Question: What was the average value of the Cost of goods sold in the years where External net sales is positive?

def solution():
    # Define variables name and value
    cost_of_goods_sold_sum = -130.4 + 131.0
    number_of_years = 2

    # Do math calculation to get the answer
    answer = cost_of_goods_sold_sum / number_of_years

    return answer

Supplementary Information on Oil and Gas Producing Activities (Unaudited) CONTINUED Summary of Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves

|(In millions)|2006|2005|2004|
|Sales and transfers of oil and gas produced, net of production, transportation and administrative costs|$-5,312|$-3,754|$-2,689|
|Net changes in prices and production, transportation and administrative costs related to future production|-1,342|6,648|771|
|Extensions, discoveries and improved recovery, less related costs|1,290|700|1,349|
|Development costs incurred during the period|1,251|1,030|609|
|Changes in estimated future development costs|-527|-552|-628|
|Revisions of previous quantity estimates|1,319|820|948|
|Net changes in purchases and sales of minerals in place|30|4,557|33|
|Accretion of discount|1,882|1,124|757|
|Net change in income taxes|-660|-6,694|-627|
|Timing and other|-14|307|97|
|Net change for the year|-2,083|4,186|620|
|Beginning of year|10,601|6,415|5,795|
|End of year|$8,518|$10,601|$6,415|
|Net change for the year from discontinued operations|$-216|$162|$-152|

Information Available on the Company’s Web Site Additional information regarding Snap-on and its products is available on the company’s web site at www.

Snap-on is not including the information contained on its web site as a part of, or incorporating it by reference into, this Annual Report on Form 10-K.  Snap-on’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Definitive Proxy Statements on Schedule 14A and Current Reports on Form 8-K, as well as any amendments to those reports, are made available to the public at no charge, other than an investor’s own internet access charges, through the Investor Information section of the company’s web site at www.

Snap-on makes such material available on its web site as soon as reasonably practicable after it electronically files such material with, or furnishes it to, the Securities and Exchange Commission (“SEC”).

Copies of any materials the company files with the SEC can also be obtained free of charge through the SEC’s web site at www.

The SEC’s Public Reference Room can be contacted at 100 F Street, N. E. , Washington, D. C.  20549, or by calling 1-800-732-0330.

In addition, Snap-on’s (i) charters for the Audit, Corporate Governance and Nominating, and Organization and Executive Compensation Committees of the company’s Board of Directors; (ii) Corporate Governance Guidelines; and (iii) Code of Business Conduct and Ethics are available on Snap-on’s web site.

Snap-on will also post any amendments to these documents, or information about any waivers granted to directors or executive officers with respect to the Code of Business Conduct and Ethics, on the company’s web site at www.

Products and Services Tools, Diagnostics and Repair Information, and Equipment Snap-on offers a broad line of products and complementary services that are grouped into three product categories: (i) tools; (ii) diagnostics and repair information; and (iii) equipment.

Further product line information is not presented as it is not practicable to do so.

The following table shows the consolidated net sales of these product categories for the last three years:

The tools product category includes hand tools, power tools and tool storage products.

Hand tools include wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque measuring instruments and other similar products.

Power tools include cordless (battery), pneumatic (air), hydraulic, and corded (electric) tools, such as impact wrenches, ratchets, chisels, drills, sanders, polishers and similar products.

Tool storage includes tool chests, roll cabinets, tool control systems and other similar products.

The majority of products are manufactured by Snap-on and, in completing the product offering, other items are purchased from external manufacturers.

The diagnostics and repair information product category includes handheld and PC-based diagnostic products, service and repair information products, diagnostic software solutions, electronic parts catalogs, business management systems and services, point-of-sale systems, integrated systems for vehicle service shops, OEM purchasing facilitation services, and warranty management systems and analytics to help OEM dealership service and repair shops manage and track performance.

The equipment product category includes solutions for the diagnosis and service of vehicles and industrial equipment.

Products include wheel alignment equipment, wheel balancers, tire changers, vehicle lifts, test lane systems, collision repair equipment, air conditioning service equipment, brake service equipment, fluid exchange equipment, transmission troubleshooting equipment, safety testing equipment, battery chargers and hoists.

Snap-on supports the sale of its diagnostics and vehicle service shop equipment by offering training programs as well as after sales support for its customers, primarily focusing on the technologies and the application of specific products developed and marketed by Snap-on.

Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) Segment gross profit of $105.0 million in the fourth quarter of 2012 decreased $1.4 million from 2011 levels.

Gross margin of 38.1% in the quarter improved 210 basis points from 36.0% last year primarily due to lower restructuring costs as well as savings from ongoing RCI initiatives, particularly in Europe.

No restructuring costs were incurred in the fourth quarter of 2012; gross profit in the fourth quarter of 2011 included $2.5 million of restructuring costs.

Segment operating expenses of $73.1 million in the fourth quarter of 2012 decreased $0.3 million from 2011 levels.

The operating expense margin of 26.5% in the quarter increased 170 basis points from 24.8% last year primarily as a result of the lower sales.

As a result of these factors, segment operating earnings of $31.9 million in the fourth quarter of 2012, including $1.2 million of favorable foreign currency effects, decreased $1.1 million, or 3.3%, from 2011 levels.

Operating margin for the Commercial & Industrial Group of 11.6% in the fourth quarter of 2012 improved 40 basis points from 11.2% last year.

Segment net sales of $321.6 million in the fourth quarter of 2012 increased $28.8 million, or 9.8%, from 2011 levels.

Excluding $1.4 million of favorable foreign currency translation, organic sales increased $27.4 million, or 9.3%, reflecting high single-digit sales increases across both the company’s U. S.  and international franchise operations.

Segment gross profit of $135.8 million in the fourth quarter of 2012 increased $11.9 million from 2011 levels.

Gross margin of 42.2% in the quarter compared with 42.3% last year.

No restructuring costs were incurred in the fourth quarter of 2012; gross profit in the fourth quarter of 2011 included $0.3 million of restructuring costs.

Segment operating expenses of $90.2 million in the fourth quarter of 2012 increased $5.9 million from 2011 levels primarily due to higher volume-related and other expenses.

The operating expense margin of 28.0% in the quarter improved 80 basis points from 28.8% last year primarily due to benefits from sales volume leverage.

As a result of these factors, segment operating earnings of $45.6 million in the fourth quarter of 2012, including $1.2 million of unfavorable foreign currency effects, increased $6.0 million, or 15.2%, from 2011 levels.

Operating margin for the Snap-on Tools Group of 14.2% in the fourth quarter of 2012 increased 70 basis points from 13.5% last year.

Segment net sales of $241.6 million in the fourth quarter of 2012 increased $5.1 million, or 2.2%, from 2011 levels.

Excluding $1.6 million of unfavorable foreign currency translation, organic sales increased $6.7 million, or 2.9%, including low single-digit gains in both sales of diagnostics and repair information products to repair shop owners and managers and sales to OEM dealerships.


Question: In the year with largest amount of Product revenue, what's the sum of Product revenue and Service and other revenue ? (in million)

def solution():
    # Define variables name and value
    product_revenue = 811
    service_and_other_revenue = 968

    # Do math calculation to get the answer
    answer = product_revenue + service_and_other_revenue

    return answer

higher in the fiscal 2013 period, including about $100 million for higher staffing expenses, about $60 million for higher advertising and other marketing program expenses, and about $23 million for higher share-based compensation expenses.

See “Cost of Revenue” and “Operating Expenses” later in this Item 7 for more information.

Net income from continuing operations increased 8% in fiscal 2013 compared with fiscal 2012 due to higher operating income and lower interest expense due to the repayment of debt in March 2012.

Diluted net income per share from continuing operations for fiscal 2013 increased 8% to $2.72, in line with the increase in net income compared with fiscal 2012.

Segment Results The information below is organized in accordance with our three reportable segments.

All of our segments operate primarily in the United States and sell primarily to customers in the United States.

International total net revenue was approximately 5% of consolidated total net revenue for all periods presented.

Segment operating income is segment net revenue less segment cost of revenue and operating expenses.

Segment expenses do not include certain costs, such as corporate selling and marketing, product development, and general and administrative expenses and share-based compensation expenses, which are not allocated to specific segments.

These unallocated costs totaled $890 million in fiscal 2014, $809 million in fiscal 2013, and $724 million in fiscal 2012.

Unallocated costs increased in fiscal 2014 compared with fiscal 2013 and in fiscal 2013 compared with fiscal 2012 due to increases in corporate product development and selling and marketing expenses in support of the growth of our businesses and to a lesser extent due to increases in share-based compensation expenses.

Segment expenses also do not include amortization of acquired technology, amortization of other acquired intangible assets, and goodwill and intangible asset impairment charges.

See Note 14 to the financial statements in Item 8 of this Annual Report for reconciliations of total segment operating income to consolidated operating income from continuing operations for each fiscal year presented.

We calculate revenue growth rates and segment operating margin figures using dollars in thousands.

Those results may vary slightly from figures calculated using the dollars in millions presented.

Service and other revenue in our Small Business segment is derived primarily from QuickBooks Online and QuickBooks Online Accountant, our hosted financial and business management offerings; QuickBooks Pro Plus, QuickBooks Premier Plus, and QuickBooks Accountant Plus, our subscription offerings; QuickBooks technical support plans; small business payroll services, including Quickbooks Online Payroll, Intuit Online Payroll, Intuit Full Service Payroll, and QuickBooks Assisted Payroll; payment processing services for small businesses; Demandforce; and QuickBase.

