earnings for the first quarter of 2007 are expected to be lower than in the fourth quarter of 2006 .

containerboard export sales volumes are expected to decline due to scheduled first-quarter main- tenance outages .

converted products will be higher due to more shipping days , but expected softer demand should cause the ship- ments per day to decrease .

average sales price real- izations are expected to be comparable to fourth- quarter averages .

an additional containerboard price increase was announced in january that is expected to be fully realized in the second quarter .

costs for wood , energy , starch , adhesives and freight are expected to increase .

manufacturing costs will be higher due to costs associated with scheduled main- tenance outages in the containerboard mills .

euro- pean container operating results are expected to improve as seasonally higher sales volumes and improved margins more than offset slightly higher manufacturing costs .

consumer packaging demand and pricing for consumer packaging prod- ucts correlate closely with consumer spending and general economic activity .

in addition to prices and volumes , major factors affecting the profitability of consumer packaging are raw material and energy costs , manufacturing efficiency and product mix .

consumer packaging net sales increased 9% ( 9 % ) compared with 2005 and 7% ( 7 % ) compared with 2004 .

operating profits rose 8% ( 8 % ) from 2005 , but declined 15% ( 15 % ) from 2004 levels .

compared with 2005 , higher sales volumes ( $ 9 million ) , improved average sales price realizations ( $ 33 million ) , reduced lack-of-order downtime ( $ 18 million ) , and favorable mill oper- ations ( $ 25 million ) were partially offset by higher raw material costs ( $ 19 million ) and freight costs ( $ 21 million ) , unfavorable mix ( $ 14 million ) and other costs ( $ 21 million ) .

consumer packaging in millions 2006 2005 2004 .

coated paperboard net sales of $ 1.5 billion in 2006 were higher than $ 1.3 billion in 2005 and $ 1.1 billion in 2004 .

sales volumes increased in 2006 compared with 2005 , particularly in the folding car- ton board segment , reflecting improved demand for coated paperboard products .

in 2006 , our coated paperboard mills took 4000 tons of lack-of-order downtime , compared with 82000 tons of lack-of-order downtime in 2005 .

average sales price realizations were substantially improved in the cur- rent year , principally for folding carton board and cupstock board .

operating profits were 51% ( 51 % ) higher in 2006 than in 2005 , and 7% ( 7 % ) better than in 2004 .

the impact of the higher sales prices along with more favorable manufacturing operations due to strong performance at the mills more than offset higher input costs for energy and freight .

foodservice net sales declined to $ 396 million in 2006 , compared with $ 437 million in 2005 and $ 480 million in 2004 , due principally to the sale of the jackson , tennessee plant in july 2005 .

sales vol- umes were lower in 2006 than in 2005 , although average sales prices were higher due to the realiza- tion of price increases implemented during 2005 .

operating profits for 2006 improved over 2005 and 2004 levels largely due to the benefits from higher sales prices .

raw material costs for bleached board were higher than in 2005 , but manufacturing costs were more favorable due to increased productivity and reduced waste .

shorewood net sales of $ 670 million were down from $ 691 million in 2005 and $ 687 million in 2004 .

sales volumes in 2006 were down from 2005 levels due to weak demand in the home entertainment and consumer products markets , although demand was strong in the tobacco segment .

average sales prices for the year were lower than in 2005 .

operating prof- its were down significantly from both 2005 and 2004 due to the decline in sales , particularly in the higher margin home entertainment markets , higher raw material costs for bleached board and certain inventory adjustment costs .

entering 2007 , coated paperboard first-quarter sales volumes are expected to be seasonally stronger than in the fourth quarter 2006 for folding carton board and bristols .

average sales price realizations are expected to rise with a price increase announced in january .

it is anticipated that manufacturing costs will improve versus an unfavorable fourth quarter .

foodservice earnings for the first quarter of 2007 are expected to decline due to seasonally weaker vol- ume .

however , sales price realizations will be slightly higher , and the seasonal switch to hot cup contain- ers will have a favorable impact on product mix .

shorewood sales volumes for the first quarter of 2007 are expected to seasonally decline , but the earnings impact will be partially offset by pricing improvements and an improved product mix .

distribution our distribution business , principally represented by our xpedx business , markets a diverse array of products and supply chain services to customers in .

Question: what was the percentage reduction in net sales for shorewood in 2006 from 2005 s

Answer: -0.03039


american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) at december 31 , 2005 , the company had net federal and state operating loss carryforwards available to reduce future taxable income of approximately $ 2.2 billion and $ 2.4 billion , respectively .

if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : .

109 , 201caccounting for income taxes , 201d requires that companies record a valuation allowance when it is 201cmore likely than not that some portion or all of the deferred tax assets will not be realized . 201d at december 31 , 2005 , the company has provided a valuation allowance of approximately $ 422.4 million , including approximately $ 249.5 million attributable to spectrasite , primarily related to net operating loss and capital loss carryforwards .

approximately $ 237.8 million of the spectrasite valuation allowance was assumed as of the acquisition date .

the balance of the valuation allowance primarily relates to net state deferred tax assets .

the company has not provided a valuation allowance for the remaining deferred tax assets , primarily its federal net operating loss carryforwards , as management believes the company will have sufficient time to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period .

the company intends to recover a portion of its deferred tax asset through its federal income tax refund claims related to the carry back of certain federal net operating losses .

in june 2003 and october 2003 , the company filed federal income tax refund claims with the irs relating to the carry back of $ 380.0 million of net operating losses generated prior to 2003 , of which the company initially anticipated receiving approximately $ 90.0 million .

based on preliminary discussions with tax authorities , the company has revised its estimate of the net realizable value of the federal income tax refund claims and anticipates receiving a refund of approximately $ 65.0 million as a result of these claims by the end of 2006 .

there can be no assurances , however , with respect to the specific amount and timing of any refund .

the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing stable state ( no growth ) projections based on its current operations .

the projections show a significant decrease in depreciation and interest expense in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period and debt repayments reducing interest expense .

accordingly , the recoverability of the net deferred tax asset is not dependent on material improvements to operations , material asset sales or other non-routine transactions .

based on its current outlook of future taxable income during the carryforward period , management believes that the net deferred tax asset will be realized .

the realization of the company 2019s deferred tax assets as of december 31 , 2005 will be dependent upon its ability to generate approximately $ 1.3 billion in taxable income from january 1 , 2006 to december 31 , 2025 .

if the company is unable to generate sufficient taxable income in the future , or carry back losses , as described above , it will be required to reduce its net deferred tax asset through a charge to income tax expense , which would result in a corresponding decrease in stockholders 2019 equity .

from time to time the company is subject to examination by various tax authorities in jurisdictions in which the company has significant business operations .

the company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions resulting from these examinations .

Question: what portion of total value of net operating loss carryforwards is related to state?

