investment advisory revenues earned on the other investment portfolios that we manage decreased $ 44 million , or 8.5% ( 8.5 % ) , to $ 477.8 million in 2009 .

average assets in these portfolios were $ 129.5 billion during 2009 , down $ 12.6 billion or 9% ( 9 % ) from 2008 .

other investment portfolio assets under management increased $ 46.7 billion during 2009 , including $ 36.5 billion in market gains and income and $ 10.2 billion of net inflows , primarily from institutional investors .

net inflows include $ 1.3 billion transferred from the stock and blended asset mutual funds during 2009 .

administrative fees decreased $ 35 million , or 10% ( 10 % ) , to $ 319 million in 2009 .

this change includes a $ 4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $ 31 million reduction in our mutual fund servicing revenue , which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions .

changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors .

our largest expense , compensation and related costs , decreased $ 42 million , or 5% ( 5 % ) , from 2008 to $ 773 million in 2009 .

the largest part of this decrease is attributable to a $ 19 million reduction in our annual bonus program .

reductions in the use of outside contractors lowered 2009 costs $ 14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses .

average headcount in 2009 was down 5.4% ( 5.4 % ) from 2008 due to attrition , retirements and our workforce reduction in april 2009 .

advertising and promotion expenditures were down $ 31 million , or 30% ( 30 % ) , versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment .

depreciation expense and other occupancy and facility costs together increased $ 4 million , or 2.5% ( 2.5 % ) compared to 2008 , as we moderated or delayed our capital spending and facility growth plans .

other operating expenses decreased $ 33 million , or 18% ( 18 % ) from 2008 , including a decline of $ 4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries .

our cost control efforts resulted in the remaining expense reductions , including lower professional fees and travel and related costs .

our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 .

the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 .

the following table details our related mutual fund investment gains and losses ( in millions ) during the two years ended december 31 , 2009. .

lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments .

the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 .

our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) .

c a p i t a l r e s o u r c e s a n d l i q u i d i t y .

during 2010 , stockholders 2019 equity increased from $ 2.9 billion to $ 3.3 billion .

we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010 .

tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion .

given the availability of these financial resources , we do not maintain an available external source of liquidity .

1		2008	2009	change

2	other than temporary impairments recognized	$ -91.3 ( 91.3 )	$ -36.1 ( 36.1 )	$ 55.2

3	capital gain distributions received	5.6	2.0	-3.6 ( 3.6 )

4	net gain ( loss ) realized on fund dispositions	-4.5 ( 4.5 )	7.4	11.9

5	net loss recognized on fund holdings	$ -90.2 ( 90.2 )	$ -26.7 ( 26.7 )	$ 63.5

Question: what was the percent change in capital gain distributions between 2008 and 2009?

Answer: -0.48214


amortized over a nine-year period beginning december 2015 .

see note 2 to the financial statements for further discussion of the business combination and customer credits .

the volume/weather variance is primarily due to the effect of more favorable weather during the unbilled period and an increase in industrial usage , partially offset by the effect of less favorable weather on residential sales .

the increase in industrial usage is primarily due to expansion projects , primarily in the chemicals industry , and increased demand from new customers , primarily in the industrial gases industry .

the louisiana act 55 financing savings obligation variance results from a regulatory charge for tax savings to be shared with customers per an agreement approved by the lpsc .

the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike .

see note 3 to the financial statements for additional discussion of the settlement and benefit sharing .

included in other is a provision of $ 23 million recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding , offset by a provision of $ 32 million recorded in 2015 related to the uncertainty at that time associated with the resolution of the waterford 3 replacement steam generator prudence review proceeding . a0 see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding .

entergy wholesale commodities following is an analysis of the change in net revenue comparing 2016 to 2015 .

as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 124 million in 2016 primarily due to : 2022 lower realized wholesale energy prices and lower capacity prices , the amortization of the palisades below- market ppa , and vermont yankee capacity revenue .

the effect of the amortization of the palisades below- market ppa and vermont yankee capacity revenue on the net revenue variance from 2015 to 2016 is minimal ; 2022 the sale of the rhode island state energy center in december 2015 .

see note 14 to the financial statements for further discussion of the rhode island state energy center sale ; and 2022 lower volume in the entergy wholesale commodities nuclear fleet resulting from more refueling outage days in 2016 as compared to 2015 and larger exercise of resupply options in 2016 as compared to 2015 .

see 201cnuclear matters - indian point 201d below for discussion of the extended indian point 2 outage in the second quarter entergy corporation and subsidiaries management 2019s financial discussion and analysis .

1		amount ( in millions )

2	2015 net revenue	$ 1666

3	nuclear realized price changes	-149 ( 149 )

4	rhode island state energy center	-44 ( 44 )

5	nuclear volume	-36 ( 36 )

6	fitzpatrick reimbursement agreement	41

7	nuclear fuel expenses	68

8	other	-4 ( 4 )

9	2016 net revenue	$ 1542

Question: what is the percent change in net revenue from 2015 to 2016?

Answer: 0.08042


the analysis of our depreciation studies .

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

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

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

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

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

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

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

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

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

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

however , many of our assets are self-constructed .

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

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

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

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

general and administrative expenditures are expensed as incurred .

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

these costs are allocated using appropriate statistical bases .

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

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

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

accounts payable and other current liabilities dec .

1	millions	dec . 31 2014	dec . 312013

2	accounts payable	$ 877	$ 803

3	dividends payable	438	356

4	income and other taxes payable	412	491

5	accrued wages and vacation	409	385

6	accrued casualty costs	249	207

7	interest payable	178	169

8	equipment rents payable	100	96

9	other	640	579

10	total accounts payable and othercurrent liabilities	$ 3303	$ 3086

Question: what was the percentage change in total expense for repairs and maintenance from 2012 to 2013?

Answer: 0.09524


backlog applied manufactures systems to meet demand represented by order backlog and customer commitments .

backlog consists of : ( 1 ) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months , or shipment has occurred but revenue has not been recognized ; and ( 2 ) contractual service revenue and maintenance fees to be earned within the next 12 months .

backlog by reportable segment as of october 26 , 2014 and october 27 , 2013 was as follows : 2014 2013 ( in millions , except percentages ) .

applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or cancellation of orders .

customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties .

delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations .

manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies ( collectively , parts ) that are used to manufacture systems .

applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including the united states , europe , israel , singapore , taiwan , and other countries in asia , and assembly of some systems is completed at customer sites .

applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products .

although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible .

accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers .

applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by : ( 1 ) selecting and qualifying alternate suppliers for key parts ; ( 2 ) monitoring the financial condition of key suppliers ; ( 3 ) maintaining appropriate inventories of key parts ; ( 4 ) qualifying new parts on a timely basis ; and ( 5 ) locating certain manufacturing operations in close proximity to suppliers and customers .

research , development and engineering applied 2019s long-term growth strategy requires continued development of new products , including products that enable expansion into new markets .

the company 2019s significant investment in research , development and engineering ( rd&e ) has generally enabled it to deliver new products and technologies before the emergence of strong demand , thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle .

applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements .

product development and engineering organizations are located primarily in the united states , as well as in europe , israel , taiwan , and china .

in addition , applied outsources certain rd&e activities , some of which are performed outside the united states , primarily in india and singapore .

process support and customer demonstration laboratories are located in the united states , china , taiwan , europe , and israel .

applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows : $ 1.4 billion ( 16 percent of net sales ) in fiscal 2014 , $ 1.3 billion ( 18 percent of net sales ) in fiscal 2013 , and $ 1.2 billion ( 14 percent of net sales ) in fiscal 2012 .

applied has spent an average of 13 percent of net sales in rd&e over the last five years .

in addition to rd&e for specific product technologies , applied maintains ongoing programs for automation control systems , materials research , and environmental control that are applicable to its products. .