Product revenue in our Small Business segment is derived primarily from QuickBooks desktop software products, including QuickBooks Pro, QuickBooks Premier, QuickBooks Accountant, and QuickBooks Enterprise Solutions; QuickBooks Basic Payroll and QuickBooks Enhanced Payroll; QuickBooks Point of Sale solutions; ProAdvisor Program subscriptions for the accounting professionals who serve small businesses; and financial supplies.

As part of our connected services strategy, over the past several quarters we have been focusing Small Business segment resources on the enhancement and marketing of our QuickBooks Online and QuickBooks desktop subscription offerings.

As a result, QuickBooks desktop license units and revenue have been declining as more customers choose our hosted and subscription offerings and we expect this trend to continue.

In our payments business we have recently begun focusing resources on core offerings for QuickBooks merchants in support of our small business ecosystem approach.

Over the next few quarters we anticipate declining revenue for certain non-QuickBooks payments offerings that may slow overall revenue growth in our payments business.

Fiscal 2014 Compared with Fiscal 2013 Small Business segment total net revenue increased $196 million or 10% in fiscal 2014 compared with fiscal 2013.

Customer acquisition in our Small Business Online Ecosystem continued to drive Small Business segment revenue growth in fiscal 2014.

QuickBooks Online customers grew 40%, online payroll customers grew 25%, and active online payments customers grew 4%.

Online payments charge volume was 24% higher in fiscal 2014 compared with fiscal 2013.

Annualized recurring revenue (ARR) for our Small Business Online Ecosystem grew 34% in fiscal 2014 compared with fiscal 2013.

In our Small Business Desktop Ecosystem, revenue from QuickBooks desktop software licenses declined 9% on 10% lower unit sales while revenue from QuickBooks Enterprise Solutions grew 25% and revenue from QuickBooks Plus subscriptions grew 16% in fiscal 2014.

Revenue for certain non-core payments offerings was lower in fiscal 2014.

Small Business segment operating income as a percentage of related revenue decreased in fiscal 2014 compared with fiscal 2013.

The increase in segment revenue described above was partially offset by $73 million in higher staffing expenses due to an increase in headcount and $35 million in higher advertising and other marketing program expenses.

Fiscal 2013 Compared with Fiscal 2012 Small Business segment total net revenue increased $278 million or 16% in fiscal 2013 compared with fiscal 2012.

When adjusted to exclude revenue from Demandforce, which we acquired in May 2012, Small Business segment revenue was 12% higher in fiscal 2013.

Customer acquisition in our Small Business Online Ecosystem drove organic Small Business segment revenue growth in fiscal 2013.

QuickBooks Online customers grew 28%, online payroll customers grew 18%, and active online payments customers grew 21%.

Online payments charge volume was 37% higher in fiscal 2013 compared with fiscal 2012.

In our Small Business Desktop Ecosystem, revenue from QuickBooks desktop software licenses was flat on 6% lower unit sales while revenue from QuickBooks Enterprise Solutions grew 10% and revenue from QuickBooks Plus subscriptions more than doubled in fiscal 2013.

Small Business segment operating income as a percentage of related revenue decreased slightly in fiscal 2013 compared with fiscal 2012.

The increase in segment revenue described above was partially offset by higher segment costs and expenses that included costs and expenses for Demandforce.

Fiscal 2013 staffing expenses were about $100 million higher, driven by an increase in headcount.

Advertising and other marketing program expenses also increased.

Our Consumer segment includes our Consumer Tax and Consumer Ecosystem product lines.

Consumer Tax service and other revenue is derived primarily from TurboTax Online tax return preparation services and electronic tax filing services.

Consumer Tax product revenue is derived primarily from TurboTax desktop tax return preparation software.

Consumer Ecosystem product revenue is derived primarily from Quicken desktop personal finance software products.

Consumer Ecosystem service and other revenue is derived primarily from mobile and online consumer finance offerings as well as from online lead generation fees from our Mint personal finance offerings.

Fair Value Measurements Fair Value Hierarchy The authoritative guidance defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

When determining fair value, we consider the principal or most advantageous market for an asset or liability and assumptions that market participants would use when pricing the asset or liability.

In addition, we consider and use all valuation methods that are appropriate in estimating the fair value of an asset or liability.

The authoritative guidance establishes a fair value hierarchy that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities.

In general, the authoritative guidance requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

An asset or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the measurement of its fair value.

The three levels of input defined by the authoritative guidance are as follows: ?

Level 1 uses unadjusted quoted prices that are available in active markets for identical assets or liabilities.  ?

Level 2 uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data.

These include quoted prices in active markets for similar assets or liabilities: quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs to valuation models or other pricing methodologies that do not require significant judgment because the inputs used in the model, such as interest rates and volatility, can be corroborated by readily observable market data for substantially the full term of the assets or liabilities.  ?

Level 3 uses one or more unobservable inputs that are supported by little or no market activity and that are significant to the determination of fair value.

Level 3 assets and liabilities include those whose fair values are determined using pricing models, discounted cash flow methodologies or similar valuation techniques and significant management judgment or estimation.

Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes financial assets and financial liabilities that we measured at fair value on a recurring basis at the dates indicated, classified in accordance with the fair value hierarchy described above.

||At July 31, 2014|At July 31, 2013|
|(In millions)|Level 1|Level 2|Level 3|TotalFair Value|Level 1|Level 2|Level 3|TotalFair Value|
|Assets:|||||||||
|Cash equivalents, primarily money market funds|$652|$—|$—|$652|$917|$—|$—|$917|
|Available-for-sale debt securities:|||||||||
|Municipal bonds|—|701|—|701|—|489|—|489|
|Municipal auction rate securities|—|—|21|21|—|—|33|33|
|Corporate notes|—|466|—|466|—|269|—|269|
|U.S. agency securities|—|42|—|42|—|69|—|69|
|Available-for-sale corporate equity securities|—|—|—|—|33|—|—|33|
|Total available-for-sale securities|—|1,209|21|1,230|33|827|33|893|
|Total assets measured at fair value on a recurring basis|$652|$1,209|$21|$1,882|$950|$827|$33|$1,810|
|Liabilities:|||||||||
|Senior notes -1|$—|$556|$—|$556|$—|$560|$—|$560|

(1) Carrying value on our balance sheets at July 31, 2014 was $499 million and at July 31, 2013 was $499 million.

Table of Contents VALERO ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Commodity Price Risk We are exposed to market risks related to the volatility in the price of crude oil, refined products (primarily gasoline and distillate), grain (primarily corn), and natural gas used in our operations.

To reduce the impact of price volatility on our results of operations and cash flows, we use commodity derivative instruments, including futures, swaps, and options.

We use the futures markets for the available liquidity, which provides greater flexibility in transacting our hedging and trading operations.

We use swaps primarily to manage our price exposure.

Our positions in commodity derivative instruments are monitored and managed on a daily basis by a risk control group to ensure compliance with our stated risk management policy that has been approved by our board of directors.

For risk management purposes, we use fair value hedges, cash flow hedges, and economic hedges.

In addition to the use of derivative instruments to manage commodity price risk, we also enter into certain commodity derivative instruments for trading purposes.

Our objective for entering into each type of hedge or trading derivative is described below.

Fair Value Hedges Fair value hedges are used to hedge price volatility in certain refining inventories and firm commitments to purchase inventories.

The level of activity for our fair value hedges is based on the level of our operating inventories, and generally represents the amount by which our inventories differ from our previous year-end LIFO inventory levels.

As of December 31, 2012, we had the following outstanding commodity derivative instruments that were entered into to hedge crude oil and refined product inventories and commodity derivative instruments related to the physical purchase of crude oil and refined products at a fixed price.

The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels).


Question: What's the total amount of the Policyholders’ account balances - investment contracts in the years where Policy loans of Assets greater than 0 for Fair Value? (in million)

def solution():
    # Define variables name and value
    policyholders_account_balance_investment_contracts_2010 = (77254, 78757)
    policyholders_account_balance_investment_contracts_2009 = (73674, 74353)

    # Do math calculation to get the answer
    answer = sum(policyholders_account_balance_investment_contracts_2010) + sum(policyholders_account_balance_investment_contracts_2009)

    return answer

PART II Item?7 Management’s Discussion and Analysis of Financial Condition and Results of Operations Valuation and Recoverability of Goodwill Goodwill represented $833,512 and $841,239 of our $30,043,128 and $31,562,466 of total assets as of December 31, 2015 and 2014, respectively.

We review our goodwill annually in the fourth quarter for impairment, or more frequently if indicators of impairment exist.

Such indicators include, but are not limited to, significant adverse change in legal factors, adverse action or assessment by a regulator, unanticipated competition, loss of key personnel or a significant decline in our expected future cash flows due to changes in companyspecific factors or the broader business climate.

The evaluation of such factors requires considerable judgment.

Any adverse change in these factors could have a significant impact on the recoverability of goodwill and could have a material impact on our consolidated financial statements.

We have concluded that our reporting units for goodwill testing are equivalent to our operating segments.

Therefore, we test goodwill for impairment at the reporting unit level.

