of prior service cost or credits , and net actuarial gains or losses ) as part of non-operating income .

2017-07 on january 1 , 2018 using the retrospective transition method .

2017-07 to result in an increase to consolidated operating profit of $ 471 million and $ 846 million for 2016 and 2017 , respectively , and a corresponding decrease in non-operating income for each year .

we do not expect any impact to our business segment operating profit , our consolidated net earnings , or cash flows as a result of adopting asu no .

intangibles-goodwill and other in january 2017 , the fasb issued asu no .

2017-04 , intangibles-goodwill and other ( topic 350 ) , which eliminates the requirement to compare the implied fair value of reporting unit goodwill with the carrying amount of that goodwill ( commonly referred to as step 2 ) from the goodwill impairment test .

the new standard does not change how a goodwill impairment is identified .

wewill continue to perform our quantitative and qualitative goodwill impairment test by comparing the fair value of each reporting unit to its carrying amount , but if we are required to recognize a goodwill impairment charge , under the new standard the amount of the charge will be calculated by subtracting the reporting unit 2019s fair value from its carrying amount .

under the prior standard , if we were required to recognize a goodwill impairment charge , step 2 required us to calculate the implied value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination and the amount of the charge was calculated by subtracting the reporting unit 2019s implied fair value of goodwill from its actual goodwill balance .

the new standard is effective for interim and annual reporting periods beginning after december 15 , 2019 , with early adoption permitted , and should be applied prospectively from the date of adoption .

we elected to adopt the new standard for future goodwill impairment tests at the beginning of the third quarter of 2017 , because it significantly simplifies the evaluation of goodwill for impairment .

the impact of the new standard will depend on the outcomes of future goodwill impairment tests .

derivatives and hedging inaugust 2017 , the fasb issuedasu no .

2017-12derivatives and hedging ( topic 815 ) , which eliminates the requirement to separately measure and report hedge ineffectiveness .

the guidance is effective for fiscal years beginning after december 15 , 2018 , with early adoption permitted .

we do not expect a significant impact to our consolidated assets and liabilities , net earnings , or cash flows as a result of adopting this new standard .

we plan to adopt the new standard january 1 , 2019 .

leases in february 2016 , the fasb issuedasu no .

2016-02 , leases ( topic 842 ) , which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements for both lessees and lessors .

the new standard is effective january 1 , 2019 for public companies , with early adoption permitted .

the new standard currently requires the application of a modified retrospective approach to the beginning of the earliest period presented in the financial statements .

we are continuing to evaluate the expected impact to our consolidated financial statements and related disclosures .

we plan to adopt the new standard effective january 1 , 2019 .

note 2 2013 earnings per share theweighted average number of shares outstanding used to compute earnings per common sharewere as follows ( in millions ) : .

we compute basic and diluted earnings per common share by dividing net earnings by the respectiveweighted average number of common shares outstanding for the periods presented .

our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units ( rsus ) , performance stock units ( psus ) and exercise of outstanding stock options based on the treasury stock method .

there were no significant anti-dilutive equity awards for the years ended december 31 , 2017 , 2016 and 2015 .

note 3 2013 acquisitions and divestitures acquisition of sikorsky aircraft corporation on november 6 , 2015 , we completed the acquisition of sikorsky from united technologies corporation ( utc ) and certain of utc 2019s subsidiaries .

the purchase price of the acquisition was $ 9.0 billion , net of cash acquired .

1		2017	2016	2015

2	weighted average common shares outstanding for basic computations	287.8	299.3	310.3

3	weighted average dilutive effect of equity awards	2.8	3.8	4.4

4	weighted average common shares outstanding for diluted computations	290.6	303.1	314.7

Question: what was the average weighted average common shares outstanding for diluted computations from 2015 to 2017

Answer: 302.8


as of december 31 , 2017 , the company had gross state income tax credit carry-forwards of approximately $ 20 million , which expire from 2018 through 2020 .

a deferred tax asset of approximately $ 16 million ( net of federal benefit ) has been established related to these state income tax credit carry-forwards , with a valuation allowance of $ 7 million against such deferred tax asset as of december 31 , 2017 .

the company had a gross state net operating loss carry-forward of $ 39 million , which expires in 2027 .

a deferred tax asset of approximately $ 3 million ( net of federal benefit ) has been established for the net operating loss carry-forward , with a full valuation allowance as of december 31 , 2017 .

other state and foreign net operating loss carry-forwards are separately and cumulatively immaterial to the company 2019s deferred tax balances and expire between 2026 and 2036 .

debt long-term debt consisted of the following: .

credit facility - in november 2017 , the company terminated its second amended and restated credit agreement and entered into a new credit agreement ( the "credit facility" ) with third-party lenders .

the credit facility includes a revolving credit facility of $ 1250 million , which may be drawn upon during a period of five years from november 22 , 2017 .

the revolving credit facility includes a letter of credit subfacility of $ 500 million .

the revolving credit facility has a variable interest rate on outstanding borrowings based on the london interbank offered rate ( "libor" ) plus a spread based upon the company's credit rating , which may vary between 1.125% ( 1.125 % ) and 1.500% ( 1.500 % ) .

the revolving credit facility also has a commitment fee rate on the unutilized balance based on the company 2019s leverage ratio .

the commitment fee rate as of december 31 , 2017 was 0.25% ( 0.25 % ) and may vary between 0.20% ( 0.20 % ) and 0.30% ( 0.30 % ) .

the credit facility contains customary affirmative and negative covenants , as well as a financial covenant based on a maximum total leverage ratio .

each of the company's existing and future material wholly owned domestic subsidiaries , except those that are specifically designated as unrestricted subsidiaries , are and will be guarantors under the credit facility .

in july 2015 , the company used cash on hand to repay all amounts outstanding under a prior credit facility , including $ 345 million in principal amount of outstanding term loans .

as of december 31 , 2017 , $ 15 million in letters of credit were issued but undrawn , and the remaining $ 1235 million of the revolving credit facility was unutilized .

the company had unamortized debt issuance costs associated with its credit facilities of $ 11 million and $ 8 million as of december 31 , 2017 and 2016 , respectively .

senior notes - in december 2017 , the company issued $ 600 million aggregate principal amount of unregistered 3.483% ( 3.483 % ) senior notes with registration rights due december 2027 , the net proceeds of which were used to repurchase the company's 5.000% ( 5.000 % ) senior notes due in 2021 in connection with the 2017 redemption described below .

in november 2015 , the company issued $ 600 million aggregate principal amount of unregistered 5.000% ( 5.000 % ) senior notes due november 2025 , the net proceeds of which were used to repurchase the company's 7.125% ( 7.125 % ) senior notes due in 2021 in connection with the 2015 tender offer and redemption described below .

interest on the company's senior notes is payable semi-annually .

the terms of the 5.000% ( 5.000 % ) and 3.483% ( 3.483 % ) senior notes limit the company 2019s ability and the ability of certain of its subsidiaries to create liens , enter into sale and leaseback transactions , sell assets , and effect consolidations or mergers .

the company had unamortized debt issuance costs associated with the senior notes of $ 15 million and $ 19 million as of december 31 , 2017 and 2016 , respectively. .

1	( $ in millions )	december 31 2017	december 31 2016

2	senior notes due december 15 2021 5.000% ( 5.000 % )	2014	600

3	senior notes due november 15 2025 5.000% ( 5.000 % )	600	600

4	senior notes due december 1 2027 3.483% ( 3.483 % )	600	2014

5	mississippi economic development revenue bonds due may 1 2024 7.81% ( 7.81 % )	84	84

6	gulf opportunity zone industrial development revenue bonds due december 1 2028 4.55% ( 4.55 % )	21	21

7	less unamortized debt issuance costs	-26 ( 26 )	-27 ( 27 )

8	total long-term debt	1279	1278

Question: what is the percentage change in the unamortized debt issuance costs associated with its credit facilities from 2016 to 2017?

Answer: 0.375


directors , executive officers and corporate governance for the information required by this item 10 , other than information with respect to our executive officers contained at the end of part i , item 1 of this report , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection 16 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2016 annual meeting , which information is incorporated herein by reference .

the proxy statement for our 2016 annual meeting will be filed within 120 days of the close of our year .

for the information required by this item 10 with respect to our executive officers , see part i , item 1 .

executive compensation for the information required by this item 11 , see 201ccompensation discussion and analysis , 201d 201ccompensation committee report , 201d and 201cexecutive compensation 201d in the proxy statement for our 2016 annual meeting , which information is incorporated herein by reference .

security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item 12 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2016 annual meeting , which information is incorporated herein by reference .

the following table sets forth certain information as of december 31 , 2015 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1442912 $ 86.98 4446967 item 13 .

certain relationships and related transactions , and director independence for the information required by this item 13 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2016 annual meeting , which information is incorporated herein by reference .

principal accounting fees and services for the information required by this item 14 , see 201caudit and non-audit fees 201d and 201caudit committee pre-approval procedures 201d in the proxy statement for our 2016 annual meeting , which information is incorporated herein by reference. .

