digital music.

The increase in net sales of iTunes, Software and Services in 2013 compared to 2012 was primarily due to growth in net sales from the iTunes Store, AppleCare and licensing.

The iTunes Store generated a total of $9.3 billion in net sales during 2013, a 24% increase from 2012.

Growth in the iTunes Store, which includes the App Store, the Mac App Store and the iBooks Store, reflected continued growth in the installed base of iOS devices, expanded offerings of iOS Apps and related in-App purchases, and expanded offerings of iTunes digital content.

Segment Operating Performance The Company manages its business primarily on a geographic basis.

Accordingly, the Company determined its reportable operating segments, which are generally based on the nature and location of its customers, to be the Americas, Europe, Greater China, Japan, Rest of Asia Pacific and Retail.

The Americas segment includes both North and South America.

The Europe segment includes European countries, as well as India, the Middle East and Africa.

The Greater China segment includes China, Hong Kong and Taiwan.

The Rest of Asia Pacific segment includes Australia and Asian countries, other than those countries included in the Company’s other operating segments.

The results of the Company’s geographic segments do not include results of the Retail segment.

Each operating segment provides similar hardware and software products and similar services.

Further information regarding the Company’s operating segments may be found in Part II, Item 8 of this Form 10-K in the Notes to Consolidated Financial Statements in Note 11, “Segment Information and Geographic Data.

KIMCO REALTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED Noncontrolling interests also includes 138,015 convertible units issued during 2006, by the Company, which are valued at approximately $5.3 million, including a fair market value adjustment of $0.3 million, related to an interest acquired in an office building located in Albany, NY.

These units are redeemable at the option of the holder after one year for cash or at the option of the Company for the Company’s common stock at a ratio of 1:1.

The holder is entitled to a distribution equal to the dividend rate of the Company’s common stock.

The Company is restricted from disposing of these assets, other than through a tax free transaction, until January 2017.

The following table presents the change in the redemption value of the Redeemable noncontrolling interests for the year ended December 31, 2009 and December 31, 2008 (amounts in thousands):

Fair Value Disclosure of Financial Instruments: All financial instruments of the Company are reflected in the accompanying Consolidated Balance Sheets at amounts which, in management’s estimation based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values except those listed below, for which fair values are reflected.

The valuation method used to estimate fair value for fixed-rate and variable-rate debt and noncontrolling interests relating to mandatorily redeemable noncontrolling interests associated with finite-lived subsidiaries of the Company is based on discounted cash flow analyses, with assumptions that include credit spreads, loan amounts and debt maturities.

The fair values for marketable securities are based on published or securities dealers’ estimated market values.

Such fair value estimates are not necessarily indicative of the amounts that would be realized upon disposition.

The following are financial instruments for which the Company’s estimate of fair value differs from the carrying amounts (in thousands):

The Company has certain financial instruments that must be measured under the FASB’s Fair Value Measurements and Disclosures guidance, including: available for sale securities, convertible notes and derivatives.

The Company currently does not have non-financial assets and non-financial liabilities that are required to be measured at fair value on a recurring basis.

As a basis for considering market participant assumptions in fair value measurements, the FASB’s Fair Value Measurements and Disclosures guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Net interest on the stock loan/borrow business decreased 38% due to decreased rates and balances despite a focus on hard-to-locate securities.

Other interest revenue and expense include earnings on corporate cash and inventory balances, and interest expense on overnight borrowings, our senior notes issued in August, 2009 and the mortgage on our headquarters facility.

Results of Operations - Private Client Group The following table presents consolidated financial information for our PCG segment for the years indicated:

Year ended September 30, 2009 Compared with the Year ended September 30, 2008 - Private Client Group PCG revenues were 22% below the prior year, reflecting the impact of the extremely challenging economic and market conditions.

Commission revenue decreased $269 million, or 18%, from the prior year, with the majority of that decrease experienced by our domestic independent contractor operation.

Commissions in RJ&A PCG declined only $45 million, or 9%, due to the recruitment of 219 employee financial advisors in fiscal 2009 (for a net increase of 94) and 184 in fiscal 2008 (for a net increase of 114).

It generally takes newly recruited financial advisors up to two years to reach their previous production levels.

Average production per employee financial advisor decreased to $417,000 in fiscal 2009, down 19% from the $515,000 attained in fiscal 2008.

The recruitment of above-average producers did not overcome the negative impact that the steep market decline had on our private clients’ investing activities.

RJFS and RJFSA recruited 559 independent contractor financial advisors in fiscal 2009 (for a net increase of 129).

Independent contractor financial advisor average production decreased from $330,000 in fiscal 2008 to $273,000 in fiscal 2009, impacted, like RJ&A, by the challenging economic and market conditions.


Question: In the year with the most Total fixed rate debt, what is the amount of Variable rate debt and total?

def solution():
    # Define variables name and value
    variable_rate_debt = 3051
    total_fixed_rate_debt = 5291

    # Do math calculation to get the answer
    answer = variable_rate_debt + total_fixed_rate_debt

    return answer

Part II, Item 7 The following table summarizes the activity under these share repurchase programs during 2008, 2007 and 2006:

Given the current credit and economic environment, Schlumberger anticipates that the total dollar amount of stock repurchases in 2009 may be significantly less than the $1.8 billion spent during 2008.