The following table illustrates the amount of goodwill carried at each reporting unit:

||December 31,|
||2015|2014|
|Assurant Solutions|$529,093|$539,653|
|Assurant Specialty Property|304,419|301,586|
|Assurant Health|—|—|
|Assurant Employee Benefits|—|—|
|Total|$833,512|$841,239|

In 2015, the Company chose the option to perform qualitative assessments for our Assurant Solutions and Assurant Specialty Property reporting units.

This option allows us to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount.

If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the twostep impairment test is unnecessary.

However, if an entity concludes otherwise, then it is required to perform the first step of the two-step impairment test.

We initially considered the 2014 quantitative analysis performed by the Company whereby it compared the estimated fair value of the Assurant Solutions and Assurant Specialty Property reporting units with their respective net book values (“Step 1”).

Based on the 2014 Step 1 tests, Assurant Solutions had an estimated fair value that exceeded its net book value by 25.4%, and Assurant Specialty Property had an estimated fair value that exceeded its net book value by 33.3%.

Based on our qualitative assessments, having considered the factors in totality we determined that it was not necessary to perform a Step 1 quantitative goodwill impairment test for the Assurant Solutions and Assurant Specialty Property reporting units and that it is more-likely-than-not that the fair value of each reporting unit continues to exceed its net book value in 2015.

Significant changes in the external environment or substantial declines in the operating performance of Assurant Solutions and Assurant Specialty Property could cause us to reevaluate this conclusion in the future.

In undertaking our qualitative assessments for the Assurant Solutions and Assurant Specialty Property reporting units, we considered macro-economic, industry and reporting unitspecific factors.

the effect of the current interest rate environment on our cost of capital; (ii. )

each reporting unit’s ability to sustain market share over the year; (iii. )

lack of turnover in key management; (iv. )2015 actual performance as compared to expected 2015 performance from our 2014 Step 1 assessment; and, (v. ) the overall market position and share price of Assurant, Inc.

Recent Accounting Pronouncements Please see Note 2 of the Notes to the Consolidated Financial Statements.

criteria in FASB ASC 360-20 related to the terms of the transactions and any continuing involvement in the form of management or financial assistance from the seller associated with the properties.

We make judgments based on the specific terms of each transaction as to the amount of the total profit from the transaction that we recognize considering factors such as continuing ownership interest we may have with the buyer (“partial sales”) and our level of future involvement with the property or the buyer that acquires the assets.

If the full accrual sales criteria are not met, we defer gain recognition and account for the continued operations of the property by applying the finance, installment or cost recovery methods, as appropriate, until the full accrual sales criteria are met.

Estimated future costs to be incurred after completion of each sale are included in the determination of the gain on sales.

To the extent that a property has had operations prior to sale, and that we do not have continuing involvement with the property, gains from sales of depreciated property are included in discontinued operations and the proceeds from the sale of these held-for-rental properties are classified in the investing activities section of the Consolidated Statements of Cash Flows.

Gains or losses from our sale of properties that were developed or repositioned with the intent to sell and not for long-term rental (“Build-for-Sale” properties) are classified as gain on sale of properties in the Consolidated Statements of Operations.

Other rental properties that do not meet the criteria for presentation as discontinued operations are also classified as gain on sale of properties in the Consolidated Statements of Operations.

Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common shareholders, less dividends on sharebased awards expected to vest, by the weighted average number of common shares outstanding for the period.

Diluted net income (loss) per common share is computed by dividing the sum of basic net income (loss) attributable to common shareholders and the noncontrolling interest in earnings allocable to Units not owned by us (to the extent the Units are dilutive), by the sum of the weighted average number of common shares outstanding and, to the extent they are dilutive, partnership Units outstanding, as well as any potential dilutive securities for the period.

During the first quarter of 2009, we adopted a new accounting standard (FASB ASC 260-10) on participating securities, which we have applied retrospectively to prior period calculations of basic and diluted earnings per common share.

Pursuant to this new standard, certain of our share-based awards are considered participating securities because they earn dividend equivalents that are not forfeited even if the underlying award does not vest.

The following table reconciles the components of basic and diluted net income (loss) per common share (in thousands):

||2010|2009|2008|
|Net income (loss) attributable to common shareholders|$-14,108|$-333,601|$50,408|
|Less: Dividends on share-based awards expected to vest|-2,513|-1,759|-1,631|
|Basic net income (loss) attributable to common shareholders|-16,621|-335,360|48,777|
|Noncontrolling interest in earnings of common unitholders|-|-|2,640|
|Diluted net income (loss) attributable to common shareholders|$-16,621|$-335,360|$51,417|
|Weighted average number of common shares outstanding|238,920|201,206|146,915|
|Weighted average partnership Units outstanding|-|-|7,619|
|Other potential dilutive shares|-|-|19|
|Weighted average number of common shares and potential dilutive securities|238,920|201,206|154,553|

PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements 20.

FAIR VALUE OF ASSETS AND LIABILITIES (continued) Fair Value of Financial Instruments The Company is required by U. S.  GAAP to disclose the fair value of certain financial instruments including those that are not carried at fair value.

For the following financial instruments the carrying amount equals or approximates fair value: fixed maturities classified as available for sale, trading account assets supporting insurance liabilities, other trading account assets, equity securities, securities purchased under agreements to resell, short-term investments, cash and cash equivalents, accrued investment income, separate account assets, investment contracts included in separate account liabilities, securities sold under agreements to repurchase, and cash collateral for loaned securities, as well as certain items recorded within other assets and other liabilities such as broker-dealer related receivables and payables.

See Note 21 for a discussion of derivative instruments.

The following table discloses the Company’s financial instruments where the carrying amounts and fair values may differ:

|| December 31, 2010| December 31, 2009|
|| Carrying Amount| Fair Value| Carrying Amount| Fair Value|
|| (in millions)|
| Assets:|||||
|Fixed maturities, held to maturity|$5,226|$5,477|$5,120|$5,198|
|Commercial mortgage and other loans-1|31,831|33,129|31,384|30,693|
|Policy loans|10,667|12,781|10,146|11,837|
| Liabilities:|||||
|Policyholders’ account balances - investment contracts|$77,254|$78,757|$73,674|$74,353|
|Short-term and long-term debt-1|25,635|27,094|24,159|24,054|
|Debt of consolidated VIEs|382|265|413|239|
|Bank customer liabilities|1,754|1,775|1,523|1,538|

The fair values presented above for those financial instruments where the carrying amounts and fair values may differ have been determined by using available market information and by applying market valuation methodologies, as described in more detail below.

Fixed Maturities, held to maturity The fair values of public fixed maturity securities are generally based on prices from third party pricing services, which are reviewed to validate reasonability.

However, for certain public fixed maturity securities and investments in private placement fixed maturity securities, this information is either not available or not reliable.

For these public fixed maturity securities the fair value is based on non-binding broker quotes, if available, or determined using a discounted cash flow model or internally developed values.

For private fixed maturities fair value is determined using a discounted cash flow model, which utilizes a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions and takes into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements.

In determining the fair value of certain fixed maturity securities, the discounted cash flow model may also use unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the security.

Commercial Mortgage and Other Loans The fair value of commercial mortgage and other loans, other than those held by the Company’s commercial mortgage operations, is primarily based upon the present value of the expected future cash flows discounted at the appropriate U. S.  Treasury rate or Japanese Government Bond rate for yen based loans, adjusted for the current market spread for similar quality loans.

The fair value of commercial mortgage and other loans held by the Company’s commercial mortgage operations is based upon various factors, including the terms of the loans, the principal exit markets for the loans, prevailing interest rates, and credit risk.

Policy Loans The fair value of U. S.  insurance policy loans is calculated using a discounted cash flow model based upon current U. S.  Treasury rates and historical loan repayment patterns, while Japanese insurance policy loans use the risk-free proxy based on the Yen LIBOR.

For group corporate-, bank- and trust-owned life insurance contracts and group universal life contracts, the fair value of the policy loans is the amount due as of the reporting date.

WASTE MANAGEMENT, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) estimated accruals for these liabilities could be affected if future occurrences or loss development significantly differ from the assumptions used.

As of December 31, 2008, our general liability insurance program carried selfinsurance exposures of up to $2.5 million per incident and our workers’ compensation insurance program carried self-insurance exposures of up to $5 million per incident.

As of December 31, 2008, our auto liability insurance program included a per-incident base deductible of $1 million, subject to additional aggregate deductibles in the $1 million to $5 million layer and the $5 million to $10 million layer of $2.4 million and $2.5 million, respectively.

Self-insurance claims reserves acquired as part of our acquisition of WM Holdings in July 1998 were discounted at 2.25% at December 31, 2008 and 4.0% at December 31, 2007.

The changes to our net insurance liabilities for the years ended December 31, 2007 and 2008 are summarized below (in millions):

||Gross Claims Liability|Estimated Insurance Recoveries(a)|Net Claims Liability|
|Balance, December 31, 2005|$660|$-311|$349|
|Self-insurance expense (benefit)|233|-31|202|
|Cash (paid) received|-241|75|-166|
|Balance, December 31, 2006|652|-267|385|
|Self-insurance expense (benefit)|144|-1|143|
|Cash (paid) received|-225|54|-171|
|Balance, December 31, 2007|571|-214|357|
|Self-insurance expense (benefit)|169|-28|141|
|Cash (paid) received|-209|51|-158|
|Balance, December 31, 2008|$531|$-191|$340|
|Current portion at December 31, 2008|$142|$-63|$79|
|Long-term portion at December 31, 2008|$389|$-128|$261|

(a) Amounts reported as estimated insurance recoveries are related to both paid and unpaid claims liabilities.

