stock-based awards under the plan stock options 2013 marathon grants stock options under the 2007 plan and previously granted options under the 2003 plan .

marathon 2019s stock options represent the right to purchase shares of common stock at the fair market value of the common stock on the date of grant .

through 2004 , certain stock options were granted under the 2003 plan with a tandem stock appreciation right , which allows the recipient to instead elect to receive cash and/or common stock equal to the excess of the fair market value of shares of common stock , as determined in accordance with the 2003 plan , over the option price of the shares .

in general , stock options granted under the 2007 plan and the 2003 plan vest ratably over a three-year period and have a maximum term of ten years from the date they are granted .

stock appreciation rights 2013 prior to 2005 , marathon granted sars under the 2003 plan .

no stock appreciation rights have been granted under the 2007 plan .

similar to stock options , stock appreciation rights represent the right to receive a payment equal to the excess of the fair market value of shares of common stock on the date the right is exercised over the grant price .

under the 2003 plan , certain sars were granted as stock-settled sars and others were granted in tandem with stock options .

in general , sars granted under the 2003 plan vest ratably over a three-year period and have a maximum term of ten years from the date they are granted .

stock-based performance awards 2013 prior to 2005 , marathon granted stock-based performance awards under the 2003 plan .

no stock-based performance awards have been granted under the 2007 plan .

beginning in 2005 , marathon discontinued granting stock-based performance awards and instead now grants cash-settled performance units to officers .

all stock-based performance awards granted under the 2003 plan have either vested or been forfeited .

as a result , there are no outstanding stock-based performance awards .

restricted stock 2013 marathon grants restricted stock and restricted stock units under the 2007 plan and previously granted such awards under the 2003 plan .

in 2005 , the compensation committee began granting time-based restricted stock to certain u.s.-based officers of marathon and its consolidated subsidiaries as part of their annual long-term incentive package .

the restricted stock awards to officers vest three years from the date of grant , contingent on the recipient 2019s continued employment .

marathon also grants restricted stock to certain non-officer employees and restricted stock units to certain international employees ( 201crestricted stock awards 201d ) , based on their performance within certain guidelines and for retention purposes .

the restricted stock awards to non-officers generally vest in one-third increments over a three-year period , contingent on the recipient 2019s continued employment .

prior to vesting , all restricted stock recipients have the right to vote such stock and receive dividends thereon .

the non-vested shares are not transferable and are held by marathon 2019s transfer agent .

common stock units 2013 marathon maintains an equity compensation program for its non-employee directors under the 2007 plan and previously maintained such a program under the 2003 plan .

all non-employee directors other than the chairman receive annual grants of common stock units , and they are required to hold those units until they leave the board of directors .

when dividends are paid on marathon common stock , directors receive dividend equivalents in the form of additional common stock units .

stock-based compensation expense 2013 total employee stock-based compensation expense was $ 80 million , $ 83 million and $ 111 million in 2007 , 2006 and 2005 .

the total related income tax benefits were $ 29 million , $ 31 million and $ 39 million .

in 2007 and 2006 , cash received upon exercise of stock option awards was $ 27 million and $ 50 million .

tax benefits realized for deductions during 2007 and 2006 that were in excess of the stock-based compensation expense recorded for options exercised and other stock-based awards vested during the period totaled $ 30 million and $ 36 million .

cash settlements of stock option awards totaled $ 1 million and $ 3 million in 2007 and 2006 .

stock option awards granted 2013 during 2007 , 2006 and 2005 , marathon granted stock option awards to both officer and non-officer employees .

the weighted average grant date fair value of these awards was based on the following black-scholes assumptions: .

1		2007	2006	2005

2	weighted average exercise price per share	$ 60.94	$ 37.84	$ 25.14

3	expected annual dividends per share	$ 0.96	$ 0.80	$ 0.66

4	expected life in years	5.0	5.1	5.5

5	expected volatility	27% ( 27 % )	28% ( 28 % )	28% ( 28 % )

6	risk-free interest rate	4.1% ( 4.1 % )	5.0% ( 5.0 % )	3.8% ( 3.8 % )

7	weighted average grant date fair value of stock option awards granted	$ 17.24	$ 10.19	$ 6.15

Question: by how much did the weighted average exercise price per share increase from 2005 to 2007?

Answer: 1.42403


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

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

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

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

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

debt long-term debt consisted of the following: .

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

8	total long-term debt	1279	1278

Question: what is the percentage change in the unamortized debt issuance costs associated with the senior notes from 2016 to 2017?

Answer: -0.21053


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

Answer: 0.375


notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) cash flows for 2010 , we expect to contribute $ 25.2 and $ 9.2 to our foreign pension plans and domestic pension plans , respectively .

a significant portion of our contributions to the foreign pension plans relate to the u.k .

additionally , we are in the process of modifying the schedule of employer contributions for the u.k .

pension plan and we expect to finalize this during 2010 .

as a result , we expect our contributions to our foreign pension plans to increase from current levels in 2010 and subsequent years .

during 2009 , we contributed $ 31.9 to our foreign pension plans and contributions to the domestic pension plan were negligible .

the following estimated future benefit payments , which reflect future service , as appropriate , are expected to be paid in the years indicated below .

domestic pension plans foreign pension plans postretirement benefit plans .

the estimated future payments for our postretirement benefit plans are before any estimated federal subsidies expected to be received under the medicare prescription drug , improvement and modernization act of 2003 .

federal subsidies are estimated to range from $ 0.5 in 2010 to $ 0.6 in 2014 and are estimated to be $ 2.4 for the period 2015-2019 .

savings plans we sponsor defined contribution plans ( the 201csavings plans 201d ) that cover substantially all domestic employees .

the savings plans permit participants to make contributions on a pre-tax and/or after-tax basis and allows participants to choose among various investment alternatives .

we match a portion of participant contributions based upon their years of service .

amounts expensed for the savings plans for 2009 , 2008 and 2007 were $ 35.1 , $ 29.6 and $ 31.4 , respectively .

expense includes a discretionary company contribution of $ 3.8 , $ 4.0 and $ 4.9 offset by participant forfeitures of $ 2.7 , $ 7.8 , $ 6.0 in 2009 , 2008 and 2007 , respectively .

in addition , we maintain defined contribution plans in various foreign countries and contributed $ 25.0 , $ 28.7 and $ 26.7 to these plans in 2009 , 2008 and 2007 , respectively .

