the net unrealized amounts presented above excluded the remaining net unrealized losses related to reclassifications of securities available for sale to securities held to maturity .

these unrealized losses related to reclassifications totaled $ 303 million , or $ 189 million after-tax , and $ 523 million , or $ 317 million after-tax , as of december 31 , 2011 and 2010 , respectively , and were recorded in accumulated other comprehensive income , or oci .

refer to note 12 to the consolidated financial statements included under item 8 .

the decline in these remaining after-tax unrealized losses related to reclassifications from december 31 , 2010 to december 31 , 2011 resulted primarily from amortization .

we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists .

to the extent that other-than-temporary impairment is identified , the impairment is broken into a credit component and a non-credit component .

the credit component is recorded in our consolidated statement of income , and the non-credit component is recorded in oci to the extent that we do not intend to sell the security .

our assessment of other-than-temporary impairment involves an evaluation , more fully described in note 3 , of economic and security-specific factors .

such factors are based on estimates , derived by management , which contemplate current market conditions and security-specific performance .

to the extent that market conditions are worse than management 2019s expectations , other-than-temporary impairment could increase , in particular , the credit component that would be recorded in our consolidated statement of income .

given the exposure of our investment securities portfolio , particularly mortgage- and asset-backed securities , to residential mortgage and other consumer credit risks , the performance of the u.s .

housing market is a significant driver of the portfolio 2019s credit performance .

as such , our assessment of other-than-temporary impairment relies to a significant extent on our estimates of trends in national housing prices .

generally , indices that measure trends in national housing prices are published in arrears .

as of september 30 , 2011 , national housing prices , according to the case-shiller national home price index , had declined by approximately 31.3% ( 31.3 % ) peak-to-current .

overall , management 2019s expectation , for purposes of its evaluation of other-than-temporary impairment as of december 31 , 2011 , was that housing prices would decline by approximately 35% ( 35 % ) peak-to-trough .

the performance of certain mortgage products and vintages of securities continues to deteriorate .

in addition , management continues to believe that housing prices will decline further as indicated above .

the combination of these factors has led to an increase in management 2019s overall loss expectations .

our investment portfolio continues to be sensitive to management 2019s estimates of future cumulative losses .

ultimately , other-than- temporary impairment is based on specific cusip-level detailed analysis of the unique characteristics of each security .

in addition , we perform sensitivity analysis across each significant product type within the non-agency u.s .

we estimate , for example , that other-than-temporary impairment of the investment portfolio could increase by approximately $ 10 million to $ 50 million , if national housing prices were to decline by 37% ( 37 % ) to 39% ( 39 % ) peak-to-trough , compared to management 2019s expectation of 35% ( 35 % ) described above .

this sensitivity estimate is based on a number of factors , including , but not limited to , the level of housing prices and the timing of defaults .

to the extent that such factors differ substantially from management 2019s current expectations , resulting loss estimates may differ materially from those stated .

excluding the securities for which other-than-temporary impairment was recorded in 2011 , management considers the aggregate decline in fair value of the remaining .

Question: and what was it in 2010?

Answer: 81881.0


impairment the following table presents net unrealized losses on securities available for sale as of december 31: .

the net unrealized amounts presented above excluded the remaining net unrealized losses related to reclassifications of securities available for sale to securities held to maturity .

these unrealized losses related to reclassifications totaled $ 303 million , or $ 189 million after-tax , and $ 523 million , or $ 317 million after-tax , as of december 31 , 2011 and 2010 , respectively , and were recorded in accumulated other comprehensive income , or oci .

refer to note 12 to the consolidated financial statements included under item 8 .

the decline in these remaining after-tax unrealized losses related to reclassifications from december 31 , 2010 to december 31 , 2011 resulted primarily from amortization .

we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists .

to the extent that other-than-temporary impairment is identified , the impairment is broken into a credit component and a non-credit component .

the credit component is recorded in our consolidated statement of income , and the non-credit component is recorded in oci to the extent that we do not intend to sell the security .

our assessment of other-than-temporary impairment involves an evaluation , more fully described in note 3 , of economic and security-specific factors .

such factors are based on estimates , derived by management , which contemplate current market conditions and security-specific performance .

to the extent that market conditions are worse than management 2019s expectations , other-than-temporary impairment could increase , in particular , the credit component that would be recorded in our consolidated statement of income .

given the exposure of our investment securities portfolio , particularly mortgage- and asset-backed securities , to residential mortgage and other consumer credit risks , the performance of the u.s .

housing market is a significant driver of the portfolio 2019s credit performance .

as such , our assessment of other-than-temporary impairment relies to a significant extent on our estimates of trends in national housing prices .

generally , indices that measure trends in national housing prices are published in arrears .

as of september 30 , 2011 , national housing prices , according to the case-shiller national home price index , had declined by approximately 31.3% ( 31.3 % ) peak-to-current .

overall , management 2019s expectation , for purposes of its evaluation of other-than-temporary impairment as of december 31 , 2011 , was that housing prices would decline by approximately 35% ( 35 % ) peak-to-trough .

the performance of certain mortgage products and vintages of securities continues to deteriorate .

in addition , management continues to believe that housing prices will decline further as indicated above .

the combination of these factors has led to an increase in management 2019s overall loss expectations .

our investment portfolio continues to be sensitive to management 2019s estimates of future cumulative losses .

ultimately , other-than- temporary impairment is based on specific cusip-level detailed analysis of the unique characteristics of each security .

in addition , we perform sensitivity analysis across each significant product type within the non-agency u.s .

we estimate , for example , that other-than-temporary impairment of the investment portfolio could increase by approximately $ 10 million to $ 50 million , if national housing prices were to decline by 37% ( 37 % ) to 39% ( 39 % ) peak-to-trough , compared to management 2019s expectation of 35% ( 35 % ) described above .

this sensitivity estimate is based on a number of factors , including , but not limited to , the level of housing prices and the timing of defaults .

to the extent that such factors differ substantially from management 2019s current expectations , resulting loss estimates may differ materially from those stated .

excluding the securities for which other-than-temporary impairment was recorded in 2011 , management considers the aggregate decline in fair value of the remaining .

1	( in millions )	2011	2010

2	fair value	$ 99832	$ 81881

3	amortized cost	100013	82329

4	net unrealized loss pre-tax	$ -181 ( 181 )	$ -448 ( 448 )

5	net unrealized loss after-tax	$ -113 ( 113 )	$ -270 ( 270 )

what was the fair value in 2011?
and what was it in 2010?

Question: what was, then, the change over the year?

Answer: 17951.0


the net unrealized amounts presented above excluded the remaining net unrealized losses related to reclassifications of securities available for sale to securities held to maturity .

these unrealized losses related to reclassifications totaled $ 303 million , or $ 189 million after-tax , and $ 523 million , or $ 317 million after-tax , as of december 31 , 2011 and 2010 , respectively , and were recorded in accumulated other comprehensive income , or oci .

refer to note 12 to the consolidated financial statements included under item 8 .

the decline in these remaining after-tax unrealized losses related to reclassifications from december 31 , 2010 to december 31 , 2011 resulted primarily from amortization .

we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists .

to the extent that other-than-temporary impairment is identified , the impairment is broken into a credit component and a non-credit component .

the credit component is recorded in our consolidated statement of income , and the non-credit component is recorded in oci to the extent that we do not intend to sell the security .

our assessment of other-than-temporary impairment involves an evaluation , more fully described in note 3 , of economic and security-specific factors .

such factors are based on estimates , derived by management , which contemplate current market conditions and security-specific performance .

to the extent that market conditions are worse than management 2019s expectations , other-than-temporary impairment could increase , in particular , the credit component that would be recorded in our consolidated statement of income .

given the exposure of our investment securities portfolio , particularly mortgage- and asset-backed securities , to residential mortgage and other consumer credit risks , the performance of the u.s .

housing market is a significant driver of the portfolio 2019s credit performance .

as such , our assessment of other-than-temporary impairment relies to a significant extent on our estimates of trends in national housing prices .

generally , indices that measure trends in national housing prices are published in arrears .

as of september 30 , 2011 , national housing prices , according to the case-shiller national home price index , had declined by approximately 31.3% ( 31.3 % ) peak-to-current .

overall , management 2019s expectation , for purposes of its evaluation of other-than-temporary impairment as of december 31 , 2011 , was that housing prices would decline by approximately 35% ( 35 % ) peak-to-trough .

the performance of certain mortgage products and vintages of securities continues to deteriorate .

in addition , management continues to believe that housing prices will decline further as indicated above .

the combination of these factors has led to an increase in management 2019s overall loss expectations .

our investment portfolio continues to be sensitive to management 2019s estimates of future cumulative losses .

ultimately , other-than- temporary impairment is based on specific cusip-level detailed analysis of the unique characteristics of each security .

in addition , we perform sensitivity analysis across each significant product type within the non-agency u.s .

we estimate , for example , that other-than-temporary impairment of the investment portfolio could increase by approximately $ 10 million to $ 50 million , if national housing prices were to decline by 37% ( 37 % ) to 39% ( 39 % ) peak-to-trough , compared to management 2019s expectation of 35% ( 35 % ) described above .

this sensitivity estimate is based on a number of factors , including , but not limited to , the level of housing prices and the timing of defaults .

to the extent that such factors differ substantially from management 2019s current expectations , resulting loss estimates may differ materially from those stated .

excluding the securities for which other-than-temporary impairment was recorded in 2011 , management considers the aggregate decline in fair value of the remaining .

what was, then, the change over the year?