For the 14 months ended January 1, 2000, we insured certain risks, including auto, general liability and workers’ compensation, with Reliance National Insurance Company, whose parent filed for bankruptcy in June 2001.

In October 2001, the parent and certain of its subsidiaries, including Reliance National Insurance Company, were placed in liquidation.

We believe that because of probable recoveries from the liquidation, currently estimated to be $15 million, it is unlikely that events relating to Reliance will have a material adverse impact on our financial statements.

We do not expect the impact of any known casualty, property, environmental or other contingency to have a material impact on our financial condition, results of operations or cash flows.

Operating leases — Rental expense for leased properties was $114 million, $135 million and $122 million during 2008, 2007 and 2006, respectively.

These amounts primarily include rents under operating leases.

Minimum contractual payments due for our operating lease obligations are $81 million in 2009, $71 million in 2010, $58 million in 2011, $57 million in 2012 and $46 million in 2013.

Our minimum contractual payments for lease agreements during future periods is significantly less than current year rent expense because our significant lease agreements at landfills have variable terms based either on a percentage of revenue or a rate per ton of waste received.

Other commitments — We have the following unconditional obligations: ?

Fuel Supply — We have purchase agreements expiring at various dates through 2011 that require us to purchase minimum amounts of wood waste, anthracite coal waste (culm) and conventional fuels at our independent power production plants.

These fuel supplies are used to produce steam that is sold to industrial


Question: What's the sum of Premium wine of December 31, 2014, and Beginning Balance of Year Ended December 31, 2015 ?

def solution():
    premium_wine = 187568.0
    beginning_balance = 1047.0

    answer = premium_wine + beginning_balance

    return answer

As of December 31, 2017, we had $1.238 billion of gross unrecognized tax benefits, of which a net $1.150 billion, if recognized, would affect our effective tax rate.

As of December 31, 2016, we had $1.095 billion of gross unrecognized tax benefits, of which a net $1.006 billion, if recognized, would affect our effective tax rate.

As of December 31, 2015, we had $1.056 billion of gross unrecognized tax benefits, of which a net $900 million, if recognized, would affect our effective tax rate.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

||Year Ended December 31,|
|(in millions)|2017|2016|2015|
|Beginning Balance|$1,095|$1,056|$1,047|
|Additions based on positions related to the current year|134|47|32|
|Additions based on positions related to prior years|16|14|38|
|Reductions for tax positions of prior years|-3|-17|-36|
|Settlements with taxing authorities|-2|-3|-18|
|Statute of limitation expirations|-2|-2|-7|
|Ending Balance|$1,238|$1,095|$1,056|

We are subject to U. S.  Federal income tax as well as income tax of multiple state and foreign jurisdictions.

We have concluded all U. S.  federal income tax matters through 2000, all foreign income tax matters through 2002 and substantially all material state and local income tax matters through 2005.

We have received Notices of Deficiency from the Internal Revenue Service (IRS) reflecting proposed audit adjustments for Guidant Corporation for its 2001 through 2006 tax years and Boston Scientific Corporation for its 2006 and 2007 tax years.

The total incremental tax liability asserted by the IRS for the applicable periods is $1.162 billion plus interest.

The primary issue in dispute for all years is the transfer pricing associated with the technology license agreements between domestic and foreign subsidiaries of Guidant.

In addition, the IRS has proposed adjustments in connection with the financial terms of our Transaction Agreement with Abbott Laboratories pertaining to the sale of Guidant's vascular intervention business to Abbott Laboratories in April 2006.

During 2014, we received a Revenue Agent Report from the IRS reflecting significant proposed audit adjustments to our 2008, 2009 and 2010 tax years based upon the same transfer pricing methodologies that the IRS applied to our 2001 through 2007 tax years.

We do not agree with the transfer pricing methodologies applied by the IRS or its resulting assessment.

We have filed petitions with the U. S.  Tax Court contesting the Notices of Deficiency for the 2001 through 2007 tax years in challenge and submitted a letter to the IRS Office of Appeals protesting the Revenue Agent Report for the 2008 through 2010 tax years and requesting an administrative appeal hearing.

The issues in dispute were scheduled to be heard in U. S.  Tax Court in July 2016.

On July 19, 2016, we entered into a Stipulation of Settled Issues with the IRS intended to resolve all of the aforementioned transfer pricing issues, as well as the issues related to our transaction with Abbott Laboratories, for the 2001 through 2007 tax years.

The Stipulation of Settled Issues is contingent upon the IRS Office of Appeals applying the same basis of settlement to all transfer pricing issues for the Company’s 2008, 2009 and 2010 tax years as well as review by the United States Congress Joint Committee on Taxation.

In October 2016, we reached an agreement in principle with IRS Office of Appeals as to the resolution of transfer pricing issues in 2008, 2009 and 2010 tax years, subject to additional calculations of tax as well as documentation to memorialize our agreement.

In the event that the conditions in the Stipulation of Settled Items are satisfied, we expect to make net tax payments of approximately $275 million, plus interest through the date of payment with respect to the settled issues.

If finalized, payments related to the resolution are expected in the next six months.

We believe that our income tax reserves associated with these matters are adequate as of December 31, 2017 and we do not expect to recognize any additional charges related to resolution of this controversy.

However, the final resolution of these issues is contingent and if the Stipulation of Settled Issues is not finalized, it could have a material impact on our financial condition, results of operations, or cash flows.

We recognize interest and penalties related to income taxes as a component of income tax expense.

We had $655 million accrued for gross interest and penalties as of December 31, 2017 and $572 million as of December 31, 2016.

The increase in gross interest and penalties of $83 million was recognized in our consolidated statements of operations.

We recognized net tax expense related to interest and penalties of $154 million in 2017, $46 million in 2016 and $37 million in 2015.

The increase in our net tax expense related to interest and penalties as of December 31, 2017, as compared to December 31, 2016, is primarily attributable to remeasuring the future tax benefit of our accrued interest as a result of the TCJA.

segment includes AWE and our share of earnings for our investment in ULA, which provides expendable launch services to the U. S.  Government.

Space Systems’ operating results included the following (in millions):

2016 compared to 2015 Space Systems’ net sales in 2016 increased $304 million, or 3%, compared to 2015.

The increase was attributable to net sales of approximately $410 million from AWE following the consolidation of this business in the third quarter of 2016; and approximately $150 million for commercial space transportation programs due to increased launch-related activities; and approximately $70 million of higher net sales for various programs (primarily Fleet Ballistic Missiles) due to increased volume.

These increases were partially offset by a decrease in net sales of approximately $340 million for government satellite programs due to decreased volume (primarily SBIRS and MUOS) and the wind-down or completion of mission solutions programs.

Space Systems’ operating profit in 2016 increased $118 million, or 10%, compared to 2015.

The increase was primarily attributable to a non-cash, pre-tax gain of approximately $127 million related to the consolidation of AWE; and approximately $80 million of increased equity earnings from joint ventures (primarily ULA).

These increases were partially offset by a decrease of approximately $105 million for government satellite programs due to lower risk retirements (primarily SBIRS, MUOS and mission solutions programs) and decreased volume.

Adjustments not related to volume, including net profit booking rate adjustments, were approximately $185 million lower in 2016 compared to 2015.2015 compared to 2014 Space Systems’ net sales in 2015 decreased $97 million, or 1%, compared to 2014.

The decrease was attributable to approximately $335 million lower net sales for government satellite programs due to decreased volume (primarily AEHF) and the wind-down or completion of mission solutions programs; and approximately $55 million for strategic missile and defense systems due to lower volume.

These decreases were partially offset by higher net sales of approximately $235 million for businesses acquired in 2014; and approximately $75 million for the Orion program due to increased volume.

Space Systems’ operating profit in 2015 decreased $16 million, or 1%, compared to 2014.

Operating profit increased approximately $85 million for government satellite programs due primarily to increased risk retirements.

This increase was offset by lower operating profit of approximately $65 million for commercial satellite programs due to performance matters on certain programs; and approximately $35 million due to decreased equity earnings in joint ventures.

Adjustments not related to volume, including net profit booking rate adjustments and other matters, were approximately $105 million higher in 2015 compared to 2014.

Equity earnings Total equity earnings recognized by Space Systems (primarily ULA) represented approximately $325 million, $245 million and $280 million, or 25%, 21% and 24% of this business segment’s operating profit during 2016, 2015 and 2014.

Backlog Backlog increased in 2016 compared to 2015 primarily due to the addition of AWE’s backlog.

Backlog decreased in 2015 compared to 2014 primarily due to lower orders for government satellite programs and the Orion program and higher sales on the Orion program.

Trends We expect Space Systems’ 2017 net sales to decrease in the mid-single digit percentage range as compared to 2016, driven by program lifecycles on government satellite programs, partially offset by the recognition of AWE net sales for a full year in 2017 versus a partial year in 2016 following the consolidation of AWE in the third quarter of 2016.