Question: what is the growth rate in sales from 2013 to 2014?

Answer: 0.21154


applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or cancellation of orders .

customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties .

delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations .

manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies ( collectively , parts ) that are used to manufacture systems .

applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including the united states , europe , israel , singapore , taiwan , and other countries in asia , and assembly of some systems is completed at customer sites .

applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products .

although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible .

accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers .

applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by : ( 1 ) selecting and qualifying alternate suppliers for key parts ; ( 2 ) monitoring the financial condition of key suppliers ; ( 3 ) maintaining appropriate inventories of key parts ; ( 4 ) qualifying new parts on a timely basis ; and ( 5 ) locating certain manufacturing operations in close proximity to suppliers and customers .

research , development and engineering applied 2019s long-term growth strategy requires continued development of new products , including products that enable expansion into new markets .

the company 2019s significant investment in research , development and engineering ( rd&e ) has generally enabled it to deliver new products and technologies before the emergence of strong demand , thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle .

applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements .

product development and engineering organizations are located primarily in the united states , as well as in europe , israel , taiwan , and china .

in addition , applied outsources certain rd&e activities , some of which are performed outside the united states , primarily in india and singapore .

process support and customer demonstration laboratories are located in the united states , china , taiwan , europe , and israel .

applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows : $ 1.4 billion ( 16 percent of net sales ) in fiscal 2014 , $ 1.3 billion ( 18 percent of net sales ) in fiscal 2013 , and $ 1.2 billion ( 14 percent of net sales ) in fiscal 2012 .

applied has spent an average of 13 percent of net sales in rd&e over the last five years .

in addition to rd&e for specific product technologies , applied maintains ongoing programs for automation control systems , materials research , and environmental control that are applicable to its products. .

Question: what are the total sales reported in 2012 , ( in billion ) ?

Answer: 0.08571


the estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed , including a reconciliation to the total purchase consideration , are as follows ( in thousands ) : .

goodwill of $ 203.8 million arising from the acquisition , included in the asia-pacific segment , was attributable to expected growth opportunities in australia and new zealand , as well as growth opportunities and operating synergies in integrated payments in our existing asia-pacific and north america markets .

goodwill associated with this acquisition is not deductible for income tax purposes .

the customer-related intangible assets have an estimated amortization period of 15 years .

the acquired technology has an estimated amortization period of 15 years .

the trade name has an estimated amortization period of 5 years .

note 3 2014 settlement processing assets and obligations funds settlement refers to the process of transferring funds for sales and credits between card issuers and merchants .

for transactions processed on our systems , we use our internal network to provide funding instructions to financial institutions that in turn fund the merchants .

we process funds settlement under two models , a sponsorship model and a direct membership model .

under the sponsorship model , we are designated as a merchant service provider by mastercard and an independent sales organization by visa , which means that member clearing banks ( 201cmember 201d ) sponsor us and require our adherence to the standards of the payment networks .

in certain markets , we have sponsorship or depository and clearing agreements with financial institution sponsors .

these agreements allow us to route transactions under the members 2019 control and identification numbers to clear credit card transactions through mastercard and visa .

in this model , the standards of the payment networks restrict us from performing funds settlement or accessing merchant settlement funds , and , instead , require that these funds be in the possession of the member until the merchant is funded .

under the direct membership model , we are members in various payment networks , allowing us to process and fund transactions without third-party sponsorship .

in this model , we route and clear transactions directly through the card brand 2019s network and are not restricted from performing funds settlement .

otherwise , we process these transactions similarly to how we process transactions in the sponsorship model .

we are required to adhere to the standards of the payment networks in which we are direct members .

we maintain relationships with financial institutions , which may also serve as our member sponsors for other card brands or in other markets , to assist with funds settlement .

timing differences , interchange fees , merchant reserves and exception items cause differences between the amount received from the payment networks and the amount funded to the merchants .

these intermediary balances arising in our settlement process for direct merchants are reflected as settlement processing assets and obligations on our consolidated balance sheets .

settlement processing assets and obligations include the components outlined below : 2022 interchange reimbursement .

our receivable from merchants for the portion of the discount fee related to reimbursement of the interchange fee .

| 2017 form 10-k annual report 2013 77 .

1	cash	$ 45826

2	customer-related intangible assets	42721

3	acquired technology	27954

4	trade name	2901

5	other assets	2337

6	deferred income tax assets ( liabilities )	-9788 ( 9788 )

7	other liabilities	-49797 ( 49797 )

8	total identifiable net assets	62154

9	goodwill	203828

10	total purchase consideration	$ 265982

Question: what portion of the total identifiable net assets is in cash?

Answer: 0.7373


goodwill of $ 203.8 million arising from the acquisition , included in the asia-pacific segment , was attributable to expected growth opportunities in australia and new zealand , as well as growth opportunities and operating synergies in integrated payments in our existing asia-pacific and north america markets .

goodwill associated with this acquisition is not deductible for income tax purposes .

the customer-related intangible assets have an estimated amortization period of 15 years .

the acquired technology has an estimated amortization period of 15 years .

the trade name has an estimated amortization period of 5 years .

note 3 2014 settlement processing assets and obligations funds settlement refers to the process of transferring funds for sales and credits between card issuers and merchants .

for transactions processed on our systems , we use our internal network to provide funding instructions to financial institutions that in turn fund the merchants .

we process funds settlement under two models , a sponsorship model and a direct membership model .

under the sponsorship model , we are designated as a merchant service provider by mastercard and an independent sales organization by visa , which means that member clearing banks ( 201cmember 201d ) sponsor us and require our adherence to the standards of the payment networks .

in certain markets , we have sponsorship or depository and clearing agreements with financial institution sponsors .

these agreements allow us to route transactions under the members 2019 control and identification numbers to clear credit card transactions through mastercard and visa .

in this model , the standards of the payment networks restrict us from performing funds settlement or accessing merchant settlement funds , and , instead , require that these funds be in the possession of the member until the merchant is funded .

under the direct membership model , we are members in various payment networks , allowing us to process and fund transactions without third-party sponsorship .

in this model , we route and clear transactions directly through the card brand 2019s network and are not restricted from performing funds settlement .

otherwise , we process these transactions similarly to how we process transactions in the sponsorship model .

we are required to adhere to the standards of the payment networks in which we are direct members .

we maintain relationships with financial institutions , which may also serve as our member sponsors for other card brands or in other markets , to assist with funds settlement .

timing differences , interchange fees , merchant reserves and exception items cause differences between the amount received from the payment networks and the amount funded to the merchants .

these intermediary balances arising in our settlement process for direct merchants are reflected as settlement processing assets and obligations on our consolidated balance sheets .

settlement processing assets and obligations include the components outlined below : 2022 interchange reimbursement .

our receivable from merchants for the portion of the discount fee related to reimbursement of the interchange fee .

| 2017 form 10-k annual report 2013 77 .

Question: what portion of the total purchase consideration is allocated to goodwill?