Question: what was the fair value in 2010?

Answer: 81881.0


the net unrealized amounts presented above excluded the remaining net unrealized losses related to reclassifications of securities available for sale to securities held to maturity .

these unrealized losses related to reclassifications totaled $ 303 million , or $ 189 million after-tax , and $ 523 million , or $ 317 million after-tax , as of december 31 , 2011 and 2010 , respectively , and were recorded in accumulated other comprehensive income , or oci .

refer to note 12 to the consolidated financial statements included under item 8 .

the decline in these remaining after-tax unrealized losses related to reclassifications from december 31 , 2010 to december 31 , 2011 resulted primarily from amortization .

we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists .

to the extent that other-than-temporary impairment is identified , the impairment is broken into a credit component and a non-credit component .

the credit component is recorded in our consolidated statement of income , and the non-credit component is recorded in oci to the extent that we do not intend to sell the security .

our assessment of other-than-temporary impairment involves an evaluation , more fully described in note 3 , of economic and security-specific factors .

such factors are based on estimates , derived by management , which contemplate current market conditions and security-specific performance .

to the extent that market conditions are worse than management 2019s expectations , other-than-temporary impairment could increase , in particular , the credit component that would be recorded in our consolidated statement of income .

given the exposure of our investment securities portfolio , particularly mortgage- and asset-backed securities , to residential mortgage and other consumer credit risks , the performance of the u.s .

housing market is a significant driver of the portfolio 2019s credit performance .

as such , our assessment of other-than-temporary impairment relies to a significant extent on our estimates of trends in national housing prices .

generally , indices that measure trends in national housing prices are published in arrears .

as of september 30 , 2011 , national housing prices , according to the case-shiller national home price index , had declined by approximately 31.3% ( 31.3 % ) peak-to-current .

overall , management 2019s expectation , for purposes of its evaluation of other-than-temporary impairment as of december 31 , 2011 , was that housing prices would decline by approximately 35% ( 35 % ) peak-to-trough .

the performance of certain mortgage products and vintages of securities continues to deteriorate .

in addition , management continues to believe that housing prices will decline further as indicated above .

the combination of these factors has led to an increase in management 2019s overall loss expectations .

our investment portfolio continues to be sensitive to management 2019s estimates of future cumulative losses .

ultimately , other-than- temporary impairment is based on specific cusip-level detailed analysis of the unique characteristics of each security .

in addition , we perform sensitivity analysis across each significant product type within the non-agency u.s .

we estimate , for example , that other-than-temporary impairment of the investment portfolio could increase by approximately $ 10 million to $ 50 million , if national housing prices were to decline by 37% ( 37 % ) to 39% ( 39 % ) peak-to-trough , compared to management 2019s expectation of 35% ( 35 % ) described above .

this sensitivity estimate is based on a number of factors , including , but not limited to , the level of housing prices and the timing of defaults .

to the extent that such factors differ substantially from management 2019s current expectations , resulting loss estimates may differ materially from those stated .

excluding the securities for which other-than-temporary impairment was recorded in 2011 , management considers the aggregate decline in fair value of the remaining .

Question: and how much does that change represent in relation to this 2010 fair value, in percentage?

Answer: 0.21923


impairment net unrealized losses on securities available for sale were as follows as of december 31: .

the above net unrealized loss amounts at december 31 , 2009 and december 31 , 2008 excluded the remaining net unrealized loss of $ 1.01 billion , or $ 635 million after-tax , and $ 2.27 billion , or $ 1.39 billion after- tax , respectively , related to reclassifications of securities available for sale to securities held to maturity .

these after-tax amounts are recorded in other comprehensive income .

the decline in the remaining after-tax unrealized loss amounts related to transferred securities resulted from amortization and from the recognition of losses from other-than-temporary impairment on certain of the securities .

we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists .

to the extent that other-than-temporary impairment is identified , the impairment is broken into a credit component and a non-credit component .

the credit component is recognized in our consolidated statement of income , and the non-credit component is recognized in other comprehensive income to the extent that management does not intend to sell the security ( see note 3 of the notes to consolidated financial statements included under item 8 ) .

the assessment of other-than-temporary impairment involves an evaluation of economic and security- specific factors , which are more fully described in note 3 .

such factors are based upon estimates , derived by management , which contemplate current market conditions and security-specific performance .

to the extent that market conditions are worse than management 2019s expectations , other-than-temporary impairment could increase , in particular the credit component that would be recognized in our consolidated statement of income .

national housing prices , according to the case-shiller national hpi , have declined to date approximately 30% ( 30 % ) peak-to-current .

management currently estimates that national housing prices will continue to decline and bottom out during the second half of 2010 , consistent with a peak-to-trough housing price decline of approximately 37% ( 37 % ) .

as an indication of the sensitivity of our portfolio with respect to our more significant assumptions underlying our assessment of impairment , if we were to increase our default estimates to 110% ( 110 % ) of management 2019s current expectations with a corresponding slowing of prepayment speeds to 90% ( 90 % ) of management 2019s current expectations , credit-related other-than-temporary impairment could increase by approximately $ 120 million to $ 125 million , which impairment would be recorded in our consolidated statement of income .

excluding the securities for which other-than-temporary impairment was recorded , management considers the aggregate decline in fair value of the remaining securities and the resulting net unrealized losses to be temporary and not the result of any material changes in the credit characteristics of the securities .

additional information about our assessment of impairment is provided in note 3 of the notes to consolidated financial statements included under item 8. .

Question: what is the net change of securities between 2008 and 2009?

Answer: 18536.0


what is the net change of securities between 2008 and 2009?

Question: what is the fair value of securities in 2008?

Answer: 54163.0


what is the fair value of securities in 2008?

Question: what percentage change does this represent?

Answer: 0.34223


shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates it by reference into such filing .

the following graph shows a five-year comparison of cumulative total shareowners 2019 returns for our class b common stock , the s&p 500 index , and the dow jones transportation average .

the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2001 in the s&p 500 index , the dow jones transportation average , and the class b common stock of united parcel service , inc .

securities authorized for issuance under equity compensation plans the following table provides information as of december 31 , 2006 regarding compensation plans under which our class a common stock is authorized for issuance .

these plans do not authorize the issuance of our class b common stock. .

Question: what was the return for united parcel service inc . in 2006?

Answer: 148.92


what was the return for united parcel service inc . in 2006?

Question: and what was the change in that return from 2001 to 2006?

Answer: 48.92


and what was the change in that return from 2001 to 2006?

Question: how much, then, does that change represent in relation to the return of that stock in 2001, in percentage?