(2) The following table shows the amounts of other venture capital investments held by the following consolidated funds and amounts attributable to SVBFG for each fund at December 31, 2014 , 2013 and 2012 :

||December 31,|
||2014|2013|2012|
|(Dollars in thousands)|Carrying value(as reported)|Amount attributableto SVBFG|Carrying value(as reported)|Amount attributableto SVBFG|Carrying value(as reported)|Amount attributableto SVBFG|
|Silicon Valley BancVentures, LP|$3,291|$352|$6,564|$702|$43,493|$4,652|
|SVB Capital Partners II, LP|20,481|1,040|22,684|1,152|79,761|4,051|
|Capital Partners III, LP|41,055|—|—|—|—|—|
|SVB Capital Shanghai Yangpu Venture Capital Fund|6,377|431|3,591|243|3,837|259|
|Total other venture capital investments|$71,204|$1,823|$32,839|$2,097|$127,091|$8,962|

(3) Investments classified as other securities (fair value accounting) represent direct equity investments in public companies held by our consolidated funds.

At December 31, 2014 , the amount primarily includes total unrealized gains of $75 million in one public company, FireEye.

The extent to which any unrealized gains (or losses) will become realized is subject to a variety of factors, including, among other things, changes in prevailing market prices and the timing of any sales or distribution of securities and may also be constrained by lock-up agreements.

None of the FireEye related investments currently are subject to a lock-up agreement.

Loans The following table details the composition of the loan portfolio, net of unearned income, as of the five most recent year-ends:

(1) Because of the diverse nature of energy and resource innovation products and services, for our loan-related reporting purposes, ERI-related loans are reported under our hardware, software and internet, life science & healthcare and other commercial loan categories, as applicable.

(2) Included in our premium wine portfolio are gross construction loans of $112 million , $112 million , $148 million , $111 million and $119 million at December 31, 2014 , 2013 , 2012 , 2011 and 2010 , respectively.

(3) Consumer loans secured by real estate at December 31, 2014 , 2013 , 2012 , 2011 and 2010 were comprised of the following:


Question: The total amount of which section ranks first for Derivative liabilities -2? (in million)

def solution():
    # Define variables name and value
    derivative_liabilities_2008 = 2308.6
    derivative_liabilities_2009 = 1119.6

    # Add both liabilities to get the answer
    answer = derivative_liabilities_2008 + derivative_liabilities_2009

    return answer

FHLB Advances and Other Borrowings FHLB Advances—The Company had $0.7 billion in floating-rate and $0.2 billion in fixed-rate FHLB advances at both December 31, 2013 and 2012.

The floating-rate advances adjust quarterly based on the LIBOR.

During the year ended December 31, 2012, $650.0 million of fixed-rate FHLB advances were converted to floating-rate for a total cost of approximately $128 million which was capitalized and will be amortized over the remaining maturities using the effective interest method.

In addition, during the year ended December 31, 2012, the Company paid down in advance of maturity $1.0 billion of its FHLB advances and recorded $69.1 million in losses on the early extinguishment.

This loss was recorded in the gains (losses) on early extinguishment of debt line item in the consolidated statement of income (loss).

The Company did not have any similar transactions for the years ended December 31, 2013 and 2011.

As a condition of its membership in the FHLB Atlanta, the Company is required to maintain a FHLB stock investment currently equal to the lesser of: a percentage of 0.12% of total Bank assets; or a dollar cap amount of $20 million.

Additionally, the Bank must maintain an Activity Based Stock investment which is currently equal to 4.5% of the Bank’s outstanding advances at the time of borrowing.

The Company had an investment in FHLB stock of $61.4 million and $67.4 million at December 31, 2013 and 2012, respectively.

The Company must also maintain qualified collateral as a percent of its advances, which varies based on the collateral type, and is further adjusted by the outcome of the most recent annual collateral audit and by FHLB’s internal ranking of the Bank’s creditworthiness.

These advances are secured by a pool of mortgage loans and mortgage-backed securities.

At December 31, 2013 and 2012, the Company pledged loans with a lendable value of $3.9 billion and $4.8 billion, respectively, of the one- to four-family and home equity loans as collateral in support of both its advances and unused borrowing lines.

Other Borrowings—Prior to 2008, ETBH raised capital through the formation of trusts, which sold trust preferred securities in the capital markets.

The capital securities must be redeemed in whole at the due date, which is generally 30 years after issuance.

Each trust issued Floating Rate Cumulative Preferred Securities (“trust preferred securities”), at par with a liquidation amount of $1,000 per capital security.

The trusts used the proceeds from the sale of issuances to purchase Floating Rate Junior Subordinated Debentures (“subordinated debentures”) issued by ETBH, which guarantees the trust obligations and contributed proceeds from the sale of its subordinated debentures to E*TRADE Bank in the form of a capital contribution.

The most recent issuance of trust preferred securities occurred in 2007.

The face values of outstanding trusts at December 31, 2013 are shown below (dollars in thousands):

|Trusts|Face Value|Maturity  Date|Annual Interest Rate|
|ETBH Capital Trust II|$5,000|2031|10.25%|
|ETBH Capital Trust I|20,000|2031|3.75% above 6-month LIBOR|
|ETBH Capital Trust V, VI, VIII|51,000|2032|3.25%-3.65% above 3-month LIBOR|
|ETBH Capital Trust VII, IX—XII|65,000|2033|3.00%-3.30% above 3-month LIBOR|
|ETBH Capital Trust XIII—XVIII, XX|77,000|2034|2.45%-2.90% above 3-month LIBOR|
|ETBH Capital Trust XIX, XXI, XXII|60,000|2035|2.20%-2.40% above 3-month LIBOR|
|ETBH Capital Trust XXIII—XXIV|45,000|2036|2.10% above 3-month LIBOR|
|ETBH Capital Trust XXV—XXX|110,000|2037|1.90%-2.00% above 3-month LIBOR|
|Total|$433,000|||

Principal Financial Group, Inc.  Notes to Consolidated Financial Statements — (continued) 6.

Derivative Financial Instruments — (continued) The fair value of our derivative instruments classified as assets and liabilities was as follows:

| | Derivative assets -1| Derivative liabilities -2|
| | December 31, 2009| December 31, 2008| December 31, 2009| December 31, 2008|
| |(in millions) |
| Derivatives designated as hedging instruments|||||
|Interest rate contracts|$81.5|$250.8|$309.1|$819.2|
|Foreign exchange contracts|444.4|410.8|240.6|300.4|
|Total derivatives designated as hedging instruments|$525.9|$661.6|$549.7|$1,119.6|
| Derivatives not designated as hedging instruments|||||
|Interest rate contracts|$433.5|$802.1|$336.8|$621.5|
|Foreign exchange contracts|107.5|121.3|75.0|155.1|
|Equity contracts|149.8|222.1|—|—|
|Credit contracts|15.5|70.7|84.0|227.2|
|Other contracts|—|—|128.1|185.2|
|Total derivatives not designated as hedging instruments|$706.3|$1,216.2|$623.9|$1,189.0|
|Total derivative instruments|$1,232.2|$1,877.8|$1,173.6|$2,308.6|

(1) The fair value of derivative assets is reported with other investments on the consolidated statements of financial position.

(2) The fair value of derivative liabilities is reported with other liabilities on the consolidated statements of financial position, with the exception of certain embedded derivative liabilities.

Embedded derivative liabilities with a fair value of $23.6 million and $60.2 million as of December 31, 2009, and December 31, 2008, respectively, are reported with contractholder funds on the consolidated statements of financial position.

Credit Derivatives Sold When we sell credit protection, we are exposed to the underlying credit risk similar to purchasing a fixed maturity security instrument.

The majority of our credit derivative contracts sold reference a single name or reference security (referred to as ‘‘single name credit default swaps’’).

The remainder of our credit derivatives reference either a basket or index of securities.

These instruments are either referenced in an over-the-counter credit derivative transaction, or embedded within an investment structure that has been fully consolidated into our financial statements.

These credit derivative transactions are subject to events of default defined within the terms of the contract, which normally consist of bankruptcy, failure to pay, or modified restructuring of the reference entity and/or issue.

If a default event occurs for a reference name or security, we are obligated to pay the counterparty an amount equal to the notional amount of the credit derivative transaction.

As a result, our maximum future payment is equal to the notional amount of the credit derivative.

In certain cases, we also have purchased credit protection with identical underlyings to certain of our sold protection transactions.

The effect of this purchased protection would reduce our total maximum future payments by $47.0 million and $60.8 million as of December 31, 2009, and December 31, 2008, respectively.

These credit derivative transactions had a net fair value of $2.4 million and $21.2 million as of December 31, 2009, and December 31, 2008, respectively.

Our potential loss could also be reduced by any amount recovered in the default proceedings of the underlying credit name.

We purchased certain investment structures with embedded credit features that are fully consolidated into our financial statements.

This consolidation results in recognition of the underlying credit derivatives and collateral within the structure, typically high quality fixed maturity securities that are owned by a special purpose vehicle.

These credit derivatives reference a single name or several names in a basket structure.

In the event of default, the collateral within the structure would typically be liquidated to pay the claims of the credit derivative counterparty.

Qorvo, Inc.  and Subsidiaries Annual Report on Form 10-K 2019 Notes to Consolidated Financial Statements income to substantially offset the losses earned in prior years.

The balance of the cumulative pre-tax book loss was expected to be offset by income in the first half of fiscal 2018 as production at the assembly and test facility continued to increase as the Company reduced its dependence on outside assembly and test subcontractors.