Answer: 0.52847


the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 on december 8 , 2017 , the board of directors declared a quarterly common stock dividend of $ 0.13 per share payable on february 15 , 2018 to shareholders of record at the close of business on february 1 , 2018 .

stock repurchase program 2014 no shares were repurchased in 2017 .

the cumulative repurchases from the commencement of the program in july 2010 through december 31 , 2017 totaled 154.3 million shares for a total cost of $ 1.9 billion , at an average price per share of $ 12.12 ( including a nominal amount of commissions ) .

as of december 31 , 2017 , $ 246 million remained available for repurchase under the program .

the common stock repurchased has been classified as treasury stock and accounted for using the cost method .

a total of 155924785 and 156878891 shares were held as treasury stock at december 31 , 2017 and 2016 , respectively .

restricted stock units under the company's employee benefit plans are issued from treasury stock .

the company has not retired any common stock repurchased since it began the program in july 2010 .

segments and geographic information the segment reporting structure uses the company's organizational structure as its foundation to reflect how the company manages the businesses internally and is organized by geographic regions which provides a socio- political-economic understanding of our business .

during the third quarter of 2017 , the europe and asia sbus were merged in order to leverage scale and are now reported as part of the eurasia sbu .

the management reporting structure is organized by five sbus led by our president and chief executive officer : us , andes , brazil , mcac and eurasia sbus .

the company determined that it has five operating and five reportable segments corresponding to its sbus .

all prior period results have been retrospectively revised to reflect the new segment reporting structure .

in february 2018 , we announced a reorganization as a part of our ongoing strategy to simplify our portfolio , optimize our cost structure , and reduce our carbon intensity .

the company is currently evaluating the impact this reorganization will have on our segment reporting structure .

corporate and other 2014 corporate overhead costs which are not directly associated with the operations of our five reportable segments are included in "corporate and other." also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation .

the company uses adjusted ptc as its primary segment performance measure .

adjusted ptc , a non-gaap measure , is defined by the company as pre-tax income from continuing operations attributable to the aes corporation excluding gains or losses of the consolidated entity due to ( a ) unrealized gains or losses related to derivative transactions ; ( b ) unrealized foreign currency gains or losses ; ( c ) gains , losses and associated benefits and costs due to dispositions and acquisitions of business interests , including early plant closures ; ( d ) losses due to impairments ; ( e ) gains , losses and costs due to the early retirement of debt ; and ( f ) costs directly associated with a major restructuring program , including , but not limited to , workforce reduction efforts , relocations , and office consolidation .

adjusted ptc also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities .

the company has concluded adjusted ptc better reflects the underlying business performance of the company and is the most relevant measure considered in the company's internal evaluation of the financial performance of its segments .

additionally , given its large number of businesses and complexity , the company concluded that adjusted ptc is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the company's results .

revenue and adjusted ptc are presented before inter-segment eliminations , which includes the effect of intercompany transactions with other segments except for interest , charges for certain management fees , and the write-off of intercompany balances , as applicable .

all intra-segment activity has been eliminated within the segment .

inter-segment activity has been eliminated within the total consolidated results .

the following tables present financial information by segment for the periods indicated ( in millions ) : .

1	year ended december 31,	total revenue 2017	total revenue 2016	total revenue 2015

2	us sbu	$ 3229	$ 3429	$ 3593

3	andes sbu	2710	2506	2489

4	brazil sbu	542	450	962

5	mcac sbu	2448	2172	2353

6	eurasia sbu	1590	1670	1875

7	corporate and other	35	77	31

8	eliminations	-24 ( 24 )	-23 ( 23 )	-43 ( 43 )

9	total revenue	$ 10530	$ 10281	$ 11260

Question: without the us , what would the total net revenue be for 2017?

Answer: 7301000000.0


income tax liabilities tax liabilities related to unrecognized tax benefits as of 30 september 2018 were $ 233.6 .

these tax liabilities were excluded from the contractual obligations table as it is impractical to determine a cash impact by year given that payments will vary according to changes in tax laws , tax rates , and our operating results .

in addition , there are uncertainties in timing of the effective settlement of our uncertain tax positions with respective taxing authorities .

however , the contractual obligations table above includes our accrued liability of approximately $ 184 for deemed repatriation tax that is payable over eight years related to the tax act .

refer to note 22 , income taxes , to the consolidated financial statements for additional information .

obligation for future contribution to an equity affiliate on 19 april 2015 , a joint venture between air products and acwa holding entered into a 20-year oxygen and nitrogen supply agreement to supply saudi aramco 2019s oil refinery and power plant being built in jazan , saudi arabia .

air products owns 25% ( 25 % ) of the joint venture and guarantees the repayment of its share of an equity bridge loan .

in total , we expect to invest approximately $ 100 in this joint venture .

as of 30 september 2018 , we recorded a noncurrent liability of $ 94.4 for our obligation to make future equity contributions in 2020 based on our proportionate share of the advances received by the joint venture under the loan .

expected investment in joint venture on 12 august 2018 , air products entered an agreement to form a gasification/power joint venture ( "jv" ) with saudi aramco and acwa in jazan , saudi arabia .

air products will own at least 55% ( 55 % ) of the jv , with saudi aramco and acwa power owning the balance .

the jv will purchase the gasification assets , power block , and the associated utilities from saudi aramco for approximately $ 8 billion .

our expected investment has been excluded from the contractual obligations table above pending closing , which is currently expected in fiscal year 2020 .

the jv will own and operate the facility under a 25-year contract for a fixed monthly fee .

saudi aramco will supply feedstock to the jv , and the jv will produce power , hydrogen and other utilities for saudi aramco .

pension benefits the company and certain of its subsidiaries sponsor defined benefit pension plans and defined contribution plans that cover a substantial portion of its worldwide employees .

the principal defined benefit pension plans are the u.s .

these plans were closed to new participants in 2005 , after which defined contribution plans were offered to new employees .

the shift to defined contribution plans is expected to continue to reduce volatility of both plan expense and contributions .

the fair market value of plan assets for our defined benefit pension plans as of the 30 september 2018 measurement date decreased to $ 4273.1 from $ 4409.2 at the end of fiscal year 2017 .

the projected benefit obligation for these plans was $ 4583.3 and $ 5107.2 at the end of fiscal years 2018 and 2017 , respectively .

the net unfunded liability decreased $ 387.8 from $ 698.0 to $ 310.2 , primarily due to higher discount rates and favorable asset experience .

refer to note 16 , retirement benefits , to the consolidated financial statements for comprehensive and detailed disclosures on our postretirement benefits .

1		2018	2017	2016

2	pension expense 2013 continuing operations	$ 91.8	$ 72.0	$ 55.8

3	settlements termination benefits and curtailments ( included above )	48.9	15.0	6.0

4	weighted average discount rate 2013 service cost	3.2% ( 3.2 % )	2.9% ( 2.9 % )	4.1% ( 4.1 % )

5	weighted average discount rate 2013 interest cost	2.9% ( 2.9 % )	2.5% ( 2.5 % )	3.4% ( 3.4 % )

6	weighted average expected rate of return on plan assets	6.9% ( 6.9 % )	7.4% ( 7.4 % )	7.5% ( 7.5 % )

7	weighted average expected rate of compensation increase	3.5% ( 3.5 % )	3.5% ( 3.5 % )	3.5% ( 3.5 % )

Question: what is the percentual increase in the operating expenses during 2017 and 2018?

Answer: 0.275


entergy corporation and subsidiaries management's financial discussion and analysis the decrease in interest income in 2002 was primarily due to : fffd interest recognized in 2001 on grand gulf 1's decommissioning trust funds resulting from the final order addressing system energy's rate proceeding ; fffd interest recognized in 2001 at entergy mississippi and entergy new orleans on the deferred system energy costs that were not being recovered through rates ; and fffd lower interest earned on declining deferred fuel balances .

the decrease in interest charges in 2002 is primarily due to : fffd a decrease of $ 31.9 million in interest on long-term debt primarily due to the retirement of long-term debt in late 2001 and early 2002 ; and fffd a decrease of $ 76.0 million in other interest expense primarily due to interest recorded on system energy's reserve for rate refund in 2001 .