This anticipated reduction will serve to increase Schlumberger’s financial flexibility during these uncertain times.

Stock buy-back activity during 2009 will continue to be targeted to offset any dilution caused by the Schlumberger stock-based compensation programs.  ?

Cash flow provided by operations was $6.9 billion in 2008, $6.3 billion in 2007 and $4.7 billion in 2006.

These improvements were driven by the revenue and net income increases experienced in 2008 and 2007 offset by required investments in working capital.  ?

During 2008, 2007 and 2006, Schlumberger announced that its Board of Directors had approved increases in the quarterly dividend of 20%, 40% and 19%, respectively.

Total dividends paid during 2008, 2007 and 2006 were $964 million, $771 million and $568 million, respectively.  ?

Capital expenditures were $3.7 billion in 2008, $2.9 billion in 2007 and $2.5 billion in 2006.

These increases were a result of the increased activity levels experienced in recent years.

Capital expenditures are expected to approach $3.0 billion in 2009, including $385 million relating to the construction of seismic vessels.  ?

During 2008, 2007 and 2006 Schlumberger made $290 million, $250 million and $251 million, respectively, of contributions to its defined benefit pension plans.

The US qualified pension plan was 71% funded at December 31, 2008 based on the projected benefit obligation.

This compares to 109% funded at December 31, 2007.

Outside of the US, Schlumberger’s International Staff Pension Plan, which was converted to a defined benefit pension plan during the fourth quarter of 2008 (and therefore accounts for approximately half of the increase in the Postretirement Benefits liability on the Consolidated Balance Sheet at December 31, 2008), and UK pension plan are a combined 69% funded at December 31, 2008 based on the projected benefit obligation.

The UK pension plan was 92% funded at December 31, 2007.

Schlumberger currently anticipates contributing approximately $400 million to $500 million to its defined benefit pension plans in 2009, subject to market and business conditions.  ?

During 2008 and 2007, certain holders of Schlumberger Limited 1.5% Series A Convertible Debentures due June 1, 2023 and 2.125% Series B Convertible Debentures due June 1, 2023 converted their debentures into Schlumberger common stock.

The following table summarizes these conversions:

Part II, Item 7A The following table represents principal amounts of Schlumberger’s debt at December 31, 2008 by year of maturity:

The fair market value of the outstanding fixed rate debt was approximately $2.4 billion as of December 31, 2008.

The weighted average interest rate on the variable rate debt as of December 31, 2008 was approximately 4.5%.

Schlumberger does not enter into foreign currency or interest rate derivatives for speculative purposes.

Forward-looking Statements This Report and other statements we make contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts, such as our forecasts or expectations regarding business outlook; growth for Schlumberger as a whole and for each of Oilfield Services and WesternGeco (and for specified products or geographic areas within each segment); oil and natural gas demand and production growth; operating margins; operating and capital expenditures as well as research & development spending, by Schlumberger and the oil and gas industry; the business strategies of Schlumberger’s customers; the Schlumberger effective tax rate; Schlumberger’s stock repurchase program; expected pension and post-retirement funding; expected stock compensation costs; exploitation and integration of technology; and future results of operations.

These statements are subject to risks and uncertainties, including, but not limited to, the current global economic downturn; changes in exploration and production spending by Schlumberger’s customers and changes in the level of oil and natural gas exploration and development; general economic and business conditions in key regions of the world; the financial condition of our suppliers and customers in light of current global economic conditions; operational and project modifications, delays or cancellations; political and economic uncertainty and socio-political unrest; and other risks and uncertainties described elsewhere in this Report, including under “Item 1A.

If one or more of these risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected.

Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Part II, Item 8 Allowance for doubtful accounts is as follows:

Discontinued Operations During the fourth quarter of 2009, Schlumberger recorded a net $22 million charge related to the resolution of a customs assessment pertaining to its former offshore contract drilling business, as well as the resolution of certain contingencies associated with other previously disposed of businesses.

This amount is included in Income (Loss) from Discontinued Operations in the Consolidated Statement of Income.

During the first quarter of 2008, Schlumberger recorded a gain of $38 million related to the resolution of a contingency associated with a previously disposed of business.

This gain is included in Income (Loss) from Discontinued Operations in the Consolidated Statement of Income.


Question: What's the average of the Silicon Systems Group in the years where Energy and Environmental Solutions is positive? (in millions)

def solution():
    # Define variables name and value
    silicon_systems_group_2014 = 6132
    silicon_systems_group_2013 = 5507
    silicon_systems_group_2012 = 5294

    # Do math calculation to get the answer
    answer = (silicon_systems_group_2014 + silicon_systems_group_2013 + silicon_systems_group_2012) / 3

    return answer

APPLIED MATERIALS, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) 102 Employee Stock Purchase Plans Under the ESPP, substantially all employees may purchase Applied common stock through payroll deductions at a price equal to 85 percent of the lower of the fair market value of Applied common stock at the beginning or end of each 6-month purchase period, subject to certain limits.

