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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1		2007	2006	2005

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

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

4	expected life in years	5.0	5.1	5.5

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

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

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

Question: by how much did the expected annual dividends per share increase from 2005 to 2007?

Answer: 0.45455


2011 compared to 2010 mst 2019s net sales for 2011 decreased $ 311 million , or 4% ( 4 % ) , compared to 2010 .

the decrease was attributable to decreased volume of approximately $ 390 million for certain ship and aviation system programs ( primarily maritime patrol aircraft and ptds ) and approximately $ 75 million for training and logistics solutions programs .

partially offsetting these decreases was higher sales of about $ 165 million from production on the lcs program .

mst 2019s operating profit for 2011 decreased $ 68 million , or 10% ( 10 % ) , compared to 2010 .

the decrease was attributable to decreased operating profit of approximately $ 55 million as a result of increased reserves for contract cost matters on various ship and aviation system programs ( including the terminated presidential helicopter program ) and approximately $ 40 million due to lower volume and increased reserves on training and logistics solutions .

partially offsetting these decreases was higher operating profit of approximately $ 30 million in 2011 primarily due to the recognition of reserves on certain undersea systems programs in 2010 .

adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 55 million lower in 2011 compared to 2010 .

backlog backlog increased in 2012 compared to 2011 mainly due to increased orders on ship and aviation system programs ( primarily mh-60 and lcs ) , partially offset decreased orders and higher sales volume on integrated warfare systems and sensors programs ( primarily aegis ) .

backlog decreased slightly in 2011 compared to 2010 primarily due to higher sales volume on various integrated warfare systems and sensors programs .

trends we expect mst 2019s net sales to decline in 2013 in the low single digit percentage range as compared to 2012 due to the completion of ptds deliveries in 2012 and expected lower volume on training services programs .

operating profit and margin are expected to increase slightly from 2012 levels primarily due to anticipated improved contract performance .

space systems our space systems business segment is engaged in the research and development , design , engineering , and production of satellites , strategic and defensive missile systems , and space transportation systems .

space systems is also responsible for various classified systems and services in support of vital national security systems .

space systems 2019 major programs include the space-based infrared system ( sbirs ) , advanced extremely high frequency ( aehf ) system , mobile user objective system ( muos ) , global positioning satellite ( gps ) iii system , geostationary operational environmental satellite r-series ( goes-r ) , trident ii d5 fleet ballistic missile , and orion .

operating results for our space systems business segment include our equity interests in united launch alliance ( ula ) , which provides expendable launch services for the u.s .

government , united space alliance ( usa ) , which provided processing activities for the space shuttle program and is winding down following the completion of the last space shuttle mission in 2011 , and a joint venture that manages the u.k . 2019s atomic weapons establishment program .

space systems 2019 operating results included the following ( in millions ) : .

2012 compared to 2011 space systems 2019 net sales for 2012 increased $ 186 million , or 2% ( 2 % ) , compared to 2011 .

the increase was attributable to higher net sales of approximately $ 150 million due to increased commercial satellite deliveries ( two commercial satellites delivered in 2012 compared to one during 2011 ) ; about $ 125 million from the orion program due to higher volume and an increase in risk retirements ; and approximately $ 70 million from increased volume on various strategic and defensive missile programs .

partially offsetting the increases were lower net sales of approximately $ 105 million from certain government satellite programs ( primarily sbirs and muos ) as a result of decreased volume and a decline in risk retirements ; and about $ 55 million from the nasa external tank program , which ended in connection with the completion of the space shuttle program in 2011. .

Question: what is the growth rate in operating profit for space systems in 2012?

Answer: 0.01881


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


results of operations operating revenues millions 2014 2013 2012 % (  % ) change 2014 v 2013 % (  % ) change 2013 v 2012 .

we generate freight revenues by transporting freight or other materials from our six commodity groups .

freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) .

changes in price , traffic mix and fuel surcharges drive arc .

we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments .

we recognize freight revenues as shipments move from origin to destination .

we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them .

other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage .

we recognize other revenues as we perform services or meet contractual obligations .

freight revenues from all six commodity groups increased during 2014 compared to 2013 driven by 7% ( 7 % ) volume growth and core pricing gains of 2.5% ( 2.5 % ) .

volume growth from grain , frac sand , rock , and intermodal ( domestic and international ) shipments offset declines in crude oil .

freight revenues from five of our six commodity groups increased during 2013 compared to 2012 .

revenue from agricultural products was down slightly compared to 2012 .

arc increased 5% ( 5 % ) , driven by core pricing gains , shifts in business mix and an automotive logistics management arrangement .

volume essentially was flat year over year as growth in automotive , frac sand , crude oil and domestic intermodal offset declines in coal , international intermodal and grain shipments .

our fuel surcharge programs generated freight revenues of $ 2.8 billion , $ 2.6 billion , and $ 2.6 billion in 2014 , 2013 , and 2012 , respectively .

fuel surcharge in 2014 increased 6% ( 6 % ) driven by our 7% ( 7 % ) carloadings increase .

fuel surcharge in 2013 essentially was flat versus 2012 as lower fuel price offset improved fuel recovery provisions and the lag effect of our programs ( surcharges trail fluctuations in fuel price by approximately two months ) .

in 2014 , other revenue increased from 2013 due to higher revenues at our subsidiaries , primarily those that broker intermodal and automotive services , accessorial revenue driven by increased volume and per diem revenue for container usage ( previously included in automotive freight revenue ) .

in 2013 , other revenue increased from 2012 due primarily to miscellaneous contract revenue and higher revenues at our subsidiaries that broker intermodal and automotive services. .

Question: what was the percentage change in fuel surcharge program freight revenue from 2013 to 2014?

Answer: 0.07692


to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .

the 2017 notes were issued at a discount of $ 6 million , which is being amortized over their ten-year term .

the company incurred approximately $ 4 million of debt issuance costs , which are being amortized over ten years .

at december 31 , 2013 , $ 2 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .

commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2035 .

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

rent expense and certain office equipment expense under agreements amounted to $ 137 million , $ 133 million and $ 154 million in 2013 , 2012 and 2011 , respectively .

at december 31 , 2013 , the company had $ 216 million of various capital commitments to fund sponsored investment funds , including funds of private equity funds , real estate funds , infrastructure funds , opportunistic funds and distressed credit funds .

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

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

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

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

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

the company acts as the portfolio manager in a series of credit default swap transactions and has a maximum potential exposure of $ 17 million under a credit default swap between the company and counterparty .

see note 7 , derivatives and hedging , for further discussion .

contingent payments related to business acquisitions .

in connection with the credit suisse etf transaction , blackrock is required to make contingent payments annually to credit suisse , subject to achieving specified thresholds during a seven-year period , subsequent to the acquisition date .

in addition , blackrock is required to make contingent payments related to the mgpa transaction during a five-year period , subject to achieving specified thresholds , subsequent to the acquisition date .

the fair value of the contingent payments at december 31 , 2013 is not significant to the consolidated statement of financial condition and is included in other liabilities .

from time to time , blackrock receives subpoenas or other requests for information from various u.s .

federal , state governmental and domestic and international regulatory authorities in connection with certain industry-wide or other investigations or proceedings .

it is blackrock 2019s policy to cooperate fully with such inquiries .

the company and certain of its subsidiaries have been named as defendants in various legal actions , including arbitrations and other litigation arising in connection with blackrock 2019s activities .

additionally , certain blackrock- sponsored investment funds that the company manages are subject to lawsuits , any of which potentially could harm the investment returns of the applicable fund or result in the company being liable to the funds for any resulting damages .