1	plan category	number of securitiesto be issued uponexercise ofoutstanding options warrants and rights ( a ) ( b )	weighted-averageexercise price ofoutstanding options warrants and rights	number of securitiesremaining available forfuture issuance underequity compensationplans ( excludingsecurities reflected in column ( a ) ) ( c )

2	equity compensation plans approved by security holders	1442912	$ 86.98	4446967

Question: what is the total value of the issued options , warrants and rights , ( in millions ) ?

Answer: 125.50449


market price and dividends d u k e r e a l t y c o r p o r a t i o n 3 8 2 0 0 2 a n n u a l r e p o r t the company 2019s common shares are listed for trading on the new york stock exchange , symbol dre .

the following table sets forth the high and low sales prices of the common stock for the periods indicated and the dividend paid per share during each such period .

comparable cash dividends are expected in the future .

on january 29 , 2003 , the company declared a quarterly cash dividend of $ .455 per share , payable on february 28 , 2003 , to common shareholders of record on february 14 , 2003. .

Question: what is the percent change in quarterly cash dividend for the period ended march 31 2002 to the period ended december 31 2002?

Answer: 1.11111


the acquisition date is on or after the beginning of the first annual reporting period beginning on or after december 15 , 2008 .

we will evaluate how the new requirements of statement no .

141 ( r ) would impact any business combinations completed in 2009 or thereafter .

in december 2007 , the fasb also issued statement of financial accounting standards no .

160 , noncontrolling interests in consolidated financial statements 2014an amendment of accounting research bulletin no .

a noncontrolling interest , sometimes called a minority interest , is the portion of equity in a subsidiary not attributable , directly or indirectly , to a parent .

160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary .

160 , noncontrolling interests in a subsidiary must be reported as a component of consolidated equity separate from the parent 2019s equity .

additionally , the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement .

160 is effective for fiscal years beginning on or after december 15 , 2008 and earlier adoption is prohibited .

we do not expect the adoption of statement no .

160 to have a material impact on our financial statements and related disclosures .

2008 estimates the forward-looking statements provided in this discussion are based on our examination of historical operating trends , the information that was used to prepare the december 31 , 2007 reserve reports and other data in our possession or available from third parties .

these forward-looking statements were prepared assuming demand , curtailment , producibility and general market conditions for our oil , natural gas and ngls during 2008 will be substantially similar to those of 2007 , unless otherwise noted .

we make reference to the 201cdisclosure regarding forward-looking statements 201d at the beginning of this report .

amounts related to canadian operations have been converted to u.s .

dollars using a projected average 2008 exchange rate of $ 0.98 u.s .

in january 2007 , we announced our intent to divest our west african oil and gas assets and terminate our operations in west africa , including equatorial guinea , cote d 2019ivoire , gabon and other countries in the region .

in november 2007 , we announced an agreement to sell our operations in gabon for $ 205.5 million .

we are finalizing purchase and sales agreements and obtaining the necessary partner and government approvals for the remaining properties in this divestiture package .

we are optimistic we can complete these sales during the first half of 2008 .

all west african related revenues , expenses and capital will be reported as discontinued operations in our 2008 financial statements .

accordingly , all forward-looking estimates in the following discussion exclude amounts related to our operations in west africa , unless otherwise noted .

though we have completed several major property acquisitions and dispositions in recent years , these transactions are opportunity driven .

thus , the following forward-looking estimates do not include any financial and operating effects of potential property acquisitions or divestitures that may occur during 2008 , except for west africa as previously discussed .

oil , gas and ngl production set forth below are our estimates of oil , gas and ngl production for 2008 .

we estimate that our combined 2008 oil , gas and ngl production will total approximately 240 to 247 mmboe .

of this total , approximately 92% ( 92 % ) is estimated to be produced from reserves classified as 201cproved 201d at december 31 , 2007 .

the following estimates for oil , gas and ngl production are calculated at the midpoint of the estimated range for total production .

oil gas ngls total ( mmbbls ) ( bcf ) ( mmbbls ) ( mmboe ) .

1		oil ( mmbbls )	gas ( bcf )	ngls ( mmbbls )	total ( mmboe )

2	u.s . onshore	12	626	23	140

3	u.s . offshore	8	68	1	20

4	canada	23	198	4	60

5	international	23	2	2014	23

6	total	66	894	28	243

Question: what percentage of the total oil and gas mmboe comes from canada?

Answer: 24.69136


the defined benefit pension plans 2019 trust and $ 130 million to our retiree medical plans which will reduce our cash funding requirements for 2007 and 2008 .

in 2007 , we expect to make no contributions to the defined benefit pension plans and expect to contribute $ 175 million to the retiree medical and life insurance plans , after giving consideration to the 2006 prepayments .

the following benefit payments , which reflect expected future service , as appropriate , are expected to be paid : ( in millions ) pension benefits benefits .

as noted previously , we also sponsor nonqualified defined benefit plans to provide benefits in excess of qualified plan limits .

the aggregate liabilities for these plans at december 31 , 2006 were $ 641 million .

the expense associated with these plans totaled $ 59 million in 2006 , $ 58 million in 2005 and $ 61 million in 2004 .

we also sponsor a small number of foreign benefit plans .

the liabilities and expenses associated with these plans are not material to our results of operations , financial position or cash flows .

note 13 2013 leases our total rental expense under operating leases was $ 310 million , $ 324 million and $ 318 million for 2006 , 2005 and 2004 , respectively .

future minimum lease commitments at december 31 , 2006 for all operating leases that have a remaining term of more than one year were $ 1.1 billion ( $ 288 million in 2007 , $ 254 million in 2008 , $ 211 million in 2009 , $ 153 million in 2010 , $ 118 million in 2011 and $ 121 million in later years ) .

certain major plant facilities and equipment are furnished by the u.s .

government under short-term or cancelable arrangements .

note 14 2013 legal proceedings , commitments and contingencies we are a party to or have property subject to litigation and other proceedings , including matters arising under provisions relating to the protection of the environment .

we believe the probability is remote that the outcome of these matters will have a material adverse effect on the corporation as a whole .

we cannot predict the outcome of legal proceedings with certainty .

these matters include the following items , all of which have been previously reported : on march 27 , 2006 , we received a subpoena issued by a grand jury in the united states district court for the northern district of ohio .

the subpoena requests documents related to our application for patents issued in the united states and the united kingdom relating to a missile detection and warning technology .

we are cooperating with the government 2019s investigation .

on february 6 , 2004 , we submitted a certified contract claim to the united states requesting contractual indemnity for remediation and litigation costs ( past and future ) related to our former facility in redlands , california .

we submitted the claim consistent with a claim sponsorship agreement with the boeing company ( boeing ) , executed in 2001 , in boeing 2019s role as the prime contractor on the short range attack missile ( sram ) program .

the contract for the sram program , which formed a significant portion of our work at the redlands facility , had special contractual indemnities from the u.s .

air force , as authorized by public law 85-804 .

on august 31 , 2004 , the united states denied the claim .

our appeal of that decision is pending with the armed services board of contract appeals .

on august 28 , 2003 , the department of justice ( the doj ) filed complaints in partial intervention in two lawsuits filed under the qui tam provisions of the civil false claims act in the united states district court for the western district of kentucky , united states ex rel .

natural resources defense council , et al v .

lockheed martin corporation , et al , and united states ex rel .

lockheed martin energy systems , inc. , et al .

the doj alleges that we committed violations of the resource conservation and recovery act at the paducah gaseous diffusion plant by not properly handling , storing .

Question: what percentage of future minimum lease commitments at december 31 , 2006 for all operating leases that have a remaining term of more than one year are due in 2008?

Answer: 0.23091


note 8 2014 benefit plans the company has defined benefit pension plans covering certain employees in the united states and certain international locations .

postretirement healthcare and life insurance benefits provided to qualifying domestic retirees as well as other postretirement benefit plans in international countries are not material .

the measurement date used for the company 2019s employee benefit plans is september 30 .

effective january 1 , 2018 , the legacy u.s .

pension plan was frozen to limit the participation of employees who are hired or re-hired by the company , or who transfer employment to the company , on or after january 1 , net pension cost for the years ended september 30 included the following components: .

net pension cost included in the preceding table that is attributable to international plans $ 34 $ 43 $ 35 the amounts provided above for amortization of prior service credit and amortization of loss represent the reclassifications of prior service credits and net actuarial losses that were recognized in accumulated other comprehensive income ( loss ) in prior periods .

the settlement losses recorded in 2018 and 2016 primarily included lump sum benefit payments associated with the company 2019s u.s .

the company recognizes pension settlements when payments from the supplemental plan exceed the sum of service and interest cost components of net periodic pension cost associated with this plan for the fiscal year. .