Based on the Black-Scholes option pricing model, the weighted average estimated fair value of purchase rights under the ESPP was $3.08 per share for the year ended October 27, 2013, $2.73 per share for the year ended October 28, 2012 and $3.03 per share for the year ended October 30, 2011.

The number of shares issued under the ESPP during fiscal 2013, 2012 and 2011 was 7 million, 7 million and 6 million, respectively.

At October 27, 2013, there were 40 million available for future issuance under the ESPP.

Compensation expense is calculated using the fair value of the employees’ purchase rights under the Black-Scholes model.

Underlying assumptions used in the model for fiscal 2013, 2012 and 2011 are outlined in the following table:

Note 13 Employee Benefit Plans Employee Bonus Plans Applied has various employee bonus plans.

A discretionary bonus plan provides for the distribution of a percentage of pretax income to Applied employees who are not participants in other performance-based incentive plans, up to a maximum percentage of eligible compensation.

Other plans provide for bonuses to Applied’s executives and other key contributors based on the achievement of profitability and/or other specified performance criteria.

Charges under these plans were $269 million for fiscal 2013, $271 million for fiscal 2012, and $319 million charges for fiscal 2011.

Employee Savings and Retirement Plan Applied’s Employee Savings and Retirement Plan (the 401(k) Plan) is qualified under Sections 401(a) and (k) of the Internal Revenue Code (the Code).

Effective as of the close of the stock market on December 31, 2012, the Varian-sponsored 401(k) plan was merged with and into the 401(k) Plan, with the 401(k) Plan being the surviving plan.

Eligible employees may make salary deferral and catch-up contributions under the 401(k) Plan on a pre-tax basis and/or (effective as of the first payroll period beginning on or after December 22, 2012) on a Roth basis, subject to an annual dollar limit established by the Code.

Applied matches 100% of participant salary and/or Roth deferral contributions up to the first 3% of eligible contribution and then 50% of every dollar between 4% and 6% of eligible contribution.

Applied does not make matching contributions on any catch-up contributions made by participants.

Plan participants who were employed by Applied or any of its affiliates on or after January 1, 2010 became 100% vested in their Applied matching contribution account balances.

Applied’s matching contributions under the 401(k) Plan were approximately $29 million, net of $1 million in forfeitures for fiscal 2013, $37 million for fiscal 2012 and $27 million for fiscal 2011.

PART I Item 1: Business Incorporated in 1967, Applied, a Delaware corporation, provides manufacturing equipment, services and software to the global semiconductor, flat panel display, solar photovoltaic (PV) and related industries.

Applied’s customers include manufacturers of semiconductor wafers and chips, flat panel liquid crystal and other displays, solar PV cells and modules, and other electronic devices.

These customers may use what they manufacture in their own end products or sell the items to other companies for use in advanced electronic components.

Applied’s fiscal year ends on the last Sunday in October.

Applied operates in four reportable segments: Silicon Systems Group, Applied Global Services, Display, and Energy and Environmental Solutions.

Applied manages its business based upon these segments.

A summary of financial information for each reportable segment is found in Note 16 of Notes to Consolidated Financial Statements.

A discussion of factors that could affect operations is set forth under “Risk Factors” in Item 1A, which is incorporated herein by reference.

Net sales by reportable segment for the past three fiscal years were as follows:

Silicon Systems Group Segment The Silicon Systems Group segment develops, manufactures and sells manufacturing equipment used to fabricate semiconductor chips, also referred to as integrated circuits (ICs).

Most chips are built on a silicon wafer base and include a variety of circuit components, such as transistors and other devices, that are connected by multiple layers of wiring (interconnects).

Applied offers systems that perform various processes used in chip fabrication, including chemical vapor deposition (CVD), physical vapor deposition (PVD), etch, electrochemical deposition (ECD), rapid thermal processing (RTP), ion implantation, chemical mechanical planarization (CMP), epitaxy (Epi), wet cleaning, atomic layer deposition (ALD), wafer metrology and inspection, and systems that etch or inspect circuit patterns on masks used in the photolithography process.

Applied’s semiconductor manufacturing systems are used by integrated device manufacturers and foundries to build and package memory, logic and other types of chips.

The majority of the Company's new equipment sales are for leading-edge technology for advanced 2X nanometer (nm) nodes and smaller dimensions.

To build a chip, the transistors, capacitors and other circuit components are first created on the surface of the wafer by performing a series of processes to deposit and selectively remove portions of successive film layers.

Similar processes are then used to build the layers of wiring structures on the wafer.

As the density of the circuit components increases to enable greater computing capability in the same or smaller physical area, the complexity of building the chip also increases, necessitating more process steps to form smaller transistor structures and more intricate wiring schemes.

Advanced chip designs require more than 500 steps involving these and other processes to complete the manufacturing cycle.