2001 compared to 2000 results for the year ended december 31 , 2001 for u.s .

utility were also affected by an increase in interest charges of $ 61.5 million primarily due to : fffd the final ferc order addressing the 1995 system energy rate filing ; fffd debt issued at entergy arkansas in july 2001 , at entergy gulf states in june 2000 and august 2001 , at entergy mississippi in january 2001 , and at entergy new orleans in july 2000 and february 2001 ; and fffd borrowings under credit facilities during 2001 , primarily at entergy arkansas .

non-utility nuclear the increase in earnings in 2002 for non-utility nuclear from $ 128 million to $ 201 million was primarily due to the operation of indian point 2 and vermont yankee , which were purchased in september 2001 and july 2002 , respectively .

the increase in earnings in 2001 for non-utility nuclear from $ 49 million to $ 128 million was primarily due to the operation of fitzpatrick and indian point 3 for a full year , as each was purchased in november 2000 , and the operation of indian point 2 , which was purchased in september 2001 .

following are key performance measures for non-utility nuclear: .

2002 compared to 2001 the following fluctuations in the results of operations for non-utility nuclear in 2002 were primarily caused by the acquisitions of indian point 2 and vermont yankee ( except as otherwise noted ) : fffd operating revenues increased $ 411.0 million to $ 1.2 billion ; fffd other operation and maintenance expenses increased $ 201.8 million to $ 596.3 million ; fffd depreciation and amortization expenses increased $ 25.1 million to $ 42.8 million ; fffd fuel expenses increased $ 29.4 million to $ 105.2 million ; fffd nuclear refueling outage expenses increased $ 23.9 million to $ 46.8 million , which was due primarily to a .

1		2002	2001	2000

2	net mw in operation at december 31	3955	3445	2475

3	generation in gwh for the year	29953	22614	7171

4	capacity factor for the year	93% ( 93 % )	93% ( 93 % )	94% ( 94 % )

Question: what is the percent change in operating revenues from 2001 to 2002?

Answer: 1.91971


management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks .

the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities .

treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio .

treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives .

for further information on derivatives , refer to note 5 .

in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments .

for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 .

for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 .

the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s .

government securities , obligations of u.s .

states and municipalities , other abs and corporate debt securities .

at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) .

refer to note 10 for further information on the firm 2019s investment securities portfolio .

selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 .

for additional information , refer to notes 1 and 10. .

1	as of or for the year ended december 31 ( in millions )	2018	2017	2016

2	investment securities gains/ ( losses )	$ -395 ( 395 )	$ -78 ( 78 )	$ 132

3	available-for-sale ( 201cafs 201d ) investment securities ( average )	203449	219345	226892

4	held-to-maturity ( 201chtm 201d ) investment securities ( average )	31747	47927	51358

5	investment securities portfolio ( average )	235197	267272	278250

6	afs investment securities ( period-end )	228681	200247	236670

7	htm investment securities ( period-end )	31434	47733	50168

8	investment securities portfolio ( period 2013end )	260115	247980	286838

Question: what is the average of the afs investment securities during the years 2016-2018?

Answer: 221866.0


net revenues include $ 3.8 billion in 2017 and $ 739 million in 2016 related to the sale of rrps , mainly driven by japan .

these net revenue amounts include excise taxes billed to customers .

excluding excise taxes , net revenues for rrps were $ 3.6 billion in 2017 and $ 733 million in 2016 .

in some jurisdictions , including japan , we are not responsible for collecting excise taxes .

in 2017 , approximately $ 0.9 billion of our $ 3.6 billion in rrp net revenues , excluding excise taxes , were from iqos devices and accessories .

excise taxes on products increased by $ 1.1 billion , due to : 2022 higher excise taxes resulting from changes in retail prices and tax rates ( $ 4.6 billion ) , partially offset by 2022 favorable currency ( $ 1.9 billion ) and 2022 lower excise taxes resulting from volume/mix ( $ 1.6 billion ) .

our cost of sales ; marketing , administration and research costs ; and operating income were as follows : for the years ended december 31 , variance .

cost of sales increased by $ 1.0 billion , due to : 2022 higher cost of sales resulting from volume/mix ( $ 1.1 billion ) , partly offset by 2022 lower manufacturing costs ( $ 36 million ) and 2022 favorable currency ( $ 30 million ) .

marketing , administration and research costs increased by $ 320 million , due to : 2022 higher expenses ( $ 570 million , largely reflecting increased investment behind reduced-risk products , predominately in the european union and asia ) , partly offset by 2022 favorable currency ( $ 250 million ) .

operating income increased by $ 688 million , due primarily to : 2022 price increases ( $ 1.4 billion ) , partly offset by 2022 higher marketing , administration and research costs ( $ 570 million ) and 2022 unfavorable currency ( $ 157 million ) .

interest expense , net , of $ 914 million increased by $ 23 million , due primarily to unfavorably currency and higher average debt levels , partly offset by higher interest income .

our effective tax rate increased by 12.8 percentage points to 40.7% ( 40.7 % ) .

the 2017 effective tax rate was unfavorably impacted by $ 1.6 billion due to the tax cuts and jobs act .

for further details , see item 8 , note 11 .

income taxes to our consolidated financial statements .

we are continuing to evaluate the impact that the tax cuts and jobs act will have on our tax liability .

based upon our current interpretation of the tax cuts and jobs act , we estimate that our 2018 effective tax rate will be approximately 28% ( 28 % ) , subject to future regulatory developments and earnings mix by taxing jurisdiction .

we are regularly examined by tax authorities around the world , and we are currently under examination in a number of jurisdictions .

it is reasonably possible that within the next 12 months certain tax examinations will close , which could result in a change in unrecognized tax benefits along with related interest and penalties .

an estimate of any possible change cannot be made at this time .

net earnings attributable to pmi of $ 6.0 billion decreased by $ 932 million ( 13.4% ( 13.4 % ) ) .

this decrease was due primarily to a higher effective tax rate as discussed above , partly offset by higher operating income .

diluted and basic eps of $ 3.88 decreased by 13.4% ( 13.4 % ) .

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

2	cost of sales	$ 10432	$ 9391	$ 1041	11.1% ( 11.1 % )

3	marketing administration and research costs	6725	6405	320	5.0% ( 5.0 % )

4	operating income	11503	10815	688	6.4% ( 6.4 % )

Question: what are the net earnings attributable to pmi in the previous year , ( in billions ) ?

