54| | duke realty corporation annual report 2009 net income ( loss ) per common share basic net income ( loss ) per common share is computed by dividing net income ( loss ) attributable to common shareholders , less dividends on share-based awards expected to vest , by the weighted average number of common shares outstanding for the period .

diluted net income ( loss ) per common share is computed by dividing the sum of basic net income ( loss ) attributable to common shareholders and the noncontrolling interest in earnings allocable to units not owned by us ( to the extent the units are dilutive ) , by the sum of the weighted average number of common shares outstanding and , to the extent they are dilutive , limited partnership units outstanding , as well as any potential dilutive securities for the period .

during the first quarter of 2009 , we adopted a new accounting standard ( fasb asc 260-10 ) on participating securities , which we have applied retrospectively to prior period calculations of basic and diluted earnings per common share .

pursuant to this new standard , certain of our share-based awards are considered participating securities because they earn dividend equivalents that are not forfeited even if the underlying award does not vest .

the following table reconciles the components of basic and diluted net income ( loss ) per common share ( in thousands ) : .

weighted average number of common shares and potential diluted securities 201206 154553 149250 ( 1 ) the partnership units are anti-dilutive for the year ended december 31 , 2009 , as a result of the net loss for that period .

therefore , 6687 units ( in thousands ) are excluded from the weighted average number of common shares and potential dilutive securities for the year ended december 31 , 2009 and $ 11099 noncontrolling interest in earnings of common unitholders ( in thousands ) is excluded from diluted net loss attributable to common shareholders for the year ended december 31 , 2009 .

( 2 ) excludes ( in thousands of shares ) 7872 ; 8219 and 1144 of anti-dilutive shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively related to stock-based compensation plans .

also excludes ( in thousands of shares ) the exchangeable notes that have 8089 ; 11771 and 11751 of anti-dilutive shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively .

federal income taxes we have elected to be taxed as a real estate investment trust ( 201creit 201d ) under the internal revenue code of 1986 , as amended .

to qualify as a reit , we must meet a number of organizational and operational requirements , including a requirement to distribute at least 90% ( 90 % ) of our adjusted taxable income to our stockholders .

management intends to continue to adhere to these requirements and to maintain our reit status .

as a reit , we are entitled to a tax deduction for some or all of the dividends we pay to shareholders .

accordingly , we generally will not be subject to federal income taxes as long as we distribute an amount equal to or in excess of our taxable income currently to shareholders .

we are also generally subject to federal income taxes on any taxable income that is not currently distributed to our shareholders .

if we fail to qualify as a reit in any taxable year , we will be subject to federal income taxes and may not be able to qualify as a reit for four subsequent taxable years .

reit qualification reduces , but does not eliminate , the amount of state and local taxes we pay .

in addition , our financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal , state and local income taxes .

as a reit , we may also be subject to certain federal excise taxes if we engage in certain types of transactions. .

1		2009	2008	2007

2	net income ( loss ) attributable to common shareholders	$ -333601 ( 333601 )	$ 50408	$ 211942

3	less : dividends on share-based awards expected to vest	-1759 ( 1759 )	-1631 ( 1631 )	-1149 ( 1149 )

4	basic net income ( loss ) attributable to common shareholders	-335360 ( 335360 )	48777	210793

5	noncontrolling interest in earnings of common unitholders ( 1 )	-	2640	13998

6	diluted net income ( loss ) attributable to common shareholders	$ -335360 ( 335360 )	$ 51417	$ 224791

7	weighted average number of common shares outstanding	201206	146915	139255

8	weighted average partnership units outstanding	-	7619	9204

9	other potential dilutive shares ( 2 )	-	19	791

10	weighted average number of common shares and potential dilutive securities	201206	154553	149250

Question: what was the percent of the decline in net income ( loss ) attributable to common shareholders from 2007 to 2008

Answer: -0.76216


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 are the annual other sinking fund requirements as a percentage of annual long-term debt maturities ( excluding lease obligations ) and annual cash sinking fund requirements for debt outstanding in 2007?

Answer: 0.06354


notes to consolidated financial statements 2014 ( continued ) in connection with these discover related purchases , we have sold the contractual rights to future commissions on discover transactions to certain of our isos .

contractual rights sold totaled $ 7.6 million during the year ended may 31 , 2008 and $ 1.0 million during fiscal 2009 .

such sale proceeds are generally collected in installments over periods ranging from three to nine months .

during fiscal 2009 , we collected $ 4.4 million of such proceeds , which are included in the proceeds from sale of investment and contractual rights in our consolidated statement of cash flows .

we do not recognize gains on these sales of contractual rights at the time of sale .

proceeds are deferred and recognized as a reduction of the related commission expense .

during fiscal 2009 , we recognized $ 1.2 million of such deferred sales proceeds as other long-term liabilities .

other 2008 acquisitions during fiscal 2008 , we acquired a majority of the assets of euroenvios money transfer , s.a .

and euroenvios conecta , s.l. , which we collectively refer to as lfs spain .

lfs spain consisted of two privately- held corporations engaged in money transmittal and ancillary services from spain to settlement locations primarily in latin america .

the purpose of the acquisition was to further our strategy of expanding our customer base and market share by opening additional branch locations .

during fiscal 2008 , we acquired a series of money transfer branch locations in the united states .

the purpose of these acquisitions was to increase the market presence of our dolex-branded money transfer offering .

the following table summarizes the preliminary purchase price allocations of all these fiscal 2008 business acquisitions ( in thousands ) : .

the customer-related intangible assets have amortization periods of up to 14 years .

the contract-based intangible assets have amortization periods of 3 to 10 years .

these business acquisitions were not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to these acquisitions .

in addition , during fiscal 2008 , we acquired a customer list and long-term merchant referral agreement in our canadian merchant services channel for $ 1.7 million .

the value assigned to the customer list of $ 0.1 million was expensed immediately .

the remaining value was assigned to the merchant referral agreement and is being amortized on a straight-line basis over its useful life of 10 years .

fiscal 2007 on july 24 , 2006 , we completed the purchase of a fifty-six percent ownership interest in the asia-pacific merchant acquiring business of the hongkong and shanghai banking corporation limited , or hsbc asia pacific .

this business provides card payment processing services to merchants in the asia-pacific region .