APPLIED MATERIALS, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The following table summarizes information with respect to options outstanding and exercisable at October 26, 2014:

||Options Outstanding|Options Exercisable|
|Range ofExercise Prices|Number ofShares (In millions)|WeightedAverageExercisePrice|WeightedAverageRemainingContractualLife (In years)|AggregateIntrinsicValue (In millions)|Number ofShares (In millions)|WeightedAverageExercisePrice|AggregateIntrinsicValue (In millions)|
|$3.36 — $9.99|1|$5.31|1.81|$12|1|$5.30|$12|
|$10.00 — $15.06|1|$14.96|5.59|7|—|$14.71|2|
||2|$10.87|3.99|$19|1|$7.97|$14|
|Options exercisable and expected to become exercisable|2|$10.87|3.99|$19||||

Option prices at the lower end of the range were principally attributable to stock options assumed in connection with the Varian acquisition in fiscal year 2012.

Restricted Stock Units, Restricted Stock, Performance Shares and Performance Units Restricted stock units are converted into shares of Applied common stock upon vesting on a one-for-one basis.

Restricted stock has the same rights as other issued and outstanding shares of Applied common stock except these shares generally have no right to dividends and are held in escrow until the award vests.

Performance shares and performance units are awards that result in a payment to a grantee, generally in shares of Applied common stock on a one-for-one basis if performance goals and/or other vesting criteria established by the Human Resources and Compensation Committee of Applied's Board of Directors (the Committee) are achieved or the awards otherwise vest.

Restricted stock units, restricted stock, performance shares and performance units typically vest over four years and vesting is usually subject to the grantee’s continued service with Applied and, in some cases, achievement of specified performance goals.

The compensation expense related to the service-based awards is determined using the fair market value of Applied common stock on the date of the grant, and the compensation expense is recognized over the vesting period.

Restricted stock, performance shares and performance units granted to certain executive officers are subject to the achievement of specified performance goals (performance-based awards).

These performance-based awards become eligible to vest only if performance goals are achieved and then actually will vest only if the grantee remains employed by Applied through each applicable vesting date.

These performance-based awards require the achievement of targeted levels of adjusted annual operating profit margin.

For the fiscal 2013 performance-based awards, additional shares become eligible for time-based vesting if Applied achieves certain levels of total shareholder return (TSR) relative to a peer group, comprised of companies in the Standard & Poor's 500 Information Technology Index, measured at the end of a two-year period.

The fair value of these performance-based awards is estimated on the date of grant and assumes that the specified performance goals will be achieved.

If the goals are achieved, these awards vest over a specified remaining service period of generally three or four years, provided that the grantee remains employed by Applied through each scheduled vesting date.

If the performance goals are not met as of the end of the performance period, no compensation expense is recognized and any previously recognized compensation expense is reversed.

The expected cost of each award is reflected over the service period and is reduced for estimated forfeitures.

Fiscal 2012 was characterized by significant fluctuations in demand for semiconductor equipment, coupled with an extremely weak market environment for display and solar equipment.

Applied completed its acquisition of Varian Semiconductor Equipment Associates, Inc.  (Varian) in the first quarter of fiscal 2012.

Mobility was the greatest influence on semiconductor industry spending in fiscal 2012.

Investment levels for display equipment were low in fiscal 2012 due to decreased capacity requirements for larger flat panel televisions, while demand for mobility products, such as smartphones and tablets, significantly influenced equipment spending.

In the solar industry, fiscal 2012 was characterized by excess manufacturing capacity, which led to significantly reduced demand for crystalline-silicon (c-Si) equipment, as well as weak operating performance and outlook.

New Orders New orders by reportable segment for the past three fiscal years were as follows:

New orders increased in fiscal 2014 from fiscal 2013 across all segments, primarily due to higher demand for semiconductor equipment, semiconductor spares and services, and display equipment.

New orders for the Silicon Systems Group and Applied Global Services continued to comprise a majority of Applied's consolidated total new orders.

New orders for fiscal 2013 increased compared to fiscal 2012, primarily due to a recovery in demand for display manufacturing equipment and increased demand in semiconductor equipment, partially offset by lower demand for service products, as well as depressed demand for c-Si solar equipment due to excess manufacturing capacity in the solar industry.

New orders by geographic region, determined by the product shipment destination specified by the customer, were as follows:

The changes in new orders from customers in the United States, Japan, Taiwan and Korea for fiscal 2014 compared to fiscal 2013 primarily reflected changes in customers mix in the Silicon Systems Group, while the increase in new orders from China resulted from increased demand from display manufacturing equipment.

The recovery in demand for display manufacturing equipment in fiscal 2013 led to the increase in new orders from customers in China.

The change in the composition of new orders from customers in Taiwan, Korea, Japan and the United States was primarily related to changes in customer demand for semiconductor equipment.

New Term Loan A Facility, with the remaining unpaid principal amount of loans under the New Term Loan A Facility due and payable in full at maturity on June 6, 2021.