deferred compensation and benefit arrangements we have deferred compensation arrangements which ( i ) permit certain of our key officers and employees to defer a portion of their salary or incentive compensation , or ( ii ) require us to contribute an amount to the participant 2019s account .

the arrangements typically provide that the participant will receive the amounts deferred plus interest upon attaining certain conditions , such as completing a certain number of years of service or upon retirement or termination .

as of december 31 , 2009 and 2008 , the deferred compensation liability balance was $ 100.3 and $ 107.6 , respectively .

amounts expensed for deferred compensation arrangements in 2009 , 2008 and 2007 were $ 11.6 , $ 5.7 and $ 11.9 , respectively .

we have deferred benefit arrangements with certain key officers and employees that provide participants with an annual payment , payable when the participant attains a certain age and after the participant 2019s employment has terminated .

the deferred benefit liability was $ 178.2 and $ 182.1 as of december 31 , 2009 and 2008 , respectively .

amounts expensed for deferred benefit arrangements in 2009 , 2008 and 2007 were $ 12.0 , $ 14.9 and $ 15.5 , respectively .

we have purchased life insurance policies on participants 2019 lives to assist in the funding of the related deferred compensation and deferred benefit liabilities .

as of december 31 , 2009 and 2008 , the cash surrender value of these policies was $ 119.4 and $ 100.2 , respectively .

in addition to the life insurance policies , certain investments are held for the purpose of paying the deferred compensation and deferred benefit liabilities .

these investments , along with the life insurance policies , are held in a separate revocable trust for the purpose of paying the deferred compensation and the deferred benefit .

Question: what percentage of amounts expensed in 2009 came from discretionary company contributions?

Answer: 10.82621


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

Answer: -0.09709


notes to consolidated financial statements 2014 ( continued ) 16 .

financial instruments fuel hedges we have entered into multiple swap agreements designated as cash flow hedges to mitigate some of our exposure related to changes in diesel fuel prices .

these swaps qualified for , and were designated as , effective hedges of changes in the prices of forecasted diesel fuel purchases ( fuel hedges ) .

the following table summarizes our outstanding fuel hedges as of december 31 , 2016 : year gallons hedged weighted average contract price per gallon .

on-highway average price for a gallon of diesel fuel as published by the department of energy exceeds the contract price per gallon , we receive the difference between the average price and the contract price ( multiplied by the notional gallons ) from the counterparty .

if the average price is less than the contract price per gallon , we pay the difference to the counterparty .

the fair values of our fuel hedges are determined using standard option valuation models with assumptions about commodity prices based on those observed in underlying markets ( level 2 in the fair value hierarchy ) .

the aggregate fair values of our outstanding fuel hedges as of december 31 , 2016 and 2015 were current liabilities of $ 2.7 million and $ 37.8 million , respectively , and have been recorded in other accrued liabilities in our consolidated balance sheets .

the ineffective portions of the changes in fair values resulted in a gain of $ 0.8 million for the year ended december 31 , 2016 , and a loss of $ 0.4 million and $ 0.5 million for the years ended december 31 , 2015 and 2014 , respectively , and have been recorded in other income , net in our consolidated statements of income .

total gain ( loss ) recognized in other comprehensive income ( loss ) for fuel hedges ( the effective portion ) was $ 20.7 million , $ ( 2.0 ) million and $ ( 24.2 ) million , for the years ended december 31 , 2016 , 2015 and 2014 , respectively .

we classify cash inflows and outflows from our fuel hedges within operating activities in the unaudited consolidated statements of cash flows .

recycling commodity hedges revenue from the sale of recycled commodities is primarily from sales of old corrugated containers and old newsprint .

from time to time we use derivative instruments such as swaps and costless collars designated as cash flow hedges to manage our exposure to changes in prices of these commodities .

during 2016 , we entered into multiple agreements related to the forecasted occ sales .

the agreements qualified for , and were designated as , effective hedges of changes in the prices of certain forecasted recycling commodity sales ( commodity hedges ) .

we entered into costless collar agreements on forecasted sales of occ .

the agreements involve combining a purchased put option giving us the right to sell occ at an established floor strike price with a written call option obligating us to deliver occ at an established cap strike price .

the puts and calls have the same settlement dates , are net settled in cash on such dates and have the same terms to expiration .

the contemporaneous combination of options resulted in no net premium for us and represents costless collars .

under these agreements , we will make or receive no payments as long as the settlement price is between the floor price and cap price ; however , if the settlement price is above the cap , we will pay the counterparty an amount equal to the excess of the settlement price over the cap times the monthly volumes hedged .

if the settlement price is below the floor , the counterparty will pay us the deficit of the settlement price below the floor times the monthly volumes hedged .

the objective of these agreements is to reduce variability of cash flows for forecasted sales of occ between two designated strike prices. .

1	year	gallons hedged	weighted average contractprice per gallon

2	2017	12000000	$ 2.92

3	2018	3000000	2.61

Question: what was the ratio of the gallons hedged in 2017 to 2018

Answer: 4.0


on-highway average price for a gallon of diesel fuel as published by the department of energy exceeds the contract price per gallon , we receive the difference between the average price and the contract price ( multiplied by the notional gallons ) from the counterparty .

if the average price is less than the contract price per gallon , we pay the difference to the counterparty .

the fair values of our fuel hedges are determined using standard option valuation models with assumptions about commodity prices based on those observed in underlying markets ( level 2 in the fair value hierarchy ) .

the aggregate fair values of our outstanding fuel hedges as of december 31 , 2016 and 2015 were current liabilities of $ 2.7 million and $ 37.8 million , respectively , and have been recorded in other accrued liabilities in our consolidated balance sheets .

the ineffective portions of the changes in fair values resulted in a gain of $ 0.8 million for the year ended december 31 , 2016 , and a loss of $ 0.4 million and $ 0.5 million for the years ended december 31 , 2015 and 2014 , respectively , and have been recorded in other income , net in our consolidated statements of income .

total gain ( loss ) recognized in other comprehensive income ( loss ) for fuel hedges ( the effective portion ) was $ 20.7 million , $ ( 2.0 ) million and $ ( 24.2 ) million , for the years ended december 31 , 2016 , 2015 and 2014 , respectively .

we classify cash inflows and outflows from our fuel hedges within operating activities in the unaudited consolidated statements of cash flows .

recycling commodity hedges revenue from the sale of recycled commodities is primarily from sales of old corrugated containers and old newsprint .

from time to time we use derivative instruments such as swaps and costless collars designated as cash flow hedges to manage our exposure to changes in prices of these commodities .