1		total

2	goodwill	$ 13536

3	customer-related intangible assets	4091

4	contract-based intangible assets	1031

5	property and equipment	267

6	other current assets	502

7	total assets acquired	19427

8	current liabilities	-2347 ( 2347 )

9	minority interest in equity of subsidiary ( at historical cost )	-486 ( 486 )

10	net assets acquired	$ 16594

Question: what is the average yearly amortization expense related to contract-based intangible assets , ( in thousands ) ?

Answer: 103.1


Question: what portion of total assets acquired is composed of goodwill?

Answer: 0.69676


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

Question: what was the difference in total return percentage beteween e*trade financial corporation and the s&p 500 index for the five years ended 12/14?

Answer: -0.6733


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

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

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

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

for additional information , see note 13 .

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

4	derivatives accounted for as hedges	59	123	63

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

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

Answer: 0.37738


n o t e s t o t h e c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s 2013 ( continued ) ace limited and subsidiaries excluded from adjusted weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective years .

for the years ended december 31 , 2010 , 2009 , and 2008 , the potential anti-dilutive share conversions were 256868 shares , 1230881 shares , and 638401 shares , respectively .

related party transactions the ace foundation 2013 bermuda is an unconsolidated not-for-profit organization whose primary purpose is to fund charitable causes in bermuda .

the trustees are principally comprised of ace management .

the company maintains a non-interest bear- ing demand note receivable from the ace foundation 2013 bermuda , the balance of which was $ 30 million and $ 31 million , at december 31 , 2010 and 2009 , respectively .

the receivable is included in other assets in the accompanying consolidated balance sheets .

the borrower has used the related proceeds to finance investments in bermuda real estate , some of which have been rented to ace employees at rates established by independent , professional real estate appraisers .

the borrower uses income from the investments to both repay the note and to fund charitable activities .

accordingly , the company reports the demand note at the lower of its principal value or the fair value of assets held by the borrower to repay the loan , including the real estate properties .

statutory financial information the company 2019s insurance and reinsurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate .

these regulations include restrictions that limit the amount of dividends or other distributions , such as loans or cash advances , available to shareholders without prior approval of the insurance regulatory authorities .

there are no statutory restrictions on the payment of dividends from retained earnings by any of the bermuda subsidiaries as the minimum statutory capital and surplus requirements are satisfied by the share capital and additional paid-in capital of each of the bermuda subsidiaries .

subsidiaries file financial statements prepared in accordance with statutory accounting practices prescribed or permitted by insurance regulators .

statutory accounting differs from gaap in the reporting of certain reinsurance contracts , investments , subsidiaries , acquis- ition expenses , fixed assets , deferred income taxes , and certain other items .

the statutory capital and surplus of the u.s .

subsidiaries met regulatory requirements for 2010 , 2009 , and 2008 .

the amount of dividends available to be paid in 2011 , without prior approval from the state insurance departments , totals $ 850 million .

the following table presents the combined statutory capital and surplus and statutory net income of the bermuda and u.s .

subsidiaries at and for the years ended december 31 , 2010 , 2009 , and 2008. .

as permitted by the restructuring discussed previously in note 7 , certain of the company 2019s u.s .

subsidiaries discount certain a&e liabilities , which increased statutory capital and surplus by approximately $ 206 million , $ 215 million , and $ 211 million at december 31 , 2010 , 2009 , and 2008 , respectively .

the company 2019s international subsidiaries prepare statutory financial statements based on local laws and regulations .

some jurisdictions impose complex regulatory requirements on insurance companies while other jurisdictions impose fewer requirements .

in some countries , the company must obtain licenses issued by governmental authorities to conduct local insurance business .

these licenses may be subject to reserves and minimum capital and solvency tests .

jurisdictions may impose fines , censure , and/or criminal sanctions for violation of regulatory requirements. .

1	( in millions of u.s . dollars )	bermuda subsidiaries 2010	bermuda subsidiaries 2009	bermuda subsidiaries 2008	bermuda subsidiaries 2010	bermuda subsidiaries 2009	2008

2	statutory capital and surplus	$ 11798	$ 9164	$ 6205	$ 6266	$ 5885	$ 5368

3	statutory net income	$ 2430	$ 2369	$ 2196	$ 1047	$ 904	$ 818

Question: what is the growth rate of net income for bermuda subsidiaries from 2009 to 2010?

Answer: 0.02575


market street commitments by credit rating ( a ) december 31 , december 31 .

( a ) the majority of our facilities are not explicitly rated by the rating agencies .

all facilities are structured to meet rating agency standards for applicable rating levels .

we evaluated the design of market street , its capital structure , the note , and relationships among the variable interest holders .

based on this analysis and under accounting guidance effective during 2009 and 2008 , we are not the primary beneficiary and therefore the assets and liabilities of market street are not included on our consolidated balance sheet .

we considered changes to the variable interest holders ( such as new expected loss note investors and changes to program- level credit enhancement providers ) , terms of expected loss notes , and new types of risks related to market street as reconsideration events .

we reviewed the activities of market street on at least a quarterly basis to determine if a reconsideration event has occurred .

tax credit investments we make certain equity investments in various limited partnerships or limited liability companies ( llcs ) that sponsor affordable housing projects utilizing the low income housing tax credit ( lihtc ) pursuant to sections 42 and 47 of the internal revenue code .

the purpose of these investments is to achieve a satisfactory return on capital , to facilitate the sale of additional affordable housing product offerings and to assist us in achieving goals associated with the community reinvestment act .

the primary activities of the investments include the identification , development and operation of multi-family housing that is leased to qualifying residential tenants .

generally , these types of investments are funded through a combination of debt and equity .

we typically invest in these partnerships as a limited partner or non-managing member .

also , we are a national syndicator of affordable housing equity ( together with the investments described above , the 201clihtc investments 201d ) .

in these syndication transactions , we create funds in which our subsidiaries are the general partner or managing member and sell limited partnership or non-managing member interests to third parties , and in some cases may also purchase a limited partnership or non-managing member interest in the fund .

the purpose of this business is to generate income from the syndication of these funds , generate servicing fees by managing the funds , and earn tax credits to reduce our tax liability .

general partner or managing member activities include selecting , evaluating , structuring , negotiating , and closing the fund investments in operating limited partnerships , as well as oversight of the ongoing operations of the fund portfolio .

we evaluate our interests and third party interests in the limited partnerships/llcs in determining whether we are the primary beneficiary .