management , after consultation with legal counsel , currently does not anticipate that the aggregate liability , if any , arising out of regulatory matters or lawsuits will have a material effect on blackrock 2019s results of operations , financial position , or cash flows .

however , there is no assurance as to whether any such pending or threatened matters will have a material effect on blackrock 2019s results of operations , financial position or cash flows in any future reporting period .

due to uncertainties surrounding the outcome of these matters , management cannot reasonably estimate the possible loss or range of loss that may arise from these matters .

in the ordinary course of business or in connection with certain acquisition agreements , blackrock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances .

the terms of these indemnities vary from contract to contract and the amount of indemnification liability , if any , cannot be determined or the likelihood of any liability is considered remote .

consequently , no liability has been recorded on the consolidated statement of financial condition .

in connection with securities lending transactions , blackrock has issued certain indemnifications to certain securities lending clients against potential loss resulting from a borrower 2019s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower 2019s obligation under the securities lending agreement .

at december 31 , 2013 , the company indemnified certain of its clients for their securities lending loan balances of approximately $ 118.3 billion .

the company held as agent , cash and securities totaling $ 124.6 billion as collateral for indemnified securities on loan at december 31 , 2013 .

the fair value of these indemnifications was not material at december 31 , 2013. .

Question: what is the growth rate in rent expense and certain office equipment expense in 2013 compare to 2012?

Answer: 0.03008


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

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

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

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

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

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

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

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

1		2002	2001	2000

2	net mw in operation at december 31	3955	3445	2475

3	generation in gwh for the year	29953	22614	7171

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

Question: what is the percent change in earnings for non-utility nuclear from 2001 to 2002?

Answer: 0.57031


stockholder return performance graphs the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index and the s&p 400 information technology index .

the graph assumes that the value of the investment in our common stock and in each index ( including reinvestment of dividends ) was $ 100 on december 29 , 2007 and tracks it through december 29 , 2012 .

comparison of 5 year cumulative total return* among cadence design systems , inc. , the nasdaq composite index , and s&p 400 information technology cadence design systems , inc .

nasdaq composite s&p 400 information technology 12/29/1212/31/111/1/111/2/101/3/0912/29/07 *$ 100 invested on 12/29/07 in stock or 12/31/07 in index , including reinvestment of dividends .

copyright a9 2013 s&p , a division of the mcgraw-hill companies inc .

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

Question: what is the roi of nasdaq composite from 2008 to 2012?

Answer: 0.1078


a n d s u b s i d i a r i e s 2 0 0 3 f o r m 1 0 - k notes to consolidated financial statements ( continued ) the unaudited pro forma results for 2003 include events or changes in circumstances indicate that the carrying $ 90.4 million of expense related to centerpulse hip and knee value of an asset may not be recoverable .

an impairment loss litigation , $ 54.4 million of cash income tax benefits as a result would be recognized when estimated future cash flows of centerpulse electing to carry back its 2002 u.s .

federal net relating to the asset are less than its carrying amount .

operating loss for 5 years versus 10 years , which resulted in depreciation of instruments is recognized as selling , general more losses being carried forward to future years and less and administrative expense , consistent with the classification tax credits going unutilized due to the shorter carry back of instrument cost in periods prior to january 1 , 2003 .

period and an $ 8.0 million gain on sale of orquest inc. , an prior to january 1 , 2003 , undeployed instruments were investment previously held by centerpulse .

the unaudited carried as a prepaid expense at cost , net of allowances for pro forma results are not necessarily indicative either of the obsolescence ( $ 54.8 million , net , at december 31 , 2002 ) , and results of operations that actually would have resulted had recognized in selling , general and administrative expense in the exchange offers been in effect at the beginning of the the year in which the instruments were placed into service .

the new method of accounting for instruments was adopted to recognize the cost of these important assets of the transfx company 2019s business within the consolidated balance sheet on june 25 , 2003 , the company acquired the transfx and meaningfully allocate the cost of these assets over the external fixation system product line from immedica , inc .

periods benefited , typically five years .

for approximately $ 14.8 million cash , which has been the effect of the change during the year ended allocated primarily to goodwill and technology based december 31 , 2003 was to increase earnings before intangible assets .

the company has sold the transfx cumulative effect of change in accounting principle by product line since early 2001 under a distribution agreement $ 26.8 million ( $ 17.8 million net of tax ) , or $ 0.08 per diluted with immedica .

the cumulative effect adjustment of $ 55.1 million ( net of income taxes of $ 34.0 million ) to retroactively apply the implex corp .

new capitalization method as if applied in years prior to 2003 on march 2 , 2004 , the company entered into an is included in earnings during the year ended december 31 , amended and restated merger agreement relating to the 2003 .

the pro forma amounts shown on the consolidated acquisition of implex corp .

( 2018 2018implex 2019 2019 ) , a privately held statement of earnings have been adjusted for the effect of orthopaedics company based in new jersey , for cash .

each the retroactive application on depreciation and related share of implex stock will be converted into the right to income taxes .

receive cash having an aggregate value of approximately $ 108.0 million at closing and additional cash earn-out 5 .

inventories payments that are contingent on the growth of implex inventories at december 31 , 2003 and 2002 , consist of product sales through 2006 .

the net value transferred at the following ( in millions ) : closing will be approximately $ 89 million , which includes .

made by zimmer to implex pursuant to their existing alliance raw materials and work in progress 90.8 50.9 arrangement , escrow and other items .

the acquisition will be inventory step-up 52.6 2013 accounted for under the purchase method of accounting .

inventories , net $ 527.7 $ 257.6 reserves for obsolete and slow-moving inventory at4 .

change in accounting principle december 31 , 2003 and 2002 were $ 47.4 million and instruments are hand held devices used by orthopaedic $ 45.5 million , respectively .

provisions charged to expense surgeons during total joint replacement and other surgical were $ 11.6 million , $ 6.0 million and $ 11.9 million for the procedures .

effective january 1 , 2003 , instruments are years ended december 31 , 2003 , 2002 and 2001 , respectively .

recognized as long-lived assets and are included in property , amounts written off against the reserve were $ 11.7 million , plant and equipment .

undeployed instruments are carried at $ 7.1 million and $ 8.5 million for the years ended cost , net of allowances for obsolescence .

instruments in the december 31 , 2003 , 2002 and 2001 , respectively .

field are carried at cost less accumulated depreciation .

following the acquisition of centerpulse , the company depreciation is computed using the straight-line method established a common approach for estimating excess based on average estimated useful lives , determined inventory and instruments .

this change in estimate resulted principally in reference to associated product life cycles , in a charge to earnings of $ 3.0 million after tax in the fourth primarily five years .

company reviews instruments for impairment whenever .

1		2003	2002

2	finished goods	$ 384.3	$ 206.7

3	raw materials and work in progress	90.8	50.9

4	inventory step-up	52.6	2013

5	inventories net	$ 527.7	$ 257.6

Question: what percent increase did inventories receive between 2002 and 2003?

Answer: 1.04852


at december 31 , 2015 and 2014 , we had a modest working capital surplus .

this reflects a strong cash position that provides enhanced liquidity in an uncertain economic environment .

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

operating activities cash provided by operating activities decreased in 2015 compared to 2014 due to lower net income and changes in working capital , partially offset by the timing of tax payments .

