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finqa100 | what are the total contractual commitments , in millions? | 40294 | table_sum(total obligations, none) | purchases of short-term marketable securities , net of sales of short-term marketable securities during the quarter .
additionally , we incurred $ 3.8 million related to cash expenditures for property and equipment primarily on computer software projects and manufacturing equipment related to our expansion in ireland .
our financing activities during the year ended march 31 , 2009 provided cash of $ 46.2 million as compared to $ 2.1 million during the same period in the prior year .
cash provided by financing activities for the year ended march 31 , 2009 was primarily comprised of $ 42.0 million in net proceeds related to our august 2008 public offering and $ 5.0 million attributable to the exercise of stock options and proceeds from our employee stock purchase plan .
capital expenditures for fiscal 2010 are estimated to be $ 2.5 to $ 3.0 million , which relate primarily to our planned manufacturing capacity increases for impella in germany , our expansion in ireland , and software development projects .
our liquidity is influenced by our ability to sell our products in a competitive industry and our customers 2019 ability to pay for our products .
factors that may affect liquidity include our ability to penetrate the market for our products , maintain or reduce the length of the selling cycle , and collect cash from clients after our products are sold .
exclusive of activities involving any future acquisitions of products or companies that complement or augment our existing line of products , we believe that current available funds and cash generated from operations will provide sufficient liquidity to meet operating requirements for the foreseeable future .
we believe that our existing cash balances and cash flow from operations will be sufficient to meet our projected capital expenditures , working capital , and other cash requirements at least through the next 12 months .
we continue to review our long-term cash needs on a regular basis .
currently , we have no debt outstanding .
contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2009 and the effects such obligations are expected to have on our liquidity and cash flows in future periods .
payments due by fiscal year ( in $ 000 2019s ) contractual obligations total than 1 than 5 . | ( 1 ) contractual obligations represent future cash commitments and expected liabilities under agreements with third parties for clinical trials .
we have no long-term debt , capital leases or other material commitments for open purchase orders and clinical trial agreements at march 31 , 2009 other than those shown in the table above .
in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany .
the aggregate purchase price excluding contingent payments , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services .
at the time of the transaction , we agreed to make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to product sales and fda approvals in the amount of up to $ 16.8 million .
in january 2007 upon the sale of 1000 impella units , we paid $ 5.6 million in the form of common stock .
in june 2008 we received 510 ( k ) clearance of our impella 2.5 , and we paid $ 5.6 million in the form of common stock .
in april 2009 , we received 501 ( k ) clearance of our impella 5.0 , triggering an obligation to make the final$ 5.6 million milestone payment .
on may 15 , 2009 , we paid $ 1.75 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of our common stock .
this contingent payment will result in an increase to the carrying value of goodwill .
in june 2008 , we amended the lease for our facility in danvers , massachusetts .
the amendment extended the lease from february 28 , 2010 to february 28 , 2016 .
the lease continues to be accounted for as an operating lease .
the amendment changed the rent payments under the lease from $ 64350 per month to the following schedule : 2022 the base rent for july 2008 through october 2008 was $ 0 per month ; 2022 the base rent for november 2008 through june 2010 is $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 will be $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month. . | | | contractual obligations | payments due by fiscal year ( in $ 000 2019s ) total | payments due by fiscal year ( in $ 000 2019s ) less than 1 year | payments due by fiscal year ( in $ 000 2019s ) 1-3 years | payments due by fiscal year ( in $ 000 2019s ) 3-5 years | payments due by fiscal year ( in $ 000 2019s ) more than 5 years |
|---:|:------------------------------|:-------------------------------------------------------|:------------------------------------------------------------------|:-----------------------------------------------------------|:-----------------------------------------------------------|:-------------------------------------------------------------------|
| 0 | operating lease commitments | $ 10690 | $ 2313 | $ 4267 | $ 2592 | $ 1518 |
| 1 | contractual obligations ( 1 ) | 9457 | 4619 | 4838 | 2014 | 2014 |
| 2 | total obligations | $ 20147 | $ 6932 | $ 9105 | $ 2592 | $ 1518 | | purchases of short-term marketable securities , net of sales of short-term marketable securities during the quarter .
additionally , we incurred $ 3.8 million related to cash expenditures for property and equipment primarily on computer software projects and manufacturing equipment related to our expansion in ireland .
our financing activities during the year ended march 31 , 2009 provided cash of $ 46.2 million as compared to $ 2.1 million during the same period in the prior year .
cash provided by financing activities for the year ended march 31 , 2009 was primarily comprised of $ 42.0 million in net proceeds related to our august 2008 public offering and $ 5.0 million attributable to the exercise of stock options and proceeds from our employee stock purchase plan .
capital expenditures for fiscal 2010 are estimated to be $ 2.5 to $ 3.0 million , which relate primarily to our planned manufacturing capacity increases for impella in germany , our expansion in ireland , and software development projects .
our liquidity is influenced by our ability to sell our products in a competitive industry and our customers 2019 ability to pay for our products .
factors that may affect liquidity include our ability to penetrate the market for our products , maintain or reduce the length of the selling cycle , and collect cash from clients after our products are sold .
exclusive of activities involving any future acquisitions of products or companies that complement or augment our existing line of products , we believe that current available funds and cash generated from operations will provide sufficient liquidity to meet operating requirements for the foreseeable future .
we believe that our existing cash balances and cash flow from operations will be sufficient to meet our projected capital expenditures , working capital , and other cash requirements at least through the next 12 months .
we continue to review our long-term cash needs on a regular basis .
currently , we have no debt outstanding .
contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2009 and the effects such obligations are expected to have on our liquidity and cash flows in future periods .
payments due by fiscal year ( in $ 000 2019s ) contractual obligations total than 1 than 5 ._| | contractual obligations | payments due by fiscal year ( in $ 000 2019s ) total | payments due by fiscal year ( in $ 000 2019s ) less than 1 year | payments due by fiscal year ( in $ 000 2019s ) 1-3 years | payments due by fiscal year ( in $ 000 2019s ) 3-5 years | payments due by fiscal year ( in $ 000 2019s ) more than 5 years |
|---:|:------------------------------|:-------------------------------------------------------|:------------------------------------------------------------------|:-----------------------------------------------------------|:-----------------------------------------------------------|:-------------------------------------------------------------------|
| 0 | operating lease commitments | $ 10690 | $ 2313 | $ 4267 | $ 2592 | $ 1518 |
| 1 | contractual obligations ( 1 ) | 9457 | 4619 | 4838 | 2014 | 2014 |
| 2 | total obligations | $ 20147 | $ 6932 | $ 9105 | $ 2592 | $ 1518 |_( 1 ) contractual obligations represent future cash commitments and expected liabilities under agreements with third parties for clinical trials .
we have no long-term debt , capital leases or other material commitments for open purchase orders and clinical trial agreements at march 31 , 2009 other than those shown in the table above .
in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany .
the aggregate purchase price excluding contingent payments , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services .
at the time of the transaction , we agreed to make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to product sales and fda approvals in the amount of up to $ 16.8 million .
in january 2007 upon the sale of 1000 impella units , we paid $ 5.6 million in the form of common stock .
in june 2008 we received 510 ( k ) clearance of our impella 2.5 , and we paid $ 5.6 million in the form of common stock .
in april 2009 , we received 501 ( k ) clearance of our impella 5.0 , triggering an obligation to make the final$ 5.6 million milestone payment .
on may 15 , 2009 , we paid $ 1.75 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of our common stock .
this contingent payment will result in an increase to the carrying value of goodwill .
in june 2008 , we amended the lease for our facility in danvers , massachusetts .
the amendment extended the lease from february 28 , 2010 to february 28 , 2016 .
the lease continues to be accounted for as an operating lease .
the amendment changed the rent payments under the lease from $ 64350 per month to the following schedule : 2022 the base rent for july 2008 through october 2008 was $ 0 per month ; 2022 the base rent for november 2008 through june 2010 is $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 will be $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month. . | 2,009 | 56 | ABMD | Abiomed, Inc. | Healthcare | Medical Devices | Danvers, MA | 2018-01-01 | 815,094 | 1981 | what are the total contractual commitments , in millions? | 40294 | table_sum(total obligations, none) | purchases of short-term marketable securities , net of sales of short-term marketable securities during the quarter .
additionally , we incurred $ 3.8 million related to cash expenditures for property and equipment primarily on computer software projects and manufacturing equipment related to our expansion in ireland .
our financing activities during the year ended march 31 , 2009 provided cash of $ 46.2 million as compared to $ 2.1 million during the same period in the prior year .
cash provided by financing activities for the year ended march 31 , 2009 was primarily comprised of $ 42.0 million in net proceeds related to our august 2008 public offering and $ 5.0 million attributable to the exercise of stock options and proceeds from our employee stock purchase plan .
capital expenditures for fiscal 2010 are estimated to be $ 2.5 to $ 3.0 million , which relate primarily to our planned manufacturing capacity increases for impella in germany , our expansion in ireland , and software development projects .
our liquidity is influenced by our ability to sell our products in a competitive industry and our customers 2019 ability to pay for our products .
factors that may affect liquidity include our ability to penetrate the market for our products , maintain or reduce the length of the selling cycle , and collect cash from clients after our products are sold .
exclusive of activities involving any future acquisitions of products or companies that complement or augment our existing line of products , we believe that current available funds and cash generated from operations will provide sufficient liquidity to meet operating requirements for the foreseeable future .
we believe that our existing cash balances and cash flow from operations will be sufficient to meet our projected capital expenditures , working capital , and other cash requirements at least through the next 12 months .
we continue to review our long-term cash needs on a regular basis .
currently , we have no debt outstanding .
contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2009 and the effects such obligations are expected to have on our liquidity and cash flows in future periods .
payments due by fiscal year ( in $ 000 2019s ) contractual obligations total than 1 than 5 . | ( 1 ) contractual obligations represent future cash commitments and expected liabilities under agreements with third parties for clinical trials .
we have no long-term debt , capital leases or other material commitments for open purchase orders and clinical trial agreements at march 31 , 2009 other than those shown in the table above .
in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany .
the aggregate purchase price excluding contingent payments , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services .
at the time of the transaction , we agreed to make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to product sales and fda approvals in the amount of up to $ 16.8 million .
in january 2007 upon the sale of 1000 impella units , we paid $ 5.6 million in the form of common stock .
in june 2008 we received 510 ( k ) clearance of our impella 2.5 , and we paid $ 5.6 million in the form of common stock .
in april 2009 , we received 501 ( k ) clearance of our impella 5.0 , triggering an obligation to make the final$ 5.6 million milestone payment .
on may 15 , 2009 , we paid $ 1.75 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of our common stock .
this contingent payment will result in an increase to the carrying value of goodwill .
in june 2008 , we amended the lease for our facility in danvers , massachusetts .
the amendment extended the lease from february 28 , 2010 to february 28 , 2016 .
the lease continues to be accounted for as an operating lease .
the amendment changed the rent payments under the lease from $ 64350 per month to the following schedule : 2022 the base rent for july 2008 through october 2008 was $ 0 per month ; 2022 the base rent for november 2008 through june 2010 is $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 will be $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month. . | | | contractual obligations | payments due by fiscal year ( in $ 000 2019s ) total | payments due by fiscal year ( in $ 000 2019s ) less than 1 year | payments due by fiscal year ( in $ 000 2019s ) 1-3 years | payments due by fiscal year ( in $ 000 2019s ) 3-5 years | payments due by fiscal year ( in $ 000 2019s ) more than 5 years |
|---:|:------------------------------|:-------------------------------------------------------|:------------------------------------------------------------------|:-----------------------------------------------------------|:-----------------------------------------------------------|:-------------------------------------------------------------------|
| 0 | operating lease commitments | $ 10690 | $ 2313 | $ 4267 | $ 2592 | $ 1518 |
| 1 | contractual obligations ( 1 ) | 9457 | 4619 | 4838 | 2014 | 2014 |
| 2 | total obligations | $ 20147 | $ 6932 | $ 9105 | $ 2592 | $ 1518 | | purchases of short-term marketable securities , net of sales of short-term marketable securities during the quarter .
additionally , we incurred $ 3.8 million related to cash expenditures for property and equipment primarily on computer software projects and manufacturing equipment related to our expansion in ireland .
our financing activities during the year ended march 31 , 2009 provided cash of $ 46.2 million as compared to $ 2.1 million during the same period in the prior year .
cash provided by financing activities for the year ended march 31 , 2009 was primarily comprised of $ 42.0 million in net proceeds related to our august 2008 public offering and $ 5.0 million attributable to the exercise of stock options and proceeds from our employee stock purchase plan .
capital expenditures for fiscal 2010 are estimated to be $ 2.5 to $ 3.0 million , which relate primarily to our planned manufacturing capacity increases for impella in germany , our expansion in ireland , and software development projects .
our liquidity is influenced by our ability to sell our products in a competitive industry and our customers 2019 ability to pay for our products .
factors that may affect liquidity include our ability to penetrate the market for our products , maintain or reduce the length of the selling cycle , and collect cash from clients after our products are sold .
exclusive of activities involving any future acquisitions of products or companies that complement or augment our existing line of products , we believe that current available funds and cash generated from operations will provide sufficient liquidity to meet operating requirements for the foreseeable future .
we believe that our existing cash balances and cash flow from operations will be sufficient to meet our projected capital expenditures , working capital , and other cash requirements at least through the next 12 months .
we continue to review our long-term cash needs on a regular basis .
currently , we have no debt outstanding .
contractual obligations and commercial commitments the following table summarizes our contractual obligations at march 31 , 2009 and the effects such obligations are expected to have on our liquidity and cash flows in future periods .
payments due by fiscal year ( in $ 000 2019s ) contractual obligations total than 1 than 5 ._| | contractual obligations | payments due by fiscal year ( in $ 000 2019s ) total | payments due by fiscal year ( in $ 000 2019s ) less than 1 year | payments due by fiscal year ( in $ 000 2019s ) 1-3 years | payments due by fiscal year ( in $ 000 2019s ) 3-5 years | payments due by fiscal year ( in $ 000 2019s ) more than 5 years |
|---:|:------------------------------|:-------------------------------------------------------|:------------------------------------------------------------------|:-----------------------------------------------------------|:-----------------------------------------------------------|:-------------------------------------------------------------------|
| 0 | operating lease commitments | $ 10690 | $ 2313 | $ 4267 | $ 2592 | $ 1518 |
| 1 | contractual obligations ( 1 ) | 9457 | 4619 | 4838 | 2014 | 2014 |
| 2 | total obligations | $ 20147 | $ 6932 | $ 9105 | $ 2592 | $ 1518 |_( 1 ) contractual obligations represent future cash commitments and expected liabilities under agreements with third parties for clinical trials .
we have no long-term debt , capital leases or other material commitments for open purchase orders and clinical trial agreements at march 31 , 2009 other than those shown in the table above .
in may 2005 , we acquired all the shares of outstanding capital stock of impella cardiosystems ag , a company headquartered in aachen , germany .
the aggregate purchase price excluding contingent payments , was approximately $ 45.1 million , which consisted of $ 42.2 million of our common stock , $ 1.6 million of cash paid to certain former shareholders of impella and $ 1.3 million of transaction costs , consisting primarily of fees paid for financial advisory and legal services .
at the time of the transaction , we agreed to make additional contingent payments to impella 2019s former shareholders based on additional milestone payments related to product sales and fda approvals in the amount of up to $ 16.8 million .
in january 2007 upon the sale of 1000 impella units , we paid $ 5.6 million in the form of common stock .
in june 2008 we received 510 ( k ) clearance of our impella 2.5 , and we paid $ 5.6 million in the form of common stock .
in april 2009 , we received 501 ( k ) clearance of our impella 5.0 , triggering an obligation to make the final$ 5.6 million milestone payment .
on may 15 , 2009 , we paid $ 1.75 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of our common stock .
this contingent payment will result in an increase to the carrying value of goodwill .
in june 2008 , we amended the lease for our facility in danvers , massachusetts .
the amendment extended the lease from february 28 , 2010 to february 28 , 2016 .
the lease continues to be accounted for as an operating lease .
the amendment changed the rent payments under the lease from $ 64350 per month to the following schedule : 2022 the base rent for july 2008 through october 2008 was $ 0 per month ; 2022 the base rent for november 2008 through june 2010 is $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 will be $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month. . | 2,009 | 56 | ABMD | Abiomed, Inc. | Healthcare | Medical Devices | Danvers, MA | 2018-01-01 | 815,094 | 1981 | null | null |
finqa101 | what is the tax expense related to discontinued operations in 2013? | 7 | subtract(54, 47) | dish network corporation notes to consolidated financial statements - continued 9 .
acquisitions dbsd north america and terrestar transactions on march 2 , 2012 , the fcc approved the transfer of 40 mhz of aws-4 wireless spectrum licenses held by dbsd north america and terrestar to us .
on march 9 , 2012 , we completed the dbsd transaction and the terrestar transaction , pursuant to which we acquired , among other things , certain satellite assets and wireless spectrum licenses held by dbsd north america and terrestar .
in addition , during the fourth quarter 2011 , we and sprint entered into a mutual release and settlement agreement ( the 201csprint settlement agreement 201d ) pursuant to which all issues then being disputed relating to the dbsd transaction and the terrestar transaction were resolved between us and sprint , including , but not limited to , issues relating to costs allegedly incurred by sprint to relocate users from the spectrum then licensed to dbsd north america and terrestar .
the total consideration to acquire the dbsd north america and terrestar assets was approximately $ 2.860 billion .
this amount includes $ 1.364 billion for the dbsd transaction , $ 1.382 billion for the terrestar transaction , and the net payment of $ 114 million to sprint pursuant to the sprint settlement agreement .
see note 16 for further information .
as a result of these acquisitions , we recognized the acquired assets and assumed liabilities based on our estimates of fair value at their acquisition date , including $ 102 million in an uncertain tax position in 201clong-term deferred revenue , distribution and carriage payments and other long-term liabilities 201d on our consolidated balance sheets .
subsequently , in the third quarter 2013 , this uncertain tax position was resolved and $ 102 million was reversed and recorded as a decrease in 201cincome tax ( provision ) benefit , net 201d on our consolidated statements of operations and comprehensive income ( loss ) for the year ended december 31 , 2013 .
10 .
discontinued operations as of december 31 , 2013 , blockbuster had ceased all material operations .
accordingly , our consolidated balance sheets , consolidated statements of operations and comprehensive income ( loss ) and consolidated statements of cash flows have been recast to present blockbuster as discontinued operations for all periods presented and the amounts presented in the notes to our consolidated financial statements relate only to our continuing operations , unless otherwise noted .
during the years ended december 31 , 2013 , 2012 and 2011 , the revenue from our discontinued operations was $ 503 million , $ 1.085 billion and $ 974 million , respectively .
201cincome ( loss ) from discontinued operations , before income taxes 201d for the same periods was a loss of $ 54 million , $ 62 million and $ 3 million , respectively .
in addition , 201cincome ( loss ) from discontinued operations , net of tax 201d for the same periods was a loss of $ 47 million , $ 37 million and $ 7 million , respectively .
as of december 31 , 2013 , the net assets from our discontinued operations consisted of the following : december 31 , 2013 ( in thousands ) . | . | | | | as of december 31 2013 ( in thousands ) |
|---:|:---------------------------------------------------|:------------------------------------------|
| 0 | current assets from discontinued operations | $ 68239 |
| 1 | noncurrent assets from discontinued operations | 9965 |
| 2 | current liabilities from discontinued operations | -49471 ( 49471 ) |
| 3 | long-term liabilities from discontinued operations | -19804 ( 19804 ) |
| 4 | net assets from discontinued operations | $ 8929 | | dish network corporation notes to consolidated financial statements - continued 9 .
acquisitions dbsd north america and terrestar transactions on march 2 , 2012 , the fcc approved the transfer of 40 mhz of aws-4 wireless spectrum licenses held by dbsd north america and terrestar to us .
on march 9 , 2012 , we completed the dbsd transaction and the terrestar transaction , pursuant to which we acquired , among other things , certain satellite assets and wireless spectrum licenses held by dbsd north america and terrestar .
in addition , during the fourth quarter 2011 , we and sprint entered into a mutual release and settlement agreement ( the 201csprint settlement agreement 201d ) pursuant to which all issues then being disputed relating to the dbsd transaction and the terrestar transaction were resolved between us and sprint , including , but not limited to , issues relating to costs allegedly incurred by sprint to relocate users from the spectrum then licensed to dbsd north america and terrestar .
the total consideration to acquire the dbsd north america and terrestar assets was approximately $ 2.860 billion .
this amount includes $ 1.364 billion for the dbsd transaction , $ 1.382 billion for the terrestar transaction , and the net payment of $ 114 million to sprint pursuant to the sprint settlement agreement .
see note 16 for further information .
as a result of these acquisitions , we recognized the acquired assets and assumed liabilities based on our estimates of fair value at their acquisition date , including $ 102 million in an uncertain tax position in 201clong-term deferred revenue , distribution and carriage payments and other long-term liabilities 201d on our consolidated balance sheets .
subsequently , in the third quarter 2013 , this uncertain tax position was resolved and $ 102 million was reversed and recorded as a decrease in 201cincome tax ( provision ) benefit , net 201d on our consolidated statements of operations and comprehensive income ( loss ) for the year ended december 31 , 2013 .
10 .
discontinued operations as of december 31 , 2013 , blockbuster had ceased all material operations .
accordingly , our consolidated balance sheets , consolidated statements of operations and comprehensive income ( loss ) and consolidated statements of cash flows have been recast to present blockbuster as discontinued operations for all periods presented and the amounts presented in the notes to our consolidated financial statements relate only to our continuing operations , unless otherwise noted .
during the years ended december 31 , 2013 , 2012 and 2011 , the revenue from our discontinued operations was $ 503 million , $ 1.085 billion and $ 974 million , respectively .
201cincome ( loss ) from discontinued operations , before income taxes 201d for the same periods was a loss of $ 54 million , $ 62 million and $ 3 million , respectively .
in addition , 201cincome ( loss ) from discontinued operations , net of tax 201d for the same periods was a loss of $ 47 million , $ 37 million and $ 7 million , respectively .
as of december 31 , 2013 , the net assets from our discontinued operations consisted of the following : december 31 , 2013 ( in thousands ) ._| | | as of december 31 2013 ( in thousands ) |
|---:|:---------------------------------------------------|:------------------------------------------|
| 0 | current assets from discontinued operations | $ 68239 |
| 1 | noncurrent assets from discontinued operations | 9965 |
| 2 | current liabilities from discontinued operations | -49471 ( 49471 ) |
| 3 | long-term liabilities from discontinued operations | -19804 ( 19804 ) |
| 4 | net assets from discontinued operations | $ 8929 |_. | 2,013 | 138 | DISH | DISH Network Corporation | Communication Services | Cable & Satellite | Englewood, CO | 2004-01-01 | 1,001,082 | 1980 | what is the tax expense related to discontinued operations in 2013? | 7 | subtract(54, 47) | dish network corporation notes to consolidated financial statements - continued 9 .
acquisitions dbsd north america and terrestar transactions on march 2 , 2012 , the fcc approved the transfer of 40 mhz of aws-4 wireless spectrum licenses held by dbsd north america and terrestar to us .
on march 9 , 2012 , we completed the dbsd transaction and the terrestar transaction , pursuant to which we acquired , among other things , certain satellite assets and wireless spectrum licenses held by dbsd north america and terrestar .
in addition , during the fourth quarter 2011 , we and sprint entered into a mutual release and settlement agreement ( the 201csprint settlement agreement 201d ) pursuant to which all issues then being disputed relating to the dbsd transaction and the terrestar transaction were resolved between us and sprint , including , but not limited to , issues relating to costs allegedly incurred by sprint to relocate users from the spectrum then licensed to dbsd north america and terrestar .
the total consideration to acquire the dbsd north america and terrestar assets was approximately $ 2.860 billion .
this amount includes $ 1.364 billion for the dbsd transaction , $ 1.382 billion for the terrestar transaction , and the net payment of $ 114 million to sprint pursuant to the sprint settlement agreement .
see note 16 for further information .
as a result of these acquisitions , we recognized the acquired assets and assumed liabilities based on our estimates of fair value at their acquisition date , including $ 102 million in an uncertain tax position in 201clong-term deferred revenue , distribution and carriage payments and other long-term liabilities 201d on our consolidated balance sheets .
subsequently , in the third quarter 2013 , this uncertain tax position was resolved and $ 102 million was reversed and recorded as a decrease in 201cincome tax ( provision ) benefit , net 201d on our consolidated statements of operations and comprehensive income ( loss ) for the year ended december 31 , 2013 .
10 .
discontinued operations as of december 31 , 2013 , blockbuster had ceased all material operations .
accordingly , our consolidated balance sheets , consolidated statements of operations and comprehensive income ( loss ) and consolidated statements of cash flows have been recast to present blockbuster as discontinued operations for all periods presented and the amounts presented in the notes to our consolidated financial statements relate only to our continuing operations , unless otherwise noted .
during the years ended december 31 , 2013 , 2012 and 2011 , the revenue from our discontinued operations was $ 503 million , $ 1.085 billion and $ 974 million , respectively .
201cincome ( loss ) from discontinued operations , before income taxes 201d for the same periods was a loss of $ 54 million , $ 62 million and $ 3 million , respectively .
in addition , 201cincome ( loss ) from discontinued operations , net of tax 201d for the same periods was a loss of $ 47 million , $ 37 million and $ 7 million , respectively .
as of december 31 , 2013 , the net assets from our discontinued operations consisted of the following : december 31 , 2013 ( in thousands ) . | . | | | | as of december 31 2013 ( in thousands ) |
|---:|:---------------------------------------------------|:------------------------------------------|
| 0 | current assets from discontinued operations | $ 68239 |
| 1 | noncurrent assets from discontinued operations | 9965 |
| 2 | current liabilities from discontinued operations | -49471 ( 49471 ) |
| 3 | long-term liabilities from discontinued operations | -19804 ( 19804 ) |
| 4 | net assets from discontinued operations | $ 8929 | | dish network corporation notes to consolidated financial statements - continued 9 .
acquisitions dbsd north america and terrestar transactions on march 2 , 2012 , the fcc approved the transfer of 40 mhz of aws-4 wireless spectrum licenses held by dbsd north america and terrestar to us .
on march 9 , 2012 , we completed the dbsd transaction and the terrestar transaction , pursuant to which we acquired , among other things , certain satellite assets and wireless spectrum licenses held by dbsd north america and terrestar .
in addition , during the fourth quarter 2011 , we and sprint entered into a mutual release and settlement agreement ( the 201csprint settlement agreement 201d ) pursuant to which all issues then being disputed relating to the dbsd transaction and the terrestar transaction were resolved between us and sprint , including , but not limited to , issues relating to costs allegedly incurred by sprint to relocate users from the spectrum then licensed to dbsd north america and terrestar .
the total consideration to acquire the dbsd north america and terrestar assets was approximately $ 2.860 billion .
this amount includes $ 1.364 billion for the dbsd transaction , $ 1.382 billion for the terrestar transaction , and the net payment of $ 114 million to sprint pursuant to the sprint settlement agreement .
see note 16 for further information .
as a result of these acquisitions , we recognized the acquired assets and assumed liabilities based on our estimates of fair value at their acquisition date , including $ 102 million in an uncertain tax position in 201clong-term deferred revenue , distribution and carriage payments and other long-term liabilities 201d on our consolidated balance sheets .
subsequently , in the third quarter 2013 , this uncertain tax position was resolved and $ 102 million was reversed and recorded as a decrease in 201cincome tax ( provision ) benefit , net 201d on our consolidated statements of operations and comprehensive income ( loss ) for the year ended december 31 , 2013 .
10 .
discontinued operations as of december 31 , 2013 , blockbuster had ceased all material operations .
accordingly , our consolidated balance sheets , consolidated statements of operations and comprehensive income ( loss ) and consolidated statements of cash flows have been recast to present blockbuster as discontinued operations for all periods presented and the amounts presented in the notes to our consolidated financial statements relate only to our continuing operations , unless otherwise noted .
during the years ended december 31 , 2013 , 2012 and 2011 , the revenue from our discontinued operations was $ 503 million , $ 1.085 billion and $ 974 million , respectively .
201cincome ( loss ) from discontinued operations , before income taxes 201d for the same periods was a loss of $ 54 million , $ 62 million and $ 3 million , respectively .
in addition , 201cincome ( loss ) from discontinued operations , net of tax 201d for the same periods was a loss of $ 47 million , $ 37 million and $ 7 million , respectively .
as of december 31 , 2013 , the net assets from our discontinued operations consisted of the following : december 31 , 2013 ( in thousands ) ._| | | as of december 31 2013 ( in thousands ) |
|---:|:---------------------------------------------------|:------------------------------------------|
| 0 | current assets from discontinued operations | $ 68239 |
| 1 | noncurrent assets from discontinued operations | 9965 |
| 2 | current liabilities from discontinued operations | -49471 ( 49471 ) |
| 3 | long-term liabilities from discontinued operations | -19804 ( 19804 ) |
| 4 | net assets from discontinued operations | $ 8929 |_. | 2,013 | 138 | DISH | DISH Network Corporation | Communication Services | Cable & Satellite | Englewood, CO | 2004-01-01 | 1,001,082 | 1980 | null | null |
finqa102 | what was the difference in percentage return for pmi common stock compared to the s&p 500 index for the five years ended 2018? | 53.8% | subtract(divide(subtract(150.30, const_100), const_100), divide(subtract(96.50, const_100), const_100)) | performance graph the graph below compares the cumulative total shareholder return on pmi's common stock with the cumulative total return for the same period of pmi's peer group and the s&p 500 index .
the graph assumes the investment of $ 100 as of december 31 , 2013 , in pmi common stock ( at prices quoted on the new york stock exchange ) and each of the indices as of the market close and reinvestment of dividends on a quarterly basis .
date pmi pmi peer group ( 1 ) s&p 500 index . | ( 1 ) the pmi peer group presented in this graph is the same as that used in the prior year .
the pmi peer group was established based on a review of four characteristics : global presence ; a focus on consumer products ; and net revenues and a market capitalization of a similar size to those of pmi .
the review also considered the primary international tobacco companies .
as a result of this review , the following companies constitute the pmi peer group : altria group , inc. , anheuser-busch inbev sa/nv , british american tobacco p.l.c. , the coca-cola company , colgate-palmolive co. , diageo plc , heineken n.v. , imperial brands plc , japan tobacco inc. , johnson & johnson , kimberly-clark corporation , the kraft-heinz company , mcdonald's corp. , mondel z international , inc. , nestl e9 s.a. , pepsico , inc. , the procter & gamble company , roche holding ag , and unilever nv and plc .
note : figures are rounded to the nearest $ 0.10. . | | | date | pmi | pmi peer group ( 1 ) | s&p 500 index |
|---:|:-----------------|:---------|:-----------------------|:----------------|
| 0 | december 31 2013 | $ 100.00 | $ 100.00 | $ 100.00 |
| 1 | december 31 2014 | $ 97.90 | $ 107.80 | $ 113.70 |
| 2 | december 31 2015 | $ 111.00 | $ 116.80 | $ 115.30 |
| 3 | december 31 2016 | $ 120.50 | $ 118.40 | $ 129.00 |
| 4 | december 31 2017 | $ 144.50 | $ 140.50 | $ 157.20 |
| 5 | december 31 2018 | $ 96.50 | $ 127.70 | $ 150.30 | | performance graph the graph below compares the cumulative total shareholder return on pmi's common stock with the cumulative total return for the same period of pmi's peer group and the s&p 500 index .
the graph assumes the investment of $ 100 as of december 31 , 2013 , in pmi common stock ( at prices quoted on the new york stock exchange ) and each of the indices as of the market close and reinvestment of dividends on a quarterly basis .
date pmi pmi peer group ( 1 ) s&p 500 index ._| | date | pmi | pmi peer group ( 1 ) | s&p 500 index |
|---:|:-----------------|:---------|:-----------------------|:----------------|
| 0 | december 31 2013 | $ 100.00 | $ 100.00 | $ 100.00 |
| 1 | december 31 2014 | $ 97.90 | $ 107.80 | $ 113.70 |
| 2 | december 31 2015 | $ 111.00 | $ 116.80 | $ 115.30 |
| 3 | december 31 2016 | $ 120.50 | $ 118.40 | $ 129.00 |
| 4 | december 31 2017 | $ 144.50 | $ 140.50 | $ 157.20 |
| 5 | december 31 2018 | $ 96.50 | $ 127.70 | $ 150.30 |_( 1 ) the pmi peer group presented in this graph is the same as that used in the prior year .
the pmi peer group was established based on a review of four characteristics : global presence ; a focus on consumer products ; and net revenues and a market capitalization of a similar size to those of pmi .
the review also considered the primary international tobacco companies .
as a result of this review , the following companies constitute the pmi peer group : altria group , inc. , anheuser-busch inbev sa/nv , british american tobacco p.l.c. , the coca-cola company , colgate-palmolive co. , diageo plc , heineken n.v. , imperial brands plc , japan tobacco inc. , johnson & johnson , kimberly-clark corporation , the kraft-heinz company , mcdonald's corp. , mondel z international , inc. , nestl e9 s.a. , pepsico , inc. , the procter & gamble company , roche holding ag , and unilever nv and plc .
note : figures are rounded to the nearest $ 0.10. . | 2,018 | 24 | PM | Philip Morris International | Consumer Staples | Tobacco | New York City, New York | 2008-03-31 | 1,413,329 | 2008 (1847) | what was the difference in percentage return for pmi common stock compared to the s&p 500 index for the five years ended 2018? | 53.8% | subtract(divide(subtract(150.30, const_100), const_100), divide(subtract(96.50, const_100), const_100)) | performance graph the graph below compares the cumulative total shareholder return on pmi's common stock with the cumulative total return for the same period of pmi's peer group and the s&p 500 index .
the graph assumes the investment of $ 100 as of december 31 , 2013 , in pmi common stock ( at prices quoted on the new york stock exchange ) and each of the indices as of the market close and reinvestment of dividends on a quarterly basis .
date pmi pmi peer group ( 1 ) s&p 500 index . | ( 1 ) the pmi peer group presented in this graph is the same as that used in the prior year .
the pmi peer group was established based on a review of four characteristics : global presence ; a focus on consumer products ; and net revenues and a market capitalization of a similar size to those of pmi .
the review also considered the primary international tobacco companies .
as a result of this review , the following companies constitute the pmi peer group : altria group , inc. , anheuser-busch inbev sa/nv , british american tobacco p.l.c. , the coca-cola company , colgate-palmolive co. , diageo plc , heineken n.v. , imperial brands plc , japan tobacco inc. , johnson & johnson , kimberly-clark corporation , the kraft-heinz company , mcdonald's corp. , mondel z international , inc. , nestl e9 s.a. , pepsico , inc. , the procter & gamble company , roche holding ag , and unilever nv and plc .
note : figures are rounded to the nearest $ 0.10. . | | | date | pmi | pmi peer group ( 1 ) | s&p 500 index |
|---:|:-----------------|:---------|:-----------------------|:----------------|
| 0 | december 31 2013 | $ 100.00 | $ 100.00 | $ 100.00 |
| 1 | december 31 2014 | $ 97.90 | $ 107.80 | $ 113.70 |
| 2 | december 31 2015 | $ 111.00 | $ 116.80 | $ 115.30 |
| 3 | december 31 2016 | $ 120.50 | $ 118.40 | $ 129.00 |
| 4 | december 31 2017 | $ 144.50 | $ 140.50 | $ 157.20 |
| 5 | december 31 2018 | $ 96.50 | $ 127.70 | $ 150.30 | | performance graph the graph below compares the cumulative total shareholder return on pmi's common stock with the cumulative total return for the same period of pmi's peer group and the s&p 500 index .
the graph assumes the investment of $ 100 as of december 31 , 2013 , in pmi common stock ( at prices quoted on the new york stock exchange ) and each of the indices as of the market close and reinvestment of dividends on a quarterly basis .
date pmi pmi peer group ( 1 ) s&p 500 index ._| | date | pmi | pmi peer group ( 1 ) | s&p 500 index |
|---:|:-----------------|:---------|:-----------------------|:----------------|
| 0 | december 31 2013 | $ 100.00 | $ 100.00 | $ 100.00 |
| 1 | december 31 2014 | $ 97.90 | $ 107.80 | $ 113.70 |
| 2 | december 31 2015 | $ 111.00 | $ 116.80 | $ 115.30 |
| 3 | december 31 2016 | $ 120.50 | $ 118.40 | $ 129.00 |
| 4 | december 31 2017 | $ 144.50 | $ 140.50 | $ 157.20 |
| 5 | december 31 2018 | $ 96.50 | $ 127.70 | $ 150.30 |_( 1 ) the pmi peer group presented in this graph is the same as that used in the prior year .
the pmi peer group was established based on a review of four characteristics : global presence ; a focus on consumer products ; and net revenues and a market capitalization of a similar size to those of pmi .
the review also considered the primary international tobacco companies .
as a result of this review , the following companies constitute the pmi peer group : altria group , inc. , anheuser-busch inbev sa/nv , british american tobacco p.l.c. , the coca-cola company , colgate-palmolive co. , diageo plc , heineken n.v. , imperial brands plc , japan tobacco inc. , johnson & johnson , kimberly-clark corporation , the kraft-heinz company , mcdonald's corp. , mondel z international , inc. , nestl e9 s.a. , pepsico , inc. , the procter & gamble company , roche holding ag , and unilever nv and plc .
note : figures are rounded to the nearest $ 0.10. . | 2,018 | 24 | PM | Philip Morris International | Consumer Staples | Tobacco | New York City, New York | 2008-03-31 | 1,413,329 | 2008 (1847) | null | null |
finqa103 | what is the change in inventories net in millions between 2002 and 2003? | 270.1 | subtract(527.7, 257.6) | z i m m e r h o l d i n g s , i n c .
a n d s u b s i d i a r i e s 2 0 0 3 f o r m 1 0 - k notes to consolidated financial statements ( continued ) the unaudited pro forma results for 2003 include events or changes in circumstances indicate that the carrying $ 90.4 million of expense related to centerpulse hip and knee value of an asset may not be recoverable .
an impairment loss litigation , $ 54.4 million of cash income tax benefits as a result would be recognized when estimated future cash flows of centerpulse electing to carry back its 2002 u.s .
federal net relating to the asset are less than its carrying amount .
operating loss for 5 years versus 10 years , which resulted in depreciation of instruments is recognized as selling , general more losses being carried forward to future years and less and administrative expense , consistent with the classification tax credits going unutilized due to the shorter carry back of instrument cost in periods prior to january 1 , 2003 .
period and an $ 8.0 million gain on sale of orquest inc. , an prior to january 1 , 2003 , undeployed instruments were investment previously held by centerpulse .
the unaudited carried as a prepaid expense at cost , net of allowances for pro forma results are not necessarily indicative either of the obsolescence ( $ 54.8 million , net , at december 31 , 2002 ) , and results of operations that actually would have resulted had recognized in selling , general and administrative expense in the exchange offers been in effect at the beginning of the the year in which the instruments were placed into service .
respective years or of future results .
the new method of accounting for instruments was adopted to recognize the cost of these important assets of the transfx company 2019s business within the consolidated balance sheet on june 25 , 2003 , the company acquired the transfx and meaningfully allocate the cost of these assets over the external fixation system product line from immedica , inc .
periods benefited , typically five years .
for approximately $ 14.8 million cash , which has been the effect of the change during the year ended allocated primarily to goodwill and technology based december 31 , 2003 was to increase earnings before intangible assets .
the company has sold the transfx cumulative effect of change in accounting principle by product line since early 2001 under a distribution agreement $ 26.8 million ( $ 17.8 million net of tax ) , or $ 0.08 per diluted with immedica .
share .
the cumulative effect adjustment of $ 55.1 million ( net of income taxes of $ 34.0 million ) to retroactively apply the implex corp .
new capitalization method as if applied in years prior to 2003 on march 2 , 2004 , the company entered into an is included in earnings during the year ended december 31 , amended and restated merger agreement relating to the 2003 .
the pro forma amounts shown on the consolidated acquisition of implex corp .
( 2018 2018implex 2019 2019 ) , a privately held statement of earnings have been adjusted for the effect of orthopaedics company based in new jersey , for cash .
each the retroactive application on depreciation and related share of implex stock will be converted into the right to income taxes .
receive cash having an aggregate value of approximately $ 108.0 million at closing and additional cash earn-out 5 .
inventories payments that are contingent on the growth of implex inventories at december 31 , 2003 and 2002 , consist of product sales through 2006 .
the net value transferred at the following ( in millions ) : closing will be approximately $ 89 million , which includes . | made by zimmer to implex pursuant to their existing alliance raw materials and work in progress 90.8 50.9 arrangement , escrow and other items .
the acquisition will be inventory step-up 52.6 2013 accounted for under the purchase method of accounting .
inventories , net $ 527.7 $ 257.6 reserves for obsolete and slow-moving inventory at4 .
change in accounting principle december 31 , 2003 and 2002 were $ 47.4 million and instruments are hand held devices used by orthopaedic $ 45.5 million , respectively .
provisions charged to expense surgeons during total joint replacement and other surgical were $ 11.6 million , $ 6.0 million and $ 11.9 million for the procedures .
effective january 1 , 2003 , instruments are years ended december 31 , 2003 , 2002 and 2001 , respectively .
recognized as long-lived assets and are included in property , amounts written off against the reserve were $ 11.7 million , plant and equipment .
undeployed instruments are carried at $ 7.1 million and $ 8.5 million for the years ended cost , net of allowances for obsolescence .
instruments in the december 31 , 2003 , 2002 and 2001 , respectively .
field are carried at cost less accumulated depreciation .
following the acquisition of centerpulse , the company depreciation is computed using the straight-line method established a common approach for estimating excess based on average estimated useful lives , determined inventory and instruments .
this change in estimate resulted principally in reference to associated product life cycles , in a charge to earnings of $ 3.0 million after tax in the fourth primarily five years .
in accordance with sfas no .
144 , the quarter .
company reviews instruments for impairment whenever . | | | | 2003 | 2002 |
|---:|:-----------------------------------|:--------|:--------|
| 0 | finished goods | $ 384.3 | $ 206.7 |
| 1 | raw materials and work in progress | 90.8 | 50.9 |
| 2 | inventory step-up | 52.6 | 2013 |
| 3 | inventories net | $ 527.7 | $ 257.6 | | z i m m e r h o l d i n g s , i n c .
a n d s u b s i d i a r i e s 2 0 0 3 f o r m 1 0 - k notes to consolidated financial statements ( continued ) the unaudited pro forma results for 2003 include events or changes in circumstances indicate that the carrying $ 90.4 million of expense related to centerpulse hip and knee value of an asset may not be recoverable .
an impairment loss litigation , $ 54.4 million of cash income tax benefits as a result would be recognized when estimated future cash flows of centerpulse electing to carry back its 2002 u.s .
federal net relating to the asset are less than its carrying amount .
operating loss for 5 years versus 10 years , which resulted in depreciation of instruments is recognized as selling , general more losses being carried forward to future years and less and administrative expense , consistent with the classification tax credits going unutilized due to the shorter carry back of instrument cost in periods prior to january 1 , 2003 .
period and an $ 8.0 million gain on sale of orquest inc. , an prior to january 1 , 2003 , undeployed instruments were investment previously held by centerpulse .
the unaudited carried as a prepaid expense at cost , net of allowances for pro forma results are not necessarily indicative either of the obsolescence ( $ 54.8 million , net , at december 31 , 2002 ) , and results of operations that actually would have resulted had recognized in selling , general and administrative expense in the exchange offers been in effect at the beginning of the the year in which the instruments were placed into service .
respective years or of future results .
the new method of accounting for instruments was adopted to recognize the cost of these important assets of the transfx company 2019s business within the consolidated balance sheet on june 25 , 2003 , the company acquired the transfx and meaningfully allocate the cost of these assets over the external fixation system product line from immedica , inc .
periods benefited , typically five years .
for approximately $ 14.8 million cash , which has been the effect of the change during the year ended allocated primarily to goodwill and technology based december 31 , 2003 was to increase earnings before intangible assets .
the company has sold the transfx cumulative effect of change in accounting principle by product line since early 2001 under a distribution agreement $ 26.8 million ( $ 17.8 million net of tax ) , or $ 0.08 per diluted with immedica .
share .
the cumulative effect adjustment of $ 55.1 million ( net of income taxes of $ 34.0 million ) to retroactively apply the implex corp .
new capitalization method as if applied in years prior to 2003 on march 2 , 2004 , the company entered into an is included in earnings during the year ended december 31 , amended and restated merger agreement relating to the 2003 .
the pro forma amounts shown on the consolidated acquisition of implex corp .
( 2018 2018implex 2019 2019 ) , a privately held statement of earnings have been adjusted for the effect of orthopaedics company based in new jersey , for cash .
each the retroactive application on depreciation and related share of implex stock will be converted into the right to income taxes .
receive cash having an aggregate value of approximately $ 108.0 million at closing and additional cash earn-out 5 .
inventories payments that are contingent on the growth of implex inventories at december 31 , 2003 and 2002 , consist of product sales through 2006 .
the net value transferred at the following ( in millions ) : closing will be approximately $ 89 million , which includes ._| | | 2003 | 2002 |
|---:|:-----------------------------------|:--------|:--------|
| 0 | finished goods | $ 384.3 | $ 206.7 |
| 1 | raw materials and work in progress | 90.8 | 50.9 |
| 2 | inventory step-up | 52.6 | 2013 |
| 3 | inventories net | $ 527.7 | $ 257.6 |_made by zimmer to implex pursuant to their existing alliance raw materials and work in progress 90.8 50.9 arrangement , escrow and other items .
the acquisition will be inventory step-up 52.6 2013 accounted for under the purchase method of accounting .
inventories , net $ 527.7 $ 257.6 reserves for obsolete and slow-moving inventory at4 .
change in accounting principle december 31 , 2003 and 2002 were $ 47.4 million and instruments are hand held devices used by orthopaedic $ 45.5 million , respectively .
provisions charged to expense surgeons during total joint replacement and other surgical were $ 11.6 million , $ 6.0 million and $ 11.9 million for the procedures .
effective january 1 , 2003 , instruments are years ended december 31 , 2003 , 2002 and 2001 , respectively .
recognized as long-lived assets and are included in property , amounts written off against the reserve were $ 11.7 million , plant and equipment .
undeployed instruments are carried at $ 7.1 million and $ 8.5 million for the years ended cost , net of allowances for obsolescence .
instruments in the december 31 , 2003 , 2002 and 2001 , respectively .
field are carried at cost less accumulated depreciation .
following the acquisition of centerpulse , the company depreciation is computed using the straight-line method established a common approach for estimating excess based on average estimated useful lives , determined inventory and instruments .
this change in estimate resulted principally in reference to associated product life cycles , in a charge to earnings of $ 3.0 million after tax in the fourth primarily five years .
in accordance with sfas no .
144 , the quarter .
company reviews instruments for impairment whenever . | 2,003 | 58 | ZBH | Zimmer Biomet | Health Care | Health Care Equipment | Warsaw, Indiana | 2001-08-07 | 1,136,869 | 1927 | what is the change in inventories net in millions between 2002 and 2003? | 270.1 | subtract(527.7, 257.6) | z i m m e r h o l d i n g s , i n c .
a n d s u b s i d i a r i e s 2 0 0 3 f o r m 1 0 - k notes to consolidated financial statements ( continued ) the unaudited pro forma results for 2003 include events or changes in circumstances indicate that the carrying $ 90.4 million of expense related to centerpulse hip and knee value of an asset may not be recoverable .
an impairment loss litigation , $ 54.4 million of cash income tax benefits as a result would be recognized when estimated future cash flows of centerpulse electing to carry back its 2002 u.s .
federal net relating to the asset are less than its carrying amount .
operating loss for 5 years versus 10 years , which resulted in depreciation of instruments is recognized as selling , general more losses being carried forward to future years and less and administrative expense , consistent with the classification tax credits going unutilized due to the shorter carry back of instrument cost in periods prior to january 1 , 2003 .
period and an $ 8.0 million gain on sale of orquest inc. , an prior to january 1 , 2003 , undeployed instruments were investment previously held by centerpulse .
the unaudited carried as a prepaid expense at cost , net of allowances for pro forma results are not necessarily indicative either of the obsolescence ( $ 54.8 million , net , at december 31 , 2002 ) , and results of operations that actually would have resulted had recognized in selling , general and administrative expense in the exchange offers been in effect at the beginning of the the year in which the instruments were placed into service .
respective years or of future results .
the new method of accounting for instruments was adopted to recognize the cost of these important assets of the transfx company 2019s business within the consolidated balance sheet on june 25 , 2003 , the company acquired the transfx and meaningfully allocate the cost of these assets over the external fixation system product line from immedica , inc .
periods benefited , typically five years .
for approximately $ 14.8 million cash , which has been the effect of the change during the year ended allocated primarily to goodwill and technology based december 31 , 2003 was to increase earnings before intangible assets .
the company has sold the transfx cumulative effect of change in accounting principle by product line since early 2001 under a distribution agreement $ 26.8 million ( $ 17.8 million net of tax ) , or $ 0.08 per diluted with immedica .
share .
the cumulative effect adjustment of $ 55.1 million ( net of income taxes of $ 34.0 million ) to retroactively apply the implex corp .
new capitalization method as if applied in years prior to 2003 on march 2 , 2004 , the company entered into an is included in earnings during the year ended december 31 , amended and restated merger agreement relating to the 2003 .
the pro forma amounts shown on the consolidated acquisition of implex corp .
( 2018 2018implex 2019 2019 ) , a privately held statement of earnings have been adjusted for the effect of orthopaedics company based in new jersey , for cash .
each the retroactive application on depreciation and related share of implex stock will be converted into the right to income taxes .
receive cash having an aggregate value of approximately $ 108.0 million at closing and additional cash earn-out 5 .
inventories payments that are contingent on the growth of implex inventories at december 31 , 2003 and 2002 , consist of product sales through 2006 .
the net value transferred at the following ( in millions ) : closing will be approximately $ 89 million , which includes . | made by zimmer to implex pursuant to their existing alliance raw materials and work in progress 90.8 50.9 arrangement , escrow and other items .
the acquisition will be inventory step-up 52.6 2013 accounted for under the purchase method of accounting .
inventories , net $ 527.7 $ 257.6 reserves for obsolete and slow-moving inventory at4 .
change in accounting principle december 31 , 2003 and 2002 were $ 47.4 million and instruments are hand held devices used by orthopaedic $ 45.5 million , respectively .
provisions charged to expense surgeons during total joint replacement and other surgical were $ 11.6 million , $ 6.0 million and $ 11.9 million for the procedures .
effective january 1 , 2003 , instruments are years ended december 31 , 2003 , 2002 and 2001 , respectively .
recognized as long-lived assets and are included in property , amounts written off against the reserve were $ 11.7 million , plant and equipment .
undeployed instruments are carried at $ 7.1 million and $ 8.5 million for the years ended cost , net of allowances for obsolescence .
instruments in the december 31 , 2003 , 2002 and 2001 , respectively .
field are carried at cost less accumulated depreciation .
following the acquisition of centerpulse , the company depreciation is computed using the straight-line method established a common approach for estimating excess based on average estimated useful lives , determined inventory and instruments .
this change in estimate resulted principally in reference to associated product life cycles , in a charge to earnings of $ 3.0 million after tax in the fourth primarily five years .
in accordance with sfas no .
144 , the quarter .
company reviews instruments for impairment whenever . | | | | 2003 | 2002 |
|---:|:-----------------------------------|:--------|:--------|
| 0 | finished goods | $ 384.3 | $ 206.7 |
| 1 | raw materials and work in progress | 90.8 | 50.9 |
| 2 | inventory step-up | 52.6 | 2013 |
| 3 | inventories net | $ 527.7 | $ 257.6 | | z i m m e r h o l d i n g s , i n c .
a n d s u b s i d i a r i e s 2 0 0 3 f o r m 1 0 - k notes to consolidated financial statements ( continued ) the unaudited pro forma results for 2003 include events or changes in circumstances indicate that the carrying $ 90.4 million of expense related to centerpulse hip and knee value of an asset may not be recoverable .
an impairment loss litigation , $ 54.4 million of cash income tax benefits as a result would be recognized when estimated future cash flows of centerpulse electing to carry back its 2002 u.s .
federal net relating to the asset are less than its carrying amount .
operating loss for 5 years versus 10 years , which resulted in depreciation of instruments is recognized as selling , general more losses being carried forward to future years and less and administrative expense , consistent with the classification tax credits going unutilized due to the shorter carry back of instrument cost in periods prior to january 1 , 2003 .
period and an $ 8.0 million gain on sale of orquest inc. , an prior to january 1 , 2003 , undeployed instruments were investment previously held by centerpulse .
the unaudited carried as a prepaid expense at cost , net of allowances for pro forma results are not necessarily indicative either of the obsolescence ( $ 54.8 million , net , at december 31 , 2002 ) , and results of operations that actually would have resulted had recognized in selling , general and administrative expense in the exchange offers been in effect at the beginning of the the year in which the instruments were placed into service .
respective years or of future results .
the new method of accounting for instruments was adopted to recognize the cost of these important assets of the transfx company 2019s business within the consolidated balance sheet on june 25 , 2003 , the company acquired the transfx and meaningfully allocate the cost of these assets over the external fixation system product line from immedica , inc .
periods benefited , typically five years .
for approximately $ 14.8 million cash , which has been the effect of the change during the year ended allocated primarily to goodwill and technology based december 31 , 2003 was to increase earnings before intangible assets .
the company has sold the transfx cumulative effect of change in accounting principle by product line since early 2001 under a distribution agreement $ 26.8 million ( $ 17.8 million net of tax ) , or $ 0.08 per diluted with immedica .
share .
the cumulative effect adjustment of $ 55.1 million ( net of income taxes of $ 34.0 million ) to retroactively apply the implex corp .
new capitalization method as if applied in years prior to 2003 on march 2 , 2004 , the company entered into an is included in earnings during the year ended december 31 , amended and restated merger agreement relating to the 2003 .
the pro forma amounts shown on the consolidated acquisition of implex corp .
( 2018 2018implex 2019 2019 ) , a privately held statement of earnings have been adjusted for the effect of orthopaedics company based in new jersey , for cash .
each the retroactive application on depreciation and related share of implex stock will be converted into the right to income taxes .
receive cash having an aggregate value of approximately $ 108.0 million at closing and additional cash earn-out 5 .
inventories payments that are contingent on the growth of implex inventories at december 31 , 2003 and 2002 , consist of product sales through 2006 .
the net value transferred at the following ( in millions ) : closing will be approximately $ 89 million , which includes ._| | | 2003 | 2002 |
|---:|:-----------------------------------|:--------|:--------|
| 0 | finished goods | $ 384.3 | $ 206.7 |
| 1 | raw materials and work in progress | 90.8 | 50.9 |
| 2 | inventory step-up | 52.6 | 2013 |
| 3 | inventories net | $ 527.7 | $ 257.6 |_made by zimmer to implex pursuant to their existing alliance raw materials and work in progress 90.8 50.9 arrangement , escrow and other items .
the acquisition will be inventory step-up 52.6 2013 accounted for under the purchase method of accounting .
inventories , net $ 527.7 $ 257.6 reserves for obsolete and slow-moving inventory at4 .
change in accounting principle december 31 , 2003 and 2002 were $ 47.4 million and instruments are hand held devices used by orthopaedic $ 45.5 million , respectively .
provisions charged to expense surgeons during total joint replacement and other surgical were $ 11.6 million , $ 6.0 million and $ 11.9 million for the procedures .
effective january 1 , 2003 , instruments are years ended december 31 , 2003 , 2002 and 2001 , respectively .
recognized as long-lived assets and are included in property , amounts written off against the reserve were $ 11.7 million , plant and equipment .
undeployed instruments are carried at $ 7.1 million and $ 8.5 million for the years ended cost , net of allowances for obsolescence .
instruments in the december 31 , 2003 , 2002 and 2001 , respectively .
field are carried at cost less accumulated depreciation .
following the acquisition of centerpulse , the company depreciation is computed using the straight-line method established a common approach for estimating excess based on average estimated useful lives , determined inventory and instruments .
this change in estimate resulted principally in reference to associated product life cycles , in a charge to earnings of $ 3.0 million after tax in the fourth primarily five years .
in accordance with sfas no .
144 , the quarter .
company reviews instruments for impairment whenever . | 2,003 | 58 | ZBH | Zimmer Biomet | Health Care | Health Care Equipment | Warsaw, Indiana | 2001-08-07 | 1,136,869 | 1927 | null | null |
finqa104 | what was the average number of weighted average common shares outstanding for diluted computations from 2011 to 2013 | 331.6 | divide(add(add(add(326.5, 328.4), 339.9), const_3), const_2) | note 2 2013 restructuring charges 2013 actions during 2013 , we recorded charges related to certain severance actions totaling $ 201 million , net of state tax benefits , of which $ 83 million , $ 37 million , and $ 81 million related to our information systems & global solutions ( is&gs ) , mission systems and training ( mst ) , and space systems business segments .
these charges reduced our net earnings by $ 130 million ( $ .40 per share ) and primarily related to a plan we committed to in november 2013 to close and consolidate certain facilities and reduce our total workforce by approximately 4000 positions within our is&gs , mst , and space systems business segments .
these charges also include $ 30 million related to certain severance actions at our is&gs business segment that occurred in the first quarter of 2013 , which were subsequently paid in 2013 .
the november 2013 plan resulted from a strategic review of these businesses 2019 facility capacity and future workload projections and is intended to better align our organization and cost structure and improve the affordability of our products and services given the continued decline in u.s .
government spending as well as the rapidly changing competitive and economic landscape .
upon separation , terminated employees will receive lump-sum severance payments primarily based on years of service .
during 2013 , we paid approximately $ 15 million in severance payments associated with these actions , with the remainder expected to be paid through the middle of 2015 .
in addition to the severance charges described above , we expect to incur accelerated and incremental costs ( e.g. , accelerated depreciation expense related to long-lived assets at the sites to be closed , relocation of equipment and other employee related costs ) of approximately $ 15 million , $ 50 million , and $ 135 million at our is&gs , mst , and space systems business segments related to the facility closures and consolidations .
the accelerated and incremental costs will be expensed as incurred in the respective business segment 2019s results of operations through their completion in 2015 .
we expect to recover a substantial amount of the restructuring charges through the pricing of our products and services to the u.s .
government and other customers in future periods , with the impact included in the respective business segment 2019s results of operations .
2012 and 2011 actions during 2012 , we recorded charges related to certain severance actions totaling $ 48 million , net of state tax benefits , of which $ 25 million related to our aeronautics business segment and $ 23 million related to the reorganization of our former electronic systems business segment .
these charges reduced our net earnings by $ 31 million ( $ .09 per share ) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions .
these severance actions resulted from cost reduction initiatives to better align our organization with changing economic conditions .
upon separation , terminated employees received lump-sum severance payments primarily based on years of service , all of which were paid in 2013 .
during 2011 , we recorded charges related to certain severance actions totaling $ 136 million , net of state tax benefits , of which $ 49 million , $ 48 million , and $ 39 million related to our aeronautics , space systems , and our is&gs business segments and corporate headquarters .
these charges reduced our net earnings by $ 88 million ( $ .26 per share ) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions .
these severance actions resulted from a strategic review of these businesses and our corporate headquarters and are intended to better align our organization and cost structure with changing economic conditions .
the workforce reductions at the business segments also reflected changes in program lifecycles , where several of our major programs were either transitioning out of development and into production or were ending .
upon separation , terminated employees received lump-sum severance payments based on years of service .
during 2011 , we made approximately half of the severance payments associated with these 2011 severance actions , and paid the remaining amounts in 2012 .
note 3 2013 earnings per share the weighted average number of shares outstanding used to compute earnings per common share were as follows ( in millions ) : . | . | | | | 2013 | 2012 | 2011 |
|---:|:--------------------------------------------------------------------|-------:|-------:|-------:|
| 0 | weighted average common shares outstanding for basic computations | 320.9 | 323.7 | 335.9 |
| 1 | weighted average dilutive effect of equity awards | 5.6 | 4.7 | 4 |
| 2 | weighted average common shares outstanding for diluted computations | 326.5 | 328.4 | 339.9 | | note 2 2013 restructuring charges 2013 actions during 2013 , we recorded charges related to certain severance actions totaling $ 201 million , net of state tax benefits , of which $ 83 million , $ 37 million , and $ 81 million related to our information systems & global solutions ( is&gs ) , mission systems and training ( mst ) , and space systems business segments .
these charges reduced our net earnings by $ 130 million ( $ .40 per share ) and primarily related to a plan we committed to in november 2013 to close and consolidate certain facilities and reduce our total workforce by approximately 4000 positions within our is&gs , mst , and space systems business segments .
these charges also include $ 30 million related to certain severance actions at our is&gs business segment that occurred in the first quarter of 2013 , which were subsequently paid in 2013 .
the november 2013 plan resulted from a strategic review of these businesses 2019 facility capacity and future workload projections and is intended to better align our organization and cost structure and improve the affordability of our products and services given the continued decline in u.s .
government spending as well as the rapidly changing competitive and economic landscape .
upon separation , terminated employees will receive lump-sum severance payments primarily based on years of service .
during 2013 , we paid approximately $ 15 million in severance payments associated with these actions , with the remainder expected to be paid through the middle of 2015 .
in addition to the severance charges described above , we expect to incur accelerated and incremental costs ( e.g. , accelerated depreciation expense related to long-lived assets at the sites to be closed , relocation of equipment and other employee related costs ) of approximately $ 15 million , $ 50 million , and $ 135 million at our is&gs , mst , and space systems business segments related to the facility closures and consolidations .
the accelerated and incremental costs will be expensed as incurred in the respective business segment 2019s results of operations through their completion in 2015 .
we expect to recover a substantial amount of the restructuring charges through the pricing of our products and services to the u.s .
government and other customers in future periods , with the impact included in the respective business segment 2019s results of operations .