the primary beneficiary determination is based on which party absorbs a majority of the variability .

the primary sources of variability in lihtc investments are the tax credits , tax benefits due to passive losses on the investments and development and operating cash flows .

we have consolidated lihtc investments in which we absorb a majority of the variability and thus are considered the primary beneficiary .

the assets are primarily included in equity investments and other assets on our consolidated balance sheet with the liabilities classified in other liabilities and third party investors 2019 interests included in the equity section as noncontrolling interests .

neither creditors nor equity investors in the lihtc investments have any recourse to our general credit .

the consolidated aggregate assets and liabilities of these lihtc investments are provided in the consolidated vies 2013 pnc is primary beneficiary table and reflected in the 201cother 201d business segment .

we also have lihtc investments in which we are not the primary beneficiary , but are considered to have a significant variable interest based on our interests in the partnership/llc .

these investments are disclosed in the non-consolidated vies 2013 significant variable interests table .

the table also reflects our maximum exposure to loss .

our maximum exposure to loss is equal to our legally binding equity commitments adjusted for recorded impairment and partnership results .

we use the equity and cost methods to account for our investment in these entities with the investments reflected in equity investments on our consolidated balance sheet .

in addition , we increase our recognized investments and recognize a liability for all legally binding unfunded equity commitments .

these liabilities are reflected in other liabilities on our consolidated balance sheet .

credit risk transfer transaction national city bank , ( a former pnc subsidiary which merged into pnc bank , n.a .

in november 2009 ) sponsored a special purpose entity ( spe ) and concurrently entered into a credit risk transfer agreement with an independent third party to mitigate credit losses on a pool of nonconforming mortgage loans originated by its former first franklin business unit .

the spe was formed with a small equity contribution and was structured as a bankruptcy-remote entity so that its creditors have no recourse to us .

in exchange for a perfected security interest in the cash flows of the nonconforming mortgage loans , the spe issued to us asset-backed securities in the form of senior , mezzanine , and subordinated equity notes .

the spe was deemed to be a vie as its equity was not sufficient to finance its activities .

we were determined to be the primary beneficiary of the spe as we would absorb the majority of the expected losses of the spe through our holding of the asset-backed securities .

accordingly , this spe was consolidated and all of the entity 2019s assets , liabilities , and .

Question: if there were 50 facilities being rated in 2009 , how many were bbb/baa?

Answer: 1.0


( a ) the majority of our facilities are not explicitly rated by the rating agencies .

all facilities are structured to meet rating agency standards for applicable rating levels .

we evaluated the design of market street , its capital structure , the note , and relationships among the variable interest holders .

based on this analysis and under accounting guidance effective during 2009 and 2008 , we are not the primary beneficiary and therefore the assets and liabilities of market street are not included on our consolidated balance sheet .

we considered changes to the variable interest holders ( such as new expected loss note investors and changes to program- level credit enhancement providers ) , terms of expected loss notes , and new types of risks related to market street as reconsideration events .

we reviewed the activities of market street on at least a quarterly basis to determine if a reconsideration event has occurred .

tax credit investments we make certain equity investments in various limited partnerships or limited liability companies ( llcs ) that sponsor affordable housing projects utilizing the low income housing tax credit ( lihtc ) pursuant to sections 42 and 47 of the internal revenue code .

the purpose of these investments is to achieve a satisfactory return on capital , to facilitate the sale of additional affordable housing product offerings and to assist us in achieving goals associated with the community reinvestment act .

the primary activities of the investments include the identification , development and operation of multi-family housing that is leased to qualifying residential tenants .

generally , these types of investments are funded through a combination of debt and equity .

we typically invest in these partnerships as a limited partner or non-managing member .

also , we are a national syndicator of affordable housing equity ( together with the investments described above , the 201clihtc investments 201d ) .

in these syndication transactions , we create funds in which our subsidiaries are the general partner or managing member and sell limited partnership or non-managing member interests to third parties , and in some cases may also purchase a limited partnership or non-managing member interest in the fund .

the purpose of this business is to generate income from the syndication of these funds , generate servicing fees by managing the funds , and earn tax credits to reduce our tax liability .

general partner or managing member activities include selecting , evaluating , structuring , negotiating , and closing the fund investments in operating limited partnerships , as well as oversight of the ongoing operations of the fund portfolio .

we evaluate our interests and third party interests in the limited partnerships/llcs in determining whether we are the primary beneficiary .

the primary beneficiary determination is based on which party absorbs a majority of the variability .

the primary sources of variability in lihtc investments are the tax credits , tax benefits due to passive losses on the investments and development and operating cash flows .

we have consolidated lihtc investments in which we absorb a majority of the variability and thus are considered the primary beneficiary .

the assets are primarily included in equity investments and other assets on our consolidated balance sheet with the liabilities classified in other liabilities and third party investors 2019 interests included in the equity section as noncontrolling interests .

neither creditors nor equity investors in the lihtc investments have any recourse to our general credit .

the consolidated aggregate assets and liabilities of these lihtc investments are provided in the consolidated vies 2013 pnc is primary beneficiary table and reflected in the 201cother 201d business segment .

we also have lihtc investments in which we are not the primary beneficiary , but are considered to have a significant variable interest based on our interests in the partnership/llc .

these investments are disclosed in the non-consolidated vies 2013 significant variable interests table .

the table also reflects our maximum exposure to loss .

our maximum exposure to loss is equal to our legally binding equity commitments adjusted for recorded impairment and partnership results .

we use the equity and cost methods to account for our investment in these entities with the investments reflected in equity investments on our consolidated balance sheet .

in addition , we increase our recognized investments and recognize a liability for all legally binding unfunded equity commitments .

these liabilities are reflected in other liabilities on our consolidated balance sheet .

credit risk transfer transaction national city bank , ( a former pnc subsidiary which merged into pnc bank , n.a .

in november 2009 ) sponsored a special purpose entity ( spe ) and concurrently entered into a credit risk transfer agreement with an independent third party to mitigate credit losses on a pool of nonconforming mortgage loans originated by its former first franklin business unit .

the spe was formed with a small equity contribution and was structured as a bankruptcy-remote entity so that its creditors have no recourse to us .

in exchange for a perfected security interest in the cash flows of the nonconforming mortgage loans , the spe issued to us asset-backed securities in the form of senior , mezzanine , and subordinated equity notes .

the spe was deemed to be a vie as its equity was not sufficient to finance its activities .

we were determined to be the primary beneficiary of the spe as we would absorb the majority of the expected losses of the spe through our holding of the asset-backed securities .

accordingly , this spe was consolidated and all of the entity 2019s assets , liabilities , and .