Answer: 6.95522


goodwill goodwill represents the excess of the solexa purchase price over the sum of the amounts assigned to assets acquired less liabilities assumed .

the company believes that the acquisition of solexa will produce the following significant benefits : 2022 increased market presence and opportunities .

the combination of the company and solexa should increase the combined company 2019s market presence and opportunities for growth in revenue , earnings and stockholder return .

the company believes that the solexa technology is highly complementary to the company 2019s own portfolio of products and services and will enhance the company 2019s capabilities to service its existing customers , as well as accelerate the develop- ment of additional technologies , products and services .

the company believes that integrating solexa 2019s capabilities with the company 2019s technologies will better position the company to address the emerging biomarker research and development and in-vitro and molecular diag- nostic markets .

the company began to recognize revenue from products shipped as a result of this acquisition during the first quarter of 2007 .

the combination of the company and solexa provides the opportunity for potential economies of scale and cost savings .

the company believes that these primary factors support the amount of goodwill recognized as a result of the purchase price paid for solexa , in relation to other acquired tangible and intangible assets , including in-process research and development .

the following unaudited pro forma information shows the results of the company 2019s operations for the specified reporting periods as though the acquisition had occurred as of the beginning of that period ( in thousands , except per share data ) : year ended december 30 , year ended december 31 .

the pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisition taken place as of the beginning of the periods presented , or the results that may occur in the future .

the pro forma results exclude the $ 303.4 million non-cash acquired ipr&d charge recorded upon the closing of the acquisition during the first quarter of 2007 .

investment in solexa on november 12 , 2006 , the company entered into a definitive securities purchase agreement with solexa in which the company invested approximately $ 50 million in solexa in exchange for 5154639 newly issued shares of solexa common stock in conjunction with the merger of the two companies .

this investment was valued at $ 67.8 million as of december 31 , 2006 , which represented a market value of $ 13.15 per share of solexa common stock .

this investment was eliminated as part of the company 2019s purchase accounting upon the closing of the merger on january 26 , 2007 .

notes to consolidated financial statements 2014 ( continued ) .

1		year ended december 30 2007	year ended december 31 2006

2	revenue	$ 366854	$ 187103

3	net income ( loss )	$ 17388	$ -38957 ( 38957 )

4	net income ( loss ) per share basic	$ 0.32	$ -0.68 ( 0.68 )

5	net income ( loss ) per share diluted	$ 0.29	$ -0.68 ( 0.68 )

Question: for the year ended december 302007 what was the net margin

Answer: 0.0474


Question: what was the percentage change in net income ( loss ) on a pro forma basis between 2006 and 2007?

Answer: 1.44634


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

however , many of our assets are self-constructed .

a large portion of our capital expenditures is for track structure expansion ( capacity projects ) and replacement ( program projects ) , which is typically performed by our employees .

approximately 13% ( 13 % ) of our full-time equivalent employees are dedicated to the construction of capital assets .

costs that are directly attributable or overhead costs that relate directly to capital projects are capitalized .

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

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

these costs are allocated using appropriate statistical bases .

the capitalization of indirect costs is consistent with fasb statement no .

67 , accounting for costs and initial rental operations of real estate projects .

general and administrative expenditures are expensed as incurred .

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

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

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

accounts payable and other current liabilities dec .

fair value measurements during the first quarter of 2008 , we fully adopted fasb statement no .

157 , fair value measurements ( fas 157 ) .

fas 157 established a framework for measuring fair value and expanded disclosures about fair value measurements .

the adoption of fas 157 had no impact on our financial position or results of operations .

fas 157 applies to all assets and liabilities that are measured and reported on a fair value basis .

this enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values .

the statement requires that each asset and liability carried at fair value be classified into one of the following categories : level 1 : quoted market prices in active markets for identical assets or liabilities .

level 2 : observable market based inputs or unobservable inputs that are corroborated by market data .

level 3 : unobservable inputs that are not corroborated by market data. .

1	millions of dollars	dec . 31 2008	dec . 31 2007

2	accounts payable	$ 629	$ 732

3	accrued wages and vacation	367	394

4	accrued casualty costs	390	371

5	income and other taxes	207	343

6	dividends and interest	328	284

7	equipment rents payable	93	103

8	other	546	675

9	total accounts payable and other current liabilities	$ 2560	$ 2902

Question: as of december 31 , 2008 what was the percent of the total accounts payable and other liabilities that was accrued wages and vacation

Answer: 0.14336


Question: what was the percentage change in equipment rents payable from 2007 to 2008?

Answer: -0.09709


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


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 net comodities from 2016 to 2017?

Answer: -0.35616


of exiting a business in japan , economic weakness in asia and political unrest in thailand , partially offset by growth in new zealand and certain emerging markets .

reinsurance commissions , fees and other revenue increased 48% ( 48 % ) , due mainly to the benfield merger , partially offset by unfavorable foreign currency translation .

organic revenue is even with 2008 , as growth in domestic treaty business and slightly higher pricing was offset by greater client retention , and declines in investment banking and facultative placements .

operating income operating income increased $ 54 million or 6% ( 6 % ) from 2008 to $ 900 million in 2009 .

in 2009 , operating income margins in this segment were 14.3% ( 14.3 % ) , up 60 basis points from 13.7% ( 13.7 % ) in 2008 .

contributing to increased operating income and margins were the merger with benfield , lower e&o costs due to insurance recoveries , a pension curtailment gain of $ 54 million in 2009 versus a curtailment loss of $ 6 million in 2008 , declines in anti-corruption and compliance initiative costs of $ 35 million , restructuring savings , and other cost savings initiatives .

these items were partially offset by an increase of $ 140 million in restructuring costs , $ 95 million of lower fiduciary investment income , benfield integration costs and higher amortization of intangible assets obtained in the merger , and unfavorable foreign currency translation .

our consulting segment generated 17% ( 17 % ) of our consolidated total revenues in 2009 and provides a broad range of human capital consulting services , as follows : consulting services : 1 .

health and benefits advises clients about how to structure , fund , and administer employee benefit programs that attract , retain , and motivate employees .

benefits consulting include health and welfare , executive benefits , workforce strategies and productivity , absence management , benefits administration , data-driven health , compliance , employee commitment , investment advisory and elective benefits services .

retirement specializes in global actuarial services , defined contribution consulting , investment consulting , tax and erisa consulting , and pension administration .

compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries .

strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management .

outsourcing offers employment processing , performance improvement , benefits administration and other employment-related services .

beginning in late 2008 and continuing throughout 2009 , the disruption in the global credit markets and the deterioration of the financial markets has created significant uncertainty in the marketplace .

the prolonged economic downturn is adversely impacting our clients 2019 financial condition and the levels of business activities in the industries and geographies where we operate .

while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and depressing the price of those services , which is having an adverse effect on our new business and results of operations. .

1	years ended december 31,	2009	2008	2007

2	segment revenue	$ 1267	$ 1356	$ 1345

3	segment operating income	203	208	180

4	segment operating income margin	16.0% ( 16.0 % )	15.3% ( 15.3 % )	13.4% ( 13.4 % )

Question: what was the percent of the change in the consulting segment revenue from 2008 2009\\n

Answer: -0.06563


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

interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year .

the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .

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

in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .

these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes , which were repaid in june 2015 at maturity , and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) .

net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes .

interest on the 2022 notes of approximately $ 25 million per year is payable semi-annually on june 1 and december 1 of each year .

the 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .

the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security .

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

in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .

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

net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc .

interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , and is approximately $ 32 million per year .

the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .

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

in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations .

these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes , which were repaid in december 2014 at maturity , and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2019 ( the 201c2019 notes 201d ) .

net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors from barclays on december 1 , 2009 , and for general corporate purposes .

interest on the 2019 notes of approximately $ 50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year .

these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .

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

commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2043 .

future minimum commitments under these operating leases are as follows : ( in millions ) .

in may 2017 , the company entered into an agreement with 50 hymc owner llc , for the lease of approximately 847000 square feet of office space located at 50 hudson yards , new york , new york .

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

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

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

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

at december 31 , 2017 , the company had $ 298 million of various capital commitments to fund sponsored investment funds , including consolidated vies .

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

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

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

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

these commitments do not include potential future commitments approved by the company that are not yet legally binding .

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

contingencies contingent payments related to business acquisitions .