2012 and 2011 actions during 2012 , we recorded charges related to certain severance actions totaling $ 48 million , net of state tax benefits , of which $ 25 million related to our aeronautics business segment and $ 23 million related to the reorganization of our former electronic systems business segment .
these charges reduced our net earnings by $ 31 million ( $ .09 per share ) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions .
these severance actions resulted from cost reduction initiatives to better align our organization with changing economic conditions .
upon separation , terminated employees received lump-sum severance payments primarily based on years of service , all of which were paid in 2013 .
during 2011 , we recorded charges related to certain severance actions totaling $ 136 million , net of state tax benefits , of which $ 49 million , $ 48 million , and $ 39 million related to our aeronautics , space systems , and our is&gs business segments and corporate headquarters .
these charges reduced our net earnings by $ 88 million ( $ .26 per share ) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions .
these severance actions resulted from a strategic review of these businesses and our corporate headquarters and are intended to better align our organization and cost structure with changing economic conditions .
the workforce reductions at the business segments also reflected changes in program lifecycles , where several of our major programs were either transitioning out of development and into production or were ending .
upon separation , terminated employees received lump-sum severance payments based on years of service .
during 2011 , we made approximately half of the severance payments associated with these 2011 severance actions , and paid the remaining amounts in 2012 .
note 3 2013 earnings per share the weighted average number of shares outstanding used to compute earnings per common share were as follows ( in millions ) : ._| | | 2013 | 2012 | 2011 |
|---:|:--------------------------------------------------------------------|-------:|-------:|-------:|
| 0 | weighted average common shares outstanding for basic computations | 320.9 | 323.7 | 335.9 |
| 1 | weighted average dilutive effect of equity awards | 5.6 | 4.7 | 4 |
| 2 | weighted average common shares outstanding for diluted computations | 326.5 | 328.4 | 339.9 |_. | 2,013 | 74 | LMT | Lockheed Martin | Industrials | Aerospace & Defense | Bethesda, Maryland | 1957-03-04 | 936,468 | 1995 | what was the average number of weighted average common shares outstanding for diluted computations from 2011 to 2013 | 331.6 | divide(add(add(add(326.5, 328.4), 339.9), const_3), const_2) | note 2 2013 restructuring charges 2013 actions during 2013 , we recorded charges related to certain severance actions totaling $ 201 million , net of state tax benefits , of which $ 83 million , $ 37 million , and $ 81 million related to our information systems & global solutions ( is&gs ) , mission systems and training ( mst ) , and space systems business segments .
these charges reduced our net earnings by $ 130 million ( $ .40 per share ) and primarily related to a plan we committed to in november 2013 to close and consolidate certain facilities and reduce our total workforce by approximately 4000 positions within our is&gs , mst , and space systems business segments .
these charges also include $ 30 million related to certain severance actions at our is&gs business segment that occurred in the first quarter of 2013 , which were subsequently paid in 2013 .
the november 2013 plan resulted from a strategic review of these businesses 2019 facility capacity and future workload projections and is intended to better align our organization and cost structure and improve the affordability of our products and services given the continued decline in u.s .
government spending as well as the rapidly changing competitive and economic landscape .
upon separation , terminated employees will receive lump-sum severance payments primarily based on years of service .
during 2013 , we paid approximately $ 15 million in severance payments associated with these actions , with the remainder expected to be paid through the middle of 2015 .
in addition to the severance charges described above , we expect to incur accelerated and incremental costs ( e.g. , accelerated depreciation expense related to long-lived assets at the sites to be closed , relocation of equipment and other employee related costs ) of approximately $ 15 million , $ 50 million , and $ 135 million at our is&gs , mst , and space systems business segments related to the facility closures and consolidations .
the accelerated and incremental costs will be expensed as incurred in the respective business segment 2019s results of operations through their completion in 2015 .
we expect to recover a substantial amount of the restructuring charges through the pricing of our products and services to the u.s .
government and other customers in future periods , with the impact included in the respective business segment 2019s results of operations .
2012 and 2011 actions during 2012 , we recorded charges related to certain severance actions totaling $ 48 million , net of state tax benefits , of which $ 25 million related to our aeronautics business segment and $ 23 million related to the reorganization of our former electronic systems business segment .
these charges reduced our net earnings by $ 31 million ( $ .09 per share ) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions .
these severance actions resulted from cost reduction initiatives to better align our organization with changing economic conditions .
upon separation , terminated employees received lump-sum severance payments primarily based on years of service , all of which were paid in 2013 .
during 2011 , we recorded charges related to certain severance actions totaling $ 136 million , net of state tax benefits , of which $ 49 million , $ 48 million , and $ 39 million related to our aeronautics , space systems , and our is&gs business segments and corporate headquarters .
these charges reduced our net earnings by $ 88 million ( $ .26 per share ) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions .
these severance actions resulted from a strategic review of these businesses and our corporate headquarters and are intended to better align our organization and cost structure with changing economic conditions .
the workforce reductions at the business segments also reflected changes in program lifecycles , where several of our major programs were either transitioning out of development and into production or were ending .
upon separation , terminated employees received lump-sum severance payments based on years of service .
during 2011 , we made approximately half of the severance payments associated with these 2011 severance actions , and paid the remaining amounts in 2012 .
note 3 2013 earnings per share the weighted average number of shares outstanding used to compute earnings per common share were as follows ( in millions ) : . | . | | | | 2013 | 2012 | 2011 |
|---:|:--------------------------------------------------------------------|-------:|-------:|-------:|
| 0 | weighted average common shares outstanding for basic computations | 320.9 | 323.7 | 335.9 |
| 1 | weighted average dilutive effect of equity awards | 5.6 | 4.7 | 4 |
| 2 | weighted average common shares outstanding for diluted computations | 326.5 | 328.4 | 339.9 | | note 2 2013 restructuring charges 2013 actions during 2013 , we recorded charges related to certain severance actions totaling $ 201 million , net of state tax benefits , of which $ 83 million , $ 37 million , and $ 81 million related to our information systems & global solutions ( is&gs ) , mission systems and training ( mst ) , and space systems business segments .
these charges reduced our net earnings by $ 130 million ( $ .40 per share ) and primarily related to a plan we committed to in november 2013 to close and consolidate certain facilities and reduce our total workforce by approximately 4000 positions within our is&gs , mst , and space systems business segments .
these charges also include $ 30 million related to certain severance actions at our is&gs business segment that occurred in the first quarter of 2013 , which were subsequently paid in 2013 .
the november 2013 plan resulted from a strategic review of these businesses 2019 facility capacity and future workload projections and is intended to better align our organization and cost structure and improve the affordability of our products and services given the continued decline in u.s .
government spending as well as the rapidly changing competitive and economic landscape .
upon separation , terminated employees will receive lump-sum severance payments primarily based on years of service .
during 2013 , we paid approximately $ 15 million in severance payments associated with these actions , with the remainder expected to be paid through the middle of 2015 .
in addition to the severance charges described above , we expect to incur accelerated and incremental costs ( e.g. , accelerated depreciation expense related to long-lived assets at the sites to be closed , relocation of equipment and other employee related costs ) of approximately $ 15 million , $ 50 million , and $ 135 million at our is&gs , mst , and space systems business segments related to the facility closures and consolidations .
the accelerated and incremental costs will be expensed as incurred in the respective business segment 2019s results of operations through their completion in 2015 .
we expect to recover a substantial amount of the restructuring charges through the pricing of our products and services to the u.s .
government and other customers in future periods , with the impact included in the respective business segment 2019s results of operations .
2012 and 2011 actions during 2012 , we recorded charges related to certain severance actions totaling $ 48 million , net of state tax benefits , of which $ 25 million related to our aeronautics business segment and $ 23 million related to the reorganization of our former electronic systems business segment .
these charges reduced our net earnings by $ 31 million ( $ .09 per share ) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions .
these severance actions resulted from cost reduction initiatives to better align our organization with changing economic conditions .
upon separation , terminated employees received lump-sum severance payments primarily based on years of service , all of which were paid in 2013 .
during 2011 , we recorded charges related to certain severance actions totaling $ 136 million , net of state tax benefits , of which $ 49 million , $ 48 million , and $ 39 million related to our aeronautics , space systems , and our is&gs business segments and corporate headquarters .
these charges reduced our net earnings by $ 88 million ( $ .26 per share ) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions .
these severance actions resulted from a strategic review of these businesses and our corporate headquarters and are intended to better align our organization and cost structure with changing economic conditions .
the workforce reductions at the business segments also reflected changes in program lifecycles , where several of our major programs were either transitioning out of development and into production or were ending .
upon separation , terminated employees received lump-sum severance payments based on years of service .
during 2011 , we made approximately half of the severance payments associated with these 2011 severance actions , and paid the remaining amounts in 2012 .
note 3 2013 earnings per share the weighted average number of shares outstanding used to compute earnings per common share were as follows ( in millions ) : ._| | | 2013 | 2012 | 2011 |
|---:|:--------------------------------------------------------------------|-------:|-------:|-------:|
| 0 | weighted average common shares outstanding for basic computations | 320.9 | 323.7 | 335.9 |
| 1 | weighted average dilutive effect of equity awards | 5.6 | 4.7 | 4 |
| 2 | weighted average common shares outstanding for diluted computations | 326.5 | 328.4 | 339.9 |_. | 2,013 | 74 | LMT | Lockheed Martin | Industrials | Aerospace & Defense | Bethesda, Maryland | 1957-03-04 | 936,468 | 1995 | null | null |
finqa105 | what amount of long-term debt due in the next 24 months as of december 31 , 2003 , in millions? | 965.6 | divide(add(503215, 462420), const_1000) | entergy corporation notes to consolidated financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , certain series of which are secured by non-interest bearing first mortgage bonds .
( b ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on september 1 , 2005 and can then be remarketed .
( c ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on september 1 , 2004 and can then be remarketed .
( d ) the bonds had a mandatory tender date of october 1 , 2003 .
entergy louisiana purchased the bonds from the holders , pursuant to the mandatory tender provision , and has not remarketed the bonds at this time .
entergy louisiana used a combination of cash on hand and short-term borrowing to buy-in the bonds .
( e ) on june 1 , 2002 , entergy louisiana remarketed $ 55 million st .
charles parish pollution control revenue refunding bonds due 2030 , resetting the interest rate to 4.9% ( 4.9 % ) through may 2005 .
( f ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on june 1 , 2005 and can then be remarketed .
( g ) pursuant to the nuclear waste policy act of 1982 , entergy's nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service .
the contracts include a one-time fee for generation prior to april 7 , 1983 .
entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term ( h ) the fair value excludes lease obligations , long-term doe obligations , and other long-term debt and includes debt due within one year .
it is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms .
the annual long-term debt maturities ( excluding lease obligations ) for debt outstanding as of december 31 , 2003 , for the next five years are as follows: . | in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction .
entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing .
these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) .
in accordance with the purchase agreement with nypa , the purchase of indian point 2 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 .
this liability was recorded upon the purchase of indian point 2 in september 2001 , and is included in the note payable to nypa balance above .
in july 2003 , a payment of $ 102 million was made prior to maturity on the note payable to nypa .
under a provision in a letter of credit supporting these notes , if certain of the domestic utility companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit .
covenants in the entergy corporation notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization .
if entergy's debt ratio exceeds this limit , or if entergy or certain of the domestic utility companies default on other indebtedness or are in bankruptcy or insolvency proceedings , an acceleration of the notes' maturity dates may occur. . | | | | ( in thousands ) |
|---:|-----:|:-------------------|
| 0 | 2004 | $ 503215 |
| 1 | 2005 | $ 462420 |
| 2 | 2006 | $ 75896 |
| 3 | 2007 | $ 624539 |
| 4 | 2008 | $ 941625 | | entergy corporation notes to consolidated financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , certain series of which are secured by non-interest bearing first mortgage bonds .
( b ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on september 1 , 2005 and can then be remarketed .
( c ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on september 1 , 2004 and can then be remarketed .
( d ) the bonds had a mandatory tender date of october 1 , 2003 .
entergy louisiana purchased the bonds from the holders , pursuant to the mandatory tender provision , and has not remarketed the bonds at this time .
entergy louisiana used a combination of cash on hand and short-term borrowing to buy-in the bonds .
( e ) on june 1 , 2002 , entergy louisiana remarketed $ 55 million st .
charles parish pollution control revenue refunding bonds due 2030 , resetting the interest rate to 4.9% ( 4.9 % ) through may 2005 .
( f ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on june 1 , 2005 and can then be remarketed .
( g ) pursuant to the nuclear waste policy act of 1982 , entergy's nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service .
the contracts include a one-time fee for generation prior to april 7 , 1983 .
entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term ( h ) the fair value excludes lease obligations , long-term doe obligations , and other long-term debt and includes debt due within one year .
it is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms .
the annual long-term debt maturities ( excluding lease obligations ) for debt outstanding as of december 31 , 2003 , for the next five years are as follows: ._| | | ( in thousands ) |
|---:|-----:|:-------------------|
| 0 | 2004 | $ 503215 |
| 1 | 2005 | $ 462420 |
| 2 | 2006 | $ 75896 |
| 3 | 2007 | $ 624539 |
| 4 | 2008 | $ 941625 |_in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction .
entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing .
these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) .
in accordance with the purchase agreement with nypa , the purchase of indian point 2 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 .
this liability was recorded upon the purchase of indian point 2 in september 2001 , and is included in the note payable to nypa balance above .
in july 2003 , a payment of $ 102 million was made prior to maturity on the note payable to nypa .
under a provision in a letter of credit supporting these notes , if certain of the domestic utility companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit .
covenants in the entergy corporation notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization .
if entergy's debt ratio exceeds this limit , or if entergy or certain of the domestic utility companies default on other indebtedness or are in bankruptcy or insolvency proceedings , an acceleration of the notes' maturity dates may occur. . | 2,003 | 84 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | what amount of long-term debt due in the next 24 months as of december 31 , 2003 , in millions? | 965.6 | divide(add(503215, 462420), const_1000) | entergy corporation notes to consolidated financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , certain series of which are secured by non-interest bearing first mortgage bonds .
( b ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on september 1 , 2005 and can then be remarketed .
( c ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on september 1 , 2004 and can then be remarketed .
( d ) the bonds had a mandatory tender date of october 1 , 2003 .
entergy louisiana purchased the bonds from the holders , pursuant to the mandatory tender provision , and has not remarketed the bonds at this time .
entergy louisiana used a combination of cash on hand and short-term borrowing to buy-in the bonds .
( e ) on june 1 , 2002 , entergy louisiana remarketed $ 55 million st .
charles parish pollution control revenue refunding bonds due 2030 , resetting the interest rate to 4.9% ( 4.9 % ) through may 2005 .
( f ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on june 1 , 2005 and can then be remarketed .
( g ) pursuant to the nuclear waste policy act of 1982 , entergy's nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service .
the contracts include a one-time fee for generation prior to april 7 , 1983 .
entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term ( h ) the fair value excludes lease obligations , long-term doe obligations , and other long-term debt and includes debt due within one year .
it is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms .
the annual long-term debt maturities ( excluding lease obligations ) for debt outstanding as of december 31 , 2003 , for the next five years are as follows: . | in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction .
entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing .
these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) .
in accordance with the purchase agreement with nypa , the purchase of indian point 2 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 .
this liability was recorded upon the purchase of indian point 2 in september 2001 , and is included in the note payable to nypa balance above .
in july 2003 , a payment of $ 102 million was made prior to maturity on the note payable to nypa .
under a provision in a letter of credit supporting these notes , if certain of the domestic utility companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit .
covenants in the entergy corporation notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization .
if entergy's debt ratio exceeds this limit , or if entergy or certain of the domestic utility companies default on other indebtedness or are in bankruptcy or insolvency proceedings , an acceleration of the notes' maturity dates may occur. . | | | | ( in thousands ) |
|---:|-----:|:-------------------|
| 0 | 2004 | $ 503215 |
| 1 | 2005 | $ 462420 |
| 2 | 2006 | $ 75896 |
| 3 | 2007 | $ 624539 |
| 4 | 2008 | $ 941625 | | entergy corporation notes to consolidated financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , certain series of which are secured by non-interest bearing first mortgage bonds .
( b ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on september 1 , 2005 and can then be remarketed .
( c ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on september 1 , 2004 and can then be remarketed .
( d ) the bonds had a mandatory tender date of october 1 , 2003 .
entergy louisiana purchased the bonds from the holders , pursuant to the mandatory tender provision , and has not remarketed the bonds at this time .
entergy louisiana used a combination of cash on hand and short-term borrowing to buy-in the bonds .
( e ) on june 1 , 2002 , entergy louisiana remarketed $ 55 million st .
charles parish pollution control revenue refunding bonds due 2030 , resetting the interest rate to 4.9% ( 4.9 % ) through may 2005 .
( f ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on june 1 , 2005 and can then be remarketed .
( g ) pursuant to the nuclear waste policy act of 1982 , entergy's nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service .
the contracts include a one-time fee for generation prior to april 7 , 1983 .
entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term ( h ) the fair value excludes lease obligations , long-term doe obligations , and other long-term debt and includes debt due within one year .
it is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms .
the annual long-term debt maturities ( excluding lease obligations ) for debt outstanding as of december 31 , 2003 , for the next five years are as follows: ._| | | ( in thousands ) |
|---:|-----:|:-------------------|
| 0 | 2004 | $ 503215 |
| 1 | 2005 | $ 462420 |
| 2 | 2006 | $ 75896 |
| 3 | 2007 | $ 624539 |
| 4 | 2008 | $ 941625 |_in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction .
entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing .
these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) .
in accordance with the purchase agreement with nypa , the purchase of indian point 2 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 .
this liability was recorded upon the purchase of indian point 2 in september 2001 , and is included in the note payable to nypa balance above .
in july 2003 , a payment of $ 102 million was made prior to maturity on the note payable to nypa .
under a provision in a letter of credit supporting these notes , if certain of the domestic utility companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit .
covenants in the entergy corporation notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization .
if entergy's debt ratio exceeds this limit , or if entergy or certain of the domestic utility companies default on other indebtedness or are in bankruptcy or insolvency proceedings , an acceleration of the notes' maturity dates may occur. . | 2,003 | 84 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | null | null |
finqa106 | for the quarter ended march 312008 what was the percent of the change from the highest to the lowest of the company per share sale prices of common stock | 33.1% | divide(subtract(42.72, 32.10), 32.10) | part ii item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2008 and 2007. . | on february 13 , 2009 , the closing price of our common stock was $ 28.85 per share as reported on the nyse .
as of february 13 , 2009 , we had 397097677 outstanding shares of common stock and 499 registered holders .
dividends we have never paid a dividend on our common stock .
we anticipate that we may retain future earnings , if any , to fund the development and growth of our business .
the indentures governing our 7.50% ( 7.50 % ) senior notes due 2012 ( 201c7.50% ( 201c7.50 % ) notes 201d ) and our 7.125% ( 7.125 % ) senior notes due 2012 ( 201c7.125% ( 201c7.125 % ) notes 201d ) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants .
the loan agreement for our revolving credit facility and term loan , and the indentures governing the terms of our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes contain covenants that restrict our ability to pay dividends unless certain financial covenants are satisfied .
in addition , while spectrasite and its subsidiaries are classified as unrestricted subsidiaries under the indentures for our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes , certain of spectrasite 2019s subsidiaries are subject to restrictions on the amount of cash that they can distribute to us under the loan agreement related to our securitization transaction .
for more information about the restrictions under the loan agreement for the revolving credit facility and term loan , our notes indentures and the loan agreement related to our securitization transaction , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report. . | | | 2008 | high | low |
|---:|:---------------------------|:--------|:--------|
| 0 | quarter ended march 31 | $ 42.72 | $ 32.10 |
| 1 | quarter ended june 30 | 46.10 | 38.53 |
| 2 | quarter ended september 30 | 43.43 | 31.89 |
| 3 | quarter ended december 31 | 37.28 | 19.35 |
| 4 | 2007 | high | low |
| 5 | quarter ended march 31 | $ 41.31 | $ 36.63 |
| 6 | quarter ended june 30 | 43.84 | 37.64 |
| 7 | quarter ended september 30 | 45.45 | 36.34 |
| 8 | quarter ended december 31 | 46.53 | 40.08 | | part ii item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2008 and 2007. ._| | 2008 | high | low |
|---:|:---------------------------|:--------|:--------|
| 0 | quarter ended march 31 | $ 42.72 | $ 32.10 |
| 1 | quarter ended june 30 | 46.10 | 38.53 |
| 2 | quarter ended september 30 | 43.43 | 31.89 |
| 3 | quarter ended december 31 | 37.28 | 19.35 |
| 4 | 2007 | high | low |
| 5 | quarter ended march 31 | $ 41.31 | $ 36.63 |
| 6 | quarter ended june 30 | 43.84 | 37.64 |
| 7 | quarter ended september 30 | 45.45 | 36.34 |
| 8 | quarter ended december 31 | 46.53 | 40.08 |_on february 13 , 2009 , the closing price of our common stock was $ 28.85 per share as reported on the nyse .
as of february 13 , 2009 , we had 397097677 outstanding shares of common stock and 499 registered holders .
dividends we have never paid a dividend on our common stock .
we anticipate that we may retain future earnings , if any , to fund the development and growth of our business .
the indentures governing our 7.50% ( 7.50 % ) senior notes due 2012 ( 201c7.50% ( 201c7.50 % ) notes 201d ) and our 7.125% ( 7.125 % ) senior notes due 2012 ( 201c7.125% ( 201c7.125 % ) notes 201d ) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants .
the loan agreement for our revolving credit facility and term loan , and the indentures governing the terms of our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes contain covenants that restrict our ability to pay dividends unless certain financial covenants are satisfied .
in addition , while spectrasite and its subsidiaries are classified as unrestricted subsidiaries under the indentures for our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes , certain of spectrasite 2019s subsidiaries are subject to restrictions on the amount of cash that they can distribute to us under the loan agreement related to our securitization transaction .
for more information about the restrictions under the loan agreement for the revolving credit facility and term loan , our notes indentures and the loan agreement related to our securitization transaction , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report. . | 2,008 | 32 | AMT | American Tower | Real Estate | Telecom Tower REITs | Boston, Massachusetts | 2007-11-19 | 1,053,507 | 1995 | for the quarter ended march 312008 what was the percent of the change from the highest to the lowest of the company per share sale prices of common stock | 33.1% | divide(subtract(42.72, 32.10), 32.10) | part ii item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2008 and 2007. . | on february 13 , 2009 , the closing price of our common stock was $ 28.85 per share as reported on the nyse .
as of february 13 , 2009 , we had 397097677 outstanding shares of common stock and 499 registered holders .
dividends we have never paid a dividend on our common stock .
we anticipate that we may retain future earnings , if any , to fund the development and growth of our business .
the indentures governing our 7.50% ( 7.50 % ) senior notes due 2012 ( 201c7.50% ( 201c7.50 % ) notes 201d ) and our 7.125% ( 7.125 % ) senior notes due 2012 ( 201c7.125% ( 201c7.125 % ) notes 201d ) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants .
the loan agreement for our revolving credit facility and term loan , and the indentures governing the terms of our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes contain covenants that restrict our ability to pay dividends unless certain financial covenants are satisfied .
in addition , while spectrasite and its subsidiaries are classified as unrestricted subsidiaries under the indentures for our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes , certain of spectrasite 2019s subsidiaries are subject to restrictions on the amount of cash that they can distribute to us under the loan agreement related to our securitization transaction .
for more information about the restrictions under the loan agreement for the revolving credit facility and term loan , our notes indentures and the loan agreement related to our securitization transaction , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report. . | | | 2008 | high | low |
|---:|:---------------------------|:--------|:--------|
| 0 | quarter ended march 31 | $ 42.72 | $ 32.10 |
| 1 | quarter ended june 30 | 46.10 | 38.53 |
| 2 | quarter ended september 30 | 43.43 | 31.89 |
| 3 | quarter ended december 31 | 37.28 | 19.35 |
| 4 | 2007 | high | low |
| 5 | quarter ended march 31 | $ 41.31 | $ 36.63 |
| 6 | quarter ended june 30 | 43.84 | 37.64 |
| 7 | quarter ended september 30 | 45.45 | 36.34 |
| 8 | quarter ended december 31 | 46.53 | 40.08 | | part ii item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2008 and 2007. ._| | 2008 | high | low |
|---:|:---------------------------|:--------|:--------|
| 0 | quarter ended march 31 | $ 42.72 | $ 32.10 |
| 1 | quarter ended june 30 | 46.10 | 38.53 |
| 2 | quarter ended september 30 | 43.43 | 31.89 |
| 3 | quarter ended december 31 | 37.28 | 19.35 |
| 4 | 2007 | high | low |
| 5 | quarter ended march 31 | $ 41.31 | $ 36.63 |
| 6 | quarter ended june 30 | 43.84 | 37.64 |
| 7 | quarter ended september 30 | 45.45 | 36.34 |
| 8 | quarter ended december 31 | 46.53 | 40.08 |_on february 13 , 2009 , the closing price of our common stock was $ 28.85 per share as reported on the nyse .
as of february 13 , 2009 , we had 397097677 outstanding shares of common stock and 499 registered holders .
dividends we have never paid a dividend on our common stock .
we anticipate that we may retain future earnings , if any , to fund the development and growth of our business .
the indentures governing our 7.50% ( 7.50 % ) senior notes due 2012 ( 201c7.50% ( 201c7.50 % ) notes 201d ) and our 7.125% ( 7.125 % ) senior notes due 2012 ( 201c7.125% ( 201c7.125 % ) notes 201d ) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants .
the loan agreement for our revolving credit facility and term loan , and the indentures governing the terms of our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes contain covenants that restrict our ability to pay dividends unless certain financial covenants are satisfied .
in addition , while spectrasite and its subsidiaries are classified as unrestricted subsidiaries under the indentures for our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes , certain of spectrasite 2019s subsidiaries are subject to restrictions on the amount of cash that they can distribute to us under the loan agreement related to our securitization transaction .
for more information about the restrictions under the loan agreement for the revolving credit facility and term loan , our notes indentures and the loan agreement related to our securitization transaction , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report. . | 2,008 | 32 | AMT | American Tower | Real Estate | Telecom Tower REITs | Boston, Massachusetts | 2007-11-19 | 1,053,507 | 1995 | null | null |
finqa107 | what was the average price of shares repurchased in 2010? | 48 | divide(240.0, const_5) | investment advisory revenues earned on the other investment portfolios that we manage decreased $ 44 million , or 8.5% ( 8.5 % ) , to $ 477.8 million in 2009 .
average assets in these portfolios were $ 129.5 billion during 2009 , down $ 12.6 billion or 9% ( 9 % ) from 2008 .
other investment portfolio assets under management increased $ 46.7 billion during 2009 , including $ 36.5 billion in market gains and income and $ 10.2 billion of net inflows , primarily from institutional investors .
net inflows include $ 1.3 billion transferred from the stock and blended asset mutual funds during 2009 .
administrative fees decreased $ 35 million , or 10% ( 10 % ) , to $ 319 million in 2009 .
this change includes a $ 4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $ 31 million reduction in our mutual fund servicing revenue , which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions .
changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors .
our largest expense , compensation and related costs , decreased $ 42 million , or 5% ( 5 % ) , from 2008 to $ 773 million in 2009 .
the largest part of this decrease is attributable to a $ 19 million reduction in our annual bonus program .
reductions in the use of outside contractors lowered 2009 costs $ 14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses .
average headcount in 2009 was down 5.4% ( 5.4 % ) from 2008 due to attrition , retirements and our workforce reduction in april 2009 .
advertising and promotion expenditures were down $ 31 million , or 30% ( 30 % ) , versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment .
depreciation expense and other occupancy and facility costs together increased $ 4 million , or 2.5% ( 2.5 % ) compared to 2008 , as we moderated or delayed our capital spending and facility growth plans .
other operating expenses decreased $ 33 million , or 18% ( 18 % ) from 2008 , including a decline of $ 4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries .
our cost control efforts resulted in the remaining expense reductions , including lower professional fees and travel and related costs .
our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 .
the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 .
the following table details our related mutual fund investment gains and losses ( in millions ) during the two years ended december 31 , 2009. . | lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments .
the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 .
our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) .
c a p i t a l r e s o u r c e s a n d l i q u i d i t y .
during 2010 , stockholders 2019 equity increased from $ 2.9 billion to $ 3.3 billion .
we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010 .
tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion .
given the availability of these financial resources , we do not maintain an available external source of liquidity .
t .
rowe price group annual report 2010 . | | | | 2008 | 2009 | change |
|---:|:------------------------------------------------|:-----------------|:-----------------|:-------------|
| 0 | other than temporary impairments recognized | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2 |
| 1 | capital gain distributions received | 5.6 | 2.0 | -3.6 ( 3.6 ) |
| 2 | net gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 ) | 7.4 | 11.9 |
| 3 | net loss recognized on fund holdings | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5 | | investment advisory revenues earned on the other investment portfolios that we manage decreased $ 44 million , or 8.5% ( 8.5 % ) , to $ 477.8 million in 2009 .
average assets in these portfolios were $ 129.5 billion during 2009 , down $ 12.6 billion or 9% ( 9 % ) from 2008 .
other investment portfolio assets under management increased $ 46.7 billion during 2009 , including $ 36.5 billion in market gains and income and $ 10.2 billion of net inflows , primarily from institutional investors .
net inflows include $ 1.3 billion transferred from the stock and blended asset mutual funds during 2009 .
administrative fees decreased $ 35 million , or 10% ( 10 % ) , to $ 319 million in 2009 .
this change includes a $ 4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $ 31 million reduction in our mutual fund servicing revenue , which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions .
changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors .
our largest expense , compensation and related costs , decreased $ 42 million , or 5% ( 5 % ) , from 2008 to $ 773 million in 2009 .
the largest part of this decrease is attributable to a $ 19 million reduction in our annual bonus program .
reductions in the use of outside contractors lowered 2009 costs $ 14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses .
average headcount in 2009 was down 5.4% ( 5.4 % ) from 2008 due to attrition , retirements and our workforce reduction in april 2009 .
advertising and promotion expenditures were down $ 31 million , or 30% ( 30 % ) , versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment .
depreciation expense and other occupancy and facility costs together increased $ 4 million , or 2.5% ( 2.5 % ) compared to 2008 , as we moderated or delayed our capital spending and facility growth plans .
other operating expenses decreased $ 33 million , or 18% ( 18 % ) from 2008 , including a decline of $ 4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries .
our cost control efforts resulted in the remaining expense reductions , including lower professional fees and travel and related costs .
our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 .
the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 .
the following table details our related mutual fund investment gains and losses ( in millions ) during the two years ended december 31 , 2009. ._| | | 2008 | 2009 | change |
|---:|:------------------------------------------------|:-----------------|:-----------------|:-------------|
| 0 | other than temporary impairments recognized | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2 |
| 1 | capital gain distributions received | 5.6 | 2.0 | -3.6 ( 3.6 ) |
| 2 | net gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 ) | 7.4 | 11.9 |
| 3 | net loss recognized on fund holdings | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5 |_lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments .
the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 .
our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) .
c a p i t a l r e s o u r c e s a n d l i q u i d i t y .
during 2010 , stockholders 2019 equity increased from $ 2.9 billion to $ 3.3 billion .
we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010 .
tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion .
given the availability of these financial resources , we do not maintain an available external source of liquidity .
t .
rowe price group annual report 2010 . | 2,010 | 22 | TROW | T. Rowe Price | Financials | Asset Management & Custody Banks | Baltimore, Maryland | 2019-07-29 | 1,113,169 | 1937 | what was the average price of shares repurchased in 2010? | 48 | divide(240.0, const_5) | investment advisory revenues earned on the other investment portfolios that we manage decreased $ 44 million , or 8.5% ( 8.5 % ) , to $ 477.8 million in 2009 .
average assets in these portfolios were $ 129.5 billion during 2009 , down $ 12.6 billion or 9% ( 9 % ) from 2008 .
other investment portfolio assets under management increased $ 46.7 billion during 2009 , including $ 36.5 billion in market gains and income and $ 10.2 billion of net inflows , primarily from institutional investors .
net inflows include $ 1.3 billion transferred from the stock and blended asset mutual funds during 2009 .
administrative fees decreased $ 35 million , or 10% ( 10 % ) , to $ 319 million in 2009 .
this change includes a $ 4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $ 31 million reduction in our mutual fund servicing revenue , which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions .
changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors .
our largest expense , compensation and related costs , decreased $ 42 million , or 5% ( 5 % ) , from 2008 to $ 773 million in 2009 .
the largest part of this decrease is attributable to a $ 19 million reduction in our annual bonus program .
reductions in the use of outside contractors lowered 2009 costs $ 14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses .
average headcount in 2009 was down 5.4% ( 5.4 % ) from 2008 due to attrition , retirements and our workforce reduction in april 2009 .
advertising and promotion expenditures were down $ 31 million , or 30% ( 30 % ) , versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment .
depreciation expense and other occupancy and facility costs together increased $ 4 million , or 2.5% ( 2.5 % ) compared to 2008 , as we moderated or delayed our capital spending and facility growth plans .
other operating expenses decreased $ 33 million , or 18% ( 18 % ) from 2008 , including a decline of $ 4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries .
our cost control efforts resulted in the remaining expense reductions , including lower professional fees and travel and related costs .
our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 .
the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 .
the following table details our related mutual fund investment gains and losses ( in millions ) during the two years ended december 31 , 2009. . | lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments .
the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 .
our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) .
c a p i t a l r e s o u r c e s a n d l i q u i d i t y .
during 2010 , stockholders 2019 equity increased from $ 2.9 billion to $ 3.3 billion .
we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010 .
tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion .
given the availability of these financial resources , we do not maintain an available external source of liquidity .
t .
rowe price group annual report 2010 . | | | | 2008 | 2009 | change |
|---:|:------------------------------------------------|:-----------------|:-----------------|:-------------|
| 0 | other than temporary impairments recognized | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2 |
| 1 | capital gain distributions received | 5.6 | 2.0 | -3.6 ( 3.6 ) |
| 2 | net gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 ) | 7.4 | 11.9 |
| 3 | net loss recognized on fund holdings | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5 | | investment advisory revenues earned on the other investment portfolios that we manage decreased $ 44 million , or 8.5% ( 8.5 % ) , to $ 477.8 million in 2009 .
average assets in these portfolios were $ 129.5 billion during 2009 , down $ 12.6 billion or 9% ( 9 % ) from 2008 .
other investment portfolio assets under management increased $ 46.7 billion during 2009 , including $ 36.5 billion in market gains and income and $ 10.2 billion of net inflows , primarily from institutional investors .
net inflows include $ 1.3 billion transferred from the stock and blended asset mutual funds during 2009 .
administrative fees decreased $ 35 million , or 10% ( 10 % ) , to $ 319 million in 2009 .
this change includes a $ 4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $ 31 million reduction in our mutual fund servicing revenue , which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions .
changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors .
our largest expense , compensation and related costs , decreased $ 42 million , or 5% ( 5 % ) , from 2008 to $ 773 million in 2009 .
the largest part of this decrease is attributable to a $ 19 million reduction in our annual bonus program .
reductions in the use of outside contractors lowered 2009 costs $ 14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses .
average headcount in 2009 was down 5.4% ( 5.4 % ) from 2008 due to attrition , retirements and our workforce reduction in april 2009 .
advertising and promotion expenditures were down $ 31 million , or 30% ( 30 % ) , versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment .
depreciation expense and other occupancy and facility costs together increased $ 4 million , or 2.5% ( 2.5 % ) compared to 2008 , as we moderated or delayed our capital spending and facility growth plans .
other operating expenses decreased $ 33 million , or 18% ( 18 % ) from 2008 , including a decline of $ 4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries .
our cost control efforts resulted in the remaining expense reductions , including lower professional fees and travel and related costs .
our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 .
the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 .
the following table details our related mutual fund investment gains and losses ( in millions ) during the two years ended december 31 , 2009. ._| | | 2008 | 2009 | change |
|---:|:------------------------------------------------|:-----------------|:-----------------|:-------------|
| 0 | other than temporary impairments recognized | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2 |
| 1 | capital gain distributions received | 5.6 | 2.0 | -3.6 ( 3.6 ) |
| 2 | net gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 ) | 7.4 | 11.9 |
| 3 | net loss recognized on fund holdings | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5 |_lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments .
the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 .
our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) .
c a p i t a l r e s o u r c e s a n d l i q u i d i t y .
during 2010 , stockholders 2019 equity increased from $ 2.9 billion to $ 3.3 billion .
we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010 .
tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion .
given the availability of these financial resources , we do not maintain an available external source of liquidity .
t .
rowe price group annual report 2010 . | 2,010 | 22 | TROW | T. Rowe Price | Financials | Asset Management & Custody Banks | Baltimore, Maryland | 2019-07-29 | 1,113,169 | 1937 | null | null |
finqa108 | in 2008 what was the percent of the total operating revenues that was associated with other revenues | 4.74% | divide(852, 17970) | will continue to seek recovery from our customers through our fuel surcharge programs and expand our fuel conservation efforts .
2022 capital plan 2013 in 2009 , we expect our total capital investments to be approximately $ 2.8 billion ( which may be revised if business conditions or new laws or regulations affect our ability to generate sufficient returns on these investments ) .
see further discussion in this item 7 under liquidity and capital resources 2013 capital plan .
2022 financial expectations 2013 we are cautious about the economic environment ; however , we anticipate continued pricing opportunities , network improvement , and increased productivity in 2009 .
results of operations operating revenues millions of dollars 2008 2007 2006 % ( % ) change 2008 v 2007 % ( % ) change 2007 v 2006 . | freight revenues are revenues generated by transporting freight or other materials from our six commodity groups .
freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) .
arc is driven by changes in price , traffic mix and fuel surcharges .
as a result of contractual obligations with some of our customers , we have provided incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as a reduction to freight revenues based on the actual or projected future shipments .
we recognize freight revenues on a percentage-of- completion basis as freight moves from origin to destination .
we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them .
other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage .
we recognize other revenues as we perform services or meet contractual obligations .
freight revenues from five of the six commodity groups increased during 2008 , with particularly strong growth from agricultural and energy shipments .
while revenues generated from chemical and industrial products shipments grew in 2008 compared to 2007 , hurricanes gustav and ike reduced shipments of these commodities .
revenues generated from automotive shipments declined versus 2007 .
greater fuel cost recoveries and core pricing improvement combined to increase arc during 2008 .
fuel cost recoveries include fuel surcharge revenue and the impact of resetting the base fuel price for certain traffic , as described below in more detail .
the severe economic downturn during the fourth quarter compounded already declining volumes experienced during the first nine months of 2008 due to ongoing weakness in certain market sectors .
as a result , we moved fewer intermodal , automotive , industrial products , and chemical shipments , which more than offset volume growth from agricultural and energy shipments .
our fuel surcharge programs ( excluding index-based contract escalators that contain some provision for fuel ) generated $ 2.3 billion in freight revenues during 2008 .
fuel surcharge revenue is not comparable to prior periods due to the implementation of new mileage-based fuel surcharge programs beginning in april 2007 for regulated traffic .
as previously disclosed in our 2006 annual report on form 10-k , the stb . | | | millions of dollars | 2008 | 2007 | 2006 | % ( % ) change 2008 v 2007 | % ( % ) change 2007 v 2006 |
|---:|:----------------------|:--------|:--------|:--------|:------------------------------|:------------------------------|
| 0 | freight revenues | $ 17118 | $ 15486 | $ 14791 | 11% ( 11 % ) | 5% ( 5 % ) |
| 1 | other revenues | 852 | 797 | 787 | 7 | 1 |
| 2 | total | $ 17970 | $ 16283 | $ 15578 | 10% ( 10 % ) | 5% ( 5 % ) | | will continue to seek recovery from our customers through our fuel surcharge programs and expand our fuel conservation efforts .
2022 capital plan 2013 in 2009 , we expect our total capital investments to be approximately $ 2.8 billion ( which may be revised if business conditions or new laws or regulations affect our ability to generate sufficient returns on these investments ) .
see further discussion in this item 7 under liquidity and capital resources 2013 capital plan .
2022 financial expectations 2013 we are cautious about the economic environment ; however , we anticipate continued pricing opportunities , network improvement , and increased productivity in 2009 .
results of operations operating revenues millions of dollars 2008 2007 2006 % ( % ) change 2008 v 2007 % ( % ) change 2007 v 2006 ._| | millions of dollars | 2008 | 2007 | 2006 | % ( % ) change 2008 v 2007 | % ( % ) change 2007 v 2006 |
|---:|:----------------------|:--------|:--------|:--------|:------------------------------|:------------------------------|
| 0 | freight revenues | $ 17118 | $ 15486 | $ 14791 | 11% ( 11 % ) | 5% ( 5 % ) |
| 1 | other revenues | 852 | 797 | 787 | 7 | 1 |
| 2 | total | $ 17970 | $ 16283 | $ 15578 | 10% ( 10 % ) | 5% ( 5 % ) |_freight revenues are revenues generated by transporting freight or other materials from our six commodity groups .
freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) .
arc is driven by changes in price , traffic mix and fuel surcharges .
as a result of contractual obligations with some of our customers , we have provided incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as a reduction to freight revenues based on the actual or projected future shipments .
we recognize freight revenues on a percentage-of- completion basis as freight moves from origin to destination .
we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them .
other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage .
we recognize other revenues as we perform services or meet contractual obligations .
freight revenues from five of the six commodity groups increased during 2008 , with particularly strong growth from agricultural and energy shipments .
while revenues generated from chemical and industrial products shipments grew in 2008 compared to 2007 , hurricanes gustav and ike reduced shipments of these commodities .
revenues generated from automotive shipments declined versus 2007 .
greater fuel cost recoveries and core pricing improvement combined to increase arc during 2008 .
fuel cost recoveries include fuel surcharge revenue and the impact of resetting the base fuel price for certain traffic , as described below in more detail .
the severe economic downturn during the fourth quarter compounded already declining volumes experienced during the first nine months of 2008 due to ongoing weakness in certain market sectors .
as a result , we moved fewer intermodal , automotive , industrial products , and chemical shipments , which more than offset volume growth from agricultural and energy shipments .
our fuel surcharge programs ( excluding index-based contract escalators that contain some provision for fuel ) generated $ 2.3 billion in freight revenues during 2008 .
fuel surcharge revenue is not comparable to prior periods due to the implementation of new mileage-based fuel surcharge programs beginning in april 2007 for regulated traffic .
as previously disclosed in our 2006 annual report on form 10-k , the stb . | 2,008 | 27 | UNP | Union Pacific Corporation | Industrials | Rail Transportation | Omaha, Nebraska | 1957-03-04 | 100,885 | 1862 | in 2008 what was the percent of the total operating revenues that was associated with other revenues | 4.74% | divide(852, 17970) | will continue to seek recovery from our customers through our fuel surcharge programs and expand our fuel conservation efforts .
2022 capital plan 2013 in 2009 , we expect our total capital investments to be approximately $ 2.8 billion ( which may be revised if business conditions or new laws or regulations affect our ability to generate sufficient returns on these investments ) .
see further discussion in this item 7 under liquidity and capital resources 2013 capital plan .
2022 financial expectations 2013 we are cautious about the economic environment ; however , we anticipate continued pricing opportunities , network improvement , and increased productivity in 2009 .
results of operations operating revenues millions of dollars 2008 2007 2006 % ( % ) change 2008 v 2007 % ( % ) change 2007 v 2006 . | freight revenues are revenues generated by transporting freight or other materials from our six commodity groups .
freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) .
arc is driven by changes in price , traffic mix and fuel surcharges .
as a result of contractual obligations with some of our customers , we have provided incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as a reduction to freight revenues based on the actual or projected future shipments .
we recognize freight revenues on a percentage-of- completion basis as freight moves from origin to destination .
we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them .
other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage .
we recognize other revenues as we perform services or meet contractual obligations .
freight revenues from five of the six commodity groups increased during 2008 , with particularly strong growth from agricultural and energy shipments .
while revenues generated from chemical and industrial products shipments grew in 2008 compared to 2007 , hurricanes gustav and ike reduced shipments of these commodities .
revenues generated from automotive shipments declined versus 2007 .
greater fuel cost recoveries and core pricing improvement combined to increase arc during 2008 .
fuel cost recoveries include fuel surcharge revenue and the impact of resetting the base fuel price for certain traffic , as described below in more detail .
the severe economic downturn during the fourth quarter compounded already declining volumes experienced during the first nine months of 2008 due to ongoing weakness in certain market sectors .
as a result , we moved fewer intermodal , automotive , industrial products , and chemical shipments , which more than offset volume growth from agricultural and energy shipments .
our fuel surcharge programs ( excluding index-based contract escalators that contain some provision for fuel ) generated $ 2.3 billion in freight revenues during 2008 .
fuel surcharge revenue is not comparable to prior periods due to the implementation of new mileage-based fuel surcharge programs beginning in april 2007 for regulated traffic .
as previously disclosed in our 2006 annual report on form 10-k , the stb . | | | millions of dollars | 2008 | 2007 | 2006 | % ( % ) change 2008 v 2007 | % ( % ) change 2007 v 2006 |
|---:|:----------------------|:--------|:--------|:--------|:------------------------------|:------------------------------|
| 0 | freight revenues | $ 17118 | $ 15486 | $ 14791 | 11% ( 11 % ) | 5% ( 5 % ) |
| 1 | other revenues | 852 | 797 | 787 | 7 | 1 |
| 2 | total | $ 17970 | $ 16283 | $ 15578 | 10% ( 10 % ) | 5% ( 5 % ) | | will continue to seek recovery from our customers through our fuel surcharge programs and expand our fuel conservation efforts .
2022 capital plan 2013 in 2009 , we expect our total capital investments to be approximately $ 2.8 billion ( which may be revised if business conditions or new laws or regulations affect our ability to generate sufficient returns on these investments ) .
see further discussion in this item 7 under liquidity and capital resources 2013 capital plan .
2022 financial expectations 2013 we are cautious about the economic environment ; however , we anticipate continued pricing opportunities , network improvement , and increased productivity in 2009 .
results of operations operating revenues millions of dollars 2008 2007 2006 % ( % ) change 2008 v 2007 % ( % ) change 2007 v 2006 ._| | millions of dollars | 2008 | 2007 | 2006 | % ( % ) change 2008 v 2007 | % ( % ) change 2007 v 2006 |
|---:|:----------------------|:--------|:--------|:--------|:------------------------------|:------------------------------|
| 0 | freight revenues | $ 17118 | $ 15486 | $ 14791 | 11% ( 11 % ) | 5% ( 5 % ) |
| 1 | other revenues | 852 | 797 | 787 | 7 | 1 |
| 2 | total | $ 17970 | $ 16283 | $ 15578 | 10% ( 10 % ) | 5% ( 5 % ) |_freight revenues are revenues generated by transporting freight or other materials from our six commodity groups .
freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) .
arc is driven by changes in price , traffic mix and fuel surcharges .
as a result of contractual obligations with some of our customers , we have provided incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as a reduction to freight revenues based on the actual or projected future shipments .
we recognize freight revenues on a percentage-of- completion basis as freight moves from origin to destination .
we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them .
other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage .
we recognize other revenues as we perform services or meet contractual obligations .
freight revenues from five of the six commodity groups increased during 2008 , with particularly strong growth from agricultural and energy shipments .
while revenues generated from chemical and industrial products shipments grew in 2008 compared to 2007 , hurricanes gustav and ike reduced shipments of these commodities .
revenues generated from automotive shipments declined versus 2007 .
greater fuel cost recoveries and core pricing improvement combined to increase arc during 2008 .
fuel cost recoveries include fuel surcharge revenue and the impact of resetting the base fuel price for certain traffic , as described below in more detail .
the severe economic downturn during the fourth quarter compounded already declining volumes experienced during the first nine months of 2008 due to ongoing weakness in certain market sectors .
as a result , we moved fewer intermodal , automotive , industrial products , and chemical shipments , which more than offset volume growth from agricultural and energy shipments .
our fuel surcharge programs ( excluding index-based contract escalators that contain some provision for fuel ) generated $ 2.3 billion in freight revenues during 2008 .
fuel surcharge revenue is not comparable to prior periods due to the implementation of new mileage-based fuel surcharge programs beginning in april 2007 for regulated traffic .
as previously disclosed in our 2006 annual report on form 10-k , the stb . | 2,008 | 27 | UNP | Union Pacific Corporation | Industrials | Rail Transportation | Omaha, Nebraska | 1957-03-04 | 100,885 | 1862 | null | null |
finqa109 | considering the years 2015-2016 , what is the decrease observed in the cash contributions to funded plans and benefit payments for unfunded plans? | 42.32% | divide(subtract(79.3, 137.5), 137.5) | pension expense . | ( a ) effective in 2016 , the company began to measure the service cost and interest cost components of pension expense by applying spot rates along the yield curve to the relevant projected cash flows , as we believe this provides a better measurement of these costs .
the company has accounted for this as a change in accounting estimate and , accordingly has accounted for it on a prospective basis .
this change does not affect the measurement of the total benefit obligation .
2016 vs .
2015 pension expense , excluding special items , decreased from the prior year due to the adoption of the spot rate approach which reduced service cost and interest cost , the impact from expected return on assets and demographic gains , partially offset by the impact of the adoption of new mortality tables for our major plans .
special items of $ 7.3 included pension settlement losses of $ 6.4 , special termination benefits of $ 2.0 , and curtailment gains of $ 1.1 .
these resulted primarily from our recent business restructuring and cost reduction actions .
2015 vs .
2014 the decrease in pension expense , excluding special items , was due to the impact from expected return on assets , a 40 bp reduction in the weighted average compensation increase assumption , and lower service cost and interest cost .
the decrease was partially offset by the impact of higher amortization of actuarial losses , which resulted primarily from a 60 bp decrease in weighted average discount rate .
special items of $ 35.2 included pension settlement losses of $ 21.2 , special termination benefits of $ 8.7 , and curtailment losses of $ 5.3 .
these resulted primarily from our recent business restructuring and cost reduction actions .
2017 outlook in 2017 , pension expense , excluding special items , is estimated to be approximately $ 70 to $ 75 , an increase of $ 10 to $ 15 from 2016 , resulting primarily from a decrease in discount rates , offset by favorable asset experience , effects of the versum spin-off and the adoption of new mortality tables .
pension settlement losses of $ 10 to $ 15 are expected , dependent on the timing of retirements .
in 2017 , we expect pension expense to include approximately $ 164 for amortization of actuarial losses compared to $ 121 in 2016 .
net actuarial losses of $ 484 were recognized in accumulated other comprehensive income in 2016 , primarily attributable to lower discount rates and improved mortality projections .
actuarial gains/losses are amortized into pension expense over prospective periods to the extent they are not offset by future gains or losses .
future changes in the discount rate and actual returns on plan assets different from expected returns would impact the actuarial gains/losses and resulting amortization in years beyond 2017 .
during the first quarter of 2017 , the company expects to record a curtailment loss estimated to be $ 5 to $ 10 related to employees transferring to versum .
the loss will be reflected in the results from discontinued operations on the consolidated income statements .
we continue to evaluate opportunities to manage the liabilities associated with our pension plans .
pension funding pension funding includes both contributions to funded plans and benefit payments for unfunded plans , which are primarily non-qualified plans .
with respect to funded plans , our funding policy is that contributions , combined with appreciation and earnings , will be sufficient to pay benefits without creating unnecessary surpluses .
in addition , we make contributions to satisfy all legal funding requirements while managing our capacity to benefit from tax deductions attributable to plan contributions .
with the assistance of third party actuaries , we analyze the liabilities and demographics of each plan , which help guide the level of contributions .
during 2016 and 2015 , our cash contributions to funded plans and benefit payments for unfunded plans were $ 79.3 and $ 137.5 , respectively .
for 2017 , cash contributions to defined benefit plans are estimated to be $ 65 to $ 85 .
the estimate is based on expected contributions to certain international plans and anticipated benefit payments for unfunded plans , which . | | | | 2016 | 2015 | 2014 |
|---:|:---------------------------------------------------------------------|:---------------|:---------------|:---------------|
| 0 | pension expense | $ 68.1 | $ 135.6 | $ 135.9 |
| 1 | special terminations settlements and curtailments ( included above ) | 7.3 | 35.2 | 5.8 |
| 2 | weighted average discount rate ( a ) | 4.1% ( 4.1 % ) | 4.0% ( 4.0 % ) | 4.6% ( 4.6 % ) |
| 3 | weighted average expected rate of return on plan assets | 7.5% ( 7.5 % ) | 7.4% ( 7.4 % ) | 7.7% ( 7.7 % ) |
| 4 | weighted average expected rate of compensation increase | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) | 3.9% ( 3.9 % ) | | pension expense ._| | | 2016 | 2015 | 2014 |
|---:|:---------------------------------------------------------------------|:---------------|:---------------|:---------------|
| 0 | pension expense | $ 68.1 | $ 135.6 | $ 135.9 |
| 1 | special terminations settlements and curtailments ( included above ) | 7.3 | 35.2 | 5.8 |
| 2 | weighted average discount rate ( a ) | 4.1% ( 4.1 % ) | 4.0% ( 4.0 % ) | 4.6% ( 4.6 % ) |
| 3 | weighted average expected rate of return on plan assets | 7.5% ( 7.5 % ) | 7.4% ( 7.4 % ) | 7.7% ( 7.7 % ) |
| 4 | weighted average expected rate of compensation increase | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) | 3.9% ( 3.9 % ) |_( a ) effective in 2016 , the company began to measure the service cost and interest cost components of pension expense by applying spot rates along the yield curve to the relevant projected cash flows , as we believe this provides a better measurement of these costs .
the company has accounted for this as a change in accounting estimate and , accordingly has accounted for it on a prospective basis .
this change does not affect the measurement of the total benefit obligation .
2016 vs .
2015 pension expense , excluding special items , decreased from the prior year due to the adoption of the spot rate approach which reduced service cost and interest cost , the impact from expected return on assets and demographic gains , partially offset by the impact of the adoption of new mortality tables for our major plans .
special items of $ 7.3 included pension settlement losses of $ 6.4 , special termination benefits of $ 2.0 , and curtailment gains of $ 1.1 .
these resulted primarily from our recent business restructuring and cost reduction actions .
2015 vs .
2014 the decrease in pension expense , excluding special items , was due to the impact from expected return on assets , a 40 bp reduction in the weighted average compensation increase assumption , and lower service cost and interest cost .
the decrease was partially offset by the impact of higher amortization of actuarial losses , which resulted primarily from a 60 bp decrease in weighted average discount rate .
special items of $ 35.2 included pension settlement losses of $ 21.2 , special termination benefits of $ 8.7 , and curtailment losses of $ 5.3 .
these resulted primarily from our recent business restructuring and cost reduction actions .
2017 outlook in 2017 , pension expense , excluding special items , is estimated to be approximately $ 70 to $ 75 , an increase of $ 10 to $ 15 from 2016 , resulting primarily from a decrease in discount rates , offset by favorable asset experience , effects of the versum spin-off and the adoption of new mortality tables .
pension settlement losses of $ 10 to $ 15 are expected , dependent on the timing of retirements .
in 2017 , we expect pension expense to include approximately $ 164 for amortization of actuarial losses compared to $ 121 in 2016 .
net actuarial losses of $ 484 were recognized in accumulated other comprehensive income in 2016 , primarily attributable to lower discount rates and improved mortality projections .
actuarial gains/losses are amortized into pension expense over prospective periods to the extent they are not offset by future gains or losses .
future changes in the discount rate and actual returns on plan assets different from expected returns would impact the actuarial gains/losses and resulting amortization in years beyond 2017 .
during the first quarter of 2017 , the company expects to record a curtailment loss estimated to be $ 5 to $ 10 related to employees transferring to versum .
the loss will be reflected in the results from discontinued operations on the consolidated income statements .
we continue to evaluate opportunities to manage the liabilities associated with our pension plans .
pension funding pension funding includes both contributions to funded plans and benefit payments for unfunded plans , which are primarily non-qualified plans .
with respect to funded plans , our funding policy is that contributions , combined with appreciation and earnings , will be sufficient to pay benefits without creating unnecessary surpluses .
in addition , we make contributions to satisfy all legal funding requirements while managing our capacity to benefit from tax deductions attributable to plan contributions .
with the assistance of third party actuaries , we analyze the liabilities and demographics of each plan , which help guide the level of contributions .
during 2016 and 2015 , our cash contributions to funded plans and benefit payments for unfunded plans were $ 79.3 and $ 137.5 , respectively .
for 2017 , cash contributions to defined benefit plans are estimated to be $ 65 to $ 85 .
the estimate is based on expected contributions to certain international plans and anticipated benefit payments for unfunded plans , which . | 2,016 | 57 | APD | Air Products | Materials | Industrial Gases | Upper Macungie Township, Pennsylvania | 1985-04-30 | 2,969 | 1940 | considering the years 2015-2016 , what is the decrease observed in the cash contributions to funded plans and benefit payments for unfunded plans? | 42.32% | divide(subtract(79.3, 137.5), 137.5) | pension expense . | ( a ) effective in 2016 , the company began to measure the service cost and interest cost components of pension expense by applying spot rates along the yield curve to the relevant projected cash flows , as we believe this provides a better measurement of these costs .
the company has accounted for this as a change in accounting estimate and , accordingly has accounted for it on a prospective basis .
this change does not affect the measurement of the total benefit obligation .
2016 vs .
2015 pension expense , excluding special items , decreased from the prior year due to the adoption of the spot rate approach which reduced service cost and interest cost , the impact from expected return on assets and demographic gains , partially offset by the impact of the adoption of new mortality tables for our major plans .
special items of $ 7.3 included pension settlement losses of $ 6.4 , special termination benefits of $ 2.0 , and curtailment gains of $ 1.1 .
these resulted primarily from our recent business restructuring and cost reduction actions .
2015 vs .
2014 the decrease in pension expense , excluding special items , was due to the impact from expected return on assets , a 40 bp reduction in the weighted average compensation increase assumption , and lower service cost and interest cost .
the decrease was partially offset by the impact of higher amortization of actuarial losses , which resulted primarily from a 60 bp decrease in weighted average discount rate .
special items of $ 35.2 included pension settlement losses of $ 21.2 , special termination benefits of $ 8.7 , and curtailment losses of $ 5.3 .
these resulted primarily from our recent business restructuring and cost reduction actions .
2017 outlook in 2017 , pension expense , excluding special items , is estimated to be approximately $ 70 to $ 75 , an increase of $ 10 to $ 15 from 2016 , resulting primarily from a decrease in discount rates , offset by favorable asset experience , effects of the versum spin-off and the adoption of new mortality tables .
pension settlement losses of $ 10 to $ 15 are expected , dependent on the timing of retirements .
in 2017 , we expect pension expense to include approximately $ 164 for amortization of actuarial losses compared to $ 121 in 2016 .
net actuarial losses of $ 484 were recognized in accumulated other comprehensive income in 2016 , primarily attributable to lower discount rates and improved mortality projections .
actuarial gains/losses are amortized into pension expense over prospective periods to the extent they are not offset by future gains or losses .
future changes in the discount rate and actual returns on plan assets different from expected returns would impact the actuarial gains/losses and resulting amortization in years beyond 2017 .
during the first quarter of 2017 , the company expects to record a curtailment loss estimated to be $ 5 to $ 10 related to employees transferring to versum .
the loss will be reflected in the results from discontinued operations on the consolidated income statements .
we continue to evaluate opportunities to manage the liabilities associated with our pension plans .
pension funding pension funding includes both contributions to funded plans and benefit payments for unfunded plans , which are primarily non-qualified plans .
with respect to funded plans , our funding policy is that contributions , combined with appreciation and earnings , will be sufficient to pay benefits without creating unnecessary surpluses .
in addition , we make contributions to satisfy all legal funding requirements while managing our capacity to benefit from tax deductions attributable to plan contributions .
with the assistance of third party actuaries , we analyze the liabilities and demographics of each plan , which help guide the level of contributions .
during 2016 and 2015 , our cash contributions to funded plans and benefit payments for unfunded plans were $ 79.3 and $ 137.5 , respectively .
for 2017 , cash contributions to defined benefit plans are estimated to be $ 65 to $ 85 .
the estimate is based on expected contributions to certain international plans and anticipated benefit payments for unfunded plans , which . | | | | 2016 | 2015 | 2014 |
|---:|:---------------------------------------------------------------------|:---------------|:---------------|:---------------|
| 0 | pension expense | $ 68.1 | $ 135.6 | $ 135.9 |
| 1 | special terminations settlements and curtailments ( included above ) | 7.3 | 35.2 | 5.8 |
| 2 | weighted average discount rate ( a ) | 4.1% ( 4.1 % ) | 4.0% ( 4.0 % ) | 4.6% ( 4.6 % ) |
| 3 | weighted average expected rate of return on plan assets | 7.5% ( 7.5 % ) | 7.4% ( 7.4 % ) | 7.7% ( 7.7 % ) |
| 4 | weighted average expected rate of compensation increase | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) | 3.9% ( 3.9 % ) | | pension expense ._| | | 2016 | 2015 | 2014 |
|---:|:---------------------------------------------------------------------|:---------------|:---------------|:---------------|
| 0 | pension expense | $ 68.1 | $ 135.6 | $ 135.9 |
| 1 | special terminations settlements and curtailments ( included above ) | 7.3 | 35.2 | 5.8 |
| 2 | weighted average discount rate ( a ) | 4.1% ( 4.1 % ) | 4.0% ( 4.0 % ) | 4.6% ( 4.6 % ) |
| 3 | weighted average expected rate of return on plan assets | 7.5% ( 7.5 % ) | 7.4% ( 7.4 % ) | 7.7% ( 7.7 % ) |
| 4 | weighted average expected rate of compensation increase | 3.5% ( 3.5 % ) | 3.5% ( 3.5 % ) | 3.9% ( 3.9 % ) |_( a ) effective in 2016 , the company began to measure the service cost and interest cost components of pension expense by applying spot rates along the yield curve to the relevant projected cash flows , as we believe this provides a better measurement of these costs .
the company has accounted for this as a change in accounting estimate and , accordingly has accounted for it on a prospective basis .
this change does not affect the measurement of the total benefit obligation .