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

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

congress extended 50% ( 50 % ) bonus depreciation for 2014 , but this extension occurred in december , and the related benefit was realized in 2015 , rather than 2014 .

similarly , in december of 2015 , congress extended bonus depreciation through 2019 , which delayed the benefit of 2015 bonus depreciation into 2016 .

bonus depreciation will be at a rate of 50% ( 50 % ) for 2015 , 2016 and 2017 , 40% ( 40 % ) for 2018 and 30% ( 30 % ) for 2019 .

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

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

investing activities higher capital investments in locomotives and freight cars , including $ 327 million in early lease buyouts , which we exercised due to favorable economic terms and market conditions , drove the increase in cash used in investing activities in 2015 compared to 2014 .

higher capital investments , including the early buyout of the long-term operating lease of our headquarters building for approximately $ 261 million , drove the increase in cash used in investing activities in 2014 compared to 2013 .

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

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

1	millions	2015	2014	2013

2	cash provided by operating activities	$ 7344	$ 7385	$ 6823

3	cash used in investing activities	-4476 ( 4476 )	-4249 ( 4249 )	-3405 ( 3405 )

4	cash used in financing activities	-3063 ( 3063 )	-2982 ( 2982 )	-3049 ( 3049 )

5	net change in cash and cash equivalents	$ -195 ( 195 )	$ 154	$ 369

Question: what was the percentage change in cash provided by operating activities from 2014 to 2015?

Answer: -0.00555


entergy corporation notes to consolidated financial statements ( d ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on october 1 , 2003 and will then be remarketed .

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

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

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

( g ) the fair value excludes lease obligations , long-term doe obligations , and other long-term debt and includes debt due within one year .

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

the annual long-term debt maturities ( excluding lease obligations ) and annual cash sinking fund requirements for debt outstanding as of december 31 , 2002 , for the next five years are as follows ( in thousands ) : .

not included are other sinking fund requirements of approximately $ 30.2 million annually , which may be satisfied by cash or by certification of property additions at the rate of 167% ( 167 % ) of such requirements .

in december 2002 , when the damhead creek project was sold , the buyer of the project assumed all obligations under the damhead creek credit facilities and the damhead creek interest rate swap agreements .

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

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

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

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

this liability was recorded upon the purchase of indian point 2 in september 2001 .

covenants in the entergy corporation 7.75% ( 7.75 % ) notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization .

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

in january 2003 , entergy paid in full , at maturity , the outstanding debt relating to the top of iowa wind project .

capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : fffd maintain system energy's equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short-term debt ) ; fffd permit the continued commercial operation of grand gulf 1 ; fffd pay in full all system energy indebtedness for borrowed money when due ; and fffd enable system energy to make payments on specific system energy debt , under supplements to the agreement assigning system energy's rights in the agreement as security for the specific debt. .

Question: what was the sum of the notes entergy issued to nypa with seven and eight annual payment installments

Answer: 916.0


the future minimum lease commitments under these leases at december 31 , 2010 are as follows ( in thousands ) : years ending december 31: .

rental expense for operating leases was approximately $ 66.9 million , $ 57.2 million and $ 49.0 million during the years ended december 31 , 2010 , 2009 and 2008 , respectively .

in connection with the acquisitions of several businesses , we entered into agreements with several sellers of those businesses , some of whom became stockholders as a result of those acquisitions , for the lease of certain properties used in our operations .

typical lease terms under these agreements include an initial term of five years , with three to five five-year renewal options and purchase options at various times throughout the lease periods .

we also maintain the right of first refusal concerning the sale of the leased property .

lease payments to an employee who became an officer of the company after the acquisition of his business were approximately $ 1.0 million , $ 0.9 million and $ 0.9 million during each of the years ended december 31 , 2010 , 2009 and 2008 , respectively .

we guarantee the residual values of the majority of our truck and equipment operating leases .

the residual values decline over the lease terms to a defined percentage of original cost .

in the event the lessor does not realize the residual value when a piece of equipment is sold , we would be responsible for a portion of the shortfall .

similarly , if the lessor realizes more than the residual value when a piece of equipment is sold , we would be paid the amount realized over the residual value .

had we terminated all of our operating leases subject to these guarantees at december 31 , 2010 , the guaranteed residual value would have totaled approximately $ 31.4 million .

we have not recorded a liability for the guaranteed residual value of equipment under operating leases as the recovery on disposition of the equipment under the leases is expected to approximate the guaranteed residual value .

litigation and related contingencies in december 2005 and may 2008 , ford global technologies , llc filed complaints with the international trade commission against us and others alleging that certain aftermarket parts imported into the u.s .

the parties settled these matters in april 2009 pursuant to a settlement arrangement that expires in september 2011 .

pursuant to the settlement , we ( and our designees ) became the sole distributor in the u.s .

of aftermarket automotive parts that correspond to ford collision parts that are covered by a u.s .

we have paid ford an upfront fee for these rights and will pay a royalty for each such part we sell .

the amortization of the upfront fee and the royalty expenses are reflected in cost of goods sold on the accompanying consolidated statements of income .

we also have certain other contingencies resulting from litigation , claims and other commitments and are subject to a variety of environmental and pollution control laws and regulations incident to the ordinary course of business .

we currently expect that the resolution of such contingencies will not materially affect our financial position , results of operations or cash flows. .

Question: what was the percentage change in rental expense for operating leases from 2009 to 2010?

Answer: 0.16958


in addition to the committed credit facilities discussed above , certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs .

these credit arrangements , which amounted to approximately $ 2.9 billion at december 31 , 2015 , and $ 3.2 billion at december 31 , 2014 , are for the sole use of our subsidiaries .

borrowings under these arrangements amounted to $ 825 million at december 31 , 2015 , and $ 1.2 billion at december 31 , 2014 .

commercial paper program 2013 we have commercial paper programs in place in the u.s .

at december 31 , 2015 and december 31 , 2014 , we had no commercial paper outstanding .

effective april 19 , 2013 , our commercial paper program in the u.s .

as a result , our commercial paper programs in place in the u.s .

and in europe currently have an aggregate issuance capacity of $ 8.0 billion .

we expect that the existence of the commercial paper program and the committed credit facilities , coupled with our operating cash flows , will enable us to meet our liquidity requirements .

sale of accounts receivable 2013 to mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions .

these arrangements allow us to sell , on an ongoing basis , certain trade receivables without recourse .

the trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets .

we sell trade receivables under two types of arrangements , servicing and non-servicing .

pmi 2019s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets , which remained outstanding with the unaffiliated financial institutions .

the trade receivables sold that remained outstanding under these arrangements as of december 31 , 2015 , 2014 and 2013 were $ 888 million , $ 120 million and $ 146 million , respectively .

the net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows .

for further details , see item 8 , note 23 .

sale of accounts receivable to our consolidated financial statements .

debt 2013 our total debt was $ 28.5 billion at december 31 , 2015 , and $ 29.5 billion at december 31 , 2014 .

our total debt is primarily fixed rate in nature .

for further details , see item 8 , note 7 .

the weighted-average all-in financing cost of our total debt was 3.0% ( 3.0 % ) in 2015 , compared to 3.2% ( 3.2 % ) in 2014 .

fair value measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt .

the amount of debt that we can issue is subject to approval by our board of directors .

on february 21 , 2014 , we filed a shelf registration statement with the u.s .

securities and exchange commission , under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period .

our debt issuances in 2015 were as follows : ( in millions ) type face value interest rate issuance maturity u.s .

dollar notes ( a ) $ 750 3.375% ( 3.375 % ) august 2015 august 2025 ( a ) interest on these notes is payable annually in arrears beginning in february 2016 .

the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes .

the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2014 and 10.5 years at the end of 2015 .