Question: share of total securities rated bbb/baa or below changed by how many percentage point between 2008 and 2009?

Answer: -1.0


quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .

from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .

derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .

interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .

the majority of our debt ( approximately 89% ( 89 % ) and 91% ( 91 % ) as of december 31 , 2015 and 2014 , respectively ) bears interest at fixed rates .

we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .

the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .

increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .

we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .

we do not have any interest rate swaps outstanding as of december 31 , 2015 .

we had $ 1509.7 of cash , cash equivalents and marketable securities as of december 31 , 2015 that we generally invest in conservative , short-term bank deposits or securities .

the interest income generated from these investments is subject to both domestic and foreign interest rate movements .

during 2015 and 2014 , we had interest income of $ 22.8 and $ 27.4 , respectively .

based on our 2015 results , a 100-basis-point increase or decrease in interest rates would affect our interest income by approximately $ 15.0 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2015 levels .

foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .

since we report revenues and expenses in u.s .

dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .

the primary foreign currencies that impacted our results during 2015 included the australian dollar , brazilian real , british pound sterling and euro .

based on 2015 exchange rates and operating results , if the u.s .

dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2015 levels .

the functional currency of our foreign operations is generally their respective local currency .

assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .

the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .

our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .

however , certain subsidiaries may enter into transactions in currencies other than their functional currency .

assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .

currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .

we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates arising from these exposures .

we do not enter into foreign exchange contracts or other derivatives for speculative purposes. .

1	as of december 31,	increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates	increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates

2	2015	$ -33.7 ( 33.7 )	$ 34.7

3	2014	-35.5 ( 35.5 )	36.6

Question: what percent decrease for interest income occurred between 2014 and 2015?

Answer: 16.78832


management's financial discussion and analysis fuel and purchased power expenses increased primarily due to an increase in power purchases as a result of the purchased power agreements between entergy gulf states louisiana and entergy texas and an increase in the average market prices of purchased power and natural gas , substantially offset by a decrease in deferred fuel expense as a result of decreased recovery from customers of fuel costs .

other regulatory charges increased primarily due to an increase of $ 6.9 million in the recovery of bond expenses related to the securitization bonds .

the recovery became effective july 2007 .

see note 5 to the financial statements for additional information regarding the securitization bonds .

2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .

following is an analysis of the change in net revenue comparing 2007 to 2006 .

the purchased power capacity variance is due to changes in the purchased power capacity costs included in the calculation in 2007 compared to 2006 used to bill generation costs between entergy texas and entergy gulf states louisiana .

the securitization transition charge variance is due to the issuance of securitization bonds .

as discussed above , in june 2007 , egsrf i , a company wholly-owned and consolidated by entergy texas , issued securitization bonds and with the proceeds purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds .

see note 5 to the financial statements herein for details of the securitization bond issuance .

the volume/weather variance is due to increased electricity usage on billed retail sales , including the effects of more favorable weather in 2007 compared to the same period in 2006 .

the increase is also due to an increase in usage during the unbilled sales period .

retail electricity usage increased a total of 139 gwh in all sectors .

see "critical accounting estimates" below and note 1 to the financial statements for further discussion of the accounting for unbilled revenues .

the transmission revenue variance is due to an increase in rates effective june 2007 and new transmission customers in late 2006 .

the base revenue variance is due to the transition to competition rider that began in march 2006 .

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

gross operating revenues , fuel and purchased power expenses , and other regulatory charges gross operating revenues decreased primarily due to a decrease of $ 179 million in fuel cost recovery revenues due to lower fuel rates and fuel refunds .

the decrease was partially offset by the $ 39 million increase in net revenue described above and an increase of $ 44 million in wholesale revenues , including $ 30 million from the system agreement cost equalization payments from entergy arkansas .

1		amount ( in millions )

2	2006 net revenue	$ 403.3

3	purchased power capacity	13.1

4	securitization transition charge	9.9

5	volume/weather	9.7

6	transmission revenue	6.1

7	base revenue	2.6

8	other	-2.4 ( 2.4 )

9	2007 net revenue	$ 442.3

Question: what is the growth rate in net revenue for entergy texas , inc . in 2007?

Answer: 0.0967


Question: what is the net change in net revenue for entergy texas , inc . during 2007?

Answer: 39.0


notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) a summary of the remaining liability for the 2007 , 2003 and 2001 restructuring programs is as follows : program program program total .

1 includes amounts representing adjustments to the liability for changes in foreign currency exchange rates .

other reorganization-related charges other reorganization-related charges relate to our realignment of our media businesses into a newly created management entity called mediabrands and the 2006 merger of draft worldwide and foote , cone and belding worldwide to create draftfcb .

charges related to severance and terminations costs and lease termination and other exit costs .

we expect charges associated with mediabrands to be completed during the first half of 2009 .

charges related to the creation of draftfcb in 2006 are complete .

the charges were separated from the rest of our operating expenses within the consolidated statements of operations because they did not result from charges that occurred in the normal course of business. .

Question: what is the average liability for all three programs , as of december 31 , 2008 , in millions?

Answer: 4.26667


Question: what is the change in the balance of liability for all restructuring from 2006 to 2008 , ( in millions ) ?