2016 vs .
2015 pension expense , excluding special items , decreased from the prior year due to the adoption of the spot rate approach which reduced service cost and interest cost , the impact from expected return on assets and demographic gains , partially offset by the impact of the adoption of new mortality tables for our major plans .
special items of $ 7.3 included pension settlement losses of $ 6.4 , special termination benefits of $ 2.0 , and curtailment gains of $ 1.1 .
these resulted primarily from our recent business restructuring and cost reduction actions .
2015 vs .
2014 the decrease in pension expense , excluding special items , was due to the impact from expected return on assets , a 40 bp reduction in the weighted average compensation increase assumption , and lower service cost and interest cost .
the decrease was partially offset by the impact of higher amortization of actuarial losses , which resulted primarily from a 60 bp decrease in weighted average discount rate .
special items of $ 35.2 included pension settlement losses of $ 21.2 , special termination benefits of $ 8.7 , and curtailment losses of $ 5.3 .
these resulted primarily from our recent business restructuring and cost reduction actions .
2017 outlook in 2017 , pension expense , excluding special items , is estimated to be approximately $ 70 to $ 75 , an increase of $ 10 to $ 15 from 2016 , resulting primarily from a decrease in discount rates , offset by favorable asset experience , effects of the versum spin-off and the adoption of new mortality tables .
pension settlement losses of $ 10 to $ 15 are expected , dependent on the timing of retirements .
in 2017 , we expect pension expense to include approximately $ 164 for amortization of actuarial losses compared to $ 121 in 2016 .
net actuarial losses of $ 484 were recognized in accumulated other comprehensive income in 2016 , primarily attributable to lower discount rates and improved mortality projections .
actuarial gains/losses are amortized into pension expense over prospective periods to the extent they are not offset by future gains or losses .
future changes in the discount rate and actual returns on plan assets different from expected returns would impact the actuarial gains/losses and resulting amortization in years beyond 2017 .
during the first quarter of 2017 , the company expects to record a curtailment loss estimated to be $ 5 to $ 10 related to employees transferring to versum .
the loss will be reflected in the results from discontinued operations on the consolidated income statements .
we continue to evaluate opportunities to manage the liabilities associated with our pension plans .
pension funding pension funding includes both contributions to funded plans and benefit payments for unfunded plans , which are primarily non-qualified plans .
with respect to funded plans , our funding policy is that contributions , combined with appreciation and earnings , will be sufficient to pay benefits without creating unnecessary surpluses .
in addition , we make contributions to satisfy all legal funding requirements while managing our capacity to benefit from tax deductions attributable to plan contributions .
with the assistance of third party actuaries , we analyze the liabilities and demographics of each plan , which help guide the level of contributions .
during 2016 and 2015 , our cash contributions to funded plans and benefit payments for unfunded plans were $ 79.3 and $ 137.5 , respectively .
for 2017 , cash contributions to defined benefit plans are estimated to be $ 65 to $ 85 .
the estimate is based on expected contributions to certain international plans and anticipated benefit payments for unfunded plans , which . | 2,016 | 57 | APD | Air Products | Materials | Industrial Gases | Upper Macungie Township, Pennsylvania | 1985-04-30 | 2,969 | 1940 | null | null |
finqa110 | what is the difference in payments between entergy arkansas and entergy louisiana , in millions? | 4 | subtract(6, 2) | payments ( receipts ) ( in millions ) . | in september 2016 the ferc accepted the february 2016 compliance filing subject to a further compliance filing made in november 2016 .
the further compliance filing was required as a result of an order issued in september 2016 ruling on the january 2016 rehearing requests filed by the lpsc , the apsc , and entergy .
in the order addressing the rehearing requests , the ferc granted the lpsc 2019s rehearing request and directed that interest be calculated on the payment/receipt amounts .
the ferc also granted the apsc 2019s and entergy 2019s rehearing request and ordered the removal of both securitized asset accumulated deferred income taxes and contra-securitization accumulated deferred income taxes from the calculation .
in november 2016 , entergy submitted its compliance filing in response to the ferc 2019s order on rehearing .
the compliance filing included a revised refund calculation of the true-up payments and receipts based on 2009 test year data and interest calculations .
the lpsc protested the interest calculations .
in november 2017 the ferc issued an order rejecting the november 2016 compliance filing .
the ferc determined that the payments detailed in the november 2016 compliance filing did not include adequate interest for the payments from entergy arkansas to entergy louisiana because it did not include interest on the principal portion of the payment that was made in february 2016 .
in december 2017 , entergy recalculated the interest pursuant to the november 2017 order .
as a result of the recalculations , entergy arkansas owed very minor payments to entergy louisiana , entergy mississippi , and entergy new orleans .
2011 rate filing based on calendar year 2010 production costs in may 2011 , entergy filed with the ferc the 2011 rates in accordance with the ferc 2019s orders in the system agreement proceeding . a0 a0several parties intervened in the proceeding at the ferc , including the lpsc , which also filed a protest . a0 a0in july a02011 the ferc a0accepted entergy 2019s proposed rates for filing , a0effective june a01 , a02011 , a0subject to refund .
after an abeyance of the proceeding schedule , in december 2014 the ferc consolidated the 2011 rate filing with the 2012 , 2013 , and 2014 rate filings for settlement and hearing procedures .
see discussion below regarding the consolidated settlement and hearing procedures in connection with this proceeding .
2012 rate filing based on calendar year 2011 production costs in may 2012 , entergy filed with the ferc the 2012 rates in accordance with the ferc 2019s orders in the system agreement proceeding . a0 a0several parties intervened in the proceeding at the ferc , including the lpsc , which also filed a protest . a0 a0in august 2012 the ferc a0accepted entergy 2019s proposed rates for filing , a0effective june a02012 , a0subject to refund .
after an abeyance of the proceeding schedule , in december 2014 the ferc consolidated the 2012 rate filing with the 2011 , 2013 , and 2014 rate filings for settlement and hearing procedures .
see discussion below regarding the consolidated settlement and hearing procedures in connection with this proceeding .
2013 rate filing based on calendar year 2012 production costs in may 2013 , entergy filed with the ferc the 2013 rates in accordance with the ferc 2019s orders in the system agreement proceeding .
several parties intervened in the proceeding at the ferc , including the lpsc , which also filed a protest .
the city council intervened and filed comments related to including the outcome of a related ferc proceeding in the 2013 cost equalization calculation .
in august 2013 the ferc issued an order accepting the 2013 rates , effective june 1 , 2013 , subject to refund .
after an abeyance of the proceeding schedule , in december 2014 the ferc consolidated the 2013 rate filing with the 2011 , 2012 , and 2014 rate filings for settlement and hearing procedures .
entergy corporation and subsidiaries notes to financial statements . | | | | payments ( receipts ) ( in millions ) |
|---:|:--------------------|:----------------------------------------|
| 0 | entergy arkansas | $ 2 |
| 1 | entergy louisiana | $ 6 |
| 2 | entergy mississippi | ( $ 4 ) |
| 3 | entergy new orleans | ( $ 1 ) |
| 4 | entergy texas | ( $ 3 ) | | payments ( receipts ) ( in millions ) ._| | | payments ( receipts ) ( in millions ) |
|---:|:--------------------|:----------------------------------------|
| 0 | entergy arkansas | $ 2 |
| 1 | entergy louisiana | $ 6 |
| 2 | entergy mississippi | ( $ 4 ) |
| 3 | entergy new orleans | ( $ 1 ) |
| 4 | entergy texas | ( $ 3 ) |_in september 2016 the ferc accepted the february 2016 compliance filing subject to a further compliance filing made in november 2016 .
the further compliance filing was required as a result of an order issued in september 2016 ruling on the january 2016 rehearing requests filed by the lpsc , the apsc , and entergy .
in the order addressing the rehearing requests , the ferc granted the lpsc 2019s rehearing request and directed that interest be calculated on the payment/receipt amounts .
the ferc also granted the apsc 2019s and entergy 2019s rehearing request and ordered the removal of both securitized asset accumulated deferred income taxes and contra-securitization accumulated deferred income taxes from the calculation .
in november 2016 , entergy submitted its compliance filing in response to the ferc 2019s order on rehearing .
the compliance filing included a revised refund calculation of the true-up payments and receipts based on 2009 test year data and interest calculations .
the lpsc protested the interest calculations .
in november 2017 the ferc issued an order rejecting the november 2016 compliance filing .
the ferc determined that the payments detailed in the november 2016 compliance filing did not include adequate interest for the payments from entergy arkansas to entergy louisiana because it did not include interest on the principal portion of the payment that was made in february 2016 .
in december 2017 , entergy recalculated the interest pursuant to the november 2017 order .
as a result of the recalculations , entergy arkansas owed very minor payments to entergy louisiana , entergy mississippi , and entergy new orleans .
2011 rate filing based on calendar year 2010 production costs in may 2011 , entergy filed with the ferc the 2011 rates in accordance with the ferc 2019s orders in the system agreement proceeding . a0 a0several parties intervened in the proceeding at the ferc , including the lpsc , which also filed a protest . a0 a0in july a02011 the ferc a0accepted entergy 2019s proposed rates for filing , a0effective june a01 , a02011 , a0subject to refund .
after an abeyance of the proceeding schedule , in december 2014 the ferc consolidated the 2011 rate filing with the 2012 , 2013 , and 2014 rate filings for settlement and hearing procedures .
see discussion below regarding the consolidated settlement and hearing procedures in connection with this proceeding .
2012 rate filing based on calendar year 2011 production costs in may 2012 , entergy filed with the ferc the 2012 rates in accordance with the ferc 2019s orders in the system agreement proceeding . a0 a0several parties intervened in the proceeding at the ferc , including the lpsc , which also filed a protest . a0 a0in august 2012 the ferc a0accepted entergy 2019s proposed rates for filing , a0effective june a02012 , a0subject to refund .
after an abeyance of the proceeding schedule , in december 2014 the ferc consolidated the 2012 rate filing with the 2011 , 2013 , and 2014 rate filings for settlement and hearing procedures .
see discussion below regarding the consolidated settlement and hearing procedures in connection with this proceeding .
2013 rate filing based on calendar year 2012 production costs in may 2013 , entergy filed with the ferc the 2013 rates in accordance with the ferc 2019s orders in the system agreement proceeding .
several parties intervened in the proceeding at the ferc , including the lpsc , which also filed a protest .
the city council intervened and filed comments related to including the outcome of a related ferc proceeding in the 2013 cost equalization calculation .
in august 2013 the ferc issued an order accepting the 2013 rates , effective june 1 , 2013 , subject to refund .
after an abeyance of the proceeding schedule , in december 2014 the ferc consolidated the 2013 rate filing with the 2011 , 2012 , and 2014 rate filings for settlement and hearing procedures .
entergy corporation and subsidiaries notes to financial statements . | 2,017 | 114 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | what is the difference in payments between entergy arkansas and entergy louisiana , in millions? | 4 | subtract(6, 2) | payments ( receipts ) ( in millions ) . | in september 2016 the ferc accepted the february 2016 compliance filing subject to a further compliance filing made in november 2016 .
the further compliance filing was required as a result of an order issued in september 2016 ruling on the january 2016 rehearing requests filed by the lpsc , the apsc , and entergy .
in the order addressing the rehearing requests , the ferc granted the lpsc 2019s rehearing request and directed that interest be calculated on the payment/receipt amounts .
the ferc also granted the apsc 2019s and entergy 2019s rehearing request and ordered the removal of both securitized asset accumulated deferred income taxes and contra-securitization accumulated deferred income taxes from the calculation .
in november 2016 , entergy submitted its compliance filing in response to the ferc 2019s order on rehearing .
the compliance filing included a revised refund calculation of the true-up payments and receipts based on 2009 test year data and interest calculations .
the lpsc protested the interest calculations .
in november 2017 the ferc issued an order rejecting the november 2016 compliance filing .
the ferc determined that the payments detailed in the november 2016 compliance filing did not include adequate interest for the payments from entergy arkansas to entergy louisiana because it did not include interest on the principal portion of the payment that was made in february 2016 .
in december 2017 , entergy recalculated the interest pursuant to the november 2017 order .
as a result of the recalculations , entergy arkansas owed very minor payments to entergy louisiana , entergy mississippi , and entergy new orleans .
2011 rate filing based on calendar year 2010 production costs in may 2011 , entergy filed with the ferc the 2011 rates in accordance with the ferc 2019s orders in the system agreement proceeding . a0 a0several parties intervened in the proceeding at the ferc , including the lpsc , which also filed a protest . a0 a0in july a02011 the ferc a0accepted entergy 2019s proposed rates for filing , a0effective june a01 , a02011 , a0subject to refund .
after an abeyance of the proceeding schedule , in december 2014 the ferc consolidated the 2011 rate filing with the 2012 , 2013 , and 2014 rate filings for settlement and hearing procedures .
see discussion below regarding the consolidated settlement and hearing procedures in connection with this proceeding .
2012 rate filing based on calendar year 2011 production costs in may 2012 , entergy filed with the ferc the 2012 rates in accordance with the ferc 2019s orders in the system agreement proceeding . a0 a0several parties intervened in the proceeding at the ferc , including the lpsc , which also filed a protest . a0 a0in august 2012 the ferc a0accepted entergy 2019s proposed rates for filing , a0effective june a02012 , a0subject to refund .
after an abeyance of the proceeding schedule , in december 2014 the ferc consolidated the 2012 rate filing with the 2011 , 2013 , and 2014 rate filings for settlement and hearing procedures .
see discussion below regarding the consolidated settlement and hearing procedures in connection with this proceeding .
2013 rate filing based on calendar year 2012 production costs in may 2013 , entergy filed with the ferc the 2013 rates in accordance with the ferc 2019s orders in the system agreement proceeding .
several parties intervened in the proceeding at the ferc , including the lpsc , which also filed a protest .
the city council intervened and filed comments related to including the outcome of a related ferc proceeding in the 2013 cost equalization calculation .
in august 2013 the ferc issued an order accepting the 2013 rates , effective june 1 , 2013 , subject to refund .
after an abeyance of the proceeding schedule , in december 2014 the ferc consolidated the 2013 rate filing with the 2011 , 2012 , and 2014 rate filings for settlement and hearing procedures .
entergy corporation and subsidiaries notes to financial statements . | | | | payments ( receipts ) ( in millions ) |
|---:|:--------------------|:----------------------------------------|
| 0 | entergy arkansas | $ 2 |
| 1 | entergy louisiana | $ 6 |
| 2 | entergy mississippi | ( $ 4 ) |
| 3 | entergy new orleans | ( $ 1 ) |
| 4 | entergy texas | ( $ 3 ) | | payments ( receipts ) ( in millions ) ._| | | payments ( receipts ) ( in millions ) |
|---:|:--------------------|:----------------------------------------|
| 0 | entergy arkansas | $ 2 |
| 1 | entergy louisiana | $ 6 |
| 2 | entergy mississippi | ( $ 4 ) |
| 3 | entergy new orleans | ( $ 1 ) |
| 4 | entergy texas | ( $ 3 ) |_in september 2016 the ferc accepted the february 2016 compliance filing subject to a further compliance filing made in november 2016 .
the further compliance filing was required as a result of an order issued in september 2016 ruling on the january 2016 rehearing requests filed by the lpsc , the apsc , and entergy .
in the order addressing the rehearing requests , the ferc granted the lpsc 2019s rehearing request and directed that interest be calculated on the payment/receipt amounts .
the ferc also granted the apsc 2019s and entergy 2019s rehearing request and ordered the removal of both securitized asset accumulated deferred income taxes and contra-securitization accumulated deferred income taxes from the calculation .
in november 2016 , entergy submitted its compliance filing in response to the ferc 2019s order on rehearing .
the compliance filing included a revised refund calculation of the true-up payments and receipts based on 2009 test year data and interest calculations .
the lpsc protested the interest calculations .
in november 2017 the ferc issued an order rejecting the november 2016 compliance filing .
the ferc determined that the payments detailed in the november 2016 compliance filing did not include adequate interest for the payments from entergy arkansas to entergy louisiana because it did not include interest on the principal portion of the payment that was made in february 2016 .
in december 2017 , entergy recalculated the interest pursuant to the november 2017 order .
as a result of the recalculations , entergy arkansas owed very minor payments to entergy louisiana , entergy mississippi , and entergy new orleans .
2011 rate filing based on calendar year 2010 production costs in may 2011 , entergy filed with the ferc the 2011 rates in accordance with the ferc 2019s orders in the system agreement proceeding . a0 a0several parties intervened in the proceeding at the ferc , including the lpsc , which also filed a protest . a0 a0in july a02011 the ferc a0accepted entergy 2019s proposed rates for filing , a0effective june a01 , a02011 , a0subject to refund .
after an abeyance of the proceeding schedule , in december 2014 the ferc consolidated the 2011 rate filing with the 2012 , 2013 , and 2014 rate filings for settlement and hearing procedures .
see discussion below regarding the consolidated settlement and hearing procedures in connection with this proceeding .
2012 rate filing based on calendar year 2011 production costs in may 2012 , entergy filed with the ferc the 2012 rates in accordance with the ferc 2019s orders in the system agreement proceeding . a0 a0several parties intervened in the proceeding at the ferc , including the lpsc , which also filed a protest . a0 a0in august 2012 the ferc a0accepted entergy 2019s proposed rates for filing , a0effective june a02012 , a0subject to refund .
after an abeyance of the proceeding schedule , in december 2014 the ferc consolidated the 2012 rate filing with the 2011 , 2013 , and 2014 rate filings for settlement and hearing procedures .
see discussion below regarding the consolidated settlement and hearing procedures in connection with this proceeding .
2013 rate filing based on calendar year 2012 production costs in may 2013 , entergy filed with the ferc the 2013 rates in accordance with the ferc 2019s orders in the system agreement proceeding .
several parties intervened in the proceeding at the ferc , including the lpsc , which also filed a protest .
the city council intervened and filed comments related to including the outcome of a related ferc proceeding in the 2013 cost equalization calculation .
in august 2013 the ferc issued an order accepting the 2013 rates , effective june 1 , 2013 , subject to refund .
after an abeyance of the proceeding schedule , in december 2014 the ferc consolidated the 2013 rate filing with the 2011 , 2012 , and 2014 rate filings for settlement and hearing procedures .
entergy corporation and subsidiaries notes to financial statements . | 2,017 | 114 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | null | null |
finqa111 | what is the total interest expense for the year ending on may 27 , 2012 , ( in millions ) | 12.6 | multiply(526.5, 2.4%) | 62 general mills amounts recorded in accumulated other comprehensive loss unrealized losses from interest rate cash flow hedges recorded in aoci as of may 27 , 2012 , totaled $ 73.6 million after tax .
these deferred losses are primarily related to interest rate swaps that we entered into in contemplation of future borrowings and other financ- ing requirements and that are being reclassified into net interest over the lives of the hedged forecasted transac- tions .
unrealized losses from foreign currency cash flow hedges recorded in aoci as of may 27 , 2012 , were $ 1.7 million after-tax .
the net amount of pre-tax gains and losses in aoci as of may 27 , 2012 , that we expect to be reclassified into net earnings within the next 12 months is $ 14.0 million of expense .
credit-risk-related contingent features certain of our derivative instruments contain provisions that require us to maintain an investment grade credit rating on our debt from each of the major credit rat- ing agencies .
if our debt were to fall below investment grade , the counterparties to the derivative instruments could request full collateralization on derivative instru- ments in net liability positions .
the aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position on may 27 , 2012 , was $ 19.9 million .
we have posted col- lateral of $ 4.3 million in the normal course of business associated with these contracts .
if the credit-risk-related contingent features underlying these agreements had been triggered on may 27 , 2012 , we would have been required to post an additional $ 15.6 million of collateral to counterparties .
concentrations of credit and counterparty credit risk during fiscal 2012 , wal-mart stores , inc .
and its affili- ates ( wal-mart ) accounted for 22 percent of our con- solidated net sales and 30 percent of our net sales in the u.s .
retail segment .
no other customer accounted for 10 percent or more of our consolidated net sales .
wal- mart also represented 6 percent of our net sales in the international segment and 7 percent of our net sales in the bakeries and foodservice segment .
as of may 27 , 2012 , wal-mart accounted for 26 percent of our u.s .
retail receivables , 5 percent of our international receiv- ables , and 9 percent of our bakeries and foodservice receivables .
the five largest customers in our u.s .
retail segment accounted for 54 percent of its fiscal 2012 net sales , the five largest customers in our international segment accounted for 26 percent of its fiscal 2012 net sales , and the five largest customers in our bakeries and foodservice segment accounted for 46 percent of its fis- cal 2012 net sales .
we enter into interest rate , foreign exchange , and cer- tain commodity and equity derivatives , primarily with a diversified group of highly rated counterparties .
we continually monitor our positions and the credit rat- ings of the counterparties involved and , by policy , limit the amount of credit exposure to any one party .
these transactions may expose us to potential losses due to the risk of nonperformance by these counterparties ; however , we have not incurred a material loss .
we also enter into commodity futures transactions through vari- ous regulated exchanges .
the amount of loss due to the credit risk of the coun- terparties , should the counterparties fail to perform according to the terms of the contracts , is $ 19.5 million against which we do not hold collateral .
under the terms of master swap agreements , some of our transactions require collateral or other security to support financial instruments subject to threshold levels of exposure and counterparty credit risk .
collateral assets are either cash or u.s .
treasury instruments and are held in a trust account that we may access if the counterparty defaults .
note 8 .
debt notes payable the components of notes payable and their respective weighted-average interest rates at the end of the periods were as follows: . | to ensure availability of funds , we maintain bank credit lines sufficient to cover our outstanding short- term borrowings .
commercial paper is a continuing source of short-term financing .
we have commercial paper programs available to us in the united states and europe .
in april 2012 , we entered into fee-paid commit- ted credit lines , consisting of a $ 1.0 billion facility sched- uled to expire in april 2015 and a $ 1.7 billion facility . | | | in millions | may 27 2012 notes payable | may 27 2012 weighted- average interest rate | may 27 2012 notespayable | weighted-averageinterest rate |
|---:|:-----------------------|:----------------------------|:----------------------------------------------|:---------------------------|:--------------------------------|
| 0 | u.s . commercial paper | $ 412.0 | 0.2% ( 0.2 % ) | $ 192.5 | 0.2% ( 0.2 % ) |
| 1 | financial institutions | 114.5 | 10.0 | 118.8 | 11.5 |
| 2 | total | $ 526.5 | 2.4% ( 2.4 % ) | $ 311.3 | 4.5% ( 4.5 % ) | | 62 general mills amounts recorded in accumulated other comprehensive loss unrealized losses from interest rate cash flow hedges recorded in aoci as of may 27 , 2012 , totaled $ 73.6 million after tax .
these deferred losses are primarily related to interest rate swaps that we entered into in contemplation of future borrowings and other financ- ing requirements and that are being reclassified into net interest over the lives of the hedged forecasted transac- tions .
unrealized losses from foreign currency cash flow hedges recorded in aoci as of may 27 , 2012 , were $ 1.7 million after-tax .
the net amount of pre-tax gains and losses in aoci as of may 27 , 2012 , that we expect to be reclassified into net earnings within the next 12 months is $ 14.0 million of expense .
credit-risk-related contingent features certain of our derivative instruments contain provisions that require us to maintain an investment grade credit rating on our debt from each of the major credit rat- ing agencies .
if our debt were to fall below investment grade , the counterparties to the derivative instruments could request full collateralization on derivative instru- ments in net liability positions .
the aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position on may 27 , 2012 , was $ 19.9 million .
we have posted col- lateral of $ 4.3 million in the normal course of business associated with these contracts .
if the credit-risk-related contingent features underlying these agreements had been triggered on may 27 , 2012 , we would have been required to post an additional $ 15.6 million of collateral to counterparties .
concentrations of credit and counterparty credit risk during fiscal 2012 , wal-mart stores , inc .
and its affili- ates ( wal-mart ) accounted for 22 percent of our con- solidated net sales and 30 percent of our net sales in the u.s .
retail segment .
no other customer accounted for 10 percent or more of our consolidated net sales .
wal- mart also represented 6 percent of our net sales in the international segment and 7 percent of our net sales in the bakeries and foodservice segment .
as of may 27 , 2012 , wal-mart accounted for 26 percent of our u.s .
retail receivables , 5 percent of our international receiv- ables , and 9 percent of our bakeries and foodservice receivables .
the five largest customers in our u.s .
retail segment accounted for 54 percent of its fiscal 2012 net sales , the five largest customers in our international segment accounted for 26 percent of its fiscal 2012 net sales , and the five largest customers in our bakeries and foodservice segment accounted for 46 percent of its fis- cal 2012 net sales .
we enter into interest rate , foreign exchange , and cer- tain commodity and equity derivatives , primarily with a diversified group of highly rated counterparties .
we continually monitor our positions and the credit rat- ings of the counterparties involved and , by policy , limit the amount of credit exposure to any one party .
these transactions may expose us to potential losses due to the risk of nonperformance by these counterparties ; however , we have not incurred a material loss .
we also enter into commodity futures transactions through vari- ous regulated exchanges .
the amount of loss due to the credit risk of the coun- terparties , should the counterparties fail to perform according to the terms of the contracts , is $ 19.5 million against which we do not hold collateral .
under the terms of master swap agreements , some of our transactions require collateral or other security to support financial instruments subject to threshold levels of exposure and counterparty credit risk .
collateral assets are either cash or u.s .
treasury instruments and are held in a trust account that we may access if the counterparty defaults .
note 8 .
debt notes payable the components of notes payable and their respective weighted-average interest rates at the end of the periods were as follows: ._| | in millions | may 27 2012 notes payable | may 27 2012 weighted- average interest rate | may 27 2012 notespayable | weighted-averageinterest rate |
|---:|:-----------------------|:----------------------------|:----------------------------------------------|:---------------------------|:--------------------------------|
| 0 | u.s . commercial paper | $ 412.0 | 0.2% ( 0.2 % ) | $ 192.5 | 0.2% ( 0.2 % ) |
| 1 | financial institutions | 114.5 | 10.0 | 118.8 | 11.5 |
| 2 | total | $ 526.5 | 2.4% ( 2.4 % ) | $ 311.3 | 4.5% ( 4.5 % ) |_to ensure availability of funds , we maintain bank credit lines sufficient to cover our outstanding short- term borrowings .
commercial paper is a continuing source of short-term financing .
we have commercial paper programs available to us in the united states and europe .
in april 2012 , we entered into fee-paid commit- ted credit lines , consisting of a $ 1.0 billion facility sched- uled to expire in april 2015 and a $ 1.7 billion facility . | 2,012 | 64 | GIS | General Mills | Consumer Staples | Packaged Foods & Meats | Golden Valley, Minnesota | 1957-03-04 | 40,704 | 1856 | what is the total interest expense for the year ending on may 27 , 2012 , ( in millions ) | 12.6 | multiply(526.5, 2.4%) | 62 general mills amounts recorded in accumulated other comprehensive loss unrealized losses from interest rate cash flow hedges recorded in aoci as of may 27 , 2012 , totaled $ 73.6 million after tax .
these deferred losses are primarily related to interest rate swaps that we entered into in contemplation of future borrowings and other financ- ing requirements and that are being reclassified into net interest over the lives of the hedged forecasted transac- tions .
unrealized losses from foreign currency cash flow hedges recorded in aoci as of may 27 , 2012 , were $ 1.7 million after-tax .
the net amount of pre-tax gains and losses in aoci as of may 27 , 2012 , that we expect to be reclassified into net earnings within the next 12 months is $ 14.0 million of expense .
credit-risk-related contingent features certain of our derivative instruments contain provisions that require us to maintain an investment grade credit rating on our debt from each of the major credit rat- ing agencies .
if our debt were to fall below investment grade , the counterparties to the derivative instruments could request full collateralization on derivative instru- ments in net liability positions .
the aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position on may 27 , 2012 , was $ 19.9 million .
we have posted col- lateral of $ 4.3 million in the normal course of business associated with these contracts .
if the credit-risk-related contingent features underlying these agreements had been triggered on may 27 , 2012 , we would have been required to post an additional $ 15.6 million of collateral to counterparties .
concentrations of credit and counterparty credit risk during fiscal 2012 , wal-mart stores , inc .
and its affili- ates ( wal-mart ) accounted for 22 percent of our con- solidated net sales and 30 percent of our net sales in the u.s .
retail segment .
no other customer accounted for 10 percent or more of our consolidated net sales .
wal- mart also represented 6 percent of our net sales in the international segment and 7 percent of our net sales in the bakeries and foodservice segment .
as of may 27 , 2012 , wal-mart accounted for 26 percent of our u.s .
retail receivables , 5 percent of our international receiv- ables , and 9 percent of our bakeries and foodservice receivables .
the five largest customers in our u.s .
retail segment accounted for 54 percent of its fiscal 2012 net sales , the five largest customers in our international segment accounted for 26 percent of its fiscal 2012 net sales , and the five largest customers in our bakeries and foodservice segment accounted for 46 percent of its fis- cal 2012 net sales .
we enter into interest rate , foreign exchange , and cer- tain commodity and equity derivatives , primarily with a diversified group of highly rated counterparties .
we continually monitor our positions and the credit rat- ings of the counterparties involved and , by policy , limit the amount of credit exposure to any one party .
these transactions may expose us to potential losses due to the risk of nonperformance by these counterparties ; however , we have not incurred a material loss .
we also enter into commodity futures transactions through vari- ous regulated exchanges .
the amount of loss due to the credit risk of the coun- terparties , should the counterparties fail to perform according to the terms of the contracts , is $ 19.5 million against which we do not hold collateral .
under the terms of master swap agreements , some of our transactions require collateral or other security to support financial instruments subject to threshold levels of exposure and counterparty credit risk .
collateral assets are either cash or u.s .
treasury instruments and are held in a trust account that we may access if the counterparty defaults .
note 8 .
debt notes payable the components of notes payable and their respective weighted-average interest rates at the end of the periods were as follows: . | to ensure availability of funds , we maintain bank credit lines sufficient to cover our outstanding short- term borrowings .
commercial paper is a continuing source of short-term financing .
we have commercial paper programs available to us in the united states and europe .
in april 2012 , we entered into fee-paid commit- ted credit lines , consisting of a $ 1.0 billion facility sched- uled to expire in april 2015 and a $ 1.7 billion facility . | | | in millions | may 27 2012 notes payable | may 27 2012 weighted- average interest rate | may 27 2012 notespayable | weighted-averageinterest rate |
|---:|:-----------------------|:----------------------------|:----------------------------------------------|:---------------------------|:--------------------------------|
| 0 | u.s . commercial paper | $ 412.0 | 0.2% ( 0.2 % ) | $ 192.5 | 0.2% ( 0.2 % ) |
| 1 | financial institutions | 114.5 | 10.0 | 118.8 | 11.5 |
| 2 | total | $ 526.5 | 2.4% ( 2.4 % ) | $ 311.3 | 4.5% ( 4.5 % ) | | 62 general mills amounts recorded in accumulated other comprehensive loss unrealized losses from interest rate cash flow hedges recorded in aoci as of may 27 , 2012 , totaled $ 73.6 million after tax .
these deferred losses are primarily related to interest rate swaps that we entered into in contemplation of future borrowings and other financ- ing requirements and that are being reclassified into net interest over the lives of the hedged forecasted transac- tions .
unrealized losses from foreign currency cash flow hedges recorded in aoci as of may 27 , 2012 , were $ 1.7 million after-tax .
the net amount of pre-tax gains and losses in aoci as of may 27 , 2012 , that we expect to be reclassified into net earnings within the next 12 months is $ 14.0 million of expense .
credit-risk-related contingent features certain of our derivative instruments contain provisions that require us to maintain an investment grade credit rating on our debt from each of the major credit rat- ing agencies .
if our debt were to fall below investment grade , the counterparties to the derivative instruments could request full collateralization on derivative instru- ments in net liability positions .
the aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position on may 27 , 2012 , was $ 19.9 million .
we have posted col- lateral of $ 4.3 million in the normal course of business associated with these contracts .
if the credit-risk-related contingent features underlying these agreements had been triggered on may 27 , 2012 , we would have been required to post an additional $ 15.6 million of collateral to counterparties .
concentrations of credit and counterparty credit risk during fiscal 2012 , wal-mart stores , inc .
and its affili- ates ( wal-mart ) accounted for 22 percent of our con- solidated net sales and 30 percent of our net sales in the u.s .
retail segment .
no other customer accounted for 10 percent or more of our consolidated net sales .
wal- mart also represented 6 percent of our net sales in the international segment and 7 percent of our net sales in the bakeries and foodservice segment .
as of may 27 , 2012 , wal-mart accounted for 26 percent of our u.s .
retail receivables , 5 percent of our international receiv- ables , and 9 percent of our bakeries and foodservice receivables .
the five largest customers in our u.s .
retail segment accounted for 54 percent of its fiscal 2012 net sales , the five largest customers in our international segment accounted for 26 percent of its fiscal 2012 net sales , and the five largest customers in our bakeries and foodservice segment accounted for 46 percent of its fis- cal 2012 net sales .
we enter into interest rate , foreign exchange , and cer- tain commodity and equity derivatives , primarily with a diversified group of highly rated counterparties .
we continually monitor our positions and the credit rat- ings of the counterparties involved and , by policy , limit the amount of credit exposure to any one party .
these transactions may expose us to potential losses due to the risk of nonperformance by these counterparties ; however , we have not incurred a material loss .
we also enter into commodity futures transactions through vari- ous regulated exchanges .
the amount of loss due to the credit risk of the coun- terparties , should the counterparties fail to perform according to the terms of the contracts , is $ 19.5 million against which we do not hold collateral .
under the terms of master swap agreements , some of our transactions require collateral or other security to support financial instruments subject to threshold levels of exposure and counterparty credit risk .
collateral assets are either cash or u.s .
treasury instruments and are held in a trust account that we may access if the counterparty defaults .
note 8 .
debt notes payable the components of notes payable and their respective weighted-average interest rates at the end of the periods were as follows: ._| | in millions | may 27 2012 notes payable | may 27 2012 weighted- average interest rate | may 27 2012 notespayable | weighted-averageinterest rate |
|---:|:-----------------------|:----------------------------|:----------------------------------------------|:---------------------------|:--------------------------------|
| 0 | u.s . commercial paper | $ 412.0 | 0.2% ( 0.2 % ) | $ 192.5 | 0.2% ( 0.2 % ) |
| 1 | financial institutions | 114.5 | 10.0 | 118.8 | 11.5 |
| 2 | total | $ 526.5 | 2.4% ( 2.4 % ) | $ 311.3 | 4.5% ( 4.5 % ) |_to ensure availability of funds , we maintain bank credit lines sufficient to cover our outstanding short- term borrowings .
commercial paper is a continuing source of short-term financing .
we have commercial paper programs available to us in the united states and europe .
in april 2012 , we entered into fee-paid commit- ted credit lines , consisting of a $ 1.0 billion facility sched- uled to expire in april 2015 and a $ 1.7 billion facility . | 2,012 | 64 | GIS | General Mills | Consumer Staples | Packaged Foods & Meats | Golden Valley, Minnesota | 1957-03-04 | 40,704 | 1856 | null | null |
finqa112 | what percentage of amounts expensed in 2009 came from discretionary company contributions? | 10.83% | multiply(divide(3.8, 35.1), const_100) | 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 .
pension plan .
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 . | | | years | domestic pension plans | foreign pension plans | postretirement benefit plans |
|---:|:---------------|:-------------------------|:------------------------|:-------------------------------|
| 0 | 2010 | $ 17.2 | $ 23.5 | $ 5.8 |
| 1 | 2011 | 11.1 | 24.7 | 5.7 |
| 2 | 2012 | 10.8 | 26.4 | 5.7 |
| 3 | 2013 | 10.5 | 28.2 | 5.6 |
| 4 | 2014 | 10.5 | 32.4 | 5.5 |
| 5 | 2015 2013 2019 | 48.5 | 175.3 | 24.8 | | 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 .
pension plan .
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 ._| | years | domestic pension plans | foreign pension plans | postretirement benefit plans |
|---:|:---------------|:-------------------------|:------------------------|:-------------------------------|
| 0 | 2010 | $ 17.2 | $ 23.5 | $ 5.8 |
| 1 | 2011 | 11.1 | 24.7 | 5.7 |
| 2 | 2012 | 10.8 | 26.4 | 5.7 |
| 3 | 2013 | 10.5 | 28.2 | 5.6 |
| 4 | 2014 | 10.5 | 32.4 | 5.5 |
| 5 | 2015 2013 2019 | 48.5 | 175.3 | 24.8 |_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 . | 2,009 | 85 | IPG | Interpublic Group of Companies (The) | Communication Services | Advertising | New York City, New York | 1992-10-01 | 51,644 | 1961 (1930) | what percentage of amounts expensed in 2009 came from discretionary company contributions? | 10.83% | multiply(divide(3.8, 35.1), const_100) | 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 .
pension plan .
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 . | | | years | domestic pension plans | foreign pension plans | postretirement benefit plans |
|---:|:---------------|:-------------------------|:------------------------|:-------------------------------|
| 0 | 2010 | $ 17.2 | $ 23.5 | $ 5.8 |
| 1 | 2011 | 11.1 | 24.7 | 5.7 |
| 2 | 2012 | 10.8 | 26.4 | 5.7 |
| 3 | 2013 | 10.5 | 28.2 | 5.6 |
| 4 | 2014 | 10.5 | 32.4 | 5.5 |
| 5 | 2015 2013 2019 | 48.5 | 175.3 | 24.8 | | 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 .
pension plan .
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 ._| | years | domestic pension plans | foreign pension plans | postretirement benefit plans |
|---:|:---------------|:-------------------------|:------------------------|:-------------------------------|
| 0 | 2010 | $ 17.2 | $ 23.5 | $ 5.8 |
| 1 | 2011 | 11.1 | 24.7 | 5.7 |
| 2 | 2012 | 10.8 | 26.4 | 5.7 |
| 3 | 2013 | 10.5 | 28.2 | 5.6 |
| 4 | 2014 | 10.5 | 32.4 | 5.5 |
| 5 | 2015 2013 2019 | 48.5 | 175.3 | 24.8 |_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 . | 2,009 | 85 | IPG | Interpublic Group of Companies (The) | Communication Services | Advertising | New York City, New York | 1992-10-01 | 51,644 | 1961 (1930) | null | null |
finqa113 | what is the percent of the square feet in owned facilities in other countries? | 35.8% | divide(16.7, 46.6) | item 1b .
unresolved staff comments not applicable .
item 2 .
properties as of december 28 , 2013 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29.9 16.7 46.6 leased facilities2 2.3 6.0 8.3 . | 1 leases on portions of the land used for these facilities expire on varying dates through 2062 .
2 leases expire on varying dates through 2028 and generally include renewals at our option .
our principal executive offices are located in the u.s .
and a significant amount of our wafer fabrication activities are also located in the u.s .
in addition to our current facilities , we are building a development fabrication facility in oregon which began r&d start-up in 2013 .
we expect that this new facility will allow us to widen our process technology lead .
we also completed construction of a large-scale fabrication building in arizona in 2013 , which is currently not in use and is not being depreciated .
we recently announced that we plan to delay equipment installation in this building and leverage existing fabrication facilities , reserving this new facility for additional capacity and future technologies .
outside the u.s. , we have wafer fabrication facilities in israel , china , and ireland .
our fabrication facility in ireland is currently transitioning to a newer process technology node , with manufacturing expected to recommence in 2015 .
our assembly and test facilities are located in malaysia , china , costa rica , and vietnam .
in addition , we have sales and marketing offices worldwide that are generally located near major concentrations of customers .
we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it .
we do not identify or allocate assets by operating segment .
for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k .
item 3 .
legal proceedings for a discussion of legal proceedings , see 201cnote 26 : contingencies 201d in part ii , item 8 of this form 10-k .
item 4 .
mine safety disclosures not applicable .
table of contents . | | | ( square feet in millions ) | unitedstates | othercountries | total |
|---:|:------------------------------|---------------:|-----------------:|--------:|
| 0 | owned facilities1 | 29.9 | 16.7 | 46.6 |
| 1 | leased facilities2 | 2.3 | 6 | 8.3 |
| 2 | total facilities | 32.2 | 22.7 | 54.9 | | item 1b .
unresolved staff comments not applicable .
item 2 .
properties as of december 28 , 2013 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29.9 16.7 46.6 leased facilities2 2.3 6.0 8.3 ._| | ( square feet in millions ) | unitedstates | othercountries | total |
|---:|:------------------------------|---------------:|-----------------:|--------:|
| 0 | owned facilities1 | 29.9 | 16.7 | 46.6 |
| 1 | leased facilities2 | 2.3 | 6 | 8.3 |
| 2 | total facilities | 32.2 | 22.7 | 54.9 |_1 leases on portions of the land used for these facilities expire on varying dates through 2062 .
2 leases expire on varying dates through 2028 and generally include renewals at our option .
our principal executive offices are located in the u.s .
and a significant amount of our wafer fabrication activities are also located in the u.s .
in addition to our current facilities , we are building a development fabrication facility in oregon which began r&d start-up in 2013 .
we expect that this new facility will allow us to widen our process technology lead .
we also completed construction of a large-scale fabrication building in arizona in 2013 , which is currently not in use and is not being depreciated .
we recently announced that we plan to delay equipment installation in this building and leverage existing fabrication facilities , reserving this new facility for additional capacity and future technologies .
outside the u.s. , we have wafer fabrication facilities in israel , china , and ireland .
our fabrication facility in ireland is currently transitioning to a newer process technology node , with manufacturing expected to recommence in 2015 .
our assembly and test facilities are located in malaysia , china , costa rica , and vietnam .
in addition , we have sales and marketing offices worldwide that are generally located near major concentrations of customers .
we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it .
we do not identify or allocate assets by operating segment .
for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k .
item 3 .
legal proceedings for a discussion of legal proceedings , see 201cnote 26 : contingencies 201d in part ii , item 8 of this form 10-k .
item 4 .
mine safety disclosures not applicable .
table of contents . | 2,013 | 29 | INTC | Intel | Information Technology | Semiconductors | Santa Clara, California | 1976-12-31 | 50,863 | 1968 | what is the percent of the square feet in owned facilities in other countries? | 35.8% | divide(16.7, 46.6) | item 1b .
unresolved staff comments not applicable .
item 2 .
properties as of december 28 , 2013 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29.9 16.7 46.6 leased facilities2 2.3 6.0 8.3 . | 1 leases on portions of the land used for these facilities expire on varying dates through 2062 .
2 leases expire on varying dates through 2028 and generally include renewals at our option .
our principal executive offices are located in the u.s .
and a significant amount of our wafer fabrication activities are also located in the u.s .
in addition to our current facilities , we are building a development fabrication facility in oregon which began r&d start-up in 2013 .
we expect that this new facility will allow us to widen our process technology lead .
we also completed construction of a large-scale fabrication building in arizona in 2013 , which is currently not in use and is not being depreciated .
we recently announced that we plan to delay equipment installation in this building and leverage existing fabrication facilities , reserving this new facility for additional capacity and future technologies .
outside the u.s. , we have wafer fabrication facilities in israel , china , and ireland .
our fabrication facility in ireland is currently transitioning to a newer process technology node , with manufacturing expected to recommence in 2015 .
our assembly and test facilities are located in malaysia , china , costa rica , and vietnam .
in addition , we have sales and marketing offices worldwide that are generally located near major concentrations of customers .
we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it .
we do not identify or allocate assets by operating segment .
for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k .
item 3 .
legal proceedings for a discussion of legal proceedings , see 201cnote 26 : contingencies 201d in part ii , item 8 of this form 10-k .
item 4 .
mine safety disclosures not applicable .
table of contents . | | | ( square feet in millions ) | unitedstates | othercountries | total |
|---:|:------------------------------|---------------:|-----------------:|--------:|
| 0 | owned facilities1 | 29.9 | 16.7 | 46.6 |
| 1 | leased facilities2 | 2.3 | 6 | 8.3 |
| 2 | total facilities | 32.2 | 22.7 | 54.9 | | item 1b .
unresolved staff comments not applicable .
item 2 .
properties as of december 28 , 2013 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29.9 16.7 46.6 leased facilities2 2.3 6.0 8.3 ._| | ( square feet in millions ) | unitedstates | othercountries | total |
|---:|:------------------------------|---------------:|-----------------:|--------:|
| 0 | owned facilities1 | 29.9 | 16.7 | 46.6 |
| 1 | leased facilities2 | 2.3 | 6 | 8.3 |
| 2 | total facilities | 32.2 | 22.7 | 54.9 |_1 leases on portions of the land used for these facilities expire on varying dates through 2062 .
2 leases expire on varying dates through 2028 and generally include renewals at our option .
our principal executive offices are located in the u.s .
and a significant amount of our wafer fabrication activities are also located in the u.s .
in addition to our current facilities , we are building a development fabrication facility in oregon which began r&d start-up in 2013 .
we expect that this new facility will allow us to widen our process technology lead .
we also completed construction of a large-scale fabrication building in arizona in 2013 , which is currently not in use and is not being depreciated .
we recently announced that we plan to delay equipment installation in this building and leverage existing fabrication facilities , reserving this new facility for additional capacity and future technologies .
outside the u.s. , we have wafer fabrication facilities in israel , china , and ireland .
our fabrication facility in ireland is currently transitioning to a newer process technology node , with manufacturing expected to recommence in 2015 .
our assembly and test facilities are located in malaysia , china , costa rica , and vietnam .
in addition , we have sales and marketing offices worldwide that are generally located near major concentrations of customers .
we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it .
we do not identify or allocate assets by operating segment .
for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k .
item 3 .
legal proceedings for a discussion of legal proceedings , see 201cnote 26 : contingencies 201d in part ii , item 8 of this form 10-k .
item 4 .
mine safety disclosures not applicable .
table of contents . | 2,013 | 29 | INTC | Intel | Information Technology | Semiconductors | Santa Clara, California | 1976-12-31 | 50,863 | 1968 | null | null |
finqa114 | what is the percentage change in total gross amount of unrecognized tax benefits from 2017 to 2018? | 13.4% | divide(subtract(196152, 172945), 172945) | table of contents adobe inc .
notes to consolidated financial statements ( continued ) certain states and foreign jurisdictions to fully utilize available tax credits and other attributes .
the deferred tax assets are offset by a valuation allowance to the extent it is more likely than not that they are not expected to be realized .
we provide u.s .
income taxes on the earnings of foreign subsidiaries unless the subsidiaries 2019 earnings are considered permanently reinvested outside the united states or are exempted from taxation as a result of the new territorial tax system .
to the extent that the foreign earnings previously treated as permanently reinvested are repatriated , the related u.s .
tax liability may be reduced by any foreign income taxes paid on these earnings .
as of november 30 , 2018 , the cumulative amount of earnings upon which u.s .
income taxes have not been provided is approximately $ 275 million .
the unrecognized deferred tax liability for these earnings is approximately $ 57.8 million .
as of november 30 , 2018 , we have net operating loss carryforwards of approximately $ 881.1 million for federal and $ 349.7 million for state .
we also have federal , state and foreign tax credit carryforwards of approximately $ 8.8 million , $ 189.9 million and $ 14.9 million , respectively .
the net operating loss carryforward assets and tax credits will expire in various years from fiscal 2019 through 2036 .
the state tax credit carryforwards and a portion of the federal net operating loss carryforwards can be carried forward indefinitely .
the net operating loss carryforward assets and certain credits are reduced by the valuation allowance and are subject to an annual limitation under internal revenue code section 382 , the carrying amount of which are expected to be fully realized .
as of november 30 , 2018 , a valuation allowance of $ 174.5 million has been established for certain deferred tax assets related to certain state and foreign assets .
for fiscal 2018 , the total change in the valuation allowance was $ 80.9 million .
accounting for uncertainty in income taxes during fiscal 2018 and 2017 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : . | the combined amount of accrued interest and penalties related to tax positions taken on our tax returns were approximately $ 24.6 million and $ 23.6 million for fiscal 2018 and 2017 , respectively .
these amounts were included in long-term income taxes payable in their respective years .
we file income tax returns in the united states on a federal basis and in many u.s .
state and foreign jurisdictions .
we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities .
our major tax jurisdictions are ireland , california and the united states .
for ireland , california and the united states , the earliest fiscal years open for examination are 2008 , 2014 and 2015 , respectively .
we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from these examinations .
we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position .
the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process .
these events could cause large fluctuations in the balance of short-term and long- term assets , liabilities and income taxes payable .
we believe that within the next 12 months , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both .
given the uncertainties described above , we can only determine a range of estimated potential effect in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 45 million. . | | | | 2018 | 2017 |
|---:|:-----------------------------------------------------------------------------|:-----------------|:-----------------|
| 0 | beginning balance | $ 172945 | $ 178413 |
| 1 | gross increases in unrecognized tax benefits 2013 prior year tax positions | 16191 | 3680 |
| 2 | gross decreases in unrecognized tax benefits 2013 prior year tax positions | -4000 ( 4000 ) | -30166 ( 30166 ) |
| 3 | gross increases in unrecognized tax benefits 2013 current year tax positions | 60721 | 24927 |
| 4 | settlements with taxing authorities | 2014 | -3876 ( 3876 ) |
| 5 | lapse of statute of limitations | -45922 ( 45922 ) | -8819 ( 8819 ) |
| 6 | foreign exchange gains and losses | -3783 ( 3783 ) | 8786 |
| 7 | ending balance | $ 196152 | $ 172945 | | table of contents adobe inc .
notes to consolidated financial statements ( continued ) certain states and foreign jurisdictions to fully utilize available tax credits and other attributes .
the deferred tax assets are offset by a valuation allowance to the extent it is more likely than not that they are not expected to be realized .
we provide u.s .
income taxes on the earnings of foreign subsidiaries unless the subsidiaries 2019 earnings are considered permanently reinvested outside the united states or are exempted from taxation as a result of the new territorial tax system .
to the extent that the foreign earnings previously treated as permanently reinvested are repatriated , the related u.s .
tax liability may be reduced by any foreign income taxes paid on these earnings .
as of november 30 , 2018 , the cumulative amount of earnings upon which u.s .
income taxes have not been provided is approximately $ 275 million .
the unrecognized deferred tax liability for these earnings is approximately $ 57.8 million .
as of november 30 , 2018 , we have net operating loss carryforwards of approximately $ 881.1 million for federal and $ 349.7 million for state .
we also have federal , state and foreign tax credit carryforwards of approximately $ 8.8 million , $ 189.9 million and $ 14.9 million , respectively .
the net operating loss carryforward assets and tax credits will expire in various years from fiscal 2019 through 2036 .
the state tax credit carryforwards and a portion of the federal net operating loss carryforwards can be carried forward indefinitely .
the net operating loss carryforward assets and certain credits are reduced by the valuation allowance and are subject to an annual limitation under internal revenue code section 382 , the carrying amount of which are expected to be fully realized .
as of november 30 , 2018 , a valuation allowance of $ 174.5 million has been established for certain deferred tax assets related to certain state and foreign assets .
for fiscal 2018 , the total change in the valuation allowance was $ 80.9 million .
accounting for uncertainty in income taxes during fiscal 2018 and 2017 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : ._| | | 2018 | 2017 |
|---:|:-----------------------------------------------------------------------------|:-----------------|:-----------------|
| 0 | beginning balance | $ 172945 | $ 178413 |
| 1 | gross increases in unrecognized tax benefits 2013 prior year tax positions | 16191 | 3680 |
| 2 | gross decreases in unrecognized tax benefits 2013 prior year tax positions | -4000 ( 4000 ) | -30166 ( 30166 ) |
| 3 | gross increases in unrecognized tax benefits 2013 current year tax positions | 60721 | 24927 |
| 4 | settlements with taxing authorities | 2014 | -3876 ( 3876 ) |
| 5 | lapse of statute of limitations | -45922 ( 45922 ) | -8819 ( 8819 ) |
| 6 | foreign exchange gains and losses | -3783 ( 3783 ) | 8786 |
| 7 | ending balance | $ 196152 | $ 172945 |_the combined amount of accrued interest and penalties related to tax positions taken on our tax returns were approximately $ 24.6 million and $ 23.6 million for fiscal 2018 and 2017 , respectively .
these amounts were included in long-term income taxes payable in their respective years .
we file income tax returns in the united states on a federal basis and in many u.s .
state and foreign jurisdictions .
we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities .
our major tax jurisdictions are ireland , california and the united states .
for ireland , california and the united states , the earliest fiscal years open for examination are 2008 , 2014 and 2015 , respectively .
we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from these examinations .
we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position .
the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process .
these events could cause large fluctuations in the balance of short-term and long- term assets , liabilities and income taxes payable .
we believe that within the next 12 months , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both .
given the uncertainties described above , we can only determine a range of estimated potential effect in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 45 million. . | 2,018 | 86 | ADBE | Adobe Inc. | Information Technology | Application Software | San Jose, California | 1997-05-05 | 796,343 | 1982 | what is the percentage change in total gross amount of unrecognized tax benefits from 2017 to 2018? | 13.4% | divide(subtract(196152, 172945), 172945) | table of contents adobe inc .
notes to consolidated financial statements ( continued ) certain states and foreign jurisdictions to fully utilize available tax credits and other attributes .
the deferred tax assets are offset by a valuation allowance to the extent it is more likely than not that they are not expected to be realized .
we provide u.s .
income taxes on the earnings of foreign subsidiaries unless the subsidiaries 2019 earnings are considered permanently reinvested outside the united states or are exempted from taxation as a result of the new territorial tax system .
to the extent that the foreign earnings previously treated as permanently reinvested are repatriated , the related u.s .
tax liability may be reduced by any foreign income taxes paid on these earnings .
as of november 30 , 2018 , the cumulative amount of earnings upon which u.s .
income taxes have not been provided is approximately $ 275 million .
the unrecognized deferred tax liability for these earnings is approximately $ 57.8 million .
as of november 30 , 2018 , we have net operating loss carryforwards of approximately $ 881.1 million for federal and $ 349.7 million for state .
we also have federal , state and foreign tax credit carryforwards of approximately $ 8.8 million , $ 189.9 million and $ 14.9 million , respectively .
the net operating loss carryforward assets and tax credits will expire in various years from fiscal 2019 through 2036 .
the state tax credit carryforwards and a portion of the federal net operating loss carryforwards can be carried forward indefinitely .
the net operating loss carryforward assets and certain credits are reduced by the valuation allowance and are subject to an annual limitation under internal revenue code section 382 , the carrying amount of which are expected to be fully realized .
as of november 30 , 2018 , a valuation allowance of $ 174.5 million has been established for certain deferred tax assets related to certain state and foreign assets .
for fiscal 2018 , the total change in the valuation allowance was $ 80.9 million .
accounting for uncertainty in income taxes during fiscal 2018 and 2017 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : . | the combined amount of accrued interest and penalties related to tax positions taken on our tax returns were approximately $ 24.6 million and $ 23.6 million for fiscal 2018 and 2017 , respectively .
these amounts were included in long-term income taxes payable in their respective years .
we file income tax returns in the united states on a federal basis and in many u.s .
state and foreign jurisdictions .
we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities .
our major tax jurisdictions are ireland , california and the united states .
for ireland , california and the united states , the earliest fiscal years open for examination are 2008 , 2014 and 2015 , respectively .
we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from these examinations .
we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position .
the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process .
these events could cause large fluctuations in the balance of short-term and long- term assets , liabilities and income taxes payable .
we believe that within the next 12 months , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both .
given the uncertainties described above , we can only determine a range of estimated potential effect in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 45 million. . | | | | 2018 | 2017 |
|---:|:-----------------------------------------------------------------------------|:-----------------|:-----------------|
| 0 | beginning balance | $ 172945 | $ 178413 |
| 1 | gross increases in unrecognized tax benefits 2013 prior year tax positions | 16191 | 3680 |
| 2 | gross decreases in unrecognized tax benefits 2013 prior year tax positions | -4000 ( 4000 ) | -30166 ( 30166 ) |
| 3 | gross increases in unrecognized tax benefits 2013 current year tax positions | 60721 | 24927 |
| 4 | settlements with taxing authorities | 2014 | -3876 ( 3876 ) |
| 5 | lapse of statute of limitations | -45922 ( 45922 ) | -8819 ( 8819 ) |
| 6 | foreign exchange gains and losses | -3783 ( 3783 ) | 8786 |
| 7 | ending balance | $ 196152 | $ 172945 | | table of contents adobe inc .
notes to consolidated financial statements ( continued ) certain states and foreign jurisdictions to fully utilize available tax credits and other attributes .
the deferred tax assets are offset by a valuation allowance to the extent it is more likely than not that they are not expected to be realized .
we provide u.s .
income taxes on the earnings of foreign subsidiaries unless the subsidiaries 2019 earnings are considered permanently reinvested outside the united states or are exempted from taxation as a result of the new territorial tax system .
to the extent that the foreign earnings previously treated as permanently reinvested are repatriated , the related u.s .
tax liability may be reduced by any foreign income taxes paid on these earnings .
as of november 30 , 2018 , the cumulative amount of earnings upon which u.s .
income taxes have not been provided is approximately $ 275 million .
the unrecognized deferred tax liability for these earnings is approximately $ 57.8 million .
as of november 30 , 2018 , we have net operating loss carryforwards of approximately $ 881.1 million for federal and $ 349.7 million for state .
we also have federal , state and foreign tax credit carryforwards of approximately $ 8.8 million , $ 189.9 million and $ 14.9 million , respectively .
the net operating loss carryforward assets and tax credits will expire in various years from fiscal 2019 through 2036 .
the state tax credit carryforwards and a portion of the federal net operating loss carryforwards can be carried forward indefinitely .
the net operating loss carryforward assets and certain credits are reduced by the valuation allowance and are subject to an annual limitation under internal revenue code section 382 , the carrying amount of which are expected to be fully realized .
as of november 30 , 2018 , a valuation allowance of $ 174.5 million has been established for certain deferred tax assets related to certain state and foreign assets .
for fiscal 2018 , the total change in the valuation allowance was $ 80.9 million .
accounting for uncertainty in income taxes during fiscal 2018 and 2017 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : ._| | | 2018 | 2017 |
|---:|:-----------------------------------------------------------------------------|:-----------------|:-----------------|
| 0 | beginning balance | $ 172945 | $ 178413 |
| 1 | gross increases in unrecognized tax benefits 2013 prior year tax positions | 16191 | 3680 |
| 2 | gross decreases in unrecognized tax benefits 2013 prior year tax positions | -4000 ( 4000 ) | -30166 ( 30166 ) |
| 3 | gross increases in unrecognized tax benefits 2013 current year tax positions | 60721 | 24927 |
| 4 | settlements with taxing authorities | 2014 | -3876 ( 3876 ) |
| 5 | lapse of statute of limitations | -45922 ( 45922 ) | -8819 ( 8819 ) |
| 6 | foreign exchange gains and losses | -3783 ( 3783 ) | 8786 |
| 7 | ending balance | $ 196152 | $ 172945 |_the combined amount of accrued interest and penalties related to tax positions taken on our tax returns were approximately $ 24.6 million and $ 23.6 million for fiscal 2018 and 2017 , respectively .
these amounts were included in long-term income taxes payable in their respective years .
we file income tax returns in the united states on a federal basis and in many u.s .
state and foreign jurisdictions .
we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities .
our major tax jurisdictions are ireland , california and the united states .
for ireland , california and the united states , the earliest fiscal years open for examination are 2008 , 2014 and 2015 , respectively .
we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from these examinations .
we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position .
the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process .
these events could cause large fluctuations in the balance of short-term and long- term assets , liabilities and income taxes payable .
we believe that within the next 12 months , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both .
given the uncertainties described above , we can only determine a range of estimated potential effect in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 45 million. . | 2,018 | 86 | ADBE | Adobe Inc. | Information Technology | Application Software | San Jose, California | 1997-05-05 | 796,343 | 1982 | null | null |
finqa115 | considering the year 2018 , what is the cash flow result? | -454.2 | subtract(subtract(2547.2, 1641.6), 1359.8) | liquidity and capital resources we maintained a strong financial position throughout fiscal year 2019 .
as of 30 september 2019 , our consolidated balance sheet included cash and cash items of $ 2248.7 .
we continue to have consistent access to commercial paper markets , and cash flows from operating and financing activities are expected to meet liquidity needs for the foreseeable future .
as of 30 september 2019 , we had $ 971.5 of foreign cash and cash items compared to a total amount of cash and cash items of $ 2248.7 .
as a result of the tax act , we do not expect that a significant portion of our foreign subsidiaries' and affiliates' earnings will be subject to u.s .
income tax upon subsequent repatriation to the united states .
the repatriation of these earnings may be subject to foreign withholding and other taxes depending on the country in which the subsidiaries and affiliates reside .
however , because we have significant current investment plans outside the u.s. , it is our intent to permanently reinvest the majority of our foreign cash and cash items that would be subject to additional taxes outside the u.s .
refer to note 23 , income taxes , for additional information .
the table below summarizes our cash flows from operating activities , investing activities , and financing activities from continuing operations as reflected on the consolidated statements of cash flows: . | operating activities for the fiscal year ended 30 september 2019 , cash provided by operating activities was $ 2969.9 .