during 2016 , we entered into multiple agreements related to the forecasted occ sales .

the agreements qualified for , and were designated as , effective hedges of changes in the prices of certain forecasted recycling commodity sales ( commodity hedges ) .

we entered into costless collar agreements on forecasted sales of occ .

the agreements involve combining a purchased put option giving us the right to sell occ at an established floor strike price with a written call option obligating us to deliver occ at an established cap strike price .

the puts and calls have the same settlement dates , are net settled in cash on such dates and have the same terms to expiration .

the contemporaneous combination of options resulted in no net premium for us and represents costless collars .

under these agreements , we will make or receive no payments as long as the settlement price is between the floor price and cap price ; however , if the settlement price is above the cap , we will pay the counterparty an amount equal to the excess of the settlement price over the cap times the monthly volumes hedged .

if the settlement price is below the floor , the counterparty will pay us the deficit of the settlement price below the floor times the monthly volumes hedged .

the objective of these agreements is to reduce variability of cash flows for forecasted sales of occ between two designated strike prices. .

Question: what was the ratio of the aggregate fair values of our outstanding fuel hedges for 2015 and 2016

Answer: 14.0


in the ordinary course of business , based on our evaluations of certain geologic trends and prospective economics , we have allowed certain lease acreage to expire and may allow additional acreage to expire in the future .

if production is not established or we take no other action to extend the terms of the leases , licenses or concessions , undeveloped acreage listed in the table below will expire over the next three years .

we plan to continue the terms of certain of these licenses and concession areas or retain leases through operational or administrative actions ; however , the majority of the undeveloped acres associated with other africa as listed in the table below pertains to our licenses in ethiopia and kenya , for which we executed agreements in 2015 to sell .

the kenya transaction closed in february 2016 and the ethiopia transaction is expected to close in the first quarter of 2016 .

financial statements and supplementary data - note 5 to the consolidated financial statements for additional information about this disposition .

net undeveloped acres expiring year ended december 31 .

1	( in thousands )	net undeveloped acres expiring year ended december 31 , 2016	net undeveloped acres expiring year ended december 31 , 2017	net undeveloped acres expiring year ended december 31 , 2018

2	u.s .	68	89	128

3	e.g .	2014	92	36

4	other africa	189	4352	854

5	total africa	189	4444	890

6	other international	2014	2014	2014

7	total	257	4533	1018

Question: for 2016 , what was the total african and us net undeveloped acres expiring , in thousands ? \\n

Answer: 257.0


Question: in 2018 , what percentage of undeveloped acres were located in the u.s?

Answer: 0.12574


we have adequate access to capital markets to meet any foreseeable cash requirements , and we have sufficient financial capacity to satisfy our current liabilities .

operating activities higher net income in 2014 increased cash provided by operating activities compared to 2013 , despite higher income tax payments .

2014 income tax payments were higher than 2013 primarily due to higher income , but also because we paid taxes previously deferred by bonus depreciation ( discussed below ) .

higher net income in 2013 increased cash provided by operating activities compared to 2012 .

in addition , we made payments in 2012 for past wages as a result of national labor negotiations , which reduced cash provided by operating activities in 2012 .

lower tax benefits from bonus depreciation ( as discussed below ) partially offset the increases .

federal tax law provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012-2013 .

as a result , the company deferred a substantial portion of its 2011-2013 income tax expense , contributing to the positive operating cash flow in those years .

congress extended 50% ( 50 % ) bonus depreciation for 2014 , but this extension occurred in december and did not have a significant benefit on our income tax payments during 2014 .

investing activities higher capital investments , including the early buyout of the long-term operating lease of our headquarters building for approximately $ 261 million , drove the increase in cash used in investing activities compared to 2013 .

significant investments also were made for new locomotives , freight cars and containers , and capacity and commercial facility projects .

capital investments in 2014 also included $ 99 million for the early buyout of locomotives and freight cars under long-term operating leases , which we exercised due to favorable economic terms and market conditions .

lower capital investments in locomotives and freight cars in 2013 drove the decrease in cash used in investing activities compared to 2012 .

included in capital investments in 2012 was $ 75 million for the early buyout of 165 locomotives under long-term operating and capital leases during the first quarter of 2012 , which we exercised due to favorable economic terms and market conditions. .

1	cash flowsmillions	2014	2013	2012

2	cash provided by operating activities	$ 7385	$ 6823	$ 6161

3	cash used in investing activities	-4249 ( 4249 )	-3405 ( 3405 )	-3633 ( 3633 )

4	cash used in financing activities	-2982 ( 2982 )	-3049 ( 3049 )	-2682 ( 2682 )

5	net change in cash and cashequivalents	$ 154	$ 369	$ -154 ( 154 )

Question: what was the percentage change in cash provided by operating activities from 2012 to 2013?

Answer: 0.10745


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

we will evaluate how the new requirements of statement no .

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

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

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

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

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

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

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

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

we do not expect the adoption of statement no .

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2	u.s . onshore	12	626	23	140

3	u.s . offshore	8	68	1	20

4	canada	23	198	4	60

5	international	23	2	2014	23

6	total	66	894	28	243

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

Answer: 24.69136


during 2009 we continued to see a soft market , which began in 2007 , in our retail brokerage product line .

in 2007 , we experienced a soft market in many business lines and in many geographic areas .

in a 2018 2018soft market , 2019 2019 premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity .

changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the premiums paid by insureds .

prices fell throughout 2007 , with the greatest declines seen in large and middle-market accounts .

prices continued to decline during 2008 , although the rate of decline slowed toward the end of the year .

in our reinsurance brokerage product line , pricing overall during 2009 was also down , although during a portion of the year it was flat to up slightly .

additionally , beginning in late 2008 and continuing throughout 2009 , we faced difficult conditions as a result of unprecedented disruptions in the global economy , the repricing of credit risk and the deterioration of the financial markets .

continued volatility and further deterioration in the credit markets have reduced our customers 2019 demand for our retail brokerage and reinsurance brokerage products , which have negatively hurt our operational results .

in addition , overall capacity in the industry could decrease if a significant insurer either fails or withdraws from writing insurance coverages that we offer our clients .

this failure could reduce our revenues and profitability , since we would no longer have access to certain lines and types of insurance .

risk and insurance brokerage services generated approximately 83% ( 83 % ) of our consolidated total revenues in 2009 .

revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients .

our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients 2019 policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates .

we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage .

specifically , we address the highly specialized product development and risk management needs of commercial enterprises , professional groups , insurance companies , governments , healthcare providers , and non-profit groups , among others ; provide affinity products for professional liability , life , disability income , and personal lines for individuals , associations , and businesses ; provide reinsurance services to insurance and reinsurance companies and other risk assumption entities by acting as brokers or intermediaries on all classes of reinsurance ; provide investment banking products and services , including mergers and acquisitions and other financial advisory services , capital raising , contingent capital financing , insurance-linked securitizations and derivative applications ; provide managing underwriting to independent agents and brokers as well as corporate clients ; provide actuarial , loss prevention , and administrative services to businesses and consumers ; and manage captive insurance companies .

in november 2008 we expanded our product offerings through the merger with benfield , a leading independent reinsurance intermediary .

benfield products have been integrated with our existing reinsurance products in 2009 .

in february 2009 , we completed the sale of the u.s .

operations of cananwill , our premium finance business .

in june and july of 2009 , we entered into agreements with third parties with respect to our .

1	years ended december 31,	2009	2008	2007

2	segment revenue	$ 6305	$ 6197	$ 5918

3	segment operating income	900	846	954

4	segment operating income margin	14.3% ( 14.3 % )	13.7% ( 13.7 % )	16.1% ( 16.1 % )

Question: what was the percent of the change in the risk and insurance brokerage services segment revenue from 2008 2009\\n

Answer: 0.01743


market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock is traded on the nasdaq global select market under the symbol cdns .

as of february 2 , 2019 , we had 523 registered stockholders and approximately 56000 beneficial owners of our common stock .

stockholder return performance graph the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index , the s&p 500 index and the s&p 500 information technology index .

the graph assumes that the value of the investment in our common stock and in each index on december 28 , 2013 ( including reinvestment of dividends ) was $ 100 and tracks it each year thereafter on the last day of our fiscal year through december 29 , 2018 and , for each index , on the last day of the calendar year .

comparison of 5 year cumulative total return* among cadence design systems , inc. , the nasdaq composite index , the s&p 500 index and the s&p 500 information technology index 12/29/181/2/16 12/30/1712/28/13 12/31/161/3/15 *$ 100 invested on 12/28/13 in stock or index , including reinvestment of dividends .

copyright a9 2019 standard & poor 2019s , a division of s&p global .

nasdaq compositecadence design systems , inc .

s&p 500 s&p 500 information technology .

the stock price performance included in this graph is not necessarily indicative of future stock price performance. .

Question: what is the total return is $ 100000 are invested in s&p500 on january 1st , 2015 and sold at the end of 2016?

Answer: 18770.0


credit facility , which was amended in 2013 and 2012 .

in march 2014 , the company 2019s credit facility was further amended to extend the maturity date to march 2019 .

the amount of the aggregate commitment is $ 3.990 billion ( the 201c2014 credit facility 201d ) .

the 2014 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2014 credit facility to an aggregate principal amount not to exceed $ 4.990 billion .

interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .

the 2014 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2014 .

the 2014 credit facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities .

at december 31 , 2014 , the company had no amount outstanding under the 2014 credit facility .

on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion .

blackrock increased the maximum aggregate amount that could be borrowed under the cp program to $ 3.5 billion in 2011 and to $ 3.785 billion in 2012 .

in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion .

the cp program is currently supported by the 2014 credit facility .

at december 31 , 2014 , blackrock had no cp notes outstanding .

long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2014 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value .

long-term borrowings at december 31 , 2013 had a carrying value of $ 4.939 billion and a fair value of $ 5.284 billion determined using market prices at the end of december 2013 .

in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) .

the net proceeds of the 2024 notes were 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 2024 notes were issued at a discount of $ 3 million that is being amortized over the term of the notes .

the company incurred approximately $ 6 million of debt issuance costs , which are being amortized over the term of the 2024 notes .

at december 31 , 2014 , $ 6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .

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 maturing in june 2015 ( the 201c2015 notes 201d ) 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 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 .

the 2015 notes and 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 2015 and 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 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes .

the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes .

at december 31 , 2014 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .

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 ( 201c2013 floating rate notes 201d ) , 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 .

Question: what percent higher is fair value than carrying value?

Answer: 0.07513


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

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

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

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

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

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

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

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

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

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

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

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

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

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

1		amount ( in millions )

2	2007 net revenue	$ 231.0

3	volume/weather	15.5

4	net gas revenue	6.6

5	rider revenue	3.9

6	base revenue	-11.3 ( 11.3 )

7	other	7.0

8	2008 net revenue	$ 252.7

Question: what is the percent change in gas customers between 2007 and 2008?

Answer: 0.0814


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 was the change in millions of operating income from 2016 to 2017?

Answer: 688.0


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

Answer: 6.95522


middleton's reported cigars shipment volume for 2012 decreased 0.7% ( 0.7 % ) due primarily to changes in trade inventories , partially offset by volume growth as a result of retail share gains .

in the cigarette category , marlboro's 2012 retail share performance continued to benefit from the brand-building initiatives supporting marlboro's new architecture .

marlboro's retail share for 2012 increased 0.6 share points versus 2011 to 42.6% ( 42.6 % ) .

in january 2013 , pm usa expanded distribution of marlboro southern cut nationally .

marlboro southern cut is part of the marlboro gold family .

pm usa's 2012 retail share increased 0.8 share points versus 2011 , reflecting retail share gains by marlboro and by l&m in discount .

these gains were partially offset by share losses on other portfolio brands .

in the machine-made large cigars category , black & mild's retail share for 2012 increased 0.5 share points .

the brand benefited from new untipped cigarillo varieties that were introduced in 2011 , black & mild seasonal offerings and the 2012 third-quarter introduction of black & mild jazz untipped cigarillos into select geographies .

in december 2012 , middleton announced plans to launch nationally black & mild jazz cigars in both plastic tip and wood tip in the first quarter of 2013 .

the following discussion compares smokeable products segment results for the year ended december 31 , 2011 with the year ended december 31 , 2010 .

net revenues , which include excise taxes billed to customers , decreased $ 221 million ( 1.0% ( 1.0 % ) ) due to lower shipment volume ( $ 1051 million ) , partially offset by higher net pricing ( $ 830 million ) , which includes higher promotional investments .