Answer: -19.0


proportional free cash flow ( a non-gaap measure ) we define proportional free cash flow as cash flows from operating activities less maintenance capital expenditures ( including non-recoverable environmental capital expenditures ) , adjusted for the estimated impact of noncontrolling interests .

the proportionate share of cash flows and related adjustments attributable to noncontrolling interests in our subsidiaries comprise the proportional adjustment factor presented in the reconciliation below .

upon the company's adoption of the accounting guidance for service concession arrangements effective january 1 , 2015 , capital expenditures related to service concession assets that would have been classified as investing activities on the consolidated statement of cash flows are now classified as operating activities .

see note 1 2014general and summary of significant accounting policies of this form 10-k for further information on the adoption of this guidance .

beginning in the quarter ended march 31 , 2015 , the company changed the definition of proportional free cash flow to exclude the cash flows for capital expenditures related to service concession assets that are now classified within net cash provided by operating activities on the consolidated statement of cash flows .

the proportional adjustment factor for these capital expenditures is presented in the reconciliation below .

we also exclude environmental capital expenditures that are expected to be recovered through regulatory , contractual or other mechanisms .

an example of recoverable environmental capital expenditures is ipl's investment in mats-related environmental upgrades that are recovered through a tracker .

see item 1 . 2014us sbu 2014ipl 2014environmental matters for details of these investments .

the gaap measure most comparable to proportional free cash flow is cash flows from operating activities .

we believe that proportional free cash flow better reflects the underlying business performance of the company , as it measures the cash generated by the business , after the funding of maintenance capital expenditures , that may be available for investing or repaying debt or other purposes .

factors in this determination include the impact of noncontrolling interests , where aes consolidates the results of a subsidiary that is not wholly-owned by the company .

the presentation of free cash flow has material limitations .

proportional free cash flow should not be construed as an alternative to cash from operating activities , which is determined in accordance with gaap .

proportional free cash flow does not represent our cash flow available for discretionary payments because it excludes certain payments that are required or to which we have committed , such as debt service requirements and dividend payments .

our definition of proportional free cash flow may not be comparable to similarly titled measures presented by other companies .

calculation of proportional free cash flow ( in millions ) 2015 2014 2013 2015/2014change 2014/2013 change .

( 1 ) service concession asset expenditures excluded from proportional free cash flow non-gaap metric .

( 2 ) the proportional adjustment factor , proportional maintenance capital expenditures ( net of reinsurance proceeds ) and proportional non-recoverable environmental capital expenditures are calculated by multiplying the percentage owned by noncontrolling interests for each entity by its corresponding consolidated cash flow metric and are totaled to the resulting figures .

for example , parent company a owns 20% ( 20 % ) of subsidiary company b , a consolidated subsidiary .

thus , subsidiary company b has an 80% ( 80 % ) noncontrolling interest .

assuming a consolidated net cash flow from operating activities of $ 100 from subsidiary b , the proportional adjustment factor for subsidiary b would equal $ 80 ( or $ 100 x 80% ( 80 % ) ) .

the company calculates the proportional adjustment factor for each consolidated business in this manner and then sums these amounts to determine the total proportional adjustment factor used in the reconciliation .

the proportional adjustment factor may differ from the proportion of income attributable to noncontrolling interests as a result of ( a ) non-cash items which impact income but not cash and ( b ) aes' ownership interest in the subsidiary where such items occur .

( 3 ) includes proportional adjustment amount for service concession asset expenditures of $ 84 million for the year ended december 31 , 2015 .

the company adopted service concession accounting effective january 1 , 2015 .

( 4 ) excludes ipl's proportional recoverable environmental capital expenditures of $ 205 million , $ 163 million and $ 110 million for the years december 31 , 2015 , 2014 and 2013 , respectively. .

1	calculation of proportional free cash flow ( in millions )	2015	2014	2013	2015/2014 change	2014/2013 change

2	net cash provided by operating activities	$ 2134	$ 1791	$ 2715	$ 343	$ -924 ( 924 )

3	add : capital expenditures related to service concession assets ( 1 )	165	2014	2014	165	2014

4	adjusted operating cash flow	2299	1791	2715	508	-924 ( 924 )

5	less : proportional adjustment factor on operating cash activities ( 2 ) ( 3 )	-558 ( 558 )	-359 ( 359 )	-834 ( 834 )	-199 ( 199 )	475

6	proportional adjusted operating cash flow	1741	1432	1881	309	-449 ( 449 )

7	less : proportional maintenance capital expenditures net of reinsurance proceeds ( 2 )	-449 ( 449 )	-485 ( 485 )	-535 ( 535 )	36	50

8	less : proportional non-recoverable environmental capital expenditures ( 2 ) ( 4 )	-51 ( 51 )	-56 ( 56 )	-75 ( 75 )	5	19

9	proportional free cash flow	$ 1241	$ 891	$ 1271	$ 350	$ -380 ( 380 )

Question: what were average proportional recoverable environmental capital expenditures for the years december 31 , 2015 , 2014 and 2013 , in millions?

Answer: 159.33333


mandatorily redeemable securities of subsidiary trusts total mandatorily redeemable securities of subsidiary trusts ( trust preferred securities ) , which qualify as tier 1 capital , were $ 23.899 billion at december 31 , 2008 , as compared to $ 23.594 billion at december 31 , 2007 .

in 2008 , citigroup did not issue any new enhanced trust preferred securities .

the frb issued a final rule , with an effective date of april 11 , 2005 , which retains trust preferred securities in tier 1 capital of bank holding companies , but with stricter quantitative limits and clearer qualitative standards .

under the rule , after a five-year transition period , the aggregate amount of trust preferred securities and certain other restricted core capital elements included in tier 1 capital of internationally active banking organizations , such as citigroup , would be limited to 15% ( 15 % ) of total core capital elements , net of goodwill , less any associated deferred tax liability .

the amount of trust preferred securities and certain other elements in excess of the limit could be included in tier 2 capital , subject to restrictions .

at december 31 , 2008 , citigroup had approximately 11.8% ( 11.8 % ) against the limit .

the company expects to be within restricted core capital limits prior to the implementation date of march 31 , 2009 .

the frb permits additional securities , such as the equity units sold to adia , to be included in tier 1 capital up to 25% ( 25 % ) ( including the restricted core capital elements in the 15% ( 15 % ) limit ) of total core capital elements , net of goodwill less any associated deferred tax liability .

at december 31 , 2008 , citigroup had approximately 16.1% ( 16.1 % ) against the limit .

the frb granted interim capital relief for the impact of adopting sfas 158 at december 31 , 2008 and december 31 , 2007 .

the frb and the ffiec may propose amendments to , and issue interpretations of , risk-based capital guidelines and reporting instructions .

these may affect reported capital ratios and net risk-weighted assets .

capital resources of citigroup 2019s depository institutions citigroup 2019s subsidiary depository institutions in the united states are subject to risk-based capital guidelines issued by their respective primary federal bank regulatory agencies , which are similar to the frb 2019s guidelines .