After evaluating the positive and negative evidence, management determined that it was more likely than not that the deferred tax assets of this China manufacturing subsidiary would be realized and a valuation allowance would not be provided as of the end of fiscal 2017.

As of March 30, 2019, the Company had federal loss carryovers of approximately $39.6 million that expire in fiscal years 2020 to 2030 if unused and state losses of approximately $105.2 million that expire in fiscal years 2020 to 2039 if unused.

Federal research credits of $127.6 million, and state credits of $64.9 million may expire in fiscal years 2020 to 2039 and 2020 to 2037, respectively.

Foreign losses in the Netherlands of approximately $5.1 million expire in fiscal years 2020 to 2027.

Included in the amounts above may be certain net operating losses and other tax attribute assets acquired in conjunction with acquisitions in the current and prior years.

The utilization of acquired domestic assets is subject to certain annual limitations as required under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”) and similar state income tax provisions.

The Company has continued to expand its operations and increase its investments in numerous international jurisdictions.

These activities expose the Company to taxation in multiple foreign jurisdictions.

It is management’s opinion that current and future undistributed foreign earnings will be permanently reinvested, except for the earnings of Qorvo International Pte.

Ltd. , our operating subsidiary in Singapore.

No provision for U. S.  federal income, state income or foreign local withholding taxes has been made with respect to the undistributed earnings of any other foreign subsidiary.

It is not practical to estimate the additional tax that would be incurred, if any, if the permanently reinvested earnings were repatriated.

The Company has foreign subsidiaries with tax holiday agreements in Singapore and Costa Rica.

These tax holiday agreements have varying rates and expire in December 2021 and March 2024, respectively.

Incentives from these countries are subject to the Company meeting certain employment and investment requirements.

The Company does not expect that the Singapore legislation enacted in February 2017, which will exclude from the Company’s existing Development and Expansion Incentive grant the benefit of the reduced tax rate for intellectual property income earned after June 30, 2021, will have an impact on the Company.

Income tax expense decreased by $34.6 million (an impact of approximately $0.28 and $0.27 per basic and diluted share, respectively) in fiscal 2019 and $7.9 million (an impact of approximately $0.06 per basic and diluted share) in fiscal 2018 as a result of these agreements.

The Company’s gross unrecognized tax benefits totaled $103.2 million as of March 30, 2019, $122.8 million as of March 31, 2018, and $90.6 million as of April 1, 2017.

Of these amounts, $99.1 million (net of federal benefit of state taxes), $118.7 million (net of federal benefit of state taxes) and $84.4 million (net of federal benefit of state taxes) as of March 30, 2019, March 31, 2018, and April 1, 2017, respectively, represent the amounts of unrecognized tax benefits that, if recognized, would impact the effective tax rate in each of the fiscal years.

The Company’s gross unrecognized tax benefits decreased from $122.8 million as of March 31, 2018 to $103.2 million as of March 30, 2019, primarily due to lapses of statutes of limitations, the conclusion of examinations by U. S.  and Singapore tax authorities, the finalization of Regulations related to the Transitional Repatriation Tax, and finalization of the provisional estimates related to the impact of the Tax Act.

A reconciliation of fiscal 2017 through fiscal 2019 beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):

||Fiscal Year|
||2019|2018|2017|
|Beginning balance|$122,823|$90,615|$69,052|
|Additions based on positions related to current year|7,193|26,431|20,036|
|Additions for tax positions in prior years|8,369|5,844|1,878|
|Reductions for tax positions in prior years|-24,932|-67|-29|
|Expiration of statute of limitations|-6,972|—|-322|
|Settlements|-3,303|—|—|
|Ending balance|$103,178|$122,823|$90,615|

It is the Company’s policy to recognize interest and penalties related to uncertain tax positions as a component of income tax expense.

During fiscal years 2019, 2018 and 2017, the Company recognized

IRON MOUNTAIN INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) DECEMBER 31, 2008 (In thousands, except share and per share data) 10.

Leases Most of our leased facilities are leased under various operating leases that typically have initial lease terms of ten to fifteen years.

A majority of these leases have renewal options with one or more five year options to extend and may have fixed or Consumer Price Index escalation clauses.

We also lease equipment under operating leases, primarily computers which have an average lease life of three years.

Vehicles and office equipment are also leased and have remaining lease lives ranging from one to seven years.

Due to the declining economic environment in 2008, the current fair market values of vans, trucks and mobile shredding units within our vehicle fleet portfolio, which we lease, have declined.

As a result, certain vehicle leases that previously met the requirements to be considered operating leases were classified as capital leases upon renewal.

The 2008 impact of this change on our consolidated balance sheet as of December 31, 2008 was an increase in property, plant and equipment and debt of $58,517 and had no impact on 2008 operating results.

Future operating results will have lower vehicle rent expense (a component of transportation costs within cost of sales), offset by an increased amount of combined depreciation and interest expense in future periods.

Total rent expense (including common area maintenance charges) under all of our operating leases was $207,760, $240,833 and $280,360 (including $20,828 associated with vehicle leases which became capital leases in 2008) for the years ended December 31, 2006, 2007 and 2008, respectively.

Included in total rent expense was sublease income of $3,740, $4,973 and $5,341 for the years ended December 31, 2006, 2007 and 2008, respectively.

Estimated minimum future lease payments (excluding common area maintenance charges) include payments for certain renewal periods at our option because failure to renew results in an economic disincentive due to significant capital expenditure costs (e. g. , racking), thereby making it reasonably assured that we will renew the lease.

Such payments in effect at December 31, are as follows:

We have guaranteed the residual value of certain vehicle operating leases to which we are a party.

The maximum net residual value guarantee obligation for these vehicles as of December 31, 2008 was $30,415.

Such amount does not take into consideration the recovery or resale value associated with these vehicles.

We believe that it is not reasonably likely that we will be required to perform under

IRON MOUNTAIN INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) DECEMBER 31, 2012 (In thousands, except share and per share data) 5.

Selected Consolidated Financial Statements of Parent, Guarantors, Canada Company and Non-Guarantors (Continued

||Year Ended December 31, 2012|
||Parent|Guarantors|Canada Company|Non- Guarantors|Eliminations|Consolidated|
|Cash Flows from Operating Activities:|||||||
|Cash Flows from Operating Activities-Continuing Operations|$-195,478|$496,542|$48,037|$94,551|$—|$443,652|
|Cash Flows from Operating Activities-Discontinued Operations|—|-8,814|—|-2,102|—|-10,916|
|Cash Flows from Operating Activities|-195,478|487,728|48,037|92,449|—|432,736|
|Cash Flows from Investing Activities:|||||||
|Capital expenditures|—|-134,852|-10,829|-95,002|—|-240,683|
|Cash paid for acquisitions, net of cash acquired|—|-28,126|—|-97,008|—|-125,134|
|Intercompany loans to subsidiaries|88,376|-110,142|—|—|21,766|—|
|Investment in subsidiaries|-37,572|-37,572|—|—|75,144|—|
|Investment in restricted cash|1,498|—|—|—|—|1,498|
|Additions to customer relationship and acquisition costs|—|-23,543|-2,132|-3,197|—|-28,872|
|Investment in joint ventures|-2,330|—|—|—|—|-2,330|
|Proceeds from sales of property and equipment and other, net|—|-1,739|5|3,191|—|1,457|
|Cash Flows from Investing Activities-Continuing Operations|49,972|-335,974|-12,956|-192,016|96,910|-394,064|
|Cash Flows from Investing Activities-Discontinued Operations|—|-1,982|—|-4,154|—|-6,136|
|Cash Flows from Investing Activities|49,972|-337,956|-12,956|-196,170|96,910|-400,200|
|Cash Flows from Financing Activities:|||||||
|Repayment of revolving credit and term loan facilities and other debt|—|-2,774,070|-3,069|-67,554|—|-2,844,693|
|Proceeds from revolving credit and term loan facilities and other debt|—|2,680,107|—|51,078|—|2,731,185|
|Early retirement of senior subordinated notes|-525,834|—|—|—|—|-525,834|
|Net proceeds from sales of senior subordinated notes|985,000|—|—|—|—|985,000|
|Debt financing (repayment to) and equity contribution from (distribution to) noncontrolling interests, net|—|—|—|480|—|480|
|Intercompany loans from parent|—|-89,878|714|110,930|-21,766|—|
|Equity contribution from parent|—|37,572|—|37,572|-75,144|—|
|Stock repurchases|-38,052|—|—|—|—|-38,052|
|Parent cash dividends|-318,845|—|—|—|—|-318,845|
|Proceeds from exercise of stock options and employee stock purchase plan|40,244|—|—|—|—|40,244|
|Excess tax benefits from stock-based compensation|1,045|—|—|—|—|1,045|
|Payment of debt finacing costs|-1,480|-781|—|—|—|-2,261|
|Cash Flows from Financing Activities-Continuing Operations|142,078|-147,050|-2,355|132,506|-96,910|28,269|
|Cash Flows from Financing Activities-Discontinued Operations|—|—|—|-39|—|-39|
|Cash Flows from Financing Activities|142,078|-147,050|-2,355|132,467|-96,910|28,230|
|Effect of exchange rates on cash and cash equivalents|—|—|1,867|937|—|2,804|
|(Decrease) Increase in cash and cash equivalents|-3,428|2,722|34,593|29,683|—|63,570|
|Cash and cash equivalents, beginning of period|3,428|10,750|68,907|96,760|—|179,845|
|Cash and cash equivalents, end of period|$—|$13,472|$103,500|$126,443|$—|$243,415|

IRON MOUNTAIN INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) DECEMBER 31, 2014 (In thousands, except share and per share data) 2.