1	( millions of dollars )	pension plans 2018	pension plans 2017	pension plans 2016

2	service cost	$ 136	$ 110	$ 81

3	interest cost	90	61	72

4	expected return on plan assets	-154 ( 154 )	-112 ( 112 )	-109 ( 109 )

5	amortization of prior service credit	-13 ( 13 )	-14 ( 14 )	-15 ( 15 )

6	amortization of loss	78	92	77

7	settlements	2	2014	7

8	net pension cost	$ 137	$ 138	$ 113

9	net pension cost included in the preceding table that is attributable to international plans	$ 34	$ 43	$ 35

Question: what is the average cost of interest , in millions , for 2016-2018?

Answer: 74.33333


70| | duke realty corporation annual report 2009 the following table summarizes transactions for our rsus , excluding dividend equivalents , for 2009 : weighted average number of grant date restricted stock units rsus fair value .

compensation cost recognized for rsus totaled $ 7.3 million , $ 4.9 million and $ 3.0 million for the years ended december 31 , 2009 , 2008 and 2007 , respectively .

as of december 31 , 2009 , there was $ 6.7 million of total unrecognized compensation expense related to nonvested rsus granted under the plan , which is expected to be recognized over a weighted average period of 3.3 years .

( 14 ) financial instruments we are exposed to capital market risk , such as changes in interest rates .

in an effort to manage interest rate risk , we may enter into interest rate hedging arrangements from time to time .

we do not utilize derivative financial instruments for trading or speculative purposes .

in november 2007 , we entered into forward starting interest swaps with notional amounts appropriate to hedge interest rates on $ 300.0 million of anticipated debt offerings in 2009 .

the forward starting swaps were appropriately designated and tested for effectiveness as cash flow hedges .

in march 2008 , we settled the forward starting swaps and made a cash payment of $ 14.6 million to the counterparties .

an effectiveness test was performed as of the settlement date and it was concluded that a highly effective cash flow hedge was still in place for the expected debt offering .

of the amount paid in settlement , approximately $ 700000 was immediately reclassified to interest expense , as the result of partial ineffectiveness calculated at the settlement date .

the net amount of $ 13.9 million was recorded in other comprehensive income ( 201coci 201d ) and is being recognized through interest expense over the life of the hedged debt offering , which took place in may 2008 .

the remaining unamortized amount included as a reduction to accumulated oci as of december 31 , 2009 is $ 9.3 million .

in august 2005 , we entered into $ 300.0 million of cash flow hedges through forward starting interest rate swaps to hedge interest rates on $ 300.0 million of anticipated debt offerings in 2007 .

the swaps qualified for hedge accounting , with any changes in fair value recorded in oci .

in conjunction with the september 2007 issuance of $ 300.0 million of senior unsecured notes , we terminated these cash flow hedges as designated .

the settlement amount received of $ 10.7 million is being recognized to earnings through a reduction of interest expense over the term of the hedged cash flows .

the remaining unamortized amount included as an increase to accumulated oci as of december 31 , 2009 is $ 8.2 million .

the ineffective portion of the hedge was insignificant .

the effectiveness of our hedges is evaluated throughout their lives using the hypothetical derivative method under which the change in fair value of the actual swap designated as the hedging instrument is compared to the change in fair value of a hypothetical swap .

we had no material interest rate derivatives , when considering both fair value and notional amount , at december 31 , 2009. .

1	restricted stock units	number of rsus	weighted average grant date fair value

2	rsus at december 31 2008	401375	$ 29.03

3	granted	1583616	$ 9.32

4	vested	-129352 ( 129352 )	$ 28.39

5	forfeited	-172033 ( 172033 )	$ 12.53

6	rsus at december 31 2009	1683606	$ 12.23

Question: what was the percent of the increase in compensation cost recognized for rsus from 2008 to 2009

Answer: 0.4898


the following graph compares the cumulative 5-year total return to shareholders of cadence design systems , inc . 2019s common stock relative to the cumulative total returns of the s & p 500 index , the nasdaq composite index and the s & p information technology index .

the graph assumes that the value of the investment in the company 2019s common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on december 29 , 2001 and tracks it through december 30 , 2006 .

comparison of 5 year cumulative total return* among cadence design systems , inc. , the s & p 500 index , the nasdaq composite index and the s & p information technology index 12/30/0612/31/051/1/051/3/0412/28/0212/29/01 cadence design systems , inc .

nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/29/01 in stock or on 12/31/01 in index-incuding reinvestment of dividends .

copyright b7 2007 , standard & poor 2019s , a division of the mcgraw-hill companies , inc .

www.researchdatagroup.com/s&p.htm december 29 , december 28 , january 3 , january 1 , december 31 , december 30 .

Question: what is the rate of return of an investment in cadence design systems inc from 2001 to 2004?

Answer: -0.1848


market for the registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following graph compares annual total return of our common stock , the standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) and our peer group ( 201cloews peer group 201d ) for the five years ended december 31 , 2015 .

the graph assumes that the value of the investment in our common stock , the s&p 500 index and the loews peer group was $ 100 on december 31 , 2010 and that all dividends were reinvested. .

( a ) the loews peer group consists of the following companies that are industry competitors of our principal operating subsidiaries : ace limited , w.r .

berkley corporation , the chubb corporation , energy transfer partners l.p. , ensco plc , the hartford financial services group , inc. , kinder morgan energy partners , l.p .

( included through november 26 , 2014 when it was acquired by kinder morgan inc. ) , noble corporation , spectra energy corp , transocean ltd .

dividend information we have paid quarterly cash dividends on loews common stock in each year since 1967 .

regular dividends of $ 0.0625 per share of loews common stock were paid in each calendar quarter of 2015 and 2014. .

Question: what is the roi of an investment in loews common stock from 2010 to 2011?

Answer: -0.0263


Question: what is the roi of an investment in loews common stock from 2010 to 2012?

Answer: 0.0604


largest operators of open-loop and closed-loop retail electronic payments networks the largest operators of open-loop and closed-loop retail electronic payments networks are visa , mastercard , american express , discover , jcb and diners club .

with the exception of discover , which primarily operates in the united states , all of the other network operators can be considered multi- national or global providers of payments network services .

based on payments volume , total volume , number of transactions and number of cards in circulation , visa is the largest retail electronic payments network in the world .

the following chart compares our network with those of our major competitors for calendar year 2007 : company payments volume volume transactions cards ( billions ) ( billions ) ( billions ) ( millions ) visa inc. ( 1 ) .

figures as reported previously in our filings .

source : the nilson report , issue 902 ( may 2008 ) and issue 903 ( may 2008 ) .

figures for competitors include their respective european operations .

visa figures include visa , visa electron , and interlink brands .

visa cards include plus proprietary cards , but proprietary plus cash volume is not included .

mastercard figures include pin-based debit card figures on mastercard cards , but not maestro or cirrus figures .

china commercial funds transfers are excluded .

american express and discover include business from third-party issuers .

jcb figures are for april 2006 through march 2007 , but cards and outlets are as of september 2007 .

jcb total transaction figures are estimates .

our primary operations we generate revenue from the transaction processing services we offer to our customers .

our customers deliver visa products and payment services to consumers and merchants based on the product platforms we define and manage .

payments network management is a core part of our operations , as it ensures that our payments system provides a safe , efficient , consistent , and interoperable service to cardholders , merchants , and financial institutions worldwide .

transaction processing services core processing services our core processing services involve the routing of payment information and related data to facilitate the authorization , clearing and settlement of transactions between visa issuers , which are the financial institutions that issue visa cards to cardholders , and acquirers , which are the financial institutions that offer visa network connectivity and payments acceptance services to merchants .

in addition , we offer a range of value-added processing services to support our customers 2019 visa programs and to promote the growth and security of the visa payments network .

authorization is the process of approving or declining a transaction before a purchase is finalized or cash is disbursed .

clearing is the process of delivering final transaction data from an acquirer to an issuer for posting to the cardholder 2019s account , the calculation of certain fees and charges that apply to the issuer and acquirer involved in the transaction , and the conversion of transaction amounts to the .

1	company	payments volume ( billions )	total volume ( billions )	total transactions ( billions )	cards ( millions )

2	visa inc. ( 1 )	$ 2457	$ 3822	50.3	1592

3	mastercard	1697	2276	27.0	916

4	american express	637	647	5.0	86

5	discover	102	119	1.6	57

6	jcb	55	61	0.6	58

7	diners club	29	30	0.2	7

Question: what is the average payment volume per transaction for american express?