operating companies income increased $ 119 million ( 2.1% ( 2.1 % ) ) , due primarily to higher net pricing ( $ 831 million ) , which includes higher promotional investments , marketing , administration , and research savings reflecting cost reduction initiatives ( $ 198 million ) and 2010 implementation costs related to the closure of the cabarrus , north carolina manufacturing facility ( $ 75 million ) , partially offset by lower volume ( $ 527 million ) , higher asset impairment and exit costs due primarily to the 2011 cost reduction program ( $ 158 million ) , higher per unit settlement charges ( $ 120 million ) , higher charges related to tobacco and health judgments ( $ 87 million ) and higher fda user fees ( $ 73 million ) .

for 2011 , total smokeable products shipment volume decreased 4.0% ( 4.0 % ) versus 2010 .

pm usa's reported domestic cigarettes shipment volume declined 4.0% ( 4.0 % ) versus 2010 due primarily to retail share losses and one less shipping day , partially offset by changes in trade inventories .

after adjusting for changes in trade inventories and one less shipping day , pm usa's 2011 domestic cigarette shipment volume was estimated to be down approximately 4% ( 4 % ) versus 2010 .

pm usa believes that total cigarette category volume for 2011 decreased approximately 3.5% ( 3.5 % ) versus 2010 , when adjusted primarily for changes in trade inventories and one less shipping day .

pm usa's total premium brands ( marlboro and other premium brands ) shipment volume decreased 4.3% ( 4.3 % ) .

marlboro's shipment volume decreased 3.8% ( 3.8 % ) versus 2010 .

in the discount brands , pm usa's shipment volume decreased 0.9% ( 0.9 % ) .

pm usa's shipments of premium cigarettes accounted for 93.7% ( 93.7 % ) of its reported domestic cigarettes shipment volume for 2011 , down from 93.9% ( 93.9 % ) in 2010 .

middleton's 2011 reported cigars shipment volume was unchanged versus 2010 .

for 2011 , pm usa's retail share of the cigarette category declined 0.8 share points to 49.0% ( 49.0 % ) due primarily to retail share losses on marlboro .

marlboro's 2011 retail share decreased 0.6 share points .

in 2010 , marlboro delivered record full-year retail share results that were achieved at lower margin levels .

middleton retained a leading share of the tipped cigarillo segment of the machine-made large cigars category , with a retail share of approximately 84% ( 84 % ) in 2011 .

for 2011 , middleton's retail share of the cigar category increased 0.3 share points to 29.7% ( 29.7 % ) versus 2010 .

black & mild's 2011 retail share increased 0.5 share points , as the brand benefited from new product introductions .

during the fourth quarter of 2011 , middleton broadened its untipped cigarillo portfolio with new aroma wrap 2122 foil pouch packaging that accompanied the national introduction of black & mild wine .

this new fourth- quarter packaging roll-out also included black & mild sweets and classic varieties .

during the second quarter of 2011 , middleton entered into a contract manufacturing arrangement to source the production of a portion of its cigars overseas .

middleton entered into this arrangement to access additional production capacity in an uncertain competitive environment and an excise tax environment that potentially benefits imported large cigars over those manufactured domestically .

smokeless products segment the smokeless products segment's operating companies income grew during 2012 driven by higher pricing , copenhagen and skoal's combined volume and retail share performance and effective cost management .

the following table summarizes smokeless products segment shipment volume performance : shipment volume for the years ended december 31 .

volume includes cans and packs sold , as well as promotional units , but excludes international volume , which is not material to the smokeless products segment .

other includes certain usstc and pm usa smokeless products .

new types of smokeless products , as well as new packaging configurations .

1	( cans and packs in millions )	shipment volumefor the years ended december 31 , 2012	shipment volumefor the years ended december 31 , 2011	shipment volumefor the years ended december 31 , 2010

2	copenhagen	392.5	354.2	327.5

3	skoal	288.4	286.8	274.4

4	copenhagenandskoal	680.9	641.0	601.9

5	other	82.4	93.6	122.5

6	total smokeless products	763.3	734.6	724.4

Question: what is the growth rate in total shipment volume from 2010 to 2011?

Answer: 0.01408


accumulated other comprehensive losses : pmi's accumulated other comprehensive losses , net of taxes , consisted of the following: .

reclassifications from other comprehensive earnings the movements in accumulated other comprehensive losses and the related tax impact , for each of the components above , that are due to current period activity and reclassifications to the income statement are shown on the consolidated statements of comprehensive earnings for the years ended december 31 , 2015 , 2014 , and 2013 .

the movement in currency translation adjustments for the year ended december 31 , 2013 , was also impacted by the purchase of the remaining shares of the mexican tobacco business .

in addition , $ 1 million , $ 5 million and $ 12 million of net currency translation adjustment gains were transferred from other comprehensive earnings to marketing , administration and research costs in the consolidated statements of earnings for the years ended december 31 , 2015 , 2014 and 2013 , respectively , upon liquidation of subsidiaries .

for additional information , see note 13 .

financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments .

colombian investment and cooperation agreement : on june 19 , 2009 , pmi announced that it had signed an agreement with the republic of colombia , together with the departments of colombia and the capital district of bogota , to promote investment and cooperation with respect to the colombian tobacco market and to fight counterfeit and contraband tobacco products .

the investment and cooperation agreement provides $ 200 million in funding to the colombian governments over a 20-year period to address issues of mutual interest , such as combating the illegal cigarette trade , including the threat of counterfeit tobacco products , and increasing the quality and quantity of locally grown tobacco .

as a result of the investment and cooperation agreement , pmi recorded a pre-tax charge of $ 135 million in the operating results of the latin america & canada segment during the second quarter of 2009 .

at december 31 , 2015 and 2014 , pmi had $ 73 million and $ 71 million , respectively , of discounted liabilities associated with the colombian investment and cooperation agreement .

these discounted liabilities are primarily reflected in other long-term liabilities on the consolidated balance sheets and are expected to be paid through 2028 .

rbh legal settlement : on july 31 , 2008 , rothmans inc .

( "rothmans" ) announced the finalization of a cad 550 million settlement ( or approximately $ 540 million , based on the prevailing exchange rate at that time ) between itself and rothmans , benson & hedges inc .

( "rbh" ) , on the one hand , and the government of canada and all 10 provinces , on the other hand .

the settlement resolved the royal canadian mounted police's investigation relating to products exported from canada by rbh during the 1989-1996 period .

rothmans' sole holding was a 60% ( 60 % ) interest in rbh .

the remaining 40% ( 40 % ) interest in rbh was owned by pmi. .