Answer: 0.76632


settlements , and the expiration of statutes of limi- tation , the company currently estimates that the amount of unrecognized tax benefits could be reduced by up to $ 365 million during the next twelve months , with no significant impact on earnings or cash tax payments .

while the company believes that it is adequately accrued for possible audit adjust- ments , the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates .

the company recorded an income tax provision for 2007 of $ 415 million , including a $ 41 million benefit related to the effective settlement of tax audits , and $ 8 million of other tax benefits .

excluding the impact of special items , the tax provision was $ 423 million , or 30% ( 30 % ) of pre-tax earnings before minority interest .

the company recorded an income tax provision for 2006 of $ 1.9 billion , consisting of a $ 1.6 billion deferred tax provision ( principally reflecting deferred taxes on the 2006 transformation plan forestland sales ) and a $ 300 million current tax provision .

the provision also includes an $ 11 million provision related to a special tax adjustment .

excluding the impact of special items , the tax provision was $ 272 million , or 29% ( 29 % ) of pre-tax earnings before minority interest .

the company recorded an income tax benefit for 2005 of $ 407 million , including a $ 454 million net tax benefit related to a special tax adjustment , consisting of a tax benefit of $ 627 million resulting from an agreement reached with the u.s .

internal revenue service concerning the 1997 through 2000 u.s .

federal income tax audit , a $ 142 million charge for deferred taxes related to earnings repatriations under the american jobs creation act of 2004 , and $ 31 million of other tax charges .

excluding the impact of special items , the tax provision was $ 83 million , or 20% ( 20 % ) of pre-tax earnings before minority interest .

net operating loss carryforwards of approximately $ 352 million that expire as follows : 2008 through 2017 2014 $ 14 million and indefinite carryforwards of $ 338 million .

interna- tional paper has tax benefits from net operating loss carryforwards for state taxing jurisdictions of approximately $ 258 million that expire as follows : 2008 through 2017 2014$ 83 million and 2018 through 2027 2014$ 175 million .

international paper also has federal , non-u.s .

and state tax credit carryforwards that expire as follows : 2008 through 2017 2014 $ 67 million , 2018 through 2027 2014 $ 92 million , and indefinite carryforwards 2014 $ 316 million .

further , international paper has state capital loss carryfor- wards that expire as follows : 2008 through 2017 2014 $ 9 million .

deferred income taxes are not provided for tempo- rary differences of approximately $ 3.7 billion , $ 2.7 billion and $ 2.4 billion as of december 31 , 2007 , 2006 and 2005 , respectively , representing earnings of non-u.s .

subsidiaries intended to be permanently reinvested .

computation of the potential deferred tax liability associated with these undistributed earnings and other basis differences is not practicable .

note 10 commitments and contingent liabilities certain property , machinery and equipment are leased under cancelable and non-cancelable agree- ments .

unconditional purchase obligations have been entered into in the ordinary course of business , prin- cipally for capital projects and the purchase of cer- tain pulpwood , wood chips , raw materials , energy and services , including fiber supply agreements to purchase pulpwood that were entered into con- currently with the 2006 transformation plan forest- land sales ( see note 7 ) .

at december 31 , 2007 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows : in millions 2008 2009 2010 2011 2012 thereafter .

( a ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the transformation plan forestland sales .

rent expense was $ 168 million , $ 217 million and $ 216 million for 2007 , 2006 and 2005 , respectively .

international paper entered into an agreement in 2000 to guarantee , for a fee , an unsecured con- tractual credit agreement between a financial institution and an unrelated third-party customer .

in the fourth quarter of 2006 , the customer cancelled the agreement and paid the company a fee of $ 11 million , which is included in cost of products sold in the accompanying consolidated statement of oper- ations .

the company has no future obligations under this agreement. .

Question: what percentage of december 31 , 2007 , total future minimum commitments under existing non-cancelable operating leases and purchase obligations were due to purchase obligations for the year of 2008?

Answer: 0.9349


settlements , and the expiration of statutes of limi- tation , the company currently estimates that the amount of unrecognized tax benefits could be reduced by up to $ 365 million during the next twelve months , with no significant impact on earnings or cash tax payments .

while the company believes that it is adequately accrued for possible audit adjust- ments , the final resolution of these examinations cannot be determined at this time and could result in final settlements that differ from current estimates .

the company recorded an income tax provision for 2007 of $ 415 million , including a $ 41 million benefit related to the effective settlement of tax audits , and $ 8 million of other tax benefits .

excluding the impact of special items , the tax provision was $ 423 million , or 30% ( 30 % ) of pre-tax earnings before minority interest .

the company recorded an income tax provision for 2006 of $ 1.9 billion , consisting of a $ 1.6 billion deferred tax provision ( principally reflecting deferred taxes on the 2006 transformation plan forestland sales ) and a $ 300 million current tax provision .

the provision also includes an $ 11 million provision related to a special tax adjustment .

excluding the impact of special items , the tax provision was $ 272 million , or 29% ( 29 % ) of pre-tax earnings before minority interest .

the company recorded an income tax benefit for 2005 of $ 407 million , including a $ 454 million net tax benefit related to a special tax adjustment , consisting of a tax benefit of $ 627 million resulting from an agreement reached with the u.s .

internal revenue service concerning the 1997 through 2000 u.s .

federal income tax audit , a $ 142 million charge for deferred taxes related to earnings repatriations under the american jobs creation act of 2004 , and $ 31 million of other tax charges .

excluding the impact of special items , the tax provision was $ 83 million , or 20% ( 20 % ) of pre-tax earnings before minority interest .

net operating loss carryforwards of approximately $ 352 million that expire as follows : 2008 through 2017 2014 $ 14 million and indefinite carryforwards of $ 338 million .

interna- tional paper has tax benefits from net operating loss carryforwards for state taxing jurisdictions of approximately $ 258 million that expire as follows : 2008 through 2017 2014$ 83 million and 2018 through 2027 2014$ 175 million .

international paper also has federal , non-u.s .

and state tax credit carryforwards that expire as follows : 2008 through 2017 2014 $ 67 million , 2018 through 2027 2014 $ 92 million , and indefinite carryforwards 2014 $ 316 million .

further , international paper has state capital loss carryfor- wards that expire as follows : 2008 through 2017 2014 $ 9 million .

deferred income taxes are not provided for tempo- rary differences of approximately $ 3.7 billion , $ 2.7 billion and $ 2.4 billion as of december 31 , 2007 , 2006 and 2005 , respectively , representing earnings of non-u.s .

subsidiaries intended to be permanently reinvested .

computation of the potential deferred tax liability associated with these undistributed earnings and other basis differences is not practicable .

note 10 commitments and contingent liabilities certain property , machinery and equipment are leased under cancelable and non-cancelable agree- ments .

unconditional purchase obligations have been entered into in the ordinary course of business , prin- cipally for capital projects and the purchase of cer- tain pulpwood , wood chips , raw materials , energy and services , including fiber supply agreements to purchase pulpwood that were entered into con- currently with the 2006 transformation plan forest- land sales ( see note 7 ) .

at december 31 , 2007 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows : in millions 2008 2009 2010 2011 2012 thereafter .

Question: what percentage of december 31 , 2007 , total future minimum commitments under existing non-cancelable operating leases and purchase obligations were due to lease obligations for the year of 2008?

Answer: 0.0651


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

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

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

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

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

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

we also sponsor a small number of foreign benefit plans .

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

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

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

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

government under short-term or cancelable arrangements .

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

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

we cannot predict the outcome of legal proceedings with certainty .

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

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

we are cooperating with the government 2019s investigation .

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

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

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

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

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

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

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

natural resources defense council , et al v .

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

lockheed martin energy systems , inc. , et al .

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

Question: what percentage of future minimum lease commitments at december 31 , 2006 for all operating leases that have a remaining term of more than one year are due in 2007?

Answer: 0.26182


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

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

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

we also sponsor a small number of foreign benefit plans .

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

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

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

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

government under short-term or cancelable arrangements .

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

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

we cannot predict the outcome of legal proceedings with certainty .

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

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

we are cooperating with the government 2019s investigation .

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

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

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

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

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

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

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

natural resources defense council , et al v .

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

lockheed martin energy systems , inc. , et al .