to be 201cwell capitalized 201d under federal bank regulatory agency definitions , citigroup 2019s depository institutions must have a tier 1 capital ratio of at least 6% ( 6 % ) , a total capital ( tier 1 + tier 2 capital ) ratio of at least 10% ( 10 % ) and a leverage ratio of at least 5% ( 5 % ) , and not be subject to a regulatory directive to meet and maintain higher capital levels .

at december 31 , 2008 , all of citigroup 2019s subsidiary depository institutions were 201cwell capitalized 201d under the federal regulatory agencies 2019 definitions , including citigroup 2019s primary depository institution , citibank , n.a. , as noted in the following table : citibank , n.a .

components of capital and ratios under regulatory guidelines in billions of dollars at year end 2008 2007 .

leverage ratio ( 1 ) 5.82 6.65 ( 1 ) tier 1 capital divided by adjusted average assets .

had a net loss for 2008 amounting to $ 6.2 billion .

received contributions from its parent company of $ 6.1 billion .

did not issue any additional subordinated notes in 2008 .

total subordinated notes issued to citicorp holdings inc .

that were outstanding at december 31 , 2008 and december 31 , 2007 and included in citibank , n.a . 2019s tier 2 capital , amounted to $ 28.2 billion .

received an additional $ 14.3 billion in capital contribution from its parent company in january 2009 .

the impact of this contribution is not reflected in the table above .

the substantial events in 2008 impacting the capital of citigroup , and the potential future events discussed on page 94 under 201ccitigroup regulatory capital ratios , 201d also affected , or could affect , citibank , n.a. .

1	in billions of dollars at year end	2008	2007

2	tier 1 capital	$ 71.0	$ 82.0

3	total capital ( tier 1 and tier 2 )	108.4	121.6

4	tier 1 capital ratio	9.94% ( 9.94 % )	8.98% ( 8.98 % )

5	total capital ratio ( tier 1 and tier 2 )	15.18	13.33

6	leverage ratio ( 1 )	5.82	6.65

Question: at december 31 , 2008 what was the ratio of the tier 2 capital compared to 2007

Answer: 0.94444


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

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

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

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

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

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

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

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

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

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

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

administrative expenses include all other operating costs .

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

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

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

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

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

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

the increase is primarily from non-recurring sources .

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

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

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

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

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

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

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

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

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

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

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

Question: what was the average catastrophe losses from 2008 to 2010 in millions

Answer: 356.66667


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

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

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

pension plan and we expect to finalize this during 2010 .

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

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

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

domestic pension plans foreign pension plans postretirement benefit plans .

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Question: what was the mathematical range for the postretirement benefit plans?

Answer: 19.3


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Question: what the percentage increase defined contribution plans for foreign countries and contribution from 2007 to 2008

Answer: 0.07491


stock price performance the following graph shows a comparison of the cumulative total return on our common stock , the standard & poor's 500 index and the standard & poor's 500 retail index .

the graph assumes that the value of an investment in our common stock and in each such index was $ 100 on december 30 , 2006 , and that any dividends have been reinvested .

the comparison in the graph below is based solely on historical data and is not intended to forecast the possible future performance of our common stock .

comparison of cumulative total return among advance auto parts , inc. , s&p 500 index and s&p 500 retail index company/index advance auto parts s&p 500 index s&p retail index december 30 , $ 100.00 100.00 100.00 december 29 , $ 108.00 104.24 january 3 , $ 97.26 january 2 , $ 116.01 january 1 , $ 190.41 101.84 december 31 , $ 201.18 104.81 .

Question: what is the roi of an investment in advance auto parts from 2006 to january 3 , 2009?

Answer: -0.0274


c o n s t e l l a t i o n b r a n d s , i n c .

baroness philippine de rothschild announced an agree- ment to maintain equal ownership of opus one .

opus one produces fine wines at its napa valley winery .

the acquisition of robert mondavi supports the com- pany 2019s strategy of strengthening the breadth of its portfolio across price segments to capitalize on the overall growth in the premium , super-premium and fine wine categories .

the company believes that the acquired robert mondavi brand names have strong brand recognition globally .

the vast majority of sales from these brands are generated in the united states .

the company is leveraging the robert mondavi brands in the united states through its selling , marketing and distribution infrastructure .

the company also intends to further expand distribution for the robert mondavi brands in europe through its constellation europe infrastructure .

the robert mondavi acquisition supports the com- pany 2019s strategy of growth and breadth across categories and geographies , and strengthens its competitive position in its core markets .

the robert mondavi acquisition provides the company with a greater presence in the growing premium , super-premium and fine wine sectors within the united states and the ability to capitalize on the broader geographic distribution in strategic international markets .

in particular , the company believes there are growth opportunities for premium , super-premium and fine wines in the united kingdom and other 201cnew world 201d wine markets .

total con- sideration paid in cash to the robert mondavi shareholders was $ 1030.7 million .

additionally , the company incurred direct acquisition costs of $ 12.0 million .

the purchase price was financed with borrowings under the company 2019s 2004 credit agreement ( as defined in note 9 ) .

in accordance with the purchase method of accounting , the acquired net assets are recorded at fair value at the date of acquisition .

the purchase price was based primarily on the estimated future operating results of the robert mondavi business , including the factors described above , as well as an estimated benefit from operating cost synergies .

the results of operations of the robert mondavi busi- ness are reported in the constellation wines segment and have been included in the consolidated statements of income since the acquisition date .

the following table summarizes the fair values of the assets acquired and liabilities assumed in the robert mondavi acquisition at the date of acquisition , as adjusted for the final appraisal : ( in thousands ) .

the trademarks are not subject to amortization .