Principal amounts outstanding under the New Revolving Loan Facility are due and payable in full at maturity on June 6, 2021, subject to earlier repayment pursuant to the springing maturity date described above.

In addition to paying interest on outstanding principal under the borrowings, we are obligated to pay a quarterly commitment fee at a rate determined by reference to a total leverage ratio, with a maximum commitment fee of 40% of the applicable margin for Eurocurrency loans.

In July 2016, Breakaway Four, Ltd. , as borrower, and NCLC, as guarantor, entered into a Supplemental Agreement, which amended the Breakaway four loan to, among other things, increase the aggregate principal amount of commitments under the multi-draw term loan credit facility from €590.5 million to €729.9 million.

In June 2016, we took delivery of Seven Seas Explorer.

To finance the payment due upon delivery, we had export credit financing in place for 80% of the contract price.

The associated $373.6 million term loan bears interest at 3.43% with a maturity date of June 30, 2028.

Principal and interest payments shall be paid semiannually.

In December 2016, NCLC issued $700.0 million aggregate principal amount of 4.750% senior unsecured notes due December 2021 (the ¡°Notes¡±) in a private offering (the ¡°Offering¡±) at par.

NCLC used the net proceeds from the Offering, after deducting the initial purchasers¡¯ discount and estimated fees and expenses, together with cash on hand, to purchase its outstanding 5.25% senior notes due 2019 having an aggregate outstanding principal amount of $680 million.

The redemption of the 5.25% senior notes due 2019 was completed in January 2017.

NCLC will pay interest on the Notes at 4.750% per annum, semiannually on June 15 and December 15 of each year, commencing on June 15, 2017, to holders of record at the close of business on the immediately preceding June 1 and December 1, respectively.

NCLC may redeem the Notes, in whole or part, at any time prior to December 15, 2018, at a price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest to, but not including, the redemption date and a ¡°make-whole premium.

¡± NCLC may redeem the Notes, in whole or in part, on or after December 15, 2018, at the redemption prices set forth in the indenture governing the Notes.

At any time (which may be more than once) on or prior to December 15, 2018, NCLC may choose to redeem up to 40% of the aggregate principal amount of the Notes at a redemption price equal to 104.750% of the face amount thereof with an amount equal to the net proceeds of one or more equity offerings, so long as at least 60% of the aggregate principal amount of the Notes issued remains outstanding following such redemption.

The indenture governing the Notes contains covenants that limit NCLC¡¯s ability (and its restricted subsidiaries¡¯ ability) to, among other things: (i) incur or guarantee additional indebtedness or issue certain preferred shares; (ii) pay dividends and make certain other restricted payments; (iii) create restrictions on the payment of dividends or other distributions to NCLC from its restricted subsidiaries; (iv) create liens on certain assets to secure debt; (v) make certain investments; (vi) engage in transactions with affiliates; (vii) engage in sales of assets and subsidiary stock; and (viii) transfer all or substantially all of its assets or enter into merger or consolidation transactions.

The indenture governing the Notes also provides for events of default, which, if any of them occurs, would permit or require the principal, premium (if any), interest and other monetary obligations on all of the then-outstanding Notes to become due and payable immediately.

Interest expense, net for the year ended December 31, 2016 was $276.9 million which included $34.7 million of amortization of deferred financing fees and a $27.7 million loss on extinguishment of debt.

Interest expense, net for the year ended December 31, 2015 was $221.9 million which included $36.7 million of amortization of deferred financing fees and a $12.7 million loss on extinguishment of debt.

Interest expense, net for the year ended December 31, 2014 was $151.8 million which included $32.3 million of amortization of deferred financing fees and $15.4 million of expenses related to financing transactions in connection with the Acquisition of Prestige.

Certain of our debt agreements contain covenants that, among other things, require us to maintain a minimum level of liquidity, as well as limit our net funded debt-to-capital ratio, maintain certain other ratios and restrict our ability to pay dividends.

Substantially all of our ships and other property and equipment are pledged as collateral for certain of our debt.

We believe we were in compliance with these covenants as of December 31, 2016.

The following are scheduled principal repayments on long-term debt including capital lease obligations as of December 31, 2016 for each of the next five years (in thousands):


Question: What is the total amount of Operating earnings of 2008, and FUNDED STATUS CHANGE IN PLAN ASSETS of Con Edison 2013 ?

def solution():
    # Define variables name and value
    operating_earnings_2008 = 1021.0
    funded_status_change_in_plan_assets_con_edison_2013 = 1442.0

    # Do math calculation to get the answer
    answer = operating_earnings_2008 + funded_status_change_in_plan_assets_con_edison_2013

    return answer

(a) Relates to an increase in CECONY’s pension obligation of $45 million from a 1999 special retirement program.

Funded Status The funded status at December 31, 2015, 2014 and 2013 was as follows:

The decrease in the pension plan’s projected benefit obligation (due primarily to increased discount rates) was the primary cause of the decreased pension liability at Con Edison and CECONY of $968 million and $899 million, respectively, compared with December 31, 2014.