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

Question: what was the percentage change in the rental expense under operating leases from 2004 to 2005

Answer: 0.01887


inventory on hand , as well as our future purchase commitments with our suppliers , considering multiple factors , including demand forecasts , product life cycle , current sales levels , pricing strategy and cost trends .

if our review indicates that inventories of raw materials , components or finished products have become obsolete or are in excess of anticipated demand or that inventory cost exceeds net realizable value , we may be required to make adjustments that will impact the results of operations .

goodwill and non-amortizable intangible assets valuation - we test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review .

while the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists , the company elects to perform the quantitative assessment for our annual impairment analysis .

the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value .

if the carrying value exceeds the fair value , goodwill or a non-amortizable intangible asset is considered impaired .

to determine the fair value of goodwill , we primarily use a discounted cash flow model , supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry .

at december 31 , 2018 , the carrying value of our goodwill was $ 7.2 billion , which is related to ten reporting units , each of which consists of a group of markets with similar economic characteristics .

the estimated fair value of each of our ten reporting units exceeded the carrying value as of december 31 , 2018 .

to determine the fair value of non-amortizable intangible assets , we primarily use a discounted cash flow model applying the relief-from-royalty method .

we concluded that the fair value of our non- amortizable intangible assets exceeded the carrying value .

these discounted cash flow models include management assumptions relevant for forecasting operating cash flows , which are subject to changes in business conditions , such as volumes and prices , costs to produce , discount rates and estimated capital needs .

management considers historical experience and all available information at the time the fair values are estimated , and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use .

since the march 28 , 2008 , spin-off from altria group , inc. , we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets .

marketing costs - we incur certain costs to support our products through programs that include advertising , marketing , consumer engagement and trade promotions .

the costs of our advertising and marketing programs are expensed in accordance with u.s .

recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program .

for volume-based incentives provided to customers , management continually assesses and estimates , by customer , the likelihood of the customer's achieving the specified targets , and records the reduction of revenue as the sales are made .

for other trade promotions , management relies on estimated utilization rates that have been developed from historical experience .

changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position , results of operations or operating cash flows .

employee benefit plans - as discussed in item 8 , note 13 .

benefit plans to our consolidated financial statements , we provide a range of benefits to our employees and retired employees , including pensions , postretirement health care and postemployment benefits ( primarily severance ) .

we record annual amounts relating to these plans based on calculations specified by u.s .

these calculations include various actuarial assumptions , such as discount rates , assumed rates of return on plan assets , compensation increases , mortality , turnover rates and health care cost trend rates .

we review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so .

gaap , any effect of the modifications is generally amortized over future periods .

we believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries .

weighted-average discount rate assumptions for pension and postretirement plan obligations at december 31 , 2018 and 2017 are as follows: .

we anticipate that assumption changes will increase 2019 pre-tax pension and postretirement expense to approximately $ 205 million as compared with approximately $ 160 million in 2018 , excluding amounts related to employee severance and early retirement programs .

the anticipated increase is primarily due to higher amortization out of other comprehensive earnings for unrecognized actuarial gains/ losses of $ 14 million , coupled with lower return on assets of $ 16 million , higher interest and service cost of $ 12 million and $ 4 million respectively , partially offset by other movements of $ 1 million .

weighted-average expected rate of return and discount rate assumptions have a significant effect on the amount of expense reported for the employee benefit plans .

a fifty-basis-point decrease in our discount rate would increase our 2019 pension and postretirement expense by approximately $ 50 million , and a fifty-basis-point increase in our discount rate would decrease our 2019 pension and postretirement .

Question: by what percentage will the 2019 pre-tax pension and postretirement expense be higher than that of 2018?

Answer: 0.28125


december 31 , 2011 , the company recognized a decrease of $ 3 million of tax-related interest and penalties and had approximately $ 16 million accrued at december 31 , 2011 .

note 12 derivative instruments and fair value measurements the company is exposed to certain market risks such as changes in interest rates , foreign currency exchange rates , and commodity prices , which exist as a part of its ongoing business operations .

management uses derivative financial and commodity instruments , including futures , options , and swaps , where appropriate , to manage these risks .

instruments used as hedges must be effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the inception of the contract .

the company designates derivatives as cash flow hedges , fair value hedges , net investment hedges , and uses other contracts to reduce volatility in interest rates , foreign currency and commodities .

as a matter of policy , the company does not engage in trading or speculative hedging transactions .

total notional amounts of the company 2019s derivative instruments as of december 28 , 2013 and december 29 , 2012 were as follows: .

following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the company that were included in each category at december 28 , 2013 and december 29 , 2012 , measured on a recurring basis .

level 1 2014 financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market .

for the company , level 1 financial assets and liabilities consist primarily of commodity derivative contracts .

level 2 2014 financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability .

for the company , level 2 financial assets and liabilities consist of interest rate swaps and over-the-counter commodity and currency contracts .

the company 2019s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve .

over-the-counter commodity derivatives are valued using an income approach based on the commodity index prices less the contract rate multiplied by the notional amount .

foreign currency contracts are valued using an income approach based on forward rates less the contract rate multiplied by the notional amount .

the company 2019s calculation of the fair value of level 2 financial assets and liabilities takes into consideration the risk of nonperformance , including counterparty credit risk .

level 3 2014 financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement .

these inputs reflect management 2019s own assumptions about the assumptions a market participant would use in pricing the asset or liability .

the company did not have any level 3 financial assets or liabilities as of december 28 , 2013 or december 29 , 2012. .

1	( millions )	2013	2012

2	foreign currency exchange contracts	$ 517	$ 570

3	interest rate contracts	2400	2150

4	commodity contracts	361	320

5	total	$ 3278	$ 3040

Question: what was the percentage change in the company recognized tax-related interest and penalties in 2011 .

Answer: 0.15789


management 2019s financial discussion and analysis 2010 compared to 2009 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 ( credits ) .

following is an analysis of the change in net revenue comparing 2010 to 2009 .

the volume/weather variance is primarily due to an increase of 1046 gwh , or 8% ( 8 % ) , in billed electricity usage in all sectors , primarily due to the effect of more favorable weather on the residential sector .

gross operating revenues , fuel and purchased power expenses , and other regulatory charges ( credits ) gross operating revenues increased primarily due to an increase of $ 22 million in power management rider revenue as the result of higher rates , the volume/weather variance discussed above , and an increase in grand gulf rider revenue as a result of higher rates and increased usage , offset by a decrease of $ 23.5 million in fuel cost recovery revenues due to lower fuel rates .

fuel and purchased power expenses decreased primarily due to a decrease in deferred fuel expense as a result of prior over-collections , offset by an increase in the average market price of purchased power coupled with increased net area demand .

other regulatory charges increased primarily due to increased recovery of costs associated with the power management recovery rider .

other income statement variances 2011 compared to 2010 other operation and maintenance expenses decreased primarily due to : a $ 5.4 million decrease in compensation and benefits costs primarily resulting from an increase in the accrual for incentive-based compensation in 2010 and a decrease in stock option expense ; and the sale of $ 4.9 million of surplus oil inventory .

the decrease was partially offset by an increase of $ 3.9 million in legal expenses due to the deferral in 2010 of certain litigation expenses in accordance with regulatory treatment .

taxes other than income taxes increased primarily due to an increase in ad valorem taxes due to a higher 2011 assessment as compared to 2010 , partially offset by higher capitalized property taxes as compared with prior year .

depreciation and amortization expenses increased primarily due to an increase in plant in service .

interest expense decreased primarily due to a revision caused by ferc 2019s acceptance of a change in the treatment of funds received from independent power producers for transmission interconnection projects. .

1		amount ( in millions )

2	2009 net revenue	$ 536.7

3	volume/weather	18.9

4	other	-0.3 ( 0.3 )

5	2010 net revenue	$ 555.3

Question: what is the average price of the increased electricity usage per gwh?