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

the fair value of the remaining aggregate contingent payments at december 31 , 2017 totaled $ 236 million , including $ 128 million related to the first reserve transaction , and is included in other liabilities on the consolidated statements of financial condition. .

Question: what is the growth rate in based rent for hudson yards , new york facility in the second period?

Answer: 0.13725


contingent consideration of up to $ 13.8 million .

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

notes to consolidated financial statements 2014 ( continued ) .

1		2011	2010

2	money market funds	$ 17187	$ 1840

3	mutual funds	9223	6850

4	total deferred compensation plan investments	$ 26410	$ 8690

Question: what portion of the total investment is allocated to mutual funds in 2011?

Answer: 0.65078


contingent consideration of up to $ 13.8 million .

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Question: what is the net change in the total investment from 2010 to 2011?

Answer: 17720.0


page 31 of 94 other liquidity items cash payments required for long-term debt maturities , rental payments under noncancellable operating leases , purchase obligations and other commitments in effect at december 31 , 2007 , are summarized in the following table: .

total payments on contractual obligations $ 9517.7 $ 2918.1 $ 3985.2 $ 1947.0 $ 667.4 ( a ) amounts reported in local currencies have been translated at the year-end exchange rates .

( b ) for variable rate facilities , amounts are based on interest rates in effect at year end and do not contemplate the effects of hedging instruments .

( c ) the company 2019s purchase obligations include contracted amounts for aluminum , steel , plastic resin and other direct materials .

also included are commitments for purchases of natural gas and electricity , aerospace and technologies contracts and other less significant items .

in cases where variable prices and/or usage are involved , management 2019s best estimates have been used .

depending on the circumstances , early termination of the contracts may not result in penalties and , therefore , actual payments could vary significantly .

contributions to the company 2019s defined benefit pension plans , not including the unfunded german plans , are expected to be $ 49 million in 2008 .

this estimate may change based on plan asset performance .

benefit payments related to these plans are expected to be $ 66 million , $ 70 million , $ 74 million , $ 77 million and $ 82 million for the years ending december 31 , 2008 through 2012 , respectively , and a total of $ 473 million for the years 2013 through 2017 .

payments to participants in the unfunded german plans are expected to be approximately $ 26 million in each of the years 2008 through 2012 and a total of $ 136 million for the years 2013 through 2017 .

in accordance with united kingdom pension regulations , ball has provided an a38 million guarantee to the plan for its defined benefit plan in the united kingdom .

if the company 2019s credit rating falls below specified levels , ball will be required to either : ( 1 ) contribute an additional a38 million to the plan ; ( 2 ) provide a letter of credit to the plan in that amount or ( 3 ) if imposed by the appropriate regulatory agency , provide a lien on company assets in that amount for the benefit of the plan .

the guarantee can be removed upon approval by both ball and the pension plan trustees .

our share repurchase program in 2007 was $ 211.3 million , net of issuances , compared to $ 45.7 million net repurchases in 2006 and $ 358.1 million in 2005 .

the net repurchases included the $ 51.9 million settlement on january 5 , 2007 , of a forward contract entered into in december 2006 for the repurchase of 1200000 shares .

however , the 2007 net repurchases did not include a forward contract entered into in december 2007 for the repurchase of 675000 shares .

the contract was settled on january 7 , 2008 , for $ 31 million in cash .

on december 12 , 2007 , in a privately negotiated transaction , ball entered into an accelerated share repurchase agreement to buy $ 100 million of its common shares using cash on hand and available borrowings .

the company advanced the $ 100 million on january 7 , 2008 , and received approximately 2 million shares , which represented 90 percent of the total shares as calculated using the previous day 2019s closing price .

the exact number of shares to be repurchased under the agreement , which will be determined on the settlement date ( no later than june 5 , 2008 ) , is subject to an adjustment based on a weighted average price calculation for the period between the initial purchase date and the settlement date .

the company has the option to settle the contract in either cash or shares .

including the settlements of the forward share purchase contract and the accelerated share repurchase agreement , we expect to repurchase approximately $ 300 million of our common shares , net of issuances , in 2008 .

annual cash dividends paid on common stock were 40 cents per share in 2007 , 2006 and 2005 .

total dividends paid were $ 40.6 million in 2007 , $ 41 million in 2006 and $ 42.5 million in 2005. .

1	( $ in millions )	payments due by period ( a ) total	payments due by period ( a ) less than 1 year	payments due by period ( a ) 1-3 years	payments due by period ( a ) 3-5 years	payments due by period ( a ) more than 5 years

2	long-term debt	$ 2302.6	$ 126.1	$ 547.6	$ 1174.9	$ 454.0

3	capital lease obligations	4.4	1.0	0.8	0.5	2.1

4	interest payments on long-term debt ( b )	698.6	142.9	246.3	152.5	156.9

5	operating leases	218.5	49.9	71.7	42.5	54.4

6	purchase obligations ( c )	6092.6	2397.2	3118.8	576.6	2013

7	common stock repurchase agreements	131.0	131.0	2013	2013	2013

8	legal settlement	70.0	70.0	2013	2013	2013

9	total payments on contractual obligations	$ 9517.7	$ 2918.1	$ 3985.2	$ 1947.0	$ 667.4

Question: what is the number of shares outstanding based on the cash dividends paid during 2006 , in millions?

Answer: 102.5


table of contents item 7 2013 management 2019s discussion and analysis of financial condition and results of operations liquidity and capital resources we recorded net earnings of $ 35.4 million or $ 1.18 per share in 2004 , compared with $ 52.2 million or $ 1.76 per share recorded in 2003 and $ 51.3 million or $ 1.86 per share in 2002 .

net earnings recorded in 2004 were negatively impacted by cost increases to steel and freight , as well as manufacturing inefficiencies during the first nine months of the year in our ashland city plant and higher selling , general and administrative expense ( sg&a ) .

while net earnings were flat in 2003 compared with 2002 , the lower earnings per share amount in 2003 as compared with 2002 reflected the full-year impact of our stock offering in may 2002 .

our individual segment performance will be discussed later in this section .

our working capital , excluding short-term debt , was $ 339.8 million at december 31 , 2004 , compared with $ 305.9 million and $ 225.1 million at december 31 , 2003 , and december 31 , 2002 , respectively .

the $ 33.9 million increase in 2004 reflects $ 44.9 million higher receivable balances due to longer payment terms experienced by both of our businesses as well as higher sales levels in the fourth quarter .

offsetting the increase in receivable balances were $ 13.5 million lower inventory levels split about equally between water systems and electrical products and $ 14.3 million higher accounts payable balances .

the $ 80.8 million increase in 2003 reflects $ 46.6 million higher inventory balances due primarily to extensive manufacturing repositioning in our electric motor business and several new product introductions and manufacturing consolidation in our water systems business .

additionally , receivable balances were $ 21.2 million higher due to price increases associated with new product introductions in our water systems business and an increase in international sales , which tend to have longer payment terms .

finally , a $ 13.1 million increase in accounts payable balances was largely offset by $ 9.4 million in restructuring expenses paid out in 2003 .

reducing working capital is one of our major initiatives in 2005 .

cash provided by operating activities during 2004 was $ 67.2 million compared with $ 29.0 million during 2003 and $ 116.0 million during 2002 .

despite lower earnings in 2004 , a smaller investment in working capital explains the majority of the improvement in cash flow compared with 2003 .

the higher investment in working capital in 2003 ( as discussed above ) , explains the majority of the difference between 2003 and our capital expenditures were $ 48.5 million in 2004 , essentially the same as in 2003 and approximately $ 2.2 million higher than in 2002 .