Answer: 0.4892


stock options and other stock plans we have 100962 options outstanding under the 1993 stock option and retention stock plan of union pacific corporation ( 1993 plan ) .

there are 7140 restricted shares outstanding under the 1992 restricted stock plan for non-employee directors of union pacific corporation .

we no longer grant options or awards of retention shares and units under these plans .

in april 2000 , the shareholders approved the union pacific corporation 2000 directors plan ( directors plan ) whereby 1100000 shares of our common stock were reserved for issuance to our non-employee directors .

under the directors plan , each non-employee director , upon his or her initial election to the board of directors , receives a grant of 2000 shares of retention shares or retention stock units .

prior to december 31 , 2007 , each non-employee director received annually an option to purchase at fair value a number of shares of our common stock , not to exceed 10000 shares during any calendar year , determined by dividing 60000 by 1/3 of the fair market value of one share of our common stock on the date of such board of directors meeting , with the resulting quotient rounded up or down to the nearest 50 shares .

as of december 31 , 2009 , 18000 restricted shares were outstanding under the directors plan and 292000 options were outstanding under the directors plan .

the union pacific corporation 2001 stock incentive plan ( 2001 plan ) was approved by the shareholders in april 2001 .

the 2001 plan reserved 24000000 shares of our common stock for issuance to eligible employees of the corporation and its subsidiaries in the form of non-qualified options , incentive stock options , retention shares , stock units , and incentive bonus awards .

non-employee directors were not eligible for awards under the 2001 plan .

as of december 31 , 2009 , 3366230 options were outstanding under the 2001 plan .

we no longer grant any stock options or other stock or unit awards under this plan .

the union pacific corporation 2004 stock incentive plan ( 2004 plan ) was approved by shareholders in april 2004 .

the 2004 plan reserved 42000000 shares of our common stock for issuance , plus any shares subject to awards made under the 2001 plan and the 1993 plan that were outstanding on april 16 , 2004 , and became available for regrant pursuant to the terms of the 2004 plan .

under the 2004 plan , non- qualified options , stock appreciation rights , retention shares , stock units , and incentive bonus awards may be granted to eligible employees of the corporation and its subsidiaries .

non-employee directors are not eligible for awards under the 2004 plan .

as of december 31 , 2009 , 8939710 options and 3778997 retention shares and stock units were outstanding under the 2004 plan .

pursuant to the above plans 33559150 ; 36961123 ; and 38601728 shares of our common stock were authorized and available for grant at december 31 , 2009 , 2008 , and 2007 , respectively .

stock options 2013 we estimate the fair value of our stock option awards using the black-scholes option pricing model .

groups of employees and non-employee directors that have similar historical and expected exercise behavior are considered separately for valuation purposes .

the table below shows the annual weighted-average assumptions used for valuation purposes : weighted-average assumptions 2009 2008 2007 .

Question: what is the assumed fmv of a share?

Answer: 2000.0


stock options and other stock plans we have 100962 options outstanding under the 1993 stock option and retention stock plan of union pacific corporation ( 1993 plan ) .

there are 7140 restricted shares outstanding under the 1992 restricted stock plan for non-employee directors of union pacific corporation .

we no longer grant options or awards of retention shares and units under these plans .

in april 2000 , the shareholders approved the union pacific corporation 2000 directors plan ( directors plan ) whereby 1100000 shares of our common stock were reserved for issuance to our non-employee directors .

under the directors plan , each non-employee director , upon his or her initial election to the board of directors , receives a grant of 2000 shares of retention shares or retention stock units .

prior to december 31 , 2007 , each non-employee director received annually an option to purchase at fair value a number of shares of our common stock , not to exceed 10000 shares during any calendar year , determined by dividing 60000 by 1/3 of the fair market value of one share of our common stock on the date of such board of directors meeting , with the resulting quotient rounded up or down to the nearest 50 shares .

as of december 31 , 2009 , 18000 restricted shares were outstanding under the directors plan and 292000 options were outstanding under the directors plan .

the union pacific corporation 2001 stock incentive plan ( 2001 plan ) was approved by the shareholders in april 2001 .

the 2001 plan reserved 24000000 shares of our common stock for issuance to eligible employees of the corporation and its subsidiaries in the form of non-qualified options , incentive stock options , retention shares , stock units , and incentive bonus awards .

non-employee directors were not eligible for awards under the 2001 plan .

as of december 31 , 2009 , 3366230 options were outstanding under the 2001 plan .

we no longer grant any stock options or other stock or unit awards under this plan .

the union pacific corporation 2004 stock incentive plan ( 2004 plan ) was approved by shareholders in april 2004 .

the 2004 plan reserved 42000000 shares of our common stock for issuance , plus any shares subject to awards made under the 2001 plan and the 1993 plan that were outstanding on april 16 , 2004 , and became available for regrant pursuant to the terms of the 2004 plan .

under the 2004 plan , non- qualified options , stock appreciation rights , retention shares , stock units , and incentive bonus awards may be granted to eligible employees of the corporation and its subsidiaries .

non-employee directors are not eligible for awards under the 2004 plan .

as of december 31 , 2009 , 8939710 options and 3778997 retention shares and stock units were outstanding under the 2004 plan .

pursuant to the above plans 33559150 ; 36961123 ; and 38601728 shares of our common stock were authorized and available for grant at december 31 , 2009 , 2008 , and 2007 , respectively .

stock options 2013 we estimate the fair value of our stock option awards using the black-scholes option pricing model .

groups of employees and non-employee directors that have similar historical and expected exercise behavior are considered separately for valuation purposes .

the table below shows the annual weighted-average assumptions used for valuation purposes : weighted-average assumptions 2009 2008 2007 .

Question: under the pre-december 31 , 2007 plan what would have been the value correspondent to a third of that fmv?

Answer: 666.66667


stock options and other stock plans we have 100962 options outstanding under the 1993 stock option and retention stock plan of union pacific corporation ( 1993 plan ) .

there are 7140 restricted shares outstanding under the 1992 restricted stock plan for non-employee directors of union pacific corporation .

we no longer grant options or awards of retention shares and units under these plans .

in april 2000 , the shareholders approved the union pacific corporation 2000 directors plan ( directors plan ) whereby 1100000 shares of our common stock were reserved for issuance to our non-employee directors .

under the directors plan , each non-employee director , upon his or her initial election to the board of directors , receives a grant of 2000 shares of retention shares or retention stock units .

prior to december 31 , 2007 , each non-employee director received annually an option to purchase at fair value a number of shares of our common stock , not to exceed 10000 shares during any calendar year , determined by dividing 60000 by 1/3 of the fair market value of one share of our common stock on the date of such board of directors meeting , with the resulting quotient rounded up or down to the nearest 50 shares .

as of december 31 , 2009 , 18000 restricted shares were outstanding under the directors plan and 292000 options were outstanding under the directors plan .

the union pacific corporation 2001 stock incentive plan ( 2001 plan ) was approved by the shareholders in april 2001 .

the 2001 plan reserved 24000000 shares of our common stock for issuance to eligible employees of the corporation and its subsidiaries in the form of non-qualified options , incentive stock options , retention shares , stock units , and incentive bonus awards .

non-employee directors were not eligible for awards under the 2001 plan .

as of december 31 , 2009 , 3366230 options were outstanding under the 2001 plan .

we no longer grant any stock options or other stock or unit awards under this plan .

the union pacific corporation 2004 stock incentive plan ( 2004 plan ) was approved by shareholders in april 2004 .

the 2004 plan reserved 42000000 shares of our common stock for issuance , plus any shares subject to awards made under the 2001 plan and the 1993 plan that were outstanding on april 16 , 2004 , and became available for regrant pursuant to the terms of the 2004 plan .

under the 2004 plan , non- qualified options , stock appreciation rights , retention shares , stock units , and incentive bonus awards may be granted to eligible employees of the corporation and its subsidiaries .

non-employee directors are not eligible for awards under the 2004 plan .

as of december 31 , 2009 , 8939710 options and 3778997 retention shares and stock units were outstanding under the 2004 plan .

pursuant to the above plans 33559150 ; 36961123 ; and 38601728 shares of our common stock were authorized and available for grant at december 31 , 2009 , 2008 , and 2007 , respectively .

stock options 2013 we estimate the fair value of our stock option awards using the black-scholes option pricing model .

groups of employees and non-employee directors that have similar historical and expected exercise behavior are considered separately for valuation purposes .

the table below shows the annual weighted-average assumptions used for valuation purposes : weighted-average assumptions 2009 2008 2007 .

under the pre-december 31 , 2007 plan what would have been the value correspondent to a third of that fmv?

Question: in order to determine the number of shares that can be bought by each non-employee director, what would be the value that gets divided by this third of the fmv?