2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below. .

1	type		face value	interest rate	issuance	maturity

2	u.s . dollar notes	( a )	$ 500	1.250% ( 1.250 % )	august 2015	august 2017

3	u.s . dollar notes	( a )	$ 750	3.375% ( 3.375 % )	august 2015	august 2025

Question: what is the percentage change in total debt from 2014 to 2015?

Answer: -0.0339


in addition to the committed credit facilities discussed above , certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs .

these credit arrangements , which amounted to approximately $ 2.9 billion at december 31 , 2015 , and $ 3.2 billion at december 31 , 2014 , are for the sole use of our subsidiaries .

borrowings under these arrangements amounted to $ 825 million at december 31 , 2015 , and $ 1.2 billion at december 31 , 2014 .

commercial paper program 2013 we have commercial paper programs in place in the u.s .

at december 31 , 2015 and december 31 , 2014 , we had no commercial paper outstanding .

effective april 19 , 2013 , our commercial paper program in the u.s .

as a result , our commercial paper programs in place in the u.s .

and in europe currently have an aggregate issuance capacity of $ 8.0 billion .

we expect that the existence of the commercial paper program and the committed credit facilities , coupled with our operating cash flows , will enable us to meet our liquidity requirements .

sale of accounts receivable 2013 to mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions .

these arrangements allow us to sell , on an ongoing basis , certain trade receivables without recourse .

the trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets .

we sell trade receivables under two types of arrangements , servicing and non-servicing .

pmi 2019s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets , which remained outstanding with the unaffiliated financial institutions .

the trade receivables sold that remained outstanding under these arrangements as of december 31 , 2015 , 2014 and 2013 were $ 888 million , $ 120 million and $ 146 million , respectively .

the net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows .

for further details , see item 8 , note 23 .

sale of accounts receivable to our consolidated financial statements .

debt 2013 our total debt was $ 28.5 billion at december 31 , 2015 , and $ 29.5 billion at december 31 , 2014 .

our total debt is primarily fixed rate in nature .

for further details , see item 8 , note 7 .

the weighted-average all-in financing cost of our total debt was 3.0% ( 3.0 % ) in 2015 , compared to 3.2% ( 3.2 % ) in 2014 .

fair value measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt .

the amount of debt that we can issue is subject to approval by our board of directors .

on february 21 , 2014 , we filed a shelf registration statement with the u.s .

securities and exchange commission , under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period .

our debt issuances in 2015 were as follows : ( in millions ) type face value interest rate issuance maturity u.s .

dollar notes ( a ) $ 750 3.375% ( 3.375 % ) august 2015 august 2025 ( a ) interest on these notes is payable annually in arrears beginning in february 2016 .

the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes .

the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2014 and 10.5 years at the end of 2015 .

2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below. .

Question: what was the change in billions of total debt from december 31 , 2014 to 2015?

Answer: -1.0


performance graph the graph below compares the cumulative total shareholder return on pmi's common stock with the cumulative total return for the same period of pmi's peer group and the s&p 500 index .

the graph assumes the investment of $ 100 as of december 31 , 2013 , in pmi common stock ( at prices quoted on the new york stock exchange ) and each of the indices as of the market close and reinvestment of dividends on a quarterly basis .

date pmi pmi peer group ( 1 ) s&p 500 index .

( 1 ) the pmi peer group presented in this graph is the same as that used in the prior year .

the pmi peer group was established based on a review of four characteristics : global presence ; a focus on consumer products ; and net revenues and a market capitalization of a similar size to those of pmi .

the review also considered the primary international tobacco companies .

as a result of this review , the following companies constitute the pmi peer group : altria group , inc. , anheuser-busch inbev sa/nv , british american tobacco p.l.c. , the coca-cola company , colgate-palmolive co. , diageo plc , heineken n.v. , imperial brands plc , japan tobacco inc. , johnson & johnson , kimberly-clark corporation , the kraft-heinz company , mcdonald's corp. , mondel z international , inc. , nestl e9 s.a. , pepsico , inc. , the procter & gamble company , roche holding ag , and unilever nv and plc .

note : figures are rounded to the nearest $ 0.10. .

Question: what is the roi of an investment in pmi from 2013 to 2014?

Answer: -0.021


Question: what was the difference in percentage return for pmi common stock compared to the s&p 500 index for the five years ended 2018?

Answer: 0.538


table of contents notes to consolidated financial statements of american airlines group inc .

information generated by market transactions involving comparable assets , as well as pricing guides and other sources .

the current market for the aircraft , the maintenance condition of the aircraft and the expected proceeds from the sale of the assets , among other factors , were considered .

the market approach was utilized to value certain intangible assets such as airport take off and landing slots when sufficient market information was available .

the income approach was primarily used to value intangible assets , including customer relationships , marketing agreements , certain international route authorities , and the us airways tradename .

the income approach indicates value for a subject asset based on the present value of cash flows projected to be generated by the asset .

projected cash flows are discounted at a required market rate of return that reflects the relative risk of achieving the cash flows and the time value of money .

the cost approach , which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility , was used , as appropriate , for certain assets for which the market and income approaches could not be applied due to the nature of the asset .

the cost to replace a given asset reflects the estimated reproduction or replacement cost for the asset , less an allowance for loss in value due to depreciation .

the fair value of us airways 2019 dividend miles loyalty program liability was determined based on the weighted average equivalent ticket value of outstanding miles which were expected to be redeemed for future travel at december 9 , 2013 .

the weighted average equivalent ticket value contemplates differing classes of service , domestic and international itineraries and the carrier providing the award travel .

pro-forma impact of the merger the company 2019s unaudited pro-forma results presented below include the effects of the merger as if it had been consummated as of january 1 , 2012 .

the pro-forma results include the depreciation and amortization associated with the acquired tangible and intangible assets , lease and debt fair value adjustments , the elimination of any deferred gains or losses , adjustments relating to reflecting the fair value of the loyalty program liability and the impact of income changes on profit sharing expense , among others .

in addition , the pro-forma results below reflect the impact of higher wage rates related to memorandums of understanding with us airways 2019 pilots that became effective upon closing of the merger , as well as the elimination of the company 2019s reorganization items , net and merger transition costs .

however , the pro-forma results do not include any anticipated synergies or other expected benefits of the merger .

accordingly , the unaudited pro-forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of january 1 , 2012 .

basis of presentation and summary of significant accounting policies ( a ) basis of presentation the consolidated financial statements for the full years of 2015 and 2014 and the period from december 9 , 2013 to december 31 , 2013 include the accounts of the company and its wholly-owned subsidiaries .

for the periods prior to december 9 , 2013 , the consolidated financial statements do not include the accounts of us airways group .

all significant intercompany transactions have been eliminated .

the preparation of financial statements in accordance with accounting principles generally accepted in the united states ( gaap ) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities , revenues and expenses , and the disclosure of contingent assets and liabilities at the date of the financial statements .

actual results could differ from those estimates .

1		december 31 2013 ( in millions )

2	revenue	$ 40678

3	net income	2526

Question: what were total operating expenses as a percentage of revenue in 2013?