Answer: 18068.83365


for uncoated freesheet paper and market pulp announced at the end of 2009 become effective .

input costs are expected to be higher due to wood supply constraints at the kwidzyn mill and annual tariff increases on energy in russia .

planned main- tenance outage costs are expected to be about flat , while operating costs should be favorable .

asian printing papers net sales were approx- imately $ 50 million in 2009 compared with approx- imately $ 20 million in both 2008 and 2007 .

operating earnings increased slightly in 2009 compared with 2008 , but were less than $ 1 million in all periods .

market pulp net sales in 2009 totaled $ 575 million compared with $ 750 million in 2008 and $ 655 million in 2007 .

operating earnings in 2009 were $ 140 million ( a loss of $ 71 million excluding alter- native fuel mixture credits and plant closure costs ) compared with a loss of $ 156 million ( a loss of $ 33 million excluding costs associated with the perma- nent shutdown of the bastrop mill ) in 2008 and earn- ings of $ 78 million in 2007 .

sales volumes in 2009 decreased from 2008 levels due to weaker global demand .

average sales price realizations were significantly lower as the decline in demand resulted in significant price declines for market pulp and smaller declines in fluff pulp .

input costs for wood , energy and chemicals decreased , and freight costs were significantly lower .

mill operating costs were favorable across all mills , and planned maintenance downtime costs were lower .

lack-of-order downtime in 2009 increased to approx- imately 540000 tons , including 480000 tons related to the permanent shutdown of our bastrop mill in the fourth quarter of 2008 , compared with 135000 tons in 2008 .

in the first quarter of 2010 , sales volumes are expected to increase slightly , reflecting improving customer demand for fluff pulp , offset by slightly seasonally weaker demand for softwood and hard- wood pulp in china .

average sales price realizations are expected to improve , reflecting the realization of previously announced sales price increases for fluff pulp , hardwood pulp and softwood pulp .

input costs are expected to increase for wood , energy and chemicals , and freight costs may also increase .

planned maintenance downtime costs will be higher , but operating costs should be about flat .

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

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

consumer packaging net sales in 2009 decreased 4% ( 4 % ) compared with 2008 and increased 1% ( 1 % ) compared with 2007 .

operating profits increased significantly compared with both 2008 and 2007 .

excluding alternative fuel mixture credits and facility closure costs , 2009 operating profits were sig- nificantly higher than 2008 and 57% ( 57 % ) higher than 2007 .

benefits from higher average sales price realizations ( $ 114 million ) , lower raw material and energy costs ( $ 114 million ) , lower freight costs ( $ 21 million ) , lower costs associated with the reorganiza- tion of the shorewood business ( $ 23 million ) , favor- able foreign exchange effects ( $ 14 million ) and other items ( $ 12 million ) were partially offset by lower sales volumes and increased lack-of-order downtime ( $ 145 million ) and costs associated with the perma- nent shutdown of the franklin mill ( $ 67 million ) .

additionally , operating profits in 2009 included $ 330 million of alternative fuel mixture credits .

consumer packaging in millions 2009 2008 2007 .

north american consumer packaging net sales were $ 2.2 billion compared with $ 2.5 billion in 2008 and $ 2.4 billion in 2007 .

operating earnings in 2009 were $ 343 million ( $ 87 million excluding alter- native fuel mixture credits and facility closure costs ) compared with $ 8 million ( $ 38 million excluding facility closure costs ) in 2008 and $ 70 million in 2007 .

coated paperboard sales volumes were lower in 2009 compared with 2008 reflecting weaker market conditions .

average sales price realizations were significantly higher , reflecting the full-year realization of price increases implemented in the second half of 2008 .

raw material costs for wood , energy and chemicals were significantly lower in 2009 , while freight costs were also favorable .

operating costs , however , were unfavorable and planned main- tenance downtime costs were higher .

lack-of-order downtime increased to 300000 tons in 2009 from 15000 tons in 2008 due to weak demand .

operating results in 2009 include income of $ 330 million for alternative fuel mixture credits and $ 67 million of expenses for shutdown costs for the franklin mill .

foodservice sales volumes were lower in 2009 than in 2008 due to generally weak world-wide economic conditions .

Question: north american consumer packaging net sales where what percentage of consumer packaging sales in 2009?

Answer: 0.71895


part ii item 5 2014market for registrant 2019s common equity and related stockholder matters market information .

the common stock of the company is currently traded on the new york stock exchange ( nyse ) under the symbol 2018 2018aes . 2019 2019 the following tables set forth the high and low sale prices for the common stock as reported by the nyse for the periods indicated .

as of march 3 , 2003 , there were 9663 record holders of the company 2019s common stock , par value $ 0.01 per share .

under the terms of the company 2019s senior secured credit facilities entered into with a commercial bank syndicate , the company is not allowed to pay cash dividends .

in addition , the company is precluded from paying cash dividends on its common stock under the terms of a guaranty to the utility customer in connection with the aes thames project in the event certain net worth and liquidity tests of the company are not met .

the ability of the company 2019s project subsidiaries to declare and pay cash dividends to the company is subject to certain limitations in the project loans , governmental provisions and other agreements entered into by such project subsidiaries .

securities authorized for issuance under equity compensation plans .

see the information contained under the caption 2018 2018securities authorized for issuance under equity compensation plans 2019 2019 of the proxy statement for the annual meeting of stockholders of the registrant to be held on may 1 , 2003 , which information is incorporated herein by reference. .

1	2002 first quarter	high $ 17.84	low $ 4.11	2001 first quarter	high $ 60.15	low $ 41.30

2	second quarter	9.17	3.55	second quarter	52.25	39.95

3	third quarter	4.61	1.56	third quarter	44.50	12.00

4	fourth quarter	3.57	0.95	fourth quarter	17.80	11.60

Question: what was the average high and low stock price for the second quarter of 2002?

Answer: 6.36


tissue pulp due to strong market demand , partic- ularly from asia .

average sales price realizations improved significantly in 2007 , principally reflecting higher average prices for softwood , hardwood and fluff pulp .

operating earnings in 2007 were $ 104 mil- lion compared with $ 48 million in 2006 and $ 37 mil- lion in 2005 .

the benefits from higher sales price realizations were partially offset by increased input costs for energy , chemicals and freight .

entering the first quarter of 2008 , demand for market pulp remains strong , and average sales price realiza- tions should increase slightly .

however , input costs for energy , chemicals and freight are expected to be higher , and increased spending is anticipated for planned mill maintenance outages .

industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods pro- duction , as well as with demand for processed foods , poultry , meat and agricultural products .

in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , freight costs , manufacturing effi- ciency and product mix .

industrial packaging net sales for 2007 increased 6% ( 6 % ) to $ 5.2 billion compared with $ 4.9 bil- lion in 2006 , and 13% ( 13 % ) compared with $ 4.6 billion in 2005 .

operating profits in 2007 were 26% ( 26 % ) higher than in 2006 and more than double 2005 earnings .

bene- fits from improved price realizations ( $ 147 million ) , sales volume increases net of increased lack of order downtime ( $ 3 million ) , a more favorable mix ( $ 31 million ) , strong mill and converting operations ( $ 33 million ) and other costs ( $ 47 million ) were partially offset by the effects of higher raw material costs ( $ 76 million ) and higher freight costs ( $ 18 million ) .

in addition , a gain of $ 13 million was recognized in 2006 related to a sale of property in spain and costs of $ 52 million were incurred in 2007 related to the conversion of the paper machine at pensacola to production of lightweight linerboard .

the segment took 165000 tons of downtime in 2007 which included 16000 tons of market-related downtime compared with 135000 tons of downtime in 2006 of which none was market-related .

industrial packaging in millions 2007 2006 2005 .

north american industrial packaging net sales for 2007 were $ 3.9 billion , compared with $ 3.7 billion in 2006 and $ 3.6 billion in 2005 .

operating profits in 2007 were $ 407 million , up from $ 327 mil- lion in 2006 and $ 170 million in 2005 .