For Con Edison, this decrease in pension liability corresponds with a decrease to regulatory assets of $967 million for unrecognized net losses and unrecognized prior service costs associated with the Utilities consistent with the accounting rules for regulated operations, a credit to OCI of $10 million (net of taxes) for the unrecognized net losses, and an immaterial change to OCI (net of taxes) for the unrecognized prior service costs associated with the competitive energy businesses and O&R’s New Jersey and Pennsylvania utility subsidiaries.

For CECONY, the decrease in pension liability corresponds with a decrease to regulatory assets of $911 million for unrecognized net losses and unrecognized prior service costs consistent with the accounting rules for regulated operations, a credit to OCI of $1 million (net of taxes) for unrecognized net losses, and an immaterial change to OCI (net of taxes) for the unrecognized prior service costs associated with the competitive energy businesses.

A portion of the unrecognized net loss and prior service cost for the pension plan, equal to $603 million and $4 million, respectively, will be recognized from accumulated OCI and the regulatory asset into net periodic benefit cost over the next year for Con Edison.

Included in these amounts are $570 million and $2 million, respectively, for CECONY.

At December 31, 2015 and 2014, Con Edison’s investments include $243 million and $225 million, respectively, held in external trust accounts for benefit payments pursuant to the supplemental retirement plans.

Included in these amounts for CECONY were $221 million and $208 million, respectively.

See Note P.  The accumulated benefit obligations for the supplemental retirement plans for Con Edison and CECONY were $285 million and $249 million as of December 31, 2015 and $289 million and $250 million as of December 31, 2014, respectively

Contract options in our defense businesses represent agreements to perform additional work beyond the products and services associated with firm contracts, if the customer exercises the option.

These options are negotiated in conjunction with a firm contract and provide the terms under which the customer may elect to procure additional units or services at a future date.

Contract options in the Aerospace group represent options to purchase new aircraft and long-term agreements with fleet customers.

We recognize options in backlog when the customer exercises the option and establishes a firm order.

On December 31, 2009, the estimated potential value associated with these IDIQ contracts and contract options was approximately $17.6 billion, up from $16.8 billion at the end of 2008.

This represents our estimate of the potential value we will receive.

The actual amount of funding received in the future may be higher or lower.

We expect to realize this value over the next 10 to 15 years.

REVIEW OF OPERATING SEGMENTS AEROSPACE Review of 2009 vs.  2008

The Aerospace group’s revenues decreased in 2009, the net result of a 24 percent decline in Gulfstream revenues that was offset in part by revenues from Jet Aviation, which we acquired in the fourth quarter of 2008.

The combination of the global economic deterioration and credit crisis along with negative business-jet rhetoric had a significant impact on the business-jet market in 2009.

To adjust to the economic conditions and weakened demand, we reduced Gulfstream’s 2009 aircraft production and delivery schedule, primarily in the group’s midsize models, to bridge the market downturn.

This included a five-week furlough at the group’s production center in Savannah, Georgia, in July and August.

As a result, aircraft-manufacturing revenues decreased 28 percent in 2009 compared with 2008.

The economic environment also impacted the group’s aircraft services business.

Organic aircraftservices revenues were down 15 percent in 2009 resulting from reduced flying hours and customer deferral of aircraft maintenance.

The decline in aircraft manufacturing and services revenues was slightly offset by higher pre-owned aircraft revenues in 2009.

The group sold six pre-owned aircraft for $124 in 2009 compared with two sales for $18 in 2008.

The group’s operating earnings declined in 2009 compared with 2008 due primarily to the factors noted above.

The components of the reduction in earnings were as follows:

|Aircraft manufacturing and completions|$-220|
|Pre-owned aircraft|-18|
|Aircraft services|1|
|Other|-77|
|Total decrease in operating earnings|$-314|

The net decrease in the group’s aircraft manufacturing and completions earnings in 2009 resulted from the reduction in Gulfstream aircraft deliveries offset in part by the addition of Jet Aviation’s aircraft completions and refurbishing business.

The earnings decline associated with the decreased Gulfstream volume was mitigated by cost-reduction initiatives, a shift in the mix of aircraft deliveries toward large-cabin aircraft, and liquidated damages collected on defaulted aircraft contracts.

As a result, aircraft manufacturing margins increased in 2009 over 2008 despite the decline in volume during the year.

The group continues to focus on reducing costs through production improvements and operational efficiencies to maintain aircraft-manufacturing margins.

In late 2008 and early 2009, the supply in the global pre-owned aircraft market increased significantly, putting considerable pressure on pricing.

As a result, the group wrote down the carrying value of its preowned aircraft inventory in 2009.

Pricing in the pre-owned market appears to have stabilized in the second half of 2009, particularly for large-cabin aircraft.

The group continues to work to minimize its preowned aircraft exposure, with four pre-owned aircraft valued at $60 remaining in inventory at the end of 2009.

Aircraft services earnings were steady in 2009 compared with 2008 as the addition of Jet Aviation’s maintenance and repair activities, fixedbase operations and aircraft management services offset a decrease in organic aircraft services earnings.