Answer: 60000.0


stock options and other stock plans we have 100962 options outstanding under the 1993 stock option and retention stock plan of union pacific corporation ( 1993 plan ) .

there are 7140 restricted shares outstanding under the 1992 restricted stock plan for non-employee directors of union pacific corporation .

we no longer grant options or awards of retention shares and units under these plans .

in april 2000 , the shareholders approved the union pacific corporation 2000 directors plan ( directors plan ) whereby 1100000 shares of our common stock were reserved for issuance to our non-employee directors .

under the directors plan , each non-employee director , upon his or her initial election to the board of directors , receives a grant of 2000 shares of retention shares or retention stock units .

prior to december 31 , 2007 , each non-employee director received annually an option to purchase at fair value a number of shares of our common stock , not to exceed 10000 shares during any calendar year , determined by dividing 60000 by 1/3 of the fair market value of one share of our common stock on the date of such board of directors meeting , with the resulting quotient rounded up or down to the nearest 50 shares .

as of december 31 , 2009 , 18000 restricted shares were outstanding under the directors plan and 292000 options were outstanding under the directors plan .

the union pacific corporation 2001 stock incentive plan ( 2001 plan ) was approved by the shareholders in april 2001 .

the 2001 plan reserved 24000000 shares of our common stock for issuance to eligible employees of the corporation and its subsidiaries in the form of non-qualified options , incentive stock options , retention shares , stock units , and incentive bonus awards .

non-employee directors were not eligible for awards under the 2001 plan .

as of december 31 , 2009 , 3366230 options were outstanding under the 2001 plan .

we no longer grant any stock options or other stock or unit awards under this plan .

the union pacific corporation 2004 stock incentive plan ( 2004 plan ) was approved by shareholders in april 2004 .

the 2004 plan reserved 42000000 shares of our common stock for issuance , plus any shares subject to awards made under the 2001 plan and the 1993 plan that were outstanding on april 16 , 2004 , and became available for regrant pursuant to the terms of the 2004 plan .

under the 2004 plan , non- qualified options , stock appreciation rights , retention shares , stock units , and incentive bonus awards may be granted to eligible employees of the corporation and its subsidiaries .

non-employee directors are not eligible for awards under the 2004 plan .

as of december 31 , 2009 , 8939710 options and 3778997 retention shares and stock units were outstanding under the 2004 plan .

pursuant to the above plans 33559150 ; 36961123 ; and 38601728 shares of our common stock were authorized and available for grant at december 31 , 2009 , 2008 , and 2007 , respectively .

stock options 2013 we estimate the fair value of our stock option awards using the black-scholes option pricing model .

groups of employees and non-employee directors that have similar historical and expected exercise behavior are considered separately for valuation purposes .

the table below shows the annual weighted-average assumptions used for valuation purposes : weighted-average assumptions 2009 2008 2007 .

in order to determine the number of shares that can be bought by each non-employee director, what would be the value that gets divided by this third of the fmv?

Question: and what would be, then, that number of shares that can be bought?

Answer: 90.0


contingent consideration of up to $ 13.8 million .

the contingent consideration arrangement requires additional cash payments to the former equity holders of lyric upon the achievement of certain technological and product development milestones payable during the period from june 2011 through june 2016 .

the company estimated the fair value of the contingent consideration arrangement utilizing the income approach .

changes in the fair value of the contingent consideration subsequent to the acquisition date primarily driven by assumptions pertaining to the achievement of the defined milestones will be recognized in operating income in the period of the estimated fair value change .

as of october 29 , 2011 , no contingent payments have been made and the fair value of the contingent consideration was approximately $ 14.0 million .

the company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition , resulting in the recognition of $ 12.2 million of ipr&d , $ 18.9 million of goodwill and $ 3.3 million of net deferred tax liabilities .

the goodwill recognized is attributable to future technologies that have yet to be determined as well as the assembled workforce of lyric .

future technologies do not meet the criteria for recognition separately from goodwill because they are a part of future development and growth of the business .

none of the goodwill is expected to be deductible for tax purposes .

in addition , the company will be obligated to pay royalties to the former equity holders of lyric on revenue recognized from the sale of lyric products and licenses through the earlier of 20 years or the accrual of a maximum of $ 25 million .

royalty payments to lyric employees require post-acquisition services to be rendered and , as such , the company will record these amounts as compensation expense in the related periods .

as of october 29 , 2011 , no royalty payments have been made .

the company recognized $ 0.2 million of acquisition-related costs that were expensed in the third quarter of fiscal 2011 .

these costs are included in operating expenses in the consolidated statement of income .

the company has not provided pro forma results of operations for integrant , audioasics and lyric herein as they were not material to the company on either an individual or an aggregate basis .

the company included the results of operations of each acquisition in its consolidated statement of income from the date of such acquisition .

deferred compensation plan investments investments in the analog devices , inc .

deferred compensation plan ( the deferred compensation plan ) are classified as trading .

the components of the investments as of october 29 , 2011 and october 30 , 2010 were as follows: .

the fair values of these investments are based on published market quotes on october 29 , 2011 and october 30 , 2010 , respectively .

adjustments to the fair value of , and income pertaining to , deferred compensation plan investments are recorded in operating expenses .

gross realized and unrealized gains and losses from trading securities were not material in fiscal 2011 , 2010 or 2009 .

the company has recorded a corresponding liability for amounts owed to the deferred compensation plan participants ( see note 10 ) .

these investments are specifically designated as available to the company solely for the purpose of paying benefits under the deferred compensation plan .

however , in the event the company became insolvent , the investments would be available to all unsecured general creditors .

other investments other investments consist of equity securities and other long-term investments .

investments are stated at fair value , which is based on market quotes or on a cost-basis , dependent on the nature of the investment , as appropriate .

adjustments to the fair value of investments classified as available-for-sale are recorded as an increase or decrease analog devices , inc .

notes to consolidated financial statements 2014 ( continued ) .

1		2011	2010

2	money market funds	$ 17187	$ 1840

3	mutual funds	9223	6850

4	total deferred compensation plan investments	$ 26410	$ 8690

Question: what was the total deferred compensation plan investments in 2011?

Answer: 26410.0


contingent consideration of up to $ 13.8 million .

the contingent consideration arrangement requires additional cash payments to the former equity holders of lyric upon the achievement of certain technological and product development milestones payable during the period from june 2011 through june 2016 .

the company estimated the fair value of the contingent consideration arrangement utilizing the income approach .

changes in the fair value of the contingent consideration subsequent to the acquisition date primarily driven by assumptions pertaining to the achievement of the defined milestones will be recognized in operating income in the period of the estimated fair value change .

as of october 29 , 2011 , no contingent payments have been made and the fair value of the contingent consideration was approximately $ 14.0 million .

the company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition , resulting in the recognition of $ 12.2 million of ipr&d , $ 18.9 million of goodwill and $ 3.3 million of net deferred tax liabilities .

the goodwill recognized is attributable to future technologies that have yet to be determined as well as the assembled workforce of lyric .

future technologies do not meet the criteria for recognition separately from goodwill because they are a part of future development and growth of the business .

none of the goodwill is expected to be deductible for tax purposes .

in addition , the company will be obligated to pay royalties to the former equity holders of lyric on revenue recognized from the sale of lyric products and licenses through the earlier of 20 years or the accrual of a maximum of $ 25 million .

royalty payments to lyric employees require post-acquisition services to be rendered and , as such , the company will record these amounts as compensation expense in the related periods .

as of october 29 , 2011 , no royalty payments have been made .

the company recognized $ 0.2 million of acquisition-related costs that were expensed in the third quarter of fiscal 2011 .

these costs are included in operating expenses in the consolidated statement of income .

the company has not provided pro forma results of operations for integrant , audioasics and lyric herein as they were not material to the company on either an individual or an aggregate basis .

the company included the results of operations of each acquisition in its consolidated statement of income from the date of such acquisition .

deferred compensation plan investments investments in the analog devices , inc .

deferred compensation plan ( the deferred compensation plan ) are classified as trading .

the components of the investments as of october 29 , 2011 and october 30 , 2010 were as follows: .

what was the total deferred compensation plan investments in 2011?

Question: and in 2010?