Answer: 127.4


figures as reported previously in our filings .

source : the nilson report , issue 902 ( may 2008 ) and issue 903 ( may 2008 ) .

figures for competitors include their respective european operations .

visa figures include visa , visa electron , and interlink brands .

visa cards include plus proprietary cards , but proprietary plus cash volume is not included .

mastercard figures include pin-based debit card figures on mastercard cards , but not maestro or cirrus figures .

china commercial funds transfers are excluded .

american express and discover include business from third-party issuers .

jcb figures are for april 2006 through march 2007 , but cards and outlets are as of september 2007 .

jcb total transaction figures are estimates .

our primary operations we generate revenue from the transaction processing services we offer to our customers .

our customers deliver visa products and payment services to consumers and merchants based on the product platforms we define and manage .

payments network management is a core part of our operations , as it ensures that our payments system provides a safe , efficient , consistent , and interoperable service to cardholders , merchants , and financial institutions worldwide .

transaction processing services core processing services our core processing services involve the routing of payment information and related data to facilitate the authorization , clearing and settlement of transactions between visa issuers , which are the financial institutions that issue visa cards to cardholders , and acquirers , which are the financial institutions that offer visa network connectivity and payments acceptance services to merchants .

in addition , we offer a range of value-added processing services to support our customers 2019 visa programs and to promote the growth and security of the visa payments network .

authorization is the process of approving or declining a transaction before a purchase is finalized or cash is disbursed .

clearing is the process of delivering final transaction data from an acquirer to an issuer for posting to the cardholder 2019s account , the calculation of certain fees and charges that apply to the issuer and acquirer involved in the transaction , and the conversion of transaction amounts to the .

Question: what is the average payment volume per transaction for jcb?

Answer: 91.66667


during the fourth quarter of 2010 , schlumberger issued 20ac1.0 billion 2.75% ( 2.75 % ) guaranteed notes due under this program .

schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity , effectively making this a us denominated debt on which schlumberger will pay interest in us dollars at a rate of 2.56% ( 2.56 % ) .

during the first quarter of 2009 , schlumberger issued 20ac1.0 billion 4.50% ( 4.50 % ) guaranteed notes due 2014 under this program .

schlumberger entered into agreements to swap these euro notes for us dollars on the date of issue until maturity , effectively making this a us dollar denominated debt on which schlumberger will pay interest in us dollars at a rate of 4.95% ( 4.95 % ) .

0160 on april 17 , 2008 , the schlumberger board of directors approved an $ 8 billion share repurchase program for shares of schlumberger common stock , to be acquired in the open market before december 31 , 2011 .

on july 21 , 2011 , the schlumberger board of directors approved an extension of this repurchase program to december 31 , 2013 .

schlumberger had repurchased $ 7.12 billion of shares under this program as of december 31 , 2012 .

the following table summarizes the activity under this share repurchase program during 2012 , 2011 and 2010 : ( stated in thousands except per share amounts ) total cost of shares purchased total number of shares purchased average price paid per share .

0160 cash flow provided by operations was $ 6.8 billion in 2012 , $ 6.1 billion in 2011 and $ 5.5 billion in 2010 .

in recent years , schlumberger has actively managed its activity levels in venezuela relative to its accounts receivable balance , and has recently experienced an increased delay in payment from its national oil company customer there .

schlumberger operates in approximately 85 countries .

at december 31 , 2012 , only five of those countries ( including venezuela ) individually accounted for greater than 5% ( 5 % ) of schlumberger 2019s accounts receivable balance of which only one , the united states , represented greater than 10% ( 10 % ) .

0160 dividends paid during 2012 , 2011 and 2010 were $ 1.43 billion , $ 1.30 billion and $ 1.04 billion , respectively .

on january 17 , 2013 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 13.6% ( 13.6 % ) , to $ 0.3125 .

on january 19 , 2012 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 10% ( 10 % ) , to $ 0.275 .

on january 21 , 2011 , schlumberger announced that its board of directors had approved an increase in the quarterly dividend of 19% ( 19 % ) , to $ 0.25 .

0160 capital expenditures were $ 4.7 billion in 2012 , $ 4.0 billion in 2011 and $ 2.9 billion in 2010 .

capital expenditures are expected to approach $ 3.9 billion for the full year 2013 .

0160 during 2012 , 2011 and 2010 schlumberger made contributions of $ 673 million , $ 601 million and $ 868 million , respectively , to its postretirement benefit plans .

the us pension plans were 82% ( 82 % ) funded at december 31 , 2012 based on the projected benefit obligation .

this compares to 87% ( 87 % ) funded at december 31 , 2011 .

schlumberger 2019s international defined benefit pension plans are a combined 88% ( 88 % ) funded at december 31 , 2012 based on the projected benefit obligation .

this compares to 88% ( 88 % ) funded at december 31 , 2011 .

schlumberger currently anticipates contributing approximately $ 650 million to its postretirement benefit plans in 2013 , subject to market and business conditions .

0160 there were $ 321 million outstanding series b debentures at december 31 , 2009 .

during 2010 , the remaining $ 320 million of the 2.125% ( 2.125 % ) series b convertible debentures due june 1 , 2023 were converted by holders into 8.0 million shares of schlumberger common stock and the remaining $ 1 million of outstanding series b debentures were redeemed for cash. .

1		total cost of shares purchased	total number of shares purchased	average price paid per share

2	2012	$ 971883	14087.8	$ 68.99

3	2011	$ 2997688	36940.4	$ 81.15

4	2010	$ 1716675	26624.8	$ 64.48

Question: by how much did the average price per share increase from 2010 to 2011?

Answer: 0.25853


the following graph compares the cumulative 5-year total return to shareholders of cadence design systems , inc . 2019s common stock relative to the cumulative total returns of the s & p 500 index , the nasdaq composite index and the s & p information technology index .

the graph assumes that the value of the investment in the company 2019s common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on december 29 , 2001 and tracks it through december 30 , 2006 .

comparison of 5 year cumulative total return* among cadence design systems , inc. , the s & p 500 index , the nasdaq composite index and the s & p information technology index 12/30/0612/31/051/1/051/3/0412/28/0212/29/01 cadence design systems , inc .

nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/29/01 in stock or on 12/31/01 in index-incuding reinvestment of dividends .

copyright b7 2007 , standard & poor 2019s , a division of the mcgraw-hill companies , inc .

www.researchdatagroup.com/s&p.htm december 29 , december 28 , january 3 , january 1 , december 31 , december 30 .

Question: what is the rate of return of an investment in s&p500 inc from 2001 to 2005?

Answer: 0.1115


the following performance graph shows the cumulative total return to a holder of the company 2019s common stock , assuming dividend reinvestment , compared with the cumulative total return , assuming dividend reinvestment , of the standard & poor ( "s&p" ) 500 index and the dow jones us financials index during the period from december 31 , 2009 through december 31 , 2014. .

Question: what was the percent of the return on the e*trade financial corporation common stock from 2009 to 2014

Answer: 0.3781


/ 2007 annual report 31 the following section provides a comparative discussion of jpmorgan chase 2019s consolidated results of operations on a reported basis for the three-year period ended december 31 , 2007 .

factors that relate primarily to a single business segment are discussed in more detail within that business segment than they are in this consolidated sec- tion .

for a discussion of the critical accounting estimates used by the firm that affect the consolidated results of operations , see pages 96 201398 of this annual report .

2007 compared with 2006 total net revenue of $ 71.4 billion was up $ 9.4 billion , or 15% ( 15 % ) , from the prior year .

higher net interest income , very strong private equity gains , record asset management , administration and commissions revenue , higher mortgage fees and related income and record investment banking fees contributed to the revenue growth .

these increases were offset partially by lower trading revenue .

investment banking fees grew in 2007 to a level higher than the pre- vious record set in 2006 .

record advisory and equity underwriting fees drove the results , partially offset by lower debt underwriting fees .

for a further discussion of investment banking fees , which are primarily recorded in ib , see the ib segment results on pages 40 201342 of this annual report .

principal transactions revenue consists of trading revenue and private equity gains .

trading revenue declined significantly from the 2006 level , primarily due to markdowns in ib of $ 1.4 billion ( net of hedges ) on subprime positions , including subprime cdos , and $ 1.3 billion ( net of fees ) on leveraged lending funded loans and unfunded commitments .

also in ib , markdowns in securitized products on nonsubprime mortgages and weak credit trading performance more than offset record revenue in currencies and strong revenue in both rates and equities .

equities benefited from strong client activity and record trading results across all products .

ib 2019s credit portfolio results increased compared with the prior year , primarily driven by higher revenue from risk management activities .

the increase in private equity gains from 2006 reflected a significantly higher level of gains , the classification of certain private equity carried interest as compensation expense and a fair value adjustment in the first quarter of 2007 on nonpublic private equity investments resulting from the adoption of sfas 157 ( 201cfair value measurements 201d ) .

for a further discussion of principal transactions revenue , see the ib and corporate segment results on pages 40 201342 and 59 201360 , respectively , and note 6 on page 122 of this annual report .

lending & deposit-related fees rose from the 2006 level , driven pri- marily by higher deposit-related fees and the bank of new york transaction .