A significant reduction in flight hours in the business-jet market put competitive pressure on aircraft maintenance and repair earnings in 2009.

The group’s operating earnings also were impacted negatively in 2009 by severance costs associated with workforce reduction activities and intangible asset amortization related to the Jet Aviation acquisition.

The factors discussed above and the addition of lower-margin Jet Aviation business caused the group’s overall operating margins to decrease 480 basis points in 2009 compared with 2008.

Overview Vornado Realty Trust (“Vornado”) is a fully-integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L. P. , a Delaware limited partnership (the “Operating Partnership”).

Accordingly, Vornado’s cash flow and ability to pay dividends to its shareholders is dependent upon the cash flow of the Operating Partnership and the ability of its direct and indirect subsidiaries to first satisfy their obligations to creditors.

Vornado is the sole general partner of, and owned approximately 93.5% of the common limited partnership interest in the Operating Partnership at December 31, 2011.

All references to “we,” “us,” “our,” the “Company” and “Vornado” refer to Vornado Realty Trust and its consolidated subsidiaries, including the Operating Partnership.

We own and operate office, retail and showroom properties (our “core” operations) with large concentrations of office and retail properties in the New York City metropolitan area and in the Washington, DC / Northern Virginia area.

In addition, we have a 32.7% interest in Toys “R” Us, Inc.  (“Toys”) which has a significant real estate component, a 32.4% interest in Alexander’s, Inc.  (NYSE: ALX) (“Alexander’s”), which has seven properties in the greater New York metropolitan area, as well as interests in other real estate and related investments.

Our business objective is to maximize shareholder value, which we measure by the total return provided to our shareholders.

Below is a table comparing our performance to the Morgan Stanley REIT Index (“RMS”) and the SNL REIT Index (“SNL”) for the following periods ended December 31, 2011:

We intend to achieve our business objective by continuing to pursue our investment philosophy and executing our operating strategies through: ?

Maintaining a superior team of operating and investment professionals and an entrepreneurial spirit; ?

Investing in properties in select markets, such as New York City and Washington, DC, where we believe there is a high likelihood of capital appreciation; ?

Acquiring quality properties at a discount to replacement cost and where there is a significant potential for higher rents; ?

Investing in retail properties in select under-stored locations such as the New York City metropolitan area; ?

Developing and redeveloping existing properties to increase returns and maximize value; and ?

Investing in operating companies that have a significant real estate component.

We expect to finance our growth, acquisitions and investments using internally generated funds, proceeds from possible asset sales and by accessing the public and private capital markets.

We may also offer Vornado common or preferred shares or Operating Partnership units in exchange for property and may repurchase or otherwise reacquire these securities in the future.

We compete with a large number of real estate property owners and developers, some of which may be willing to accept lower returns on their investments than we are.

Principal factors of competition include rents charged, attractiveness of location, the quality of the property and the breadth and the quality of services provided.

Our success depends upon, among other factors, trends of the national, regional and local economies, the financial condition and operating results of current and prospective tenants and customers, availability and cost of capital, construction and renovation costs, taxes, governmental regulations, legislation and population trends.

See “Risk Factors” in Item 1A for additional information regarding these factors.

Costs under the Transformational Cost Management Program, which were primarily recorded in selling, general and administrative expenses and included in the fiscal year ended August 31, 2019 were as follows (in millions):


Question: In the year with lowest amount of Other analog, what's the increasing rate of Converters?

def solution():
    # Define variables name and value
    converters_2014 = 1285368
    converters_2013 = 1180072

    # Do math calculation to get the answer
    increase_amount = converters_2014 - converters_2013
    increase_rate = (increase_amount / converters_2013) * 100

    return increase_rate

The year-to-year increase in communications end market revenue in fiscal 2014 was primarily a result of increased wireless base station deployment activity and, to a lesser extent, an increase in revenue as a result of the Acquisition.

Industrial end market revenue increased year-over-year in fiscal 2014 as compared to fiscal 2013 as a result of an increase in demand in this end market, which was most significant for products sold into the instrumentation and automation sectors and, to a lesser extent, an increase in revenue as a result of the Acquisition.

The year-to-year increase in automotive end market revenue in fiscal 2014 was primarily a result of increasing electronic content in vehicles and higher demand for new vehicles.

The year-toyear decrease in revenue in the consumer end market in fiscal 2014 was primarily the result of the sale of our microphone product line in the fourth quarter of fiscal 2013.

The year-to-year decrease in revenue in the industrial and consumer end markets in fiscal 2013 was primarily the result of a weak global economic environment and one less week of operations in fiscal 2013 as compared to fiscal 2012.

Automotive end market revenue increased in fiscal 2013 primarily as a result of increasing electronic content in vehicles.

Revenue Trends by Product Type The following table summarizes revenue by product categories.

The categorization of our products into broad categories is based on the characteristics of the individual products, the specification of the products and in some cases the specific uses that certain products have within applications.

The categorization of products into categories is therefore subject to judgment in some cases and can vary over time.