containerboard shipments were higher in 2007 compared with 2006 , including production from the paper machine at pensacola that was converted to lightweight linerboard during 2007 .

average sales price realizations were significantly higher than in 2006 reflecting price increases announced early in 2006 and in the third quarter of 2007 .

margins improved reflecting stronger export demand .

manu- facturing performance was strong , although costs associated with planned mill maintenance outages were higher due to timing of outages .

raw material costs for wood , energy , chemicals and recycled fiber increased significantly .

operating results for 2007 were also unfavorably impacted by $ 52 million of costs associated with the conversion and startup of the pensacola paper machine .

converting sales volumes were slightly lower in 2007 compared with 2006 reflecting softer customer box demand .

earnings improvement in 2007 bene- fited from the realization of box price increases announced in early 2006 and late 2007 .

favorable manufacturing operations and higher sales prices for waste fiber more than offset significantly higher raw material and freight costs .

looking ahead to the first quarter of 2008 , sales volumes are expected to increase slightly , and results should benefit from a full-quarter impact of the price increases announced in the third quarter of 2007 .

however , additional mill maintenance outages are planned for the first quarter , and freight and input costs are expected to rise , particularly for wood and energy .

manufacturing operations should be favorable compared with the fourth quarter .

european industrial packaging net sales for 2007 were $ 1.1 billion , up from $ 1.0 billion in 2006 and $ 880 million in 2005 .

sales volumes were about flat as early stronger demand in the industrial segment weakened in the second half of the year .

operating profits in 2007 were $ 88 million compared with $ 69 million in 2006 and $ 53 million in 2005 .

sales margins improved reflecting increased sales prices for boxes .

conversion costs were favorable as the result of manufacturing improvement programs .

entering the first quarter of 2008 , sales volumes should be strong seasonally across all regions as the winter fruit and vegetable season continues .

profit margins , however , are expected to be somewhat lower. .

Question: what percentage of industrial packaging sales where represented by european industrial packaging net sales in 2007?

Answer: 0.20972


north american industrial packaging net sales for 2007 were $ 3.9 billion , compared with $ 3.7 billion in 2006 and $ 3.6 billion in 2005 .

operating profits in 2007 were $ 407 million , up from $ 327 mil- lion in 2006 and $ 170 million in 2005 .

containerboard shipments were higher in 2007 compared with 2006 , including production from the paper machine at pensacola that was converted to lightweight linerboard during 2007 .

average sales price realizations were significantly higher than in 2006 reflecting price increases announced early in 2006 and in the third quarter of 2007 .

margins improved reflecting stronger export demand .

manu- facturing performance was strong , although costs associated with planned mill maintenance outages were higher due to timing of outages .

raw material costs for wood , energy , chemicals and recycled fiber increased significantly .

operating results for 2007 were also unfavorably impacted by $ 52 million of costs associated with the conversion and startup of the pensacola paper machine .

converting sales volumes were slightly lower in 2007 compared with 2006 reflecting softer customer box demand .

earnings improvement in 2007 bene- fited from the realization of box price increases announced in early 2006 and late 2007 .

favorable manufacturing operations and higher sales prices for waste fiber more than offset significantly higher raw material and freight costs .

looking ahead to the first quarter of 2008 , sales volumes are expected to increase slightly , and results should benefit from a full-quarter impact of the price increases announced in the third quarter of 2007 .

however , additional mill maintenance outages are planned for the first quarter , and freight and input costs are expected to rise , particularly for wood and energy .

manufacturing operations should be favorable compared with the fourth quarter .

european industrial packaging net sales for 2007 were $ 1.1 billion , up from $ 1.0 billion in 2006 and $ 880 million in 2005 .

sales volumes were about flat as early stronger demand in the industrial segment weakened in the second half of the year .

operating profits in 2007 were $ 88 million compared with $ 69 million in 2006 and $ 53 million in 2005 .

sales margins improved reflecting increased sales prices for boxes .

conversion costs were favorable as the result of manufacturing improvement programs .

entering the first quarter of 2008 , sales volumes should be strong seasonally across all regions as the winter fruit and vegetable season continues .

profit margins , however , are expected to be somewhat lower. .

Question: what percentage of industrial packaging sales where represented by european industrial packaging net sales in 2006?

Answer: 0.20305


38 2013 ppg annual report and form 10-k notes to the consolidated financial statements 1 .

summary of significant accounting policies principles of consolidation the accompanying consolidated financial statements include the accounts of ppg industries , inc .

( 201cppg 201d or the 201ccompany 201d ) and all subsidiaries , both u.s .

ppg owns more than 50% ( 50 % ) of the voting stock of most of the subsidiaries that it controls .

for those consolidated subsidiaries in which the company 2019s ownership is less than 100% ( 100 % ) , the outside shareholders 2019 interests are shown as noncontrolling interests .

investments in companies in which ppg owns 20% ( 20 % ) to 50% ( 50 % ) of the voting stock and has the ability to exercise significant influence over operating and financial policies of the investee are accounted for using the equity method of accounting .

as a result , ppg 2019s share of the earnings or losses of such equity affiliates is included in the accompanying consolidated statement of income and ppg 2019s share of these companies 2019 shareholders 2019 equity is included in "investments" in the accompanying consolidated balance sheet .

transactions between ppg and its subsidiaries are eliminated in consolidation .

use of estimates in the preparation of financial statements the preparation of financial statements in conformity with u.s .

generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements , as well as the reported amounts of income and expenses during the reporting period .

such estimates also include the fair value of assets acquired and liabilities assumed as a result of allocations of purchase price of business combinations consummated .

actual outcomes could differ from those estimates .

revenue recognition the company recognizes revenue when the earnings process is complete .

revenue from sales is recognized by all operating segments when goods are shipped and title to inventory and risk of loss passes to the customer or when services have been rendered .

shipping and handling costs amounts billed to customers for shipping and handling are reported in 201cnet sales 201d in the accompanying consolidated statement of income .

shipping and handling costs incurred by the company for the delivery of goods to customers are included in 201ccost of sales , exclusive of depreciation and amortization 201d in the accompanying consolidated statement of income .

selling , general and administrative costs amounts presented as 201cselling , general and administrative 201d in the accompanying consolidated statement of income are comprised of selling , customer service , distribution and advertising costs , as well as the costs of providing corporate- wide functional support in such areas as finance , law , human resources and planning .

distribution costs pertain to the movement and storage of finished goods inventory at company- owned and leased warehouses , terminals and other distribution facilities .

advertising costs advertising costs are expensed in the year incurred and totaled $ 345 million , $ 288 million and $ 245 million in 2013 , 2012 and 2011 , respectively .

research and development research and development costs , which consist primarily of employee related costs , are charged to expense as incurred .

the following are the research and development costs for the years ended december 31: .

legal costs legal costs are expensed as incurred .

legal costs incurred by ppg include legal costs associated with acquisition and divestiture transactions , general litigation , environmental regulation compliance , patent and trademark protection and other general corporate purposes .

foreign currency translation the functional currency of most significant non-u.s .

assets and liabilities of those operations are translated into u.s .

dollars using year-end exchange rates ; income and expenses are translated using the average exchange rates for the reporting period .

unrealized foreign currency translation adjustments are deferred in accumulated other comprehensive loss , a separate component of shareholders 2019 equity .

cash equivalents cash equivalents are highly liquid investments ( valued at cost , which approximates fair value ) acquired with an original maturity of three months or less .

short-term investments short-term investments are highly liquid , high credit quality investments ( valued at cost plus accrued interest ) that have stated maturities of greater than three months to one year .

the purchases and sales of these investments are classified as investing activities in the consolidated statement of cash flows .

marketable equity securities the company 2019s investment in marketable equity securities is recorded at fair market value and reported in 201cother current assets 201d and 201cinvestments 201d in the accompanying consolidated balance sheet with changes in fair market value recorded in income for those securities designated as trading securities and in other comprehensive income , net of tax , for those designated as available for sale securities. .