for a further discussion of lending & deposit-related fees , which are mostly recorded in rfs , tss and cb , see the rfs segment results on pages 43 201348 , the tss segment results on pages 54 201355 , and the cb segment results on pages 52 201353 of this annual report .

asset management , administration and commissions revenue reached a level higher than the previous record set in 2006 .

increased assets under management and higher performance and placement fees in am drove the record results .

the 18% ( 18 % ) growth in assets under management from year-end 2006 came from net asset inflows and market appreciation across all segments : institutional , retail , private bank and private client services .

tss also contributed to the rise in asset management , administration and commissions revenue , driven by increased product usage by new and existing clients and market appreciation on assets under custody .

finally , commissions revenue increased , due mainly to higher brokerage transaction volume ( primarily included within fixed income and equity markets revenue of ib ) , which more than offset the sale of the insurance business by rfs in the third quarter of 2006 and a charge in the first quarter of 2007 resulting from accelerated surrenders of customer annuities .

for additional information on these fees and commissions , see the segment discussions for ib on pages 40 201342 , rfs on pages 43 201348 , tss on pages 54 201355 , and am on pages 56 201358 , of this annual report .

the favorable variance resulting from securities gains in 2007 compared with securities losses in 2006 was primarily driven by improvements in the results of repositioning of the treasury invest- ment securities portfolio .

also contributing to the positive variance was a $ 234 million gain from the sale of mastercard shares .

for a fur- ther discussion of securities gains ( losses ) , which are mostly recorded in the firm 2019s treasury business , see the corporate segment discussion on pages 59 201360 of this annual report .

1	year ended december 31 ( in millions )	2007	2006	2005

2	investment banking fees	$ 6635	$ 5520	$ 4088

3	principal transactions	9015	10778	8072

4	lending & deposit-related fees	3938	3468	3389

5	asset management administration and commissions	14356	11855	9988

6	securities gains ( losses )	164	-543 ( 543 )	-1336 ( 1336 )

7	mortgage fees and related income	2118	591	1054

8	credit card income	6911	6913	6754

9	other income	1829	2175	2684

10	noninterest revenue	44966	40757	34693

11	net interest income	26406	21242	19555

12	total net revenue	$ 71372	$ 61999	$ 54248

Question: what was the percentage change in investment banking fees from 2005 to 2006?

Answer: 0.35029


edwards lifesciences corporation notes to consolidated financial statements ( continued ) 7 .

acquisitions ( continued ) was recorded to goodwill .

the following table summarizes the fair values of the assets acquired and liabilities assumed ( in millions ) : .

goodwill includes expected synergies and other benefits the company believes will result from the acquisition .

goodwill was assigned to the company 2019s united states segment and is not deductible for tax purposes .

ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods .

the fair value of the ipr&d was determined using the income approach .

this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return .

the discount rate used to determine the fair value of the ipr&d was 16.5% ( 16.5 % ) .

completion of successful design developments , bench testing , pre-clinical studies and human clinical studies are required prior to selling any product .

the risks and uncertainties associated with completing development within a reasonable period of time include those related to the design , development , and manufacturability of the product , the success of pre-clinical and clinical studies , and the timing of regulatory approvals .

the valuation assumed $ 97.7 million of additional research and development expenditures would be incurred prior to the date of product introduction , and the company does not currently anticipate significant changes to forecasted research and development expenditures associated with the cardiaq program .

the company 2019s valuation model also assumed net cash inflows would commence in late 2018 , if successful clinical trial experiences lead to a ce mark approval .

upon completion of development , the underlying research and development intangible asset will be amortized over its estimated useful life .

the company disclosed in early february 2017 that it had voluntarily paused enrollment in its clinical trials for the edwards-cardiaq valve to perform further design validation testing on a feature of the valve .

this testing has been completed and , in collaboration with clinical investigators , the company has decided to resume screening patients for enrollment in its clinical trials .

the results of operations for cardiaq have been included in the accompanying consolidated financial statements from the date of acquisition .

pro forma results have not been presented as the results of cardiaq are not material in relation to the consolidated financial statements of the company .

goodwill and other intangible assets on july 3 , 2015 , the company acquired cardiaq ( see note 7 ) .

this transaction resulted in an increase to goodwill of $ 258.9 million and ipr&d of $ 190.0 million. .

1	current assets	$ 28.1

2	property and equipment net	0.2

3	goodwill	258.9

4	ipr&d	190.0

5	current liabilities assumed	-32.9 ( 32.9 )

6	deferred income taxes	-66.0 ( 66.0 )

7	contingent consideration	-30.3 ( 30.3 )

8	total cash purchase price	348.0

9	less : cash acquired	-27.9 ( 27.9 )

10	total cash purchase price net of cash acquired	$ 320.1

Question: what percentage of the total cash purchase price net of cash acquired was represented by goodwill?

Answer: 0.80881


goodwill includes expected synergies and other benefits the company believes will result from the acquisition .

goodwill was assigned to the company 2019s united states segment and is not deductible for tax purposes .

ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods .

the fair value of the ipr&d was determined using the income approach .

this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return .

the discount rate used to determine the fair value of the ipr&d was 16.5% ( 16.5 % ) .

completion of successful design developments , bench testing , pre-clinical studies and human clinical studies are required prior to selling any product .

the risks and uncertainties associated with completing development within a reasonable period of time include those related to the design , development , and manufacturability of the product , the success of pre-clinical and clinical studies , and the timing of regulatory approvals .

the valuation assumed $ 97.7 million of additional research and development expenditures would be incurred prior to the date of product introduction , and the company does not currently anticipate significant changes to forecasted research and development expenditures associated with the cardiaq program .

the company 2019s valuation model also assumed net cash inflows would commence in late 2018 , if successful clinical trial experiences lead to a ce mark approval .

upon completion of development , the underlying research and development intangible asset will be amortized over its estimated useful life .

the company disclosed in early february 2017 that it had voluntarily paused enrollment in its clinical trials for the edwards-cardiaq valve to perform further design validation testing on a feature of the valve .

this testing has been completed and , in collaboration with clinical investigators , the company has decided to resume screening patients for enrollment in its clinical trials .

the results of operations for cardiaq have been included in the accompanying consolidated financial statements from the date of acquisition .

pro forma results have not been presented as the results of cardiaq are not material in relation to the consolidated financial statements of the company .

goodwill and other intangible assets on july 3 , 2015 , the company acquired cardiaq ( see note 7 ) .

this transaction resulted in an increase to goodwill of $ 258.9 million and ipr&d of $ 190.0 million. .

Question: how much goodwill does the company have as a % (  % ) of current assets?

Answer: 9.21352


contractual obligations for future payments under existing debt and lease commitments and purchase obli- gations at december 31 , 2005 , were as follows : in millions 2006 2007 2008 2009 2010 thereafter .

( a ) the 2006 amount includes $ 2.4 billion for contracts made in the ordinary course of business to purchase pulpwood , logs and wood chips .

the majority of our other purchase obligations are take-or-pay or purchase commitments made in the ordinary course of business related to raw material purchases and energy contracts .

other significant items include purchase obligations related to contracted services .

transformation plan in july 2005 , the company announced a plan to focus its business portfolio on two key global platform businesses : uncoated papers ( including distribution ) and packaging .

the plan also focuses on improving shareholder return through mill realignments in those two businesses , additional cost improvements and exploring strategic options for other businesses , includ- ing possible sale or spin-off .

in connection with this process , in the third quarter of 2005 , the company completed the sale of its 50.5% ( 50.5 % ) interest in carter holt harvey limited .

other businesses currently under re- view include : 2022 the coated and supercalendered papers busi- ness , including the coated groundwood mill and associated assets in brazil , 2022 the beverage packaging business , including the pine bluff , arkansas mill , 2022 the kraft papers business , including the roa- noke rapids , north carolina mill , 2022 arizona chemical , 2022 the wood products business , and 2022 segments or potentially all of the company 2019s 6.5 million acres of u.s .

consistent with this evaluation process , the com- pany has distributed bid package information for some of these businesses .

the exact timing of this evaluation process will vary by business ; however , it is anticipated that decisions will be made for some of these businesses during 2006 .

while the exact use of any proceeds from potential future sales is dependent upon various factors affecting future cash flows , such as the amount of any proceeds received and changes in market conditions , input costs and capital spending , the company remains committed to using its free cash flow in 2006 to pay down debt , to return value to shareholders , and for se- lective high-return investments .

critical accounting policies the preparation of financial statements in con- formity with generally accepted accounting principles in the united states requires international paper to estab- lish accounting policies and to make estimates that af- fect both the amounts and timing of the recording of assets , liabilities , revenues and expenses .

some of these estimates require judgments about matters that are in- herently uncertain .

accounting policies whose application may have a significant effect on the reported results of operations and financial position of international paper , and that can require judgments by management that affect their application , include sfas no .

5 , 201caccounting for contingencies , 201d sfas no .

144 , 201caccounting for the impairment or disposal of long-lived assets , 201d sfas no .