income from continuing operations of $ 1760.0 was adjusted for items including depreciation and amortization , deferred income taxes , impacts from the tax act , a charge for the facility closure of one of our customers , undistributed earnings of unconsolidated affiliates , gain on sale of assets and investments , share-based compensation , noncurrent capital lease receivables , and certain other adjustments .
the caption "gain on sale of assets and investments" includes a gain of $ 14.1 recognized on the disposition of our interest in high-tech gases ( beijing ) co. , ltd. , a previously held equity investment in our industrial gases 2013 asia segment .
refer to note 7 , acquisitions , to the consolidated financial statements for additional information .
the working capital accounts were a use of cash of $ 25.3 , primarily driven by $ 69.0 from trade receivables and $ 41.8 from payables and accrued liabilities , partially offset by $ 79.8 from other receivables .
the use of cash within "payables and accrued liabilities" was primarily driven by a $ 48.9 decrease in accrued utilities and a $ 30.3 decrease in accrued interest , partially offset by a $ 51.6 increase in customer advances primarily related to sale of equipment activity .
the decrease in accrued utilities was primarily driven by a contract modification to a tolling arrangement in india and lower utility costs in the industrial gases 2013 americas segment .
the source of cash from other receivables of $ 79.8 was primarily due to the maturities of forward exchange contracts that hedged foreign currency exposures and the collection of value added taxes .
for the fiscal year ended 30 september 2018 , cash provided by operating activities was $ 2547.2 , including income from continuing operations of $ 1455.6 .
other adjustments of $ 131.6 include a $ 54.9 net impact from the remeasurement of intercompany transactions .
the related hedging instruments that eliminate the earnings impact are included as a working capital adjustment in other receivables or payables and accrued liabilities .
in addition , other adjustments were impacted by cash received from the early termination of a cross currency swap of $ 54.4 , as well as the excess of pension expense over pension contributions of $ 23.5 .
the working capital accounts were a use of cash of $ 265.4 , primarily driven by payables and accrued liabilities , inventories , and trade receivables , partially offset by other receivables .
the use of cash in payables and accrued liabilities of $ 277.7 includes a decrease in customer advances of $ 145.7 primarily related to sale of equipment activity and $ 67.1 for maturities of forward exchange contracts that hedged foreign currency exposures .
the use of cash in inventories primarily resulted from the purchase of helium molecules .
in addition , inventories reflect the noncash impact of our change in accounting for u.s .
inventories from lifo to fifo .
the source of cash from other receivables of $ 128.3 was primarily due to the maturities of forward exchange contracts that hedged foreign currency exposures. . | | | cash provided by ( used for ) | 2019 | 2018 |
|---:|:--------------------------------|:-------------------|:-------------------|
| 0 | operating activities | $ 2969.9 | $ 2547.2 |
| 1 | investing activities | -2113.4 ( 2113.4 ) | -1641.6 ( 1641.6 ) |
| 2 | financing activities | -1370.5 ( 1370.5 ) | -1359.8 ( 1359.8 ) | | liquidity and capital resources we maintained a strong financial position throughout fiscal year 2019 .
as of 30 september 2019 , our consolidated balance sheet included cash and cash items of $ 2248.7 .
we continue to have consistent access to commercial paper markets , and cash flows from operating and financing activities are expected to meet liquidity needs for the foreseeable future .
as of 30 september 2019 , we had $ 971.5 of foreign cash and cash items compared to a total amount of cash and cash items of $ 2248.7 .
as a result of the tax act , we do not expect that a significant portion of our foreign subsidiaries' and affiliates' earnings will be subject to u.s .
income tax upon subsequent repatriation to the united states .
the repatriation of these earnings may be subject to foreign withholding and other taxes depending on the country in which the subsidiaries and affiliates reside .
however , because we have significant current investment plans outside the u.s. , it is our intent to permanently reinvest the majority of our foreign cash and cash items that would be subject to additional taxes outside the u.s .
refer to note 23 , income taxes , for additional information .
the table below summarizes our cash flows from operating activities , investing activities , and financing activities from continuing operations as reflected on the consolidated statements of cash flows: ._| | cash provided by ( used for ) | 2019 | 2018 |
|---:|:--------------------------------|:-------------------|:-------------------|
| 0 | operating activities | $ 2969.9 | $ 2547.2 |
| 1 | investing activities | -2113.4 ( 2113.4 ) | -1641.6 ( 1641.6 ) |
| 2 | financing activities | -1370.5 ( 1370.5 ) | -1359.8 ( 1359.8 ) |_operating activities for the fiscal year ended 30 september 2019 , cash provided by operating activities was $ 2969.9 .
income from continuing operations of $ 1760.0 was adjusted for items including depreciation and amortization , deferred income taxes , impacts from the tax act , a charge for the facility closure of one of our customers , undistributed earnings of unconsolidated affiliates , gain on sale of assets and investments , share-based compensation , noncurrent capital lease receivables , and certain other adjustments .
the caption "gain on sale of assets and investments" includes a gain of $ 14.1 recognized on the disposition of our interest in high-tech gases ( beijing ) co. , ltd. , a previously held equity investment in our industrial gases 2013 asia segment .
refer to note 7 , acquisitions , to the consolidated financial statements for additional information .
the working capital accounts were a use of cash of $ 25.3 , primarily driven by $ 69.0 from trade receivables and $ 41.8 from payables and accrued liabilities , partially offset by $ 79.8 from other receivables .
the use of cash within "payables and accrued liabilities" was primarily driven by a $ 48.9 decrease in accrued utilities and a $ 30.3 decrease in accrued interest , partially offset by a $ 51.6 increase in customer advances primarily related to sale of equipment activity .
the decrease in accrued utilities was primarily driven by a contract modification to a tolling arrangement in india and lower utility costs in the industrial gases 2013 americas segment .
the source of cash from other receivables of $ 79.8 was primarily due to the maturities of forward exchange contracts that hedged foreign currency exposures and the collection of value added taxes .
for the fiscal year ended 30 september 2018 , cash provided by operating activities was $ 2547.2 , including income from continuing operations of $ 1455.6 .
other adjustments of $ 131.6 include a $ 54.9 net impact from the remeasurement of intercompany transactions .
the related hedging instruments that eliminate the earnings impact are included as a working capital adjustment in other receivables or payables and accrued liabilities .
in addition , other adjustments were impacted by cash received from the early termination of a cross currency swap of $ 54.4 , as well as the excess of pension expense over pension contributions of $ 23.5 .
the working capital accounts were a use of cash of $ 265.4 , primarily driven by payables and accrued liabilities , inventories , and trade receivables , partially offset by other receivables .
the use of cash in payables and accrued liabilities of $ 277.7 includes a decrease in customer advances of $ 145.7 primarily related to sale of equipment activity and $ 67.1 for maturities of forward exchange contracts that hedged foreign currency exposures .
the use of cash in inventories primarily resulted from the purchase of helium molecules .
in addition , inventories reflect the noncash impact of our change in accounting for u.s .
inventories from lifo to fifo .
the source of cash from other receivables of $ 128.3 was primarily due to the maturities of forward exchange contracts that hedged foreign currency exposures. . | 2,019 | 48 | APD | Air Products | Materials | Industrial Gases | Upper Macungie Township, Pennsylvania | 1985-04-30 | 2,969 | 1940 | considering the year 2018 , what is the cash flow result? | -454.2 | subtract(subtract(2547.2, 1641.6), 1359.8) | liquidity and capital resources we maintained a strong financial position throughout fiscal year 2019 .
as of 30 september 2019 , our consolidated balance sheet included cash and cash items of $ 2248.7 .
we continue to have consistent access to commercial paper markets , and cash flows from operating and financing activities are expected to meet liquidity needs for the foreseeable future .
as of 30 september 2019 , we had $ 971.5 of foreign cash and cash items compared to a total amount of cash and cash items of $ 2248.7 .
as a result of the tax act , we do not expect that a significant portion of our foreign subsidiaries' and affiliates' earnings will be subject to u.s .
income tax upon subsequent repatriation to the united states .
the repatriation of these earnings may be subject to foreign withholding and other taxes depending on the country in which the subsidiaries and affiliates reside .
however , because we have significant current investment plans outside the u.s. , it is our intent to permanently reinvest the majority of our foreign cash and cash items that would be subject to additional taxes outside the u.s .
refer to note 23 , income taxes , for additional information .
the table below summarizes our cash flows from operating activities , investing activities , and financing activities from continuing operations as reflected on the consolidated statements of cash flows: . | operating activities for the fiscal year ended 30 september 2019 , cash provided by operating activities was $ 2969.9 .
income from continuing operations of $ 1760.0 was adjusted for items including depreciation and amortization , deferred income taxes , impacts from the tax act , a charge for the facility closure of one of our customers , undistributed earnings of unconsolidated affiliates , gain on sale of assets and investments , share-based compensation , noncurrent capital lease receivables , and certain other adjustments .
the caption "gain on sale of assets and investments" includes a gain of $ 14.1 recognized on the disposition of our interest in high-tech gases ( beijing ) co. , ltd. , a previously held equity investment in our industrial gases 2013 asia segment .
refer to note 7 , acquisitions , to the consolidated financial statements for additional information .
the working capital accounts were a use of cash of $ 25.3 , primarily driven by $ 69.0 from trade receivables and $ 41.8 from payables and accrued liabilities , partially offset by $ 79.8 from other receivables .
the use of cash within "payables and accrued liabilities" was primarily driven by a $ 48.9 decrease in accrued utilities and a $ 30.3 decrease in accrued interest , partially offset by a $ 51.6 increase in customer advances primarily related to sale of equipment activity .
the decrease in accrued utilities was primarily driven by a contract modification to a tolling arrangement in india and lower utility costs in the industrial gases 2013 americas segment .
the source of cash from other receivables of $ 79.8 was primarily due to the maturities of forward exchange contracts that hedged foreign currency exposures and the collection of value added taxes .
for the fiscal year ended 30 september 2018 , cash provided by operating activities was $ 2547.2 , including income from continuing operations of $ 1455.6 .
other adjustments of $ 131.6 include a $ 54.9 net impact from the remeasurement of intercompany transactions .
the related hedging instruments that eliminate the earnings impact are included as a working capital adjustment in other receivables or payables and accrued liabilities .
in addition , other adjustments were impacted by cash received from the early termination of a cross currency swap of $ 54.4 , as well as the excess of pension expense over pension contributions of $ 23.5 .
the working capital accounts were a use of cash of $ 265.4 , primarily driven by payables and accrued liabilities , inventories , and trade receivables , partially offset by other receivables .
the use of cash in payables and accrued liabilities of $ 277.7 includes a decrease in customer advances of $ 145.7 primarily related to sale of equipment activity and $ 67.1 for maturities of forward exchange contracts that hedged foreign currency exposures .
the use of cash in inventories primarily resulted from the purchase of helium molecules .
in addition , inventories reflect the noncash impact of our change in accounting for u.s .
inventories from lifo to fifo .
the source of cash from other receivables of $ 128.3 was primarily due to the maturities of forward exchange contracts that hedged foreign currency exposures. . | | | cash provided by ( used for ) | 2019 | 2018 |
|---:|:--------------------------------|:-------------------|:-------------------|
| 0 | operating activities | $ 2969.9 | $ 2547.2 |
| 1 | investing activities | -2113.4 ( 2113.4 ) | -1641.6 ( 1641.6 ) |
| 2 | financing activities | -1370.5 ( 1370.5 ) | -1359.8 ( 1359.8 ) | | liquidity and capital resources we maintained a strong financial position throughout fiscal year 2019 .
as of 30 september 2019 , our consolidated balance sheet included cash and cash items of $ 2248.7 .
we continue to have consistent access to commercial paper markets , and cash flows from operating and financing activities are expected to meet liquidity needs for the foreseeable future .
as of 30 september 2019 , we had $ 971.5 of foreign cash and cash items compared to a total amount of cash and cash items of $ 2248.7 .
as a result of the tax act , we do not expect that a significant portion of our foreign subsidiaries' and affiliates' earnings will be subject to u.s .
income tax upon subsequent repatriation to the united states .
the repatriation of these earnings may be subject to foreign withholding and other taxes depending on the country in which the subsidiaries and affiliates reside .
however , because we have significant current investment plans outside the u.s. , it is our intent to permanently reinvest the majority of our foreign cash and cash items that would be subject to additional taxes outside the u.s .
refer to note 23 , income taxes , for additional information .
the table below summarizes our cash flows from operating activities , investing activities , and financing activities from continuing operations as reflected on the consolidated statements of cash flows: ._| | cash provided by ( used for ) | 2019 | 2018 |
|---:|:--------------------------------|:-------------------|:-------------------|
| 0 | operating activities | $ 2969.9 | $ 2547.2 |
| 1 | investing activities | -2113.4 ( 2113.4 ) | -1641.6 ( 1641.6 ) |
| 2 | financing activities | -1370.5 ( 1370.5 ) | -1359.8 ( 1359.8 ) |_operating activities for the fiscal year ended 30 september 2019 , cash provided by operating activities was $ 2969.9 .
income from continuing operations of $ 1760.0 was adjusted for items including depreciation and amortization , deferred income taxes , impacts from the tax act , a charge for the facility closure of one of our customers , undistributed earnings of unconsolidated affiliates , gain on sale of assets and investments , share-based compensation , noncurrent capital lease receivables , and certain other adjustments .
the caption "gain on sale of assets and investments" includes a gain of $ 14.1 recognized on the disposition of our interest in high-tech gases ( beijing ) co. , ltd. , a previously held equity investment in our industrial gases 2013 asia segment .
refer to note 7 , acquisitions , to the consolidated financial statements for additional information .
the working capital accounts were a use of cash of $ 25.3 , primarily driven by $ 69.0 from trade receivables and $ 41.8 from payables and accrued liabilities , partially offset by $ 79.8 from other receivables .
the use of cash within "payables and accrued liabilities" was primarily driven by a $ 48.9 decrease in accrued utilities and a $ 30.3 decrease in accrued interest , partially offset by a $ 51.6 increase in customer advances primarily related to sale of equipment activity .
the decrease in accrued utilities was primarily driven by a contract modification to a tolling arrangement in india and lower utility costs in the industrial gases 2013 americas segment .
the source of cash from other receivables of $ 79.8 was primarily due to the maturities of forward exchange contracts that hedged foreign currency exposures and the collection of value added taxes .
for the fiscal year ended 30 september 2018 , cash provided by operating activities was $ 2547.2 , including income from continuing operations of $ 1455.6 .
other adjustments of $ 131.6 include a $ 54.9 net impact from the remeasurement of intercompany transactions .
the related hedging instruments that eliminate the earnings impact are included as a working capital adjustment in other receivables or payables and accrued liabilities .
in addition , other adjustments were impacted by cash received from the early termination of a cross currency swap of $ 54.4 , as well as the excess of pension expense over pension contributions of $ 23.5 .
the working capital accounts were a use of cash of $ 265.4 , primarily driven by payables and accrued liabilities , inventories , and trade receivables , partially offset by other receivables .
the use of cash in payables and accrued liabilities of $ 277.7 includes a decrease in customer advances of $ 145.7 primarily related to sale of equipment activity and $ 67.1 for maturities of forward exchange contracts that hedged foreign currency exposures .
the use of cash in inventories primarily resulted from the purchase of helium molecules .
in addition , inventories reflect the noncash impact of our change in accounting for u.s .
inventories from lifo to fifo .
the source of cash from other receivables of $ 128.3 was primarily due to the maturities of forward exchange contracts that hedged foreign currency exposures. . | 2,019 | 48 | APD | Air Products | Materials | Industrial Gases | Upper Macungie Township, Pennsylvania | 1985-04-30 | 2,969 | 1940 | null | null |
finqa116 | what was the ratio of the free cash flow to the cash provided by operating activities in 2015 | 0.07 | divide(524, 7344) | to , rather than as a substitute for , cash provided by operating activities .
the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : . | 2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve .
we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments .
we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety .
we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network .
f0b7 network operations 2013 in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability .
f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment .
we again could see volatile fuel prices during the year , as they are sensitive to global and u.s .
domestic demand , refining capacity , geopolitical events , weather conditions and other factors .
as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months .
continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport .
alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments .
f0b7 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars .
the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .
( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels .
we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions .
the strong u.s .
dollar and historic low commodity prices could also drive continued volatility .
one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities .
in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise .
over the longer term , we expect the overall u.s .
economy to continue to improve at a modest pace , with some markets outperforming others. . | | | millions | 2015 | 2014 | 2013 |
|---:|:--------------------------------------|:---------------|:---------------|:---------------|
| 0 | cash provided by operating activities | $ 7344 | $ 7385 | $ 6823 |
| 1 | cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 ) |
| 2 | dividends paid | -2344 ( 2344 ) | -1632 ( 1632 ) | -1333 ( 1333 ) |
| 3 | free cash flow | $ 524 | $ 1504 | $ 2085 | | to , rather than as a substitute for , cash provided by operating activities .
the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : ._| | millions | 2015 | 2014 | 2013 |
|---:|:--------------------------------------|:---------------|:---------------|:---------------|
| 0 | cash provided by operating activities | $ 7344 | $ 7385 | $ 6823 |
| 1 | cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 ) |
| 2 | dividends paid | -2344 ( 2344 ) | -1632 ( 1632 ) | -1333 ( 1333 ) |
| 3 | free cash flow | $ 524 | $ 1504 | $ 2085 |_2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve .
we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments .
we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety .
we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network .
f0b7 network operations 2013 in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability .
f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment .
we again could see volatile fuel prices during the year , as they are sensitive to global and u.s .
domestic demand , refining capacity , geopolitical events , weather conditions and other factors .
as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months .
continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport .
alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments .
f0b7 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars .
the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .
( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels .
we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions .
the strong u.s .
dollar and historic low commodity prices could also drive continued volatility .
one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities .
in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise .
over the longer term , we expect the overall u.s .
economy to continue to improve at a modest pace , with some markets outperforming others. . | 2,015 | 24 | UNP | Union Pacific Corporation | Industrials | Rail Transportation | Omaha, Nebraska | 1957-03-04 | 100,885 | 1862 | what was the ratio of the free cash flow to the cash provided by operating activities in 2015 | 0.07 | divide(524, 7344) | to , rather than as a substitute for , cash provided by operating activities .
the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : . | 2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve .
we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments .
we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety .
we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network .
f0b7 network operations 2013 in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability .
f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment .
we again could see volatile fuel prices during the year , as they are sensitive to global and u.s .
domestic demand , refining capacity , geopolitical events , weather conditions and other factors .
as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months .
continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport .
alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments .
f0b7 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars .
the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .
( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels .
we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions .
the strong u.s .
dollar and historic low commodity prices could also drive continued volatility .
one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities .
in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise .
over the longer term , we expect the overall u.s .
economy to continue to improve at a modest pace , with some markets outperforming others. . | | | millions | 2015 | 2014 | 2013 |
|---:|:--------------------------------------|:---------------|:---------------|:---------------|
| 0 | cash provided by operating activities | $ 7344 | $ 7385 | $ 6823 |
| 1 | cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 ) |
| 2 | dividends paid | -2344 ( 2344 ) | -1632 ( 1632 ) | -1333 ( 1333 ) |
| 3 | free cash flow | $ 524 | $ 1504 | $ 2085 | | to , rather than as a substitute for , cash provided by operating activities .
the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : ._| | millions | 2015 | 2014 | 2013 |
|---:|:--------------------------------------|:---------------|:---------------|:---------------|
| 0 | cash provided by operating activities | $ 7344 | $ 7385 | $ 6823 |
| 1 | cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 ) |
| 2 | dividends paid | -2344 ( 2344 ) | -1632 ( 1632 ) | -1333 ( 1333 ) |
| 3 | free cash flow | $ 524 | $ 1504 | $ 2085 |_2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve .
we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments .
we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety .
we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network .
f0b7 network operations 2013 in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability .
f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment .
we again could see volatile fuel prices during the year , as they are sensitive to global and u.s .
domestic demand , refining capacity , geopolitical events , weather conditions and other factors .
as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months .
continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport .
alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments .
f0b7 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars .
the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .
( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels .
we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions .
the strong u.s .
dollar and historic low commodity prices could also drive continued volatility .
one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities .
in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise .
over the longer term , we expect the overall u.s .
economy to continue to improve at a modest pace , with some markets outperforming others. . | 2,015 | 24 | UNP | Union Pacific Corporation | Industrials | Rail Transportation | Omaha, Nebraska | 1957-03-04 | 100,885 | 1862 | null | null |
finqa117 | what percent of the change between net revenue in 2007 and 2008 was due to rider revenue? | 18% | divide(3.9, subtract(252.7, 231.0)) | entergy new orleans , inc .
management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .
following is an analysis of the change in net revenue comparing 2008 to 2007 .
amount ( in millions ) . | the volume/weather variance is due to an increase in electricity usage in the service territory in 2008 compared to the same period in 2007 .
entergy new orleans estimates that approximately 141000 electric customers and 93000 gas customers have returned since hurricane katrina and are taking service as of december 31 , 2008 , compared to approximately 132000 electric customers and 86000 gas customers as of december 31 , 2007 .
billed retail electricity usage increased a total of 184 gwh compared to the same period in 2007 , an increase of 4% ( 4 % ) .
the net gas revenue variance is primarily due to an increase in base rates in march and november 2007 .
refer to note 2 to the financial statements for a discussion of the base rate increase .
the rider revenue variance is due primarily to higher total revenue and a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006 .
the approved storm reserve has been set to collect $ 75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account .
the settlement agreement is discussed in note 2 to the financial statements .
the base revenue variance is primarily due to a base rate recovery credit , effective january 2008 .
the base rate credit is discussed in note 2 to the financial statements .
gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 58.9 million in gross wholesale revenue due to increased sales to affiliated customers and an increase in the average price of energy available for resale sales ; an increase of $ 47.7 million in electric fuel cost recovery revenues due to higher fuel rates and increased electricity usage ; and an increase of $ 22 million in gross gas revenues due to higher fuel recovery revenues and increases in gas base rates in march 2007 and november 2007 .
fuel and purchased power increased primarily due to increases in the average market prices of natural gas and purchased power in addition to an increase in demand. . | | | | amount ( in millions ) |
|---:|:-----------------|:-------------------------|
| 0 | 2007 net revenue | $ 231.0 |
| 1 | volume/weather | 15.5 |
| 2 | net gas revenue | 6.6 |
| 3 | rider revenue | 3.9 |
| 4 | base revenue | -11.3 ( 11.3 ) |
| 5 | other | 7.0 |
| 6 | 2008 net revenue | $ 252.7 | | entergy new orleans , inc .
management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .
following is an analysis of the change in net revenue comparing 2008 to 2007 .
amount ( in millions ) ._| | | amount ( in millions ) |
|---:|:-----------------|:-------------------------|
| 0 | 2007 net revenue | $ 231.0 |
| 1 | volume/weather | 15.5 |
| 2 | net gas revenue | 6.6 |
| 3 | rider revenue | 3.9 |
| 4 | base revenue | -11.3 ( 11.3 ) |
| 5 | other | 7.0 |
| 6 | 2008 net revenue | $ 252.7 |_the volume/weather variance is due to an increase in electricity usage in the service territory in 2008 compared to the same period in 2007 .
entergy new orleans estimates that approximately 141000 electric customers and 93000 gas customers have returned since hurricane katrina and are taking service as of december 31 , 2008 , compared to approximately 132000 electric customers and 86000 gas customers as of december 31 , 2007 .
billed retail electricity usage increased a total of 184 gwh compared to the same period in 2007 , an increase of 4% ( 4 % ) .
the net gas revenue variance is primarily due to an increase in base rates in march and november 2007 .
refer to note 2 to the financial statements for a discussion of the base rate increase .
the rider revenue variance is due primarily to higher total revenue and a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006 .
the approved storm reserve has been set to collect $ 75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account .
the settlement agreement is discussed in note 2 to the financial statements .
the base revenue variance is primarily due to a base rate recovery credit , effective january 2008 .
the base rate credit is discussed in note 2 to the financial statements .
gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 58.9 million in gross wholesale revenue due to increased sales to affiliated customers and an increase in the average price of energy available for resale sales ; an increase of $ 47.7 million in electric fuel cost recovery revenues due to higher fuel rates and increased electricity usage ; and an increase of $ 22 million in gross gas revenues due to higher fuel recovery revenues and increases in gas base rates in march 2007 and november 2007 .
fuel and purchased power increased primarily due to increases in the average market prices of natural gas and purchased power in addition to an increase in demand. . | 2,008 | 355 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | what percent of the change between net revenue in 2007 and 2008 was due to rider revenue? | 18% | divide(3.9, subtract(252.7, 231.0)) | entergy new orleans , inc .
management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .
following is an analysis of the change in net revenue comparing 2008 to 2007 .
amount ( in millions ) . | the volume/weather variance is due to an increase in electricity usage in the service territory in 2008 compared to the same period in 2007 .
entergy new orleans estimates that approximately 141000 electric customers and 93000 gas customers have returned since hurricane katrina and are taking service as of december 31 , 2008 , compared to approximately 132000 electric customers and 86000 gas customers as of december 31 , 2007 .
billed retail electricity usage increased a total of 184 gwh compared to the same period in 2007 , an increase of 4% ( 4 % ) .
the net gas revenue variance is primarily due to an increase in base rates in march and november 2007 .
refer to note 2 to the financial statements for a discussion of the base rate increase .
the rider revenue variance is due primarily to higher total revenue and a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006 .
the approved storm reserve has been set to collect $ 75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account .
the settlement agreement is discussed in note 2 to the financial statements .
the base revenue variance is primarily due to a base rate recovery credit , effective january 2008 .
the base rate credit is discussed in note 2 to the financial statements .
gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 58.9 million in gross wholesale revenue due to increased sales to affiliated customers and an increase in the average price of energy available for resale sales ; an increase of $ 47.7 million in electric fuel cost recovery revenues due to higher fuel rates and increased electricity usage ; and an increase of $ 22 million in gross gas revenues due to higher fuel recovery revenues and increases in gas base rates in march 2007 and november 2007 .
fuel and purchased power increased primarily due to increases in the average market prices of natural gas and purchased power in addition to an increase in demand. . | | | | amount ( in millions ) |
|---:|:-----------------|:-------------------------|
| 0 | 2007 net revenue | $ 231.0 |
| 1 | volume/weather | 15.5 |
| 2 | net gas revenue | 6.6 |
| 3 | rider revenue | 3.9 |
| 4 | base revenue | -11.3 ( 11.3 ) |
| 5 | other | 7.0 |
| 6 | 2008 net revenue | $ 252.7 | | entergy new orleans , inc .
management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .
following is an analysis of the change in net revenue comparing 2008 to 2007 .
amount ( in millions ) ._| | | amount ( in millions ) |
|---:|:-----------------|:-------------------------|
| 0 | 2007 net revenue | $ 231.0 |
| 1 | volume/weather | 15.5 |
| 2 | net gas revenue | 6.6 |
| 3 | rider revenue | 3.9 |
| 4 | base revenue | -11.3 ( 11.3 ) |
| 5 | other | 7.0 |
| 6 | 2008 net revenue | $ 252.7 |_the volume/weather variance is due to an increase in electricity usage in the service territory in 2008 compared to the same period in 2007 .
entergy new orleans estimates that approximately 141000 electric customers and 93000 gas customers have returned since hurricane katrina and are taking service as of december 31 , 2008 , compared to approximately 132000 electric customers and 86000 gas customers as of december 31 , 2007 .
billed retail electricity usage increased a total of 184 gwh compared to the same period in 2007 , an increase of 4% ( 4 % ) .
the net gas revenue variance is primarily due to an increase in base rates in march and november 2007 .
refer to note 2 to the financial statements for a discussion of the base rate increase .
the rider revenue variance is due primarily to higher total revenue and a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006 .
the approved storm reserve has been set to collect $ 75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account .
the settlement agreement is discussed in note 2 to the financial statements .
the base revenue variance is primarily due to a base rate recovery credit , effective january 2008 .
the base rate credit is discussed in note 2 to the financial statements .
gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 58.9 million in gross wholesale revenue due to increased sales to affiliated customers and an increase in the average price of energy available for resale sales ; an increase of $ 47.7 million in electric fuel cost recovery revenues due to higher fuel rates and increased electricity usage ; and an increase of $ 22 million in gross gas revenues due to higher fuel recovery revenues and increases in gas base rates in march 2007 and november 2007 .
fuel and purchased power increased primarily due to increases in the average market prices of natural gas and purchased power in addition to an increase in demand. . | 2,008 | 355 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | null | null |
finqa118 | what is the change in the balance of liability for all restructuring from 2006 to 2008 , ( in millions ) ? | -19 | subtract(12.8, 31.8) | 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. . | | | | 2007 program | 2003 program | 2001 program | total |
|---:|:------------------------------------------|:---------------|:---------------|:---------------|:---------------|
| 0 | liability at december 31 2006 | $ 2014 | $ 12.6 | $ 19.2 | $ 31.8 |
| 1 | net charges ( reversals ) and adjustments | 19.1 | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4 |
| 2 | payments and other1 | -7.2 ( 7.2 ) | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 ) |
| 3 | liability at december 31 2007 | $ 11.9 | $ 9.0 | $ 8.7 | $ 29.6 |
| 4 | net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8 |
| 5 | payments and other1 | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 ) |
| 6 | liability at december 31 2008 | $ 1.2 | $ 5.7 | $ 5.9 | $ 12.8 | | 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 ._| | | 2007 program | 2003 program | 2001 program | total |
|---:|:------------------------------------------|:---------------|:---------------|:---------------|:---------------|
| 0 | liability at december 31 2006 | $ 2014 | $ 12.6 | $ 19.2 | $ 31.8 |
| 1 | net charges ( reversals ) and adjustments | 19.1 | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4 |
| 2 | payments and other1 | -7.2 ( 7.2 ) | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 ) |
| 3 | liability at december 31 2007 | $ 11.9 | $ 9.0 | $ 8.7 | $ 29.6 |
| 4 | net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8 |
| 5 | payments and other1 | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 ) |
| 6 | liability at december 31 2008 | $ 1.2 | $ 5.7 | $ 5.9 | $ 12.8 |_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. . | 2,008 | 62 | IPG | Interpublic Group of Companies (The) | Communication Services | Advertising | New York City, New York | 1992-10-01 | 51,644 | 1961 (1930) | what is the change in the balance of liability for all restructuring from 2006 to 2008 , ( in millions ) ? | -19 | subtract(12.8, 31.8) | 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. . | | | | 2007 program | 2003 program | 2001 program | total |
|---:|:------------------------------------------|:---------------|:---------------|:---------------|:---------------|
| 0 | liability at december 31 2006 | $ 2014 | $ 12.6 | $ 19.2 | $ 31.8 |
| 1 | net charges ( reversals ) and adjustments | 19.1 | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4 |
| 2 | payments and other1 | -7.2 ( 7.2 ) | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 ) |
| 3 | liability at december 31 2007 | $ 11.9 | $ 9.0 | $ 8.7 | $ 29.6 |
| 4 | net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8 |
| 5 | payments and other1 | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 ) |
| 6 | liability at december 31 2008 | $ 1.2 | $ 5.7 | $ 5.9 | $ 12.8 | | 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 ._| | | 2007 program | 2003 program | 2001 program | total |
|---:|:------------------------------------------|:---------------|:---------------|:---------------|:---------------|
| 0 | liability at december 31 2006 | $ 2014 | $ 12.6 | $ 19.2 | $ 31.8 |
| 1 | net charges ( reversals ) and adjustments | 19.1 | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4 |
| 2 | payments and other1 | -7.2 ( 7.2 ) | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 ) |
| 3 | liability at december 31 2007 | $ 11.9 | $ 9.0 | $ 8.7 | $ 29.6 |
| 4 | net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8 |
| 5 | payments and other1 | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 ) |
| 6 | liability at december 31 2008 | $ 1.2 | $ 5.7 | $ 5.9 | $ 12.8 |_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. . | 2,008 | 62 | IPG | Interpublic Group of Companies (The) | Communication Services | Advertising | New York City, New York | 1992-10-01 | 51,644 | 1961 (1930) | null | null |
finqa119 | what percentage was eurasia sbu of total revenue in 2017? | 15% | divide(1590, 10530) | the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 on december 8 , 2017 , the board of directors declared a quarterly common stock dividend of $ 0.13 per share payable on february 15 , 2018 to shareholders of record at the close of business on february 1 , 2018 .
stock repurchase program 2014 no shares were repurchased in 2017 .
the cumulative repurchases from the commencement of the program in july 2010 through december 31 , 2017 totaled 154.3 million shares for a total cost of $ 1.9 billion , at an average price per share of $ 12.12 ( including a nominal amount of commissions ) .
as of december 31 , 2017 , $ 246 million remained available for repurchase under the program .
the common stock repurchased has been classified as treasury stock and accounted for using the cost method .
a total of 155924785 and 156878891 shares were held as treasury stock at december 31 , 2017 and 2016 , respectively .
restricted stock units under the company's employee benefit plans are issued from treasury stock .
the company has not retired any common stock repurchased since it began the program in july 2010 .
15 .
segments and geographic information the segment reporting structure uses the company's organizational structure as its foundation to reflect how the company manages the businesses internally and is organized by geographic regions which provides a socio- political-economic understanding of our business .
during the third quarter of 2017 , the europe and asia sbus were merged in order to leverage scale and are now reported as part of the eurasia sbu .
the management reporting structure is organized by five sbus led by our president and chief executive officer : us , andes , brazil , mcac and eurasia sbus .
the company determined that it has five operating and five reportable segments corresponding to its sbus .
all prior period results have been retrospectively revised to reflect the new segment reporting structure .
in february 2018 , we announced a reorganization as a part of our ongoing strategy to simplify our portfolio , optimize our cost structure , and reduce our carbon intensity .
the company is currently evaluating the impact this reorganization will have on our segment reporting structure .
corporate and other 2014 corporate overhead costs which are not directly associated with the operations of our five reportable segments are included in "corporate and other." also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation .
the company uses adjusted ptc as its primary segment performance measure .
adjusted ptc , a non-gaap measure , is defined by the company as pre-tax income from continuing operations attributable to the aes corporation excluding gains or losses of the consolidated entity due to ( a ) unrealized gains or losses related to derivative transactions ; ( b ) unrealized foreign currency gains or losses ; ( c ) gains , losses and associated benefits and costs due to dispositions and acquisitions of business interests , including early plant closures ; ( d ) losses due to impairments ; ( e ) gains , losses and costs due to the early retirement of debt ; and ( f ) costs directly associated with a major restructuring program , including , but not limited to , workforce reduction efforts , relocations , and office consolidation .
adjusted ptc also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities .
the company has concluded adjusted ptc better reflects the underlying business performance of the company and is the most relevant measure considered in the company's internal evaluation of the financial performance of its segments .
additionally , given its large number of businesses and complexity , the company concluded that adjusted ptc is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the company's results .
revenue and adjusted ptc are presented before inter-segment eliminations , which includes the effect of intercompany transactions with other segments except for interest , charges for certain management fees , and the write-off of intercompany balances , as applicable .
all intra-segment activity has been eliminated within the segment .
inter-segment activity has been eliminated within the total consolidated results .
the following tables present financial information by segment for the periods indicated ( in millions ) : . | . | | | year ended december 31, | total revenue 2017 | total revenue 2016 | total revenue 2015 |
|---:|:--------------------------|:---------------------|:---------------------|:---------------------|
| 0 | us sbu | $ 3229 | $ 3429 | $ 3593 |
| 1 | andes sbu | 2710 | 2506 | 2489 |
| 2 | brazil sbu | 542 | 450 | 962 |
| 3 | mcac sbu | 2448 | 2172 | 2353 |
| 4 | eurasia sbu | 1590 | 1670 | 1875 |
| 5 | corporate and other | 35 | 77 | 31 |
| 6 | eliminations | -24 ( 24 ) | -23 ( 23 ) | -43 ( 43 ) |
| 7 | total revenue | $ 10530 | $ 10281 | $ 11260 | | the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 on december 8 , 2017 , the board of directors declared a quarterly common stock dividend of $ 0.13 per share payable on february 15 , 2018 to shareholders of record at the close of business on february 1 , 2018 .
stock repurchase program 2014 no shares were repurchased in 2017 .
the cumulative repurchases from the commencement of the program in july 2010 through december 31 , 2017 totaled 154.3 million shares for a total cost of $ 1.9 billion , at an average price per share of $ 12.12 ( including a nominal amount of commissions ) .
as of december 31 , 2017 , $ 246 million remained available for repurchase under the program .
the common stock repurchased has been classified as treasury stock and accounted for using the cost method .
a total of 155924785 and 156878891 shares were held as treasury stock at december 31 , 2017 and 2016 , respectively .
restricted stock units under the company's employee benefit plans are issued from treasury stock .
the company has not retired any common stock repurchased since it began the program in july 2010 .
15 .
segments and geographic information the segment reporting structure uses the company's organizational structure as its foundation to reflect how the company manages the businesses internally and is organized by geographic regions which provides a socio- political-economic understanding of our business .
during the third quarter of 2017 , the europe and asia sbus were merged in order to leverage scale and are now reported as part of the eurasia sbu .
the management reporting structure is organized by five sbus led by our president and chief executive officer : us , andes , brazil , mcac and eurasia sbus .
the company determined that it has five operating and five reportable segments corresponding to its sbus .
all prior period results have been retrospectively revised to reflect the new segment reporting structure .
in february 2018 , we announced a reorganization as a part of our ongoing strategy to simplify our portfolio , optimize our cost structure , and reduce our carbon intensity .
the company is currently evaluating the impact this reorganization will have on our segment reporting structure .
corporate and other 2014 corporate overhead costs which are not directly associated with the operations of our five reportable segments are included in "corporate and other." also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation .
the company uses adjusted ptc as its primary segment performance measure .
adjusted ptc , a non-gaap measure , is defined by the company as pre-tax income from continuing operations attributable to the aes corporation excluding gains or losses of the consolidated entity due to ( a ) unrealized gains or losses related to derivative transactions ; ( b ) unrealized foreign currency gains or losses ; ( c ) gains , losses and associated benefits and costs due to dispositions and acquisitions of business interests , including early plant closures ; ( d ) losses due to impairments ; ( e ) gains , losses and costs due to the early retirement of debt ; and ( f ) costs directly associated with a major restructuring program , including , but not limited to , workforce reduction efforts , relocations , and office consolidation .
adjusted ptc also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities .
the company has concluded adjusted ptc better reflects the underlying business performance of the company and is the most relevant measure considered in the company's internal evaluation of the financial performance of its segments .
additionally , given its large number of businesses and complexity , the company concluded that adjusted ptc is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the company's results .
revenue and adjusted ptc are presented before inter-segment eliminations , which includes the effect of intercompany transactions with other segments except for interest , charges for certain management fees , and the write-off of intercompany balances , as applicable .
all intra-segment activity has been eliminated within the segment .
inter-segment activity has been eliminated within the total consolidated results .
the following tables present financial information by segment for the periods indicated ( in millions ) : ._| | year ended december 31, | total revenue 2017 | total revenue 2016 | total revenue 2015 |
|---:|:--------------------------|:---------------------|:---------------------|:---------------------|
| 0 | us sbu | $ 3229 | $ 3429 | $ 3593 |
| 1 | andes sbu | 2710 | 2506 | 2489 |
| 2 | brazil sbu | 542 | 450 | 962 |
| 3 | mcac sbu | 2448 | 2172 | 2353 |
| 4 | eurasia sbu | 1590 | 1670 | 1875 |
| 5 | corporate and other | 35 | 77 | 31 |
| 6 | eliminations | -24 ( 24 ) | -23 ( 23 ) | -43 ( 43 ) |
| 7 | total revenue | $ 10530 | $ 10281 | $ 11260 |_. | 2,017 | 157 | AES | AES Corporation | Utilities | Independent Power Producers & Energy Traders | Arlington, Virginia | 1998-10-02 | 874,761 | 1981 | what percentage was eurasia sbu of total revenue in 2017? | 15% | divide(1590, 10530) | the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 on december 8 , 2017 , the board of directors declared a quarterly common stock dividend of $ 0.13 per share payable on february 15 , 2018 to shareholders of record at the close of business on february 1 , 2018 .
stock repurchase program 2014 no shares were repurchased in 2017 .
the cumulative repurchases from the commencement of the program in july 2010 through december 31 , 2017 totaled 154.3 million shares for a total cost of $ 1.9 billion , at an average price per share of $ 12.12 ( including a nominal amount of commissions ) .
as of december 31 , 2017 , $ 246 million remained available for repurchase under the program .
the common stock repurchased has been classified as treasury stock and accounted for using the cost method .
a total of 155924785 and 156878891 shares were held as treasury stock at december 31 , 2017 and 2016 , respectively .
restricted stock units under the company's employee benefit plans are issued from treasury stock .
the company has not retired any common stock repurchased since it began the program in july 2010 .
15 .
segments and geographic information the segment reporting structure uses the company's organizational structure as its foundation to reflect how the company manages the businesses internally and is organized by geographic regions which provides a socio- political-economic understanding of our business .
during the third quarter of 2017 , the europe and asia sbus were merged in order to leverage scale and are now reported as part of the eurasia sbu .
the management reporting structure is organized by five sbus led by our president and chief executive officer : us , andes , brazil , mcac and eurasia sbus .
the company determined that it has five operating and five reportable segments corresponding to its sbus .
all prior period results have been retrospectively revised to reflect the new segment reporting structure .
in february 2018 , we announced a reorganization as a part of our ongoing strategy to simplify our portfolio , optimize our cost structure , and reduce our carbon intensity .
the company is currently evaluating the impact this reorganization will have on our segment reporting structure .
corporate and other 2014 corporate overhead costs which are not directly associated with the operations of our five reportable segments are included in "corporate and other." also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation .
the company uses adjusted ptc as its primary segment performance measure .
adjusted ptc , a non-gaap measure , is defined by the company as pre-tax income from continuing operations attributable to the aes corporation excluding gains or losses of the consolidated entity due to ( a ) unrealized gains or losses related to derivative transactions ; ( b ) unrealized foreign currency gains or losses ; ( c ) gains , losses and associated benefits and costs due to dispositions and acquisitions of business interests , including early plant closures ; ( d ) losses due to impairments ; ( e ) gains , losses and costs due to the early retirement of debt ; and ( f ) costs directly associated with a major restructuring program , including , but not limited to , workforce reduction efforts , relocations , and office consolidation .
adjusted ptc also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities .
the company has concluded adjusted ptc better reflects the underlying business performance of the company and is the most relevant measure considered in the company's internal evaluation of the financial performance of its segments .
additionally , given its large number of businesses and complexity , the company concluded that adjusted ptc is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the company's results .
revenue and adjusted ptc are presented before inter-segment eliminations , which includes the effect of intercompany transactions with other segments except for interest , charges for certain management fees , and the write-off of intercompany balances , as applicable .
all intra-segment activity has been eliminated within the segment .
inter-segment activity has been eliminated within the total consolidated results .
the following tables present financial information by segment for the periods indicated ( in millions ) : . | . | | | year ended december 31, | total revenue 2017 | total revenue 2016 | total revenue 2015 |
|---:|:--------------------------|:---------------------|:---------------------|:---------------------|
| 0 | us sbu | $ 3229 | $ 3429 | $ 3593 |
| 1 | andes sbu | 2710 | 2506 | 2489 |
| 2 | brazil sbu | 542 | 450 | 962 |
| 3 | mcac sbu | 2448 | 2172 | 2353 |
| 4 | eurasia sbu | 1590 | 1670 | 1875 |
| 5 | corporate and other | 35 | 77 | 31 |
| 6 | eliminations | -24 ( 24 ) | -23 ( 23 ) | -43 ( 43 ) |
| 7 | total revenue | $ 10530 | $ 10281 | $ 11260 | | the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 on december 8 , 2017 , the board of directors declared a quarterly common stock dividend of $ 0.13 per share payable on february 15 , 2018 to shareholders of record at the close of business on february 1 , 2018 .
stock repurchase program 2014 no shares were repurchased in 2017 .
the cumulative repurchases from the commencement of the program in july 2010 through december 31 , 2017 totaled 154.3 million shares for a total cost of $ 1.9 billion , at an average price per share of $ 12.12 ( including a nominal amount of commissions ) .
as of december 31 , 2017 , $ 246 million remained available for repurchase under the program .
the common stock repurchased has been classified as treasury stock and accounted for using the cost method .
a total of 155924785 and 156878891 shares were held as treasury stock at december 31 , 2017 and 2016 , respectively .
restricted stock units under the company's employee benefit plans are issued from treasury stock .
the company has not retired any common stock repurchased since it began the program in july 2010 .
15 .
segments and geographic information the segment reporting structure uses the company's organizational structure as its foundation to reflect how the company manages the businesses internally and is organized by geographic regions which provides a socio- political-economic understanding of our business .
during the third quarter of 2017 , the europe and asia sbus were merged in order to leverage scale and are now reported as part of the eurasia sbu .
the management reporting structure is organized by five sbus led by our president and chief executive officer : us , andes , brazil , mcac and eurasia sbus .
the company determined that it has five operating and five reportable segments corresponding to its sbus .
all prior period results have been retrospectively revised to reflect the new segment reporting structure .
in february 2018 , we announced a reorganization as a part of our ongoing strategy to simplify our portfolio , optimize our cost structure , and reduce our carbon intensity .
the company is currently evaluating the impact this reorganization will have on our segment reporting structure .
corporate and other 2014 corporate overhead costs which are not directly associated with the operations of our five reportable segments are included in "corporate and other." also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation .
the company uses adjusted ptc as its primary segment performance measure .
adjusted ptc , a non-gaap measure , is defined by the company as pre-tax income from continuing operations attributable to the aes corporation excluding gains or losses of the consolidated entity due to ( a ) unrealized gains or losses related to derivative transactions ; ( b ) unrealized foreign currency gains or losses ; ( c ) gains , losses and associated benefits and costs due to dispositions and acquisitions of business interests , including early plant closures ; ( d ) losses due to impairments ; ( e ) gains , losses and costs due to the early retirement of debt ; and ( f ) costs directly associated with a major restructuring program , including , but not limited to , workforce reduction efforts , relocations , and office consolidation .
adjusted ptc also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities .
the company has concluded adjusted ptc better reflects the underlying business performance of the company and is the most relevant measure considered in the company's internal evaluation of the financial performance of its segments .
additionally , given its large number of businesses and complexity , the company concluded that adjusted ptc is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the company's results .
revenue and adjusted ptc are presented before inter-segment eliminations , which includes the effect of intercompany transactions with other segments except for interest , charges for certain management fees , and the write-off of intercompany balances , as applicable .
all intra-segment activity has been eliminated within the segment .
inter-segment activity has been eliminated within the total consolidated results .
the following tables present financial information by segment for the periods indicated ( in millions ) : ._| | year ended december 31, | total revenue 2017 | total revenue 2016 | total revenue 2015 |
|---:|:--------------------------|:---------------------|:---------------------|:---------------------|
| 0 | us sbu | $ 3229 | $ 3429 | $ 3593 |
| 1 | andes sbu | 2710 | 2506 | 2489 |
| 2 | brazil sbu | 542 | 450 | 962 |
| 3 | mcac sbu | 2448 | 2172 | 2353 |
| 4 | eurasia sbu | 1590 | 1670 | 1875 |
| 5 | corporate and other | 35 | 77 | 31 |
| 6 | eliminations | -24 ( 24 ) | -23 ( 23 ) | -43 ( 43 ) |
| 7 | total revenue | $ 10530 | $ 10281 | $ 11260 |_. | 2,017 | 157 | AES | AES Corporation | Utilities | Independent Power Producers & Energy Traders | Arlington, Virginia | 1998-10-02 | 874,761 | 1981 | null | null |
finqa120 | in 2005 what was the percent of the investment banking as part of the total segments operations | 34.8% | divide(3658, 10521) | segment results 2013 operating basis ( a ) ( b ) ( table continued from previous page ) year ended december 31 , operating earnings return on common equity 2013 goodwill ( c ) . | jpmorgan chase & co .
/ 2005 annual report 35 and are retained in corporate .
these retained expenses include parent company costs that would not be incurred if the segments were stand-alone businesses ; adjustments to align certain corporate staff , technology and operations allocations with market prices ; and other one-time items not aligned with the business segments .
during 2005 , the firm refined cost allocation methodologies related to certain corporate functions , technology and operations expenses in order to improve transparency , consistency and accountability with regard to costs allocated across business segments .
prior periods have not been revised to reflect these new cost allocation methodologies .
capital allocation each business segment is allocated capital by taking into consideration stand- alone peer comparisons , economic risk measures and regulatory capital requirements .
the amount of capital assigned to each business is referred to as equity .
at the time of the merger , goodwill , as well as the associated capital , was allocated solely to corporate .
effective january 2006 , the firm expects to refine its methodology for allocating capital to the business segments to include any goodwill associated with line of business-directed acquisitions since the merger .
u.s .
gaap requires the allocation of goodwill to the business segments for impairment testing ( see critical accounting estimates used by the firm and note 15 on pages 81 2013 83 and 114 2013116 , respectively , of this annual report ) .
see the capital management section on page 56 of this annual report for a discussion of the equity framework .
credit reimbursement tss reimburses the ib for credit portfolio exposures the ib manages on behalf of clients the segments share .
at the time of the merger , the reimbursement methodology was revised to be based upon pre-tax earnings , net of the cost of capital related to those exposures .
prior to the merger , the credit reimbursement was based upon pre-tax earnings , plus the allocated capital associated with the shared clients .
tax-equivalent adjustments segment and firm results reflect revenues on a tax-equivalent basis for segment reporting purposes .
refer to explanation and reconciliation of the firm 2019s non-gaap financial measures on page 31 of this annual report for additional details .
description of business segment reporting methodology results of the business segments are intended to reflect each segment as if it were essentially a stand-alone business .
the management reporting process that derives these results allocates income and expense using market-based methodologies .
effective with the merger on july 1 , 2004 , several of the allocation methodologies were revised , as noted below .
as prior periods have not been revised to reflect these new methodologies , they are not comparable to the presentation of periods beginning with the third quarter of 2004 .
further , the firm continues to assess the assumptions , methodologies and reporting reclassifications used for segment reporting , and further refinements may be implemented in future periods .
revenue sharing when business segments join efforts to sell products and services to the firm 2019s clients , the participating business segments agree to share revenues from those transactions .
these revenue-sharing agreements were revised on the merger date to provide consistency across the lines of business .
funds transfer pricing funds transfer pricing ( 201cftp 201d ) is used to allocate interest income and expense to each business and transfer the primary interest rate risk exposures to corporate .
the allocation process is unique to each business and considers the interest rate risk , liquidity risk and regulatory requirements of its stand- alone peers .
business segments may retain certain interest rate exposures , subject to management approval , that would be expected in the normal operation of a similar peer business .
in the third quarter of 2004 , ftp was revised to conform the policies of the combined firms .
expense allocation where business segments use services provided by support units within the firm , the costs of those support units are allocated to the business segments .
those expenses are allocated based upon their actual cost , or the lower of actual cost or market cost , as well as upon usage of the services provided .
effective with the third quarter of 2004 , the cost allocation methodologies of the heritage firms were aligned to provide consistency across the business segments .
in addition , expenses related to certain corporate functions , technology and operations ceased to be allocated to the business segments . | | | year ended december 31 , ( in millions except ratios ) | year ended december 31 , 2005 | year ended december 31 , 2004 | year ended december 31 , change | 2005 | 2004 |
|---:|:---------------------------------------------------------|:--------------------------------|:--------------------------------|:----------------------------------|:-------------|:-------------|
| 0 | investment bank | $ 3658 | $ 2948 | 24% ( 24 % ) | 18% ( 18 % ) | 17% ( 17 % ) |
| 1 | retail financial services | 3427 | 2199 | 56 | 26 | 24 |
| 2 | card services | 1907 | 1274 | 50 | 16 | 17 |
| 3 | commercial banking | 1007 | 608 | 66 | 30 | 29 |
| 4 | treasury & securities services | 1037 | 440 | 136 | 55 | 17 |
| 5 | asset & wealth management | 1216 | 681 | 79 | 51 | 17 |
| 6 | corporate | -1731 ( 1731 ) | 61 | nm | nm | nm |
| 7 | total | $ 10521 | $ 8211 | 28% ( 28 % ) | 17% ( 17 % ) | 16% ( 16 % ) | | segment results 2013 operating basis ( a ) ( b ) ( table continued from previous page ) year ended december 31 , operating earnings return on common equity 2013 goodwill ( c ) ._| | year ended december 31 , ( in millions except ratios ) | year ended december 31 , 2005 | year ended december 31 , 2004 | year ended december 31 , change | 2005 | 2004 |
|---:|:---------------------------------------------------------|:--------------------------------|:--------------------------------|:----------------------------------|:-------------|:-------------|
| 0 | investment bank | $ 3658 | $ 2948 | 24% ( 24 % ) | 18% ( 18 % ) | 17% ( 17 % ) |
| 1 | retail financial services | 3427 | 2199 | 56 | 26 | 24 |
| 2 | card services | 1907 | 1274 | 50 | 16 | 17 |
| 3 | commercial banking | 1007 | 608 | 66 | 30 | 29 |
| 4 | treasury & securities services | 1037 | 440 | 136 | 55 | 17 |
| 5 | asset & wealth management | 1216 | 681 | 79 | 51 | 17 |
| 6 | corporate | -1731 ( 1731 ) | 61 | nm | nm | nm |
| 7 | total | $ 10521 | $ 8211 | 28% ( 28 % ) | 17% ( 17 % ) | 16% ( 16 % ) |_jpmorgan chase & co .
/ 2005 annual report 35 and are retained in corporate .
these retained expenses include parent company costs that would not be incurred if the segments were stand-alone businesses ; adjustments to align certain corporate staff , technology and operations allocations with market prices ; and other one-time items not aligned with the business segments .
during 2005 , the firm refined cost allocation methodologies related to certain corporate functions , technology and operations expenses in order to improve transparency , consistency and accountability with regard to costs allocated across business segments .
prior periods have not been revised to reflect these new cost allocation methodologies .
capital allocation each business segment is allocated capital by taking into consideration stand- alone peer comparisons , economic risk measures and regulatory capital requirements .
the amount of capital assigned to each business is referred to as equity .
at the time of the merger , goodwill , as well as the associated capital , was allocated solely to corporate .
effective january 2006 , the firm expects to refine its methodology for allocating capital to the business segments to include any goodwill associated with line of business-directed acquisitions since the merger .
u.s .
gaap requires the allocation of goodwill to the business segments for impairment testing ( see critical accounting estimates used by the firm and note 15 on pages 81 2013 83 and 114 2013116 , respectively , of this annual report ) .
see the capital management section on page 56 of this annual report for a discussion of the equity framework .
credit reimbursement tss reimburses the ib for credit portfolio exposures the ib manages on behalf of clients the segments share .
at the time of the merger , the reimbursement methodology was revised to be based upon pre-tax earnings , net of the cost of capital related to those exposures .
prior to the merger , the credit reimbursement was based upon pre-tax earnings , plus the allocated capital associated with the shared clients .
tax-equivalent adjustments segment and firm results reflect revenues on a tax-equivalent basis for segment reporting purposes .
refer to explanation and reconciliation of the firm 2019s non-gaap financial measures on page 31 of this annual report for additional details .
description of business segment reporting methodology results of the business segments are intended to reflect each segment as if it were essentially a stand-alone business .
the management reporting process that derives these results allocates income and expense using market-based methodologies .
effective with the merger on july 1 , 2004 , several of the allocation methodologies were revised , as noted below .
as prior periods have not been revised to reflect these new methodologies , they are not comparable to the presentation of periods beginning with the third quarter of 2004 .
further , the firm continues to assess the assumptions , methodologies and reporting reclassifications used for segment reporting , and further refinements may be implemented in future periods .
revenue sharing when business segments join efforts to sell products and services to the firm 2019s clients , the participating business segments agree to share revenues from those transactions .
these revenue-sharing agreements were revised on the merger date to provide consistency across the lines of business .
funds transfer pricing funds transfer pricing ( 201cftp 201d ) is used to allocate interest income and expense to each business and transfer the primary interest rate risk exposures to corporate .
the allocation process is unique to each business and considers the interest rate risk , liquidity risk and regulatory requirements of its stand- alone peers .
business segments may retain certain interest rate exposures , subject to management approval , that would be expected in the normal operation of a similar peer business .
in the third quarter of 2004 , ftp was revised to conform the policies of the combined firms .
expense allocation where business segments use services provided by support units within the firm , the costs of those support units are allocated to the business segments .
those expenses are allocated based upon their actual cost , or the lower of actual cost or market cost , as well as upon usage of the services provided .
effective with the third quarter of 2004 , the cost allocation methodologies of the heritage firms were aligned to provide consistency across the business segments .
in addition , expenses related to certain corporate functions , technology and operations ceased to be allocated to the business segments . | 2,005 | 37 | JPM | JPMorgan Chase | Financials | Diversified Banks | New York City, New York | 1975-06-30 | 19,617 | 2000 (1799 / 1871) | in 2005 what was the percent of the investment banking as part of the total segments operations | 34.8% | divide(3658, 10521) | segment results 2013 operating basis ( a ) ( b ) ( table continued from previous page ) year ended december 31 , operating earnings return on common equity 2013 goodwill ( c ) . | jpmorgan chase & co .
/ 2005 annual report 35 and are retained in corporate .
these retained expenses include parent company costs that would not be incurred if the segments were stand-alone businesses ; adjustments to align certain corporate staff , technology and operations allocations with market prices ; and other one-time items not aligned with the business segments .
during 2005 , the firm refined cost allocation methodologies related to certain corporate functions , technology and operations expenses in order to improve transparency , consistency and accountability with regard to costs allocated across business segments .
prior periods have not been revised to reflect these new cost allocation methodologies .
capital allocation each business segment is allocated capital by taking into consideration stand- alone peer comparisons , economic risk measures and regulatory capital requirements .
the amount of capital assigned to each business is referred to as equity .
at the time of the merger , goodwill , as well as the associated capital , was allocated solely to corporate .
effective january 2006 , the firm expects to refine its methodology for allocating capital to the business segments to include any goodwill associated with line of business-directed acquisitions since the merger .
u.s .
gaap requires the allocation of goodwill to the business segments for impairment testing ( see critical accounting estimates used by the firm and note 15 on pages 81 2013 83 and 114 2013116 , respectively , of this annual report ) .
see the capital management section on page 56 of this annual report for a discussion of the equity framework .
credit reimbursement tss reimburses the ib for credit portfolio exposures the ib manages on behalf of clients the segments share .
at the time of the merger , the reimbursement methodology was revised to be based upon pre-tax earnings , net of the cost of capital related to those exposures .
prior to the merger , the credit reimbursement was based upon pre-tax earnings , plus the allocated capital associated with the shared clients .
tax-equivalent adjustments segment and firm results reflect revenues on a tax-equivalent basis for segment reporting purposes .
refer to explanation and reconciliation of the firm 2019s non-gaap financial measures on page 31 of this annual report for additional details .
description of business segment reporting methodology results of the business segments are intended to reflect each segment as if it were essentially a stand-alone business .
the management reporting process that derives these results allocates income and expense using market-based methodologies .
effective with the merger on july 1 , 2004 , several of the allocation methodologies were revised , as noted below .
as prior periods have not been revised to reflect these new methodologies , they are not comparable to the presentation of periods beginning with the third quarter of 2004 .
further , the firm continues to assess the assumptions , methodologies and reporting reclassifications used for segment reporting , and further refinements may be implemented in future periods .
revenue sharing when business segments join efforts to sell products and services to the firm 2019s clients , the participating business segments agree to share revenues from those transactions .
these revenue-sharing agreements were revised on the merger date to provide consistency across the lines of business .
funds transfer pricing funds transfer pricing ( 201cftp 201d ) is used to allocate interest income and expense to each business and transfer the primary interest rate risk exposures to corporate .
the allocation process is unique to each business and considers the interest rate risk , liquidity risk and regulatory requirements of its stand- alone peers .
business segments may retain certain interest rate exposures , subject to management approval , that would be expected in the normal operation of a similar peer business .
in the third quarter of 2004 , ftp was revised to conform the policies of the combined firms .
expense allocation where business segments use services provided by support units within the firm , the costs of those support units are allocated to the business segments .
those expenses are allocated based upon their actual cost , or the lower of actual cost or market cost , as well as upon usage of the services provided .
effective with the third quarter of 2004 , the cost allocation methodologies of the heritage firms were aligned to provide consistency across the business segments .
in addition , expenses related to certain corporate functions , technology and operations ceased to be allocated to the business segments . | | | year ended december 31 , ( in millions except ratios ) | year ended december 31 , 2005 | year ended december 31 , 2004 | year ended december 31 , change | 2005 | 2004 |
|---:|:---------------------------------------------------------|:--------------------------------|:--------------------------------|:----------------------------------|:-------------|:-------------|
| 0 | investment bank | $ 3658 | $ 2948 | 24% ( 24 % ) | 18% ( 18 % ) | 17% ( 17 % ) |
| 1 | retail financial services | 3427 | 2199 | 56 | 26 | 24 |
| 2 | card services | 1907 | 1274 | 50 | 16 | 17 |
| 3 | commercial banking | 1007 | 608 | 66 | 30 | 29 |
| 4 | treasury & securities services | 1037 | 440 | 136 | 55 | 17 |
| 5 | asset & wealth management | 1216 | 681 | 79 | 51 | 17 |
| 6 | corporate | -1731 ( 1731 ) | 61 | nm | nm | nm |
| 7 | total | $ 10521 | $ 8211 | 28% ( 28 % ) | 17% ( 17 % ) | 16% ( 16 % ) | | segment results 2013 operating basis ( a ) ( b ) ( table continued from previous page ) year ended december 31 , operating earnings return on common equity 2013 goodwill ( c ) ._| | year ended december 31 , ( in millions except ratios ) | year ended december 31 , 2005 | year ended december 31 , 2004 | year ended december 31 , change | 2005 | 2004 |
|---:|:---------------------------------------------------------|:--------------------------------|:--------------------------------|:----------------------------------|:-------------|:-------------|
| 0 | investment bank | $ 3658 | $ 2948 | 24% ( 24 % ) | 18% ( 18 % ) | 17% ( 17 % ) |
| 1 | retail financial services | 3427 | 2199 | 56 | 26 | 24 |
| 2 | card services | 1907 | 1274 | 50 | 16 | 17 |
| 3 | commercial banking | 1007 | 608 | 66 | 30 | 29 |
| 4 | treasury & securities services | 1037 | 440 | 136 | 55 | 17 |
| 5 | asset & wealth management | 1216 | 681 | 79 | 51 | 17 |
| 6 | corporate | -1731 ( 1731 ) | 61 | nm | nm | nm |
| 7 | total | $ 10521 | $ 8211 | 28% ( 28 % ) | 17% ( 17 % ) | 16% ( 16 % ) |_jpmorgan chase & co .