1	( millions )	2013	2012	2011

2	research and development 2013 total	$ 505	$ 468	$ 443

3	less depreciation on research facilities	17	15	15

4	research and development net	$ 488	$ 453	$ 428

Question: what was the percentage change in research and development net from 2012 to 2013?

Answer: 0.07726


53management's discussion and analysis of financial condition and results of operations in order to borrow funds under the 5-year credit facility , the company must be in compliance with various conditions , covenants and representations contained in the agreements .

the company was in compliance with the terms of the 5-year credit facility at december 31 , 2006 .

the company has never borrowed under its domestic revolving credit facilities .

credit facilities may also be dependent on the company's ability to meet certain conditions at the time a borrowing is requested .

contractual obligations , guarantees , and other purchase commitments contractual obligations summarized in the table below are the company's obligations and commitments to make future payments under debt obligations ( assuming earliest possible exercise of put rights by holders ) , lease payment obligations , and purchase obligations as of december 31 , 2006 .

payments due by period ( 1 ) ( in millions ) total 2007 2008 2009 2010 2011 thereafter .

( 1 ) amounts included represent firm , non-cancelable commitments .

debt obligations : at december 31 , 2006 , the company's long-term debt obligations , including current maturities and unamortized discount and issue costs , totaled $ 4.1 billion , as compared to $ 4.0 billion at december 31 , 2005 .

a table of all outstanding long-term debt securities can be found in note 4 , ""debt and credit facilities'' to the company's consolidated financial statements .

lease obligations : the company owns most of its major facilities , but does lease certain office , factory and warehouse space , land , and information technology and other equipment under principally non-cancelable operating leases .

at december 31 , 2006 , future minimum lease obligations , net of minimum sublease rentals , totaled $ 2.3 billion .

rental expense , net of sublease income , was $ 241 million in 2006 , $ 250 million in 2005 and $ 205 million in 2004 .

purchase obligations : the company has entered into agreements for the purchase of inventory , license of software , promotional agreements , and research and development agreements which are firm commitments and are not cancelable .

the longest of these agreements extends through 2015 .

total payments expected to be made under these agreements total $ 1.0 billion .

commitments under other long-term agreements : the company has entered into certain long-term agreements to purchase software , components , supplies and materials from suppliers .

most of the agreements extend for periods of one to three years ( three to five years for software ) .

however , generally these agreements do not obligate the company to make any purchases , and many permit the company to terminate the agreement with advance notice ( usually ranging from 60 to 180 days ) .

if the company were to terminate these agreements , it generally would be liable for certain termination charges , typically based on work performed and supplier on-hand inventory and raw materials attributable to canceled orders .

the company's liability would only arise in the event it terminates the agreements for reasons other than ""cause.'' the company also enters into a number of arrangements for the sourcing of supplies and materials with minimum purchase commitments and take-or-pay obligations .

the majority of the minimum purchase obligations under these contracts are over the life of the contract as opposed to a year-by-year take-or-pay .

if these agreements were terminated at december 31 , 2006 , the company's obligation would not have been significant .

the company does not anticipate the cancellation of any of these agreements in the future .

subsequent to the end of 2006 , the company entered into take-or-pay arrangements with suppliers through may 2009 with minimum purchase obligations of $ 2.2 billion during that period .

the company estimates purchases during that period that exceed the minimum obligations .

the company outsources certain corporate functions , such as benefit administration and information technology-related services .

these contracts are expected to expire in 2013 .

the total remaining payments under these contracts are approximately $ 1.3 billion over the remaining seven years ; however , these contracts can be %%transmsg*** transmitting job : c11830 pcn : 055000000 *** %%pcmsg| |00030|yes|no|02/28/2007 13:05|0|1|page is valid , no graphics -- color : n| .

1	( in millions )	payments due by period ( 1 ) total	payments due by period ( 1 ) 2007	payments due by period ( 1 ) 2008	payments due by period ( 1 ) 2009	payments due by period ( 1 ) 2010	payments due by period ( 1 ) 2011	payments due by period ( 1 ) thereafter

2	long-term debt obligations	$ 4134	$ 1340	$ 198	$ 4	$ 534	$ 607	$ 1451

3	lease obligations	2328	351	281	209	178	158	1151

4	purchase obligations	1035	326	120	26	12	12	539

5	total contractual obligations	$ 7497	$ 2017	$ 599	$ 239	$ 724	$ 777	$ 3141

Question: what is the percentage of decrease of long-term debt from 2007 to 2011?

Answer: 0.54701


( 1 ) amounts included represent firm , non-cancelable commitments .

debt obligations : at december 31 , 2006 , the company's long-term debt obligations , including current maturities and unamortized discount and issue costs , totaled $ 4.1 billion , as compared to $ 4.0 billion at december 31 , 2005 .

a table of all outstanding long-term debt securities can be found in note 4 , ""debt and credit facilities'' to the company's consolidated financial statements .

lease obligations : the company owns most of its major facilities , but does lease certain office , factory and warehouse space , land , and information technology and other equipment under principally non-cancelable operating leases .

at december 31 , 2006 , future minimum lease obligations , net of minimum sublease rentals , totaled $ 2.3 billion .

rental expense , net of sublease income , was $ 241 million in 2006 , $ 250 million in 2005 and $ 205 million in 2004 .

purchase obligations : the company has entered into agreements for the purchase of inventory , license of software , promotional agreements , and research and development agreements which are firm commitments and are not cancelable .

the longest of these agreements extends through 2015 .

total payments expected to be made under these agreements total $ 1.0 billion .

commitments under other long-term agreements : the company has entered into certain long-term agreements to purchase software , components , supplies and materials from suppliers .

most of the agreements extend for periods of one to three years ( three to five years for software ) .

however , generally these agreements do not obligate the company to make any purchases , and many permit the company to terminate the agreement with advance notice ( usually ranging from 60 to 180 days ) .

if the company were to terminate these agreements , it generally would be liable for certain termination charges , typically based on work performed and supplier on-hand inventory and raw materials attributable to canceled orders .

the company's liability would only arise in the event it terminates the agreements for reasons other than ""cause.'' the company also enters into a number of arrangements for the sourcing of supplies and materials with minimum purchase commitments and take-or-pay obligations .

the majority of the minimum purchase obligations under these contracts are over the life of the contract as opposed to a year-by-year take-or-pay .

if these agreements were terminated at december 31 , 2006 , the company's obligation would not have been significant .

the company does not anticipate the cancellation of any of these agreements in the future .

subsequent to the end of 2006 , the company entered into take-or-pay arrangements with suppliers through may 2009 with minimum purchase obligations of $ 2.2 billion during that period .

the company estimates purchases during that period that exceed the minimum obligations .

the company outsources certain corporate functions , such as benefit administration and information technology-related services .

these contracts are expected to expire in 2013 .

the total remaining payments under these contracts are approximately $ 1.3 billion over the remaining seven years ; however , these contracts can be %%transmsg*** transmitting job : c11830 pcn : 055000000 *** %%pcmsg| |00030|yes|no|02/28/2007 13:05|0|1|page is valid , no graphics -- color : n| .

Question: how much did the lease obligations drop from 2004 to 2011?

Answer: 85.0


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

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

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

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

the total purchase consideration consisted of: .

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1		( in thousands )

2	cash paid	$ 11001

3	prior investment in hpl	1872

4	acquisition-related costs	2831

5	total purchase price	$ 15704

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

Answer: 0.21651


repurchase of equity securities the following table provides information regarding our purchases of equity securities during the fourth quarter of 2008 : number of shares purchased average paid per share2 total number of shares purchased as part of publicly announced plans or programs maximum number of shares that may yet be purchased under the plans or programs .