142 , 201cgoodwill and other intangible assets , 201d sfas no .

87 , 201cemployers 2019 accounting for pensions , 201d sfas no .

106 , 201cemployers 2019 accounting for postretirement benefits other than pensions , 201d as amended by sfas nos .

132 and 132r , 201cemployers 2019 disclosures about pension and other postretirement benefits , 201d and sfas no .

109 , 201caccounting for income taxes . 201d the following is a discussion of the impact of these accounting policies on international paper : contingent liabilities .

accruals for contingent li- abilities , including legal and environmental matters , are recorded when it is probable that a liability has been incurred or an asset impaired and the amount of the loss can be reasonably estimated .

liabilities accrued for legal matters require judgments regarding projected outcomes and range of loss based on historical experience and recommendations of legal counsel .

additionally , as dis- cussed in note 10 of the notes to consolidated finan- cial statements in item 8 .

financial statements and supplementary data , reserves for projected future claims settlements relating to exterior siding and roofing prod- ucts previously manufactured by masonite require judgments regarding projections of future claims rates and amounts .

international paper utilizes an in- dependent third party consultant to assist in developing these estimates .

liabilities for environmental matters require evaluations of relevant environmental regu- lations and estimates of future remediation alternatives and costs .

international paper determines these esti- mates after a detailed evaluation of each site .

impairment of long-lived assets and goodwill .

an impairment of a long-lived asset exists when the asset 2019s carrying amount exceeds its fair value , and is recorded when the carrying amount is not recoverable through future operations .

a goodwill impairment exists when the carrying amount of goodwill exceeds its fair value .

assessments of possible impairments of long-lived assets and goodwill are made when events or changes in cir- cumstances indicate that the carrying value of the asset .

Question: what is the change in total debt to be repaid in the contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2005 between 2009 and 2008?

Answer: 2022.0


( a ) the 2006 amount includes $ 2.4 billion for contracts made in the ordinary course of business to purchase pulpwood , logs and wood chips .

the majority of our other purchase obligations are take-or-pay or purchase commitments made in the ordinary course of business related to raw material purchases and energy contracts .

other significant items include purchase obligations related to contracted services .

transformation plan in july 2005 , the company announced a plan to focus its business portfolio on two key global platform businesses : uncoated papers ( including distribution ) and packaging .

the plan also focuses on improving shareholder return through mill realignments in those two businesses , additional cost improvements and exploring strategic options for other businesses , includ- ing possible sale or spin-off .

in connection with this process , in the third quarter of 2005 , the company completed the sale of its 50.5% ( 50.5 % ) interest in carter holt harvey limited .

other businesses currently under re- view include : 2022 the coated and supercalendered papers busi- ness , including the coated groundwood mill and associated assets in brazil , 2022 the beverage packaging business , including the pine bluff , arkansas mill , 2022 the kraft papers business , including the roa- noke rapids , north carolina mill , 2022 arizona chemical , 2022 the wood products business , and 2022 segments or potentially all of the company 2019s 6.5 million acres of u.s .

consistent with this evaluation process , the com- pany has distributed bid package information for some of these businesses .

the exact timing of this evaluation process will vary by business ; however , it is anticipated that decisions will be made for some of these businesses during 2006 .

while the exact use of any proceeds from potential future sales is dependent upon various factors affecting future cash flows , such as the amount of any proceeds received and changes in market conditions , input costs and capital spending , the company remains committed to using its free cash flow in 2006 to pay down debt , to return value to shareholders , and for se- lective high-return investments .

critical accounting policies the preparation of financial statements in con- formity with generally accepted accounting principles in the united states requires international paper to estab- lish accounting policies and to make estimates that af- fect both the amounts and timing of the recording of assets , liabilities , revenues and expenses .

some of these estimates require judgments about matters that are in- herently uncertain .

accounting policies whose application may have a significant effect on the reported results of operations and financial position of international paper , and that can require judgments by management that affect their application , include sfas no .

5 , 201caccounting for contingencies , 201d sfas no .

144 , 201caccounting for the impairment or disposal of long-lived assets , 201d sfas no .

142 , 201cgoodwill and other intangible assets , 201d sfas no .

87 , 201cemployers 2019 accounting for pensions , 201d sfas no .

106 , 201cemployers 2019 accounting for postretirement benefits other than pensions , 201d as amended by sfas nos .

132 and 132r , 201cemployers 2019 disclosures about pension and other postretirement benefits , 201d and sfas no .

109 , 201caccounting for income taxes . 201d the following is a discussion of the impact of these accounting policies on international paper : contingent liabilities .

accruals for contingent li- abilities , including legal and environmental matters , are recorded when it is probable that a liability has been incurred or an asset impaired and the amount of the loss can be reasonably estimated .

liabilities accrued for legal matters require judgments regarding projected outcomes and range of loss based on historical experience and recommendations of legal counsel .

additionally , as dis- cussed in note 10 of the notes to consolidated finan- cial statements in item 8 .

financial statements and supplementary data , reserves for projected future claims settlements relating to exterior siding and roofing prod- ucts previously manufactured by masonite require judgments regarding projections of future claims rates and amounts .

international paper utilizes an in- dependent third party consultant to assist in developing these estimates .

liabilities for environmental matters require evaluations of relevant environmental regu- lations and estimates of future remediation alternatives and costs .

international paper determines these esti- mates after a detailed evaluation of each site .

impairment of long-lived assets and goodwill .

an impairment of a long-lived asset exists when the asset 2019s carrying amount exceeds its fair value , and is recorded when the carrying amount is not recoverable through future operations .

a goodwill impairment exists when the carrying amount of goodwill exceeds its fair value .

assessments of possible impairments of long-lived assets and goodwill are made when events or changes in cir- cumstances indicate that the carrying value of the asset .

Question: what is the change in total debt to be repaid in the contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2005 between 2008 and 2007?

Answer: -262.0


the fair value of the psu award at the date of grant is amortized to expense over the performance period , which is typically three years after the date of the award , or upon death , disability or reaching the age of 58 .

as of december 31 , 2017 , pmi had $ 34 million of total unrecognized compensation cost related to non-vested psu awards .

this cost is recognized over a weighted-average performance cycle period of two years , or upon death , disability or reaching the age of 58 .

during the years ended december 31 , 2017 , and 2016 , there were no psu awards that vested .

pmi did not grant any psu awards during note 10 .

earnings per share : unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and therefore are included in pmi 2019s earnings per share calculation pursuant to the two-class method .

basic and diluted earnings per share ( 201ceps 201d ) were calculated using the following: .

for the 2017 , 2016 and 2015 computations , there were no antidilutive stock options. .

1	( in millions )	for the years ended december 31 , 2017	for the years ended december 31 , 2016	for the years ended december 31 , 2015

2	net earnings attributable to pmi	$ 6035	$ 6967	$ 6873

3	less distributed and undistributed earnings attributable to share-based payment awards	14	19	24

4	net earnings for basic and diluted eps	$ 6021	$ 6948	$ 6849

5	weighted-average shares for basic eps	1552	1551	1549

6	plus contingently issuable performance stock units ( psus )	1	2014	2014

7	weighted-average shares for diluted eps	1553	1551	1549

Question: what is the growth rate of the net earnings for basic and diluted eps?

Answer: -0.13342


notes to consolidated financial statements 2014 ( continued ) employee stock purchase plan republic employees are eligible to participate in an employee stock purchase plan .

the plan allows participants to purchase our common stock for 95% ( 95 % ) of its quoted market price on the last day of each calendar quarter .

for the years ended december 31 , 2017 , 2016 and 2015 , issuances under this plan totaled 113941 shares , 130085 shares and 141055 shares , respectively .

as of december 31 , 2017 , shares reserved for issuance to employees under this plan totaled 0.4 million and republic held employee contributions of approximately $ 1.8 million for the purchase of common stock .

stock repurchases and dividends stock repurchases stock repurchase activity during the years ended december 31 , 2017 and 2016 follows ( in millions except per share amounts ) : .

as of december 31 , 2017 , there were 0.5 million repurchased shares pending settlement and $ 33.8 million was unpaid and included within other accrued liabilities .

in october 2017 , our board of directors added $ 2.0 billion to the existing share repurchase authorization that now extends through december 31 , 2020 .

before this , $ 98.4 million remained under a prior authorization .

share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws .

while the board of directors has approved the program , the timing of any purchases , the prices and the number of shares of common stock to be purchased will be determined by our management , at its discretion , and will depend upon market conditions and other factors .

the share repurchase program may be extended , suspended or discontinued at any time .

as of december 31 , 2017 , the remaining authorized purchase capacity under our october 2017 repurchase program was $ 1.8 billion .

in december 2015 , our board of directors changed the status of 71272964 treasury shares to authorized and unissued .

in doing so , the number of our issued shares was reduced by the stated amount .

our accounting policy is to deduct the par value from common stock and to reflect the excess of cost over par value as a deduction from additional paid-in capital .

the change in unissued shares resulted in a reduction of $ 2295.3 million in treasury stock , $ 0.6 million in common stock , and $ 2294.7 million in additional paid-in capital .

there was no effect on our total stockholders 2019 equity position as a result of the change .

dividends in october 2017 , our board of directors approved a quarterly dividend of $ 0.345 per share .

cash dividends declared were $ 446.3 million , $ 423.8 million and $ 404.3 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .

as of december 31 , 2017 , we recorded a quarterly dividend payable of $ 114.4 million to shareholders of record at the close of business on january 2 , 2018 .

earnings per share basic earnings per share is computed by dividing net income attributable to republic services , inc .

by the weighted average number of common shares ( including vested but unissued rsus ) outstanding during the .