1	( losses ) earnings ( in millions )	( losses ) earnings 2015	( losses ) earnings 2014	2013

2	currency translation adjustments	$ -6129 ( 6129 )	$ -3929 ( 3929 )	$ -2207 ( 2207 )

3	pension and other benefits	-3332 ( 3332 )	-3020 ( 3020 )	-2046 ( 2046 )

4	derivatives accounted for as hedges	59	123	63

5	total accumulated other comprehensive losses	$ -9402 ( 9402 )	$ -6826 ( 6826 )	$ -4190 ( 4190 )

Question: what is the percentage increase in total accumulated other comprehensive losses from 2014 to 2015?

Answer: 0.37738


Question: what is the percentage increase in total accumulated other comprehensive losses from 2013 to 2014?

Answer: 0.62912


are allocated using appropriate statistical bases .

total expense for repairs and maintenance incurred was $ 2.2 billion for 2011 , $ 2.0 billion for 2010 , and $ 1.9 billion for 2009 .

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 .

financial instruments strategy and risk 2013 we may use derivative financial instruments in limited instances for other than trading purposes to assist in managing our overall exposure to fluctuations in interest rates and fuel prices .

we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes .

derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period .

we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk- management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness .

changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings .

we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable interest rate and fuel price movements .

market and credit risk 2013 we address market risk related to derivative financial instruments by selecting instruments with value fluctuations that highly correlate with the underlying hedged item .

we manage credit risk related to derivative financial instruments , which is minimal , by requiring high credit standards for counterparties and periodic settlements .

at december 31 , 2011 and 2010 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities .

determination of fair value 2013 we determine the fair values of our derivative financial instrument positions based upon current fair values as quoted by recognized dealers or the present value of expected future cash flows .

interest rate fair value hedges 2013 we manage our overall exposure to fluctuations in interest rates by adjusting the proportion of fixed and floating rate debt instruments within our debt portfolio over a given period .

we generally manage the mix of fixed and floating rate debt through the issuance of targeted amounts of each as debt matures or as we require incremental borrowings .

we employ derivatives , primarily swaps , as one of the tools to obtain the targeted mix .

in addition , we also obtain flexibility in managing interest costs and the interest rate mix within our debt portfolio by evaluating the issuance of and managing outstanding callable fixed-rate debt securities .

swaps allow us to convert debt from fixed rates to variable rates and thereby hedge the risk of changes in the debt 2019s fair value attributable to the changes in interest rates .

1	millions	dec . 31 2011	dec . 31 2010

2	accounts payable	$ 819	$ 677

3	income and other taxes	482	337

4	accrued wages and vacation	363	357

5	dividends payable	284	183

6	accrued casualty costs	249	325

7	interest payable	197	200

8	equipment rents payable	90	86

9	other	624	548

10	total accounts payable and othercurrent liabilities	$ 3108	$ 2713

Question: assuming 2010 accrued casualty costs were completely repaired in the following year , ,what would the repairs and maintenance expense increase to for 2011 in millions?

Answer: 2525.0


the following table presents var with respect to our trading activities , as measured by our var methodology for the periods indicated : value-at-risk .

we back-test the estimated one-day var on a daily basis .

this information is reviewed and used to confirm that all relevant trading positions are properly modeled .

for the years ended december 31 , 2008 and 2007 , we did not experience any actual trading losses in excess of our end-of-day var estimate .

asset and liability management activities the primary objective of asset and liability management is to provide sustainable and growing net interest revenue , or nir , under varying economic environments , while protecting the economic values of our balance sheet assets and liabilities from the adverse effects of changes in interest rates .

most of our nir is earned from the investment of deposits generated by our core investment servicing and investment management businesses .

we structure our balance sheet assets to generally conform to the characteristics of our balance sheet liabilities , but we manage our overall interest-rate risk position in the context of current and anticipated market conditions and within internally-approved risk guidelines .

our overall interest-rate risk position is maintained within a series of policies approved by the board and guidelines established and monitored by alco .

our global treasury group has responsibility for managing state street 2019s day-to-day interest-rate risk .

to effectively manage the consolidated balance sheet and related nir , global treasury has the authority to take a limited amount of interest-rate risk based on market conditions and its views about the direction of global interest rates over both short-term and long-term time horizons .

global treasury manages our exposure to changes in interest rates on a consolidated basis organized into three regional treasury units , north america , europe and asia/pacific , to reflect the growing , global nature of our exposures and to capture the impact of change in regional market environments on our total risk position .

our investment activities and our use of derivative financial instruments are the primary tools used in managing interest-rate risk .

we invest in financial instruments with currency , repricing , and maturity characteristics we consider appropriate to manage our overall interest-rate risk position .

in addition to on-balance sheet assets , we use certain derivatives , primarily interest-rate swaps , to alter the interest-rate characteristics of specific balance sheet assets or liabilities .

the use of derivatives is subject to alco-approved guidelines .

additional information about our use of derivatives is in note 17 of the notes to consolidated financial statements included in this form 10-k under item 8 .

dollar denominated customer liabilities are a significant portion of our consolidated balance sheet .

this growth results in exposure to changes in the shape and level of non-u.s .

dollar yield curves , which we include in our consolidated interest-rate risk management process .

because no one individual measure can accurately assess all of our exposures to changes in interest rates , we use several quantitative measures in our assessment of current and potential future exposures to changes in interest rates and their impact on net interest revenue and balance sheet values .

net interest revenue simulation is the primary tool used in our evaluation of the potential range of possible net interest revenue results that could occur under a variety of interest-rate environments .

we also use market valuation and duration analysis to assess changes in the economic value of balance sheet assets and liabilities caused by assumed changes in interest rates .

finally , gap analysis 2014the difference between the amount of balance sheet assets and liabilities re-pricing within a specified time period 2014is used as a measurement of our interest-rate risk position. .