/ 2005 annual report 35 and are retained in corporate .
these retained expenses include parent company costs that would not be incurred if the segments were stand-alone businesses ; adjustments to align certain corporate staff , technology and operations allocations with market prices ; and other one-time items not aligned with the business segments .
during 2005 , the firm refined cost allocation methodologies related to certain corporate functions , technology and operations expenses in order to improve transparency , consistency and accountability with regard to costs allocated across business segments .
prior periods have not been revised to reflect these new cost allocation methodologies .
capital allocation each business segment is allocated capital by taking into consideration stand- alone peer comparisons , economic risk measures and regulatory capital requirements .
the amount of capital assigned to each business is referred to as equity .
at the time of the merger , goodwill , as well as the associated capital , was allocated solely to corporate .
effective january 2006 , the firm expects to refine its methodology for allocating capital to the business segments to include any goodwill associated with line of business-directed acquisitions since the merger .
u.s .
gaap requires the allocation of goodwill to the business segments for impairment testing ( see critical accounting estimates used by the firm and note 15 on pages 81 2013 83 and 114 2013116 , respectively , of this annual report ) .
see the capital management section on page 56 of this annual report for a discussion of the equity framework .
credit reimbursement tss reimburses the ib for credit portfolio exposures the ib manages on behalf of clients the segments share .
at the time of the merger , the reimbursement methodology was revised to be based upon pre-tax earnings , net of the cost of capital related to those exposures .
prior to the merger , the credit reimbursement was based upon pre-tax earnings , plus the allocated capital associated with the shared clients .
tax-equivalent adjustments segment and firm results reflect revenues on a tax-equivalent basis for segment reporting purposes .
refer to explanation and reconciliation of the firm 2019s non-gaap financial measures on page 31 of this annual report for additional details .
description of business segment reporting methodology results of the business segments are intended to reflect each segment as if it were essentially a stand-alone business .
the management reporting process that derives these results allocates income and expense using market-based methodologies .
effective with the merger on july 1 , 2004 , several of the allocation methodologies were revised , as noted below .
as prior periods have not been revised to reflect these new methodologies , they are not comparable to the presentation of periods beginning with the third quarter of 2004 .
further , the firm continues to assess the assumptions , methodologies and reporting reclassifications used for segment reporting , and further refinements may be implemented in future periods .
revenue sharing when business segments join efforts to sell products and services to the firm 2019s clients , the participating business segments agree to share revenues from those transactions .
these revenue-sharing agreements were revised on the merger date to provide consistency across the lines of business .
funds transfer pricing funds transfer pricing ( 201cftp 201d ) is used to allocate interest income and expense to each business and transfer the primary interest rate risk exposures to corporate .
the allocation process is unique to each business and considers the interest rate risk , liquidity risk and regulatory requirements of its stand- alone peers .
business segments may retain certain interest rate exposures , subject to management approval , that would be expected in the normal operation of a similar peer business .
in the third quarter of 2004 , ftp was revised to conform the policies of the combined firms .
expense allocation where business segments use services provided by support units within the firm , the costs of those support units are allocated to the business segments .
those expenses are allocated based upon their actual cost , or the lower of actual cost or market cost , as well as upon usage of the services provided .
effective with the third quarter of 2004 , the cost allocation methodologies of the heritage firms were aligned to provide consistency across the business segments .
in addition , expenses related to certain corporate functions , technology and operations ceased to be allocated to the business segments . | 2,005 | 37 | JPM | JPMorgan Chase | Financials | Diversified Banks | New York City, New York | 1975-06-30 | 19,617 | 2000 (1799 / 1871) | null | null |
finqa121 | what percent higher is fair value than carrying value? | 7.51% | subtract(divide(5309, 4938), const_1) | credit facility , which was amended in 2013 and 2012 .
in march 2014 , the company 2019s credit facility was further amended to extend the maturity date to march 2019 .
the amount of the aggregate commitment is $ 3.990 billion ( the 201c2014 credit facility 201d ) .
the 2014 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2014 credit facility to an aggregate principal amount not to exceed $ 4.990 billion .
interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .
the 2014 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2014 .
the 2014 credit facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities .
at december 31 , 2014 , the company had no amount outstanding under the 2014 credit facility .
commercial paper program .
on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion .
blackrock increased the maximum aggregate amount that could be borrowed under the cp program to $ 3.5 billion in 2011 and to $ 3.785 billion in 2012 .
in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion .
the cp program is currently supported by the 2014 credit facility .
at december 31 , 2014 , blackrock had no cp notes outstanding .
long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2014 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value . | long-term borrowings at december 31 , 2013 had a carrying value of $ 4.939 billion and a fair value of $ 5.284 billion determined using market prices at the end of december 2013 .
2024 notes .
in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) .
the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 .
interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year .
the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the 2024 notes were issued at a discount of $ 3 million that is being amortized over the term of the notes .
the company incurred approximately $ 6 million of debt issuance costs , which are being amortized over the term of the 2024 notes .
at december 31 , 2014 , $ 6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .
2015 and 2022 notes .
in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .
these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) .
net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes .
interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 .
the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security .
the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes .
the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes .
at december 31 , 2014 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .
2021 notes .
in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .
these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity .
net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc .
( 201cmerrill lynch 201d ) .
interest . | | | ( in millions ) | maturity amount | unamortized discount | carrying value | fair value |
|---:|:----------------------------------|:------------------|:-----------------------|:-----------------|:-------------|
| 0 | 1.375% ( 1.375 % ) notes due 2015 | $ 750 | $ 2014 | $ 750 | $ 753 |
| 1 | 6.25% ( 6.25 % ) notes due 2017 | 700 | -1 ( 1 ) | 699 | 785 |
| 2 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -2 ( 2 ) | 998 | 1134 |
| 3 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 825 |
| 4 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -3 ( 3 ) | 747 | 783 |
| 5 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -3 ( 3 ) | 997 | 1029 |
| 6 | total long-term borrowings | $ 4950 | $ -12 ( 12 ) | $ 4938 | $ 5309 | | credit facility , which was amended in 2013 and 2012 .
in march 2014 , the company 2019s credit facility was further amended to extend the maturity date to march 2019 .
the amount of the aggregate commitment is $ 3.990 billion ( the 201c2014 credit facility 201d ) .
the 2014 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2014 credit facility to an aggregate principal amount not to exceed $ 4.990 billion .
interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .
the 2014 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2014 .
the 2014 credit facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities .
at december 31 , 2014 , the company had no amount outstanding under the 2014 credit facility .
commercial paper program .
on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion .
blackrock increased the maximum aggregate amount that could be borrowed under the cp program to $ 3.5 billion in 2011 and to $ 3.785 billion in 2012 .
in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion .
the cp program is currently supported by the 2014 credit facility .
at december 31 , 2014 , blackrock had no cp notes outstanding .
long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2014 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value ._| | ( in millions ) | maturity amount | unamortized discount | carrying value | fair value |
|---:|:----------------------------------|:------------------|:-----------------------|:-----------------|:-------------|
| 0 | 1.375% ( 1.375 % ) notes due 2015 | $ 750 | $ 2014 | $ 750 | $ 753 |
| 1 | 6.25% ( 6.25 % ) notes due 2017 | 700 | -1 ( 1 ) | 699 | 785 |
| 2 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -2 ( 2 ) | 998 | 1134 |
| 3 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 825 |
| 4 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -3 ( 3 ) | 747 | 783 |
| 5 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -3 ( 3 ) | 997 | 1029 |
| 6 | total long-term borrowings | $ 4950 | $ -12 ( 12 ) | $ 4938 | $ 5309 |_long-term borrowings at december 31 , 2013 had a carrying value of $ 4.939 billion and a fair value of $ 5.284 billion determined using market prices at the end of december 2013 .
2024 notes .
in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) .
the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 .
interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year .
the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the 2024 notes were issued at a discount of $ 3 million that is being amortized over the term of the notes .
the company incurred approximately $ 6 million of debt issuance costs , which are being amortized over the term of the 2024 notes .
at december 31 , 2014 , $ 6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .
2015 and 2022 notes .
in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .
these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) .
net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes .
interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 .
the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security .
the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes .
the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes .
at december 31 , 2014 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .
2021 notes .
in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .
these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity .
net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc .
( 201cmerrill lynch 201d ) .
interest . | 2,014 | 119 | BLK | BlackRock | Financials | Asset Management & Custody Banks | New York City, New York | 2011-04-04 | 2,012,383 | 1988 | what percent higher is fair value than carrying value? | 7.51% | subtract(divide(5309, 4938), const_1) | credit facility , which was amended in 2013 and 2012 .
in march 2014 , the company 2019s credit facility was further amended to extend the maturity date to march 2019 .
the amount of the aggregate commitment is $ 3.990 billion ( the 201c2014 credit facility 201d ) .
the 2014 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2014 credit facility to an aggregate principal amount not to exceed $ 4.990 billion .
interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .
the 2014 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2014 .
the 2014 credit facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities .
at december 31 , 2014 , the company had no amount outstanding under the 2014 credit facility .
commercial paper program .
on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion .
blackrock increased the maximum aggregate amount that could be borrowed under the cp program to $ 3.5 billion in 2011 and to $ 3.785 billion in 2012 .
in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion .
the cp program is currently supported by the 2014 credit facility .
at december 31 , 2014 , blackrock had no cp notes outstanding .
long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2014 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value . | long-term borrowings at december 31 , 2013 had a carrying value of $ 4.939 billion and a fair value of $ 5.284 billion determined using market prices at the end of december 2013 .
2024 notes .
in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) .
the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 .
interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year .
the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the 2024 notes were issued at a discount of $ 3 million that is being amortized over the term of the notes .
the company incurred approximately $ 6 million of debt issuance costs , which are being amortized over the term of the 2024 notes .
at december 31 , 2014 , $ 6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .
2015 and 2022 notes .
in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .
these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) .
net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes .
interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 .
the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security .
the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes .
the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes .
at december 31 , 2014 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .
2021 notes .
in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .
these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity .
net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc .
( 201cmerrill lynch 201d ) .
interest . | | | ( in millions ) | maturity amount | unamortized discount | carrying value | fair value |
|---:|:----------------------------------|:------------------|:-----------------------|:-----------------|:-------------|
| 0 | 1.375% ( 1.375 % ) notes due 2015 | $ 750 | $ 2014 | $ 750 | $ 753 |
| 1 | 6.25% ( 6.25 % ) notes due 2017 | 700 | -1 ( 1 ) | 699 | 785 |
| 2 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -2 ( 2 ) | 998 | 1134 |
| 3 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 825 |
| 4 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -3 ( 3 ) | 747 | 783 |
| 5 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -3 ( 3 ) | 997 | 1029 |
| 6 | total long-term borrowings | $ 4950 | $ -12 ( 12 ) | $ 4938 | $ 5309 | | credit facility , which was amended in 2013 and 2012 .
in march 2014 , the company 2019s credit facility was further amended to extend the maturity date to march 2019 .
the amount of the aggregate commitment is $ 3.990 billion ( the 201c2014 credit facility 201d ) .
the 2014 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2014 credit facility to an aggregate principal amount not to exceed $ 4.990 billion .
interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .
the 2014 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2014 .
the 2014 credit facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities .
at december 31 , 2014 , the company had no amount outstanding under the 2014 credit facility .
commercial paper program .
on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion .
blackrock increased the maximum aggregate amount that could be borrowed under the cp program to $ 3.5 billion in 2011 and to $ 3.785 billion in 2012 .
in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion .
the cp program is currently supported by the 2014 credit facility .
at december 31 , 2014 , blackrock had no cp notes outstanding .
long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2014 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value ._| | ( in millions ) | maturity amount | unamortized discount | carrying value | fair value |
|---:|:----------------------------------|:------------------|:-----------------------|:-----------------|:-------------|
| 0 | 1.375% ( 1.375 % ) notes due 2015 | $ 750 | $ 2014 | $ 750 | $ 753 |
| 1 | 6.25% ( 6.25 % ) notes due 2017 | 700 | -1 ( 1 ) | 699 | 785 |
| 2 | 5.00% ( 5.00 % ) notes due 2019 | 1000 | -2 ( 2 ) | 998 | 1134 |
| 3 | 4.25% ( 4.25 % ) notes due 2021 | 750 | -3 ( 3 ) | 747 | 825 |
| 4 | 3.375% ( 3.375 % ) notes due 2022 | 750 | -3 ( 3 ) | 747 | 783 |
| 5 | 3.50% ( 3.50 % ) notes due 2024 | 1000 | -3 ( 3 ) | 997 | 1029 |
| 6 | total long-term borrowings | $ 4950 | $ -12 ( 12 ) | $ 4938 | $ 5309 |_long-term borrowings at december 31 , 2013 had a carrying value of $ 4.939 billion and a fair value of $ 5.284 billion determined using market prices at the end of december 2013 .
2024 notes .
in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) .
the net proceeds of the 2024 notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014 .
interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year .
the 2024 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the 2024 notes were issued at a discount of $ 3 million that is being amortized over the term of the notes .
the company incurred approximately $ 6 million of debt issuance costs , which are being amortized over the term of the 2024 notes .
at december 31 , 2014 , $ 6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .
2015 and 2022 notes .
in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .
these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) .
net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes .
interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 .
the 2015 notes and 2022 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security .
the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes .
the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes .
at december 31 , 2014 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .
2021 notes .
in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .
these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity .
net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc .
( 201cmerrill lynch 201d ) .
interest . | 2,014 | 119 | BLK | BlackRock | Financials | Asset Management & Custody Banks | New York City, New York | 2011-04-04 | 2,012,383 | 1988 | null | null |
finqa122 | what percent of the net change in revenue between 2006 and 2007 was due to transmission revenue? | 15.6% | divide(6.1, subtract(442.3, 403.3)) | entergy texas , inc .
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 .
amount ( in millions ) . | 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 .
the receipt of such payments is being . | | | | amount ( in millions ) |
|---:|:---------------------------------|:-------------------------|
| 0 | 2006 net revenue | $ 403.3 |
| 1 | purchased power capacity | 13.1 |
| 2 | securitization transition charge | 9.9 |
| 3 | volume/weather | 9.7 |
| 4 | transmission revenue | 6.1 |
| 5 | base revenue | 2.6 |
| 6 | other | -2.4 ( 2.4 ) |
| 7 | 2007 net revenue | $ 442.3 | | entergy texas , inc .
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 .
amount ( in millions ) ._| | | amount ( in millions ) |
|---:|:---------------------------------|:-------------------------|
| 0 | 2006 net revenue | $ 403.3 |
| 1 | purchased power capacity | 13.1 |
| 2 | securitization transition charge | 9.9 |
| 3 | volume/weather | 9.7 |
| 4 | transmission revenue | 6.1 |
| 5 | base revenue | 2.6 |
| 6 | other | -2.4 ( 2.4 ) |
| 7 | 2007 net revenue | $ 442.3 |_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 .
the receipt of such payments is being . | 2,008 | 377 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | what percent of the net change in revenue between 2006 and 2007 was due to transmission revenue? | 15.6% | divide(6.1, subtract(442.3, 403.3)) | entergy texas , inc .
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 .
amount ( in millions ) . | 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 .
the receipt of such payments is being . | | | | amount ( in millions ) |
|---:|:---------------------------------|:-------------------------|
| 0 | 2006 net revenue | $ 403.3 |
| 1 | purchased power capacity | 13.1 |
| 2 | securitization transition charge | 9.9 |
| 3 | volume/weather | 9.7 |
| 4 | transmission revenue | 6.1 |
| 5 | base revenue | 2.6 |
| 6 | other | -2.4 ( 2.4 ) |
| 7 | 2007 net revenue | $ 442.3 | | entergy texas , inc .
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 .
amount ( in millions ) ._| | | amount ( in millions ) |
|---:|:---------------------------------|:-------------------------|
| 0 | 2006 net revenue | $ 403.3 |
| 1 | purchased power capacity | 13.1 |
| 2 | securitization transition charge | 9.9 |
| 3 | volume/weather | 9.7 |
| 4 | transmission revenue | 6.1 |
| 5 | base revenue | 2.6 |
| 6 | other | -2.4 ( 2.4 ) |
| 7 | 2007 net revenue | $ 442.3 |_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 .
the receipt of such payments is being . | 2,008 | 377 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | null | null |
finqa123 | what is the growth rate in net revenue in 2016? | -7.4% | divide(subtract(1542, 1666), 1666) | amortized over a nine-year period beginning december 2015 .
see note 2 to the financial statements for further discussion of the business combination and customer credits .
the volume/weather variance is primarily due to the effect of more favorable weather during the unbilled period and an increase in industrial usage , partially offset by the effect of less favorable weather on residential sales .
the increase in industrial usage is primarily due to expansion projects , primarily in the chemicals industry , and increased demand from new customers , primarily in the industrial gases industry .
the louisiana act 55 financing savings obligation variance results from a regulatory charge for tax savings to be shared with customers per an agreement approved by the lpsc .
the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike .
see note 3 to the financial statements for additional discussion of the settlement and benefit sharing .
included in other is a provision of $ 23 million recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding , offset by a provision of $ 32 million recorded in 2015 related to the uncertainty at that time associated with the resolution of the waterford 3 replacement steam generator prudence review proceeding . a0 see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding .
entergy wholesale commodities following is an analysis of the change in net revenue comparing 2016 to 2015 .
amount ( in millions ) . | as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 124 million in 2016 primarily due to : 2022 lower realized wholesale energy prices and lower capacity prices , the amortization of the palisades below- market ppa , and vermont yankee capacity revenue .
the effect of the amortization of the palisades below- market ppa and vermont yankee capacity revenue on the net revenue variance from 2015 to 2016 is minimal ; 2022 the sale of the rhode island state energy center in december 2015 .
see note 14 to the financial statements for further discussion of the rhode island state energy center sale ; and 2022 lower volume in the entergy wholesale commodities nuclear fleet resulting from more refueling outage days in 2016 as compared to 2015 and larger exercise of resupply options in 2016 as compared to 2015 .
see 201cnuclear matters - indian point 201d below for discussion of the extended indian point 2 outage in the second quarter entergy corporation and subsidiaries management 2019s financial discussion and analysis . | | | | amount ( in millions ) |
|---:|:------------------------------------|:-------------------------|
| 0 | 2015 net revenue | $ 1666 |
| 1 | nuclear realized price changes | -149 ( 149 ) |
| 2 | rhode island state energy center | -44 ( 44 ) |
| 3 | nuclear volume | -36 ( 36 ) |
| 4 | fitzpatrick reimbursement agreement | 41 |
| 5 | nuclear fuel expenses | 68 |
| 6 | other | -4 ( 4 ) |
| 7 | 2016 net revenue | $ 1542 | | amortized over a nine-year period beginning december 2015 .
see note 2 to the financial statements for further discussion of the business combination and customer credits .
the volume/weather variance is primarily due to the effect of more favorable weather during the unbilled period and an increase in industrial usage , partially offset by the effect of less favorable weather on residential sales .
the increase in industrial usage is primarily due to expansion projects , primarily in the chemicals industry , and increased demand from new customers , primarily in the industrial gases industry .
the louisiana act 55 financing savings obligation variance results from a regulatory charge for tax savings to be shared with customers per an agreement approved by the lpsc .
the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike .
see note 3 to the financial statements for additional discussion of the settlement and benefit sharing .
included in other is a provision of $ 23 million recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding , offset by a provision of $ 32 million recorded in 2015 related to the uncertainty at that time associated with the resolution of the waterford 3 replacement steam generator prudence review proceeding . a0 see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding .
entergy wholesale commodities following is an analysis of the change in net revenue comparing 2016 to 2015 .
amount ( in millions ) ._| | | amount ( in millions ) |
|---:|:------------------------------------|:-------------------------|
| 0 | 2015 net revenue | $ 1666 |
| 1 | nuclear realized price changes | -149 ( 149 ) |
| 2 | rhode island state energy center | -44 ( 44 ) |
| 3 | nuclear volume | -36 ( 36 ) |
| 4 | fitzpatrick reimbursement agreement | 41 |
| 5 | nuclear fuel expenses | 68 |
| 6 | other | -4 ( 4 ) |
| 7 | 2016 net revenue | $ 1542 |_as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 124 million in 2016 primarily due to : 2022 lower realized wholesale energy prices and lower capacity prices , the amortization of the palisades below- market ppa , and vermont yankee capacity revenue .
the effect of the amortization of the palisades below- market ppa and vermont yankee capacity revenue on the net revenue variance from 2015 to 2016 is minimal ; 2022 the sale of the rhode island state energy center in december 2015 .
see note 14 to the financial statements for further discussion of the rhode island state energy center sale ; and 2022 lower volume in the entergy wholesale commodities nuclear fleet resulting from more refueling outage days in 2016 as compared to 2015 and larger exercise of resupply options in 2016 as compared to 2015 .
see 201cnuclear matters - indian point 201d below for discussion of the extended indian point 2 outage in the second quarter entergy corporation and subsidiaries management 2019s financial discussion and analysis . | 2,017 | 26 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | what is the growth rate in net revenue in 2016? | -7.4% | divide(subtract(1542, 1666), 1666) | amortized over a nine-year period beginning december 2015 .
see note 2 to the financial statements for further discussion of the business combination and customer credits .
the volume/weather variance is primarily due to the effect of more favorable weather during the unbilled period and an increase in industrial usage , partially offset by the effect of less favorable weather on residential sales .
the increase in industrial usage is primarily due to expansion projects , primarily in the chemicals industry , and increased demand from new customers , primarily in the industrial gases industry .
the louisiana act 55 financing savings obligation variance results from a regulatory charge for tax savings to be shared with customers per an agreement approved by the lpsc .
the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike .
see note 3 to the financial statements for additional discussion of the settlement and benefit sharing .
included in other is a provision of $ 23 million recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding , offset by a provision of $ 32 million recorded in 2015 related to the uncertainty at that time associated with the resolution of the waterford 3 replacement steam generator prudence review proceeding . a0 see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding .
entergy wholesale commodities following is an analysis of the change in net revenue comparing 2016 to 2015 .
amount ( in millions ) . | as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 124 million in 2016 primarily due to : 2022 lower realized wholesale energy prices and lower capacity prices , the amortization of the palisades below- market ppa , and vermont yankee capacity revenue .
the effect of the amortization of the palisades below- market ppa and vermont yankee capacity revenue on the net revenue variance from 2015 to 2016 is minimal ; 2022 the sale of the rhode island state energy center in december 2015 .
see note 14 to the financial statements for further discussion of the rhode island state energy center sale ; and 2022 lower volume in the entergy wholesale commodities nuclear fleet resulting from more refueling outage days in 2016 as compared to 2015 and larger exercise of resupply options in 2016 as compared to 2015 .
see 201cnuclear matters - indian point 201d below for discussion of the extended indian point 2 outage in the second quarter entergy corporation and subsidiaries management 2019s financial discussion and analysis . | | | | amount ( in millions ) |
|---:|:------------------------------------|:-------------------------|
| 0 | 2015 net revenue | $ 1666 |
| 1 | nuclear realized price changes | -149 ( 149 ) |
| 2 | rhode island state energy center | -44 ( 44 ) |
| 3 | nuclear volume | -36 ( 36 ) |
| 4 | fitzpatrick reimbursement agreement | 41 |
| 5 | nuclear fuel expenses | 68 |
| 6 | other | -4 ( 4 ) |
| 7 | 2016 net revenue | $ 1542 | | amortized over a nine-year period beginning december 2015 .
see note 2 to the financial statements for further discussion of the business combination and customer credits .
the volume/weather variance is primarily due to the effect of more favorable weather during the unbilled period and an increase in industrial usage , partially offset by the effect of less favorable weather on residential sales .
the increase in industrial usage is primarily due to expansion projects , primarily in the chemicals industry , and increased demand from new customers , primarily in the industrial gases industry .
the louisiana act 55 financing savings obligation variance results from a regulatory charge for tax savings to be shared with customers per an agreement approved by the lpsc .
the tax savings resulted from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike .
see note 3 to the financial statements for additional discussion of the settlement and benefit sharing .
included in other is a provision of $ 23 million recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding , offset by a provision of $ 32 million recorded in 2015 related to the uncertainty at that time associated with the resolution of the waterford 3 replacement steam generator prudence review proceeding . a0 see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding .
entergy wholesale commodities following is an analysis of the change in net revenue comparing 2016 to 2015 .
amount ( in millions ) ._| | | amount ( in millions ) |
|---:|:------------------------------------|:-------------------------|
| 0 | 2015 net revenue | $ 1666 |
| 1 | nuclear realized price changes | -149 ( 149 ) |
| 2 | rhode island state energy center | -44 ( 44 ) |
| 3 | nuclear volume | -36 ( 36 ) |
| 4 | fitzpatrick reimbursement agreement | 41 |
| 5 | nuclear fuel expenses | 68 |
| 6 | other | -4 ( 4 ) |
| 7 | 2016 net revenue | $ 1542 |_as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 124 million in 2016 primarily due to : 2022 lower realized wholesale energy prices and lower capacity prices , the amortization of the palisades below- market ppa , and vermont yankee capacity revenue .
the effect of the amortization of the palisades below- market ppa and vermont yankee capacity revenue on the net revenue variance from 2015 to 2016 is minimal ; 2022 the sale of the rhode island state energy center in december 2015 .
see note 14 to the financial statements for further discussion of the rhode island state energy center sale ; and 2022 lower volume in the entergy wholesale commodities nuclear fleet resulting from more refueling outage days in 2016 as compared to 2015 and larger exercise of resupply options in 2016 as compared to 2015 .
see 201cnuclear matters - indian point 201d below for discussion of the extended indian point 2 outage in the second quarter entergy corporation and subsidiaries management 2019s financial discussion and analysis . | 2,017 | 26 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | null | null |
finqa124 | what is the average percentage for aaa rated facilities in 2008 and 2009? | 16.5% | divide(add(14, 19), const_2) | 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 . | | | | december 31 2009 | december 312008 |
|---:|:--------|:-------------------|:------------------|
| 0 | aaa/aaa | 14% ( 14 % ) | 19% ( 19 % ) |
| 1 | aa/aa | 50 | 6 |
| 2 | a/a | 34 | 72 |
| 3 | bbb/baa | 2 | 3 |
| 4 | total | 100% ( 100 % ) | 100% ( 100 % ) | | market street commitments by credit rating ( a ) december 31 , december 31 ._| | | december 31 2009 | december 312008 |
|---:|:--------|:-------------------|:------------------|
| 0 | aaa/aaa | 14% ( 14 % ) | 19% ( 19 % ) |
| 1 | aa/aa | 50 | 6 |
| 2 | a/a | 34 | 72 |
| 3 | bbb/baa | 2 | 3 |
| 4 | total | 100% ( 100 % ) | 100% ( 100 % ) |_( 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 . | 2,009 | 46 | PNC | PNC Financial Services | Financials | Diversified Banks | Pittsburgh, Pennsylvania | 1988-04-30 | 713,676 | 1845 | what is the average percentage for aaa rated facilities in 2008 and 2009? | 16.5% | divide(add(14, 19), const_2) | 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 . | | | | december 31 2009 | december 312008 |
|---:|:--------|:-------------------|:------------------|
| 0 | aaa/aaa | 14% ( 14 % ) | 19% ( 19 % ) |
| 1 | aa/aa | 50 | 6 |
| 2 | a/a | 34 | 72 |
| 3 | bbb/baa | 2 | 3 |
| 4 | total | 100% ( 100 % ) | 100% ( 100 % ) | | market street commitments by credit rating ( a ) december 31 , december 31 ._| | | december 31 2009 | december 312008 |
|---:|:--------|:-------------------|:------------------|
| 0 | aaa/aaa | 14% ( 14 % ) | 19% ( 19 % ) |
| 1 | aa/aa | 50 | 6 |
| 2 | a/a | 34 | 72 |
| 3 | bbb/baa | 2 | 3 |
| 4 | total | 100% ( 100 % ) | 100% ( 100 % ) |_( 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 . | 2,009 | 46 | PNC | PNC Financial Services | Financials | Diversified Banks | Pittsburgh, Pennsylvania | 1988-04-30 | 713,676 | 1845 | null | null |
finqa125 | what is the company's net earnings as a percent of net sales in 2015 ? ( net profit margin ) | 4.392% | divide(330.2, 7517.8) | zimmer biomet holdings , inc .
and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) year ended december 31 , 2017 compared to what it would have been under the previous accounting rules .
in may 2014 , the fasb issued asu 2014-09 2013 revenue from contracts with customers ( topic 606 ) .
this asu provides a five-step model for revenue recognition that all industries will apply to recognize revenue when a customer obtains control of a good or service .
this asu will be effective for us beginning january 1 , 2018 .
entities are permitted to apply the standard and related amendments either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the asu recognized at the date of initial application .
we have completed our assessment of this asu .
based upon our assessment , there will not be a material change to the timing of our revenue recognition .
however , we will be required to reclassify certain immaterial costs from selling , general and administrative ( 201csg&a 201d ) expense to net sales , which will result in a reduction of net sales , but have no impact on operating profit .
we will adopt this new standard using the retrospective method , which will result in us restating prior reporting periods presented .
in march 2017 , the fasb issued asu 2017-07 2013 improving the presentation of net periodic pension cost and net periodic postretirement benefit cost .
this asu requires us to report the service cost component of pensions in the same location as other compensation costs arising from services rendered by the pertinent employees during the period .
we will be required to report the other components of net benefit costs in other income ( expense ) in the statement of earnings .
this asu will be effective for us beginning january 1 , 2018 .
the asu must be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost in the statement of earnings and prospectively , on and after the effective date , for the capitalization of the service cost component of net periodic pension cost in assets .
see note 14 for further information on the components of our net benefit cost .
in february 2016 , the fasb issued asu 2016-02 2013 leases .
this asu requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet .
this asu will be effective for us beginning january 1 , 2019 .
early adoption is permitted .
based on current guidance , this asu must be adopted using a modified retrospective transition approach at the beginning of the earliest comparative period in the consolidated financial statements .
we own most of our manufacturing facilities , but lease various office space and other less significant assets throughout the world .
we have formed our project team and have begun a process to collect the necessary information to implement this asu .
we will continue evaluating our leases and the related impact this asu will have on our consolidated financial statements throughout 2018 .
in august 2017 , the fasb issued asu 2017-12 2013 targeted improvements to accounting for hedging activities .
this asu amends the hedge accounting guidance to simplify the application of hedge accounting , makes more financial and nonfinancial hedging strategies eligible for hedge accounting treatment , changes how companies assess effectiveness and updates presentation and disclosure requirements .
we are currently evaluating the impact this asu will have on our consolidated financial statements ; however , based on our current hedging portfolio , we do not anticipate that this asu will have a significant impact on our financial position , results of operations or cash flows .
this asu will be effective for us january 1 , 2019 , with early adoption permitted .
after adoption , we may explore new hedging opportunities that are eligible for hedge accounting treatment under the new standard .
there are no other recently issued accounting pronouncements that we have not yet adopted that are expected to have a material effect on our financial position , results of operations or cash flows .
3 .
business combinations biomet merger we completed our merger with lvb , the parent company of biomet , on june 24 , 2015 .
we paid $ 12030.3 million in cash and stock and assumed biomet 2019s senior notes .
the total amount of merger consideration utilized for the acquisition method of accounting , as reduced by the merger consideration paid to holders of unvested lvb stock options and lvb stock- based awards of $ 90.4 million , was $ 11939.9 million .
the following table sets forth unaudited pro forma financial information derived from ( i ) the audited financial statements of zimmer for the year ended december 31 , 2015 ; and ( ii ) the unaudited financial statements of lvb for the period january 1 , 2015 to june 23 , 2015 .
the pro forma financial information has been adjusted to give effect to the merger as if it had occurred on january 1 , 2014 .
pro forma financial information ( unaudited ) year ended december 31 , 2015 ( in millions ) . | these unaudited pro forma results have been prepared for comparative purposes only and include adjustments such as inventory step-up , amortization of acquired intangible assets and interest expense on debt incurred to finance the merger .
material , nonrecurring pro forma adjustments directly attributable to the biomet merger include : 2022 the $ 90.4 million of merger compensation expense for unvested lvb stock options and lvb stock-based awards was removed from net earnings for the year ended december 31 , 2015 and recognized as an expense in the year ended december 31 , 2014 .
2022 the $ 73.0 million of retention plan expense was removed from net earnings for the year ended december 31 , 2015 and . | | | | year ended december 31 2015 ( in millions ) |
|---:|:-------------|:----------------------------------------------|
| 0 | net sales | $ 7517.8 |
| 1 | net earnings | $ 330.2 | | zimmer biomet holdings , inc .
and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) year ended december 31 , 2017 compared to what it would have been under the previous accounting rules .
in may 2014 , the fasb issued asu 2014-09 2013 revenue from contracts with customers ( topic 606 ) .
this asu provides a five-step model for revenue recognition that all industries will apply to recognize revenue when a customer obtains control of a good or service .
this asu will be effective for us beginning january 1 , 2018 .
entities are permitted to apply the standard and related amendments either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the asu recognized at the date of initial application .
we have completed our assessment of this asu .
based upon our assessment , there will not be a material change to the timing of our revenue recognition .
however , we will be required to reclassify certain immaterial costs from selling , general and administrative ( 201csg&a 201d ) expense to net sales , which will result in a reduction of net sales , but have no impact on operating profit .
we will adopt this new standard using the retrospective method , which will result in us restating prior reporting periods presented .
in march 2017 , the fasb issued asu 2017-07 2013 improving the presentation of net periodic pension cost and net periodic postretirement benefit cost .
this asu requires us to report the service cost component of pensions in the same location as other compensation costs arising from services rendered by the pertinent employees during the period .
we will be required to report the other components of net benefit costs in other income ( expense ) in the statement of earnings .
this asu will be effective for us beginning january 1 , 2018 .
the asu must be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost in the statement of earnings and prospectively , on and after the effective date , for the capitalization of the service cost component of net periodic pension cost in assets .
see note 14 for further information on the components of our net benefit cost .
in february 2016 , the fasb issued asu 2016-02 2013 leases .
this asu requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet .
this asu will be effective for us beginning january 1 , 2019 .
early adoption is permitted .
based on current guidance , this asu must be adopted using a modified retrospective transition approach at the beginning of the earliest comparative period in the consolidated financial statements .
we own most of our manufacturing facilities , but lease various office space and other less significant assets throughout the world .
we have formed our project team and have begun a process to collect the necessary information to implement this asu .
we will continue evaluating our leases and the related impact this asu will have on our consolidated financial statements throughout 2018 .
in august 2017 , the fasb issued asu 2017-12 2013 targeted improvements to accounting for hedging activities .
this asu amends the hedge accounting guidance to simplify the application of hedge accounting , makes more financial and nonfinancial hedging strategies eligible for hedge accounting treatment , changes how companies assess effectiveness and updates presentation and disclosure requirements .
we are currently evaluating the impact this asu will have on our consolidated financial statements ; however , based on our current hedging portfolio , we do not anticipate that this asu will have a significant impact on our financial position , results of operations or cash flows .
this asu will be effective for us january 1 , 2019 , with early adoption permitted .
after adoption , we may explore new hedging opportunities that are eligible for hedge accounting treatment under the new standard .
there are no other recently issued accounting pronouncements that we have not yet adopted that are expected to have a material effect on our financial position , results of operations or cash flows .
3 .
business combinations biomet merger we completed our merger with lvb , the parent company of biomet , on june 24 , 2015 .
we paid $ 12030.3 million in cash and stock and assumed biomet 2019s senior notes .
the total amount of merger consideration utilized for the acquisition method of accounting , as reduced by the merger consideration paid to holders of unvested lvb stock options and lvb stock- based awards of $ 90.4 million , was $ 11939.9 million .
the following table sets forth unaudited pro forma financial information derived from ( i ) the audited financial statements of zimmer for the year ended december 31 , 2015 ; and ( ii ) the unaudited financial statements of lvb for the period january 1 , 2015 to june 23 , 2015 .
the pro forma financial information has been adjusted to give effect to the merger as if it had occurred on january 1 , 2014 .
pro forma financial information ( unaudited ) year ended december 31 , 2015 ( in millions ) ._| | | year ended december 31 2015 ( in millions ) |
|---:|:-------------|:----------------------------------------------|
| 0 | net sales | $ 7517.8 |
| 1 | net earnings | $ 330.2 |_these unaudited pro forma results have been prepared for comparative purposes only and include adjustments such as inventory step-up , amortization of acquired intangible assets and interest expense on debt incurred to finance the merger .
material , nonrecurring pro forma adjustments directly attributable to the biomet merger include : 2022 the $ 90.4 million of merger compensation expense for unvested lvb stock options and lvb stock-based awards was removed from net earnings for the year ended december 31 , 2015 and recognized as an expense in the year ended december 31 , 2014 .
2022 the $ 73.0 million of retention plan expense was removed from net earnings for the year ended december 31 , 2015 and . | 2,017 | 53 | ZBH | Zimmer Biomet | Health Care | Health Care Equipment | Warsaw, Indiana | 2001-08-07 | 1,136,869 | 1927 | what is the company's net earnings as a percent of net sales in 2015 ? ( net profit margin ) | 4.392% | divide(330.2, 7517.8) | zimmer biomet holdings , inc .
and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) year ended december 31 , 2017 compared to what it would have been under the previous accounting rules .
in may 2014 , the fasb issued asu 2014-09 2013 revenue from contracts with customers ( topic 606 ) .
this asu provides a five-step model for revenue recognition that all industries will apply to recognize revenue when a customer obtains control of a good or service .
this asu will be effective for us beginning january 1 , 2018 .
entities are permitted to apply the standard and related amendments either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the asu recognized at the date of initial application .
we have completed our assessment of this asu .
based upon our assessment , there will not be a material change to the timing of our revenue recognition .
however , we will be required to reclassify certain immaterial costs from selling , general and administrative ( 201csg&a 201d ) expense to net sales , which will result in a reduction of net sales , but have no impact on operating profit .
we will adopt this new standard using the retrospective method , which will result in us restating prior reporting periods presented .
in march 2017 , the fasb issued asu 2017-07 2013 improving the presentation of net periodic pension cost and net periodic postretirement benefit cost .
this asu requires us to report the service cost component of pensions in the same location as other compensation costs arising from services rendered by the pertinent employees during the period .
we will be required to report the other components of net benefit costs in other income ( expense ) in the statement of earnings .
this asu will be effective for us beginning january 1 , 2018 .
the asu must be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost in the statement of earnings and prospectively , on and after the effective date , for the capitalization of the service cost component of net periodic pension cost in assets .
see note 14 for further information on the components of our net benefit cost .
in february 2016 , the fasb issued asu 2016-02 2013 leases .
this asu requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet .
this asu will be effective for us beginning january 1 , 2019 .
early adoption is permitted .
based on current guidance , this asu must be adopted using a modified retrospective transition approach at the beginning of the earliest comparative period in the consolidated financial statements .
we own most of our manufacturing facilities , but lease various office space and other less significant assets throughout the world .
we have formed our project team and have begun a process to collect the necessary information to implement this asu .
we will continue evaluating our leases and the related impact this asu will have on our consolidated financial statements throughout 2018 .
in august 2017 , the fasb issued asu 2017-12 2013 targeted improvements to accounting for hedging activities .
this asu amends the hedge accounting guidance to simplify the application of hedge accounting , makes more financial and nonfinancial hedging strategies eligible for hedge accounting treatment , changes how companies assess effectiveness and updates presentation and disclosure requirements .
we are currently evaluating the impact this asu will have on our consolidated financial statements ; however , based on our current hedging portfolio , we do not anticipate that this asu will have a significant impact on our financial position , results of operations or cash flows .
this asu will be effective for us january 1 , 2019 , with early adoption permitted .
after adoption , we may explore new hedging opportunities that are eligible for hedge accounting treatment under the new standard .
there are no other recently issued accounting pronouncements that we have not yet adopted that are expected to have a material effect on our financial position , results of operations or cash flows .
3 .
business combinations biomet merger we completed our merger with lvb , the parent company of biomet , on june 24 , 2015 .
we paid $ 12030.3 million in cash and stock and assumed biomet 2019s senior notes .
the total amount of merger consideration utilized for the acquisition method of accounting , as reduced by the merger consideration paid to holders of unvested lvb stock options and lvb stock- based awards of $ 90.4 million , was $ 11939.9 million .
the following table sets forth unaudited pro forma financial information derived from ( i ) the audited financial statements of zimmer for the year ended december 31 , 2015 ; and ( ii ) the unaudited financial statements of lvb for the period january 1 , 2015 to june 23 , 2015 .
the pro forma financial information has been adjusted to give effect to the merger as if it had occurred on january 1 , 2014 .
pro forma financial information ( unaudited ) year ended december 31 , 2015 ( in millions ) . | these unaudited pro forma results have been prepared for comparative purposes only and include adjustments such as inventory step-up , amortization of acquired intangible assets and interest expense on debt incurred to finance the merger .
material , nonrecurring pro forma adjustments directly attributable to the biomet merger include : 2022 the $ 90.4 million of merger compensation expense for unvested lvb stock options and lvb stock-based awards was removed from net earnings for the year ended december 31 , 2015 and recognized as an expense in the year ended december 31 , 2014 .
2022 the $ 73.0 million of retention plan expense was removed from net earnings for the year ended december 31 , 2015 and . | | | | year ended december 31 2015 ( in millions ) |
|---:|:-------------|:----------------------------------------------|
| 0 | net sales | $ 7517.8 |
| 1 | net earnings | $ 330.2 | | zimmer biomet holdings , inc .
and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) year ended december 31 , 2017 compared to what it would have been under the previous accounting rules .
in may 2014 , the fasb issued asu 2014-09 2013 revenue from contracts with customers ( topic 606 ) .
this asu provides a five-step model for revenue recognition that all industries will apply to recognize revenue when a customer obtains control of a good or service .
this asu will be effective for us beginning january 1 , 2018 .
entities are permitted to apply the standard and related amendments either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the asu recognized at the date of initial application .
we have completed our assessment of this asu .
based upon our assessment , there will not be a material change to the timing of our revenue recognition .
however , we will be required to reclassify certain immaterial costs from selling , general and administrative ( 201csg&a 201d ) expense to net sales , which will result in a reduction of net sales , but have no impact on operating profit .
we will adopt this new standard using the retrospective method , which will result in us restating prior reporting periods presented .
in march 2017 , the fasb issued asu 2017-07 2013 improving the presentation of net periodic pension cost and net periodic postretirement benefit cost .
this asu requires us to report the service cost component of pensions in the same location as other compensation costs arising from services rendered by the pertinent employees during the period .
we will be required to report the other components of net benefit costs in other income ( expense ) in the statement of earnings .
this asu will be effective for us beginning january 1 , 2018 .
the asu must be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost in the statement of earnings and prospectively , on and after the effective date , for the capitalization of the service cost component of net periodic pension cost in assets .
see note 14 for further information on the components of our net benefit cost .
in february 2016 , the fasb issued asu 2016-02 2013 leases .
this asu requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet .
this asu will be effective for us beginning january 1 , 2019 .
early adoption is permitted .
based on current guidance , this asu must be adopted using a modified retrospective transition approach at the beginning of the earliest comparative period in the consolidated financial statements .
we own most of our manufacturing facilities , but lease various office space and other less significant assets throughout the world .
we have formed our project team and have begun a process to collect the necessary information to implement this asu .
we will continue evaluating our leases and the related impact this asu will have on our consolidated financial statements throughout 2018 .
in august 2017 , the fasb issued asu 2017-12 2013 targeted improvements to accounting for hedging activities .
this asu amends the hedge accounting guidance to simplify the application of hedge accounting , makes more financial and nonfinancial hedging strategies eligible for hedge accounting treatment , changes how companies assess effectiveness and updates presentation and disclosure requirements .
we are currently evaluating the impact this asu will have on our consolidated financial statements ; however , based on our current hedging portfolio , we do not anticipate that this asu will have a significant impact on our financial position , results of operations or cash flows .
this asu will be effective for us january 1 , 2019 , with early adoption permitted .
after adoption , we may explore new hedging opportunities that are eligible for hedge accounting treatment under the new standard .
there are no other recently issued accounting pronouncements that we have not yet adopted that are expected to have a material effect on our financial position , results of operations or cash flows .
3 .
business combinations biomet merger we completed our merger with lvb , the parent company of biomet , on june 24 , 2015 .
we paid $ 12030.3 million in cash and stock and assumed biomet 2019s senior notes .
the total amount of merger consideration utilized for the acquisition method of accounting , as reduced by the merger consideration paid to holders of unvested lvb stock options and lvb stock- based awards of $ 90.4 million , was $ 11939.9 million .
the following table sets forth unaudited pro forma financial information derived from ( i ) the audited financial statements of zimmer for the year ended december 31 , 2015 ; and ( ii ) the unaudited financial statements of lvb for the period january 1 , 2015 to june 23 , 2015 .
the pro forma financial information has been adjusted to give effect to the merger as if it had occurred on january 1 , 2014 .
pro forma financial information ( unaudited ) year ended december 31 , 2015 ( in millions ) ._| | | year ended december 31 2015 ( in millions ) |
|---:|:-------------|:----------------------------------------------|
| 0 | net sales | $ 7517.8 |
| 1 | net earnings | $ 330.2 |_these unaudited pro forma results have been prepared for comparative purposes only and include adjustments such as inventory step-up , amortization of acquired intangible assets and interest expense on debt incurred to finance the merger .
material , nonrecurring pro forma adjustments directly attributable to the biomet merger include : 2022 the $ 90.4 million of merger compensation expense for unvested lvb stock options and lvb stock-based awards was removed from net earnings for the year ended december 31 , 2015 and recognized as an expense in the year ended december 31 , 2014 .
2022 the $ 73.0 million of retention plan expense was removed from net earnings for the year ended december 31 , 2015 and . | 2,017 | 53 | ZBH | Zimmer Biomet | Health Care | Health Care Equipment | Warsaw, Indiana | 2001-08-07 | 1,136,869 | 1927 | null | null |
finqa126 | what is the variation between the average and the highest operating margin? | 2.53% | subtract(table_max(operating margin, none), table_average(operating margin, none)) | reinsurance commissions , fees and other revenue decreased 2% ( 2 % ) in 2014 reflecting a 1% ( 1 % ) unfavorable impact from foreign currency exchange rates and 1% ( 1 % ) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty , partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business , as well as facultative placements .
operating income operating income increased $ 108 million , or 7% ( 7 % ) , from 2013 to $ 1.6 billion in 2014 .
in 2014 , operating income margins in this segment were 21.0% ( 21.0 % ) , an increase of 120 basis points from 19.8% ( 19.8 % ) in 2013 .
operating margin improvement was driven by solid organic revenue growth , return on investments , expense discipline and savings related to the restructuring programs , partially offset by a $ 61 million unfavorable impact from foreign currency exchange rates .
hr solutions . | our hr solutions segment generated approximately 35% ( 35 % ) of our consolidated total revenues in 2014 and provides a broad range of human capital services , as follows : 2022 retirement specializes in global actuarial services , defined contribution consulting , tax and erisa consulting , and pension administration .
2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries .
2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management .
2022 investment consulting advises public and private companies , other institutions and trustees on developing and maintaining investment programs across a broad range of plan types , including defined benefit plans , defined contribution plans , endowments and foundations .
2022 benefits administration applies our human resource expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services .
our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions .
2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare , while helping individuals select the insurance that best meets their needs .
2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core human resource process transactions as well as other complementary services such as flexible spending , dependent audit and participant advocacy .
disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace .
weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate .
while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services , which is having an adverse effect on our new business and results of operations. . | | | years ended december 31 | 2014 | 2013 | 2012 |
|---:|:--------------------------|:-----------------|:---------------|:---------------|
| 0 | revenue | $ 4264 | $ 4057 | $ 3925 |
| 1 | operating income | 485 | 318 | 289 |
| 2 | operating margin | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % ) | | reinsurance commissions , fees and other revenue decreased 2% ( 2 % ) in 2014 reflecting a 1% ( 1 % ) unfavorable impact from foreign currency exchange rates and 1% ( 1 % ) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty , partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business , as well as facultative placements .
operating income operating income increased $ 108 million , or 7% ( 7 % ) , from 2013 to $ 1.6 billion in 2014 .
in 2014 , operating income margins in this segment were 21.0% ( 21.0 % ) , an increase of 120 basis points from 19.8% ( 19.8 % ) in 2013 .
operating margin improvement was driven by solid organic revenue growth , return on investments , expense discipline and savings related to the restructuring programs , partially offset by a $ 61 million unfavorable impact from foreign currency exchange rates .
hr solutions ._| | years ended december 31 | 2014 | 2013 | 2012 |
|---:|:--------------------------|:-----------------|:---------------|:---------------|
| 0 | revenue | $ 4264 | $ 4057 | $ 3925 |
| 1 | operating income | 485 | 318 | 289 |
| 2 | operating margin | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % ) |_our hr solutions segment generated approximately 35% ( 35 % ) of our consolidated total revenues in 2014 and provides a broad range of human capital services , as follows : 2022 retirement specializes in global actuarial services , defined contribution consulting , tax and erisa consulting , and pension administration .
2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries .
2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management .
2022 investment consulting advises public and private companies , other institutions and trustees on developing and maintaining investment programs across a broad range of plan types , including defined benefit plans , defined contribution plans , endowments and foundations .
2022 benefits administration applies our human resource expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services .
our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions .
2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare , while helping individuals select the insurance that best meets their needs .
2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core human resource process transactions as well as other complementary services such as flexible spending , dependent audit and participant advocacy .
disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace .
weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate .
while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services , which is having an adverse effect on our new business and results of operations. . | 2,014 | 47 | AON | Aon plc | Financials | Insurance Brokers | London, United Kingdom | 1996-04-23 | 315,293 | 1982 (1919) | what is the variation between the average and the highest operating margin? | 2.53% | subtract(table_max(operating margin, none), table_average(operating margin, none)) | reinsurance commissions , fees and other revenue decreased 2% ( 2 % ) in 2014 reflecting a 1% ( 1 % ) unfavorable impact from foreign currency exchange rates and 1% ( 1 % ) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty , partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business , as well as facultative placements .
operating income operating income increased $ 108 million , or 7% ( 7 % ) , from 2013 to $ 1.6 billion in 2014 .
in 2014 , operating income margins in this segment were 21.0% ( 21.0 % ) , an increase of 120 basis points from 19.8% ( 19.8 % ) in 2013 .
operating margin improvement was driven by solid organic revenue growth , return on investments , expense discipline and savings related to the restructuring programs , partially offset by a $ 61 million unfavorable impact from foreign currency exchange rates .
hr solutions . | our hr solutions segment generated approximately 35% ( 35 % ) of our consolidated total revenues in 2014 and provides a broad range of human capital services , as follows : 2022 retirement specializes in global actuarial services , defined contribution consulting , tax and erisa consulting , and pension administration .
2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries .
2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management .
2022 investment consulting advises public and private companies , other institutions and trustees on developing and maintaining investment programs across a broad range of plan types , including defined benefit plans , defined contribution plans , endowments and foundations .
2022 benefits administration applies our human resource expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services .
our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions .
2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare , while helping individuals select the insurance that best meets their needs .
2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core human resource process transactions as well as other complementary services such as flexible spending , dependent audit and participant advocacy .
disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace .
weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate .
while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services , which is having an adverse effect on our new business and results of operations. . | | | years ended december 31 | 2014 | 2013 | 2012 |
|---:|:--------------------------|:-----------------|:---------------|:---------------|
| 0 | revenue | $ 4264 | $ 4057 | $ 3925 |
| 1 | operating income | 485 | 318 | 289 |
| 2 | operating margin | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % ) | | reinsurance commissions , fees and other revenue decreased 2% ( 2 % ) in 2014 reflecting a 1% ( 1 % ) unfavorable impact from foreign currency exchange rates and 1% ( 1 % ) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty , partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business , as well as facultative placements .
operating income operating income increased $ 108 million , or 7% ( 7 % ) , from 2013 to $ 1.6 billion in 2014 .
in 2014 , operating income margins in this segment were 21.0% ( 21.0 % ) , an increase of 120 basis points from 19.8% ( 19.8 % ) in 2013 .
operating margin improvement was driven by solid organic revenue growth , return on investments , expense discipline and savings related to the restructuring programs , partially offset by a $ 61 million unfavorable impact from foreign currency exchange rates .
hr solutions ._| | years ended december 31 | 2014 | 2013 | 2012 |
|---:|:--------------------------|:-----------------|:---------------|:---------------|
| 0 | revenue | $ 4264 | $ 4057 | $ 3925 |
| 1 | operating income | 485 | 318 | 289 |
| 2 | operating margin | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % ) |_our hr solutions segment generated approximately 35% ( 35 % ) of our consolidated total revenues in 2014 and provides a broad range of human capital services , as follows : 2022 retirement specializes in global actuarial services , defined contribution consulting , tax and erisa consulting , and pension administration .
2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries .
2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management .
2022 investment consulting advises public and private companies , other institutions and trustees on developing and maintaining investment programs across a broad range of plan types , including defined benefit plans , defined contribution plans , endowments and foundations .
2022 benefits administration applies our human resource expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services .
our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions .
2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare , while helping individuals select the insurance that best meets their needs .
2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core human resource process transactions as well as other complementary services such as flexible spending , dependent audit and participant advocacy .
disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace .
weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate .
while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services , which is having an adverse effect on our new business and results of operations. . | 2,014 | 47 | AON | Aon plc | Financials | Insurance Brokers | London, United Kingdom | 1996-04-23 | 315,293 | 1982 (1919) | null | null |
finqa127 | what portion of the revised purchase price of kichler is dedicated to goodwill? | 11.7% | divide(64, 549) | masco corporation notes to consolidated financial statements ( continued ) c .
acquisitions on march 9 , 2018 , we acquired substantially all of the net assets of the l.d .
kichler co .
( "kichler" ) , a leader in decorative residential and light commercial lighting products , ceiling fans and led lighting systems .
this business expands our product offerings to our customers .
the results of this acquisition for the period from the acquisition date are included in the consolidated financial statements and are reported in the decorative architectural products segment .
we recorded $ 346 million of net sales as a result of this acquisition during 2018 .
the purchase price , net of $ 2 million cash acquired , consisted of $ 549 million paid with cash on hand .
since the acquisition , we have revised the allocation of the purchase price to identifiable assets and liabilities based on analysis of information as of the acquisition date that has been made available through december 31 , 2018 .
the allocation will continue to be updated through the measurement period , if necessary .
the preliminary allocation of the fair value of the acquisition of kichler is summarized in the following table , in millions. . | the goodwill acquired , which is generally tax deductible , is related primarily to the operational and financial synergies we expect to derive from combining kichler's operations into our business , as well as the assembled workforce .
the other intangible assets acquired consist of $ 59 million of indefinite-lived intangible assets , which is related to trademarks , and $ 181 million of definite-lived intangible assets .
the definite-lived intangible assets consist of $ 145 million related to customer relationships , which is being amortized on a straight-line basis over 20 years , and $ 36 million of other definite-lived intangible assets , which is being amortized over a weighted average amortization period of three years .
in the fourth quarter of 2017 , we acquired mercury plastics , inc. , a plastics processor and manufacturer of water handling systems for appliance and faucet applications , for approximately $ 89 million in cash .
this business is included in the plumbing products segment .
this acquisition enhances our ability to develop faucet technology and provides continuity of supply of quality faucet components .
in connection with this acquisition , we recognized $ 38 million of goodwill , which is tax deductible , and is related primarily to the expected synergies from combining the operations into our business. . | | | | initial | revised |
|---:|:---------------------------|:-----------|:-----------|
| 0 | receivables | $ 101 | $ 100 |
| 1 | inventories | 173 | 166 |
| 2 | prepaid expenses and other | 5 | 5 |
| 3 | property and equipment | 33 | 33 |
| 4 | goodwill | 46 | 64 |
| 5 | other intangible assets | 243 | 240 |
| 6 | accounts payable | -24 ( 24 ) | -24 ( 24 ) |
| 7 | accrued liabilities | -25 ( 25 ) | -30 ( 30 ) |
| 8 | other liabilities | -4 ( 4 ) | -5 ( 5 ) |
| 9 | total | $ 548 | $ 549 | | masco corporation notes to consolidated financial statements ( continued ) c .
acquisitions on march 9 , 2018 , we acquired substantially all of the net assets of the l.d .
kichler co .
( "kichler" ) , a leader in decorative residential and light commercial lighting products , ceiling fans and led lighting systems .
this business expands our product offerings to our customers .
the results of this acquisition for the period from the acquisition date are included in the consolidated financial statements and are reported in the decorative architectural products segment .
we recorded $ 346 million of net sales as a result of this acquisition during 2018 .
the purchase price , net of $ 2 million cash acquired , consisted of $ 549 million paid with cash on hand .
since the acquisition , we have revised the allocation of the purchase price to identifiable assets and liabilities based on analysis of information as of the acquisition date that has been made available through december 31 , 2018 .
the allocation will continue to be updated through the measurement period , if necessary .
the preliminary allocation of the fair value of the acquisition of kichler is summarized in the following table , in millions. ._| | | initial | revised |
|---:|:---------------------------|:-----------|:-----------|
| 0 | receivables | $ 101 | $ 100 |
| 1 | inventories | 173 | 166 |
| 2 | prepaid expenses and other | 5 | 5 |
| 3 | property and equipment | 33 | 33 |
| 4 | goodwill | 46 | 64 |
| 5 | other intangible assets | 243 | 240 |
| 6 | accounts payable | -24 ( 24 ) | -24 ( 24 ) |
| 7 | accrued liabilities | -25 ( 25 ) | -30 ( 30 ) |
| 8 | other liabilities | -4 ( 4 ) | -5 ( 5 ) |
| 9 | total | $ 548 | $ 549 |_the goodwill acquired , which is generally tax deductible , is related primarily to the operational and financial synergies we expect to derive from combining kichler's operations into our business , as well as the assembled workforce .
the other intangible assets acquired consist of $ 59 million of indefinite-lived intangible assets , which is related to trademarks , and $ 181 million of definite-lived intangible assets .
the definite-lived intangible assets consist of $ 145 million related to customer relationships , which is being amortized on a straight-line basis over 20 years , and $ 36 million of other definite-lived intangible assets , which is being amortized over a weighted average amortization period of three years .
in the fourth quarter of 2017 , we acquired mercury plastics , inc. , a plastics processor and manufacturer of water handling systems for appliance and faucet applications , for approximately $ 89 million in cash .
this business is included in the plumbing products segment .
this acquisition enhances our ability to develop faucet technology and provides continuity of supply of quality faucet components .
in connection with this acquisition , we recognized $ 38 million of goodwill , which is tax deductible , and is related primarily to the expected synergies from combining the operations into our business. . | 2,018 | 60 | MAS | Masco | Industrials | Building Products | Livonia, Michigan | 1981-06-30 | 62,996 | 1929 | what portion of the revised purchase price of kichler is dedicated to goodwill? | 11.7% | divide(64, 549) | masco corporation notes to consolidated financial statements ( continued ) c .
acquisitions on march 9 , 2018 , we acquired substantially all of the net assets of the l.d .
kichler co .
( "kichler" ) , a leader in decorative residential and light commercial lighting products , ceiling fans and led lighting systems .
this business expands our product offerings to our customers .
the results of this acquisition for the period from the acquisition date are included in the consolidated financial statements and are reported in the decorative architectural products segment .
we recorded $ 346 million of net sales as a result of this acquisition during 2018 .
the purchase price , net of $ 2 million cash acquired , consisted of $ 549 million paid with cash on hand .
since the acquisition , we have revised the allocation of the purchase price to identifiable assets and liabilities based on analysis of information as of the acquisition date that has been made available through december 31 , 2018 .
the allocation will continue to be updated through the measurement period , if necessary .
the preliminary allocation of the fair value of the acquisition of kichler is summarized in the following table , in millions. . | the goodwill acquired , which is generally tax deductible , is related primarily to the operational and financial synergies we expect to derive from combining kichler's operations into our business , as well as the assembled workforce .
the other intangible assets acquired consist of $ 59 million of indefinite-lived intangible assets , which is related to trademarks , and $ 181 million of definite-lived intangible assets .
the definite-lived intangible assets consist of $ 145 million related to customer relationships , which is being amortized on a straight-line basis over 20 years , and $ 36 million of other definite-lived intangible assets , which is being amortized over a weighted average amortization period of three years .
in the fourth quarter of 2017 , we acquired mercury plastics , inc. , a plastics processor and manufacturer of water handling systems for appliance and faucet applications , for approximately $ 89 million in cash .
this business is included in the plumbing products segment .
this acquisition enhances our ability to develop faucet technology and provides continuity of supply of quality faucet components .
in connection with this acquisition , we recognized $ 38 million of goodwill , which is tax deductible , and is related primarily to the expected synergies from combining the operations into our business. . | | | | initial | revised |
|---:|:---------------------------|:-----------|:-----------|
| 0 | receivables | $ 101 | $ 100 |
| 1 | inventories | 173 | 166 |
| 2 | prepaid expenses and other | 5 | 5 |
| 3 | property and equipment | 33 | 33 |
| 4 | goodwill | 46 | 64 |
| 5 | other intangible assets | 243 | 240 |
| 6 | accounts payable | -24 ( 24 ) | -24 ( 24 ) |
| 7 | accrued liabilities | -25 ( 25 ) | -30 ( 30 ) |
| 8 | other liabilities | -4 ( 4 ) | -5 ( 5 ) |
| 9 | total | $ 548 | $ 549 | | masco corporation notes to consolidated financial statements ( continued ) c .
acquisitions on march 9 , 2018 , we acquired substantially all of the net assets of the l.d .
kichler co .