Answer: 8690.0


contingent consideration of up to $ 13.8 million .

the contingent consideration arrangement requires additional cash payments to the former equity holders of lyric upon the achievement of certain technological and product development milestones payable during the period from june 2011 through june 2016 .

the company estimated the fair value of the contingent consideration arrangement utilizing the income approach .

changes in the fair value of the contingent consideration subsequent to the acquisition date primarily driven by assumptions pertaining to the achievement of the defined milestones will be recognized in operating income in the period of the estimated fair value change .

as of october 29 , 2011 , no contingent payments have been made and the fair value of the contingent consideration was approximately $ 14.0 million .

the company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition , resulting in the recognition of $ 12.2 million of ipr&d , $ 18.9 million of goodwill and $ 3.3 million of net deferred tax liabilities .

the goodwill recognized is attributable to future technologies that have yet to be determined as well as the assembled workforce of lyric .

future technologies do not meet the criteria for recognition separately from goodwill because they are a part of future development and growth of the business .

none of the goodwill is expected to be deductible for tax purposes .

in addition , the company will be obligated to pay royalties to the former equity holders of lyric on revenue recognized from the sale of lyric products and licenses through the earlier of 20 years or the accrual of a maximum of $ 25 million .

royalty payments to lyric employees require post-acquisition services to be rendered and , as such , the company will record these amounts as compensation expense in the related periods .

as of october 29 , 2011 , no royalty payments have been made .

the company recognized $ 0.2 million of acquisition-related costs that were expensed in the third quarter of fiscal 2011 .

these costs are included in operating expenses in the consolidated statement of income .

the company has not provided pro forma results of operations for integrant , audioasics and lyric herein as they were not material to the company on either an individual or an aggregate basis .

the company included the results of operations of each acquisition in its consolidated statement of income from the date of such acquisition .

deferred compensation plan investments investments in the analog devices , inc .

deferred compensation plan ( the deferred compensation plan ) are classified as trading .

the components of the investments as of october 29 , 2011 and october 30 , 2010 were as follows: .

Question: so what was the difference between these two values?

Answer: 17720.0


contingent consideration of up to $ 13.8 million .

the contingent consideration arrangement requires additional cash payments to the former equity holders of lyric upon the achievement of certain technological and product development milestones payable during the period from june 2011 through june 2016 .

the company estimated the fair value of the contingent consideration arrangement utilizing the income approach .

changes in the fair value of the contingent consideration subsequent to the acquisition date primarily driven by assumptions pertaining to the achievement of the defined milestones will be recognized in operating income in the period of the estimated fair value change .

as of october 29 , 2011 , no contingent payments have been made and the fair value of the contingent consideration was approximately $ 14.0 million .

the company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition , resulting in the recognition of $ 12.2 million of ipr&d , $ 18.9 million of goodwill and $ 3.3 million of net deferred tax liabilities .

the goodwill recognized is attributable to future technologies that have yet to be determined as well as the assembled workforce of lyric .

future technologies do not meet the criteria for recognition separately from goodwill because they are a part of future development and growth of the business .

none of the goodwill is expected to be deductible for tax purposes .

in addition , the company will be obligated to pay royalties to the former equity holders of lyric on revenue recognized from the sale of lyric products and licenses through the earlier of 20 years or the accrual of a maximum of $ 25 million .

royalty payments to lyric employees require post-acquisition services to be rendered and , as such , the company will record these amounts as compensation expense in the related periods .

as of october 29 , 2011 , no royalty payments have been made .

the company recognized $ 0.2 million of acquisition-related costs that were expensed in the third quarter of fiscal 2011 .

these costs are included in operating expenses in the consolidated statement of income .

the company has not provided pro forma results of operations for integrant , audioasics and lyric herein as they were not material to the company on either an individual or an aggregate basis .

the company included the results of operations of each acquisition in its consolidated statement of income from the date of such acquisition .

deferred compensation plan investments investments in the analog devices , inc .

deferred compensation plan ( the deferred compensation plan ) are classified as trading .

the components of the investments as of october 29 , 2011 and october 30 , 2010 were as follows: .

so what was the difference between these two values?

Question: and the percentage increase during this time?

Answer: 2.03913


the analysis of our depreciation studies .

changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively .

under group depreciation , the historical cost ( net of salvage ) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized .

the historical cost of certain track assets is estimated using ( i ) inflation indices published by the bureau of labor statistics and ( ii ) the estimated useful lives of the assets as determined by our depreciation studies .

the indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes .

because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired , we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate .

in addition , we determine if the recorded amount of accumulated depreciation is deficient ( or in excess ) of the amount indicated by our depreciation studies .

any deficiency ( or excess ) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets .

for retirements of depreciable railroad properties that do not occur in the normal course of business , a gain or loss may be recognized if the retirement meets each of the following three conditions : ( i ) is unusual , ( ii ) is material in amount , and ( iii ) varies significantly from the retirement profile identified through our depreciation studies .

a gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations .

when we purchase an asset , we capitalize all costs necessary to make the asset ready for its intended use .

however , many of our assets are self-constructed .

a large portion of our capital expenditures is for replacement of existing track assets and other road properties , which is typically performed by our employees , and for track line expansion and other capacity projects .

costs that are directly attributable to capital projects ( including overhead costs ) are capitalized .

direct costs that are capitalized as part of self- constructed assets include material , labor , and work equipment .

indirect costs are capitalized if they clearly relate to the construction of the asset .

general and administrative expenditures are expensed as incurred .

normal repairs and maintenance are also expensed as incurred , while costs incurred that extend the useful life of an asset , improve the safety of our operations or improve operating efficiency are capitalized .

these costs are allocated using appropriate statistical bases .

total expense for repairs and maintenance incurred was $ 2.4 billion for 2014 , $ 2.3 billion for 2013 , and $ 2.1 billion for 2012 .

assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease .

amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease .

accounts payable and other current liabilities dec .

1	millions	dec . 31 2014	dec . 312013

2	accounts payable	$ 877	$ 803

3	dividends payable	438	356

4	income and other taxes payable	412	491

5	accrued wages and vacation	409	385

6	accrued casualty costs	249	207

7	interest payable	178	169

8	equipment rents payable	100	96

9	other	640	579

10	total accounts payable and othercurrent liabilities	$ 3303	$ 3086

Question: what was the difference in the total expense for repairs and maintenance incurred between 2013 and 2014?

Answer: 0.1


the analysis of our depreciation studies .

changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively .

under group depreciation , the historical cost ( net of salvage ) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized .

the historical cost of certain track assets is estimated using ( i ) inflation indices published by the bureau of labor statistics and ( ii ) the estimated useful lives of the assets as determined by our depreciation studies .

the indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes .

because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired , we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate .

in addition , we determine if the recorded amount of accumulated depreciation is deficient ( or in excess ) of the amount indicated by our depreciation studies .

any deficiency ( or excess ) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets .

for retirements of depreciable railroad properties that do not occur in the normal course of business , a gain or loss may be recognized if the retirement meets each of the following three conditions : ( i ) is unusual , ( ii ) is material in amount , and ( iii ) varies significantly from the retirement profile identified through our depreciation studies .

a gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations .

when we purchase an asset , we capitalize all costs necessary to make the asset ready for its intended use .

however , many of our assets are self-constructed .

a large portion of our capital expenditures is for replacement of existing track assets and other road properties , which is typically performed by our employees , and for track line expansion and other capacity projects .

costs that are directly attributable to capital projects ( including overhead costs ) are capitalized .

direct costs that are capitalized as part of self- constructed assets include material , labor , and work equipment .

indirect costs are capitalized if they clearly relate to the construction of the asset .

general and administrative expenditures are expensed as incurred .

normal repairs and maintenance are also expensed as incurred , while costs incurred that extend the useful life of an asset , improve the safety of our operations or improve operating efficiency are capitalized .

these costs are allocated using appropriate statistical bases .

total expense for repairs and maintenance incurred was $ 2.4 billion for 2014 , $ 2.3 billion for 2013 , and $ 2.1 billion for 2012 .

assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease .

amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease .

accounts payable and other current liabilities dec .

what was the difference in the total expense for repairs and maintenance incurred between 2013 and 2014?

Question: and the value for 2013 again?