Summary of Significant Accounting Policies (Continued) Stock Options Under our various stock option plans, options are generally granted with exercise prices equal to the market price of the stock on the date of grant; however, in certain limited instances, options are granted at prices greater than the market price of the stock on the date of grant.

The majority of our options become exercisable ratably over a period of five years from the date of grant and generally have a contractual life of ten years from the date of grant, unless the holder’s employment is terminated sooner.

Certain of the options we issue become exercisable ratably over a period of ten years from the date of grant and have a contractual life of 12 years from the date of grant, unless the holder’s employment is terminated sooner.

As of December 31, 2014, ten-year vesting options represented 8.0% of total outstanding options.

Certain of the options we issue become exercisable ratably over a period of three years from the date of grant and have a contractual life of ten years from the date of grant, unless the holder’s employment is terminated sooner.

As of December 31, 2014, three-year vesting options represented 34.3% of total outstanding options.

Our non-employee directors are considered employees for purposes of our stock option plans and stock option reporting.

Options granted to our non-employee directors generally become exercisable one year from the date of grant.

Our equity compensation plans generally provide that any unvested options and other awards granted thereunder shall vest immediately if an employee is terminated by the Company, or terminates his or her own employment for good reason (as defined in each plan), in connection with a vesting change in control (as defined in each plan).

On January 20, 2015, our stockholders approved the adoption of the Iron Mountain Incorporated 2014 Stock and Cash Incentive Plan (the ‘‘2014 Plan’’).

Under the 2014 Plan, the total amount of shares of common stock reserved and available for issuance pursuant to awards granted under the 2014 Plan is 7,750,000.

The 2014 Plan permits the Company to continue to grant awards through January 20, 2025.

A total of 43,253,839 shares of common stock have been reserved for grants of options and other rights under our various stock incentive plans, including the 2014 Plan.

The number of shares available for grant under our various stock incentive plans, not including the 2014 Plan, at December 31, 2014 was 4,581,754.

The weighted average fair value of options granted in 2012, 2013 and 2014 was $7.00, $7.69 and $5.70 per share, respectively.

These values were estimated on the date of grant using the Black-Scholes option pricing model.


Question: In the section with lowest amount of Pan AmFairfax, VA 22031 for Amount, what's the increasing rate of Shoppers’WorldCharlottesville, VA 22091-12 for Amount?

def solution():
    # Define variables name and value
    pan_am_fairfax_amount = 18.41
    shoppers_world_charlottesville_amount = 11.92

    # Do math calculation to get the answer
    difference = pan_am_fairfax_amount - shoppers_world_charlottesville_amount
    increase_rate = (difference / shoppers_world_charlottesville_amount) * 100

    return increase_rate

Insurance recoveries received in 2005 were insignificant.

Excluding these items, funds from operations in 2004 and 2003 would have been $156.0 million and $140.5 million, respectively.5) The SEC has stated that EBITDA is a non-GAAP measure as calculated in the table below.

Adjusted EBITDA is a non-GAAP measure that means net income or loss plus interest expense, income taxes, depreciation and amortization, impairment provisions, and nonrecurring expenses.

Adjusted EBITDA is presented because we believe that it provides useful information to investors regarding our ability to service debt and because it approximates a key covenant in material notes.

Adjusted EBITDA should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP.

Adjusted EBITDA as presented may not be comparable to other similarly titled measures used by other REITs.

The reconciliation of Adjusted EBITDA to net income for the periods presented is as follows:

Preferred share dividends consist of dividends paid on our outstanding Series A preferred shares and Series B preferred shares.

Our Series A preferred shares were redeemed in full in June 2003.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing in “Item 8.

Financial Statements and Supplementary Data” of this report.

Overview We are an equity real estate investment trust specializing in the ownership, management, development and redevelopment of retail and mixed-use properties.

As of December 31, 2005, we owned or had a majority interest in 103 community and neighborhood shopping centers and mixed-use properties comprising approximately 17.6 million square feet.

Our properties are located primarily in densely populated and affluent communities in strategic metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, as well as in California, and one apartment complex in Maryland.

In total, the 103 commercial properties were 96.3% leased at December 31, 2005.

A joint venture in which we own a 30% interest owned four neighborhood shopping centers totaling approximately 0.5 million square feet as of December 31, 2005.

In total, the joint venture properties in which we own an interest were 97.4% leased at December 31, 2005.

We have paid quarterly dividends to our shareholders continuously since our founding in 1962 and have increased our dividends per common share for 38 consecutive years.

(4) Includes $3.1 million and $8.0 million of insurance recoveries in 2004 and 2003, respectively, attributable to rental income lost at Santana Row as a result of the August 2002 fire.

Excluding these items, funds from operations available for common shareholders in 2004 and 2003 would have been $145.6 million and $123.3 million, respectively.

(5) The SEC has stated that EBITDA is a non-GAAP measure as calculated in the table below.

Adjusted EBITDA is a non-GAAP measure that means net income or loss plus net interest expense, income taxes, depreciation and amortization, gain or loss on sale of real estate and impairments of real estate if any.

(6) Fixed charges consist of interest on borrowed funds (including capitalized interest), amortization of debt discount and expense and the portion of rent expense representing an interest factor.

Preferred share dividends consist of dividends paid on preferred shares and preferred stock redemption costs.

Our Series A preferred shares were redeemed in full in June 2003 and our Series B preferred shares were redeemed in full in November 2006.

Overview We are an equity real estate investment trust specializing in the ownership, management, development and redevelopment of high quality retail and mixed-use properties.

As of December 31, 2006, we owned or had a majority interest in 111 community and neighborhood shopping centers and mixed-use properties comprising approximately 18.8 million square feet.

Our properties are located primarily in densely populated and affluent communities in strategic metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, as well as in California.

In total, these 111 commercial properties were 96.5% leased at December 31, 2006.

A joint venture in which we own a 30% interest owned four neighborhood shopping centers totaling approximately 0.7 million square feet as of December 31, 2006.

In total, the joint venture properties in which we own an interest were 98.7% leased at December 31, 2006.

We have paid quarterly dividends to our shareholders continuously since our founding in 1962 and have increased our dividends per common share for 39 consecutive years.

| Property, City, State, Zip Code| Year Completed| Year Acquired| Square Feet-1 /Apartment Units| Average Rent Per Square Foot| Percentage Leased-2| Principal Tenant(s)|
|Mount Vernon/South Valley/7770 Richmond HwyAlexandria, VA 22306-3(6)(12)|1966-1974|2003/2006|565,000|$15.32|95%|Shoppers Food WarehouseBed, Bath & BeyondMichaelsHome DepotTJ MaxxGold’s Gym|
|Old Keene MillSpringfield, VA 22152|1968|1976|92,000|$33.35|97%|Whole FoodsWalgreens|
|Pan AmFairfax, VA 22031|1979|1993|227,000|$18.41|100%|MichaelsMicroCenterSafeway|
|Pentagon RowArlington, VA 22202-12|2001-2002|1998/2010|296,000|$33.69|99%|Harris TeeterBed,Bath & BeyondBally Total FitnessDSW|
|Pike 7 PlazaVienna, VA 22180-6|1968|1997|164,000|$38.11|100%|DSWStaplesTJ Maxx|
|Shoppers’ WorldCharlottesville, VA 22091-12|1975-2001|2007|169,000|$11.92|94%|Whole FoodsStaples|
|Shops at Willow LawnRichmond, VA 23230|1957|1983|480,000|$16.02|88%|KrogerOld NavyRoss Dress For LessStaples|
|Tower Shopping CenterSpringfield, VA 22150|1960|1998|112,000|$24.04|91%|Talbots|
|Tyson’s StationFalls Church, VA 22043-12|1954|1978|49,000|$39.43|100%|Trader Joe’s|
|Village at ShirlingtonArlington, VA 22206-7|1940, 2006-2009|1995|255,000|$33.22|98%|AMC LoewsCarlyle Grand CaféHarrisTeeter|
| Total All Regions—Retail-14||| 18,286,000| $22.77| 94%||
| Total All Regions—Residential||| 903 units|| 95%||

(1) Represents the physical square footage of the commercial portion of the property, which may differ from the gross leasable square footage used to express percentage leased.

Some of our properties include office space which is included in this square footage but is not material in total.

(2) Retail percentage leased is expressed as a percentage of rentable commercial square feet occupied or subject to a lease under which rent is currently payable and includes square feet covered by leases for stores not yet opened.

Residential percentage leased is expressed as a percentage of units occupied or subject to a lease.

(3) All or a portion of this property is owned pursuant to a ground lease.

(4) We own the controlling interest in this center.

(5) We own a 90% general and limited partnership interests in these buildings.

(6) We own this property in a “downREIT” partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units.

(7) All or a portion of this property is subject to a capital lease obligation.

(8) We own a 64.1% membership interest in this property.

(9) 50% of the ownership of this property is in a “downREIT” partnership, of which a wholly owned subsidiary of the Trust is the sole general partner, with third party partners holding operating partnership units.