( "kichler" ) , a leader in decorative residential and light commercial lighting products , ceiling fans and led lighting systems .
this business expands our product offerings to our customers .
the results of this acquisition for the period from the acquisition date are included in the consolidated financial statements and are reported in the decorative architectural products segment .
we recorded $ 346 million of net sales as a result of this acquisition during 2018 .
the purchase price , net of $ 2 million cash acquired , consisted of $ 549 million paid with cash on hand .
since the acquisition , we have revised the allocation of the purchase price to identifiable assets and liabilities based on analysis of information as of the acquisition date that has been made available through december 31 , 2018 .
the allocation will continue to be updated through the measurement period , if necessary .
the preliminary allocation of the fair value of the acquisition of kichler is summarized in the following table , in millions. ._| | | initial | revised |
|---:|:---------------------------|:-----------|:-----------|
| 0 | receivables | $ 101 | $ 100 |
| 1 | inventories | 173 | 166 |
| 2 | prepaid expenses and other | 5 | 5 |
| 3 | property and equipment | 33 | 33 |
| 4 | goodwill | 46 | 64 |
| 5 | other intangible assets | 243 | 240 |
| 6 | accounts payable | -24 ( 24 ) | -24 ( 24 ) |
| 7 | accrued liabilities | -25 ( 25 ) | -30 ( 30 ) |
| 8 | other liabilities | -4 ( 4 ) | -5 ( 5 ) |
| 9 | total | $ 548 | $ 549 |_the goodwill acquired , which is generally tax deductible , is related primarily to the operational and financial synergies we expect to derive from combining kichler's operations into our business , as well as the assembled workforce .
the other intangible assets acquired consist of $ 59 million of indefinite-lived intangible assets , which is related to trademarks , and $ 181 million of definite-lived intangible assets .
the definite-lived intangible assets consist of $ 145 million related to customer relationships , which is being amortized on a straight-line basis over 20 years , and $ 36 million of other definite-lived intangible assets , which is being amortized over a weighted average amortization period of three years .
in the fourth quarter of 2017 , we acquired mercury plastics , inc. , a plastics processor and manufacturer of water handling systems for appliance and faucet applications , for approximately $ 89 million in cash .
this business is included in the plumbing products segment .
this acquisition enhances our ability to develop faucet technology and provides continuity of supply of quality faucet components .
in connection with this acquisition , we recognized $ 38 million of goodwill , which is tax deductible , and is related primarily to the expected synergies from combining the operations into our business. . | 2,018 | 60 | MAS | Masco | Industrials | Building Products | Livonia, Michigan | 1981-06-30 | 62,996 | 1929 | null | null |
finqa128 | in 2016 what was the ratio of the net income increased to the net revenues | 0.061 | divide(92.9, 1520.5) | entergy arkansas , inc .
and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 27.4 million primarily due to higher nuclear refueling outage expenses , higher depreciation and amortization expenses , higher taxes other than income taxes , and higher interest expense , partially offset by higher other income .
2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses .
net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . a0 a0following is an analysis of the change in net revenue comparing 2017 to 2016 .
amount ( in millions ) . | the retail electric price variance is primarily due to the implementation of formula rate plan rates effective with the first billing cycle of january 2017 and an increase in base rates effective february 24 , 2016 , each as approved by the apsc .
a significant portion of the base rate increase was related to the purchase of power block 2 of the union power station in march 2016 .
the increase was partially offset by decreases in the energy efficiency rider , as approved by the apsc , effective april 2016 and january 2017 .
see note 2 to the financial statements for further discussion of the rate case and formula rate plan filings .
see note 14 to the financial statements for further discussion of the union power station purchase .
the opportunity sales variance results from the estimated net revenue effect of the 2017 and 2016 ferc orders in the opportunity sales proceeding attributable to wholesale customers .
see note 2 to the financial statements for further discussion of the opportunity sales proceeding. . | | | | amount ( in millions ) |
|---:|:----------------------------|:-------------------------|
| 0 | 2016 net revenue | $ 1520.5 |
| 1 | retail electric price | 33.8 |
| 2 | opportunity sales | 5.6 |
| 3 | asset retirement obligation | -14.8 ( 14.8 ) |
| 4 | volume/weather | -29.0 ( 29.0 ) |
| 5 | other | 6.5 |
| 6 | 2017 net revenue | $ 1522.6 | | entergy arkansas , inc .
and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 27.4 million primarily due to higher nuclear refueling outage expenses , higher depreciation and amortization expenses , higher taxes other than income taxes , and higher interest expense , partially offset by higher other income .
2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses .
net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . a0 a0following is an analysis of the change in net revenue comparing 2017 to 2016 .
amount ( in millions ) ._| | | amount ( in millions ) |
|---:|:----------------------------|:-------------------------|
| 0 | 2016 net revenue | $ 1520.5 |
| 1 | retail electric price | 33.8 |
| 2 | opportunity sales | 5.6 |
| 3 | asset retirement obligation | -14.8 ( 14.8 ) |
| 4 | volume/weather | -29.0 ( 29.0 ) |
| 5 | other | 6.5 |
| 6 | 2017 net revenue | $ 1522.6 |_the retail electric price variance is primarily due to the implementation of formula rate plan rates effective with the first billing cycle of january 2017 and an increase in base rates effective february 24 , 2016 , each as approved by the apsc .
a significant portion of the base rate increase was related to the purchase of power block 2 of the union power station in march 2016 .
the increase was partially offset by decreases in the energy efficiency rider , as approved by the apsc , effective april 2016 and january 2017 .
see note 2 to the financial statements for further discussion of the rate case and formula rate plan filings .
see note 14 to the financial statements for further discussion of the union power station purchase .
the opportunity sales variance results from the estimated net revenue effect of the 2017 and 2016 ferc orders in the opportunity sales proceeding attributable to wholesale customers .
see note 2 to the financial statements for further discussion of the opportunity sales proceeding. . | 2,017 | 316 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | in 2016 what was the ratio of the net income increased to the net revenues | 0.061 | divide(92.9, 1520.5) | entergy arkansas , inc .
and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 27.4 million primarily due to higher nuclear refueling outage expenses , higher depreciation and amortization expenses , higher taxes other than income taxes , and higher interest expense , partially offset by higher other income .
2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses .
net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . a0 a0following is an analysis of the change in net revenue comparing 2017 to 2016 .
amount ( in millions ) . | the retail electric price variance is primarily due to the implementation of formula rate plan rates effective with the first billing cycle of january 2017 and an increase in base rates effective february 24 , 2016 , each as approved by the apsc .
a significant portion of the base rate increase was related to the purchase of power block 2 of the union power station in march 2016 .
the increase was partially offset by decreases in the energy efficiency rider , as approved by the apsc , effective april 2016 and january 2017 .
see note 2 to the financial statements for further discussion of the rate case and formula rate plan filings .
see note 14 to the financial statements for further discussion of the union power station purchase .
the opportunity sales variance results from the estimated net revenue effect of the 2017 and 2016 ferc orders in the opportunity sales proceeding attributable to wholesale customers .
see note 2 to the financial statements for further discussion of the opportunity sales proceeding. . | | | | amount ( in millions ) |
|---:|:----------------------------|:-------------------------|
| 0 | 2016 net revenue | $ 1520.5 |
| 1 | retail electric price | 33.8 |
| 2 | opportunity sales | 5.6 |
| 3 | asset retirement obligation | -14.8 ( 14.8 ) |
| 4 | volume/weather | -29.0 ( 29.0 ) |
| 5 | other | 6.5 |
| 6 | 2017 net revenue | $ 1522.6 | | entergy arkansas , inc .
and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 27.4 million primarily due to higher nuclear refueling outage expenses , higher depreciation and amortization expenses , higher taxes other than income taxes , and higher interest expense , partially offset by higher other income .
2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses .
net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . a0 a0following is an analysis of the change in net revenue comparing 2017 to 2016 .
amount ( in millions ) ._| | | amount ( in millions ) |
|---:|:----------------------------|:-------------------------|
| 0 | 2016 net revenue | $ 1520.5 |
| 1 | retail electric price | 33.8 |
| 2 | opportunity sales | 5.6 |
| 3 | asset retirement obligation | -14.8 ( 14.8 ) |
| 4 | volume/weather | -29.0 ( 29.0 ) |
| 5 | other | 6.5 |
| 6 | 2017 net revenue | $ 1522.6 |_the retail electric price variance is primarily due to the implementation of formula rate plan rates effective with the first billing cycle of january 2017 and an increase in base rates effective february 24 , 2016 , each as approved by the apsc .
a significant portion of the base rate increase was related to the purchase of power block 2 of the union power station in march 2016 .
the increase was partially offset by decreases in the energy efficiency rider , as approved by the apsc , effective april 2016 and january 2017 .
see note 2 to the financial statements for further discussion of the rate case and formula rate plan filings .
see note 14 to the financial statements for further discussion of the union power station purchase .
the opportunity sales variance results from the estimated net revenue effect of the 2017 and 2016 ferc orders in the opportunity sales proceeding attributable to wholesale customers .
see note 2 to the financial statements for further discussion of the opportunity sales proceeding. . | 2,017 | 316 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | null | null |
finqa129 | what was the average weighted average common shares outstanding for diluted computations from 2015 to 2017 | 302.8 | divide(add(add(290.6, 303.1), 314.7), const_3) | of prior service cost or credits , and net actuarial gains or losses ) as part of non-operating income .
we adopted the requirements of asu no .
2017-07 on january 1 , 2018 using the retrospective transition method .
we expect the adoption of asu no .
2017-07 to result in an increase to consolidated operating profit of $ 471 million and $ 846 million for 2016 and 2017 , respectively , and a corresponding decrease in non-operating income for each year .
we do not expect any impact to our business segment operating profit , our consolidated net earnings , or cash flows as a result of adopting asu no .
2017-07 .
intangibles-goodwill and other in january 2017 , the fasb issued asu no .
2017-04 , intangibles-goodwill and other ( topic 350 ) , which eliminates the requirement to compare the implied fair value of reporting unit goodwill with the carrying amount of that goodwill ( commonly referred to as step 2 ) from the goodwill impairment test .
the new standard does not change how a goodwill impairment is identified .
wewill continue to perform our quantitative and qualitative goodwill impairment test by comparing the fair value of each reporting unit to its carrying amount , but if we are required to recognize a goodwill impairment charge , under the new standard the amount of the charge will be calculated by subtracting the reporting unit 2019s fair value from its carrying amount .
under the prior standard , if we were required to recognize a goodwill impairment charge , step 2 required us to calculate the implied value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination and the amount of the charge was calculated by subtracting the reporting unit 2019s implied fair value of goodwill from its actual goodwill balance .
the new standard is effective for interim and annual reporting periods beginning after december 15 , 2019 , with early adoption permitted , and should be applied prospectively from the date of adoption .
we elected to adopt the new standard for future goodwill impairment tests at the beginning of the third quarter of 2017 , because it significantly simplifies the evaluation of goodwill for impairment .
the impact of the new standard will depend on the outcomes of future goodwill impairment tests .
derivatives and hedging inaugust 2017 , the fasb issuedasu no .
2017-12derivatives and hedging ( topic 815 ) , which eliminates the requirement to separately measure and report hedge ineffectiveness .
the guidance is effective for fiscal years beginning after december 15 , 2018 , with early adoption permitted .
we do not expect a significant impact to our consolidated assets and liabilities , net earnings , or cash flows as a result of adopting this new standard .
we plan to adopt the new standard january 1 , 2019 .
leases in february 2016 , the fasb issuedasu no .
2016-02 , leases ( topic 842 ) , which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements for both lessees and lessors .
the new standard is effective january 1 , 2019 for public companies , with early adoption permitted .
the new standard currently requires the application of a modified retrospective approach to the beginning of the earliest period presented in the financial statements .
we are continuing to evaluate the expected impact to our consolidated financial statements and related disclosures .
we plan to adopt the new standard effective january 1 , 2019 .
note 2 2013 earnings per share theweighted average number of shares outstanding used to compute earnings per common sharewere as follows ( in millions ) : . | we compute basic and diluted earnings per common share by dividing net earnings by the respectiveweighted average number of common shares outstanding for the periods presented .
our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units ( rsus ) , performance stock units ( psus ) and exercise of outstanding stock options based on the treasury stock method .
there were no significant anti-dilutive equity awards for the years ended december 31 , 2017 , 2016 and 2015 .
note 3 2013 acquisitions and divestitures acquisition of sikorsky aircraft corporation on november 6 , 2015 , we completed the acquisition of sikorsky from united technologies corporation ( utc ) and certain of utc 2019s subsidiaries .
the purchase price of the acquisition was $ 9.0 billion , net of cash acquired .
as a result of the acquisition . | | | | 2017 | 2016 | 2015 |
|---:|:--------------------------------------------------------------------|-------:|-------:|-------:|
| 0 | weighted average common shares outstanding for basic computations | 287.8 | 299.3 | 310.3 |
| 1 | weighted average dilutive effect of equity awards | 2.8 | 3.8 | 4.4 |
| 2 | weighted average common shares outstanding for diluted computations | 290.6 | 303.1 | 314.7 | | of prior service cost or credits , and net actuarial gains or losses ) as part of non-operating income .
we adopted the requirements of asu no .
2017-07 on january 1 , 2018 using the retrospective transition method .
we expect the adoption of asu no .
2017-07 to result in an increase to consolidated operating profit of $ 471 million and $ 846 million for 2016 and 2017 , respectively , and a corresponding decrease in non-operating income for each year .
we do not expect any impact to our business segment operating profit , our consolidated net earnings , or cash flows as a result of adopting asu no .
2017-07 .
intangibles-goodwill and other in january 2017 , the fasb issued asu no .
2017-04 , intangibles-goodwill and other ( topic 350 ) , which eliminates the requirement to compare the implied fair value of reporting unit goodwill with the carrying amount of that goodwill ( commonly referred to as step 2 ) from the goodwill impairment test .
the new standard does not change how a goodwill impairment is identified .
wewill continue to perform our quantitative and qualitative goodwill impairment test by comparing the fair value of each reporting unit to its carrying amount , but if we are required to recognize a goodwill impairment charge , under the new standard the amount of the charge will be calculated by subtracting the reporting unit 2019s fair value from its carrying amount .
under the prior standard , if we were required to recognize a goodwill impairment charge , step 2 required us to calculate the implied value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination and the amount of the charge was calculated by subtracting the reporting unit 2019s implied fair value of goodwill from its actual goodwill balance .
the new standard is effective for interim and annual reporting periods beginning after december 15 , 2019 , with early adoption permitted , and should be applied prospectively from the date of adoption .
we elected to adopt the new standard for future goodwill impairment tests at the beginning of the third quarter of 2017 , because it significantly simplifies the evaluation of goodwill for impairment .
the impact of the new standard will depend on the outcomes of future goodwill impairment tests .
derivatives and hedging inaugust 2017 , the fasb issuedasu no .
2017-12derivatives and hedging ( topic 815 ) , which eliminates the requirement to separately measure and report hedge ineffectiveness .
the guidance is effective for fiscal years beginning after december 15 , 2018 , with early adoption permitted .
we do not expect a significant impact to our consolidated assets and liabilities , net earnings , or cash flows as a result of adopting this new standard .
we plan to adopt the new standard january 1 , 2019 .
leases in february 2016 , the fasb issuedasu no .
2016-02 , leases ( topic 842 ) , which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements for both lessees and lessors .
the new standard is effective january 1 , 2019 for public companies , with early adoption permitted .
the new standard currently requires the application of a modified retrospective approach to the beginning of the earliest period presented in the financial statements .
we are continuing to evaluate the expected impact to our consolidated financial statements and related disclosures .
we plan to adopt the new standard effective january 1 , 2019 .
note 2 2013 earnings per share theweighted average number of shares outstanding used to compute earnings per common sharewere as follows ( in millions ) : ._| | | 2017 | 2016 | 2015 |
|---:|:--------------------------------------------------------------------|-------:|-------:|-------:|
| 0 | weighted average common shares outstanding for basic computations | 287.8 | 299.3 | 310.3 |
| 1 | weighted average dilutive effect of equity awards | 2.8 | 3.8 | 4.4 |
| 2 | weighted average common shares outstanding for diluted computations | 290.6 | 303.1 | 314.7 |_we compute basic and diluted earnings per common share by dividing net earnings by the respectiveweighted average number of common shares outstanding for the periods presented .
our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units ( rsus ) , performance stock units ( psus ) and exercise of outstanding stock options based on the treasury stock method .
there were no significant anti-dilutive equity awards for the years ended december 31 , 2017 , 2016 and 2015 .
note 3 2013 acquisitions and divestitures acquisition of sikorsky aircraft corporation on november 6 , 2015 , we completed the acquisition of sikorsky from united technologies corporation ( utc ) and certain of utc 2019s subsidiaries .
the purchase price of the acquisition was $ 9.0 billion , net of cash acquired .
as a result of the acquisition . | 2,017 | 80 | LMT | Lockheed Martin | Industrials | Aerospace & Defense | Bethesda, Maryland | 1957-03-04 | 936,468 | 1995 | what was the average weighted average common shares outstanding for diluted computations from 2015 to 2017 | 302.8 | divide(add(add(290.6, 303.1), 314.7), const_3) | of prior service cost or credits , and net actuarial gains or losses ) as part of non-operating income .
we adopted the requirements of asu no .
2017-07 on january 1 , 2018 using the retrospective transition method .
we expect the adoption of asu no .
2017-07 to result in an increase to consolidated operating profit of $ 471 million and $ 846 million for 2016 and 2017 , respectively , and a corresponding decrease in non-operating income for each year .
we do not expect any impact to our business segment operating profit , our consolidated net earnings , or cash flows as a result of adopting asu no .
2017-07 .
intangibles-goodwill and other in january 2017 , the fasb issued asu no .
2017-04 , intangibles-goodwill and other ( topic 350 ) , which eliminates the requirement to compare the implied fair value of reporting unit goodwill with the carrying amount of that goodwill ( commonly referred to as step 2 ) from the goodwill impairment test .
the new standard does not change how a goodwill impairment is identified .
wewill continue to perform our quantitative and qualitative goodwill impairment test by comparing the fair value of each reporting unit to its carrying amount , but if we are required to recognize a goodwill impairment charge , under the new standard the amount of the charge will be calculated by subtracting the reporting unit 2019s fair value from its carrying amount .
under the prior standard , if we were required to recognize a goodwill impairment charge , step 2 required us to calculate the implied value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination and the amount of the charge was calculated by subtracting the reporting unit 2019s implied fair value of goodwill from its actual goodwill balance .
the new standard is effective for interim and annual reporting periods beginning after december 15 , 2019 , with early adoption permitted , and should be applied prospectively from the date of adoption .
we elected to adopt the new standard for future goodwill impairment tests at the beginning of the third quarter of 2017 , because it significantly simplifies the evaluation of goodwill for impairment .
the impact of the new standard will depend on the outcomes of future goodwill impairment tests .
derivatives and hedging inaugust 2017 , the fasb issuedasu no .
2017-12derivatives and hedging ( topic 815 ) , which eliminates the requirement to separately measure and report hedge ineffectiveness .
the guidance is effective for fiscal years beginning after december 15 , 2018 , with early adoption permitted .
we do not expect a significant impact to our consolidated assets and liabilities , net earnings , or cash flows as a result of adopting this new standard .
we plan to adopt the new standard january 1 , 2019 .
leases in february 2016 , the fasb issuedasu no .
2016-02 , leases ( topic 842 ) , which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements for both lessees and lessors .
the new standard is effective january 1 , 2019 for public companies , with early adoption permitted .
the new standard currently requires the application of a modified retrospective approach to the beginning of the earliest period presented in the financial statements .
we are continuing to evaluate the expected impact to our consolidated financial statements and related disclosures .
we plan to adopt the new standard effective january 1 , 2019 .
note 2 2013 earnings per share theweighted average number of shares outstanding used to compute earnings per common sharewere as follows ( in millions ) : . | we compute basic and diluted earnings per common share by dividing net earnings by the respectiveweighted average number of common shares outstanding for the periods presented .
our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units ( rsus ) , performance stock units ( psus ) and exercise of outstanding stock options based on the treasury stock method .
there were no significant anti-dilutive equity awards for the years ended december 31 , 2017 , 2016 and 2015 .
note 3 2013 acquisitions and divestitures acquisition of sikorsky aircraft corporation on november 6 , 2015 , we completed the acquisition of sikorsky from united technologies corporation ( utc ) and certain of utc 2019s subsidiaries .
the purchase price of the acquisition was $ 9.0 billion , net of cash acquired .
as a result of the acquisition . | | | | 2017 | 2016 | 2015 |
|---:|:--------------------------------------------------------------------|-------:|-------:|-------:|
| 0 | weighted average common shares outstanding for basic computations | 287.8 | 299.3 | 310.3 |
| 1 | weighted average dilutive effect of equity awards | 2.8 | 3.8 | 4.4 |
| 2 | weighted average common shares outstanding for diluted computations | 290.6 | 303.1 | 314.7 | | of prior service cost or credits , and net actuarial gains or losses ) as part of non-operating income .
we adopted the requirements of asu no .
2017-07 on january 1 , 2018 using the retrospective transition method .
we expect the adoption of asu no .
2017-07 to result in an increase to consolidated operating profit of $ 471 million and $ 846 million for 2016 and 2017 , respectively , and a corresponding decrease in non-operating income for each year .
we do not expect any impact to our business segment operating profit , our consolidated net earnings , or cash flows as a result of adopting asu no .
2017-07 .
intangibles-goodwill and other in january 2017 , the fasb issued asu no .
2017-04 , intangibles-goodwill and other ( topic 350 ) , which eliminates the requirement to compare the implied fair value of reporting unit goodwill with the carrying amount of that goodwill ( commonly referred to as step 2 ) from the goodwill impairment test .
the new standard does not change how a goodwill impairment is identified .
wewill continue to perform our quantitative and qualitative goodwill impairment test by comparing the fair value of each reporting unit to its carrying amount , but if we are required to recognize a goodwill impairment charge , under the new standard the amount of the charge will be calculated by subtracting the reporting unit 2019s fair value from its carrying amount .
under the prior standard , if we were required to recognize a goodwill impairment charge , step 2 required us to calculate the implied value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination and the amount of the charge was calculated by subtracting the reporting unit 2019s implied fair value of goodwill from its actual goodwill balance .
the new standard is effective for interim and annual reporting periods beginning after december 15 , 2019 , with early adoption permitted , and should be applied prospectively from the date of adoption .
we elected to adopt the new standard for future goodwill impairment tests at the beginning of the third quarter of 2017 , because it significantly simplifies the evaluation of goodwill for impairment .
the impact of the new standard will depend on the outcomes of future goodwill impairment tests .
derivatives and hedging inaugust 2017 , the fasb issuedasu no .
2017-12derivatives and hedging ( topic 815 ) , which eliminates the requirement to separately measure and report hedge ineffectiveness .
the guidance is effective for fiscal years beginning after december 15 , 2018 , with early adoption permitted .
we do not expect a significant impact to our consolidated assets and liabilities , net earnings , or cash flows as a result of adopting this new standard .
we plan to adopt the new standard january 1 , 2019 .
leases in february 2016 , the fasb issuedasu no .
2016-02 , leases ( topic 842 ) , which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements for both lessees and lessors .
the new standard is effective january 1 , 2019 for public companies , with early adoption permitted .
the new standard currently requires the application of a modified retrospective approach to the beginning of the earliest period presented in the financial statements .
we are continuing to evaluate the expected impact to our consolidated financial statements and related disclosures .
we plan to adopt the new standard effective january 1 , 2019 .
note 2 2013 earnings per share theweighted average number of shares outstanding used to compute earnings per common sharewere as follows ( in millions ) : ._| | | 2017 | 2016 | 2015 |
|---:|:--------------------------------------------------------------------|-------:|-------:|-------:|
| 0 | weighted average common shares outstanding for basic computations | 287.8 | 299.3 | 310.3 |
| 1 | weighted average dilutive effect of equity awards | 2.8 | 3.8 | 4.4 |
| 2 | weighted average common shares outstanding for diluted computations | 290.6 | 303.1 | 314.7 |_we compute basic and diluted earnings per common share by dividing net earnings by the respectiveweighted average number of common shares outstanding for the periods presented .
our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units ( rsus ) , performance stock units ( psus ) and exercise of outstanding stock options based on the treasury stock method .
there were no significant anti-dilutive equity awards for the years ended december 31 , 2017 , 2016 and 2015 .
note 3 2013 acquisitions and divestitures acquisition of sikorsky aircraft corporation on november 6 , 2015 , we completed the acquisition of sikorsky from united technologies corporation ( utc ) and certain of utc 2019s subsidiaries .
the purchase price of the acquisition was $ 9.0 billion , net of cash acquired .
as a result of the acquisition . | 2,017 | 80 | LMT | Lockheed Martin | Industrials | Aerospace & Defense | Bethesda, Maryland | 1957-03-04 | 936,468 | 1995 | null | null |
finqa130 | what percentage of total other assets in 2011 was comprised of goodwill and identifiable intangible assets? | 24% | divide(5468, 23152) | notes to consolidated financial statements note 12 .
other assets other assets are generally less liquid , non-financial assets .
the table below presents other assets by type. . | 1 .
net of accumulated depreciation and amortization of $ 9.05 billion and $ 8.46 billion as of december 2012 and december 2011 , respectively .
2 .
includes $ 149 million of intangible assets classified as held for sale .
see note 13 for further information about goodwill and identifiable intangible assets .
3 .
see note 24 for further information about income taxes .
4 .
excludes investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $ 5.54 billion and $ 4.17 billion as of december 2012 and december 2011 , respectively , which are included in 201cfinancial instruments owned , at fair value . 201d the firm has generally elected the fair value option for such investments acquired after the fair value option became available .
5 .
includes $ 16.77 billion of assets related to the firm 2019s reinsurance business which were classified as held for sale as of december 2012 .
assets held for sale in the fourth quarter of 2012 , the firm classified its reinsurance business within its institutional client services segment as held for sale .
assets related to this business of $ 16.92 billion , consisting primarily of available-for-sale securities and separate account assets at fair value , are included in 201cother assets . 201d liabilities related to the business of $ 14.62 billion are included in 201cother liabilities and accrued expenses . 201d see note 8 for further information about insurance-related assets and liabilities held for sale at fair value .
the firm expects to complete the sale of a majority stake in its reinsurance business in 2013 and does not expect to recognize a material gain or loss upon the sale .
upon completion of the sale , the firm will no longer consolidate this business .
property , leasehold improvements and equipment property , leasehold improvements and equipment included $ 6.20 billion and $ 6.48 billion as of december 2012 and december 2011 , respectively , related to property , leasehold improvements and equipment that the firm uses in connection with its operations .
the remainder is held by investment entities , including vies , consolidated by the firm .
substantially all property and equipment are depreciated on a straight-line basis over the useful life of the asset .
leasehold improvements are amortized on a straight-line basis over the useful life of the improvement or the term of the lease , whichever is shorter .
certain costs of software developed or obtained for internal use are capitalized and amortized on a straight-line basis over the useful life of the software .
property , leasehold improvements and equipment are tested for impairment whenever events or changes in circumstances suggest that an asset 2019s or asset group 2019s carrying value may not be fully recoverable .
the firm 2019s policy for impairment testing of property , leasehold improvements and equipment is the same as is used for identifiable intangible assets with finite lives .
see note 13 for further information .
goldman sachs 2012 annual report 163 . | | | in millions | as of december 2012 | as of december 2011 |
|---:|:----------------------------------------------|:----------------------|:----------------------|
| 0 | property leasehold improvements andequipment1 | $ 8217 | $ 8697 |
| 1 | goodwill and identifiable intangibleassets2 | 5099 | 5468 |
| 2 | income tax-related assets3 | 5620 | 5017 |
| 3 | equity-method investments4 | 453 | 664 |
| 4 | miscellaneous receivables and other5 | 20234 | 3306 |
| 5 | total | $ 39623 | $ 23152 | | notes to consolidated financial statements note 12 .
other assets other assets are generally less liquid , non-financial assets .
the table below presents other assets by type. ._| | in millions | as of december 2012 | as of december 2011 |
|---:|:----------------------------------------------|:----------------------|:----------------------|
| 0 | property leasehold improvements andequipment1 | $ 8217 | $ 8697 |
| 1 | goodwill and identifiable intangibleassets2 | 5099 | 5468 |
| 2 | income tax-related assets3 | 5620 | 5017 |
| 3 | equity-method investments4 | 453 | 664 |
| 4 | miscellaneous receivables and other5 | 20234 | 3306 |
| 5 | total | $ 39623 | $ 23152 |_1 .
net of accumulated depreciation and amortization of $ 9.05 billion and $ 8.46 billion as of december 2012 and december 2011 , respectively .
2 .
includes $ 149 million of intangible assets classified as held for sale .
see note 13 for further information about goodwill and identifiable intangible assets .
3 .
see note 24 for further information about income taxes .
4 .
excludes investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $ 5.54 billion and $ 4.17 billion as of december 2012 and december 2011 , respectively , which are included in 201cfinancial instruments owned , at fair value . 201d the firm has generally elected the fair value option for such investments acquired after the fair value option became available .
5 .
includes $ 16.77 billion of assets related to the firm 2019s reinsurance business which were classified as held for sale as of december 2012 .
assets held for sale in the fourth quarter of 2012 , the firm classified its reinsurance business within its institutional client services segment as held for sale .
assets related to this business of $ 16.92 billion , consisting primarily of available-for-sale securities and separate account assets at fair value , are included in 201cother assets . 201d liabilities related to the business of $ 14.62 billion are included in 201cother liabilities and accrued expenses . 201d see note 8 for further information about insurance-related assets and liabilities held for sale at fair value .
the firm expects to complete the sale of a majority stake in its reinsurance business in 2013 and does not expect to recognize a material gain or loss upon the sale .
upon completion of the sale , the firm will no longer consolidate this business .
property , leasehold improvements and equipment property , leasehold improvements and equipment included $ 6.20 billion and $ 6.48 billion as of december 2012 and december 2011 , respectively , related to property , leasehold improvements and equipment that the firm uses in connection with its operations .
the remainder is held by investment entities , including vies , consolidated by the firm .
substantially all property and equipment are depreciated on a straight-line basis over the useful life of the asset .
leasehold improvements are amortized on a straight-line basis over the useful life of the improvement or the term of the lease , whichever is shorter .
certain costs of software developed or obtained for internal use are capitalized and amortized on a straight-line basis over the useful life of the software .
property , leasehold improvements and equipment are tested for impairment whenever events or changes in circumstances suggest that an asset 2019s or asset group 2019s carrying value may not be fully recoverable .
the firm 2019s policy for impairment testing of property , leasehold improvements and equipment is the same as is used for identifiable intangible assets with finite lives .
see note 13 for further information .
goldman sachs 2012 annual report 163 . | 2,012 | 165 | GS | Goldman Sachs | Financials | Investment Banking & Brokerage | New York City, New York | 2002-07-22 | 886,982 | 1869 | what percentage of total other assets in 2011 was comprised of goodwill and identifiable intangible assets? | 24% | divide(5468, 23152) | notes to consolidated financial statements note 12 .
other assets other assets are generally less liquid , non-financial assets .
the table below presents other assets by type. . | 1 .
net of accumulated depreciation and amortization of $ 9.05 billion and $ 8.46 billion as of december 2012 and december 2011 , respectively .
2 .
includes $ 149 million of intangible assets classified as held for sale .
see note 13 for further information about goodwill and identifiable intangible assets .
3 .
see note 24 for further information about income taxes .
4 .
excludes investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $ 5.54 billion and $ 4.17 billion as of december 2012 and december 2011 , respectively , which are included in 201cfinancial instruments owned , at fair value . 201d the firm has generally elected the fair value option for such investments acquired after the fair value option became available .
5 .
includes $ 16.77 billion of assets related to the firm 2019s reinsurance business which were classified as held for sale as of december 2012 .
assets held for sale in the fourth quarter of 2012 , the firm classified its reinsurance business within its institutional client services segment as held for sale .
assets related to this business of $ 16.92 billion , consisting primarily of available-for-sale securities and separate account assets at fair value , are included in 201cother assets . 201d liabilities related to the business of $ 14.62 billion are included in 201cother liabilities and accrued expenses . 201d see note 8 for further information about insurance-related assets and liabilities held for sale at fair value .
the firm expects to complete the sale of a majority stake in its reinsurance business in 2013 and does not expect to recognize a material gain or loss upon the sale .
upon completion of the sale , the firm will no longer consolidate this business .
property , leasehold improvements and equipment property , leasehold improvements and equipment included $ 6.20 billion and $ 6.48 billion as of december 2012 and december 2011 , respectively , related to property , leasehold improvements and equipment that the firm uses in connection with its operations .
the remainder is held by investment entities , including vies , consolidated by the firm .
substantially all property and equipment are depreciated on a straight-line basis over the useful life of the asset .
leasehold improvements are amortized on a straight-line basis over the useful life of the improvement or the term of the lease , whichever is shorter .
certain costs of software developed or obtained for internal use are capitalized and amortized on a straight-line basis over the useful life of the software .
property , leasehold improvements and equipment are tested for impairment whenever events or changes in circumstances suggest that an asset 2019s or asset group 2019s carrying value may not be fully recoverable .
the firm 2019s policy for impairment testing of property , leasehold improvements and equipment is the same as is used for identifiable intangible assets with finite lives .
see note 13 for further information .
goldman sachs 2012 annual report 163 . | | | in millions | as of december 2012 | as of december 2011 |
|---:|:----------------------------------------------|:----------------------|:----------------------|
| 0 | property leasehold improvements andequipment1 | $ 8217 | $ 8697 |
| 1 | goodwill and identifiable intangibleassets2 | 5099 | 5468 |
| 2 | income tax-related assets3 | 5620 | 5017 |
| 3 | equity-method investments4 | 453 | 664 |
| 4 | miscellaneous receivables and other5 | 20234 | 3306 |
| 5 | total | $ 39623 | $ 23152 | | notes to consolidated financial statements note 12 .
other assets other assets are generally less liquid , non-financial assets .
the table below presents other assets by type. ._| | in millions | as of december 2012 | as of december 2011 |
|---:|:----------------------------------------------|:----------------------|:----------------------|
| 0 | property leasehold improvements andequipment1 | $ 8217 | $ 8697 |
| 1 | goodwill and identifiable intangibleassets2 | 5099 | 5468 |
| 2 | income tax-related assets3 | 5620 | 5017 |
| 3 | equity-method investments4 | 453 | 664 |
| 4 | miscellaneous receivables and other5 | 20234 | 3306 |
| 5 | total | $ 39623 | $ 23152 |_1 .
net of accumulated depreciation and amortization of $ 9.05 billion and $ 8.46 billion as of december 2012 and december 2011 , respectively .
2 .
includes $ 149 million of intangible assets classified as held for sale .
see note 13 for further information about goodwill and identifiable intangible assets .
3 .
see note 24 for further information about income taxes .
4 .
excludes investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $ 5.54 billion and $ 4.17 billion as of december 2012 and december 2011 , respectively , which are included in 201cfinancial instruments owned , at fair value . 201d the firm has generally elected the fair value option for such investments acquired after the fair value option became available .
5 .
includes $ 16.77 billion of assets related to the firm 2019s reinsurance business which were classified as held for sale as of december 2012 .
assets held for sale in the fourth quarter of 2012 , the firm classified its reinsurance business within its institutional client services segment as held for sale .
assets related to this business of $ 16.92 billion , consisting primarily of available-for-sale securities and separate account assets at fair value , are included in 201cother assets . 201d liabilities related to the business of $ 14.62 billion are included in 201cother liabilities and accrued expenses . 201d see note 8 for further information about insurance-related assets and liabilities held for sale at fair value .
the firm expects to complete the sale of a majority stake in its reinsurance business in 2013 and does not expect to recognize a material gain or loss upon the sale .
upon completion of the sale , the firm will no longer consolidate this business .
property , leasehold improvements and equipment property , leasehold improvements and equipment included $ 6.20 billion and $ 6.48 billion as of december 2012 and december 2011 , respectively , related to property , leasehold improvements and equipment that the firm uses in connection with its operations .
the remainder is held by investment entities , including vies , consolidated by the firm .
substantially all property and equipment are depreciated on a straight-line basis over the useful life of the asset .
leasehold improvements are amortized on a straight-line basis over the useful life of the improvement or the term of the lease , whichever is shorter .
certain costs of software developed or obtained for internal use are capitalized and amortized on a straight-line basis over the useful life of the software .
property , leasehold improvements and equipment are tested for impairment whenever events or changes in circumstances suggest that an asset 2019s or asset group 2019s carrying value may not be fully recoverable .
the firm 2019s policy for impairment testing of property , leasehold improvements and equipment is the same as is used for identifiable intangible assets with finite lives .
see note 13 for further information .
goldman sachs 2012 annual report 163 . | 2,012 | 165 | GS | Goldman Sachs | Financials | Investment Banking & Brokerage | New York City, New York | 2002-07-22 | 886,982 | 1869 | null | null |
finqa131 | how many total votes can the class b-3 provide in 2017? | 1300 | multiply(const_1, multiply(const_1000, 1.3)) | 14 .
capital stock shares outstanding .
the following table presents information regarding capital stock: . | cme group has no shares of preferred stock issued and outstanding .
associated trading rights .
members of cme , cbot , nymex and comex own or lease trading rights which entitle them to access open outcry trading , discounts on trading fees and the right to vote on certain exchange matters as provided for by the rules of the particular exchange and cme group 2019s or the subsidiaries 2019 organizational documents .
each class of cme group class b common stock is associated with a membership in a specific division for trading at cme .
a cme trading right is a separate asset that is not part of or evidenced by the associated share of class b common stock of cme group .
the class b common stock of cme group is intended only to ensure that the class b shareholders of cme group retain rights with respect to representation on the board of directors and approval rights with respect to the core rights described below .
trading rights at cbot are evidenced by class b memberships in cbot , at nymex by class a memberships in nymex and at comex by comex division memberships .
members of cbot , nymex and comex do not have any rights to elect members of the board of directors and are not entitled to receive dividends or other distributions on their memberships or trading permits .
core rights .
holders of cme group class b common shares have the right to approve changes in specified rights relating to the trading privileges at cme associated with those shares .
these core rights relate primarily to trading right protections , certain trading fee protections and certain membership benefit protections .
votes on changes to these core rights are weighted by class .
each class of class b common stock has the following number of votes on matters relating to core rights : class b-1 , six votes per share ; class b-2 , two votes per share ; class b-3 , one vote per share ; and class b-4 , 1/6th of one vote per share .
the approval of a majority of the votes cast by the holders of shares of class b common stock is required in order to approve any changes to core rights .
holders of shares of class a common stock do not have the right to vote on changes to core rights .
voting rights .
with the exception of the matters reserved to holders of cme group class b common stock , holders of cme group common stock vote together on all matters for which a vote of common shareholders is required .
in these votes , each holder of shares of class a or class b common stock of cme group has one vote per share .
transfer restrictions .
each class of cme group class b common stock is subject to transfer restrictions contained in the certificate of incorporation of cme group .
these transfer restrictions prohibit the sale or transfer of any shares of class b common stock separate from the sale of the associated trading rights .
election of directors .
the cme group board of directors is currently comprised of 20 members .
holders of class b-1 , class b-2 and class b-3 common stock have the right to elect six directors , of which three are elected by class b-1 shareholders , two are elected by class b-2 shareholders and one is elected by class b-3 shareholders .
the remaining directors are elected by the class a and class b shareholders voting as a single class. . | | | ( in thousands ) | december 31 , 2017 | december 31 , 2016 |
|---:|:---------------------------------------------------------|---------------------:|---------------------:|
| 0 | class a common stock authorized | 1e+06 | 1e+06 |
| 1 | class a common stock issued and outstanding | 339235 | 338240 |
| 2 | class b-1 common stock authorized issued and outstanding | 0.6 | 0.6 |
| 3 | class b-2 common stock authorized issued and outstanding | 0.8 | 0.8 |
| 4 | class b-3 common stock authorized issued and outstanding | 1.3 | 1.3 |
| 5 | class b-4 common stock authorized issued and outstanding | 0.4 | 0.4 | | 14 .
capital stock shares outstanding .
the following table presents information regarding capital stock: ._| | ( in thousands ) | december 31 , 2017 | december 31 , 2016 |
|---:|:---------------------------------------------------------|---------------------:|---------------------:|
| 0 | class a common stock authorized | 1e+06 | 1e+06 |
| 1 | class a common stock issued and outstanding | 339235 | 338240 |
| 2 | class b-1 common stock authorized issued and outstanding | 0.6 | 0.6 |
| 3 | class b-2 common stock authorized issued and outstanding | 0.8 | 0.8 |
| 4 | class b-3 common stock authorized issued and outstanding | 1.3 | 1.3 |
| 5 | class b-4 common stock authorized issued and outstanding | 0.4 | 0.4 |_cme group has no shares of preferred stock issued and outstanding .
associated trading rights .
members of cme , cbot , nymex and comex own or lease trading rights which entitle them to access open outcry trading , discounts on trading fees and the right to vote on certain exchange matters as provided for by the rules of the particular exchange and cme group 2019s or the subsidiaries 2019 organizational documents .
each class of cme group class b common stock is associated with a membership in a specific division for trading at cme .
a cme trading right is a separate asset that is not part of or evidenced by the associated share of class b common stock of cme group .
the class b common stock of cme group is intended only to ensure that the class b shareholders of cme group retain rights with respect to representation on the board of directors and approval rights with respect to the core rights described below .
trading rights at cbot are evidenced by class b memberships in cbot , at nymex by class a memberships in nymex and at comex by comex division memberships .
members of cbot , nymex and comex do not have any rights to elect members of the board of directors and are not entitled to receive dividends or other distributions on their memberships or trading permits .
core rights .
holders of cme group class b common shares have the right to approve changes in specified rights relating to the trading privileges at cme associated with those shares .
these core rights relate primarily to trading right protections , certain trading fee protections and certain membership benefit protections .
votes on changes to these core rights are weighted by class .
each class of class b common stock has the following number of votes on matters relating to core rights : class b-1 , six votes per share ; class b-2 , two votes per share ; class b-3 , one vote per share ; and class b-4 , 1/6th of one vote per share .
the approval of a majority of the votes cast by the holders of shares of class b common stock is required in order to approve any changes to core rights .
holders of shares of class a common stock do not have the right to vote on changes to core rights .
voting rights .
with the exception of the matters reserved to holders of cme group class b common stock , holders of cme group common stock vote together on all matters for which a vote of common shareholders is required .
in these votes , each holder of shares of class a or class b common stock of cme group has one vote per share .
transfer restrictions .
each class of cme group class b common stock is subject to transfer restrictions contained in the certificate of incorporation of cme group .
these transfer restrictions prohibit the sale or transfer of any shares of class b common stock separate from the sale of the associated trading rights .
election of directors .
the cme group board of directors is currently comprised of 20 members .
holders of class b-1 , class b-2 and class b-3 common stock have the right to elect six directors , of which three are elected by class b-1 shareholders , two are elected by class b-2 shareholders and one is elected by class b-3 shareholders .
the remaining directors are elected by the class a and class b shareholders voting as a single class. . | 2,017 | 97 | CME | CME Group | Financials | Financial Exchanges & Data | Chicago, Illinois | 2006-08-11 | 1,156,375 | 1848 | how many total votes can the class b-3 provide in 2017? | 1300 | multiply(const_1, multiply(const_1000, 1.3)) | 14 .
capital stock shares outstanding .
the following table presents information regarding capital stock: . | cme group has no shares of preferred stock issued and outstanding .
associated trading rights .
members of cme , cbot , nymex and comex own or lease trading rights which entitle them to access open outcry trading , discounts on trading fees and the right to vote on certain exchange matters as provided for by the rules of the particular exchange and cme group 2019s or the subsidiaries 2019 organizational documents .
each class of cme group class b common stock is associated with a membership in a specific division for trading at cme .
a cme trading right is a separate asset that is not part of or evidenced by the associated share of class b common stock of cme group .
the class b common stock of cme group is intended only to ensure that the class b shareholders of cme group retain rights with respect to representation on the board of directors and approval rights with respect to the core rights described below .
trading rights at cbot are evidenced by class b memberships in cbot , at nymex by class a memberships in nymex and at comex by comex division memberships .
members of cbot , nymex and comex do not have any rights to elect members of the board of directors and are not entitled to receive dividends or other distributions on their memberships or trading permits .
core rights .
holders of cme group class b common shares have the right to approve changes in specified rights relating to the trading privileges at cme associated with those shares .
these core rights relate primarily to trading right protections , certain trading fee protections and certain membership benefit protections .
votes on changes to these core rights are weighted by class .
each class of class b common stock has the following number of votes on matters relating to core rights : class b-1 , six votes per share ; class b-2 , two votes per share ; class b-3 , one vote per share ; and class b-4 , 1/6th of one vote per share .
the approval of a majority of the votes cast by the holders of shares of class b common stock is required in order to approve any changes to core rights .
holders of shares of class a common stock do not have the right to vote on changes to core rights .
voting rights .
with the exception of the matters reserved to holders of cme group class b common stock , holders of cme group common stock vote together on all matters for which a vote of common shareholders is required .
in these votes , each holder of shares of class a or class b common stock of cme group has one vote per share .
transfer restrictions .
each class of cme group class b common stock is subject to transfer restrictions contained in the certificate of incorporation of cme group .
these transfer restrictions prohibit the sale or transfer of any shares of class b common stock separate from the sale of the associated trading rights .
election of directors .
the cme group board of directors is currently comprised of 20 members .
holders of class b-1 , class b-2 and class b-3 common stock have the right to elect six directors , of which three are elected by class b-1 shareholders , two are elected by class b-2 shareholders and one is elected by class b-3 shareholders .
the remaining directors are elected by the class a and class b shareholders voting as a single class. . | | | ( in thousands ) | december 31 , 2017 | december 31 , 2016 |
|---:|:---------------------------------------------------------|---------------------:|---------------------:|
| 0 | class a common stock authorized | 1e+06 | 1e+06 |
| 1 | class a common stock issued and outstanding | 339235 | 338240 |
| 2 | class b-1 common stock authorized issued and outstanding | 0.6 | 0.6 |
| 3 | class b-2 common stock authorized issued and outstanding | 0.8 | 0.8 |
| 4 | class b-3 common stock authorized issued and outstanding | 1.3 | 1.3 |
| 5 | class b-4 common stock authorized issued and outstanding | 0.4 | 0.4 | | 14 .
capital stock shares outstanding .
the following table presents information regarding capital stock: ._| | ( in thousands ) | december 31 , 2017 | december 31 , 2016 |
|---:|:---------------------------------------------------------|---------------------:|---------------------:|
| 0 | class a common stock authorized | 1e+06 | 1e+06 |
| 1 | class a common stock issued and outstanding | 339235 | 338240 |
| 2 | class b-1 common stock authorized issued and outstanding | 0.6 | 0.6 |
| 3 | class b-2 common stock authorized issued and outstanding | 0.8 | 0.8 |
| 4 | class b-3 common stock authorized issued and outstanding | 1.3 | 1.3 |
| 5 | class b-4 common stock authorized issued and outstanding | 0.4 | 0.4 |_cme group has no shares of preferred stock issued and outstanding .
associated trading rights .
members of cme , cbot , nymex and comex own or lease trading rights which entitle them to access open outcry trading , discounts on trading fees and the right to vote on certain exchange matters as provided for by the rules of the particular exchange and cme group 2019s or the subsidiaries 2019 organizational documents .
each class of cme group class b common stock is associated with a membership in a specific division for trading at cme .
a cme trading right is a separate asset that is not part of or evidenced by the associated share of class b common stock of cme group .
the class b common stock of cme group is intended only to ensure that the class b shareholders of cme group retain rights with respect to representation on the board of directors and approval rights with respect to the core rights described below .
trading rights at cbot are evidenced by class b memberships in cbot , at nymex by class a memberships in nymex and at comex by comex division memberships .
members of cbot , nymex and comex do not have any rights to elect members of the board of directors and are not entitled to receive dividends or other distributions on their memberships or trading permits .
core rights .
holders of cme group class b common shares have the right to approve changes in specified rights relating to the trading privileges at cme associated with those shares .
these core rights relate primarily to trading right protections , certain trading fee protections and certain membership benefit protections .
votes on changes to these core rights are weighted by class .
each class of class b common stock has the following number of votes on matters relating to core rights : class b-1 , six votes per share ; class b-2 , two votes per share ; class b-3 , one vote per share ; and class b-4 , 1/6th of one vote per share .
the approval of a majority of the votes cast by the holders of shares of class b common stock is required in order to approve any changes to core rights .
holders of shares of class a common stock do not have the right to vote on changes to core rights .
voting rights .
with the exception of the matters reserved to holders of cme group class b common stock , holders of cme group common stock vote together on all matters for which a vote of common shareholders is required .
in these votes , each holder of shares of class a or class b common stock of cme group has one vote per share .
transfer restrictions .
each class of cme group class b common stock is subject to transfer restrictions contained in the certificate of incorporation of cme group .
these transfer restrictions prohibit the sale or transfer of any shares of class b common stock separate from the sale of the associated trading rights .
election of directors .
the cme group board of directors is currently comprised of 20 members .
holders of class b-1 , class b-2 and class b-3 common stock have the right to elect six directors , of which three are elected by class b-1 shareholders , two are elected by class b-2 shareholders and one is elected by class b-3 shareholders .
the remaining directors are elected by the class a and class b shareholders voting as a single class. . | 2,017 | 97 | CME | CME Group | Financials | Financial Exchanges & Data | Chicago, Illinois | 2006-08-11 | 1,156,375 | 1848 | null | null |
finqa132 | what is the estimated percentual decrease observed in the htm investment securities from 2017 to 2018 ? . | 34.1% | divide(subtract(47733, 31434), 47733) | management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks .
the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities .
treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio .
treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives .
for further information on derivatives , refer to note 5 .
in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments .
for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 .
for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 .
the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s .
and non-u.s .
government securities , obligations of u.s .
states and municipalities , other abs and corporate debt securities .
at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) .
refer to note 10 for further information on the firm 2019s investment securities portfolio .
selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 .
for additional information , refer to notes 1 and 10. . | management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks .
the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities .
treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio .
treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives .
for further information on derivatives , refer to note 5 .
in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments .
for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 .
for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 .
the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s .
and non-u.s .
government securities , obligations of u.s .
states and municipalities , other abs and corporate debt securities .
at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) .
refer to note 10 for further information on the firm 2019s investment securities portfolio .
selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 .
for additional information , refer to notes 1 and 10. . | | | as of or for the year ended december 31 ( in millions ) | 2018 | 2017 | 2016 |
|---:|:----------------------------------------------------------------------|:---------------|:-------------|:-------|
| 0 | investment securities gains/ ( losses ) | $ -395 ( 395 ) | $ -78 ( 78 ) | $ 132 |
| 1 | available-for-sale ( 201cafs 201d ) investment securities ( average ) | 203449 | 219345 | 226892 |
| 2 | held-to-maturity ( 201chtm 201d ) investment securities ( average ) | 31747 | 47927 | 51358 |
| 3 | investment securities portfolio ( average ) | 235197 | 267272 | 278250 |
| 4 | afs investment securities ( period-end ) | 228681 | 200247 | 236670 |
| 5 | htm investment securities ( period-end ) | 31434 | 47733 | 50168 |
| 6 | investment securities portfolio ( period 2013end ) | 260115 | 247980 | 286838 | | management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks .
the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities .
treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio .
treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives .
for further information on derivatives , refer to note 5 .
in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments .
for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 .
for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 .
the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s .
and non-u.s .
government securities , obligations of u.s .
states and municipalities , other abs and corporate debt securities .
at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) .
refer to note 10 for further information on the firm 2019s investment securities portfolio .
selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 .
for additional information , refer to notes 1 and 10. ._| | as of or for the year ended december 31 ( in millions ) | 2018 | 2017 | 2016 |
|---:|:----------------------------------------------------------------------|:---------------|:-------------|:-------|
| 0 | investment securities gains/ ( losses ) | $ -395 ( 395 ) | $ -78 ( 78 ) | $ 132 |
| 1 | available-for-sale ( 201cafs 201d ) investment securities ( average ) | 203449 | 219345 | 226892 |
| 2 | held-to-maturity ( 201chtm 201d ) investment securities ( average ) | 31747 | 47927 | 51358 |
| 3 | investment securities portfolio ( average ) | 235197 | 267272 | 278250 |
| 4 | afs investment securities ( period-end ) | 228681 | 200247 | 236670 |
| 5 | htm investment securities ( period-end ) | 31434 | 47733 | 50168 |
| 6 | investment securities portfolio ( period 2013end ) | 260115 | 247980 | 286838 |_management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks .
the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities .
treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio .
treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives .
for further information on derivatives , refer to note 5 .
in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments .
for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 .
for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 .
the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s .
and non-u.s .
government securities , obligations of u.s .
states and municipalities , other abs and corporate debt securities .
at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) .
refer to note 10 for further information on the firm 2019s investment securities portfolio .
selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 .
for additional information , refer to notes 1 and 10. . | 2,018 | 110 | JPM | JPMorgan Chase | Financials | Diversified Banks | New York City, New York | 1975-06-30 | 19,617 | 2000 (1799 / 1871) | what is the estimated percentual decrease observed in the htm investment securities from 2017 to 2018 ? . | 34.1% | divide(subtract(47733, 31434), 47733) | management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks .
the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities .
treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio .
treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives .
for further information on derivatives , refer to note 5 .
in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments .
for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 .
for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 .
the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s .
and non-u.s .
government securities , obligations of u.s .
states and municipalities , other abs and corporate debt securities .
at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) .
refer to note 10 for further information on the firm 2019s investment securities portfolio .
selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 .
for additional information , refer to notes 1 and 10. . | management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks .
the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities .
treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio .
treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives .
for further information on derivatives , refer to note 5 .
in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments .
for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 .
for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 .
the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s .
and non-u.s .
government securities , obligations of u.s .
states and municipalities , other abs and corporate debt securities .
at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) .
refer to note 10 for further information on the firm 2019s investment securities portfolio .
selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 .
for additional information , refer to notes 1 and 10. . | | | as of or for the year ended december 31 ( in millions ) | 2018 | 2017 | 2016 |
|---:|:----------------------------------------------------------------------|:---------------|:-------------|:-------|
| 0 | investment securities gains/ ( losses ) | $ -395 ( 395 ) | $ -78 ( 78 ) | $ 132 |
| 1 | available-for-sale ( 201cafs 201d ) investment securities ( average ) | 203449 | 219345 | 226892 |
| 2 | held-to-maturity ( 201chtm 201d ) investment securities ( average ) | 31747 | 47927 | 51358 |
| 3 | investment securities portfolio ( average ) | 235197 | 267272 | 278250 |
| 4 | afs investment securities ( period-end ) | 228681 | 200247 | 236670 |
| 5 | htm investment securities ( period-end ) | 31434 | 47733 | 50168 |
| 6 | investment securities portfolio ( period 2013end ) | 260115 | 247980 | 286838 | | management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks .
the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities .
treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio .
treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives .
for further information on derivatives , refer to note 5 .
in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments .
for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 .
for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 .
the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s .
and non-u.s .
government securities , obligations of u.s .
states and municipalities , other abs and corporate debt securities .
at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) .
refer to note 10 for further information on the firm 2019s investment securities portfolio .
selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 .
for additional information , refer to notes 1 and 10. ._| | as of or for the year ended december 31 ( in millions ) | 2018 | 2017 | 2016 |
|---:|:----------------------------------------------------------------------|:---------------|:-------------|:-------|
| 0 | investment securities gains/ ( losses ) | $ -395 ( 395 ) | $ -78 ( 78 ) | $ 132 |
| 1 | available-for-sale ( 201cafs 201d ) investment securities ( average ) | 203449 | 219345 | 226892 |
| 2 | held-to-maturity ( 201chtm 201d ) investment securities ( average ) | 31747 | 47927 | 51358 |
| 3 | investment securities portfolio ( average ) | 235197 | 267272 | 278250 |
| 4 | afs investment securities ( period-end ) | 228681 | 200247 | 236670 |
| 5 | htm investment securities ( period-end ) | 31434 | 47733 | 50168 |
| 6 | investment securities portfolio ( period 2013end ) | 260115 | 247980 | 286838 |_management 2019s discussion and analysis 78 jpmorgan chase & co./2018 form 10-k treasury and cio overview treasury and cio is predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding , capital , structural interest rate and foreign exchange risks .
the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off- balance sheet assets and liabilities .
treasury and cio seek to achieve the firm 2019s asset-liability management objectives generally by investing in high- quality securities that are managed for the longer-term as part of the firm 2019s investment securities portfolio .
treasury and cio also use derivatives to meet the firm 2019s asset- liability management objectives .
for further information on derivatives , refer to note 5 .
in addition , treasury and cio manage the firm 2019s cash position primarily through depositing at central banks and investing in short-term instruments .
for further information on liquidity and funding risk , refer to liquidity risk management on pages 95 2013100 .
for information on interest rate , foreign exchange and other risks , refer to market risk management on pages 124 2013131 .
the investment securities portfolio primarily consists of agency and nonagency mortgage-backed securities , u.s .
and non-u.s .
government securities , obligations of u.s .
states and municipalities , other abs and corporate debt securities .
at december 31 , 2018 , the investment securities portfolio was $ 260.1 billion , and the average credit rating of the securities comprising the portfolio was aa+ ( based upon external ratings where available and , where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) .
refer to note 10 for further information on the firm 2019s investment securities portfolio .
selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2018 2017 2016 investment securities gains/ ( losses ) $ ( 395 ) $ ( 78 ) $ 132 available-for-sale ( 201cafs 201d ) investment securities ( average ) 203449 219345 226892 held-to-maturity ( 201chtm 201d ) investment securities ( average ) 31747 47927 51358 investment securities portfolio ( average ) 235197 267272 278250 afs investment securities ( period-end ) 228681 200247 236670 htm investment securities ( period-end ) 31434 47733 50168 investment securities portfolio ( period 2013end ) 260115 247980 286838 as permitted by the new hedge accounting guidance , the firm elected to transfer certain investment securities from htm to afs in the first quarter of 2018 .
for additional information , refer to notes 1 and 10. . | 2,018 | 110 | JPM | JPMorgan Chase | Financials | Diversified Banks | New York City, New York | 1975-06-30 | 19,617 | 2000 (1799 / 1871) | null | null |
finqa133 | what are the total sales reported in 2012 , ( in billion ) ? | 8.6 | divide(1.2, 14) | backlog applied manufactures systems to meet demand represented by order backlog and customer commitments .
backlog consists of : ( 1 ) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months , or shipment has occurred but revenue has not been recognized ; and ( 2 ) contractual service revenue and maintenance fees to be earned within the next 12 months .
backlog by reportable segment as of october 26 , 2014 and october 27 , 2013 was as follows : 2014 2013 ( in millions , except percentages ) . | applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or cancellation of orders .
customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties .
delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations .
manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies ( collectively , parts ) that are used to manufacture systems .
applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including the united states , europe , israel , singapore , taiwan , and other countries in asia , and assembly of some systems is completed at customer sites .
applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products .
although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible .
accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers .
applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by : ( 1 ) selecting and qualifying alternate suppliers for key parts ; ( 2 ) monitoring the financial condition of key suppliers ; ( 3 ) maintaining appropriate inventories of key parts ; ( 4 ) qualifying new parts on a timely basis ; and ( 5 ) locating certain manufacturing operations in close proximity to suppliers and customers .
research , development and engineering applied 2019s long-term growth strategy requires continued development of new products , including products that enable expansion into new markets .
the company 2019s significant investment in research , development and engineering ( rd&e ) has generally enabled it to deliver new products and technologies before the emergence of strong demand , thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle .
applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements .
product development and engineering organizations are located primarily in the united states , as well as in europe , israel , taiwan , and china .
in addition , applied outsources certain rd&e activities , some of which are performed outside the united states , primarily in india and singapore .
process support and customer demonstration laboratories are located in the united states , china , taiwan , europe , and israel .
applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows : $ 1.4 billion ( 16 percent of net sales ) in fiscal 2014 , $ 1.3 billion ( 18 percent of net sales ) in fiscal 2013 , and $ 1.2 billion ( 14 percent of net sales ) in fiscal 2012 .
applied has spent an average of 13 percent of net sales in rd&e over the last five years .