1	years ended december 31 ( inmillions )	2008 annual average	2008 maximum	2008 minimum	2008 annual average	2008 maximum	minimum

2	foreign exchange products	$ 1.8	$ 4.7	$ .3	$ 1.8	$ 4.0	$ .7

3	interest-rate products	1.1	2.4	.6	1.4	3.7	.1

Question: what is the average variance of the value at risk of each 2008 section? ( $ )

Answer: 3.85


we back-test the estimated one-day var on a daily basis .

this information is reviewed and used to confirm that all relevant trading positions are properly modeled .

for the years ended december 31 , 2008 and 2007 , we did not experience any actual trading losses in excess of our end-of-day var estimate .

asset and liability management activities the primary objective of asset and liability management is to provide sustainable and growing net interest revenue , or nir , under varying economic environments , while protecting the economic values of our balance sheet assets and liabilities from the adverse effects of changes in interest rates .

most of our nir is earned from the investment of deposits generated by our core investment servicing and investment management businesses .

we structure our balance sheet assets to generally conform to the characteristics of our balance sheet liabilities , but we manage our overall interest-rate risk position in the context of current and anticipated market conditions and within internally-approved risk guidelines .

our overall interest-rate risk position is maintained within a series of policies approved by the board and guidelines established and monitored by alco .

our global treasury group has responsibility for managing state street 2019s day-to-day interest-rate risk .

to effectively manage the consolidated balance sheet and related nir , global treasury has the authority to take a limited amount of interest-rate risk based on market conditions and its views about the direction of global interest rates over both short-term and long-term time horizons .

global treasury manages our exposure to changes in interest rates on a consolidated basis organized into three regional treasury units , north america , europe and asia/pacific , to reflect the growing , global nature of our exposures and to capture the impact of change in regional market environments on our total risk position .

our investment activities and our use of derivative financial instruments are the primary tools used in managing interest-rate risk .

we invest in financial instruments with currency , repricing , and maturity characteristics we consider appropriate to manage our overall interest-rate risk position .

in addition to on-balance sheet assets , we use certain derivatives , primarily interest-rate swaps , to alter the interest-rate characteristics of specific balance sheet assets or liabilities .

the use of derivatives is subject to alco-approved guidelines .

additional information about our use of derivatives is in note 17 of the notes to consolidated financial statements included in this form 10-k under item 8 .

dollar denominated customer liabilities are a significant portion of our consolidated balance sheet .

this growth results in exposure to changes in the shape and level of non-u.s .

dollar yield curves , which we include in our consolidated interest-rate risk management process .

because no one individual measure can accurately assess all of our exposures to changes in interest rates , we use several quantitative measures in our assessment of current and potential future exposures to changes in interest rates and their impact on net interest revenue and balance sheet values .

net interest revenue simulation is the primary tool used in our evaluation of the potential range of possible net interest revenue results that could occur under a variety of interest-rate environments .

we also use market valuation and duration analysis to assess changes in the economic value of balance sheet assets and liabilities caused by assumed changes in interest rates .

finally , gap analysis 2014the difference between the amount of balance sheet assets and liabilities re-pricing within a specified time period 2014is used as a measurement of our interest-rate risk position. .

Question: what percent higher is the average var for foreign exchange products than that of interest rate products?

Answer: 1.25


credit facility , which was amended in 2013 and 2012 .

in march 2014 , the company 2019s credit facility was further amended to extend the maturity date to march 2019 .

the amount of the aggregate commitment is $ 3.990 billion ( the 201c2014 credit facility 201d ) .

the 2014 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2014 credit facility to an aggregate principal amount not to exceed $ 4.990 billion .

interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .

the 2014 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2014 .

the 2014 credit facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities .

at december 31 , 2014 , the company had no amount outstanding under the 2014 credit facility .

on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion .

blackrock increased the maximum aggregate amount that could be borrowed under the cp program to $ 3.5 billion in 2011 and to $ 3.785 billion in 2012 .

in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion .

the cp program is currently supported by the 2014 credit facility .

at december 31 , 2014 , blackrock had no cp notes outstanding .

long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2014 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value .

long-term borrowings at december 31 , 2013 had a carrying value of $ 4.939 billion and a fair value of $ 5.284 billion determined using market prices at the end of december 2013 .

in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) .

the net proceeds of the 2024 notes were 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 2024 notes were issued at a discount of $ 3 million that is being amortized over the term of the notes .

the company incurred approximately $ 6 million of debt issuance costs , which are being amortized over the term of the 2024 notes .

at december 31 , 2014 , $ 6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .

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 maturing in june 2015 ( the 201c2015 notes 201d ) 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 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 .

the 2015 notes and 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 2015 and 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 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes .

the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes .

at december 31 , 2014 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .

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 ( 201c2013 floating rate notes 201d ) , 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 .

Question: what portion of total long-term borrowings is due in the next 36 months?

Answer: 0.29293


entergy corporation notes to consolidated financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , certain series of which are secured by non-interest bearing first mortgage bonds .

( b ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on september 1 , 2005 and can then be remarketed .

( c ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on september 1 , 2004 and can then be remarketed .

( d ) the bonds had a mandatory tender date of october 1 , 2003 .

entergy louisiana purchased the bonds from the holders , pursuant to the mandatory tender provision , and has not remarketed the bonds at this time .

entergy louisiana used a combination of cash on hand and short-term borrowing to buy-in the bonds .

( e ) on june 1 , 2002 , entergy louisiana remarketed $ 55 million st .

charles parish pollution control revenue refunding bonds due 2030 , resetting the interest rate to 4.9% ( 4.9 % ) through may 2005 .

( f ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on june 1 , 2005 and can then be remarketed .

( g ) pursuant to the nuclear waste policy act of 1982 , entergy's nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service .

the contracts include a one-time fee for generation prior to april 7 , 1983 .

entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term ( h ) the fair value excludes lease obligations , long-term doe obligations , and other long-term debt and includes debt due within one year .

it is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms .

the annual long-term debt maturities ( excluding lease obligations ) for debt outstanding as of december 31 , 2003 , for the next five years are as follows: .

in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction .

entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing .

these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) .

in accordance with the purchase agreement with nypa , the purchase of indian point 2 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 .

this liability was recorded upon the purchase of indian point 2 in september 2001 , and is included in the note payable to nypa balance above .

in july 2003 , a payment of $ 102 million was made prior to maturity on the note payable to nypa .

under a provision in a letter of credit supporting these notes , if certain of the domestic utility companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit .

covenants in the entergy corporation notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization .

if entergy's debt ratio exceeds this limit , or if entergy or certain of the domestic utility companies default on other indebtedness or are in bankruptcy or insolvency proceedings , an acceleration of the notes' maturity dates may occur. .

Question: what amount of long-term debt due in the next 36 months as of december 31 , 2003 , in millions?