the increase in 2003 was associated with new product launches in our water systems business .

we are projecting 2005 capital expenditures to be approximately $ 55 million , essentially the same as our projected 2005 depreciation expense .

we believe that our present facilities and planned capital expenditures are sufficient to provide adequate capacity for our operations in 2005 .

in june 2004 , we completed a $ 265 million , five-year revolving credit facility with a group of eight banks .

the new facility expires on june 10 , 2009 , and it replaced a $ 250 million credit facility which expired on august 2 , 2004 , and was terminated on june 10 , 2004 .

the new facility backs up commercial paper and credit line borrowings .

as a result of the long-term nature of this facility , the commercial paper and credit line borrowings are now classified as long-term debt .

at december 31 , 2004 , we had available borrowing capacity of $ 153.9 million under this facility .

we believe that the combination of available borrowing capacity and operating cash flow will provide sufficient funds to finance our existing operations for the foreseeable future .

to take advantage of historically low long-term borrowing rates , we issued $ 50.0 million in senior notes with two insurance companies in june 2003 .

the notes range in maturity between 2013 and 2016 and carry a weighted average interest rate of slightly less than 4.5 percent .

the proceeds of the notes were used to repay commercial paper and borrowing under the credit facility .

our leverage , as measured by the ratio of total debt to total capitalization , was 32 percent at the end of 2004 and the end of 2003 .

aggregate contractual obligations a summary of our contractual obligations as of december 31 , 2004 , is as follows: .

1	( dollars in millions ) contractual obligation	( dollars in millions ) total	( dollars in millions ) less than 1 year	( dollars in millions ) 1 - 3 years	( dollars in millions ) 3 - 5 years	more than 5 years

2	long-term debt	$ 275.1	$ 8.6	$ 13.8	$ 138.2	$ 114.5

3	capital leases	6.0	2014	2014	6.0	2014

4	operating leases	62.9	14.4	20.7	11.6	16.2

5	purchase obligations	177.3	176.6	0.7	2014	2014

6	total	$ 521.3	$ 199.6	$ 35.2	$ 155.8	$ 130.7

Question: what percentage of total aggregate contractual obligations is due to long-term debt?

Answer: 0.52772


table of contents item 7 2013 management 2019s discussion and analysis of financial condition and results of operations liquidity and capital resources we recorded net earnings of $ 35.4 million or $ 1.18 per share in 2004 , compared with $ 52.2 million or $ 1.76 per share recorded in 2003 and $ 51.3 million or $ 1.86 per share in 2002 .

net earnings recorded in 2004 were negatively impacted by cost increases to steel and freight , as well as manufacturing inefficiencies during the first nine months of the year in our ashland city plant and higher selling , general and administrative expense ( sg&a ) .

while net earnings were flat in 2003 compared with 2002 , the lower earnings per share amount in 2003 as compared with 2002 reflected the full-year impact of our stock offering in may 2002 .

our individual segment performance will be discussed later in this section .

our working capital , excluding short-term debt , was $ 339.8 million at december 31 , 2004 , compared with $ 305.9 million and $ 225.1 million at december 31 , 2003 , and december 31 , 2002 , respectively .

the $ 33.9 million increase in 2004 reflects $ 44.9 million higher receivable balances due to longer payment terms experienced by both of our businesses as well as higher sales levels in the fourth quarter .

offsetting the increase in receivable balances were $ 13.5 million lower inventory levels split about equally between water systems and electrical products and $ 14.3 million higher accounts payable balances .

the $ 80.8 million increase in 2003 reflects $ 46.6 million higher inventory balances due primarily to extensive manufacturing repositioning in our electric motor business and several new product introductions and manufacturing consolidation in our water systems business .

additionally , receivable balances were $ 21.2 million higher due to price increases associated with new product introductions in our water systems business and an increase in international sales , which tend to have longer payment terms .

finally , a $ 13.1 million increase in accounts payable balances was largely offset by $ 9.4 million in restructuring expenses paid out in 2003 .

reducing working capital is one of our major initiatives in 2005 .

cash provided by operating activities during 2004 was $ 67.2 million compared with $ 29.0 million during 2003 and $ 116.0 million during 2002 .

despite lower earnings in 2004 , a smaller investment in working capital explains the majority of the improvement in cash flow compared with 2003 .

the higher investment in working capital in 2003 ( as discussed above ) , explains the majority of the difference between 2003 and our capital expenditures were $ 48.5 million in 2004 , essentially the same as in 2003 and approximately $ 2.2 million higher than in 2002 .

the increase in 2003 was associated with new product launches in our water systems business .

we are projecting 2005 capital expenditures to be approximately $ 55 million , essentially the same as our projected 2005 depreciation expense .

we believe that our present facilities and planned capital expenditures are sufficient to provide adequate capacity for our operations in 2005 .

in june 2004 , we completed a $ 265 million , five-year revolving credit facility with a group of eight banks .

the new facility expires on june 10 , 2009 , and it replaced a $ 250 million credit facility which expired on august 2 , 2004 , and was terminated on june 10 , 2004 .

the new facility backs up commercial paper and credit line borrowings .

as a result of the long-term nature of this facility , the commercial paper and credit line borrowings are now classified as long-term debt .

at december 31 , 2004 , we had available borrowing capacity of $ 153.9 million under this facility .

we believe that the combination of available borrowing capacity and operating cash flow will provide sufficient funds to finance our existing operations for the foreseeable future .

to take advantage of historically low long-term borrowing rates , we issued $ 50.0 million in senior notes with two insurance companies in june 2003 .

the notes range in maturity between 2013 and 2016 and carry a weighted average interest rate of slightly less than 4.5 percent .

the proceeds of the notes were used to repay commercial paper and borrowing under the credit facility .

our leverage , as measured by the ratio of total debt to total capitalization , was 32 percent at the end of 2004 and the end of 2003 .

aggregate contractual obligations a summary of our contractual obligations as of december 31 , 2004 , is as follows: .

Question: what percentage of total aggregate contractual obligations is due to purchase obligationst?

Answer: 0.34011


( a ) effective in 2016 , the company began to measure the service cost and interest cost components of pension expense by applying spot rates along the yield curve to the relevant projected cash flows , as we believe this provides a better measurement of these costs .

the company has accounted for this as a change in accounting estimate and , accordingly has accounted for it on a prospective basis .

this change does not affect the measurement of the total benefit obligation .

2015 pension expense , excluding special items , decreased from the prior year due to the adoption of the spot rate approach which reduced service cost and interest cost , the impact from expected return on assets and demographic gains , partially offset by the impact of the adoption of new mortality tables for our major plans .

special items of $ 7.3 included pension settlement losses of $ 6.4 , special termination benefits of $ 2.0 , and curtailment gains of $ 1.1 .

these resulted primarily from our recent business restructuring and cost reduction actions .

2014 the decrease in pension expense , excluding special items , was due to the impact from expected return on assets , a 40 bp reduction in the weighted average compensation increase assumption , and lower service cost and interest cost .

the decrease was partially offset by the impact of higher amortization of actuarial losses , which resulted primarily from a 60 bp decrease in weighted average discount rate .

special items of $ 35.2 included pension settlement losses of $ 21.2 , special termination benefits of $ 8.7 , and curtailment losses of $ 5.3 .