1		2017	2016

2	number of shares repurchased	9.6	8.4

3	amount paid	$ 610.7	$ 403.8

4	weighted average cost per share	$ 63.84	$ 48.56

Question: what was the percent change in the weighted average cost per share from 2016 to 2017

Answer: 0.31466


management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .

following is an analysis of the change in net revenue comparing 2008 to 2007 .

the volume/weather variance is due to an increase in electricity usage in the service territory in 2008 compared to the same period in 2007 .

entergy new orleans estimates that approximately 141000 electric customers and 93000 gas customers have returned since hurricane katrina and are taking service as of december 31 , 2008 , compared to approximately 132000 electric customers and 86000 gas customers as of december 31 , 2007 .

billed retail electricity usage increased a total of 184 gwh compared to the same period in 2007 , an increase of 4% ( 4 % ) .

the net gas revenue variance is primarily due to an increase in base rates in march and november 2007 .

refer to note 2 to the financial statements for a discussion of the base rate increase .

the rider revenue variance is due primarily to higher total revenue and a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006 .

the approved storm reserve has been set to collect $ 75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account .

the settlement agreement is discussed in note 2 to the financial statements .

the base revenue variance is primarily due to a base rate recovery credit , effective january 2008 .

the base rate credit is discussed in note 2 to the financial statements .

gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 58.9 million in gross wholesale revenue due to increased sales to affiliated customers and an increase in the average price of energy available for resale sales ; an increase of $ 47.7 million in electric fuel cost recovery revenues due to higher fuel rates and increased electricity usage ; and an increase of $ 22 million in gross gas revenues due to higher fuel recovery revenues and increases in gas base rates in march 2007 and november 2007 .

fuel and purchased power increased primarily due to increases in the average market prices of natural gas and purchased power in addition to an increase in demand. .

1		amount ( in millions )

2	2007 net revenue	$ 231.0

3	volume/weather	15.5

4	net gas revenue	6.6

5	rider revenue	3.9

6	base revenue	-11.3 ( 11.3 )

7	other	7.0

8	2008 net revenue	$ 252.7

Question: what is the growth rate in net revenue in 2008 compare to 2007?

Answer: 0.09394


liquidity and capital resources we maintained a strong financial position throughout fiscal year 2019 .

as of 30 september 2019 , our consolidated balance sheet included cash and cash items of $ 2248.7 .

we continue to have consistent access to commercial paper markets , and cash flows from operating and financing activities are expected to meet liquidity needs for the foreseeable future .

as of 30 september 2019 , we had $ 971.5 of foreign cash and cash items compared to a total amount of cash and cash items of $ 2248.7 .

as a result of the tax act , we do not expect that a significant portion of our foreign subsidiaries' and affiliates' earnings will be subject to u.s .

income tax upon subsequent repatriation to the united states .

the repatriation of these earnings may be subject to foreign withholding and other taxes depending on the country in which the subsidiaries and affiliates reside .

however , because we have significant current investment plans outside the u.s. , it is our intent to permanently reinvest the majority of our foreign cash and cash items that would be subject to additional taxes outside the u.s .

refer to note 23 , income taxes , for additional information .

the table below summarizes our cash flows from operating activities , investing activities , and financing activities from continuing operations as reflected on the consolidated statements of cash flows: .

operating activities for the fiscal year ended 30 september 2019 , cash provided by operating activities was $ 2969.9 .

income from continuing operations of $ 1760.0 was adjusted for items including depreciation and amortization , deferred income taxes , impacts from the tax act , a charge for the facility closure of one of our customers , undistributed earnings of unconsolidated affiliates , gain on sale of assets and investments , share-based compensation , noncurrent capital lease receivables , and certain other adjustments .

the caption "gain on sale of assets and investments" includes a gain of $ 14.1 recognized on the disposition of our interest in high-tech gases ( beijing ) co. , ltd. , a previously held equity investment in our industrial gases 2013 asia segment .

refer to note 7 , acquisitions , to the consolidated financial statements for additional information .

the working capital accounts were a use of cash of $ 25.3 , primarily driven by $ 69.0 from trade receivables and $ 41.8 from payables and accrued liabilities , partially offset by $ 79.8 from other receivables .

the use of cash within "payables and accrued liabilities" was primarily driven by a $ 48.9 decrease in accrued utilities and a $ 30.3 decrease in accrued interest , partially offset by a $ 51.6 increase in customer advances primarily related to sale of equipment activity .

the decrease in accrued utilities was primarily driven by a contract modification to a tolling arrangement in india and lower utility costs in the industrial gases 2013 americas segment .

the source of cash from other receivables of $ 79.8 was primarily due to the maturities of forward exchange contracts that hedged foreign currency exposures and the collection of value added taxes .

for the fiscal year ended 30 september 2018 , cash provided by operating activities was $ 2547.2 , including income from continuing operations of $ 1455.6 .

other adjustments of $ 131.6 include a $ 54.9 net impact from the remeasurement of intercompany transactions .

the related hedging instruments that eliminate the earnings impact are included as a working capital adjustment in other receivables or payables and accrued liabilities .

in addition , other adjustments were impacted by cash received from the early termination of a cross currency swap of $ 54.4 , as well as the excess of pension expense over pension contributions of $ 23.5 .

the working capital accounts were a use of cash of $ 265.4 , primarily driven by payables and accrued liabilities , inventories , and trade receivables , partially offset by other receivables .

the use of cash in payables and accrued liabilities of $ 277.7 includes a decrease in customer advances of $ 145.7 primarily related to sale of equipment activity and $ 67.1 for maturities of forward exchange contracts that hedged foreign currency exposures .

the use of cash in inventories primarily resulted from the purchase of helium molecules .

in addition , inventories reflect the noncash impact of our change in accounting for u.s .

the source of cash from other receivables of $ 128.3 was primarily due to the maturities of forward exchange contracts that hedged foreign currency exposures. .

Question: considering the year 2018 , what is the cash flow result?

Answer: -454.2


segment results 2013 operating basis ( a ) ( b ) ( table continued from previous page ) year ended december 31 , operating earnings return on common equity 2013 goodwill ( c ) .

/ 2005 annual report 35 and are retained in corporate .

these retained expenses include parent company costs that would not be incurred if the segments were stand-alone businesses ; adjustments to align certain corporate staff , technology and operations allocations with market prices ; and other one-time items not aligned with the business segments .

during 2005 , the firm refined cost allocation methodologies related to certain corporate functions , technology and operations expenses in order to improve transparency , consistency and accountability with regard to costs allocated across business segments .

prior periods have not been revised to reflect these new cost allocation methodologies .

capital allocation each business segment is allocated capital by taking into consideration stand- alone peer comparisons , economic risk measures and regulatory capital requirements .

the amount of capital assigned to each business is referred to as equity .

at the time of the merger , goodwill , as well as the associated capital , was allocated solely to corporate .

effective january 2006 , the firm expects to refine its methodology for allocating capital to the business segments to include any goodwill associated with line of business-directed acquisitions since the merger .

gaap requires the allocation of goodwill to the business segments for impairment testing ( see critical accounting estimates used by the firm and note 15 on pages 81 2013 83 and 114 2013116 , respectively , of this annual report ) .

see the capital management section on page 56 of this annual report for a discussion of the equity framework .

credit reimbursement tss reimburses the ib for credit portfolio exposures the ib manages on behalf of clients the segments share .

at the time of the merger , the reimbursement methodology was revised to be based upon pre-tax earnings , net of the cost of capital related to those exposures .

prior to the merger , the credit reimbursement was based upon pre-tax earnings , plus the allocated capital associated with the shared clients .

tax-equivalent adjustments segment and firm results reflect revenues on a tax-equivalent basis for segment reporting purposes .

refer to explanation and reconciliation of the firm 2019s non-gaap financial measures on page 31 of this annual report for additional details .

description of business segment reporting methodology results of the business segments are intended to reflect each segment as if it were essentially a stand-alone business .

the management reporting process that derives these results allocates income and expense using market-based methodologies .

effective with the merger on july 1 , 2004 , several of the allocation methodologies were revised , as noted below .

as prior periods have not been revised to reflect these new methodologies , they are not comparable to the presentation of periods beginning with the third quarter of 2004 .

further , the firm continues to assess the assumptions , methodologies and reporting reclassifications used for segment reporting , and further refinements may be implemented in future periods .

revenue sharing when business segments join efforts to sell products and services to the firm 2019s clients , the participating business segments agree to share revenues from those transactions .

these revenue-sharing agreements were revised on the merger date to provide consistency across the lines of business .

funds transfer pricing funds transfer pricing ( 201cftp 201d ) is used to allocate interest income and expense to each business and transfer the primary interest rate risk exposures to corporate .

the allocation process is unique to each business and considers the interest rate risk , liquidity risk and regulatory requirements of its stand- alone peers .

business segments may retain certain interest rate exposures , subject to management approval , that would be expected in the normal operation of a similar peer business .

in the third quarter of 2004 , ftp was revised to conform the policies of the combined firms .

expense allocation where business segments use services provided by support units within the firm , the costs of those support units are allocated to the business segments .

those expenses are allocated based upon their actual cost , or the lower of actual cost or market cost , as well as upon usage of the services provided .

effective with the third quarter of 2004 , the cost allocation methodologies of the heritage firms were aligned to provide consistency across the business segments .

in addition , expenses related to certain corporate functions , technology and operations ceased to be allocated to the business segments .