Answer: 0.9379


income taxes ( continued ) capital loss carryforwards of $ 69 million and $ 90 million , which were acquired in the bgi transaction and will expire on or before 2013 .

at december 31 , 2012 and 2011 , the company had $ 95 million and $ 95 million of valuation allowances for deferred income tax assets , respectively , recorded on the consolidated statements of financial condition .

the year- over-year increase in the valuation allowance primarily related to certain foreign deferred income tax assets .

goodwill recorded in connection with the quellos transaction has been reduced during the period by the amount of tax benefit realized from tax-deductible goodwill .

see note 9 , goodwill , for further discussion .

current income taxes are recorded net in the consolidated statements of financial condition when related to the same tax jurisdiction .

as of december 31 , 2012 , the company had current income taxes receivable and payable of $ 102 million and $ 121 million , respectively , recorded in other assets and accounts payable and accrued liabilities , respectively .

as of december 31 , 2011 , the company had current income taxes receivable and payable of $ 108 million and $ 102 million , respectively , recorded in other assets and accounts payable and accrued liabilities , respectively .

the company does not provide deferred taxes on the excess of the financial reporting over tax basis on its investments in foreign subsidiaries that are essentially permanent in duration .

the excess totaled $ 2125 million and $ 1516 million as of december 31 , 2012 and 2011 , respectively .

the determination of the additional deferred income taxes on the excess has not been provided because it is not practicable due to the complexities associated with its hypothetical calculation .

the following tabular reconciliation presents the total amounts of gross unrecognized tax benefits : year ended december 31 , ( dollar amounts in millions ) 2012 2011 2010 .

included in the balance of unrecognized tax benefits at december 31 , 2012 , 2011 and 2010 , respectively , are $ 250 million , $ 226 million and $ 194 million of tax benefits that , if recognized , would affect the effective tax rate .

the company recognizes interest and penalties related to income tax matters as a component of income tax expense .

related to the unrecognized tax benefits noted above , the company accrued interest and penalties of $ 3 million during 2012 and in total , as of december 31 , 2012 , had recognized a liability for interest and penalties of $ 69 million .

the company accrued interest and penalties of $ 10 million during 2011 and in total , as of december 31 , 2011 , had recognized a liability for interest and penalties of $ 66 million .

the company accrued interest and penalties of $ 8 million during 2010 and in total , as of december 31 , 2010 , had recognized a liability for interest and penalties of $ 56 million .

pursuant to the amended and restated stock purchase agreement , the company has been indemnified by barclays for $ 73 million and guggenheim for $ 6 million of unrecognized tax benefits .

federal income tax , state and local income tax , and foreign income tax in multiple jurisdictions .

tax years after 2007 remain open to u.s .

federal income tax examination , tax years after 2005 remain open to state and local income tax examination , and tax years after 2006 remain open to income tax examination in the united kingdom .

with few exceptions , as of december 31 , 2012 , the company is no longer subject to u.s .

federal , state , local or foreign examinations by tax authorities for years before 2006 .

the internal revenue service ( 201cirs 201d ) completed its examination of blackrock 2019s 2006 and 2007 tax years in march 2011 .

in november 2011 , the irs commenced its examination of blackrock 2019s 2008 and 2009 tax years , and while the impact on the consolidated financial statements is undetermined , it is not expected to be material .

in july 2011 , the irs commenced its federal income tax audit of the bgi group , which blackrock acquired in december 2009 .

the tax years under examination are 2007 through december 1 , 2009 , and while the impact on the consolidated financial statements is undetermined , it is not expected to be material .

the company is currently under audit in several state and local jurisdictions .

the significant state and local income tax examinations are in california for tax years 2004 through 2006 , new york city for tax years 2007 through 2008 , and new jersey for tax years 2003 through 2009 .

no state and local income tax audits cover years earlier than 2007 except for california , new jersey and new york city .

no state and local income tax audits are expected to result in an assessment material to the consolidated financial statements. .

1	( dollar amounts in millions )	year ended december 31 , 2012	year ended december 31 , 2011	year ended december 31 , 2010

2	balance at january 1	$ 349	$ 307	$ 285

3	additions for tax positions of prior years	4	22	10

4	reductions for tax positions of prior years	-1 ( 1 )	-1 ( 1 )	-17 ( 17 )

5	additions based on tax positions related to current year	69	46	35

6	lapse of statute of limitations	2014	2014	-8 ( 8 )

7	settlements	-29 ( 29 )	-25 ( 25 )	-2 ( 2 )

8	positions assumed in acquisitions	12	2014	4

9	balance at december 31	$ 404	$ 349	$ 307

Question: what percent of the balance increase is attributed to balances assumed in acquisitions?

Answer: 0.13445


2011 compared to 2010 mst 2019s net sales for 2011 decreased $ 311 million , or 4% ( 4 % ) , compared to 2010 .

the decrease was attributable to decreased volume of approximately $ 390 million for certain ship and aviation system programs ( primarily maritime patrol aircraft and ptds ) and approximately $ 75 million for training and logistics solutions programs .

partially offsetting these decreases was higher sales of about $ 165 million from production on the lcs program .

mst 2019s operating profit for 2011 decreased $ 68 million , or 10% ( 10 % ) , compared to 2010 .

the decrease was attributable to decreased operating profit of approximately $ 55 million as a result of increased reserves for contract cost matters on various ship and aviation system programs ( including the terminated presidential helicopter program ) and approximately $ 40 million due to lower volume and increased reserves on training and logistics solutions .

partially offsetting these decreases was higher operating profit of approximately $ 30 million in 2011 primarily due to the recognition of reserves on certain undersea systems programs in 2010 .

adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 55 million lower in 2011 compared to 2010 .

backlog backlog increased in 2012 compared to 2011 mainly due to increased orders on ship and aviation system programs ( primarily mh-60 and lcs ) , partially offset decreased orders and higher sales volume on integrated warfare systems and sensors programs ( primarily aegis ) .

backlog decreased slightly in 2011 compared to 2010 primarily due to higher sales volume on various integrated warfare systems and sensors programs .

trends we expect mst 2019s net sales to decline in 2013 in the low single digit percentage range as compared to 2012 due to the completion of ptds deliveries in 2012 and expected lower volume on training services programs .

operating profit and margin are expected to increase slightly from 2012 levels primarily due to anticipated improved contract performance .

space systems our space systems business segment is engaged in the research and development , design , engineering , and production of satellites , strategic and defensive missile systems , and space transportation systems .

space systems is also responsible for various classified systems and services in support of vital national security systems .

space systems 2019 major programs include the space-based infrared system ( sbirs ) , advanced extremely high frequency ( aehf ) system , mobile user objective system ( muos ) , global positioning satellite ( gps ) iii system , geostationary operational environmental satellite r-series ( goes-r ) , trident ii d5 fleet ballistic missile , and orion .

operating results for our space systems business segment include our equity interests in united launch alliance ( ula ) , which provides expendable launch services for the u.s .

government , united space alliance ( usa ) , which provided processing activities for the space shuttle program and is winding down following the completion of the last space shuttle mission in 2011 , and a joint venture that manages the u.k . 2019s atomic weapons establishment program .

space systems 2019 operating results included the following ( in millions ) : .

2012 compared to 2011 space systems 2019 net sales for 2012 increased $ 186 million , or 2% ( 2 % ) , compared to 2011 .

the increase was attributable to higher net sales of approximately $ 150 million due to increased commercial satellite deliveries ( two commercial satellites delivered in 2012 compared to one during 2011 ) ; about $ 125 million from the orion program due to higher volume and an increase in risk retirements ; and approximately $ 70 million from increased volume on various strategic and defensive missile programs .

partially offsetting the increases were lower net sales of approximately $ 105 million from certain government satellite programs ( primarily sbirs and muos ) as a result of decreased volume and a decline in risk retirements ; and about $ 55 million from the nasa external tank program , which ended in connection with the completion of the space shuttle program in 2011. .