2017 outlook in 2017 , pension expense , excluding special items , is estimated to be approximately $ 70 to $ 75 , an increase of $ 10 to $ 15 from 2016 , resulting primarily from a decrease in discount rates , offset by favorable asset experience , effects of the versum spin-off and the adoption of new mortality tables .

pension settlement losses of $ 10 to $ 15 are expected , dependent on the timing of retirements .

in 2017 , we expect pension expense to include approximately $ 164 for amortization of actuarial losses compared to $ 121 in 2016 .

net actuarial losses of $ 484 were recognized in accumulated other comprehensive income in 2016 , primarily attributable to lower discount rates and improved mortality projections .

actuarial gains/losses are amortized into pension expense over prospective periods to the extent they are not offset by future gains or losses .

future changes in the discount rate and actual returns on plan assets different from expected returns would impact the actuarial gains/losses and resulting amortization in years beyond 2017 .

during the first quarter of 2017 , the company expects to record a curtailment loss estimated to be $ 5 to $ 10 related to employees transferring to versum .

the loss will be reflected in the results from discontinued operations on the consolidated income statements .

we continue to evaluate opportunities to manage the liabilities associated with our pension plans .

pension funding pension funding includes both contributions to funded plans and benefit payments for unfunded plans , which are primarily non-qualified plans .

with respect to funded plans , our funding policy is that contributions , combined with appreciation and earnings , will be sufficient to pay benefits without creating unnecessary surpluses .

in addition , we make contributions to satisfy all legal funding requirements while managing our capacity to benefit from tax deductions attributable to plan contributions .

with the assistance of third party actuaries , we analyze the liabilities and demographics of each plan , which help guide the level of contributions .

during 2016 and 2015 , our cash contributions to funded plans and benefit payments for unfunded plans were $ 79.3 and $ 137.5 , respectively .

for 2017 , cash contributions to defined benefit plans are estimated to be $ 65 to $ 85 .

the estimate is based on expected contributions to certain international plans and anticipated benefit payments for unfunded plans , which .

1		2016	2015	2014

2	pension expense	$ 68.1	$ 135.6	$ 135.9

3	special terminations settlements and curtailments ( included above )	7.3	35.2	5.8

4	weighted average discount rate ( a )	4.1% ( 4.1 % )	4.0% ( 4.0 % )	4.6% ( 4.6 % )

5	weighted average expected rate of return on plan assets	7.5% ( 7.5 % )	7.4% ( 7.4 % )	7.7% ( 7.7 % )

6	weighted average expected rate of compensation increase	3.5% ( 3.5 % )	3.5% ( 3.5 % )	3.9% ( 3.9 % )

Question: considering the years 2015-2016 , what is the decrease observed in the cash contributions to funded plans and benefit payments for unfunded plans?

Answer: -0.42327


interest rate cash flow hedges 2013 we report changes in the fair value of cash flow hedges in accumulated other comprehensive loss until the hedged item affects earnings .

at both december 31 , 2008 and 2007 , we had reductions of $ 4 million recorded as an accumulated other comprehensive loss that is being amortized on a straight-line basis through september 30 , 2014 .

as of december 31 , 2008 and 2007 , we had no interest rate cash flow hedges outstanding .

earnings impact 2013 our use of derivative financial instruments had the following impact on pre-tax income for the years ended december 31 : millions of dollars 2008 2007 2006 .

fair value of debt instruments 2013 the fair value of our short- and long-term debt was estimated using quoted market prices , where available , or current borrowing rates .

at december 31 , 2008 , the fair value of total debt is approximately $ 247 million less than the carrying value .

at december 31 , 2007 , the fair value of total debt exceeded the carrying value by approximately $ 96 million .

at december 31 , 2008 and 2007 , approximately $ 320 million and $ 181 million , respectively , of fixed-rate debt securities contained call provisions that allowed us to retire the debt instruments prior to final maturity , with the payment of fixed call premiums , or in certain cases , at par .

sale of receivables 2013 the railroad transfers most of its accounts receivable to union pacific receivables , inc .

( upri ) , a bankruptcy-remote subsidiary , as part of a sale of receivables facility .

upri sells , without recourse on a 364-day revolving basis , an undivided interest in such accounts receivable to investors .

the total capacity to sell undivided interests to investors under the facility was $ 700 million and $ 600 million at december 31 , 2008 and 2007 , respectively .

the value of the outstanding undivided interest held by investors under the facility was $ 584 million and $ 600 million at december 31 , 2008 and 2007 , respectively .

upri reduced the outstanding undivided interest held by investors due to a decrease in available receivables at december 31 , 2008 .

the value of the outstanding undivided interest held by investors is not included in our consolidated financial statements .

the value of the undivided interest held by investors was supported by $ 1015 million and $ 1071 million of accounts receivable held by upri at december 31 , 2008 and 2007 , respectively .

at december 31 , 2008 and 2007 , the value of the interest retained by upri was $ 431 million and $ 471 million , respectively .

this retained interest is included in accounts receivable in our consolidated financial statements .

the interest sold to investors is sold at carrying value , which approximates fair value , and there is no gain or loss recognized from the transaction .

the value of the outstanding undivided interest held by investors could fluctuate based upon the availability of eligible receivables and is directly affected by changing business volumes and credit risks , including default and dilution .

if default or dilution percentages were to increase one percentage point , the amount of eligible receivables would decrease by $ 6 million .

should our credit rating fall below investment grade , the value of the outstanding undivided interest held by investors would be reduced , and , in certain cases , the investors would have the right to discontinue the facility .

the railroad services the sold receivables ; however , the railroad does not recognize any servicing asset or liability as the servicing fees adequately compensate us for these responsibilities .

the railroad collected approximately $ 17.8 billion and $ 16.1 billion during the years ended december 31 , 2008 and 2007 , respectively .

upri used certain of these proceeds to purchase new receivables under the facility. .

1	millions of dollars	2008	2007	2006

2	( increase ) /decrease in interest expense from interest rate hedging	$ 1	$ -8 ( 8 )	$ -8 ( 8 )

3	( increase ) /decrease in fuel expense from fuel derivatives	1	-1 ( 1 )	3

4	increase/ ( decrease ) in pre-tax income	$ 2	$ -9 ( 9 )	$ -5 ( 5 )

Question: what was the percent of the value of the interest retained by upri from 2007 to 2008 was $ 431 million and $ 471 million , respectively .

Answer: -0.08493


american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) at december 31 , 2005 , the company had net federal and state operating loss carryforwards available to reduce future taxable income of approximately $ 2.2 billion and $ 2.4 billion , respectively .

if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : .

109 , 201caccounting for income taxes , 201d requires that companies record a valuation allowance when it is 201cmore likely than not that some portion or all of the deferred tax assets will not be realized . 201d at december 31 , 2005 , the company has provided a valuation allowance of approximately $ 422.4 million , including approximately $ 249.5 million attributable to spectrasite , primarily related to net operating loss and capital loss carryforwards .

approximately $ 237.8 million of the spectrasite valuation allowance was assumed as of the acquisition date .

the balance of the valuation allowance primarily relates to net state deferred tax assets .

the company has not provided a valuation allowance for the remaining deferred tax assets , primarily its federal net operating loss carryforwards , as management believes the company will have sufficient time to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period .

the company intends to recover a portion of its deferred tax asset through its federal income tax refund claims related to the carry back of certain federal net operating losses .

in june 2003 and october 2003 , the company filed federal income tax refund claims with the irs relating to the carry back of $ 380.0 million of net operating losses generated prior to 2003 , of which the company initially anticipated receiving approximately $ 90.0 million .

based on preliminary discussions with tax authorities , the company has revised its estimate of the net realizable value of the federal income tax refund claims and anticipates receiving a refund of approximately $ 65.0 million as a result of these claims by the end of 2006 .

there can be no assurances , however , with respect to the specific amount and timing of any refund .

the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing stable state ( no growth ) projections based on its current operations .

the projections show a significant decrease in depreciation and interest expense in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period and debt repayments reducing interest expense .

accordingly , the recoverability of the net deferred tax asset is not dependent on material improvements to operations , material asset sales or other non-routine transactions .

based on its current outlook of future taxable income during the carryforward period , management believes that the net deferred tax asset will be realized .

the realization of the company 2019s deferred tax assets as of december 31 , 2005 will be dependent upon its ability to generate approximately $ 1.3 billion in taxable income from january 1 , 2006 to december 31 , 2025 .

if the company is unable to generate sufficient taxable income in the future , or carry back losses , as described above , it will be required to reduce its net deferred tax asset through a charge to income tax expense , which would result in a corresponding decrease in stockholders 2019 equity .

from time to time the company is subject to examination by various tax authorities in jurisdictions in which the company has significant business operations .

the company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions resulting from these examinations .

Question: in 2005 what was the percentage of the federal nol set to expire between 2016 to 2020

Answer: 0.18433


Question: what is the total value of net operating loss carryforwards?

Answer: 4575515.0


american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the term of the economic rights agreement is seventy years ; however , tv azteca has the right to purchase , at fair market value , the economic rights from the company at any time during the last fifty years of the agreement .

should tv azteca elect to purchase the economic rights ( in whole or in part ) , it would also be obligated to repay a proportional amount of the loan discussed above at the time of such election .

the company 2019s obligation to pay tv azteca $ 1.5 million annually would also be reduced proportionally .

the company has accounted for the annual payment of $ 1.5 million as a capital lease ( initially recording an asset and a corresponding liability of approximately $ 18.6 million ) .

the capital lease asset and the discount on the note , which aggregate approximately $ 30.2 million , represent the cost to acquire the economic rights and are being amortized over the seventy-year life of the economic rights agreement .

on a quarterly basis , the company assesses the recoverability of its note receivable from tv azteca .

as of december 31 , 2005 and 2004 , the company has assessed the recoverability of the note receivable from tv azteca and concluded that no adjustment to its carrying value is required .

an executive officer and former director of the company served as a director of tv azteca from december 1999 to february 2006 .

as of december 31 , 2005 and 2004 , the company also had other long-term notes receivable outstanding of approximately $ 11.1 million and $ 11.2 million , respectively .

financing arrangements outstanding amounts under the company 2019s long-term financing arrangements consisted of the following as of december 31 , ( in thousands ) : .

new credit facilities 2014in october 2005 , the company refinanced the two existing credit facilities of its principal operating subsidiaries .

the company replaced the existing american tower $ 1.1 billion senior secured credit facility with a new $ 1.3 billion senior secured credit facility and replaced the existing spectrasite $ 900.0 million senior secured credit facility with a new $ 1.15 billion senior secured credit facility .

as a result of the repayment of the previous credit facilities , the company recorded a net loss on retirement of long-term obligations of $ 9.8 million in the fourth quarter of 2005. .

1		2005	2004

2	american tower credit facility	$ 793000	$ 698000

3	spectrasite credit facility	700000

4	senior subordinated notes	400000	400000

5	senior subordinated discount notes net of discount and warrant valuation	160252	303755

6	senior notes net of discount and premium	726754	1001817

7	convertible notes net of discount	773058	830056

8	notes payable and capital leases	60365	59986

9	total	3613429	3293614

10	less current portion of other long-term obligations	-162153 ( 162153 )	-138386 ( 138386 )

11	long-term debt	$ 3451276	$ 3155228

Question: what was the increase in long-term debt between 2004 and 2005 in thousands?

Answer: 296048.0


Question: what percentage of long-term financing was classified as current at the end of 2005?

Answer: 0.04488


to , rather than as a substitute for , cash provided by operating activities .

the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : .

2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve .

we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments .

we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety .

we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network .

f0b7 network operations 2013 in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability .

f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment .

we again could see volatile fuel prices during the year , as they are sensitive to global and u.s .

domestic demand , refining capacity , geopolitical events , weather conditions and other factors .

as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months .

continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport .

alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments .

f0b7 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars .

the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .

( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels .

we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions .

dollar and historic low commodity prices could also drive continued volatility .

one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities .

in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise .

over the longer term , we expect the overall u.s .

economy to continue to improve at a modest pace , with some markets outperforming others. .

Question: what was the percentage change in free cash flow from 2014 to 2015?

Answer: -0.6516


software and will give the company a comprehensive design-to-silicon flow that links directly into the semiconductor manufacturing process .

integrating hpl 2019s yield management and test chip technologies into the company 2019s industry-leading dfm portfolio is also expected to enable customers to increase their productivity and improve profitability in the design and manufacture of advanced semiconductor devices .

the company paid $ 11.0 million in cash for all outstanding shares of hpl .

in addition , the company had a prior investment in hpl of approximately $ 1.9 million .

the total purchase consideration consisted of: .

acquisition-related costs of $ 2.8 million consist primarily of legal , tax and accounting fees of $ 1.6 million , $ 0.3 million of estimated facilities closure costs and other directly related charges , and $ 0.9 million in employee termination costs .

as of october 31 , 2006 , the company had paid $ 2.2 million of the acquisition related costs , of which $ 1.1 million were for professional services costs , $ 0.2 million were for facilities closure costs and $ 0.9 million were for employee termination costs .

the $ 0.6 million balance remaining at october 31 , 2006 consists of professional and tax-related service fees and facilities closure costs .

the company acquired $ 8.5 million of intangible assets consisting of $ 5.1 million in core developed technology , $ 3.2 million in customer relationships and $ 0.2 million in backlog to be amortized over two to four years .

approximately $ 0.8 million of the purchase price represents the fair value of acquired in-process research and development projects that have not yet reached technological feasibility and have no alternative future use .

accordingly , the amount was immediately expensed and included in the company 2019s condensed consolidated statement of operations for the first quarter of fiscal year 2006 .

additionally , the company acquired tangible assets of $ 14.0 million and assumed liabilities of $ 10.9 million .

goodwill , representing the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in the merger was $ 3.4 million .

goodwill resulted primarily from the company 2019s expectation of synergies from the integration of hpl 2019s technology with the company 2019s technology and operations .

during the fiscal year 2006 , the company completed an asset acquisition for cash consideration of $ 1.5 million .

this acquisition is not considered material to the company 2019s consolidated balance sheet and results of operations .

fiscal 2005 acquisitions nassda corporation ( nassda ) the company acquired nassda on may 11 , 2005 .

the company believes nassda 2019s full-chip circuit simulation and analysis software will broaden its offerings of transistor-level circuit simulation tools , particularly in the area of mixed-signal and memory design .

the company acquired all the outstanding shares of nassda for total cash consideration of $ 200.2 million , or $ 7.00 per share .

in addition , as required by the merger agreement , certain nassda officers , directors and employees who were defendants in certain preexisting litigation .

1		( in thousands )

2	cash paid	$ 11001

3	prior investment in hpl	1872

4	acquisition-related costs	2831

5	total purchase price	$ 15704

Question: what percentage of the total purchase price is represented by intangible assets?

Answer: 0.54126