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

following the robert mondavi acquisition , the company sold certain of the acquired vineyard properties and related assets , investments accounted for under the equity method , and other winery properties and related assets , during the years ended february 28 , 2006 , and february 28 , 2005 .

the company realized net proceeds of $ 170.8 million from the sale of these assets during the year ended february 28 , 2006 .

amounts realized during the year ended february 28 , 2005 , were not material .

no gain or loss has been recognized upon the sale of these assets .

hardy acquisition 2013 on march 27 , 2003 , the company acquired control of brl hardy limited , now known as hardy wine company limited ( 201chardy 201d ) , and on april 9 , 2003 , the company completed its acquisition of all of hardy 2019s outstanding capital stock .

as a result of the acquisi- tion of hardy , the company also acquired the remaining 50% ( 50 % ) ownership of pacific wine partners llc ( 201cpwp 201d ) , the joint venture the company established with hardy in july 2001 .

the acquisition of hardy along with the remaining interest in pwp is referred to together as the 201chardy acquisition . 201d through this acquisition , the company acquired one of australia 2019s largest wine producers with interests in wineries and vineyards in most of australia 2019s major wine regions as well as new zealand and the united states and hardy 2019s marketing and sales operations in the united kingdom .

in october 2005 , pwp was merged into another subsidiary of the company .

total consideration paid in cash and class a common stock to the hardy shareholders was $ 1137.4 million .

additionally , the company recorded direct acquisition costs of $ 17.2 million .

the acquisition date for accounting pur- poses is march 27 , 2003 .

the company has recorded a $ 1.6 million reduction in the purchase price to reflect imputed interest between the accounting acquisition date and the final payment of consideration .

this charge is included as interest expense in the consolidated statement of income for the year ended february 29 , 2004 .

the cash portion of the purchase price paid to the hardy shareholders and optionholders ( $ 1060.2 million ) was financed with $ 660.2 million of borrowings under the company 2019s then existing credit agreement and $ 400.0 million of borrowings under the company 2019s then existing bridge loan agreement .

addi- tionally , the company issued 6577826 shares of the com- pany 2019s class a common stock , which were valued at $ 77.2 million based on the simple average of the closing market price of the company 2019s class a common stock beginning two days before and ending two days after april 4 , 2003 , the day the hardy shareholders elected the form of consid- eration they wished to receive .

the purchase price was based primarily on a discounted cash flow analysis that contemplated , among other things , the value of a broader geographic distribution in strategic international markets and a presence in the important australian winemaking regions .

the company and hardy have complementary businesses that share a common growth orientation and operating philosophy .

the hardy acquisition supports the company 2019s strategy of growth and breadth across categories .

1	current assets	$ 513782

2	property plant and equipment	438140

3	other assets	124450

4	trademarks	138000

5	goodwill	634203

6	total assets acquired	1848575

7	current liabilities	310919

8	long-term liabilities	494995

9	total liabilities assumed	805914

10	net assets acquired	$ 1042661

Question: what is the current ratio of robert mondavi?

Answer: 1.65246


c o n s t e l l a t i o n b r a n d s , i n c .

baroness philippine de rothschild announced an agree- ment to maintain equal ownership of opus one .

opus one produces fine wines at its napa valley winery .

the acquisition of robert mondavi supports the com- pany 2019s strategy of strengthening the breadth of its portfolio across price segments to capitalize on the overall growth in the premium , super-premium and fine wine categories .

the company believes that the acquired robert mondavi brand names have strong brand recognition globally .

the vast majority of sales from these brands are generated in the united states .

the company is leveraging the robert mondavi brands in the united states through its selling , marketing and distribution infrastructure .

the company also intends to further expand distribution for the robert mondavi brands in europe through its constellation europe infrastructure .

the robert mondavi acquisition supports the com- pany 2019s strategy of growth and breadth across categories and geographies , and strengthens its competitive position in its core markets .

the robert mondavi acquisition provides the company with a greater presence in the growing premium , super-premium and fine wine sectors within the united states and the ability to capitalize on the broader geographic distribution in strategic international markets .

in particular , the company believes there are growth opportunities for premium , super-premium and fine wines in the united kingdom and other 201cnew world 201d wine markets .

total con- sideration paid in cash to the robert mondavi shareholders was $ 1030.7 million .

additionally , the company incurred direct acquisition costs of $ 12.0 million .

the purchase price was financed with borrowings under the company 2019s 2004 credit agreement ( as defined in note 9 ) .

in accordance with the purchase method of accounting , the acquired net assets are recorded at fair value at the date of acquisition .

the purchase price was based primarily on the estimated future operating results of the robert mondavi business , including the factors described above , as well as an estimated benefit from operating cost synergies .

the results of operations of the robert mondavi busi- ness are reported in the constellation wines segment and have been included in the consolidated statements of income since the acquisition date .

the following table summarizes the fair values of the assets acquired and liabilities assumed in the robert mondavi acquisition at the date of acquisition , as adjusted for the final appraisal : ( in thousands ) .

the trademarks are not subject to amortization .

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

following the robert mondavi acquisition , the company sold certain of the acquired vineyard properties and related assets , investments accounted for under the equity method , and other winery properties and related assets , during the years ended february 28 , 2006 , and february 28 , 2005 .

the company realized net proceeds of $ 170.8 million from the sale of these assets during the year ended february 28 , 2006 .

amounts realized during the year ended february 28 , 2005 , were not material .

no gain or loss has been recognized upon the sale of these assets .

hardy acquisition 2013 on march 27 , 2003 , the company acquired control of brl hardy limited , now known as hardy wine company limited ( 201chardy 201d ) , and on april 9 , 2003 , the company completed its acquisition of all of hardy 2019s outstanding capital stock .

as a result of the acquisi- tion of hardy , the company also acquired the remaining 50% ( 50 % ) ownership of pacific wine partners llc ( 201cpwp 201d ) , the joint venture the company established with hardy in july 2001 .

the acquisition of hardy along with the remaining interest in pwp is referred to together as the 201chardy acquisition . 201d through this acquisition , the company acquired one of australia 2019s largest wine producers with interests in wineries and vineyards in most of australia 2019s major wine regions as well as new zealand and the united states and hardy 2019s marketing and sales operations in the united kingdom .

in october 2005 , pwp was merged into another subsidiary of the company .

total consideration paid in cash and class a common stock to the hardy shareholders was $ 1137.4 million .

additionally , the company recorded direct acquisition costs of $ 17.2 million .

the acquisition date for accounting pur- poses is march 27 , 2003 .

the company has recorded a $ 1.6 million reduction in the purchase price to reflect imputed interest between the accounting acquisition date and the final payment of consideration .

this charge is included as interest expense in the consolidated statement of income for the year ended february 29 , 2004 .

the cash portion of the purchase price paid to the hardy shareholders and optionholders ( $ 1060.2 million ) was financed with $ 660.2 million of borrowings under the company 2019s then existing credit agreement and $ 400.0 million of borrowings under the company 2019s then existing bridge loan agreement .

addi- tionally , the company issued 6577826 shares of the com- pany 2019s class a common stock , which were valued at $ 77.2 million based on the simple average of the closing market price of the company 2019s class a common stock beginning two days before and ending two days after april 4 , 2003 , the day the hardy shareholders elected the form of consid- eration they wished to receive .

the purchase price was based primarily on a discounted cash flow analysis that contemplated , among other things , the value of a broader geographic distribution in strategic international markets and a presence in the important australian winemaking regions .

the company and hardy have complementary businesses that share a common growth orientation and operating philosophy .

the hardy acquisition supports the company 2019s strategy of growth and breadth across categories .