Answer: 2.3


the analysis of our depreciation studies .

changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively .

under group depreciation , the historical cost ( net of salvage ) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized .

the historical cost of certain track assets is estimated using ( i ) inflation indices published by the bureau of labor statistics and ( ii ) the estimated useful lives of the assets as determined by our depreciation studies .

the indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes .

because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired , we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate .

in addition , we determine if the recorded amount of accumulated depreciation is deficient ( or in excess ) of the amount indicated by our depreciation studies .

any deficiency ( or excess ) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets .

for retirements of depreciable railroad properties that do not occur in the normal course of business , a gain or loss may be recognized if the retirement meets each of the following three conditions : ( i ) is unusual , ( ii ) is material in amount , and ( iii ) varies significantly from the retirement profile identified through our depreciation studies .

a gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations .

when we purchase an asset , we capitalize all costs necessary to make the asset ready for its intended use .

however , many of our assets are self-constructed .

a large portion of our capital expenditures is for replacement of existing track assets and other road properties , which is typically performed by our employees , and for track line expansion and other capacity projects .

costs that are directly attributable to capital projects ( including overhead costs ) are capitalized .

direct costs that are capitalized as part of self- constructed assets include material , labor , and work equipment .

indirect costs are capitalized if they clearly relate to the construction of the asset .

general and administrative expenditures are expensed as incurred .

normal repairs and maintenance are also expensed as incurred , while costs incurred that extend the useful life of an asset , improve the safety of our operations or improve operating efficiency are capitalized .

these costs are allocated using appropriate statistical bases .

total expense for repairs and maintenance incurred was $ 2.4 billion for 2014 , $ 2.3 billion for 2013 , and $ 2.1 billion for 2012 .

assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease .

amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease .

accounts payable and other current liabilities dec .

Question: so what is the percentage change during this time?

Answer: 0.04348


the notional amount of these unfunded letters of credit was $ 1.4 billion as of december 31 , 2008 and december 31 , 2007 .

the amount funded was insignificant with no amounts 90 days or more past due or on a non-accrual status at december 31 , 2008 and december 31 , 2007 .

these items have been classified appropriately in trading account assets or trading account liabilities on the consolidated balance sheet .

changes in fair value of these items are classified in principal transactions in the company 2019s consolidated statement of income .

other items for which the fair-value option was selected in accordance with sfas 159 the company has elected the fair-value option for the following eligible items , which did not affect opening retained earnings : 2022 certain credit products ; 2022 certain investments in private equity and real estate ventures and certain equity-method investments ; 2022 certain structured liabilities ; 2022 certain non-structured liabilities ; and 2022 certain mortgage loans certain credit products citigroup has elected the fair-value option for certain originated and purchased loans , including certain unfunded loan products , such as guarantees and letters of credit , executed by citigroup 2019s trading businesses .

none of these credit products is a highly leveraged financing commitment .

significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term , or transactions where the economic risks are hedged with derivative instruments such as purchased credit default swaps or total return swaps where the company pays the total return on the underlying loans to a third party .

citigroup has elected the fair-value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications .

fair value was not elected for most lending transactions across the company , including where those management objectives would not be met .

the following table provides information about certain credit products carried at fair value: .

in millions of dollars trading assets loans trading assets loans carrying amount reported on the consolidated balance sheet $ 16254 $ 2315 $ 26020 $ 3038 aggregate unpaid principal balance in excess of fair value $ 6501 $ 3 $ 899 $ ( 5 ) balance on non-accrual loans or loans more than 90 days past due $ 77 $ 1113 $ 186 $ 1292 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 190 $ ( 4 ) $ 68 $ 2014 in addition to the amounts reported above , $ 72 million and $ 141 million of unfunded loan commitments related to certain credit products selected for fair-value accounting were outstanding as of december 31 , 2008 and december 31 , 2007 , respectively .

changes in fair value of funded and unfunded credit products are classified in principal transactions in the company 2019s consolidated statement of income .

related interest revenue is measured based on the contractual interest rates and reported as interest revenue on trading account assets or loans depending on their balance sheet classifications .

the changes in fair value for the years ended december 31 , 2008 and 2007 due to instrument-specific credit risk totaled to a loss of $ 38 million and $ 188 million , respectively .

certain investments in private equity and real estate ventures and certain equity method investments citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation .

the company has elected the fair-value option for certain of these ventures , because such investments are considered similar to many private equity or hedge fund activities in our investment companies , which are reported at fair value .

the fair-value option brings consistency in the accounting and evaluation of certain of these investments .

as required by sfas 159 , all investments ( debt and equity ) in such private equity and real estate entities are accounted for at fair value .

these investments are classified as investments on citigroup 2019s consolidated balance sheet .

citigroup also holds various non-strategic investments in leveraged buyout funds and other hedge funds that previously were required to be accounted for under the equity method .

the company elected fair-value accounting to reduce operational and accounting complexity .

since the funds account for all of their underlying assets at fair value , the impact of applying the equity method to citigroup 2019s investment in these funds was equivalent to fair-value accounting .

thus , this fair-value election had no impact on opening retained earnings .

these investments are classified as other assets on citigroup 2019s consolidated balance sheet .

changes in the fair values of these investments are classified in other revenue in the company 2019s consolidated statement of income .

certain structured liabilities the company has elected the fair-value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) .

the company elected the fair- value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis .

these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form .

for those structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 277 million as of december 31 , 2008 and $ 7 million as of december 31 , 2007 .

the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .

related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement .

certain non-structured liabilities the company has elected the fair-value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) . .

1	in millions of dollars	2008 trading assets	2008 loans	2008 trading assets	loans

2	carrying amount reported on the consolidated balance sheet	$ 16254	$ 2315	$ 26020	$ 3038

3	aggregate unpaid principal balance in excess of fair value	$ 6501	$ 3	$ 899	$ -5 ( 5 )

4	balance on non-accrual loans or loans more than 90 days past due	$ 77	$ 1113	$ 186	$ 1292

5	aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days pastdue	$ 190	$ -4 ( 4 )	$ 68	$ 2014

Question: what was the carrying amount reported on the consolidated balance sheet trading assets in 2008?

Answer: 16254.0


in millions of dollars trading assets loans trading assets loans carrying amount reported on the consolidated balance sheet $ 16254 $ 2315 $ 26020 $ 3038 aggregate unpaid principal balance in excess of fair value $ 6501 $ 3 $ 899 $ ( 5 ) balance on non-accrual loans or loans more than 90 days past due $ 77 $ 1113 $ 186 $ 1292 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 190 $ ( 4 ) $ 68 $ 2014 in addition to the amounts reported above , $ 72 million and $ 141 million of unfunded loan commitments related to certain credit products selected for fair-value accounting were outstanding as of december 31 , 2008 and december 31 , 2007 , respectively .

changes in fair value of funded and unfunded credit products are classified in principal transactions in the company 2019s consolidated statement of income .

related interest revenue is measured based on the contractual interest rates and reported as interest revenue on trading account assets or loans depending on their balance sheet classifications .

the changes in fair value for the years ended december 31 , 2008 and 2007 due to instrument-specific credit risk totaled to a loss of $ 38 million and $ 188 million , respectively .

certain investments in private equity and real estate ventures and certain equity method investments citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation .

the company has elected the fair-value option for certain of these ventures , because such investments are considered similar to many private equity or hedge fund activities in our investment companies , which are reported at fair value .

the fair-value option brings consistency in the accounting and evaluation of certain of these investments .

as required by sfas 159 , all investments ( debt and equity ) in such private equity and real estate entities are accounted for at fair value .

these investments are classified as investments on citigroup 2019s consolidated balance sheet .

citigroup also holds various non-strategic investments in leveraged buyout funds and other hedge funds that previously were required to be accounted for under the equity method .

the company elected fair-value accounting to reduce operational and accounting complexity .

since the funds account for all of their underlying assets at fair value , the impact of applying the equity method to citigroup 2019s investment in these funds was equivalent to fair-value accounting .

thus , this fair-value election had no impact on opening retained earnings .

these investments are classified as other assets on citigroup 2019s consolidated balance sheet .

changes in the fair values of these investments are classified in other revenue in the company 2019s consolidated statement of income .

certain structured liabilities the company has elected the fair-value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) .

the company elected the fair- value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis .

these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form .

for those structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 277 million as of december 31 , 2008 and $ 7 million as of december 31 , 2007 .

the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .

related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement .

certain non-structured liabilities the company has elected the fair-value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) . .

what was the carrying amount reported on the consolidated balance sheet trading assets in 2008?

Question: and what was it in 2007?