47022 $ 5.18 2014 2014 1 consists of restricted shares of our common stock withheld under the terms of grants under employee stock compensation plans to offset tax withholding obligations that occurred upon vesting and release of restricted shares during each month of the fourth quarter of 2008 ( the 201cwithheld shares 201d ) .

2 the average price per month of the withheld shares was calculated by dividing the aggregate value of the tax withholding obligations for each month by the aggregate number of shares of our common stock withheld each month. .

1		total number of shares purchased	average price paid per share2	total number of shares purchased as part of publicly announced plans or programs	maximum number ofshares that may yet be purchased under the plans or programs

2	october 1-31	29704	$ 5.99	2014	2014

3	november 1-30	4468	$ 3.24	2014	2014

4	december 1-31	12850	$ 3.98	2014	2014

5	total1	47022	$ 5.18	2014	2014

Question: what was the average price per share from november to december?

Answer: 3.61


included in the corporate and consumer loan tables above are purchased distressed loans , which are loans that have evidenced significant credit deterioration subsequent to origination but prior to acquisition by citigroup .

in accordance with sop 03-3 , the difference between the total expected cash flows for these loans and the initial recorded investments is recognized in income over the life of the loans using a level yield .

accordingly , these loans have been excluded from the impaired loan information presented above .

in addition , per sop 03-3 , subsequent decreases to the expected cash flows for a purchased distressed loan require a build of an allowance so the loan retains its level yield .

however , increases in the expected cash flows are first recognized as a reduction of any previously established allowance and then recognized as income prospectively over the remaining life of the loan by increasing the loan 2019s level yield .

where the expected cash flows cannot be reliably estimated , the purchased distressed loan is accounted for under the cost recovery method .

the carrying amount of the company 2019s purchased distressed loan portfolio at december 31 , 2010 was $ 392 million , net of an allowance of $ 77 million as of december 31 , 2010 .

the changes in the accretable yield , related allowance and carrying amount net of accretable yield for 2010 are as follows : in millions of dollars accretable carrying amount of loan receivable allowance .

( 1 ) the balance reported in the column 201ccarrying amount of loan receivable 201d consists of $ 130 million of purchased loans accounted for under the level-yield method and $ 0 under the cost-recovery method .

these balances represent the fair value of these loans at their acquisition date .

the related total expected cash flows for the level-yield loans were $ 131 million at their acquisition dates .

( 2 ) the balance reported in the column 201ccarrying amount of loan receivable 201d consists of $ 315 million of loans accounted for under the level-yield method and $ 154 million accounted for under the cost-recovery method. .

1	in millions of dollars	accretable yield	carrying amount of loan receivable	allowance

2	beginning balance	$ 27	$ 920	$ 95

3	purchases ( 1 )	1	130	2014

4	disposals/payments received	-11 ( 11 )	-594 ( 594 )	2014

5	accretion	-44 ( 44 )	44	2014

6	builds ( reductions ) to the allowance	128	2014	-18 ( 18 )

7	increase to expected cash flows	-2 ( 2 )	19	2014

8	fx/other	17	-50 ( 50 )	2014

9	balance at december 31 2010 ( 2 )	$ 116	$ 469	$ 77

Question: in 2010 what was the percentage change of the carrying amount of loan receivable net of the allowance

Answer: -0.52485


comparison of cumulative return among lkq corporation , the nasdaq stock market ( u.s. ) index and the peer group .

this stock performance information is "furnished" and shall not be deemed to be "soliciting material" or subject to rule 14a , shall not be deemed "filed" for purposes of section 18 of the securities exchange act of 1934 or otherwise subject to the liabilities of that section , and shall not be deemed incorporated by reference in any filing under the securities act of 1933 or the securities exchange act of 1934 , whether made before or after the date of this report and irrespective of any general incorporation by reference language in any such filing , except to the extent that it specifically incorporates the information by reference .

information about our common stock that may be issued under our equity compensation plans as of december 31 , 2016 included in part iii , item 12 of this annual report on form 10-k is incorporated herein by reference. .

Question: what was the percentage cumulative return for lkq corporation for the five years ended 12/31/2016?

Answer: 1.04


retail and hnw investors ( excluding investments in ishares ) retail / hnw long-term aum by asset class & client region december 31 , 2012 ( dollar amounts in millions ) americas emea asia-pacific total .

blackrock serves retail and hnw investors globally through separate accounts , open-end and closed-end funds , unit trusts and private investment funds .

at december 31 , 2012 , long-term assets managed for retail and hnw investors totaled $ 403.5 billion , up 11% ( 11 % ) , or $ 40.1 billion , versus year-end 2011 .

during the year , net inflows of $ 11.6 billion in long-term products were augmented by market valuation improvements of $ 28.3 billion .

retail and hnw investors are served principally through intermediaries , including broker-dealers , banks , trust companies , insurance companies and independent financial advisors .

clients invest primarily in mutual funds , which totaled $ 322.4 billion , or 80% ( 80 % ) , of retail and hnw long-term aum at year-end , with the remainder invested in private investment funds and separately managed accounts .

the product mix is well diversified , with 41% ( 41 % ) of long-term aum in equities , 34% ( 34 % ) in fixed income , 23% ( 23 % ) in multi-asset class and 2% ( 2 % ) in alternatives .

the vast majority ( 98% ( 98 % ) ) of long-term aum is invested in active products , although this is partially inflated by the fact that ishares is shown separately , since we do not identify all of the underlying investors .

the client base is also diversified geographically , with 74% ( 74 % ) of long-term aum managed for investors based in the americas , 19% ( 19 % ) in emea and 7% ( 7 % ) in asia-pacific at year- end 2012 .

retail and hnw long-term inflows of $ 9.8 billion were driven by strong demand for u.s .

sector- specialty and municipal fixed income mutual fund offerings and income-oriented equity .

in 2012 , we broadened the distribution of alternatives funds to bring higher alpha , institutional quality hedge fund products to retail investors as three mutual funds launched at the end of 2011 gained traction and acceptance , raising close to $ 0.8 billion of assets .

retail alternatives aum crossed the $ 5.0 billion threshold in 2012 .

the year also included the launch of the blackrock municipal target term trust ( 201cbtt 201d ) with $ 2.1 billion of assets raised , making it the largest municipal fund ever launched and the largest overall industry offering since 2007 .

manager by aum of separately managed accounts , the second largest closed-end fund manager and a top-ten manager of long-term open-end mutual funds2 .

2022 international retail net inflows of $ 1.8 billion in 2012 were driven by fixed income net inflows of $ 5.2 billion .

investor demand remained distinctly risk-off in 2012 , largely driven by macro political and economic instability and continued trends toward de-risking .

equity net outflows of $ 2.9 billion were predominantly from sector-specific and regional and country- specific equity strategies due to uncertainty in european markets .

our international retail and hnw offerings include our luxembourg cross-border fund families , blackrock global funds ( 201cbgf 201d ) , blackrock strategic funds with $ 83.1 billion and $ 2.4 billion of aum at year-end 2012 , respectively , and a range of retail funds in the united kingdom .

bgf contained 67 funds registered in 35 jurisdictions at year-end 2012 .

over 60% ( 60 % ) of the funds were rated by s&p .

in 2012 , we were ranked as the third largest cross border fund provider3 .

in the united kingdom , we ranked among the five largest fund managers3 , and are known for our innovative product offerings , especially within natural resources , european equity , asian equity and equity income .

global clientele our footprint in each of these regions reflects strong relationships with intermediaries and an established ability to deliver our global investment expertise in funds and other products tailored to local regulations and requirements .

Question: what is the long-term retail/hnw in americas as a percentage of the total long-term retail/hnw?

Answer: 0.73863