Question: what is the growth rate in operating profit for space systems in 2011?

Answer: 0.03204


the table below details cash capital investments for the years ended december 31 , 2006 , 2005 , and 2004 .

in 2007 , we expect our total capital investments to be approximately $ 3.2 billion , which may include long- term leases .

these investments will be used to maintain track and structures , continue capacity expansions on our main lines in constrained corridors , remove bottlenecks , upgrade and augment equipment to better meet customer needs , build and improve facilities and terminals , and develop and implement new technologies .

we designed these investments to maintain infrastructure for safety , enhance customer service , promote growth , and improve operational fluidity .

we expect to fund our 2007 cash capital investments through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .

we expect that these sources will continue to provide sufficient funds to meet our expected capital requirements for 2007 .

for the years ended december 31 , 2006 , 2005 , and 2004 , our ratio of earnings to fixed charges was 4.4 , 2.9 , and 2.1 , respectively .

the increases in 2006 and 2005 were driven by higher net income .

the ratio of earnings to fixed charges was computed on a consolidated basis .

earnings represent income from continuing operations , less equity earnings net of distributions , plus fixed charges and income taxes .

fixed charges represent interest charges , amortization of debt discount , and the estimated amount representing the interest portion of rental charges .

see exhibit 12 for the calculation of the ratio of earnings to fixed charges .

financing activities credit facilities 2013 on december 31 , 2006 , we had $ 2 billion in revolving credit facilities available , including $ 1 billion under a five-year facility expiring in march 2009 and $ 1 billion under a five-year facility expiring in march 2010 ( collectively , the "facilities" ) .

the facilities are designated for general corporate purposes and support the issuance of commercial paper .

neither of the facilities were drawn on in 2006 .

commitment fees and interest rates payable under the facilities are similar to fees and rates available to comparably rated investment-grade borrowers .

these facilities allow for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings .

the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio .

at december 31 , 2006 , we were in compliance with these covenants .

the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral .

in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 .

neither of these lines of credit were used as of december 31 , 2006 .

we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines .

dividends 2013 on january 30 , 2007 , we increased the quarterly dividend to $ 0.35 per share , payable beginning on april 2 , 2007 , to shareholders of record on february 28 , 2007 .

we expect to fund the increase in the quarterly dividend through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .

dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under our credit facilities .

1	millions of dollars	2006	2005	2004

2	track	$ 1487	$ 1472	$ 1328

3	capacity and commercial facilities	510	509	347

4	locomotives and freight cars	135	98	125

5	other	110	90	76

6	total	$ 2242	$ 2169	$ 1876

Question: what was the percentage change in cash capital investments in track from 2004 to 2005?

Answer: 0.10843


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

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

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

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

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

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

Question: what was the percentage cumulative 5-year total return to shareholders of cadence design systems , inc . 2019s common stock for the period ended december 30 , 2006?

Answer: -0.2004


market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2008 and 2007. .

on february 13 , 2009 , the closing price of our common stock was $ 28.85 per share as reported on the nyse .

as of february 13 , 2009 , we had 397097677 outstanding shares of common stock and 499 registered holders .

dividends we have never paid a dividend on our common stock .

we anticipate that we may retain future earnings , if any , to fund the development and growth of our business .

the indentures governing our 7.50% ( 7.50 % ) senior notes due 2012 ( 201c7.50% ( 201c7.50 % ) notes 201d ) and our 7.125% ( 7.125 % ) senior notes due 2012 ( 201c7.125% ( 201c7.125 % ) notes 201d ) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants .

the loan agreement for our revolving credit facility and term loan , and the indentures governing the terms of our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes contain covenants that restrict our ability to pay dividends unless certain financial covenants are satisfied .

in addition , while spectrasite and its subsidiaries are classified as unrestricted subsidiaries under the indentures for our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes , certain of spectrasite 2019s subsidiaries are subject to restrictions on the amount of cash that they can distribute to us under the loan agreement related to our securitization transaction .

for more information about the restrictions under the loan agreement for the revolving credit facility and term loan , our notes indentures and the loan agreement related to our securitization transaction , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report. .

1	2008	high	low

2	quarter ended march 31	$ 42.72	$ 32.10

3	quarter ended june 30	46.10	38.53

4	quarter ended september 30	43.43	31.89

5	quarter ended december 31	37.28	19.35

6	2007	high	low

7	quarter ended march 31	$ 41.31	$ 36.63

8	quarter ended june 30	43.84	37.64

9	quarter ended september 30	45.45	36.34

10	quarter ended december 31	46.53	40.08

Question: for the quarter ended march 312008 what was the percent of the change from the highest to the lowest of the company per share sale prices of common stock

Answer: 0.33084


simplify the presentation of deferred income taxes and reduce complexity without decreasing the usefulness of information provided to users of financial statements .

the adoption of this pronouncement did not have a significant impact on the company 2019s financial position , results of operations and cash flows .

acquisitions endomondo on january 5 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of endomondo , a denmark- based digital connected fitness company , to expand the under armour connected fitness community .

the purchase price was $ 85.0 million , adjusted for working capital .

the company recognized $ 0.6 million and $ 0.8 million in acquisition related costs that were expensed during the three months ended march 31 , 2015 and december 31 , 2014 , respectively .

these costs are included in the consolidated statements of income in the line item entitled 201cselling , general and administrative expenses . 201d pro forma results are not presented , as the acquisition was not considered material to the consolidated company .

myfitnesspal on march 17 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of mfp , a digital nutrition and connected fitness company , to expand the under armour connected fitness community .

the final adjusted transaction value totaled $ 474.0 million .

the total consideration of $ 463.9 million was adjusted to reflect the accelerated vesting of certain share awards of mfp , which are not conditioned upon continued employment , and transaction costs borne by the selling shareholders .

the acquisition was funded with $ 400.0 million of increased term loan borrowings and a draw on the revolving credit facility , with the remaining amount funded by cash on the company recognized $ 5.7 million of acquisition related costs that were expensed during the three months ended march 31 , 2015 .

these costs are included in the consolidated statement of income in the line item entitled 201cselling , general and administrative expenses . 201d the following represents the pro forma consolidated income statement as if mfp had been included in the consolidated results of the company for the year ended december 31 , 2015 and december 31 , 2014: .

these amounts have been calculated after applying the company 2019s accounting policies and adjusting the results of mfp to reflect the acquisition as if it closed on january 1 , 2014 .

pro forma net income for the year ended december 31 , 2014 includes $ 5.7 million in transaction expenses which were included in the consolidated statement of income for the year ended december 31 , 2015 , but excluded from the calculation of pro forma net income for december 31 , 2015. .