Question: what were the remaining mondovi net assets acquired following the sale of certain excess assets from the deal , in thousands?

Answer: 1042490.2


management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) liquidity and capital resources cash flow overview the following tables summarize key financial data relating to our liquidity , capital resources and uses of capital. .

1 reflects net income adjusted primarily for depreciation and amortization of fixed assets and intangible assets , amortization of restricted stock and other non-cash compensation , non-cash ( gain ) loss related to early extinguishment of debt , losses on sales of businesses and deferred income taxes .

2 reflects changes in accounts receivable , expenditures billable to clients , other current assets , accounts payable and accrued liabilities .

operating activities net cash provided by operating activities during 2015 was $ 674.0 , which was an improvement of $ 4.5 as compared to 2014 , primarily as a result of an improvement in working capital usage of $ 13.6 .

due to the seasonality of our business , we typically generate cash from working capital in the second half of a year and use cash from working capital in the first half of a year , with the largest impacts in the first and fourth quarters .

our net working capital usage in 2015 was primarily attributable to our media businesses .

net cash provided by operating activities during 2014 was $ 669.5 , which was an improvement of $ 76.6 as compared to 2013 , primarily as a result of an increase in net income , offset by an increase in working capital usage of $ 121.5 .

our net working capital usage in 2014 was impacted by our media businesses .

the timing of media buying on behalf of our clients affects our working capital and operating cash flow .

in most of our businesses , our agencies enter into commitments to pay production and media costs on behalf of clients .

to the extent possible , we pay production and media charges after we have received funds from our clients .

the amounts involved substantially exceed our revenues and primarily affect the level of accounts receivable , expenditures billable to clients , accounts payable and accrued liabilities .

our assets include both cash received and accounts receivable from clients for these pass-through arrangements , while our liabilities include amounts owed on behalf of clients to media and production suppliers .

our accrued liabilities are also affected by the timing of certain other payments .

for example , while annual cash incentive awards are accrued throughout the year , they are generally paid during the first quarter of the subsequent year .

investing activities net cash used in investing activities during 2015 primarily related to payments for capital expenditures of $ 161.1 , largely attributable to purchases of leasehold improvements and computer hardware .

net cash used in investing activities during 2014 primarily related to payments for capital expenditures and acquisitions .

capital expenditures of $ 148.7 related primarily to computer hardware and software and leasehold improvements .

we made payments of $ 67.8 related to acquisitions completed during 2014 , net of cash acquired. .

1	cash flow data	years ended december 31 , 2015	years ended december 31 , 2014	years ended december 31 , 2013

2	net income adjusted to reconcile net income to net cashprovided by operating activities1	$ 848.2	$ 831.2	$ 598.4

3	net cash used in working capital2	-117.5 ( 117.5 )	-131.1 ( 131.1 )	-9.6 ( 9.6 )

4	changes in other non-current assets and liabilities using cash	-56.7 ( 56.7 )	-30.6 ( 30.6 )	4.1

5	net cash provided by operating activities	$ 674.0	$ 669.5	$ 592.9

6	net cash used in investing activities	-202.8 ( 202.8 )	-200.8 ( 200.8 )	-224.5 ( 224.5 )

7	net cash used in financing activities	-472.8 ( 472.8 )	-343.9 ( 343.9 )	-1212.3 ( 1212.3 )

Question: what is the percentage increase from 2014-2015 in total cash flow data?

Answer: 2.04524


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

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

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

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

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

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

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

Question: what was the overall growth of the s&p 500 index from 2010 to 2015

Answer: 0.8075


notes to consolidated financial statements 2014 ( continued ) 16 .

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

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

the following table summarizes our outstanding fuel hedges as of december 31 , 2015 : year gallons hedged weighted average contract price per gallon .

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

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

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

the aggregate fair values of our outstanding fuel hedges as of december 31 , 2015 and 2014 were current liabilities of $ 37.8 million and $ 34.4 million , respectively , and have been recorded in other accrued liabilities in our consolidated balance sheets .

the ineffective portions of the changes in fair values resulted in a loss of $ 0.4 million and $ 0.5 million for the years ended december 31 , 2015 and 2014 respectively , and a gain of less than $ 0.1 million for the year ended december 31 , 2013 , and have been recorded in other income , net in our consolidated statements of income .

total ( loss ) gain recognized in other comprehensive ( loss ) income for fuel hedges ( the effective portion ) was $ ( 2.0 ) million , $ ( 24.2 ) million and $ 2.4 million , for the years ended december 31 , 2015 , 2014 and 2013 , respectively .

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

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

we had no outstanding recycling commodity hedges as of december 31 , 2015 and 2014 .

no amounts were recognized in other income , net in our consolidated statements of income for the ineffective portion of the changes in fair values during the years ended december 31 , 2015 , 2014 and 2013 .

total gain ( loss ) recognized in other comprehensive income for recycling commodity hedges ( the effective portion ) was $ 0.1 million and $ ( 0.1 ) million for the years ended december 31 , 2014 and 2013 , respectively .

no amount was recognized in other comprehensive income for 2015 .

fair value measurements in measuring fair values of assets and liabilities , we use valuation techniques that maximize the use of observable inputs ( level 1 ) and minimize the use of unobservable inputs ( level 3 ) .

we also use market data or assumptions that we believe market participants would use in pricing an asset or liability , including assumptions about risk when appropriate. .

1	year	gallons hedged	weighted average contractprice per gallon

2	2016	27000000	$ 3.57

3	2017	12000000	2.92

Question: what is the percentage growth of the aggregate fair values of our outstanding fuel hedge for 2014 to 2015

Answer: 0.09884


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 2014 to 2015?

Answer: -0.0533


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 .

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

Answer: -0.01072


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

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

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

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

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

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

nasdaq compositecadence design systems , inc .

s&p 500 s&p 500 information technology .

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

Question: what is the rate of return of an investment in nasdaq from 2017 to 2018?

Answer: -0.03643