in addition to rd&e for specific product technologies , applied maintains ongoing programs for automation control systems , materials research , and environmental control that are applicable to its products. . | | | | 2014 | 2013 | | ( in millions except percentages ) |
|---:|:-----------------------------------|:-------|:---------------|:-------|:-------------------------------------|
| 0 | silicon systems group | $ 1400 | 48% ( 48 % ) | $ 1295 | 55% ( 55 % ) |
| 1 | applied global services | 775 | 27% ( 27 % ) | 591 | 25% ( 25 % ) |
| 2 | display | 593 | 20% ( 20 % ) | 361 | 15% ( 15 % ) |
| 3 | energy and environmental solutions | 149 | 5% ( 5 % ) | 125 | 5% ( 5 % ) |
| 4 | total | $ 2917 | 100% ( 100 % ) | $ 2372 | 100% ( 100 % ) | | backlog applied manufactures systems to meet demand represented by order backlog and customer commitments .
backlog consists of : ( 1 ) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months , or shipment has occurred but revenue has not been recognized ; and ( 2 ) contractual service revenue and maintenance fees to be earned within the next 12 months .
backlog by reportable segment as of october 26 , 2014 and october 27 , 2013 was as follows : 2014 2013 ( in millions , except percentages ) ._| | | 2014 | 2013 | | ( in millions except percentages ) |
|---:|:-----------------------------------|:-------|:---------------|:-------|:-------------------------------------|
| 0 | silicon systems group | $ 1400 | 48% ( 48 % ) | $ 1295 | 55% ( 55 % ) |
| 1 | applied global services | 775 | 27% ( 27 % ) | 591 | 25% ( 25 % ) |
| 2 | display | 593 | 20% ( 20 % ) | 361 | 15% ( 15 % ) |
| 3 | energy and environmental solutions | 149 | 5% ( 5 % ) | 125 | 5% ( 5 % ) |
| 4 | total | $ 2917 | 100% ( 100 % ) | $ 2372 | 100% ( 100 % ) |_applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or cancellation of orders .
customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties .
delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations .
manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies ( collectively , parts ) that are used to manufacture systems .
applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including the united states , europe , israel , singapore , taiwan , and other countries in asia , and assembly of some systems is completed at customer sites .
applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products .
although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible .
accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers .
applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by : ( 1 ) selecting and qualifying alternate suppliers for key parts ; ( 2 ) monitoring the financial condition of key suppliers ; ( 3 ) maintaining appropriate inventories of key parts ; ( 4 ) qualifying new parts on a timely basis ; and ( 5 ) locating certain manufacturing operations in close proximity to suppliers and customers .
research , development and engineering applied 2019s long-term growth strategy requires continued development of new products , including products that enable expansion into new markets .
the company 2019s significant investment in research , development and engineering ( rd&e ) has generally enabled it to deliver new products and technologies before the emergence of strong demand , thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle .
applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements .
product development and engineering organizations are located primarily in the united states , as well as in europe , israel , taiwan , and china .
in addition , applied outsources certain rd&e activities , some of which are performed outside the united states , primarily in india and singapore .
process support and customer demonstration laboratories are located in the united states , china , taiwan , europe , and israel .
applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows : $ 1.4 billion ( 16 percent of net sales ) in fiscal 2014 , $ 1.3 billion ( 18 percent of net sales ) in fiscal 2013 , and $ 1.2 billion ( 14 percent of net sales ) in fiscal 2012 .
applied has spent an average of 13 percent of net sales in rd&e over the last five years .
in addition to rd&e for specific product technologies , applied maintains ongoing programs for automation control systems , materials research , and environmental control that are applicable to its products. . | 2,014 | 18 | AMAT | Applied Materials | Information Technology | Semiconductor Materials & Equipment | Santa Clara, California | 1995-03-16 | 6,951 | 1967 | what are the total sales reported in 2012 , ( in billion ) ? | 8.6 | divide(1.2, 14) | backlog applied manufactures systems to meet demand represented by order backlog and customer commitments .
backlog consists of : ( 1 ) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months , or shipment has occurred but revenue has not been recognized ; and ( 2 ) contractual service revenue and maintenance fees to be earned within the next 12 months .
backlog by reportable segment as of october 26 , 2014 and october 27 , 2013 was as follows : 2014 2013 ( in millions , except percentages ) . | applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or cancellation of orders .
customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties .
delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations .
manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies ( collectively , parts ) that are used to manufacture systems .
applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including the united states , europe , israel , singapore , taiwan , and other countries in asia , and assembly of some systems is completed at customer sites .
applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products .
although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible .
accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers .
applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by : ( 1 ) selecting and qualifying alternate suppliers for key parts ; ( 2 ) monitoring the financial condition of key suppliers ; ( 3 ) maintaining appropriate inventories of key parts ; ( 4 ) qualifying new parts on a timely basis ; and ( 5 ) locating certain manufacturing operations in close proximity to suppliers and customers .
research , development and engineering applied 2019s long-term growth strategy requires continued development of new products , including products that enable expansion into new markets .
the company 2019s significant investment in research , development and engineering ( rd&e ) has generally enabled it to deliver new products and technologies before the emergence of strong demand , thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle .
applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements .
product development and engineering organizations are located primarily in the united states , as well as in europe , israel , taiwan , and china .
in addition , applied outsources certain rd&e activities , some of which are performed outside the united states , primarily in india and singapore .
process support and customer demonstration laboratories are located in the united states , china , taiwan , europe , and israel .
applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows : $ 1.4 billion ( 16 percent of net sales ) in fiscal 2014 , $ 1.3 billion ( 18 percent of net sales ) in fiscal 2013 , and $ 1.2 billion ( 14 percent of net sales ) in fiscal 2012 .
applied has spent an average of 13 percent of net sales in rd&e over the last five years .
in addition to rd&e for specific product technologies , applied maintains ongoing programs for automation control systems , materials research , and environmental control that are applicable to its products. . | | | | 2014 | 2013 | | ( in millions except percentages ) |
|---:|:-----------------------------------|:-------|:---------------|:-------|:-------------------------------------|
| 0 | silicon systems group | $ 1400 | 48% ( 48 % ) | $ 1295 | 55% ( 55 % ) |
| 1 | applied global services | 775 | 27% ( 27 % ) | 591 | 25% ( 25 % ) |
| 2 | display | 593 | 20% ( 20 % ) | 361 | 15% ( 15 % ) |
| 3 | energy and environmental solutions | 149 | 5% ( 5 % ) | 125 | 5% ( 5 % ) |
| 4 | total | $ 2917 | 100% ( 100 % ) | $ 2372 | 100% ( 100 % ) | | backlog applied manufactures systems to meet demand represented by order backlog and customer commitments .
backlog consists of : ( 1 ) orders for which written authorizations have been accepted and assigned shipment dates are within the next 12 months , or shipment has occurred but revenue has not been recognized ; and ( 2 ) contractual service revenue and maintenance fees to be earned within the next 12 months .
backlog by reportable segment as of october 26 , 2014 and october 27 , 2013 was as follows : 2014 2013 ( in millions , except percentages ) ._| | | 2014 | 2013 | | ( in millions except percentages ) |
|---:|:-----------------------------------|:-------|:---------------|:-------|:-------------------------------------|
| 0 | silicon systems group | $ 1400 | 48% ( 48 % ) | $ 1295 | 55% ( 55 % ) |
| 1 | applied global services | 775 | 27% ( 27 % ) | 591 | 25% ( 25 % ) |
| 2 | display | 593 | 20% ( 20 % ) | 361 | 15% ( 15 % ) |
| 3 | energy and environmental solutions | 149 | 5% ( 5 % ) | 125 | 5% ( 5 % ) |
| 4 | total | $ 2917 | 100% ( 100 % ) | $ 2372 | 100% ( 100 % ) |_applied 2019s backlog on any particular date is not necessarily indicative of actual sales for any future periods , due to the potential for customer changes in delivery schedules or cancellation of orders .
customers may delay delivery of products or cancel orders prior to shipment , subject to possible cancellation penalties .
delays in delivery schedules and/or a reduction of backlog during any particular period could have a material adverse effect on applied 2019s business and results of operations .
manufacturing , raw materials and supplies applied 2019s manufacturing activities consist primarily of assembly , test and integration of various proprietary and commercial parts , components and subassemblies ( collectively , parts ) that are used to manufacture systems .
applied has implemented a distributed manufacturing model under which manufacturing and supply chain activities are conducted in various countries , including the united states , europe , israel , singapore , taiwan , and other countries in asia , and assembly of some systems is completed at customer sites .
applied uses numerous vendors , including contract manufacturers , to supply parts and assembly services for the manufacture and support of its products .
although applied makes reasonable efforts to assure that parts are available from multiple qualified suppliers , this is not always possible .
accordingly , some key parts may be obtained from only a single supplier or a limited group of suppliers .
applied seeks to reduce costs and to lower the risks of manufacturing and service interruptions by : ( 1 ) selecting and qualifying alternate suppliers for key parts ; ( 2 ) monitoring the financial condition of key suppliers ; ( 3 ) maintaining appropriate inventories of key parts ; ( 4 ) qualifying new parts on a timely basis ; and ( 5 ) locating certain manufacturing operations in close proximity to suppliers and customers .
research , development and engineering applied 2019s long-term growth strategy requires continued development of new products , including products that enable expansion into new markets .
the company 2019s significant investment in research , development and engineering ( rd&e ) has generally enabled it to deliver new products and technologies before the emergence of strong demand , thus allowing customers to incorporate these products into their manufacturing plans at an early stage in the technology selection cycle .
applied works closely with its global customers to design systems and processes that meet their planned technical and production requirements .
product development and engineering organizations are located primarily in the united states , as well as in europe , israel , taiwan , and china .
in addition , applied outsources certain rd&e activities , some of which are performed outside the united states , primarily in india and singapore .
process support and customer demonstration laboratories are located in the united states , china , taiwan , europe , and israel .
applied 2019s investments in rd&e for product development and engineering programs to create or improve products and technologies over the last three years were as follows : $ 1.4 billion ( 16 percent of net sales ) in fiscal 2014 , $ 1.3 billion ( 18 percent of net sales ) in fiscal 2013 , and $ 1.2 billion ( 14 percent of net sales ) in fiscal 2012 .
applied has spent an average of 13 percent of net sales in rd&e over the last five years .
in addition to rd&e for specific product technologies , applied maintains ongoing programs for automation control systems , materials research , and environmental control that are applicable to its products. . | 2,014 | 18 | AMAT | Applied Materials | Information Technology | Semiconductor Materials & Equipment | Santa Clara, California | 1995-03-16 | 6,951 | 1967 | null | null |
finqa134 | what is the average liability for all three programs , as of december 31 , 2008 , in millions? | 4.27 | divide(add(add(1.2, 5.7), 5.9), const_3) | 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. . | | | | 2007 program | 2003 program | 2001 program | total |
|---:|:------------------------------------------|:---------------|:---------------|:---------------|:---------------|
| 0 | liability at december 31 2006 | $ 2014 | $ 12.6 | $ 19.2 | $ 31.8 |
| 1 | net charges ( reversals ) and adjustments | 19.1 | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4 |
| 2 | payments and other1 | -7.2 ( 7.2 ) | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 ) |
| 3 | liability at december 31 2007 | $ 11.9 | $ 9.0 | $ 8.7 | $ 29.6 |
| 4 | net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8 |
| 5 | payments and other1 | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 ) |
| 6 | liability at december 31 2008 | $ 1.2 | $ 5.7 | $ 5.9 | $ 12.8 | | 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 ._| | | 2007 program | 2003 program | 2001 program | total |
|---:|:------------------------------------------|:---------------|:---------------|:---------------|:---------------|
| 0 | liability at december 31 2006 | $ 2014 | $ 12.6 | $ 19.2 | $ 31.8 |
| 1 | net charges ( reversals ) and adjustments | 19.1 | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4 |
| 2 | payments and other1 | -7.2 ( 7.2 ) | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 ) |
| 3 | liability at december 31 2007 | $ 11.9 | $ 9.0 | $ 8.7 | $ 29.6 |
| 4 | net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8 |
| 5 | payments and other1 | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 ) |
| 6 | liability at december 31 2008 | $ 1.2 | $ 5.7 | $ 5.9 | $ 12.8 |_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. . | 2,008 | 62 | IPG | Interpublic Group of Companies (The) | Communication Services | Advertising | New York City, New York | 1992-10-01 | 51,644 | 1961 (1930) | what is the average liability for all three programs , as of december 31 , 2008 , in millions? | 4.27 | divide(add(add(1.2, 5.7), 5.9), const_3) | 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. . | | | | 2007 program | 2003 program | 2001 program | total |
|---:|:------------------------------------------|:---------------|:---------------|:---------------|:---------------|
| 0 | liability at december 31 2006 | $ 2014 | $ 12.6 | $ 19.2 | $ 31.8 |
| 1 | net charges ( reversals ) and adjustments | 19.1 | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4 |
| 2 | payments and other1 | -7.2 ( 7.2 ) | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 ) |
| 3 | liability at december 31 2007 | $ 11.9 | $ 9.0 | $ 8.7 | $ 29.6 |
| 4 | net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8 |
| 5 | payments and other1 | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 ) |
| 6 | liability at december 31 2008 | $ 1.2 | $ 5.7 | $ 5.9 | $ 12.8 | | 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 ._| | | 2007 program | 2003 program | 2001 program | total |
|---:|:------------------------------------------|:---------------|:---------------|:---------------|:---------------|
| 0 | liability at december 31 2006 | $ 2014 | $ 12.6 | $ 19.2 | $ 31.8 |
| 1 | net charges ( reversals ) and adjustments | 19.1 | -0.5 ( 0.5 ) | -5.2 ( 5.2 ) | 13.4 |
| 2 | payments and other1 | -7.2 ( 7.2 ) | -3.1 ( 3.1 ) | -5.3 ( 5.3 ) | -15.6 ( 15.6 ) |
| 3 | liability at december 31 2007 | $ 11.9 | $ 9.0 | $ 8.7 | $ 29.6 |
| 4 | net charges and adjustments | 4.3 | 0.8 | 0.7 | 5.8 |
| 5 | payments and other1 | -15.0 ( 15.0 ) | -4.1 ( 4.1 ) | -3.5 ( 3.5 ) | -22.6 ( 22.6 ) |
| 6 | liability at december 31 2008 | $ 1.2 | $ 5.7 | $ 5.9 | $ 12.8 |_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. . | 2,008 | 62 | IPG | Interpublic Group of Companies (The) | Communication Services | Advertising | New York City, New York | 1992-10-01 | 51,644 | 1961 (1930) | null | null |
finqa135 | considering the year 2013 , what is the sales to operating income ratio? | 6.88 | divide(451.1, 65.5) | equipment and energy . | 2013 vs .
2012 sales of $ 451.1 increased primarily from higher lng project activity .
operating income of $ 65.5 increased from the higher lng project activity .
the sales backlog for the equipment business at 30 september 2013 was $ 402 , compared to $ 450 at 30 september 2012 .
it is expected that approximately $ 250 of the backlog will be completed during 2014 .
2012 vs .
2011 sales of $ 420.1 increased 5% ( 5 % ) , or $ 19.5 , reflecting higher air separation unit ( asu ) activity .
operating income of $ 44.6 decreased 29% ( 29 % ) , or $ 18.2 , reflecting lower lng project activity .
the sales backlog for the equipment business at 30 september 2012 was $ 450 , compared to $ 334 at 30 september 2011 .
other operating income ( loss ) primarily includes other expense and income that cannot be directly associated with the business segments , including foreign exchange gains and losses .
also included are lifo inventory valuation adjustments , as the business segments use fifo , and the lifo pool valuation adjustments are not allocated to the business segments .
other also included stranded costs resulting from discontinued operations , as these costs were not reallocated to the businesses in 2012 .
2013 vs .
2012 other operating loss was $ 4.7 , compared to $ 6.6 in the prior year .
the current year includes an unfavorable lifo adjustment versus the prior year of $ 11 .
the prior year loss included stranded costs from discontinued operations of $ 10 .
2012 vs .
2011 other operating loss was $ 6.6 , compared to $ 39.3 in the prior year , primarily due to a reduction in stranded costs , a decrease in the lifo adjustment as a result of decreases in inventory values , and favorable foreign exchange , partially offset by gains on asset sales in the prior year. . | | | | 2013 | 2012 | 2011 |
|---:|:-----------------|:--------|:--------|:--------|
| 0 | sales | $ 451.1 | $ 420.1 | $ 400.6 |
| 1 | operating income | 65.5 | 44.6 | 62.8 | | equipment and energy ._| | | 2013 | 2012 | 2011 |
|---:|:-----------------|:--------|:--------|:--------|
| 0 | sales | $ 451.1 | $ 420.1 | $ 400.6 |
| 1 | operating income | 65.5 | 44.6 | 62.8 |_2013 vs .
2012 sales of $ 451.1 increased primarily from higher lng project activity .
operating income of $ 65.5 increased from the higher lng project activity .
the sales backlog for the equipment business at 30 september 2013 was $ 402 , compared to $ 450 at 30 september 2012 .
it is expected that approximately $ 250 of the backlog will be completed during 2014 .
2012 vs .
2011 sales of $ 420.1 increased 5% ( 5 % ) , or $ 19.5 , reflecting higher air separation unit ( asu ) activity .
operating income of $ 44.6 decreased 29% ( 29 % ) , or $ 18.2 , reflecting lower lng project activity .
the sales backlog for the equipment business at 30 september 2012 was $ 450 , compared to $ 334 at 30 september 2011 .
other operating income ( loss ) primarily includes other expense and income that cannot be directly associated with the business segments , including foreign exchange gains and losses .
also included are lifo inventory valuation adjustments , as the business segments use fifo , and the lifo pool valuation adjustments are not allocated to the business segments .
other also included stranded costs resulting from discontinued operations , as these costs were not reallocated to the businesses in 2012 .
2013 vs .
2012 other operating loss was $ 4.7 , compared to $ 6.6 in the prior year .
the current year includes an unfavorable lifo adjustment versus the prior year of $ 11 .
the prior year loss included stranded costs from discontinued operations of $ 10 .
2012 vs .
2011 other operating loss was $ 6.6 , compared to $ 39.3 in the prior year , primarily due to a reduction in stranded costs , a decrease in the lifo adjustment as a result of decreases in inventory values , and favorable foreign exchange , partially offset by gains on asset sales in the prior year. . | 2,013 | 36 | APD | Air Products | Materials | Industrial Gases | Upper Macungie Township, Pennsylvania | 1985-04-30 | 2,969 | 1940 | considering the year 2013 , what is the sales to operating income ratio? | 6.88 | divide(451.1, 65.5) | equipment and energy . | 2013 vs .
2012 sales of $ 451.1 increased primarily from higher lng project activity .
operating income of $ 65.5 increased from the higher lng project activity .
the sales backlog for the equipment business at 30 september 2013 was $ 402 , compared to $ 450 at 30 september 2012 .
it is expected that approximately $ 250 of the backlog will be completed during 2014 .
2012 vs .
2011 sales of $ 420.1 increased 5% ( 5 % ) , or $ 19.5 , reflecting higher air separation unit ( asu ) activity .
operating income of $ 44.6 decreased 29% ( 29 % ) , or $ 18.2 , reflecting lower lng project activity .
the sales backlog for the equipment business at 30 september 2012 was $ 450 , compared to $ 334 at 30 september 2011 .
other operating income ( loss ) primarily includes other expense and income that cannot be directly associated with the business segments , including foreign exchange gains and losses .
also included are lifo inventory valuation adjustments , as the business segments use fifo , and the lifo pool valuation adjustments are not allocated to the business segments .
other also included stranded costs resulting from discontinued operations , as these costs were not reallocated to the businesses in 2012 .
2013 vs .
2012 other operating loss was $ 4.7 , compared to $ 6.6 in the prior year .
the current year includes an unfavorable lifo adjustment versus the prior year of $ 11 .
the prior year loss included stranded costs from discontinued operations of $ 10 .
2012 vs .
2011 other operating loss was $ 6.6 , compared to $ 39.3 in the prior year , primarily due to a reduction in stranded costs , a decrease in the lifo adjustment as a result of decreases in inventory values , and favorable foreign exchange , partially offset by gains on asset sales in the prior year. . | | | | 2013 | 2012 | 2011 |
|---:|:-----------------|:--------|:--------|:--------|
| 0 | sales | $ 451.1 | $ 420.1 | $ 400.6 |
| 1 | operating income | 65.5 | 44.6 | 62.8 | | equipment and energy ._| | | 2013 | 2012 | 2011 |
|---:|:-----------------|:--------|:--------|:--------|
| 0 | sales | $ 451.1 | $ 420.1 | $ 400.6 |
| 1 | operating income | 65.5 | 44.6 | 62.8 |_2013 vs .
2012 sales of $ 451.1 increased primarily from higher lng project activity .
operating income of $ 65.5 increased from the higher lng project activity .
the sales backlog for the equipment business at 30 september 2013 was $ 402 , compared to $ 450 at 30 september 2012 .
it is expected that approximately $ 250 of the backlog will be completed during 2014 .
2012 vs .
2011 sales of $ 420.1 increased 5% ( 5 % ) , or $ 19.5 , reflecting higher air separation unit ( asu ) activity .
operating income of $ 44.6 decreased 29% ( 29 % ) , or $ 18.2 , reflecting lower lng project activity .
the sales backlog for the equipment business at 30 september 2012 was $ 450 , compared to $ 334 at 30 september 2011 .
other operating income ( loss ) primarily includes other expense and income that cannot be directly associated with the business segments , including foreign exchange gains and losses .
also included are lifo inventory valuation adjustments , as the business segments use fifo , and the lifo pool valuation adjustments are not allocated to the business segments .
other also included stranded costs resulting from discontinued operations , as these costs were not reallocated to the businesses in 2012 .
2013 vs .
2012 other operating loss was $ 4.7 , compared to $ 6.6 in the prior year .
the current year includes an unfavorable lifo adjustment versus the prior year of $ 11 .
the prior year loss included stranded costs from discontinued operations of $ 10 .
2012 vs .
2011 other operating loss was $ 6.6 , compared to $ 39.3 in the prior year , primarily due to a reduction in stranded costs , a decrease in the lifo adjustment as a result of decreases in inventory values , and favorable foreign exchange , partially offset by gains on asset sales in the prior year. . | 2,013 | 36 | APD | Air Products | Materials | Industrial Gases | Upper Macungie Township, Pennsylvania | 1985-04-30 | 2,969 | 1940 | null | null |
finqa136 | in 2010 what was the percentage change in the deferred policy acquisition costs and present value of future profits | -7.8% | divide(subtract(9857, 10686), 10686) | the hartford financial services group , inc .
notes to consolidated financial statements ( continued ) 7 .
deferred policy acquisition costs and present value of future profits ( continued ) results changes in the dac balance are as follows: . | [1] the most significant contributors to the unlock charge recorded during the year ended december 31 , 2011 were assumption changes which reduced expected future gross profits including additional costs associated with implementing the japan hedging strategy and the u.s .
variable annuity macro hedge program , as well as actual separate account returns below our aggregated estimated return .
the most significant contributors to the unlock benefit recorded during the year ended december 31 , 2010 were actual separate account returns being above our aggregated estimated return .
also included in the benefit are assumption updates related to benefits from withdrawals and lapses , offset by hedging , annuitization estimates on japan products , and long-term expected rate of return updates .
the most significant contributors to the unlock charge recorded during the year ended december 31 , 2009 were the results of actual separate account returns being significantly below our aggregated estimated return for the first quarter of 2009 , partially offset by actual returns being greater than our aggregated estimated return for the period from april 1 , 2009 to december 31 , 2009 .
[2] the most significant contributor to the adjustments was the effect of declining interest rates , resulting in unrealized gains on securities classified in aoci .
other includes a $ 34 decrease as a result of the disposition of dac from the sale of the hartford investment canadian canada in 2010 .
[3] for the year ended december 31 , 2010 the effect of adopting new accounting guidance for embedded credit derivatives resulted in a decrease to retained earnings and , as a result , a dac benefit .
in addition , an offsetting amount was recorded in unrealized losses as unrealized losses decreased upon adoption of the new accounting guidance .
for the year ended december 31 , 2009 the effect of adopting new accounting guidance for investments other- than- temporarily impaired resulted in an increase to retained earnings and , as a result , a dac charge .
in addition , an offsetting amount was recorded in unrealized losses as unrealized losses increased upon adoption of the new accounting guidance .
as of december 31 , 2011 , estimated future net amortization expense of present value of future profits for the succeeding five years is $ 39 , $ 58 , $ 24 , $ 23 and $ 22 in 2012 , 2013 , 2014 , 2015 and 2016 , respectively. . | | | | 2011 | 2010 | 2009 |
|---:|:------------------------------------------------------------------------------------------|:---------------|:---------------|:---------------|
| 0 | balance january 1 | $ 9857 | $ 10686 | $ 13248 |
| 1 | deferred costs | 2608 | 2648 | 2853 |
| 2 | amortization 2014 dac | -2920 ( 2920 ) | -2665 ( 2665 ) | -3247 ( 3247 ) |
| 3 | amortization 2014 dac from discontinued operations | 2014 | -17 ( 17 ) | -10 ( 10 ) |
| 4 | amortization 2014 unlock benefit ( charge ) pre-tax [1] | -507 ( 507 ) | 138 | -1010 ( 1010 ) |
| 5 | adjustments to unrealized gains and losses on securities available-for-sale and other [2] | -377 ( 377 ) | -1159 ( 1159 ) | -1031 ( 1031 ) |
| 6 | effect of currency translation | 83 | 215 | -39 ( 39 ) |
| 7 | cumulative effect of accounting change pre-tax [3] | 2014 | 11 | -78 ( 78 ) |
| 8 | balance december 31 | $ 8744 | $ 9857 | $ 10686 | | the hartford financial services group , inc .
notes to consolidated financial statements ( continued ) 7 .
deferred policy acquisition costs and present value of future profits ( continued ) results changes in the dac balance are as follows: ._| | | 2011 | 2010 | 2009 |
|---:|:------------------------------------------------------------------------------------------|:---------------|:---------------|:---------------|
| 0 | balance january 1 | $ 9857 | $ 10686 | $ 13248 |
| 1 | deferred costs | 2608 | 2648 | 2853 |
| 2 | amortization 2014 dac | -2920 ( 2920 ) | -2665 ( 2665 ) | -3247 ( 3247 ) |
| 3 | amortization 2014 dac from discontinued operations | 2014 | -17 ( 17 ) | -10 ( 10 ) |
| 4 | amortization 2014 unlock benefit ( charge ) pre-tax [1] | -507 ( 507 ) | 138 | -1010 ( 1010 ) |
| 5 | adjustments to unrealized gains and losses on securities available-for-sale and other [2] | -377 ( 377 ) | -1159 ( 1159 ) | -1031 ( 1031 ) |
| 6 | effect of currency translation | 83 | 215 | -39 ( 39 ) |
| 7 | cumulative effect of accounting change pre-tax [3] | 2014 | 11 | -78 ( 78 ) |
| 8 | balance december 31 | $ 8744 | $ 9857 | $ 10686 |_[1] the most significant contributors to the unlock charge recorded during the year ended december 31 , 2011 were assumption changes which reduced expected future gross profits including additional costs associated with implementing the japan hedging strategy and the u.s .
variable annuity macro hedge program , as well as actual separate account returns below our aggregated estimated return .
the most significant contributors to the unlock benefit recorded during the year ended december 31 , 2010 were actual separate account returns being above our aggregated estimated return .
also included in the benefit are assumption updates related to benefits from withdrawals and lapses , offset by hedging , annuitization estimates on japan products , and long-term expected rate of return updates .
the most significant contributors to the unlock charge recorded during the year ended december 31 , 2009 were the results of actual separate account returns being significantly below our aggregated estimated return for the first quarter of 2009 , partially offset by actual returns being greater than our aggregated estimated return for the period from april 1 , 2009 to december 31 , 2009 .
[2] the most significant contributor to the adjustments was the effect of declining interest rates , resulting in unrealized gains on securities classified in aoci .
other includes a $ 34 decrease as a result of the disposition of dac from the sale of the hartford investment canadian canada in 2010 .
[3] for the year ended december 31 , 2010 the effect of adopting new accounting guidance for embedded credit derivatives resulted in a decrease to retained earnings and , as a result , a dac benefit .
in addition , an offsetting amount was recorded in unrealized losses as unrealized losses decreased upon adoption of the new accounting guidance .
for the year ended december 31 , 2009 the effect of adopting new accounting guidance for investments other- than- temporarily impaired resulted in an increase to retained earnings and , as a result , a dac charge .
in addition , an offsetting amount was recorded in unrealized losses as unrealized losses increased upon adoption of the new accounting guidance .
as of december 31 , 2011 , estimated future net amortization expense of present value of future profits for the succeeding five years is $ 39 , $ 58 , $ 24 , $ 23 and $ 22 in 2012 , 2013 , 2014 , 2015 and 2016 , respectively. . | 2,011 | 188 | HIG | Hartford (The) | Financials | Property & Casualty Insurance | Hartford, Connecticut | 1957-03-04 | 874,766 | 1810 | in 2010 what was the percentage change in the deferred policy acquisition costs and present value of future profits | -7.8% | divide(subtract(9857, 10686), 10686) | the hartford financial services group , inc .
notes to consolidated financial statements ( continued ) 7 .
deferred policy acquisition costs and present value of future profits ( continued ) results changes in the dac balance are as follows: . | [1] the most significant contributors to the unlock charge recorded during the year ended december 31 , 2011 were assumption changes which reduced expected future gross profits including additional costs associated with implementing the japan hedging strategy and the u.s .
variable annuity macro hedge program , as well as actual separate account returns below our aggregated estimated return .
the most significant contributors to the unlock benefit recorded during the year ended december 31 , 2010 were actual separate account returns being above our aggregated estimated return .
also included in the benefit are assumption updates related to benefits from withdrawals and lapses , offset by hedging , annuitization estimates on japan products , and long-term expected rate of return updates .
the most significant contributors to the unlock charge recorded during the year ended december 31 , 2009 were the results of actual separate account returns being significantly below our aggregated estimated return for the first quarter of 2009 , partially offset by actual returns being greater than our aggregated estimated return for the period from april 1 , 2009 to december 31 , 2009 .
[2] the most significant contributor to the adjustments was the effect of declining interest rates , resulting in unrealized gains on securities classified in aoci .
other includes a $ 34 decrease as a result of the disposition of dac from the sale of the hartford investment canadian canada in 2010 .
[3] for the year ended december 31 , 2010 the effect of adopting new accounting guidance for embedded credit derivatives resulted in a decrease to retained earnings and , as a result , a dac benefit .
in addition , an offsetting amount was recorded in unrealized losses as unrealized losses decreased upon adoption of the new accounting guidance .
for the year ended december 31 , 2009 the effect of adopting new accounting guidance for investments other- than- temporarily impaired resulted in an increase to retained earnings and , as a result , a dac charge .
in addition , an offsetting amount was recorded in unrealized losses as unrealized losses increased upon adoption of the new accounting guidance .
as of december 31 , 2011 , estimated future net amortization expense of present value of future profits for the succeeding five years is $ 39 , $ 58 , $ 24 , $ 23 and $ 22 in 2012 , 2013 , 2014 , 2015 and 2016 , respectively. . | | | | 2011 | 2010 | 2009 |
|---:|:------------------------------------------------------------------------------------------|:---------------|:---------------|:---------------|
| 0 | balance january 1 | $ 9857 | $ 10686 | $ 13248 |
| 1 | deferred costs | 2608 | 2648 | 2853 |
| 2 | amortization 2014 dac | -2920 ( 2920 ) | -2665 ( 2665 ) | -3247 ( 3247 ) |
| 3 | amortization 2014 dac from discontinued operations | 2014 | -17 ( 17 ) | -10 ( 10 ) |
| 4 | amortization 2014 unlock benefit ( charge ) pre-tax [1] | -507 ( 507 ) | 138 | -1010 ( 1010 ) |
| 5 | adjustments to unrealized gains and losses on securities available-for-sale and other [2] | -377 ( 377 ) | -1159 ( 1159 ) | -1031 ( 1031 ) |
| 6 | effect of currency translation | 83 | 215 | -39 ( 39 ) |
| 7 | cumulative effect of accounting change pre-tax [3] | 2014 | 11 | -78 ( 78 ) |
| 8 | balance december 31 | $ 8744 | $ 9857 | $ 10686 | | the hartford financial services group , inc .
notes to consolidated financial statements ( continued ) 7 .
deferred policy acquisition costs and present value of future profits ( continued ) results changes in the dac balance are as follows: ._| | | 2011 | 2010 | 2009 |
|---:|:------------------------------------------------------------------------------------------|:---------------|:---------------|:---------------|
| 0 | balance january 1 | $ 9857 | $ 10686 | $ 13248 |
| 1 | deferred costs | 2608 | 2648 | 2853 |
| 2 | amortization 2014 dac | -2920 ( 2920 ) | -2665 ( 2665 ) | -3247 ( 3247 ) |
| 3 | amortization 2014 dac from discontinued operations | 2014 | -17 ( 17 ) | -10 ( 10 ) |
| 4 | amortization 2014 unlock benefit ( charge ) pre-tax [1] | -507 ( 507 ) | 138 | -1010 ( 1010 ) |
| 5 | adjustments to unrealized gains and losses on securities available-for-sale and other [2] | -377 ( 377 ) | -1159 ( 1159 ) | -1031 ( 1031 ) |
| 6 | effect of currency translation | 83 | 215 | -39 ( 39 ) |
| 7 | cumulative effect of accounting change pre-tax [3] | 2014 | 11 | -78 ( 78 ) |
| 8 | balance december 31 | $ 8744 | $ 9857 | $ 10686 |_[1] the most significant contributors to the unlock charge recorded during the year ended december 31 , 2011 were assumption changes which reduced expected future gross profits including additional costs associated with implementing the japan hedging strategy and the u.s .
variable annuity macro hedge program , as well as actual separate account returns below our aggregated estimated return .
the most significant contributors to the unlock benefit recorded during the year ended december 31 , 2010 were actual separate account returns being above our aggregated estimated return .
also included in the benefit are assumption updates related to benefits from withdrawals and lapses , offset by hedging , annuitization estimates on japan products , and long-term expected rate of return updates .
the most significant contributors to the unlock charge recorded during the year ended december 31 , 2009 were the results of actual separate account returns being significantly below our aggregated estimated return for the first quarter of 2009 , partially offset by actual returns being greater than our aggregated estimated return for the period from april 1 , 2009 to december 31 , 2009 .
[2] the most significant contributor to the adjustments was the effect of declining interest rates , resulting in unrealized gains on securities classified in aoci .
other includes a $ 34 decrease as a result of the disposition of dac from the sale of the hartford investment canadian canada in 2010 .
[3] for the year ended december 31 , 2010 the effect of adopting new accounting guidance for embedded credit derivatives resulted in a decrease to retained earnings and , as a result , a dac benefit .
in addition , an offsetting amount was recorded in unrealized losses as unrealized losses decreased upon adoption of the new accounting guidance .
for the year ended december 31 , 2009 the effect of adopting new accounting guidance for investments other- than- temporarily impaired resulted in an increase to retained earnings and , as a result , a dac charge .
in addition , an offsetting amount was recorded in unrealized losses as unrealized losses increased upon adoption of the new accounting guidance .
as of december 31 , 2011 , estimated future net amortization expense of present value of future profits for the succeeding five years is $ 39 , $ 58 , $ 24 , $ 23 and $ 22 in 2012 , 2013 , 2014 , 2015 and 2016 , respectively. . | 2,011 | 188 | HIG | Hartford (The) | Financials | Property & Casualty Insurance | Hartford, Connecticut | 1957-03-04 | 874,766 | 1810 | null | null |
finqa137 | for 2015 and 2014 , what was the average in millions for provision recapture for purchased impaired loans? | 86.5 | divide(add(82, 91), const_2) | during 2015 , $ 82 million of provision recapture was recorded for purchased impaired loans compared to $ 91 million of provision recapture during 2014 .
charge-offs ( which were specifically for commercial loans greater than a defined threshold ) during 2015 were $ 12 million compared to $ 42 million during 2014 .
at december 31 , 2015 and december 31 , 2014 , the alll on total purchased impaired loans was $ .3 billion and $ .9 billion , respectively .
the decline in alll was primarily due to the change in our derecognition policy .
for purchased impaired loan pools where an allowance has been recognized , subsequent increases in the net present value of cash flows will result in a provision recapture of any previously recorded alll to the extent applicable , and/or a reclassification from non-accretable difference to accretable yield , which will be recognized prospectively .
individual loan transactions where final dispositions have occurred ( as noted above ) result in removal of the loans from their applicable pools for cash flow estimation purposes .
the cash flow re- estimation process is completed quarterly to evaluate the appropriateness of the alll associated with the purchased impaired loans .
activity for the accretable yield during 2015 and 2014 follows : table 66 : purchased impaired loans 2013 accretable yield . | note 5 allowances for loan and lease losses and unfunded loan commitments and letters of credit allowance for loan and lease losses we maintain the alll at levels that we believe to be appropriate to absorb estimated probable credit losses incurred in the portfolios as of the balance sheet date .
we use the two main portfolio segments 2013 commercial lending and consumer lending 2013 and develop and document the alll under separate methodologies for each of these segments as discussed in note 1 accounting policies .
a rollforward of the alll and associated loan data follows .
the pnc financial services group , inc .
2013 form 10-k 141 . | | | in millions | 2015 | 2014 |
|---:|:--------------------------------------------------------|:-------------|:-------------|
| 0 | january 1 | $ 1558 | $ 2055 |
| 1 | accretion ( including excess cash recoveries ) | -466 ( 466 ) | -587 ( 587 ) |
| 2 | net reclassifications to accretable from non-accretable | 226 | 208 |
| 3 | disposals | -68 ( 68 ) | -118 ( 118 ) |
| 4 | december 31 | $ 1250 | $ 1558 | | during 2015 , $ 82 million of provision recapture was recorded for purchased impaired loans compared to $ 91 million of provision recapture during 2014 .
charge-offs ( which were specifically for commercial loans greater than a defined threshold ) during 2015 were $ 12 million compared to $ 42 million during 2014 .
at december 31 , 2015 and december 31 , 2014 , the alll on total purchased impaired loans was $ .3 billion and $ .9 billion , respectively .
the decline in alll was primarily due to the change in our derecognition policy .
for purchased impaired loan pools where an allowance has been recognized , subsequent increases in the net present value of cash flows will result in a provision recapture of any previously recorded alll to the extent applicable , and/or a reclassification from non-accretable difference to accretable yield , which will be recognized prospectively .
individual loan transactions where final dispositions have occurred ( as noted above ) result in removal of the loans from their applicable pools for cash flow estimation purposes .
the cash flow re- estimation process is completed quarterly to evaluate the appropriateness of the alll associated with the purchased impaired loans .
activity for the accretable yield during 2015 and 2014 follows : table 66 : purchased impaired loans 2013 accretable yield ._| | in millions | 2015 | 2014 |
|---:|:--------------------------------------------------------|:-------------|:-------------|
| 0 | january 1 | $ 1558 | $ 2055 |
| 1 | accretion ( including excess cash recoveries ) | -466 ( 466 ) | -587 ( 587 ) |
| 2 | net reclassifications to accretable from non-accretable | 226 | 208 |
| 3 | disposals | -68 ( 68 ) | -118 ( 118 ) |
| 4 | december 31 | $ 1250 | $ 1558 |_note 5 allowances for loan and lease losses and unfunded loan commitments and letters of credit allowance for loan and lease losses we maintain the alll at levels that we believe to be appropriate to absorb estimated probable credit losses incurred in the portfolios as of the balance sheet date .
we use the two main portfolio segments 2013 commercial lending and consumer lending 2013 and develop and document the alll under separate methodologies for each of these segments as discussed in note 1 accounting policies .
a rollforward of the alll and associated loan data follows .
the pnc financial services group , inc .
2013 form 10-k 141 . | 2,015 | 159 | PNC | PNC Financial Services | Financials | Diversified Banks | Pittsburgh, Pennsylvania | 1988-04-30 | 713,676 | 1845 | for 2015 and 2014 , what was the average in millions for provision recapture for purchased impaired loans? | 86.5 | divide(add(82, 91), const_2) | during 2015 , $ 82 million of provision recapture was recorded for purchased impaired loans compared to $ 91 million of provision recapture during 2014 .
charge-offs ( which were specifically for commercial loans greater than a defined threshold ) during 2015 were $ 12 million compared to $ 42 million during 2014 .
at december 31 , 2015 and december 31 , 2014 , the alll on total purchased impaired loans was $ .3 billion and $ .9 billion , respectively .
the decline in alll was primarily due to the change in our derecognition policy .
for purchased impaired loan pools where an allowance has been recognized , subsequent increases in the net present value of cash flows will result in a provision recapture of any previously recorded alll to the extent applicable , and/or a reclassification from non-accretable difference to accretable yield , which will be recognized prospectively .
individual loan transactions where final dispositions have occurred ( as noted above ) result in removal of the loans from their applicable pools for cash flow estimation purposes .
the cash flow re- estimation process is completed quarterly to evaluate the appropriateness of the alll associated with the purchased impaired loans .
activity for the accretable yield during 2015 and 2014 follows : table 66 : purchased impaired loans 2013 accretable yield . | note 5 allowances for loan and lease losses and unfunded loan commitments and letters of credit allowance for loan and lease losses we maintain the alll at levels that we believe to be appropriate to absorb estimated probable credit losses incurred in the portfolios as of the balance sheet date .
we use the two main portfolio segments 2013 commercial lending and consumer lending 2013 and develop and document the alll under separate methodologies for each of these segments as discussed in note 1 accounting policies .
a rollforward of the alll and associated loan data follows .
the pnc financial services group , inc .
2013 form 10-k 141 . | | | in millions | 2015 | 2014 |
|---:|:--------------------------------------------------------|:-------------|:-------------|
| 0 | january 1 | $ 1558 | $ 2055 |
| 1 | accretion ( including excess cash recoveries ) | -466 ( 466 ) | -587 ( 587 ) |
| 2 | net reclassifications to accretable from non-accretable | 226 | 208 |
| 3 | disposals | -68 ( 68 ) | -118 ( 118 ) |
| 4 | december 31 | $ 1250 | $ 1558 | | during 2015 , $ 82 million of provision recapture was recorded for purchased impaired loans compared to $ 91 million of provision recapture during 2014 .
charge-offs ( which were specifically for commercial loans greater than a defined threshold ) during 2015 were $ 12 million compared to $ 42 million during 2014 .
at december 31 , 2015 and december 31 , 2014 , the alll on total purchased impaired loans was $ .3 billion and $ .9 billion , respectively .
the decline in alll was primarily due to the change in our derecognition policy .
for purchased impaired loan pools where an allowance has been recognized , subsequent increases in the net present value of cash flows will result in a provision recapture of any previously recorded alll to the extent applicable , and/or a reclassification from non-accretable difference to accretable yield , which will be recognized prospectively .
individual loan transactions where final dispositions have occurred ( as noted above ) result in removal of the loans from their applicable pools for cash flow estimation purposes .
the cash flow re- estimation process is completed quarterly to evaluate the appropriateness of the alll associated with the purchased impaired loans .
activity for the accretable yield during 2015 and 2014 follows : table 66 : purchased impaired loans 2013 accretable yield ._| | in millions | 2015 | 2014 |
|---:|:--------------------------------------------------------|:-------------|:-------------|
| 0 | january 1 | $ 1558 | $ 2055 |
| 1 | accretion ( including excess cash recoveries ) | -466 ( 466 ) | -587 ( 587 ) |
| 2 | net reclassifications to accretable from non-accretable | 226 | 208 |
| 3 | disposals | -68 ( 68 ) | -118 ( 118 ) |
| 4 | december 31 | $ 1250 | $ 1558 |_note 5 allowances for loan and lease losses and unfunded loan commitments and letters of credit allowance for loan and lease losses we maintain the alll at levels that we believe to be appropriate to absorb estimated probable credit losses incurred in the portfolios as of the balance sheet date .
we use the two main portfolio segments 2013 commercial lending and consumer lending 2013 and develop and document the alll under separate methodologies for each of these segments as discussed in note 1 accounting policies .
a rollforward of the alll and associated loan data follows .
the pnc financial services group , inc .
2013 form 10-k 141 . | 2,015 | 159 | PNC | PNC Financial Services | Financials | Diversified Banks | Pittsburgh, Pennsylvania | 1988-04-30 | 713,676 | 1845 | null | null |
finqa138 | did the share of securities rated aaa/aaa increase between 2008 and 2009? | no | greater(14, 19) | 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 . | | | | december 31 2009 | december 312008 |
|---:|:--------|:-------------------|:------------------|
| 0 | aaa/aaa | 14% ( 14 % ) | 19% ( 19 % ) |
| 1 | aa/aa | 50 | 6 |
| 2 | a/a | 34 | 72 |
| 3 | bbb/baa | 2 | 3 |
| 4 | total | 100% ( 100 % ) | 100% ( 100 % ) | | market street commitments by credit rating ( a ) december 31 , december 31 ._| | | december 31 2009 | december 312008 |
|---:|:--------|:-------------------|:------------------|
| 0 | aaa/aaa | 14% ( 14 % ) | 19% ( 19 % ) |
| 1 | aa/aa | 50 | 6 |
| 2 | a/a | 34 | 72 |
| 3 | bbb/baa | 2 | 3 |
| 4 | total | 100% ( 100 % ) | 100% ( 100 % ) |_( 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 . | 2,009 | 46 | PNC | PNC Financial Services | Financials | Diversified Banks | Pittsburgh, Pennsylvania | 1988-04-30 | 713,676 | 1845 | did the share of securities rated aaa/aaa increase between 2008 and 2009? | no | greater(14, 19) | 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 . | | | | december 31 2009 | december 312008 |
|---:|:--------|:-------------------|:------------------|
| 0 | aaa/aaa | 14% ( 14 % ) | 19% ( 19 % ) |
| 1 | aa/aa | 50 | 6 |
| 2 | a/a | 34 | 72 |
| 3 | bbb/baa | 2 | 3 |
| 4 | total | 100% ( 100 % ) | 100% ( 100 % ) | | market street commitments by credit rating ( a ) december 31 , december 31 ._| | | december 31 2009 | december 312008 |
|---:|:--------|:-------------------|:------------------|
| 0 | aaa/aaa | 14% ( 14 % ) | 19% ( 19 % ) |
| 1 | aa/aa | 50 | 6 |
| 2 | a/a | 34 | 72 |
| 3 | bbb/baa | 2 | 3 |
| 4 | total | 100% ( 100 % ) | 100% ( 100 % ) |_( 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 . | 2,009 | 46 | PNC | PNC Financial Services | Financials | Diversified Banks | Pittsburgh, Pennsylvania | 1988-04-30 | 713,676 | 1845 | null | null |
finqa139 | what is the change in total debt to be repaid in the contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2005 between 2009 and 2008? | 2022 | subtract(2330, 308) | contractual obligations for future payments under existing debt and lease commitments and purchase obli- gations at december 31 , 2005 , were as follows : in millions 2006 2007 2008 2009 2010 thereafter . | ( a ) the 2006 amount includes $ 2.4 billion for contracts made in the ordinary course of business to purchase pulpwood , logs and wood chips .
the majority of our other purchase obligations are take-or-pay or purchase commitments made in the ordinary course of business related to raw material purchases and energy contracts .
other significant items include purchase obligations related to contracted services .
transformation plan in july 2005 , the company announced a plan to focus its business portfolio on two key global platform businesses : uncoated papers ( including distribution ) and packaging .
the plan also focuses on improving shareholder return through mill realignments in those two businesses , additional cost improvements and exploring strategic options for other businesses , includ- ing possible sale or spin-off .
in connection with this process , in the third quarter of 2005 , the company completed the sale of its 50.5% ( 50.5 % ) interest in carter holt harvey limited .
other businesses currently under re- view include : 2022 the coated and supercalendered papers busi- ness , including the coated groundwood mill and associated assets in brazil , 2022 the beverage packaging business , including the pine bluff , arkansas mill , 2022 the kraft papers business , including the roa- noke rapids , north carolina mill , 2022 arizona chemical , 2022 the wood products business , and 2022 segments or potentially all of the company 2019s 6.5 million acres of u.s .
forestlands .
consistent with this evaluation process , the com- pany has distributed bid package information for some of these businesses .
the exact timing of this evaluation process will vary by business ; however , it is anticipated that decisions will be made for some of these businesses during 2006 .
while the exact use of any proceeds from potential future sales is dependent upon various factors affecting future cash flows , such as the amount of any proceeds received and changes in market conditions , input costs and capital spending , the company remains committed to using its free cash flow in 2006 to pay down debt , to return value to shareholders , and for se- lective high-return investments .
critical accounting policies the preparation of financial statements in con- formity with generally accepted accounting principles in the united states requires international paper to estab- lish accounting policies and to make estimates that af- fect both the amounts and timing of the recording of assets , liabilities , revenues and expenses .
some of these estimates require judgments about matters that are in- herently uncertain .
accounting policies whose application may have a significant effect on the reported results of operations and financial position of international paper , and that can require judgments by management that affect their application , include sfas no .
5 , 201caccounting for contingencies , 201d sfas no .
144 , 201caccounting for the impairment or disposal of long-lived assets , 201d sfas no .
142 , 201cgoodwill and other intangible assets , 201d sfas no .
87 , 201cemployers 2019 accounting for pensions , 201d sfas no .
106 , 201cemployers 2019 accounting for postretirement benefits other than pensions , 201d as amended by sfas nos .
132 and 132r , 201cemployers 2019 disclosures about pension and other postretirement benefits , 201d and sfas no .
109 , 201caccounting for income taxes . 201d the following is a discussion of the impact of these accounting policies on international paper : contingent liabilities .
accruals for contingent li- abilities , including legal and environmental matters , are recorded when it is probable that a liability has been incurred or an asset impaired and the amount of the loss can be reasonably estimated .
liabilities accrued for legal matters require judgments regarding projected outcomes and range of loss based on historical experience and recommendations of legal counsel .
additionally , as dis- cussed in note 10 of the notes to consolidated finan- cial statements in item 8 .
financial statements and supplementary data , reserves for projected future claims settlements relating to exterior siding and roofing prod- ucts previously manufactured by masonite require judgments regarding projections of future claims rates and amounts .
international paper utilizes an in- dependent third party consultant to assist in developing these estimates .
liabilities for environmental matters require evaluations of relevant environmental regu- lations and estimates of future remediation alternatives and costs .
international paper determines these esti- mates after a detailed evaluation of each site .
impairment of long-lived assets and goodwill .
an impairment of a long-lived asset exists when the asset 2019s carrying amount exceeds its fair value , and is recorded when the carrying amount is not recoverable through future operations .
a goodwill impairment exists when the carrying amount of goodwill exceeds its fair value .
assessments of possible impairments of long-lived assets and goodwill are made when events or changes in cir- cumstances indicate that the carrying value of the asset . | | | in millions | 2006 | 2007 | 2008 | 2009 | 2010 | thereafter |
|---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------|
| 0 | total debt | $ 1181 | $ 570 | $ 308 | $ 2330 | $ 1534 | $ 6281 |
| 1 | lease obligations | 172 | 144 | 119 | 76 | 63 | 138 |
| 2 | purchase obligations ( a ) | 3264 | 393 | 280 | 240 | 204 | 1238 |
| 3 | total | $ 4617 | $ 1107 | $ 707 | $ 2646 | $ 1801 | $ 7657 | | contractual obligations for future payments under existing debt and lease commitments and purchase obli- gations at december 31 , 2005 , were as follows : in millions 2006 2007 2008 2009 2010 thereafter ._| | in millions | 2006 | 2007 | 2008 | 2009 | 2010 | thereafter |
|---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------|
| 0 | total debt | $ 1181 | $ 570 | $ 308 | $ 2330 | $ 1534 | $ 6281 |
| 1 | lease obligations | 172 | 144 | 119 | 76 | 63 | 138 |
| 2 | purchase obligations ( a ) | 3264 | 393 | 280 | 240 | 204 | 1238 |
| 3 | total | $ 4617 | $ 1107 | $ 707 | $ 2646 | $ 1801 | $ 7657 |_( a ) the 2006 amount includes $ 2.4 billion for contracts made in the ordinary course of business to purchase pulpwood , logs and wood chips .
the majority of our other purchase obligations are take-or-pay or purchase commitments made in the ordinary course of business related to raw material purchases and energy contracts .
other significant items include purchase obligations related to contracted services .
transformation plan in july 2005 , the company announced a plan to focus its business portfolio on two key global platform businesses : uncoated papers ( including distribution ) and packaging .
the plan also focuses on improving shareholder return through mill realignments in those two businesses , additional cost improvements and exploring strategic options for other businesses , includ- ing possible sale or spin-off .
in connection with this process , in the third quarter of 2005 , the company completed the sale of its 50.5% ( 50.5 % ) interest in carter holt harvey limited .
other businesses currently under re- view include : 2022 the coated and supercalendered papers busi- ness , including the coated groundwood mill and associated assets in brazil , 2022 the beverage packaging business , including the pine bluff , arkansas mill , 2022 the kraft papers business , including the roa- noke rapids , north carolina mill , 2022 arizona chemical , 2022 the wood products business , and 2022 segments or potentially all of the company 2019s 6.5 million acres of u.s .
forestlands .
consistent with this evaluation process , the com- pany has distributed bid package information for some of these businesses .
the exact timing of this evaluation process will vary by business ; however , it is anticipated that decisions will be made for some of these businesses during 2006 .
while the exact use of any proceeds from potential future sales is dependent upon various factors affecting future cash flows , such as the amount of any proceeds received and changes in market conditions , input costs and capital spending , the company remains committed to using its free cash flow in 2006 to pay down debt , to return value to shareholders , and for se- lective high-return investments .
critical accounting policies the preparation of financial statements in con- formity with generally accepted accounting principles in the united states requires international paper to estab- lish accounting policies and to make estimates that af- fect both the amounts and timing of the recording of assets , liabilities , revenues and expenses .
some of these estimates require judgments about matters that are in- herently uncertain .
accounting policies whose application may have a significant effect on the reported results of operations and financial position of international paper , and that can require judgments by management that affect their application , include sfas no .
5 , 201caccounting for contingencies , 201d sfas no .
144 , 201caccounting for the impairment or disposal of long-lived assets , 201d sfas no .
142 , 201cgoodwill and other intangible assets , 201d sfas no .
87 , 201cemployers 2019 accounting for pensions , 201d sfas no .
106 , 201cemployers 2019 accounting for postretirement benefits other than pensions , 201d as amended by sfas nos .
132 and 132r , 201cemployers 2019 disclosures about pension and other postretirement benefits , 201d and sfas no .
109 , 201caccounting for income taxes . 201d the following is a discussion of the impact of these accounting policies on international paper : contingent liabilities .
accruals for contingent li- abilities , including legal and environmental matters , are recorded when it is probable that a liability has been incurred or an asset impaired and the amount of the loss can be reasonably estimated .
liabilities accrued for legal matters require judgments regarding projected outcomes and range of loss based on historical experience and recommendations of legal counsel .
additionally , as dis- cussed in note 10 of the notes to consolidated finan- cial statements in item 8 .
financial statements and supplementary data , reserves for projected future claims settlements relating to exterior siding and roofing prod- ucts previously manufactured by masonite require judgments regarding projections of future claims rates and amounts .
international paper utilizes an in- dependent third party consultant to assist in developing these estimates .
liabilities for environmental matters require evaluations of relevant environmental regu- lations and estimates of future remediation alternatives and costs .
international paper determines these esti- mates after a detailed evaluation of each site .
impairment of long-lived assets and goodwill .
an impairment of a long-lived asset exists when the asset 2019s carrying amount exceeds its fair value , and is recorded when the carrying amount is not recoverable through future operations .
a goodwill impairment exists when the carrying amount of goodwill exceeds its fair value .
assessments of possible impairments of long-lived assets and goodwill are made when events or changes in cir- cumstances indicate that the carrying value of the asset . | 2,005 | 35 | IP | International Paper | Materials | Paper & Plastic Packaging Products & Materials | Memphis, Tennessee | 1957-03-04 | 51,434 | 1898 | what is the change in total debt to be repaid in the contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2005 between 2009 and 2008? | 2022 | subtract(2330, 308) | contractual obligations for future payments under existing debt and lease commitments and purchase obli- gations at december 31 , 2005 , were as follows : in millions 2006 2007 2008 2009 2010 thereafter . | ( a ) the 2006 amount includes $ 2.4 billion for contracts made in the ordinary course of business to purchase pulpwood , logs and wood chips .
the majority of our other purchase obligations are take-or-pay or purchase commitments made in the ordinary course of business related to raw material purchases and energy contracts .
other significant items include purchase obligations related to contracted services .
transformation plan in july 2005 , the company announced a plan to focus its business portfolio on two key global platform businesses : uncoated papers ( including distribution ) and packaging .
the plan also focuses on improving shareholder return through mill realignments in those two businesses , additional cost improvements and exploring strategic options for other businesses , includ- ing possible sale or spin-off .
in connection with this process , in the third quarter of 2005 , the company completed the sale of its 50.5% ( 50.5 % ) interest in carter holt harvey limited .
other businesses currently under re- view include : 2022 the coated and supercalendered papers busi- ness , including the coated groundwood mill and associated assets in brazil , 2022 the beverage packaging business , including the pine bluff , arkansas mill , 2022 the kraft papers business , including the roa- noke rapids , north carolina mill , 2022 arizona chemical , 2022 the wood products business , and 2022 segments or potentially all of the company 2019s 6.5 million acres of u.s .
forestlands .
consistent with this evaluation process , the com- pany has distributed bid package information for some of these businesses .
the exact timing of this evaluation process will vary by business ; however , it is anticipated that decisions will be made for some of these businesses during 2006 .
while the exact use of any proceeds from potential future sales is dependent upon various factors affecting future cash flows , such as the amount of any proceeds received and changes in market conditions , input costs and capital spending , the company remains committed to using its free cash flow in 2006 to pay down debt , to return value to shareholders , and for se- lective high-return investments .
critical accounting policies the preparation of financial statements in con- formity with generally accepted accounting principles in the united states requires international paper to estab- lish accounting policies and to make estimates that af- fect both the amounts and timing of the recording of assets , liabilities , revenues and expenses .
some of these estimates require judgments about matters that are in- herently uncertain .
accounting policies whose application may have a significant effect on the reported results of operations and financial position of international paper , and that can require judgments by management that affect their application , include sfas no .
5 , 201caccounting for contingencies , 201d sfas no .
144 , 201caccounting for the impairment or disposal of long-lived assets , 201d sfas no .
142 , 201cgoodwill and other intangible assets , 201d sfas no .
87 , 201cemployers 2019 accounting for pensions , 201d sfas no .
106 , 201cemployers 2019 accounting for postretirement benefits other than pensions , 201d as amended by sfas nos .
132 and 132r , 201cemployers 2019 disclosures about pension and other postretirement benefits , 201d and sfas no .
109 , 201caccounting for income taxes . 201d the following is a discussion of the impact of these accounting policies on international paper : contingent liabilities .
accruals for contingent li- abilities , including legal and environmental matters , are recorded when it is probable that a liability has been incurred or an asset impaired and the amount of the loss can be reasonably estimated .
liabilities accrued for legal matters require judgments regarding projected outcomes and range of loss based on historical experience and recommendations of legal counsel .
additionally , as dis- cussed in note 10 of the notes to consolidated finan- cial statements in item 8 .
financial statements and supplementary data , reserves for projected future claims settlements relating to exterior siding and roofing prod- ucts previously manufactured by masonite require judgments regarding projections of future claims rates and amounts .
international paper utilizes an in- dependent third party consultant to assist in developing these estimates .
liabilities for environmental matters require evaluations of relevant environmental regu- lations and estimates of future remediation alternatives and costs .
international paper determines these esti- mates after a detailed evaluation of each site .
impairment of long-lived assets and goodwill .
an impairment of a long-lived asset exists when the asset 2019s carrying amount exceeds its fair value , and is recorded when the carrying amount is not recoverable through future operations .
a goodwill impairment exists when the carrying amount of goodwill exceeds its fair value .
assessments of possible impairments of long-lived assets and goodwill are made when events or changes in cir- cumstances indicate that the carrying value of the asset . | | | in millions | 2006 | 2007 | 2008 | 2009 | 2010 | thereafter |
|---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------|
| 0 | total debt | $ 1181 | $ 570 | $ 308 | $ 2330 | $ 1534 | $ 6281 |
| 1 | lease obligations | 172 | 144 | 119 | 76 | 63 | 138 |
| 2 | purchase obligations ( a ) | 3264 | 393 | 280 | 240 | 204 | 1238 |
| 3 | total | $ 4617 | $ 1107 | $ 707 | $ 2646 | $ 1801 | $ 7657 | | contractual obligations for future payments under existing debt and lease commitments and purchase obli- gations at december 31 , 2005 , were as follows : in millions 2006 2007 2008 2009 2010 thereafter ._| | in millions | 2006 | 2007 | 2008 | 2009 | 2010 | thereafter |
|---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------|
| 0 | total debt | $ 1181 | $ 570 | $ 308 | $ 2330 | $ 1534 | $ 6281 |
| 1 | lease obligations | 172 | 144 | 119 | 76 | 63 | 138 |
| 2 | purchase obligations ( a ) | 3264 | 393 | 280 | 240 | 204 | 1238 |
| 3 | total | $ 4617 | $ 1107 | $ 707 | $ 2646 | $ 1801 | $ 7657 |_( a ) the 2006 amount includes $ 2.4 billion for contracts made in the ordinary course of business to purchase pulpwood , logs and wood chips .
the majority of our other purchase obligations are take-or-pay or purchase commitments made in the ordinary course of business related to raw material purchases and energy contracts .
other significant items include purchase obligations related to contracted services .
transformation plan in july 2005 , the company announced a plan to focus its business portfolio on two key global platform businesses : uncoated papers ( including distribution ) and packaging .
the plan also focuses on improving shareholder return through mill realignments in those two businesses , additional cost improvements and exploring strategic options for other businesses , includ- ing possible sale or spin-off .
in connection with this process , in the third quarter of 2005 , the company completed the sale of its 50.5% ( 50.5 % ) interest in carter holt harvey limited .
other businesses currently under re- view include : 2022 the coated and supercalendered papers busi- ness , including the coated groundwood mill and associated assets in brazil , 2022 the beverage packaging business , including the pine bluff , arkansas mill , 2022 the kraft papers business , including the roa- noke rapids , north carolina mill , 2022 arizona chemical , 2022 the wood products business , and 2022 segments or potentially all of the company 2019s 6.5 million acres of u.s .
forestlands .
consistent with this evaluation process , the com- pany has distributed bid package information for some of these businesses .
the exact timing of this evaluation process will vary by business ; however , it is anticipated that decisions will be made for some of these businesses during 2006 .
while the exact use of any proceeds from potential future sales is dependent upon various factors affecting future cash flows , such as the amount of any proceeds received and changes in market conditions , input costs and capital spending , the company remains committed to using its free cash flow in 2006 to pay down debt , to return value to shareholders , and for se- lective high-return investments .
critical accounting policies the preparation of financial statements in con- formity with generally accepted accounting principles in the united states requires international paper to estab- lish accounting policies and to make estimates that af- fect both the amounts and timing of the recording of assets , liabilities , revenues and expenses .
some of these estimates require judgments about matters that are in- herently uncertain .
accounting policies whose application may have a significant effect on the reported results of operations and financial position of international paper , and that can require judgments by management that affect their application , include sfas no .