1	( in thousands )	year ended december 31 , 2015	year ended december 31 , 2014

2	net revenues	$ 3967008	$ 3098341

3	net income	231277	189659

Question: what was the profit margin in 2015

Answer: 0.0583


Question: what was the ratio of the acquisition related costs recognized in 2015 to 2014

Answer: 0.75


note 10 2013 debt our long-term debt consisted of the following ( in millions ) : .

revolving credit facilities on october 9 , 2015 , we entered into a new $ 2.5 billion revolving credit facility ( the 5-year facility ) with various banks and concurrently terminated our existing $ 1.5 billion revolving credit facility , which was scheduled to expire in august 2019 .

the 5-year facility , which expires on october 9 , 2020 , is available for general corporate purposes .

the undrawn portion of the 5-year facility is also available to serve as a backup facility for the issuance of commercial paper .

we may request and the banks may grant , at their discretion , an increase in the borrowing capacity under the 5-year facility of up to an additional $ 500 million .

there were no borrowings outstanding under the 5-year facility as of and during the year ended december 31 , in contemplation of our acquisition of sikorsky , on october 9 , 2015 , we also entered into a 364-day revolving credit facility ( the 364-day facility , and together with the 5-year facility , the facilities ) with various banks that provided $ 7.0 billion of funding for general corporate purposes , including the acquisition of sikorsky .

concurrent with the consummation of the sikorsky acquisition , we borrowed $ 6.0 billion under the 364-day facility .

on november 23 , 2015 , we repaid all outstanding borrowings under the 364-day facility with proceeds received from an issuance of new debt ( see below ) and terminated any remaining commitments of the lenders under the 364-day facility .

borrowings under the facilities bear interest at rates based , at our option , on a eurodollar rate or a base rate , as defined in the facilities 2019 agreements .

each bank 2019s obligation to make loans under the 5-year facility is subject to , among other things , our compliance with various representations , warranties , and covenants , including covenants limiting our ability and certain of our subsidiaries 2019 ability to encumber assets and a covenant not to exceed a maximum leverage ratio , as defined in the five-year facility agreement .

as of december 31 , 2015 , we were in compliance with all covenants contained in the 5-year facility agreement , as well as in our debt agreements .

long-term debt on november 23 , 2015 , we issued $ 7.0 billion of notes ( the november 2015 notes ) in a registered public offering .

we received net proceeds of $ 6.9 billion from the offering , after deducting discounts and debt issuance costs , which are being amortized as interest expense over the life of the debt .

the november 2015 notes consist of : 2022 $ 750 million maturing in 2018 with a fixed interest rate of 1.85% ( 1.85 % ) ( the 2018 notes ) ; 2022 $ 1.25 billion maturing in 2020 with a fixed interest rate of 2.50% ( 2.50 % ) ( the 2020 notes ) ; 2022 $ 500 million maturing in 2023 with a fixed interest rate of 3.10% ( 3.10 % ) the 2023 notes ) ; 2022 $ 2.0 billion maturing in 2026 with a fixed interest rate of 3.55% ( 3.55 % ) ( the 2026 notes ) ; 2022 $ 500 million maturing in 2036 with a fixed interest rate of 4.50% ( 4.50 % ) ( the 2036 notes ) ; and 2022 $ 2.0 billion maturing in 2046 with a fixed interest rate of 4.70% ( 4.70 % ) ( the 2046 notes ) .

we may , at our option , redeem some or all of the november 2015 notes and unpaid interest at any time by paying the principal amount of notes being redeemed plus any make-whole premium and accrued and unpaid interest to the date of redemption .

interest is payable on the 2018 notes and the 2020 notes on may 23 and november 23 of each year , beginning on may 23 , 2016 ; on the 2023 notes and the 2026 notes on january 15 and july 15 of each year , beginning on july 15 , 2016 ; and on the 2036 notes and the 2046 notes on may 15 and november 15 of each year , beginning on may 15 , 2016 .

the november 2015 notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness .

the proceeds of the november 2015 notes were used to repay $ 6.0 billion of borrowings under our 364-day facility and for general corporate purposes. .

Question: in november 2015 what was the percent of the discounts and debt issuance costs to the long-term debt november 2015 notes in millions

Answer: 0.01429


the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 was dispatched starting in february 2018 .

aes puerto rico continues to be the lowest cost and epa compliant energy provider in puerto rico .

therefore , we expect aes puerto rico to continue to be a critical supplier to prepa .

starting prior to the hurricanes , prepa has been facing economic challenges that could impact the company , and on july 2 , 2017 , filed for bankruptcy under title iii .

as a result of the bankruptcy filing , aes puerto rico and aes ilumina 2019s non-recourse debt of $ 365 million and $ 36 million , respectively , is in default and has been classified as current as of december 31 , 2017 .

in november 2017 , aes puerto rico signed a forbearance and standstill agreement with its lenders to prevent the lenders from taking any action against the company due to the default events .

this agreement will expire on march 22 , 2018 .

the company's receivable balances in puerto rico as of december 31 , 2017 totaled $ 86 million , of which $ 53 million was overdue .

after the filing of title iii protection , and up until the disruption caused by the hurricanes , aes in puerto rico was collecting the overdue amounts from prepa in line with historic payment patterns .

considering the information available as of the filing date , management believes the carrying amount of our assets in puerto rico of $ 627 million is recoverable as of december 31 , 2017 and no reserve on the receivables is required .

foreign currency risks 2014 aes operates businesses in many foreign countries and such operations could be impacted by significant fluctuations in foreign currency exchange rates .

fluctuations in currency exchange rate between u.s .

dollar and the following currencies could create significant fluctuations in earnings and cash flows : the argentine peso , the brazilian real , the dominican republic peso , the euro , the chilean peso , the colombian peso , and the philippine peso .

concentrations 2014 due to the geographical diversity of its operations , the company does not have any significant concentration of customers or sources of fuel supply .

several of the company's generation businesses rely on ppas with one or a limited number of customers for the majority of , and in some cases all of , the relevant businesses' output over the term of the ppas .

however , no single customer accounted for 10% ( 10 % ) or more of total revenue in 2017 , 2016 or 2015 .

the cash flows and results of operations of our businesses depend on the credit quality of our customers and the continued ability of our customers and suppliers to meet their obligations under ppas and fuel supply agreements .

if a substantial portion of the company's long-term ppas and/or fuel supply were modified or terminated , the company would be adversely affected to the extent that it would be unable to replace such contracts at equally favorable terms .

related party transactions certain of our businesses in panama and the dominican republic are partially owned by governments either directly or through state-owned institutions .

in the ordinary course of business , these businesses enter into energy purchase and sale transactions , and transmission agreements with other state-owned institutions which are controlled by such governments .

at two of our generation businesses in mexico , the offtakers exercise significant influence , but not control , through representation on these businesses' boards of directors .

these offtakers are also required to hold a nominal ownership interest in such businesses .

in chile , we provide capacity and energy under contractual arrangements to our investment which is accounted for under the equity method of accounting .

additionally , the company provides certain support and management services to several of its affiliates under various agreements .

the company's consolidated statements of operations included the following transactions with related parties for the periods indicated ( in millions ) : .

1	years ended december 31,	2017	2016	2015

2	revenue 2014non-regulated	$ 1297	$ 1100	$ 1099

3	cost of sales 2014non-regulated	220	210	330

4	interest income	8	4	25

5	interest expense	36	39	33

Question: what percent of the receivable balances in puerto rico as of december 31 , 2017 was current?

Answer: 0.38372


entergy corporation and subsidiaries notes to financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , some of which are secured by collateral first mortgage bonds .

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

( c ) pursuant to the nuclear waste policy act of 1982 , entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service .

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

entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term ( d ) see note 10 to the financial statements for further discussion of the waterford 3 and grand gulf lease obligations .

( e ) the fair value excludes lease obligations of $ 149 million at entergy louisiana and $ 97 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 95 million at entergy , and includes debt due within one year .

fair values are classified as level 2 in the fair value hierarchy discussed in note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades .

the annual long-term debt maturities ( excluding lease obligations and long-term doe obligations ) for debt outstanding as of december 31 , 2013 , for the next five years are as follows : amount ( in thousands ) .

in november 2000 , entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction .

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

in accordance with the purchase agreement with nypa , the purchase of indian point 2 in 2001 resulted in entergy becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 .

this liability was recorded upon the purchase of indian point 2 in september 2001 .