In instances where products move between product categories, we reclassify the amounts in the product categories for all prior periods.

Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each product category

The sum of the individual percentages does not equal the total due to rounding.

The year-to-year increase in total revenue in fiscal 2014 as compared to fiscal 2013 was the result of improving demand across most product type categories and the result of the Acquisition, which was partially offset by declines in the other analog product category, primarily as a result of the sale of our microphone product line in the fourth quarter of fiscal 2013.

The year-to-year decrease in total revenue in fiscal 2013 as compared to fiscal 2012 was the result of one less week of operations in fiscal 2013 as compared to fiscal 2012 and a broad-based decrease in demand across most product type categories.

Revenue Trends by Geographic Region Revenue by geographic region, based upon the primary location of our customers' design activity for its products, for fiscal 2014, 2013 and 2012 was as follows.

ANALOG DEVICES, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

|Stock Options|2014|2013|2012|
|Options granted (in thousands)|2,240|2,407|2,456|
|Weighted-average exercise price|$51.52|$46.40|$39.58|
|Weighted-average grant-date fair value|$8.74|$7.38|$7.37|
|Assumptions:||||
|Weighted-average expected volatility|24.9%|24.6%|28.4%|
|Weighted-average expected term (in years)|5.3|5.4|5.3|
|Weighted-average risk-free interest rate|1.7%|1.0%|1.1%|
|Weighted-average expected dividend yield|2.9%|2.9%|3.0%|

As it relates to our market-based restricted stock units, the Company utilizes the Monte Carlo simulation valuation model to value these awards.

The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the performance conditions stipulated in the award grant and calculates the fair market value for the market-based restricted stock units granted.

The Monte Carlo simulation model also uses stock price volatility and other variables to estimate the probability of satisfying the performance conditions, including the possibility that the market condition may not be satisfied, and the resulting fair value of the award.

Information pertaining to the Company's market-based restricted stock units and the related estimated assumptions used to calculate the fair value of market-based restricted stock units granted using the Monte Carlo simulation model is as follows:

|Market-based Restricted Stock Units|2014|
|Units granted (in thousands)|86|
|Grant-date fair value|$50.79|
|Assumptions:||
|Historical stock price volatility|23.2%|
|Risk-free interest rate|0.8%|
|Expected dividend yield|2.8%|

Market-based restricted stock units were not granted during fiscal 2013 or 2012.

Expected volatility — The Company is responsible for estimating volatility and has considered a number of factors, including third-party estimates.

The Company currently believes that the exclusive use of implied volatility results in the best estimate of the grant-date fair value of employee stock options because it reflects the market’s current expectations of future volatility.

In evaluating the appropriateness of exclusively relying on implied volatility, the Company concluded that: (1) options in the Company’s common stock are actively traded with sufficient volume on several exchanges; (2) the market prices of both the traded options and the underlying shares are measured at a similar point in time to each other and on a date close to the grant date of the employee share options; (3) the traded options have exercise prices that are both near-the-money and close to the exercise price of the employee share options; and (4) the remaining maturities of the traded options used to estimate volatility are at least one year.

Expected term — The Company uses historical employee exercise and option expiration data to estimate the expected term assumption for the Black-Scholes grant-date valuation.

The Company believes that this historical data is currently the best estimate of the expected term of a new option, and that generally its employees exhibit similar exercise behavior.

Risk-free interest rate — The yield on zero-coupon U. S.  Treasury securities for a period that is commensurate with the expected term assumption is used as the risk-free interest rate.

Expected dividend yield — Expected dividend yield is calculated by annualizing the cash dividend declared by the Company’s Board of Directors for the current quarter and dividing that result by the closing stock price on the date of grant.

Until such time as the Company’s Board of Directors declares a cash dividend for an amount that is different from the current quarter’s cash dividend, the current dividend will be used in deriving this assumption.

Cash dividends are not paid on options, restricted stock or restricted stock units.

an adverse development with respect to one claim in 2008 and favorable developments in three cases in 2009.

Other costs were also lower in 2009 compared to 2008, driven by a decrease in expenses for freight and property damages, employee travel, and utilities.

In addition, higher bad debt expense in 2008 due to the uncertain impact of the recessionary economy drove a favorable year-over-year comparison.

Conversely, an additional expense of $30 million related to a transaction with Pacer International, Inc.  and higher property taxes partially offset lower costs in 2009.

Other costs were higher in 2008 compared to 2007 due to an increase in bad debts, state and local taxes, loss and damage expenses, utility costs, and other miscellaneous expenses totaling $122 million.

Conversely, personal injury costs (including asbestos-related claims) were $8 million lower in 2008 compared to 2007.

The reduction reflects improvements in our safety experience and lower estimated costs to resolve claims as indicated in the actuarial studies of our personal injury expense and annual reviews of asbestos-related claims in both 2008 and 2007.

The year-over-year comparison also includes the negative impact of adverse development associated with one claim in 2008.

In addition, environmental and toxic tort expenses were $7 million lower in 2008 compared to 2007.