(10) Properties acquired through the Taurus Newbury Street JV II Limited Partnership or a joint venture arrangement with affiliates of a discretionary fund created and advised by ING Clarion Partners.

(11) The Trust controls Melville Mall through a 20 year master lease and secondary financing to the owner.

Because the Trust controls the activities that most significantly impact this property and retains substantially all of the economic benefit and risk associated with it, we consolidate this property and its operations.

Properties We employ a variety of assets in the management and operation of our rail business.

Our rail network covers 23 states in the western two-thirds of the U. S.


Question: What's the total amount of active, iSharesETFs and Non-ETF index in 2016 in equity (in million)

def solution():
    # Define variables name and value
    active_equity_2016 = 275033
    iSharesETFs_equity_2016 = 951252
    non_ETFI_index_equity_2016 = 1430891

    # Do math calculation to get the answer
    answer = active_equity_2016 + iSharesETFs_equity_2016 + non_ETFI_index_equity_2016

    return answer

used to refinance certain indebtedness which matured in the fourth quarter of 2014.

Interest is payable semi-annually in arrears on March 18 and September 18 of each year, or approximately $35 million per year.

The 2024 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.

The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 Notes.2022 Notes.

In May 2012, the Company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations.

These notes were issued as two separate series of senior debt securities, including $750 million of 1.375% notes, which were repaid in June 2015 at maturity, and $750 million of 3.375% notes maturing in June 2022 (the “2022 Notes”).

Net proceeds were used to fund the repurchase of BlackRock’s common stock and Series B Preferred from Barclays and affiliates and for general corporate purposes.

Interest on the 2022 Notes of approximately $25 million per year is payable semi-annually on June 1 and December 1 of each year.

The 2022 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.

The “make-whole” redemption price represents a price, subject to the specific terms of the 2022 Notes and related indenture, that is the greater of (a) par value and (b) the present value of future payments that will not be paid because of an early redemption, which is discounted at a fixed spread over a comparable Treasury security.

The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 Notes.2021 Notes.

In May 2011, the Company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations.

These notes were issued as two separate series of senior debt securities, including $750 million of 4.25% notes maturing in May 2021 and $750 million of floating rate notes, which were repaid in May 2013 at maturity.

Net proceeds of this offering were used to fund the repurchase of BlackRock’s Series B Preferred from affiliates of Merrill Lynch & Co. , Inc.  Interest on the 4.25% notes due in 2021 (“2021 Notes”) is payable semi-annually on May 24 and November 24 of each year, and is approximately $32 million per year.

The 2021 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.

The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 Notes.2019 Notes.

In December 2009, the Company issued $2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations.

These notes were issued as three separate series of senior debt securities including $0.5 billion of 2.25% notes, which were repaid in December 2012, $1.0 billion of 3.50% notes, which were repaid in December 2014 at maturity, and $1.0 billion of 5.0% notes maturing in December 2019 (the “2019 Notes”).

Net proceeds of this offering were used to repay borrowings under the CP Program, which was used to finance a portion of the acquisition of Barclays Global Investors from Barclays on December 1, 2009, and for general corporate purposes.

Interest on the 2019 Notes of approximately $50 million per year is payable semi-annually in arrears on June 10 and December 10 of each year.

These notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.

The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 Notes.13.

Commitments and Contingencies Operating Lease Commitments The Company leases its primary office spaces under agreements that expire through 2043.

Future minimum commitments under these operating leases are as follows:

In May 2017, the Company entered into an agreement with 50 HYMC Owner LLC, for the lease of approximately 847,000 square feet of office space located at 50 Hudson Yards, New York, New York.

The term of the lease is twenty years from the date that rental payments begin, expected to occur in May 2023, with the option to renew for a specified term.

The lease requires annual base rental payments of approximately $51 million per year during the first five years of the lease term, increasing every five years to $58 million, $66 million and $74 million per year (or approximately $1.2 billion in base rent over its twenty-year term).

This lease is classified as an operating lease and, as such, is not recorded as a liability on the consolidated statements of financial condition.

Rent expense and certain office equipment expense under lease agreements amounted to $132 million, $134 million and $136 million in 2017, 2016 and 2015, respectively.

At December 31, 2017, the Company had $298 million of various capital commitments to fund sponsored investment funds, including consolidated VIEs.

These funds include private equity funds, real assets funds, and opportunistic funds.

This amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds.

Generally, the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment.

These unfunded commitments are not recorded on the consolidated statements of financial condition.

These commitments do not include potential future commitments approved by the Company that are not yet legally binding.

The Company intends to make additional capital commitments from time to time to fund additional investment products for, and with, its clients.

Contingencies Contingent Payments Related to Business Acquisitions.

In connection with certain acquisitions, BlackRock is required to make contingent payments, subject to achieving specified performance targets, which may include revenue related to acquired contracts or new capital commitments for certain products.

The fair value of the remaining aggregate contingent payments at December 31, 2017 totaled $236 million, including $128 million related to the First Reserve Transaction, and is included in other liabilities on the consolidated statements of financial condition.

Institutional active AUM ended 2017 at $1.1 trillion, reflecting $5.9 billion of net inflows.

Institutional active represented 19% of long-term AUM and 18% of long-term base fees.

Growth in AUM reflected continued strength in multi-asset products with net inflows of $19.6 billion reflecting ongoing demand for solutions offerings and the LifePath?

Alternatives net inflows of $0.6 billion were led by inflows into infrastructure, hedge fund solutions and alternatives solutions offerings.

Excluding return of capital and investment of $6.0 billion, alternatives net inflows were $6.6 billion.

In addition, 2017 was another strong fundraising year for illiquid alternatives, and we raised approximately $11 billion in new commitments, which will be a source of future net inflows.

Equity and fixed income net outflows were $13.6 billion and $0.7 billion, respectively.

Institutional index AUM totaled $2.3 trillion at December 31, 2017, reflecting net inflows of $49.1 billion.

Fixed income net inflows of $87.5 billion were driven by demand for liabilitydriven investment solutions, particularly in Europe.

Equity net outflows of $34.8 billion were primarily due to low-fee regional index equity outflows as clients looked to re-allocate, re-balance or meet their cash needs.

Alternatives net outflows of $2.9 billion reflected outflows from passive currency overlays.

Institutional index represented 40% of long-term AUM at December 31, 2017 and accounted for 10% of long-term base fees for 2017.

The Company’s institutional clients consist of the following: ?

BlackRock is among the world’s largest managers of pension plan assets with $2.403 trillion, or 69%, of long-term institutional AUM managed for defined benefit, defined contribution and other pension plans for corporations, governments and unions at December 31, 2017.

The market landscape continues to shift from defined benefit to defined contribution, driving strong flows in our defined contribution channel, which had $46.5 billion of long-term net inflows for the year, driven by continued demand for our LifePath target-date suite.

Defined contribution represented $887.1 billion of total pension AUM, and we remain well positioned to capitalize on the on-going evolution of the defined contribution market and demand for outcome-oriented investments.

An additional $76.4 billion, or 2%, of longterm institutional AUM was managed for other tax-exempt investors, including charities, foundations and endowments.  ?

BlackRock managed $195.3 billion, or 6%, of long-term institutional AUM for official institutions, including central banks, sovereign wealth funds, supranationals, multilateral entities and government ministries and agencies at year-end 2017.

These clients often require specialized investment advice, the use of customized benchmarks and training support.  ?

BlackRock is a top independent manager of assets for insurance companies, which accounted for $274.3 billion, or 8%, of institutional long-term AUM at year-end 2017.

Assets managed for other taxable institutions, including corporations, banks and third-party fund sponsors for which we provide sub-advisory services, totaled $506.9 billion, or 15%, of long-term institutional AUM at year-end.

PRODUCT TYPE AND INVESTMENT STYLE Component changes in AUM by product type and investment style for 2017 are presented below.

(1) Amount represents AUM acquired in the First Reserve Transaction.

occurs, at which time they are recorded as adjustments to interest expense over the term of the related notes.

At December 31, 2005, AOCI included a deferred loss of $4.1 million, net of tax, related to an interest rate swap.

This amount is being reclassified into earnings as adjustments to interest expense over the term of the Company’s 51?4% senior notes due 2014.

At December 31, 2004, the amount of deferred loss included in AOCI was $4.6 million, net of tax.

The amounts amortized to interest expense were $0.8 million and $0.5 million for the years ending December 31, 2005 and 2004, respectively.

Note 13 – Equity Method Investments Noble Energy owns a 45% interest in Atlantic Methanol Production Company, LLC (‘‘AMPCO’’), which owns and operates a methanol production facility and related facilities in Equatorial Guinea and a 28% interest in Alba Plant, LLC (‘‘Alba Plant’’), which owns and operates a liquefied petroleum gas (‘‘LPG’’) processing plant.

Construction of the Alba Plant was funded primarily through advances by the Company and other owners in exchange for notes payable by the Alba Plant.

The notes mature on December 31, 2011 and bear interest at the 90-day LIBOR rate plus 3%.

Noble Energy owns 50% interests in AMPCO Marketing, LLC and AMPCO Services, LLC, which provide technical and consulting services.

These investments, which are accounted for using the equity method, are included in equity method investments on the Company’s balance sheets, and the Company’s share of earnings is reported as income from equity method investments on the Company’s statements of operations.

Summarized, 100% combined financial information for equity method investees was as follows: Balance Sheet Information