Answer: 26020.0


in millions of dollars trading assets loans trading assets loans carrying amount reported on the consolidated balance sheet $ 16254 $ 2315 $ 26020 $ 3038 aggregate unpaid principal balance in excess of fair value $ 6501 $ 3 $ 899 $ ( 5 ) balance on non-accrual loans or loans more than 90 days past due $ 77 $ 1113 $ 186 $ 1292 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 190 $ ( 4 ) $ 68 $ 2014 in addition to the amounts reported above , $ 72 million and $ 141 million of unfunded loan commitments related to certain credit products selected for fair-value accounting were outstanding as of december 31 , 2008 and december 31 , 2007 , respectively .

changes in fair value of funded and unfunded credit products are classified in principal transactions in the company 2019s consolidated statement of income .

related interest revenue is measured based on the contractual interest rates and reported as interest revenue on trading account assets or loans depending on their balance sheet classifications .

the changes in fair value for the years ended december 31 , 2008 and 2007 due to instrument-specific credit risk totaled to a loss of $ 38 million and $ 188 million , respectively .

certain investments in private equity and real estate ventures and certain equity method investments citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation .

the company has elected the fair-value option for certain of these ventures , because such investments are considered similar to many private equity or hedge fund activities in our investment companies , which are reported at fair value .

the fair-value option brings consistency in the accounting and evaluation of certain of these investments .

as required by sfas 159 , all investments ( debt and equity ) in such private equity and real estate entities are accounted for at fair value .

these investments are classified as investments on citigroup 2019s consolidated balance sheet .

citigroup also holds various non-strategic investments in leveraged buyout funds and other hedge funds that previously were required to be accounted for under the equity method .

the company elected fair-value accounting to reduce operational and accounting complexity .

since the funds account for all of their underlying assets at fair value , the impact of applying the equity method to citigroup 2019s investment in these funds was equivalent to fair-value accounting .

thus , this fair-value election had no impact on opening retained earnings .

these investments are classified as other assets on citigroup 2019s consolidated balance sheet .

changes in the fair values of these investments are classified in other revenue in the company 2019s consolidated statement of income .

certain structured liabilities the company has elected the fair-value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) .

the company elected the fair- value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis .

these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form .

for those structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 277 million as of december 31 , 2008 and $ 7 million as of december 31 , 2007 .

the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .

related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement .

certain non-structured liabilities the company has elected the fair-value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) . .

Question: what was, then, the change over the year?

Answer: -9766.0


in millions of dollars trading assets loans trading assets loans carrying amount reported on the consolidated balance sheet $ 16254 $ 2315 $ 26020 $ 3038 aggregate unpaid principal balance in excess of fair value $ 6501 $ 3 $ 899 $ ( 5 ) balance on non-accrual loans or loans more than 90 days past due $ 77 $ 1113 $ 186 $ 1292 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 190 $ ( 4 ) $ 68 $ 2014 in addition to the amounts reported above , $ 72 million and $ 141 million of unfunded loan commitments related to certain credit products selected for fair-value accounting were outstanding as of december 31 , 2008 and december 31 , 2007 , respectively .

changes in fair value of funded and unfunded credit products are classified in principal transactions in the company 2019s consolidated statement of income .

related interest revenue is measured based on the contractual interest rates and reported as interest revenue on trading account assets or loans depending on their balance sheet classifications .

the changes in fair value for the years ended december 31 , 2008 and 2007 due to instrument-specific credit risk totaled to a loss of $ 38 million and $ 188 million , respectively .

certain investments in private equity and real estate ventures and certain equity method investments citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation .

the company has elected the fair-value option for certain of these ventures , because such investments are considered similar to many private equity or hedge fund activities in our investment companies , which are reported at fair value .

the fair-value option brings consistency in the accounting and evaluation of certain of these investments .

as required by sfas 159 , all investments ( debt and equity ) in such private equity and real estate entities are accounted for at fair value .

these investments are classified as investments on citigroup 2019s consolidated balance sheet .

citigroup also holds various non-strategic investments in leveraged buyout funds and other hedge funds that previously were required to be accounted for under the equity method .

the company elected fair-value accounting to reduce operational and accounting complexity .

since the funds account for all of their underlying assets at fair value , the impact of applying the equity method to citigroup 2019s investment in these funds was equivalent to fair-value accounting .

thus , this fair-value election had no impact on opening retained earnings .

these investments are classified as other assets on citigroup 2019s consolidated balance sheet .

changes in the fair values of these investments are classified in other revenue in the company 2019s consolidated statement of income .

certain structured liabilities the company has elected the fair-value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) .

the company elected the fair- value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis .

these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form .

for those structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 277 million as of december 31 , 2008 and $ 7 million as of december 31 , 2007 .

the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .

related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement .

certain non-structured liabilities the company has elected the fair-value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) . .

Question: and how much does this change represent in relation to the 2007 carrying amount, in percentage?

Answer: -0.37533


64 | 2017 form 10-k notes to consolidated financial statements 1 .

operations and summary of significant accounting policies a .

nature of operations information in our financial statements and related commentary are presented in the following categories : machinery , energy & transportation ( me&t ) 2013 represents the aggregate total of construction industries , resource industries , energy & transportation and all other operating segments and related corporate items and eliminations .

financial products 2013 primarily includes the company 2019s financial products segment .

this category includes caterpillar financial services corporation ( cat financial ) , caterpillar insurance holdings inc .

( insurance services ) and their respective subsidiaries .

our products are sold primarily under the brands 201ccaterpillar , 201d 201ccat , 201d design versions of 201ccat 201d and 201ccaterpillar , 201d 201cemd , 201d 201cfg wilson , 201d 201cmak , 201d 201cmwm , 201d 201cperkins , 201d 201cprogress rail , 201d 201csem 201d and 201csolar turbines 201d .

we conduct operations in our machinery , energy & transportation lines of business under highly competitive conditions , including intense price competition .

we place great emphasis on the high quality and performance of our products and our dealers 2019 service support .

although no one competitor is believed to produce all of the same types of equipment that we do , there are numerous companies , large and small , which compete with us in the sale of each of our products .

our machines are distributed principally through a worldwide organization of dealers ( dealer network ) , 48 located in the united states and 123 located outside the united states , serving 192 countries .

reciprocating engines are sold principally through the dealer network and to other manufacturers for use in products .

some of the reciprocating engines manufactured by our subsidiary perkins engines company limited , are also sold through its worldwide network of 93 distributors covering 182 countries .

the fg wilson branded electric power generation systems primarily manufactured by our subsidiary caterpillar northern ireland limited are sold through its worldwide network of 154 distributors covering 131 countries .

some of the large , medium speed reciprocating engines are also sold a0 under the mak brand through a worldwide network of 20 distributors covering 130 countries .

our dealers do not deal exclusively with our products ; however , in most cases sales and servicing of our products are the dealers 2019 principal business .

some products , primarily turbines and locomotives , are sold directly to end customers through sales forces employed by the company .

at times , these employees are assisted by independent sales representatives .

the financial products line of business also conducts operations under highly competitive conditions .

financing for users of caterpillar products is available through a variety of competitive sources , principally commercial banks and finance and leasing companies .

we offer various financing plans designed to increase the opportunity for sales of our products and generate financing income for our company .

a significant portion of financial products activity is conducted in north america , with additional offices in latin america , asia/pacific , europe , africa and middle east .

basis of presentation the consolidated financial statements include the accounts of caterpillar a0 inc .

and its subsidiaries where we have a controlling financial interest .

investments in companies where our ownership exceeds 20 percent and we do not have a controlling interest or where the ownership is less than 20 percent and for which we have a significant influence are accounted for by the equity method .

we consolidate all variable interest entities ( vies ) where caterpillar inc .

for vies , we assess whether we are the primary beneficiary as prescribed by the accounting guidance on the consolidation of vies .

the primary beneficiary of a vie is the party that has both the power to direct the activities that most significantly impact the entity 2019s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the vie .

see note 21 for further discussion on a consolidated vie .

we have affiliates , suppliers and dealers that are vies of which we are not the primary beneficiary .

although we have provided financial support , we do not have the power to direct the activities that most significantly impact the economic performance of each entity .

our maximum exposure to loss from vies for which we are not the primary beneficiary was as follows: .

in addition , cat financial has end-user customers that are vies of which we are not the primary beneficiary .

although we have provided financial support to these entities and therefore have a variable interest , we do not have the power to direct the activities that most significantly impact their economic performance .

our maximum exposure to loss from our involvement with these vies is limited to the credit risk inherently present in the financial support that we have provided .

these risks are evaluated and reflected in our financial statements as part of our overall portfolio of finance receivables and related allowance for credit losses. .