Answer: 1041.531


the following table shows the impact of catastrophe losses and related reinstatement premiums and the impact of prior period development on our consolidated loss and loss expense ratio for the periods indicated. .

we recorded net pre-tax catastrophe losses of $ 366 million in 2010 compared with net pre-tax catastrophe losses of $ 137 million and $ 567 million in 2009 and 2008 , respectively .

the catastrophe losses for 2010 were primarily related to weather- related events in the u.s. , earthquakes in chile , mexico , and new zealand , and storms in australia and europe .

the catastrophe losses for 2009 were primarily related to an earthquake in asia , floods in europe , several weather-related events in the u.s. , and a european windstorm .

for 2008 , the catastrophe losses were primarily related to hurricanes gustav and ike .

prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves first reported in previous calendar years and excludes the effect of losses from the development of earned premium from pre- vious accident years .

we experienced $ 503 million of net favorable prior period development in our p&c segments in 2010 .

this compares with net favorable prior period development in our p&c segments of $ 576 million and $ 814 million in 2009 and 2008 , respectively .

refer to 201cprior period development 201d for more information .

the adjusted loss and loss expense ratio declined in 2010 , compared with 2009 , primarily due to the impact of the crop settlements , non-recurring premium adjustment and the reduction in assumed loss portfolio business , which is written at higher loss ratios than other types of business .

our policy acquisition costs include commissions , premium taxes , underwriting , and other costs that vary with , and are primarily related to , the production of premium .

administrative expenses include all other operating costs .

our policy acquis- ition cost ratio increased in 2010 , compared with 2009 .

the increase was primarily related to the impact of crop settlements , which generated higher profit-share commissions and a lower adjustment to net premiums earned , as well as the impact of reinstatement premiums expensed in connection with catastrophe activity and changes in business mix .

our administrative expense ratio increased in 2010 , primarily due to the impact of the crop settlements , reinstatement premiums expensed , and increased costs in our international operations .

although the crop settlements generate minimal administrative expenses , they resulted in lower adjustment to net premiums earned in 2010 , compared with 2009 .

administrative expenses in 2010 , were partially offset by higher net results generated by our third party claims administration business , esis , the results of which are included within our administrative expenses .

esis generated $ 85 million in net results in 2010 , compared with $ 26 million in 2009 .

the increase is primarily from non-recurring sources .

our policy acquisition cost ratio was stable in 2009 , compared with 2008 , as increases in our combined insurance operations were offset by more favorable final crop year settlement of profit share commissions .

administrative expenses increased in 2009 , primarily due to the inclusion of administrative expenses related to combined insurance for the full year and costs associated with new product expansion in our domestic retail operation and in our personal lines business .

our effective income tax rate , which we calculate as income tax expense divided by income before income tax , is depend- ent upon the mix of earnings from different jurisdictions with various tax rates .

a change in the geographic mix of earnings would change the effective income tax rate .

our effective income tax rate was 15 percent in 2010 , compared with 17 percent and 24 percent in 2009 and 2008 , respectively .

the decrease in our effective income tax rate in 2010 , was primarily due to a change in the mix of earnings to lower tax-paying jurisdictions , a decrease in the amount of unrecognized tax benefits which was the result of a settlement with the u.s .

internal revenue service appeals division regarding federal tax returns for the years 2002-2004 , and the recognition of a non-taxable gain related to the acquisition of rain and hail .

the 2009 year included a reduction of a deferred tax valuation allowance related to investments .

for 2008 , our effective income tax rate was adversely impacted by a change in mix of earnings due to the impact of catastrophe losses in lower tax-paying jurisdictions .

prior period development the favorable prior period development , inclusive of the life segment , of $ 512 million during 2010 was the net result of sev- eral underlying favorable and adverse movements .

with respect to ace 2019s crop business , ace regularly receives reports from its managing general agent ( mga ) relating to the previous crop year ( s ) in subsequent calendar quarters and this typically results .

Question: what was the percentage change of the net favorable prior period development from 2010 to 2008

Answer: -0.38206


management's financial discussion and analysis gross operating revenues , fuel and purchased power expenses , and other regulatory credits gross operating revenues increased primarily due to : 2022 an increase of $ 98.0 million in fuel cost recovery revenues due to higher fuel rates ; and 2022 an increase due to volume/weather , as discussed above .

the increase was partially offset by the following : 2022 a decrease of $ 31.9 million in the price applied to unbilled sales , as discussed above ; 2022 a decrease of $ 12.2 million in rate refund provisions , as discussed above ; and 2022 a decrease of $ 5.2 million in gross wholesale revenue due to decreased sales to affiliated systems .

fuel and purchased power expenses increased primarily due to : 2022 an increase in the recovery from customers of deferred fuel costs ; and 2022 an increase in the market price of natural gas .

other regulatory credits increased primarily due to : 2022 the deferral in 2004 of $ 14.3 million of capacity charges related to generation resource planning as allowed by the lpsc ; 2022 the amortization in 2003 of $ 11.8 million of deferred capacity charges , as discussed above ; and 2022 the deferral in 2004 of $ 11.4 million related to entergy's voluntary severance program , in accordance with a proposed stipulation with the lpsc staff .

2003 compared to 2002 net revenue , which is entergy louisiana's measure of gross margin , consists of operating revenues net of : 1 ) fuel , fuel-related , and purchased power expenses and 2 ) other regulatory charges ( credits ) .

following is an analysis of the change in net revenue comparing 2003 to 2002. .

the deferred fuel cost revisions variance resulted from a revised unbilled sales pricing estimate made in december 2002 and a further revision made in the first quarter of 2003 to more closely align the fuel component of that pricing with expected recoverable fuel costs .

the asset retirement obligation variance was due to the implementation of sfas 143 , "accounting for asset retirement obligations" adopted in january 2003 .

see "critical accounting estimates" for more details on sfas 143 .

the increase was offset by decommissioning expense and had no effect on net income .

the volume variance was due to a decrease in electricity usage in the service territory .

billed usage decreased 1868 gwh in the industrial sector including the loss of a large industrial customer to cogeneration. .

1		( in millions )

2	2002 net revenue	$ 922.9

3	deferred fuel cost revisions	59.1

4	asset retirement obligation	8.2

5	volume	-16.2 ( 16.2 )

6	vidalia settlement	-9.2 ( 9.2 )

7	other	8.9

8	2003 net revenue	$ 973.7

Question: what is the growth rate in net revenue in 2003 for entergy louisiana , inc.?

Answer: 0.05504


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: payments to participants in the unfunded german plans are expected to be total approximately how much , in millions , for the years 2008 through 2012?

Answer: 104.0