1	year ended december 31 , ( in millions except ratios )	year ended december 31 , 2005	year ended december 31 , 2004	year ended december 31 , change	2005	2004

2	investment bank	$ 3658	$ 2948	24% ( 24 % )	18% ( 18 % )	17% ( 17 % )

3	retail financial services	3427	2199	56	26	24

4	card services	1907	1274	50	16	17

5	commercial banking	1007	608	66	30	29

6	treasury & securities services	1037	440	136	55	17

7	asset & wealth management	1216	681	79	51	17

8	corporate	-1731 ( 1731 )	61	nm	nm	nm

9	total	$ 10521	$ 8211	28% ( 28 % )	17% ( 17 % )	16% ( 16 % )

Question: in 2005 what was the percent of the investment banking as part of the total segments operations

Answer: 0.34769


/ 2005 annual report 35 and are retained in corporate .

these retained expenses include parent company costs that would not be incurred if the segments were stand-alone businesses ; adjustments to align certain corporate staff , technology and operations allocations with market prices ; and other one-time items not aligned with the business segments .

during 2005 , the firm refined cost allocation methodologies related to certain corporate functions , technology and operations expenses in order to improve transparency , consistency and accountability with regard to costs allocated across business segments .

prior periods have not been revised to reflect these new cost allocation methodologies .

capital allocation each business segment is allocated capital by taking into consideration stand- alone peer comparisons , economic risk measures and regulatory capital requirements .

the amount of capital assigned to each business is referred to as equity .

at the time of the merger , goodwill , as well as the associated capital , was allocated solely to corporate .

effective january 2006 , the firm expects to refine its methodology for allocating capital to the business segments to include any goodwill associated with line of business-directed acquisitions since the merger .

gaap requires the allocation of goodwill to the business segments for impairment testing ( see critical accounting estimates used by the firm and note 15 on pages 81 2013 83 and 114 2013116 , respectively , of this annual report ) .

see the capital management section on page 56 of this annual report for a discussion of the equity framework .

credit reimbursement tss reimburses the ib for credit portfolio exposures the ib manages on behalf of clients the segments share .

at the time of the merger , the reimbursement methodology was revised to be based upon pre-tax earnings , net of the cost of capital related to those exposures .

prior to the merger , the credit reimbursement was based upon pre-tax earnings , plus the allocated capital associated with the shared clients .

tax-equivalent adjustments segment and firm results reflect revenues on a tax-equivalent basis for segment reporting purposes .

refer to explanation and reconciliation of the firm 2019s non-gaap financial measures on page 31 of this annual report for additional details .

description of business segment reporting methodology results of the business segments are intended to reflect each segment as if it were essentially a stand-alone business .

the management reporting process that derives these results allocates income and expense using market-based methodologies .

effective with the merger on july 1 , 2004 , several of the allocation methodologies were revised , as noted below .

as prior periods have not been revised to reflect these new methodologies , they are not comparable to the presentation of periods beginning with the third quarter of 2004 .

further , the firm continues to assess the assumptions , methodologies and reporting reclassifications used for segment reporting , and further refinements may be implemented in future periods .

revenue sharing when business segments join efforts to sell products and services to the firm 2019s clients , the participating business segments agree to share revenues from those transactions .

these revenue-sharing agreements were revised on the merger date to provide consistency across the lines of business .

funds transfer pricing funds transfer pricing ( 201cftp 201d ) is used to allocate interest income and expense to each business and transfer the primary interest rate risk exposures to corporate .

the allocation process is unique to each business and considers the interest rate risk , liquidity risk and regulatory requirements of its stand- alone peers .

business segments may retain certain interest rate exposures , subject to management approval , that would be expected in the normal operation of a similar peer business .

in the third quarter of 2004 , ftp was revised to conform the policies of the combined firms .

expense allocation where business segments use services provided by support units within the firm , the costs of those support units are allocated to the business segments .

those expenses are allocated based upon their actual cost , or the lower of actual cost or market cost , as well as upon usage of the services provided .

effective with the third quarter of 2004 , the cost allocation methodologies of the heritage firms were aligned to provide consistency across the business segments .

in addition , expenses related to certain corporate functions , technology and operations ceased to be allocated to the business segments .

Question: without the commercial banking segment , what would 2005 operating income have been reduced to , in us$ m?

Answer: 9514.0


and subsidiaries notes to consolidated financial statements in the tables above : 2030 the gross fair values exclude the effects of both counterparty netting and collateral netting , and therefore are not representative of the firm 2019s exposure .

2030 counterparty netting is reflected in each level to the extent that receivable and payable balances are netted within the same level and is included in counterparty netting in levels .

where the counterparty netting is across levels , the netting is included in cross-level counterparty netting .

significant unobservable inputs the table below presents the amount of level 3 assets ( liabilities ) , and ranges , averages and medians of significant unobservable inputs used to value the firm 2019s level 3 derivatives .

level 3 assets ( liabilities ) and range of significant unobservable inputs ( average/median ) as of december $ in millions 2017 2016 .

in the table above : 2030 derivative assets are shown as positive amounts and derivative liabilities are shown as negative amounts .

2030 ranges represent the significant unobservable inputs that were used in the valuation of each type of derivative .

2030 averages represent the arithmetic average of the inputs and are not weighted by the relative fair value or notional of the respective financial instruments .

an average greater than the median indicates that the majority of inputs are below the average .

for example , the difference between the average and the median for credit spreads and oil spread inputs indicates that the majority of the inputs fall in the lower end of the range .

2030 the ranges , averages and medians of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one derivative .

for example , the highest correlation for interest rate derivatives is appropriate for valuing a specific interest rate derivative but may not be appropriate for valuing any other interest rate derivative .

accordingly , the ranges of inputs do not represent uncertainty in , or possible ranges of , fair value measurements of the firm 2019s level 3 derivatives .

2030 interest rates , currencies and equities derivatives are valued using option pricing models , credit derivatives are valued using option pricing , correlation and discounted cash flow models , and commodities derivatives are valued using option pricing and discounted cash flow models .

2030 the fair value of any one instrument may be determined using multiple valuation techniques .

for example , option pricing models and discounted cash flows models are typically used together to determine fair value .

therefore , the level 3 balance encompasses both of these techniques .

2030 correlation within currencies and equities includes cross- product type correlation .

2030 natural gas spread represents the spread per million british thermal units of natural gas .

2030 oil spread represents the spread per barrel of oil and refined products .

range of significant unobservable inputs the following is information about the ranges of significant unobservable inputs used to value the firm 2019s level 3 derivative instruments : 2030 correlation .

ranges for correlation cover a variety of underliers both within one product type ( e.g. , equity index and equity single stock names ) and across product types ( e.g. , correlation of an interest rate and a currency ) , as well as across regions .

generally , cross-product type correlation inputs are used to value more complex instruments and are lower than correlation inputs on assets within the same derivative product type .

ranges for volatility cover numerous underliers across a variety of markets , maturities and strike prices .

for example , volatility of equity indices is generally lower than volatility of single stocks .

2030 credit spreads , upfront credit points and recovery rates .

the ranges for credit spreads , upfront credit points and recovery rates cover a variety of underliers ( index and single names ) , regions , sectors , maturities and credit qualities ( high-yield and investment-grade ) .

the broad range of this population gives rise to the width of the ranges of significant unobservable inputs .

Question: what is the percentage change in credit net from 2016 to 2017?

Answer: -0.39896


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 was the percentage change in the amortized cost in 2009

Answer: 0.23125


Question: what is the amortized cost as a percent of the fair value of the securities in 2009?

Answer: 1.02949