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

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

entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2015 .

entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2015 .

entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2014 .

capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : 2022 maintain system energy 2019s equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short- term debt ) ; .

Question: what amount of long-term debt is due in the next 24 months for entergy corporation as of december 31 , 2013 , in millions?

Answer: 1495.939


the pnc financial services group , inc .

2013 form 10-k 155 of such other legal proceedings will have a material adverse effect on our financial position .

however , we cannot now determine whether or not any claims asserted against us or others to whom we may have indemnification obligations , whether in the proceedings or other matters described above or otherwise , will have a material adverse effect on our results of operations in any future reporting period , which will depend on , among other things , the amount of the loss resulting from the claim and the amount of income otherwise reported for the reporting period .

note 20 commitments in the normal course of business , we have various commitments outstanding , certain of which are not included on our consolidated balance sheet .

the following table presents our outstanding commitments to extend credit along with significant other commitments as of december 31 , 2018 and 2017 , respectively .

table 94 : commitments to extend credit and other commitments in millions december 31 december 31 .

commitments to extend credit , or net unfunded loan commitments , represent arrangements to lend funds or provide liquidity subject to specified contractual conditions .

these commitments generally have fixed expiration dates , may require payment of a fee , and generally contain termination clauses in the event the customer 2019s credit quality deteriorates .

net outstanding standby letters of credit we issue standby letters of credit and share in the risk of standby letters of credit issued by other financial institutions , in each case to support obligations of our customers to third parties , such as insurance requirements and the facilitation of transactions involving capital markets product execution .

approximately 91% ( 91 % ) of our net outstanding standby letters of credit were rated as pass at both december 31 , 2018 and 2017 , with the remainder rated as criticized .

an internal credit rating of pass indicates the expected risk of loss is currently low , while a rating of criticized indicates a higher degree of risk .

if the customer fails to meet its financial or performance obligation to the third party under the terms of the contract or there is a need to support a remarketing program , then upon a draw by a beneficiary , subject to the terms of the letter of credit , we would be obligated to make payment to them .

the standby letters of credit outstanding on december 31 , 2018 had terms ranging from less than one year to six years .

as of december 31 , 2018 , assets of $ 1.1 billion secured certain specifically identified standby letters of credit .

in addition , a portion of the remaining standby letters of credit issued on behalf of specific customers is also secured by collateral or guarantees that secure the customers 2019 other obligations to us .

the carrying amount of the liability for our obligations related to standby letters of credit and participations in standby letters of credit was $ .2 billion at december 31 , 2018 and is included in other liabilities on our consolidated balance sheet. .

1	in millions	december 31 2018	december 312017

2	commitments to extend credit

3	total commercial lending	$ 120165	$ 112125

4	home equity lines of credit	16944	17852

5	credit card	27100	24911

6	other	5069	4753

7	total commitments to extend credit	169278	159641

8	net outstanding standby letters of credit ( a )	8655	8651

9	reinsurance agreements ( b )	1549	1654

10	standby bond purchase agreements ( c )	1000	843

11	other commitments ( d )	1130	1732

12	total commitments to extend credit and other commitments	$ 181612	$ 172521

Question: what was the percentage increase total commitments to extend credit and other commitments

Answer: 0.0527


the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2016 , 2015 , and 2014 the following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the periods indicated ( in millions ) : .

the company and certain of its subsidiaries are currently under examination by the relevant taxing authorities for various tax years .

the company regularly assesses the potential outcome of these examinations in each of the taxing jurisdictions when determining the adequacy of the amount of unrecognized tax benefit recorded .

while it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position , we believe we have appropriately accrued for our uncertain tax benefits .

however , audit outcomes and the timing of audit settlements and future events that would impact our previously recorded unrecognized tax benefits and the range of anticipated increases or decreases in unrecognized tax benefits are subject to significant uncertainty .

it is possible that the ultimate outcome of current or future examinations may exceed our provision for current unrecognized tax benefits in amounts that could be material , but cannot be estimated as of december 31 , 2016 .

our effective tax rate and net income in any given future period could therefore be materially impacted .

discontinued operations brazil distribution 2014 due to a portfolio evaluation in the first half of 2016 , management has decided to pursue a strategic shift of its distribution companies in brazil , aes sul and eletropaulo .

the disposal of sul was completed in october 2016 .

in december 2016 , eletropaulo underwent a corporate restructuring which is expected to , among other things , provide more liquidity of its shares .

aes is continuing to pursue strategic options for eletropaulo in order to complete its strategic shift to reduce aes 2019 exposure to the brazilian distribution business , including preparation for listing its shares into the novo mercado , which is a listing segment of the brazilian stock exchange with the highest standards of corporate governance .

the company executed an agreement for the sale of its wholly-owned subsidiary aes sul in june 2016 .

we have reported the results of operations and financial position of aes sul as discontinued operations in the consolidated financial statements for all periods presented .

upon meeting the held-for-sale criteria , the company recognized an after tax loss of $ 382 million comprised of a pretax impairment charge of $ 783 million , offset by a tax benefit of $ 266 million related to the impairment of the sul long lived assets and a tax benefit of $ 135 million for deferred taxes related to the investment in aes sul .

prior to the impairment charge in the second quarter , the carrying value of the aes sul asset group of $ 1.6 billion was greater than its approximate fair value less costs to sell .

however , the impairment charge was limited to the carrying value of the long lived assets of the aes sul disposal group .

on october 31 , 2016 , the company completed the sale of aes sul and received final proceeds less costs to sell of $ 484 million , excluding contingent consideration .

upon disposal of aes sul , we incurred an additional after- tax loss on sale of $ 737 million .

the cumulative impact to earnings of the impairment and loss on sale was $ 1.1 billion .

this includes the reclassification of approximately $ 1 billion of cumulative translation losses , resulting in a net reduction to the company 2019s stockholders 2019 equity of $ 92 million .

sul 2019s pretax loss attributable to aes for the years ended december 31 , 2016 and 2015 was $ 1.4 billion and $ 32 million , respectively .

sul 2019s pretax gain attributable to aes for the year ended december 31 , 2014 was $ 133 million .

prior to its classification as discontinued operations , sul was reported in the brazil sbu reportable segment .

as discussed in note 1 2014general and summary of significant accounting policies , effective july 1 , 2014 , the company prospectively adopted asu no .

discontinued operations prior to adoption of asu no .

2014-08 include the results of cameroon , saurashtra and various u.s .

wind projects which were each sold in the first half of cameroon 2014 in september 2013 , the company executed agreements for the sale of its 56% ( 56 % ) equity interests in businesses in cameroon : sonel , an integrated utility , kribi , a gas and light fuel oil plant , and dibamba , a heavy .

1	december 31,	2016	2015	2014

2	balance at january 1	$ 373	$ 394	$ 392

3	additions for current year tax positions	8	7	7

4	additions for tax positions of prior years	1	12	14

5	reductions for tax positions of prior years	-1 ( 1 )	-7 ( 7 )	-2 ( 2 )

6	effects of foreign currency translation	2	-7 ( 7 )	-3 ( 3 )

7	settlements	-13 ( 13 )	-19 ( 19 )	-2 ( 2 )

8	lapse of statute of limitations	-1 ( 1 )	-7 ( 7 )	-12 ( 12 )

9	balance at december 31	$ 369	$ 373	$ 394

Question: what was the percentage change in the unrecognized tax benefits from 2015 to 2016?

Answer: -0.01072