1	( millions of dollars )	december 31 , 2017	december 31 , 2016

2	receivables - trade and other	$ 34	$ 55

3	receivables - finance	42	174

4	long-term receivables - finance	38	246

5	investments in unconsolidated affiliated companies	39	31

6	guarantees	259	210

7	total	$ 412	$ 716

Question: what is the net change in total maximum exposure to loss fro vies from 2016 to 2017?

Answer: -304.0


64 | 2017 form 10-k notes to consolidated financial statements 1 .

operations and summary of significant accounting policies a .

nature of operations information in our financial statements and related commentary are presented in the following categories : machinery , energy & transportation ( me&t ) 2013 represents the aggregate total of construction industries , resource industries , energy & transportation and all other operating segments and related corporate items and eliminations .

financial products 2013 primarily includes the company 2019s financial products segment .

this category includes caterpillar financial services corporation ( cat financial ) , caterpillar insurance holdings inc .

( insurance services ) and their respective subsidiaries .

our products are sold primarily under the brands 201ccaterpillar , 201d 201ccat , 201d design versions of 201ccat 201d and 201ccaterpillar , 201d 201cemd , 201d 201cfg wilson , 201d 201cmak , 201d 201cmwm , 201d 201cperkins , 201d 201cprogress rail , 201d 201csem 201d and 201csolar turbines 201d .

we conduct operations in our machinery , energy & transportation lines of business under highly competitive conditions , including intense price competition .

we place great emphasis on the high quality and performance of our products and our dealers 2019 service support .

although no one competitor is believed to produce all of the same types of equipment that we do , there are numerous companies , large and small , which compete with us in the sale of each of our products .

our machines are distributed principally through a worldwide organization of dealers ( dealer network ) , 48 located in the united states and 123 located outside the united states , serving 192 countries .

reciprocating engines are sold principally through the dealer network and to other manufacturers for use in products .

some of the reciprocating engines manufactured by our subsidiary perkins engines company limited , are also sold through its worldwide network of 93 distributors covering 182 countries .

the fg wilson branded electric power generation systems primarily manufactured by our subsidiary caterpillar northern ireland limited are sold through its worldwide network of 154 distributors covering 131 countries .

some of the large , medium speed reciprocating engines are also sold a0 under the mak brand through a worldwide network of 20 distributors covering 130 countries .

our dealers do not deal exclusively with our products ; however , in most cases sales and servicing of our products are the dealers 2019 principal business .

some products , primarily turbines and locomotives , are sold directly to end customers through sales forces employed by the company .

at times , these employees are assisted by independent sales representatives .

the financial products line of business also conducts operations under highly competitive conditions .

financing for users of caterpillar products is available through a variety of competitive sources , principally commercial banks and finance and leasing companies .

we offer various financing plans designed to increase the opportunity for sales of our products and generate financing income for our company .

a significant portion of financial products activity is conducted in north america , with additional offices in latin america , asia/pacific , europe , africa and middle east .

basis of presentation the consolidated financial statements include the accounts of caterpillar a0 inc .

and its subsidiaries where we have a controlling financial interest .

investments in companies where our ownership exceeds 20 percent and we do not have a controlling interest or where the ownership is less than 20 percent and for which we have a significant influence are accounted for by the equity method .

we consolidate all variable interest entities ( vies ) where caterpillar inc .

for vies , we assess whether we are the primary beneficiary as prescribed by the accounting guidance on the consolidation of vies .

the primary beneficiary of a vie is the party that has both the power to direct the activities that most significantly impact the entity 2019s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the vie .

see note 21 for further discussion on a consolidated vie .

we have affiliates , suppliers and dealers that are vies of which we are not the primary beneficiary .

although we have provided financial support , we do not have the power to direct the activities that most significantly impact the economic performance of each entity .

our maximum exposure to loss from vies for which we are not the primary beneficiary was as follows: .

what is the net change in total maximum exposure to loss fro vies from 2016 to 2017?

Question: what is the percent change?

Answer: -0.42458


jpmorgan chase & co./2014 annual report 63 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co .

( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 index , the kbw bank index and the s&p financial index .

the s&p 500 index is a commonly referenced u.s .

equity benchmark consisting of leading companies from different economic sectors .

the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s .

and is composed of 24 leading national money center and regional banks and thrifts .

the s&p financial index is an index of 85 financial companies , all of which are components of the s&p 500 .

the firm is a component of all three industry indices .

the following table and graph assume simultaneous investments of $ 100 on december 31 , 2009 , in jpmorgan chase common stock and in each of the above indices .

the comparison assumes that all dividends are reinvested .

Question: what is the price of jpmorgan chase in 2014?

Answer: 167.48


what is the price of jpmorgan chase in 2014?

Question: what is that less an initial $100 investment?

Answer: 67.48


what is that less an initial $100 investment?

Question: what is that change over 100?

Answer: 0.6748


instead , companies will be required to account for such transactions using a fair-value method and recognize the related expense associated with share-based payments in the statement of operations .

sfas 123r is effective for us as of january 1 , 2006 .

we have historically accounted for share-based payments to employees under apb no .

as such , we generally have not recognized compensation expense for options granted to employees .

we will adopt the provisions of sfas 123r under the modified prospective method , in which compensation cost for all share-based payments granted or modified after the effective date is recognized based upon the requirements of sfas 123r , and compensation cost for all awards granted to employees prior to the effective date that are unvested as of the effective date of sfas 123r is recognized based on sfas 123 .

tax benefits will be recognized related to the cost for share-based payments to the extent the equity instrument would ordinarily result in a future tax deduction under existing law .

tax expense will be recognized to write off excess deferred tax assets when the tax deduction upon settlement of a vested option is less than the expense recorded in the statement of operations ( to the extent not offset by prior tax credits for settlements where the tax deduction was greater than the fair value cost ) .

we estimate that we will recognize equity-based compensation expense of approximately $ 35 million to $ 38 million for the year ending december 31 , 2006 .

this amount is subject to revisions as we finalize certain assumptions related to 2006 , including the size and nature of awards and forfeiture rates .

sfas 123r also requires the benefits of tax deductions in excess of recognized compensation cost be reported as a financing cash flow rather than as operating cash flow as was previously required .

we cannot estimate what the future tax benefits will be as the amounts depend on , among other factors , future employee stock option exercises .

due to the our tax loss position , there was no operating cash inflow realized for december 31 , 2005 and 2004 for such excess tax deductions .

in march 2005 , the sec issued staff accounting bulletin ( sab ) no .

107 regarding the staff 2019s interpretation of sfas 123r .

this interpretation provides the staff 2019s views regarding interactions between sfas 123r and certain sec rules and regulations and provides interpretations of the valuation of share-based payments for public companies .

the interpretive guidance is intended to assist companies in applying the provisions of sfas 123r and investors and users of the financial statements in analyzing the information provided .

we will follow the guidance prescribed in sab no .

107 in connection with our adoption of sfas 123r .

information presented pursuant to the indentures of our 7.50% ( 7.50 % ) notes , 7.125% ( 7.125 % ) notes and ati 7.25% ( 7.25 % ) the following table sets forth information that is presented solely to address certain tower cash flow reporting requirements contained in the indentures for our 7.50% ( 7.50 % ) notes , 7.125% ( 7.125 % ) notes and ati 7.25% ( 7.25 % ) notes .

the information contained in note 19 to our consolidated financial statements is also presented to address certain reporting requirements contained in the indenture for our ati 7.25% ( 7.25 % ) notes .

the following table presents tower cash flow , adjusted consolidated cash flow and non-tower cash flow for the company and its restricted subsidiaries , as defined in the indentures for the applicable notes ( in thousands ) : .

1	tower cash flow for the three months ended december 31 2005	$ 139590

2	consolidated cash flow for the twelve months ended december 31 2005	$ 498266

3	less : tower cash flow for the twelve months ended december 31 2005	-524804 ( 524804 )

4	plus : four times tower cash flow for the three months ended december 31 2005	558360

5	adjusted consolidated cash flow for the twelve months ended december 31 2005	$ 531822

6	non-tower cash flow for the twelve months ended december 31 2005	$ -30584 ( 30584 )

Question: what is the value of non-tower cash flow for the twelve months ended december 31 2005?

Answer: 30584.0