5 , 201caccounting for contingencies , 201d sfas no .
144 , 201caccounting for the impairment or disposal of long-lived assets , 201d sfas no .
142 , 201cgoodwill and other intangible assets , 201d sfas no .
87 , 201cemployers 2019 accounting for pensions , 201d sfas no .
106 , 201cemployers 2019 accounting for postretirement benefits other than pensions , 201d as amended by sfas nos .
132 and 132r , 201cemployers 2019 disclosures about pension and other postretirement benefits , 201d and sfas no .
109 , 201caccounting for income taxes . 201d the following is a discussion of the impact of these accounting policies on international paper : contingent liabilities .
accruals for contingent li- abilities , including legal and environmental matters , are recorded when it is probable that a liability has been incurred or an asset impaired and the amount of the loss can be reasonably estimated .
liabilities accrued for legal matters require judgments regarding projected outcomes and range of loss based on historical experience and recommendations of legal counsel .
additionally , as dis- cussed in note 10 of the notes to consolidated finan- cial statements in item 8 .
financial statements and supplementary data , reserves for projected future claims settlements relating to exterior siding and roofing prod- ucts previously manufactured by masonite require judgments regarding projections of future claims rates and amounts .
international paper utilizes an in- dependent third party consultant to assist in developing these estimates .
liabilities for environmental matters require evaluations of relevant environmental regu- lations and estimates of future remediation alternatives and costs .
international paper determines these esti- mates after a detailed evaluation of each site .
impairment of long-lived assets and goodwill .
an impairment of a long-lived asset exists when the asset 2019s carrying amount exceeds its fair value , and is recorded when the carrying amount is not recoverable through future operations .
a goodwill impairment exists when the carrying amount of goodwill exceeds its fair value .
assessments of possible impairments of long-lived assets and goodwill are made when events or changes in cir- cumstances indicate that the carrying value of the asset . | 2,005 | 35 | IP | International Paper | Materials | Paper & Plastic Packaging Products & Materials | Memphis, Tennessee | 1957-03-04 | 51,434 | 1898 | null | null |
finqa140 | what was average net sales for space systems in millions from 2013 to 2015? | 9198 | table_average(net sales, none) | 2014 compared to 2013 mst 2019s net sales decreased $ 305 million , or 3% ( 3 % ) , in 2014 as compared to 2013 .
net sales decreased by approximately $ 305 million due to the wind-down or completion of certain c4isr programs ( primarily ptds ) ; about $ 85 million for undersea systems programs due to decreased volume and deliveries ; and about $ 55 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) .
the decreases were partially offset by higher net sales of approximately $ 80 million for integrated warfare systems and sensors programs due to increased volume ( primarily space fence ) ; and approximately $ 40 million for training and logistics solutions programs due to increased deliveries ( primarily close combat tactical trainer ) .
mst 2019s operating profit decreased $ 129 million , or 12% ( 12 % ) , in 2014 as compared to 2013 .
the decrease was primarily attributable to lower operating profit of approximately $ 120 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) ; approximately $ 55 million due to the reasons described above for lower c4isr program sales , as well as performance matters on an international program ; and approximately $ 45 million due to higher reserves recorded on certain training and logistics solutions programs .
the decreases were partially offset by higher operating profit of approximately $ 45 million for performance matters and reserves recorded in 2013 that were not repeated in 2014 ; and about $ 60 million for various programs due to increased risk retirements ( including mh-60 and radar surveillance programs ) .
adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 85 million lower for 2014 compared to 2013 .
backlog backlog increased in 2015 compared to 2014 primarily due to the addition of sikorsky backlog , as well as higher orders on new program starts ( such as australian defence force pilot training system ) .
backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts ( such as space fence ) .
trends we expect mst 2019s 2016 net sales to increase in the mid-double digit percentage range compared to 2015 net sales due to the inclusion of sikorsky programs for a full year , partially offset by a decline in volume due to the wind-down or completion of certain programs .
operating profit is expected to be equivalent to 2015 on higher volume , and operating margin is expected to decline due to costs associated with the sikorsky acquisition , including the impact of purchase accounting adjustments , integration costs and inherited restructuring costs associated with actions committed to by sikorsky prior to acquisition .
space systems our space systems business segment is engaged in the research and development , design , engineering and production of satellites , strategic and defensive missile systems and space transportation systems .
space systems provides network-enabled situational awareness and integrates complex global systems to help our customers gather , analyze , and securely distribute critical intelligence data .
space systems is also responsible for various classified systems and services in support of vital national security systems .
space systems 2019 major programs include the trident ii d5 fleet ballistic missile ( fbm ) , orion , space based infrared system ( sbirs ) , aehf , gps-iii , geostationary operational environmental satellite r-series ( goes-r ) , and muos .
operating profit for our space systems business segment includes our share of earnings for our investment in ula , which provides expendable launch services to the u.s .
government .
space systems 2019 operating results included the following ( in millions ) : . | 2015 compared to 2014 space systems 2019 net sales in 2015 decreased $ 97 million , or 1% ( 1 % ) , compared to 2014 .
the decrease was attributable to approximately $ 335 million lower net sales for government satellite programs due to decreased volume ( primarily aehf ) and the wind-down or completion of mission solutions programs ; and approximately $ 55 million for strategic missile and defense systems due to lower volume .
these decreases were partially offset by higher net sales of approximately $ 235 million for businesses acquired in 2014 ; and approximately $ 75 million for the orion program due to increased volume. . | | | | 2015 | 2014 | 2013 |
|---:|:--------------------|:-----------------|:-----------------|:-----------------|
| 0 | net sales | $ 9105 | $ 9202 | $ 9288 |
| 1 | operating profit | 1171 | 1187 | 1198 |
| 2 | operating margins | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) |
| 3 | backlog at year-end | $ 17400 | $ 20300 | $ 21400 | | 2014 compared to 2013 mst 2019s net sales decreased $ 305 million , or 3% ( 3 % ) , in 2014 as compared to 2013 .
net sales decreased by approximately $ 305 million due to the wind-down or completion of certain c4isr programs ( primarily ptds ) ; about $ 85 million for undersea systems programs due to decreased volume and deliveries ; and about $ 55 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) .
the decreases were partially offset by higher net sales of approximately $ 80 million for integrated warfare systems and sensors programs due to increased volume ( primarily space fence ) ; and approximately $ 40 million for training and logistics solutions programs due to increased deliveries ( primarily close combat tactical trainer ) .
mst 2019s operating profit decreased $ 129 million , or 12% ( 12 % ) , in 2014 as compared to 2013 .
the decrease was primarily attributable to lower operating profit of approximately $ 120 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) ; approximately $ 55 million due to the reasons described above for lower c4isr program sales , as well as performance matters on an international program ; and approximately $ 45 million due to higher reserves recorded on certain training and logistics solutions programs .
the decreases were partially offset by higher operating profit of approximately $ 45 million for performance matters and reserves recorded in 2013 that were not repeated in 2014 ; and about $ 60 million for various programs due to increased risk retirements ( including mh-60 and radar surveillance programs ) .
adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 85 million lower for 2014 compared to 2013 .
backlog backlog increased in 2015 compared to 2014 primarily due to the addition of sikorsky backlog , as well as higher orders on new program starts ( such as australian defence force pilot training system ) .
backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts ( such as space fence ) .
trends we expect mst 2019s 2016 net sales to increase in the mid-double digit percentage range compared to 2015 net sales due to the inclusion of sikorsky programs for a full year , partially offset by a decline in volume due to the wind-down or completion of certain programs .
operating profit is expected to be equivalent to 2015 on higher volume , and operating margin is expected to decline due to costs associated with the sikorsky acquisition , including the impact of purchase accounting adjustments , integration costs and inherited restructuring costs associated with actions committed to by sikorsky prior to acquisition .
space systems our space systems business segment is engaged in the research and development , design , engineering and production of satellites , strategic and defensive missile systems and space transportation systems .
space systems provides network-enabled situational awareness and integrates complex global systems to help our customers gather , analyze , and securely distribute critical intelligence data .
space systems is also responsible for various classified systems and services in support of vital national security systems .
space systems 2019 major programs include the trident ii d5 fleet ballistic missile ( fbm ) , orion , space based infrared system ( sbirs ) , aehf , gps-iii , geostationary operational environmental satellite r-series ( goes-r ) , and muos .
operating profit for our space systems business segment includes our share of earnings for our investment in ula , which provides expendable launch services to the u.s .
government .
space systems 2019 operating results included the following ( in millions ) : ._| | | 2015 | 2014 | 2013 |
|---:|:--------------------|:-----------------|:-----------------|:-----------------|
| 0 | net sales | $ 9105 | $ 9202 | $ 9288 |
| 1 | operating profit | 1171 | 1187 | 1198 |
| 2 | operating margins | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) |
| 3 | backlog at year-end | $ 17400 | $ 20300 | $ 21400 |_2015 compared to 2014 space systems 2019 net sales in 2015 decreased $ 97 million , or 1% ( 1 % ) , compared to 2014 .
the decrease was attributable to approximately $ 335 million lower net sales for government satellite programs due to decreased volume ( primarily aehf ) and the wind-down or completion of mission solutions programs ; and approximately $ 55 million for strategic missile and defense systems due to lower volume .
these decreases were partially offset by higher net sales of approximately $ 235 million for businesses acquired in 2014 ; and approximately $ 75 million for the orion program due to increased volume. . | 2,015 | 56 | LMT | Lockheed Martin | Industrials | Aerospace & Defense | Bethesda, Maryland | 1957-03-04 | 936,468 | 1995 | what was average net sales for space systems in millions from 2013 to 2015? | 9198 | table_average(net sales, none) | 2014 compared to 2013 mst 2019s net sales decreased $ 305 million , or 3% ( 3 % ) , in 2014 as compared to 2013 .
net sales decreased by approximately $ 305 million due to the wind-down or completion of certain c4isr programs ( primarily ptds ) ; about $ 85 million for undersea systems programs due to decreased volume and deliveries ; and about $ 55 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) .
the decreases were partially offset by higher net sales of approximately $ 80 million for integrated warfare systems and sensors programs due to increased volume ( primarily space fence ) ; and approximately $ 40 million for training and logistics solutions programs due to increased deliveries ( primarily close combat tactical trainer ) .
mst 2019s operating profit decreased $ 129 million , or 12% ( 12 % ) , in 2014 as compared to 2013 .
the decrease was primarily attributable to lower operating profit of approximately $ 120 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) ; approximately $ 55 million due to the reasons described above for lower c4isr program sales , as well as performance matters on an international program ; and approximately $ 45 million due to higher reserves recorded on certain training and logistics solutions programs .
the decreases were partially offset by higher operating profit of approximately $ 45 million for performance matters and reserves recorded in 2013 that were not repeated in 2014 ; and about $ 60 million for various programs due to increased risk retirements ( including mh-60 and radar surveillance programs ) .
adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 85 million lower for 2014 compared to 2013 .
backlog backlog increased in 2015 compared to 2014 primarily due to the addition of sikorsky backlog , as well as higher orders on new program starts ( such as australian defence force pilot training system ) .
backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts ( such as space fence ) .
trends we expect mst 2019s 2016 net sales to increase in the mid-double digit percentage range compared to 2015 net sales due to the inclusion of sikorsky programs for a full year , partially offset by a decline in volume due to the wind-down or completion of certain programs .
operating profit is expected to be equivalent to 2015 on higher volume , and operating margin is expected to decline due to costs associated with the sikorsky acquisition , including the impact of purchase accounting adjustments , integration costs and inherited restructuring costs associated with actions committed to by sikorsky prior to acquisition .
space systems our space systems business segment is engaged in the research and development , design , engineering and production of satellites , strategic and defensive missile systems and space transportation systems .
space systems provides network-enabled situational awareness and integrates complex global systems to help our customers gather , analyze , and securely distribute critical intelligence data .
space systems is also responsible for various classified systems and services in support of vital national security systems .
space systems 2019 major programs include the trident ii d5 fleet ballistic missile ( fbm ) , orion , space based infrared system ( sbirs ) , aehf , gps-iii , geostationary operational environmental satellite r-series ( goes-r ) , and muos .
operating profit for our space systems business segment includes our share of earnings for our investment in ula , which provides expendable launch services to the u.s .
government .
space systems 2019 operating results included the following ( in millions ) : . | 2015 compared to 2014 space systems 2019 net sales in 2015 decreased $ 97 million , or 1% ( 1 % ) , compared to 2014 .
the decrease was attributable to approximately $ 335 million lower net sales for government satellite programs due to decreased volume ( primarily aehf ) and the wind-down or completion of mission solutions programs ; and approximately $ 55 million for strategic missile and defense systems due to lower volume .
these decreases were partially offset by higher net sales of approximately $ 235 million for businesses acquired in 2014 ; and approximately $ 75 million for the orion program due to increased volume. . | | | | 2015 | 2014 | 2013 |
|---:|:--------------------|:-----------------|:-----------------|:-----------------|
| 0 | net sales | $ 9105 | $ 9202 | $ 9288 |
| 1 | operating profit | 1171 | 1187 | 1198 |
| 2 | operating margins | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) |
| 3 | backlog at year-end | $ 17400 | $ 20300 | $ 21400 | | 2014 compared to 2013 mst 2019s net sales decreased $ 305 million , or 3% ( 3 % ) , in 2014 as compared to 2013 .
net sales decreased by approximately $ 305 million due to the wind-down or completion of certain c4isr programs ( primarily ptds ) ; about $ 85 million for undersea systems programs due to decreased volume and deliveries ; and about $ 55 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) .
the decreases were partially offset by higher net sales of approximately $ 80 million for integrated warfare systems and sensors programs due to increased volume ( primarily space fence ) ; and approximately $ 40 million for training and logistics solutions programs due to increased deliveries ( primarily close combat tactical trainer ) .
mst 2019s operating profit decreased $ 129 million , or 12% ( 12 % ) , in 2014 as compared to 2013 .
the decrease was primarily attributable to lower operating profit of approximately $ 120 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) ; approximately $ 55 million due to the reasons described above for lower c4isr program sales , as well as performance matters on an international program ; and approximately $ 45 million due to higher reserves recorded on certain training and logistics solutions programs .
the decreases were partially offset by higher operating profit of approximately $ 45 million for performance matters and reserves recorded in 2013 that were not repeated in 2014 ; and about $ 60 million for various programs due to increased risk retirements ( including mh-60 and radar surveillance programs ) .
adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 85 million lower for 2014 compared to 2013 .
backlog backlog increased in 2015 compared to 2014 primarily due to the addition of sikorsky backlog , as well as higher orders on new program starts ( such as australian defence force pilot training system ) .
backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts ( such as space fence ) .
trends we expect mst 2019s 2016 net sales to increase in the mid-double digit percentage range compared to 2015 net sales due to the inclusion of sikorsky programs for a full year , partially offset by a decline in volume due to the wind-down or completion of certain programs .
operating profit is expected to be equivalent to 2015 on higher volume , and operating margin is expected to decline due to costs associated with the sikorsky acquisition , including the impact of purchase accounting adjustments , integration costs and inherited restructuring costs associated with actions committed to by sikorsky prior to acquisition .
space systems our space systems business segment is engaged in the research and development , design , engineering and production of satellites , strategic and defensive missile systems and space transportation systems .
space systems provides network-enabled situational awareness and integrates complex global systems to help our customers gather , analyze , and securely distribute critical intelligence data .
space systems is also responsible for various classified systems and services in support of vital national security systems .
space systems 2019 major programs include the trident ii d5 fleet ballistic missile ( fbm ) , orion , space based infrared system ( sbirs ) , aehf , gps-iii , geostationary operational environmental satellite r-series ( goes-r ) , and muos .
operating profit for our space systems business segment includes our share of earnings for our investment in ula , which provides expendable launch services to the u.s .
government .
space systems 2019 operating results included the following ( in millions ) : ._| | | 2015 | 2014 | 2013 |
|---:|:--------------------|:-----------------|:-----------------|:-----------------|
| 0 | net sales | $ 9105 | $ 9202 | $ 9288 |
| 1 | operating profit | 1171 | 1187 | 1198 |
| 2 | operating margins | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) |
| 3 | backlog at year-end | $ 17400 | $ 20300 | $ 21400 |_2015 compared to 2014 space systems 2019 net sales in 2015 decreased $ 97 million , or 1% ( 1 % ) , compared to 2014 .
the decrease was attributable to approximately $ 335 million lower net sales for government satellite programs due to decreased volume ( primarily aehf ) and the wind-down or completion of mission solutions programs ; and approximately $ 55 million for strategic missile and defense systems due to lower volume .
these decreases were partially offset by higher net sales of approximately $ 235 million for businesses acquired in 2014 ; and approximately $ 75 million for the orion program due to increased volume. . | 2,015 | 56 | LMT | Lockheed Martin | Industrials | Aerospace & Defense | Bethesda, Maryland | 1957-03-04 | 936,468 | 1995 | null | null |
finqa141 | what is the five year total return on ball stock? | 34.96 | subtract(134.96, 100.00) | page 15 of 100 shareholder return performance the line graph below compares the annual percentage change in ball corporation 2019s cumulative total shareholder return on its common stock with the cumulative total return of the dow jones containers & packaging index and the s&p composite 500 stock index for the five-year period ended december 31 , 2010 .
it assumes $ 100 was invested on december 31 , 2005 , and that all dividends were reinvested .
the dow jones containers & packaging index total return has been weighted by market capitalization .
total return analysis . | . | | | | 12/31/05 | 12/31/06 | 12/31/07 | 12/31/08 | 12/31/09 | 12/31/10 |
|---:|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|
| 0 | ball corporation | $ 100.00 | $ 110.86 | $ 115.36 | $ 107.58 | $ 134.96 | $ 178.93 |
| 1 | dj containers & packaging index | $ 100.00 | $ 112.09 | $ 119.63 | $ 75.00 | $ 105.34 | $ 123.56 |
| 2 | s&p 500 index | $ 100.00 | $ 115.80 | $ 122.16 | $ 76.96 | $ 97.33 | $ 111.99 |
| 3 | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) |
| 4 | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | | page 15 of 100 shareholder return performance the line graph below compares the annual percentage change in ball corporation 2019s cumulative total shareholder return on its common stock with the cumulative total return of the dow jones containers & packaging index and the s&p composite 500 stock index for the five-year period ended december 31 , 2010 .
it assumes $ 100 was invested on december 31 , 2005 , and that all dividends were reinvested .
the dow jones containers & packaging index total return has been weighted by market capitalization .
total return analysis ._| | | 12/31/05 | 12/31/06 | 12/31/07 | 12/31/08 | 12/31/09 | 12/31/10 |
|---:|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|
| 0 | ball corporation | $ 100.00 | $ 110.86 | $ 115.36 | $ 107.58 | $ 134.96 | $ 178.93 |
| 1 | dj containers & packaging index | $ 100.00 | $ 112.09 | $ 119.63 | $ 75.00 | $ 105.34 | $ 123.56 |
| 2 | s&p 500 index | $ 100.00 | $ 115.80 | $ 122.16 | $ 76.96 | $ 97.33 | $ 111.99 |
| 3 | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) |
| 4 | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . |_. | 2,010 | 28 | BLL | Ball Corporation | Materials | Containers & Packaging | Westminster, CO | 1970-01-01 | 9,389 | 1880 | what is the five year total return on ball stock? | 34.96 | subtract(134.96, 100.00) | page 15 of 100 shareholder return performance the line graph below compares the annual percentage change in ball corporation 2019s cumulative total shareholder return on its common stock with the cumulative total return of the dow jones containers & packaging index and the s&p composite 500 stock index for the five-year period ended december 31 , 2010 .
it assumes $ 100 was invested on december 31 , 2005 , and that all dividends were reinvested .
the dow jones containers & packaging index total return has been weighted by market capitalization .
total return analysis . | . | | | | 12/31/05 | 12/31/06 | 12/31/07 | 12/31/08 | 12/31/09 | 12/31/10 |
|---:|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|
| 0 | ball corporation | $ 100.00 | $ 110.86 | $ 115.36 | $ 107.58 | $ 134.96 | $ 178.93 |
| 1 | dj containers & packaging index | $ 100.00 | $ 112.09 | $ 119.63 | $ 75.00 | $ 105.34 | $ 123.56 |
| 2 | s&p 500 index | $ 100.00 | $ 115.80 | $ 122.16 | $ 76.96 | $ 97.33 | $ 111.99 |
| 3 | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) |
| 4 | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | | page 15 of 100 shareholder return performance the line graph below compares the annual percentage change in ball corporation 2019s cumulative total shareholder return on its common stock with the cumulative total return of the dow jones containers & packaging index and the s&p composite 500 stock index for the five-year period ended december 31 , 2010 .
it assumes $ 100 was invested on december 31 , 2005 , and that all dividends were reinvested .
the dow jones containers & packaging index total return has been weighted by market capitalization .
total return analysis ._| | | 12/31/05 | 12/31/06 | 12/31/07 | 12/31/08 | 12/31/09 | 12/31/10 |
|---:|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------------------------------------------------------------------------------------------------------------------------------|
| 0 | ball corporation | $ 100.00 | $ 110.86 | $ 115.36 | $ 107.58 | $ 134.96 | $ 178.93 |
| 1 | dj containers & packaging index | $ 100.00 | $ 112.09 | $ 119.63 | $ 75.00 | $ 105.34 | $ 123.56 |
| 2 | s&p 500 index | $ 100.00 | $ 115.80 | $ 122.16 | $ 76.96 | $ 97.33 | $ 111.99 |
| 3 | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) |
| 4 | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . |_. | 2,010 | 28 | BLL | Ball Corporation | Materials | Containers & Packaging | Westminster, CO | 1970-01-01 | 9,389 | 1880 | null | null |
finqa142 | what is the cash flow statement effect of the change in cash used for working capital from 2013 to 2014? | -121.5 | subtract(9.6, 131.1) | 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. . | | | cash flow data | years ended december 31 , 2015 | years ended december 31 , 2014 | years ended december 31 , 2013 |
|---:|:-----------------------------------------------------------------------------------------|:---------------------------------|:---------------------------------|:---------------------------------|
| 0 | net income adjusted to reconcile net income to net cashprovided by operating activities1 | $ 848.2 | $ 831.2 | $ 598.4 |
| 1 | net cash used in working capital2 | -117.5 ( 117.5 ) | -131.1 ( 131.1 ) | -9.6 ( 9.6 ) |
| 2 | changes in other non-current assets and liabilities using cash | -56.7 ( 56.7 ) | -30.6 ( 30.6 ) | 4.1 |
| 3 | net cash provided by operating activities | $ 674.0 | $ 669.5 | $ 592.9 |
| 4 | net cash used in investing activities | -202.8 ( 202.8 ) | -200.8 ( 200.8 ) | -224.5 ( 224.5 ) |
| 5 | net cash used in financing activities | -472.8 ( 472.8 ) | -343.9 ( 343.9 ) | -1212.3 ( 1212.3 ) | | 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. ._| | cash flow data | years ended december 31 , 2015 | years ended december 31 , 2014 | years ended december 31 , 2013 |
|---:|:-----------------------------------------------------------------------------------------|:---------------------------------|:---------------------------------|:---------------------------------|
| 0 | net income adjusted to reconcile net income to net cashprovided by operating activities1 | $ 848.2 | $ 831.2 | $ 598.4 |
| 1 | net cash used in working capital2 | -117.5 ( 117.5 ) | -131.1 ( 131.1 ) | -9.6 ( 9.6 ) |
| 2 | changes in other non-current assets and liabilities using cash | -56.7 ( 56.7 ) | -30.6 ( 30.6 ) | 4.1 |
| 3 | net cash provided by operating activities | $ 674.0 | $ 669.5 | $ 592.9 |
| 4 | net cash used in investing activities | -202.8 ( 202.8 ) | -200.8 ( 200.8 ) | -224.5 ( 224.5 ) |
| 5 | net cash used in financing activities | -472.8 ( 472.8 ) | -343.9 ( 343.9 ) | -1212.3 ( 1212.3 ) |_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. . | 2,015 | 37 | IPG | Interpublic Group of Companies (The) | Communication Services | Advertising | New York City, New York | 1992-10-01 | 51,644 | 1961 (1930) | what is the cash flow statement effect of the change in cash used for working capital from 2013 to 2014? | -121.5 | subtract(9.6, 131.1) | 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. . | | | cash flow data | years ended december 31 , 2015 | years ended december 31 , 2014 | years ended december 31 , 2013 |
|---:|:-----------------------------------------------------------------------------------------|:---------------------------------|:---------------------------------|:---------------------------------|
| 0 | net income adjusted to reconcile net income to net cashprovided by operating activities1 | $ 848.2 | $ 831.2 | $ 598.4 |
| 1 | net cash used in working capital2 | -117.5 ( 117.5 ) | -131.1 ( 131.1 ) | -9.6 ( 9.6 ) |
| 2 | changes in other non-current assets and liabilities using cash | -56.7 ( 56.7 ) | -30.6 ( 30.6 ) | 4.1 |
| 3 | net cash provided by operating activities | $ 674.0 | $ 669.5 | $ 592.9 |
| 4 | net cash used in investing activities | -202.8 ( 202.8 ) | -200.8 ( 200.8 ) | -224.5 ( 224.5 ) |
| 5 | net cash used in financing activities | -472.8 ( 472.8 ) | -343.9 ( 343.9 ) | -1212.3 ( 1212.3 ) | | 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. ._| | cash flow data | years ended december 31 , 2015 | years ended december 31 , 2014 | years ended december 31 , 2013 |
|---:|:-----------------------------------------------------------------------------------------|:---------------------------------|:---------------------------------|:---------------------------------|
| 0 | net income adjusted to reconcile net income to net cashprovided by operating activities1 | $ 848.2 | $ 831.2 | $ 598.4 |
| 1 | net cash used in working capital2 | -117.5 ( 117.5 ) | -131.1 ( 131.1 ) | -9.6 ( 9.6 ) |
| 2 | changes in other non-current assets and liabilities using cash | -56.7 ( 56.7 ) | -30.6 ( 30.6 ) | 4.1 |
| 3 | net cash provided by operating activities | $ 674.0 | $ 669.5 | $ 592.9 |
| 4 | net cash used in investing activities | -202.8 ( 202.8 ) | -200.8 ( 200.8 ) | -224.5 ( 224.5 ) |
| 5 | net cash used in financing activities | -472.8 ( 472.8 ) | -343.9 ( 343.9 ) | -1212.3 ( 1212.3 ) |_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. . | 2,015 | 37 | IPG | Interpublic Group of Companies (The) | Communication Services | Advertising | New York City, New York | 1992-10-01 | 51,644 | 1961 (1930) | null | null |
finqa143 | what portion of the company owned facilities are located in the rest of the world? | 31.3% | divide(26, 83) | item 1b .
unresolved staff comments .
item 2 .
properties .
our corporate co-headquarters are located in pittsburgh , pennsylvania and chicago , illinois .
our co-headquarters are leased and house our executive offices , certain u.s .
business units , and our administrative , finance , and human resource functions .
we maintain additional owned and leased offices throughout the regions in which we operate .
we manufacture our products in our network of manufacturing and processing facilities located throughout the world .
as of december 31 , 2016 , we operated 87 manufacturing and processing facilities .
we own 83 and lease four of these facilities .
our manufacturing and processing facilities count by segment as of december 31 , 2016 was: . | we maintain all of our manufacturing and processing facilities in good condition and believe they are suitable and are adequate for our present needs .
we also enter into co-manufacturing arrangements with third parties if we determine it is advantageous to outsource the production of any of our products .
in the fourth quarter of 2016 , we reorganized our segment structure to move our russia business from the rest of world segment to the europe segment .
we have reflected this change in the table above .
see note 18 , segment reporting , to the consolidated financial statements for additional information .
several of our current manufacturing and processing facilities are scheduled to be closed within the next year .
see note 3 , integration and restructuring expenses , to the consolidated financial statements for additional information .
item 3 .
legal proceedings .
we are routinely involved in legal proceedings , claims , and governmental inquiries , inspections or investigations ( 201clegal matters 201d ) arising in the ordinary course of our business .
on april 1 , 2015 , the commodity futures trading commission ( 201ccftc 201d ) filed a formal complaint against mondel 0113z international ( formerly known as kraft foods inc. ) and kraft in the u.s .
district court for the northern district of illinois , eastern division , related to activities involving the trading of december 2011 wheat futures contracts .
the complaint alleges that mondel 0113z international and kraft ( 1 ) manipulated or attempted to manipulate the wheat markets during the fall of 2011 , ( 2 ) violated position limit levels for wheat futures , and ( 3 ) engaged in non-competitive trades by trading both sides of exchange-for-physical chicago board of trade wheat contracts .
as previously disclosed by kraft , these activities arose prior to the october 1 , 2012 spin-off of kraft by mondel 0113z international to its shareholders and involve the business now owned and operated by mondel 0113z international or its affiliates .
the separation and distribution agreement between kraft and mondel 0113z international , dated as of september 27 , 2012 , governs the allocation of liabilities between mondel 0113z international and kraft and , accordingly , mondel 0113z international will predominantly bear the costs of this matter and any monetary penalties or other payments that the cftc may impose .
we do not expect this matter to have a material adverse effect on our financial condition , results of operations , or business .
while we cannot predict with certainty the results of legal matters in which we are currently involved or may in the future be involved , we do not expect that the ultimate costs to resolve any of the legal matters that are currently pending will have a material adverse effect on our financial condition or results of operations .
item 4 .
mine safety disclosures .
not applicable. . | | | | owned | leased |
|---:|:--------------|--------:|---------:|
| 0 | united states | 43 | 2 |
| 1 | canada | 3 | 2014 |
| 2 | europe | 11 | 2014 |
| 3 | rest of world | 26 | 2 | | item 1b .
unresolved staff comments .
item 2 .
properties .
our corporate co-headquarters are located in pittsburgh , pennsylvania and chicago , illinois .
our co-headquarters are leased and house our executive offices , certain u.s .
business units , and our administrative , finance , and human resource functions .
we maintain additional owned and leased offices throughout the regions in which we operate .
we manufacture our products in our network of manufacturing and processing facilities located throughout the world .
as of december 31 , 2016 , we operated 87 manufacturing and processing facilities .
we own 83 and lease four of these facilities .
our manufacturing and processing facilities count by segment as of december 31 , 2016 was: ._| | | owned | leased |
|---:|:--------------|--------:|---------:|
| 0 | united states | 43 | 2 |
| 1 | canada | 3 | 2014 |
| 2 | europe | 11 | 2014 |
| 3 | rest of world | 26 | 2 |_we maintain all of our manufacturing and processing facilities in good condition and believe they are suitable and are adequate for our present needs .
we also enter into co-manufacturing arrangements with third parties if we determine it is advantageous to outsource the production of any of our products .
in the fourth quarter of 2016 , we reorganized our segment structure to move our russia business from the rest of world segment to the europe segment .
we have reflected this change in the table above .
see note 18 , segment reporting , to the consolidated financial statements for additional information .
several of our current manufacturing and processing facilities are scheduled to be closed within the next year .
see note 3 , integration and restructuring expenses , to the consolidated financial statements for additional information .
item 3 .
legal proceedings .
we are routinely involved in legal proceedings , claims , and governmental inquiries , inspections or investigations ( 201clegal matters 201d ) arising in the ordinary course of our business .
on april 1 , 2015 , the commodity futures trading commission ( 201ccftc 201d ) filed a formal complaint against mondel 0113z international ( formerly known as kraft foods inc. ) and kraft in the u.s .
district court for the northern district of illinois , eastern division , related to activities involving the trading of december 2011 wheat futures contracts .
the complaint alleges that mondel 0113z international and kraft ( 1 ) manipulated or attempted to manipulate the wheat markets during the fall of 2011 , ( 2 ) violated position limit levels for wheat futures , and ( 3 ) engaged in non-competitive trades by trading both sides of exchange-for-physical chicago board of trade wheat contracts .
as previously disclosed by kraft , these activities arose prior to the october 1 , 2012 spin-off of kraft by mondel 0113z international to its shareholders and involve the business now owned and operated by mondel 0113z international or its affiliates .
the separation and distribution agreement between kraft and mondel 0113z international , dated as of september 27 , 2012 , governs the allocation of liabilities between mondel 0113z international and kraft and , accordingly , mondel 0113z international will predominantly bear the costs of this matter and any monetary penalties or other payments that the cftc may impose .
we do not expect this matter to have a material adverse effect on our financial condition , results of operations , or business .
while we cannot predict with certainty the results of legal matters in which we are currently involved or may in the future be involved , we do not expect that the ultimate costs to resolve any of the legal matters that are currently pending will have a material adverse effect on our financial condition or results of operations .
item 4 .
mine safety disclosures .
not applicable. . | 2,016 | 23 | KHC | Kraft Heinz | Consumer Staples | Packaged Foods & Meats | Chicago, Illinois; Pittsburgh, Pennsylvania | 2015-07-06 | 1,637,459 | 2015 (1869) | what portion of the company owned facilities are located in the rest of the world? | 31.3% | divide(26, 83) | item 1b .
unresolved staff comments .
item 2 .
properties .
our corporate co-headquarters are located in pittsburgh , pennsylvania and chicago , illinois .
our co-headquarters are leased and house our executive offices , certain u.s .
business units , and our administrative , finance , and human resource functions .
we maintain additional owned and leased offices throughout the regions in which we operate .
we manufacture our products in our network of manufacturing and processing facilities located throughout the world .
as of december 31 , 2016 , we operated 87 manufacturing and processing facilities .
we own 83 and lease four of these facilities .
our manufacturing and processing facilities count by segment as of december 31 , 2016 was: . | we maintain all of our manufacturing and processing facilities in good condition and believe they are suitable and are adequate for our present needs .
we also enter into co-manufacturing arrangements with third parties if we determine it is advantageous to outsource the production of any of our products .
in the fourth quarter of 2016 , we reorganized our segment structure to move our russia business from the rest of world segment to the europe segment .
we have reflected this change in the table above .
see note 18 , segment reporting , to the consolidated financial statements for additional information .
several of our current manufacturing and processing facilities are scheduled to be closed within the next year .
see note 3 , integration and restructuring expenses , to the consolidated financial statements for additional information .
item 3 .
legal proceedings .
we are routinely involved in legal proceedings , claims , and governmental inquiries , inspections or investigations ( 201clegal matters 201d ) arising in the ordinary course of our business .
on april 1 , 2015 , the commodity futures trading commission ( 201ccftc 201d ) filed a formal complaint against mondel 0113z international ( formerly known as kraft foods inc. ) and kraft in the u.s .
district court for the northern district of illinois , eastern division , related to activities involving the trading of december 2011 wheat futures contracts .
the complaint alleges that mondel 0113z international and kraft ( 1 ) manipulated or attempted to manipulate the wheat markets during the fall of 2011 , ( 2 ) violated position limit levels for wheat futures , and ( 3 ) engaged in non-competitive trades by trading both sides of exchange-for-physical chicago board of trade wheat contracts .
as previously disclosed by kraft , these activities arose prior to the october 1 , 2012 spin-off of kraft by mondel 0113z international to its shareholders and involve the business now owned and operated by mondel 0113z international or its affiliates .
the separation and distribution agreement between kraft and mondel 0113z international , dated as of september 27 , 2012 , governs the allocation of liabilities between mondel 0113z international and kraft and , accordingly , mondel 0113z international will predominantly bear the costs of this matter and any monetary penalties or other payments that the cftc may impose .
we do not expect this matter to have a material adverse effect on our financial condition , results of operations , or business .
while we cannot predict with certainty the results of legal matters in which we are currently involved or may in the future be involved , we do not expect that the ultimate costs to resolve any of the legal matters that are currently pending will have a material adverse effect on our financial condition or results of operations .
item 4 .
mine safety disclosures .
not applicable. . | | | | owned | leased |
|---:|:--------------|--------:|---------:|
| 0 | united states | 43 | 2 |
| 1 | canada | 3 | 2014 |
| 2 | europe | 11 | 2014 |
| 3 | rest of world | 26 | 2 | | item 1b .
unresolved staff comments .
item 2 .
properties .
our corporate co-headquarters are located in pittsburgh , pennsylvania and chicago , illinois .
our co-headquarters are leased and house our executive offices , certain u.s .
business units , and our administrative , finance , and human resource functions .
we maintain additional owned and leased offices throughout the regions in which we operate .
we manufacture our products in our network of manufacturing and processing facilities located throughout the world .
as of december 31 , 2016 , we operated 87 manufacturing and processing facilities .
we own 83 and lease four of these facilities .
our manufacturing and processing facilities count by segment as of december 31 , 2016 was: ._| | | owned | leased |
|---:|:--------------|--------:|---------:|
| 0 | united states | 43 | 2 |
| 1 | canada | 3 | 2014 |
| 2 | europe | 11 | 2014 |
| 3 | rest of world | 26 | 2 |_we maintain all of our manufacturing and processing facilities in good condition and believe they are suitable and are adequate for our present needs .
we also enter into co-manufacturing arrangements with third parties if we determine it is advantageous to outsource the production of any of our products .
in the fourth quarter of 2016 , we reorganized our segment structure to move our russia business from the rest of world segment to the europe segment .
we have reflected this change in the table above .
see note 18 , segment reporting , to the consolidated financial statements for additional information .
several of our current manufacturing and processing facilities are scheduled to be closed within the next year .
see note 3 , integration and restructuring expenses , to the consolidated financial statements for additional information .
item 3 .
legal proceedings .
we are routinely involved in legal proceedings , claims , and governmental inquiries , inspections or investigations ( 201clegal matters 201d ) arising in the ordinary course of our business .
on april 1 , 2015 , the commodity futures trading commission ( 201ccftc 201d ) filed a formal complaint against mondel 0113z international ( formerly known as kraft foods inc. ) and kraft in the u.s .
district court for the northern district of illinois , eastern division , related to activities involving the trading of december 2011 wheat futures contracts .
the complaint alleges that mondel 0113z international and kraft ( 1 ) manipulated or attempted to manipulate the wheat markets during the fall of 2011 , ( 2 ) violated position limit levels for wheat futures , and ( 3 ) engaged in non-competitive trades by trading both sides of exchange-for-physical chicago board of trade wheat contracts .
as previously disclosed by kraft , these activities arose prior to the october 1 , 2012 spin-off of kraft by mondel 0113z international to its shareholders and involve the business now owned and operated by mondel 0113z international or its affiliates .
the separation and distribution agreement between kraft and mondel 0113z international , dated as of september 27 , 2012 , governs the allocation of liabilities between mondel 0113z international and kraft and , accordingly , mondel 0113z international will predominantly bear the costs of this matter and any monetary penalties or other payments that the cftc may impose .
we do not expect this matter to have a material adverse effect on our financial condition , results of operations , or business .
while we cannot predict with certainty the results of legal matters in which we are currently involved or may in the future be involved , we do not expect that the ultimate costs to resolve any of the legal matters that are currently pending will have a material adverse effect on our financial condition or results of operations .
item 4 .
mine safety disclosures .
not applicable. . | 2,016 | 23 | KHC | Kraft Heinz | Consumer Staples | Packaged Foods & Meats | Chicago, Illinois; Pittsburgh, Pennsylvania | 2015-07-06 | 1,637,459 | 2015 (1869) | null | null |
finqa144 | what is the lowest segment operating income? | 846 | table_min(segment operating income, none) | risk and insurance brokerage services . | during 2009 we continued to see a soft market , which began in 2007 , in our retail brokerage product line .
in 2007 , we experienced a soft market in many business lines and in many geographic areas .
in a 2018 2018soft market , 2019 2019 premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity .
changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the premiums paid by insureds .
prices fell throughout 2007 , with the greatest declines seen in large and middle-market accounts .
prices continued to decline during 2008 , although the rate of decline slowed toward the end of the year .
in our reinsurance brokerage product line , pricing overall during 2009 was also down , although during a portion of the year it was flat to up slightly .
additionally , beginning in late 2008 and continuing throughout 2009 , we faced difficult conditions as a result of unprecedented disruptions in the global economy , the repricing of credit risk and the deterioration of the financial markets .
continued volatility and further deterioration in the credit markets have reduced our customers 2019 demand for our retail brokerage and reinsurance brokerage products , which have negatively hurt our operational results .
in addition , overall capacity in the industry could decrease if a significant insurer either fails or withdraws from writing insurance coverages that we offer our clients .
this failure could reduce our revenues and profitability , since we would no longer have access to certain lines and types of insurance .
risk and insurance brokerage services generated approximately 83% ( 83 % ) of our consolidated total revenues in 2009 .
revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients .
our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients 2019 policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates .
we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage .
specifically , we address the highly specialized product development and risk management needs of commercial enterprises , professional groups , insurance companies , governments , healthcare providers , and non-profit groups , among others ; provide affinity products for professional liability , life , disability income , and personal lines for individuals , associations , and businesses ; provide reinsurance services to insurance and reinsurance companies and other risk assumption entities by acting as brokers or intermediaries on all classes of reinsurance ; provide investment banking products and services , including mergers and acquisitions and other financial advisory services , capital raising , contingent capital financing , insurance-linked securitizations and derivative applications ; provide managing underwriting to independent agents and brokers as well as corporate clients ; provide actuarial , loss prevention , and administrative services to businesses and consumers ; and manage captive insurance companies .
in november 2008 we expanded our product offerings through the merger with benfield , a leading independent reinsurance intermediary .
benfield products have been integrated with our existing reinsurance products in 2009 .
in february 2009 , we completed the sale of the u.s .
operations of cananwill , our premium finance business .
in june and july of 2009 , we entered into agreements with third parties with respect to our . | | | years ended december 31, | 2009 | 2008 | 2007 |
|---:|:--------------------------------|:-----------------|:-----------------|:-----------------|
| 0 | segment revenue | $ 6305 | $ 6197 | $ 5918 |
| 1 | segment operating income | 900 | 846 | 954 |
| 2 | segment operating income margin | 14.3% ( 14.3 % ) | 13.7% ( 13.7 % ) | 16.1% ( 16.1 % ) | | risk and insurance brokerage services ._| | years ended december 31, | 2009 | 2008 | 2007 |
|---:|:--------------------------------|:-----------------|:-----------------|:-----------------|
| 0 | segment revenue | $ 6305 | $ 6197 | $ 5918 |
| 1 | segment operating income | 900 | 846 | 954 |
| 2 | segment operating income margin | 14.3% ( 14.3 % ) | 13.7% ( 13.7 % ) | 16.1% ( 16.1 % ) |_during 2009 we continued to see a soft market , which began in 2007 , in our retail brokerage product line .
in 2007 , we experienced a soft market in many business lines and in many geographic areas .
in a 2018 2018soft market , 2019 2019 premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity .
changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the premiums paid by insureds .
prices fell throughout 2007 , with the greatest declines seen in large and middle-market accounts .
prices continued to decline during 2008 , although the rate of decline slowed toward the end of the year .
in our reinsurance brokerage product line , pricing overall during 2009 was also down , although during a portion of the year it was flat to up slightly .
additionally , beginning in late 2008 and continuing throughout 2009 , we faced difficult conditions as a result of unprecedented disruptions in the global economy , the repricing of credit risk and the deterioration of the financial markets .
continued volatility and further deterioration in the credit markets have reduced our customers 2019 demand for our retail brokerage and reinsurance brokerage products , which have negatively hurt our operational results .
in addition , overall capacity in the industry could decrease if a significant insurer either fails or withdraws from writing insurance coverages that we offer our clients .
this failure could reduce our revenues and profitability , since we would no longer have access to certain lines and types of insurance .
risk and insurance brokerage services generated approximately 83% ( 83 % ) of our consolidated total revenues in 2009 .
revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients .
our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients 2019 policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates .
we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage .
specifically , we address the highly specialized product development and risk management needs of commercial enterprises , professional groups , insurance companies , governments , healthcare providers , and non-profit groups , among others ; provide affinity products for professional liability , life , disability income , and personal lines for individuals , associations , and businesses ; provide reinsurance services to insurance and reinsurance companies and other risk assumption entities by acting as brokers or intermediaries on all classes of reinsurance ; provide investment banking products and services , including mergers and acquisitions and other financial advisory services , capital raising , contingent capital financing , insurance-linked securitizations and derivative applications ; provide managing underwriting to independent agents and brokers as well as corporate clients ; provide actuarial , loss prevention , and administrative services to businesses and consumers ; and manage captive insurance companies .
in november 2008 we expanded our product offerings through the merger with benfield , a leading independent reinsurance intermediary .
benfield products have been integrated with our existing reinsurance products in 2009 .
in february 2009 , we completed the sale of the u.s .
operations of cananwill , our premium finance business .
in june and july of 2009 , we entered into agreements with third parties with respect to our . | 2,009 | 46 | AON | Aon plc | Financials | Insurance Brokers | London, United Kingdom | 1996-04-23 | 315,293 | 1982 (1919) | what is the lowest segment operating income? | 846 | table_min(segment operating income, none) | risk and insurance brokerage services . | during 2009 we continued to see a soft market , which began in 2007 , in our retail brokerage product line .
in 2007 , we experienced a soft market in many business lines and in many geographic areas .
in a 2018 2018soft market , 2019 2019 premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity .
changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the premiums paid by insureds .
prices fell throughout 2007 , with the greatest declines seen in large and middle-market accounts .
prices continued to decline during 2008 , although the rate of decline slowed toward the end of the year .
in our reinsurance brokerage product line , pricing overall during 2009 was also down , although during a portion of the year it was flat to up slightly .
additionally , beginning in late 2008 and continuing throughout 2009 , we faced difficult conditions as a result of unprecedented disruptions in the global economy , the repricing of credit risk and the deterioration of the financial markets .
continued volatility and further deterioration in the credit markets have reduced our customers 2019 demand for our retail brokerage and reinsurance brokerage products , which have negatively hurt our operational results .
in addition , overall capacity in the industry could decrease if a significant insurer either fails or withdraws from writing insurance coverages that we offer our clients .
this failure could reduce our revenues and profitability , since we would no longer have access to certain lines and types of insurance .
risk and insurance brokerage services generated approximately 83% ( 83 % ) of our consolidated total revenues in 2009 .
revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients .
our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients 2019 policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates .
we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage .
specifically , we address the highly specialized product development and risk management needs of commercial enterprises , professional groups , insurance companies , governments , healthcare providers , and non-profit groups , among others ; provide affinity products for professional liability , life , disability income , and personal lines for individuals , associations , and businesses ; provide reinsurance services to insurance and reinsurance companies and other risk assumption entities by acting as brokers or intermediaries on all classes of reinsurance ; provide investment banking products and services , including mergers and acquisitions and other financial advisory services , capital raising , contingent capital financing , insurance-linked securitizations and derivative applications ; provide managing underwriting to independent agents and brokers as well as corporate clients ; provide actuarial , loss prevention , and administrative services to businesses and consumers ; and manage captive insurance companies .
in november 2008 we expanded our product offerings through the merger with benfield , a leading independent reinsurance intermediary .
benfield products have been integrated with our existing reinsurance products in 2009 .
in february 2009 , we completed the sale of the u.s .
operations of cananwill , our premium finance business .
in june and july of 2009 , we entered into agreements with third parties with respect to our . | | | years ended december 31, | 2009 | 2008 | 2007 |
|---:|:--------------------------------|:-----------------|:-----------------|:-----------------|
| 0 | segment revenue | $ 6305 | $ 6197 | $ 5918 |
| 1 | segment operating income | 900 | 846 | 954 |
| 2 | segment operating income margin | 14.3% ( 14.3 % ) | 13.7% ( 13.7 % ) | 16.1% ( 16.1 % ) | | risk and insurance brokerage services ._| | years ended december 31, | 2009 | 2008 | 2007 |
|---:|:--------------------------------|:-----------------|:-----------------|:-----------------|
| 0 | segment revenue | $ 6305 | $ 6197 | $ 5918 |
| 1 | segment operating income | 900 | 846 | 954 |
| 2 | segment operating income margin | 14.3% ( 14.3 % ) | 13.7% ( 13.7 % ) | 16.1% ( 16.1 % ) |_during 2009 we continued to see a soft market , which began in 2007 , in our retail brokerage product line .
in 2007 , we experienced a soft market in many business lines and in many geographic areas .
in a 2018 2018soft market , 2019 2019 premium rates flatten or decrease , along with commission revenues , due to increased competition for market share among insurance carriers or increased underwriting capacity .
changes in premiums have a direct and potentially material impact on the insurance brokerage industry , as commission revenues are generally based on a percentage of the premiums paid by insureds .
prices fell throughout 2007 , with the greatest declines seen in large and middle-market accounts .
prices continued to decline during 2008 , although the rate of decline slowed toward the end of the year .
in our reinsurance brokerage product line , pricing overall during 2009 was also down , although during a portion of the year it was flat to up slightly .
additionally , beginning in late 2008 and continuing throughout 2009 , we faced difficult conditions as a result of unprecedented disruptions in the global economy , the repricing of credit risk and the deterioration of the financial markets .
continued volatility and further deterioration in the credit markets have reduced our customers 2019 demand for our retail brokerage and reinsurance brokerage products , which have negatively hurt our operational results .
in addition , overall capacity in the industry could decrease if a significant insurer either fails or withdraws from writing insurance coverages that we offer our clients .
this failure could reduce our revenues and profitability , since we would no longer have access to certain lines and types of insurance .
risk and insurance brokerage services generated approximately 83% ( 83 % ) of our consolidated total revenues in 2009 .
revenues are generated primarily through fees paid by clients , commissions and fees paid by insurance and reinsurance companies , and investment income on funds held on behalf of clients .
our revenues vary from quarter to quarter throughout the year as a result of the timing of our clients 2019 policy renewals , the net effect of new and lost business , the timing of services provided to our clients , and the income we earn on investments , which is heavily influenced by short-term interest rates .
we operate in a highly competitive industry and compete with many retail insurance brokerage and agency firms , as well as with individual brokers , agents , and direct writers of insurance coverage .
specifically , we address the highly specialized product development and risk management needs of commercial enterprises , professional groups , insurance companies , governments , healthcare providers , and non-profit groups , among others ; provide affinity products for professional liability , life , disability income , and personal lines for individuals , associations , and businesses ; provide reinsurance services to insurance and reinsurance companies and other risk assumption entities by acting as brokers or intermediaries on all classes of reinsurance ; provide investment banking products and services , including mergers and acquisitions and other financial advisory services , capital raising , contingent capital financing , insurance-linked securitizations and derivative applications ; provide managing underwriting to independent agents and brokers as well as corporate clients ; provide actuarial , loss prevention , and administrative services to businesses and consumers ; and manage captive insurance companies .
in november 2008 we expanded our product offerings through the merger with benfield , a leading independent reinsurance intermediary .
benfield products have been integrated with our existing reinsurance products in 2009 .
in february 2009 , we completed the sale of the u.s .
operations of cananwill , our premium finance business .
in june and july of 2009 , we entered into agreements with third parties with respect to our . | 2,009 | 46 | AON | Aon plc | Financials | Insurance Brokers | London, United Kingdom | 1996-04-23 | 315,293 | 1982 (1919) | null | null |
finqa145 | in millions in 2014 , 2013 , and 2012 , what was the greatest amount of hedged borrowings and bank deposits? | 6999 | table_max(hedged borrowings and bank deposits, none) | notes to consolidated financial statements hedge accounting the firm applies hedge accounting for ( i ) certain interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long-term and short-term borrowings and certain fixed-rate certificates of deposit , ( ii ) certain foreign currency forward contracts and foreign currency-denominated debt used to manage foreign currency exposures on the firm 2019s net investment in certain non-u.s .
operations and ( iii ) certain commodities-related swap and forward contracts used to manage the exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm 2019s consolidated investments .
to qualify for hedge accounting , the derivative hedge must be highly effective at reducing the risk from the exposure being hedged .
additionally , the firm must formally document the hedging relationship at inception and test the hedging relationship at least on a quarterly basis to ensure the derivative hedge continues to be highly effective over the life of the hedging relationship .
fair value hedges the firm designates certain interest rate swaps as fair value hedges .
these interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate ( e.g. , london interbank offered rate ( libor ) or ois ) , effectively converting a substantial portion of fixed-rate obligations into floating-rate obligations .
the firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of its fair value hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the risk being hedged ( i.e. , interest rate risk ) .
an interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% ( 80 % ) or greater and a slope between 80% ( 80 % ) and 125% ( 125 % ) .
for qualifying fair value hedges , gains or losses on derivatives are included in 201cinterest expense . 201d the change in fair value of the hedged item attributable to the risk being hedged is reported as an adjustment to its carrying value and is subsequently amortized into interest expense over its remaining life .
gains or losses resulting from hedge ineffectiveness are included in 201cinterest expense . 201d when a derivative is no longer designated as a hedge , any remaining difference between the carrying value and par value of the hedged item is amortized to interest expense over the remaining life of the hedged item using the effective interest method .
see note 23 for further information about interest income and interest expense .
the table below presents the gains/ ( losses ) from interest rate derivatives accounted for as hedges , the related hedged borrowings and bank deposits , and the hedge ineffectiveness on these derivatives , which primarily consists of amortization of prepaid credit spreads resulting from the passage of time. . | 134 goldman sachs 2014 annual report . | | | $ in millions | year ended december 2014 | year ended december 2013 | year ended december 2012 |
|---:|:------------------------------------|:---------------------------|:---------------------------|:---------------------------|
| 0 | interest rate hedges | $ 1936 | $ -8683 ( 8683 ) | $ -2383 ( 2383 ) |
| 1 | hedged borrowings and bank deposits | -2451 ( 2451 ) | 6999 | 665 |
| 2 | hedge ineffectiveness | $ -515 ( 515 ) | $ -1684 ( 1684 ) | $ -1718 ( 1718 ) | | notes to consolidated financial statements hedge accounting the firm applies hedge accounting for ( i ) certain interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long-term and short-term borrowings and certain fixed-rate certificates of deposit , ( ii ) certain foreign currency forward contracts and foreign currency-denominated debt used to manage foreign currency exposures on the firm 2019s net investment in certain non-u.s .
operations and ( iii ) certain commodities-related swap and forward contracts used to manage the exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm 2019s consolidated investments .
to qualify for hedge accounting , the derivative hedge must be highly effective at reducing the risk from the exposure being hedged .
additionally , the firm must formally document the hedging relationship at inception and test the hedging relationship at least on a quarterly basis to ensure the derivative hedge continues to be highly effective over the life of the hedging relationship .
fair value hedges the firm designates certain interest rate swaps as fair value hedges .
these interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate ( e.g. , london interbank offered rate ( libor ) or ois ) , effectively converting a substantial portion of fixed-rate obligations into floating-rate obligations .
the firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of its fair value hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the risk being hedged ( i.e. , interest rate risk ) .
an interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% ( 80 % ) or greater and a slope between 80% ( 80 % ) and 125% ( 125 % ) .
for qualifying fair value hedges , gains or losses on derivatives are included in 201cinterest expense . 201d the change in fair value of the hedged item attributable to the risk being hedged is reported as an adjustment to its carrying value and is subsequently amortized into interest expense over its remaining life .
gains or losses resulting from hedge ineffectiveness are included in 201cinterest expense . 201d when a derivative is no longer designated as a hedge , any remaining difference between the carrying value and par value of the hedged item is amortized to interest expense over the remaining life of the hedged item using the effective interest method .
see note 23 for further information about interest income and interest expense .
the table below presents the gains/ ( losses ) from interest rate derivatives accounted for as hedges , the related hedged borrowings and bank deposits , and the hedge ineffectiveness on these derivatives , which primarily consists of amortization of prepaid credit spreads resulting from the passage of time. ._| | $ in millions | year ended december 2014 | year ended december 2013 | year ended december 2012 |
|---:|:------------------------------------|:---------------------------|:---------------------------|:---------------------------|
| 0 | interest rate hedges | $ 1936 | $ -8683 ( 8683 ) | $ -2383 ( 2383 ) |
| 1 | hedged borrowings and bank deposits | -2451 ( 2451 ) | 6999 | 665 |
| 2 | hedge ineffectiveness | $ -515 ( 515 ) | $ -1684 ( 1684 ) | $ -1718 ( 1718 ) |_134 goldman sachs 2014 annual report . | 2,014 | 136 | GS | Goldman Sachs | Financials | Investment Banking & Brokerage | New York City, New York | 2002-07-22 | 886,982 | 1869 | in millions in 2014 , 2013 , and 2012 , what was the greatest amount of hedged borrowings and bank deposits? | 6999 | table_max(hedged borrowings and bank deposits, none) | notes to consolidated financial statements hedge accounting the firm applies hedge accounting for ( i ) certain interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long-term and short-term borrowings and certain fixed-rate certificates of deposit , ( ii ) certain foreign currency forward contracts and foreign currency-denominated debt used to manage foreign currency exposures on the firm 2019s net investment in certain non-u.s .
operations and ( iii ) certain commodities-related swap and forward contracts used to manage the exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm 2019s consolidated investments .
to qualify for hedge accounting , the derivative hedge must be highly effective at reducing the risk from the exposure being hedged .
additionally , the firm must formally document the hedging relationship at inception and test the hedging relationship at least on a quarterly basis to ensure the derivative hedge continues to be highly effective over the life of the hedging relationship .
fair value hedges the firm designates certain interest rate swaps as fair value hedges .
these interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate ( e.g. , london interbank offered rate ( libor ) or ois ) , effectively converting a substantial portion of fixed-rate obligations into floating-rate obligations .
the firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of its fair value hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the risk being hedged ( i.e. , interest rate risk ) .
an interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% ( 80 % ) or greater and a slope between 80% ( 80 % ) and 125% ( 125 % ) .
for qualifying fair value hedges , gains or losses on derivatives are included in 201cinterest expense . 201d the change in fair value of the hedged item attributable to the risk being hedged is reported as an adjustment to its carrying value and is subsequently amortized into interest expense over its remaining life .
gains or losses resulting from hedge ineffectiveness are included in 201cinterest expense . 201d when a derivative is no longer designated as a hedge , any remaining difference between the carrying value and par value of the hedged item is amortized to interest expense over the remaining life of the hedged item using the effective interest method .
see note 23 for further information about interest income and interest expense .
the table below presents the gains/ ( losses ) from interest rate derivatives accounted for as hedges , the related hedged borrowings and bank deposits , and the hedge ineffectiveness on these derivatives , which primarily consists of amortization of prepaid credit spreads resulting from the passage of time. . | 134 goldman sachs 2014 annual report . | | | $ in millions | year ended december 2014 | year ended december 2013 | year ended december 2012 |
|---:|:------------------------------------|:---------------------------|:---------------------------|:---------------------------|
| 0 | interest rate hedges | $ 1936 | $ -8683 ( 8683 ) | $ -2383 ( 2383 ) |
| 1 | hedged borrowings and bank deposits | -2451 ( 2451 ) | 6999 | 665 |
| 2 | hedge ineffectiveness | $ -515 ( 515 ) | $ -1684 ( 1684 ) | $ -1718 ( 1718 ) | | notes to consolidated financial statements hedge accounting the firm applies hedge accounting for ( i ) certain interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long-term and short-term borrowings and certain fixed-rate certificates of deposit , ( ii ) certain foreign currency forward contracts and foreign currency-denominated debt used to manage foreign currency exposures on the firm 2019s net investment in certain non-u.s .
operations and ( iii ) certain commodities-related swap and forward contracts used to manage the exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm 2019s consolidated investments .
to qualify for hedge accounting , the derivative hedge must be highly effective at reducing the risk from the exposure being hedged .
additionally , the firm must formally document the hedging relationship at inception and test the hedging relationship at least on a quarterly basis to ensure the derivative hedge continues to be highly effective over the life of the hedging relationship .
fair value hedges the firm designates certain interest rate swaps as fair value hedges .
these interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate ( e.g. , london interbank offered rate ( libor ) or ois ) , effectively converting a substantial portion of fixed-rate obligations into floating-rate obligations .
the firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of its fair value hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the risk being hedged ( i.e. , interest rate risk ) .
an interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% ( 80 % ) or greater and a slope between 80% ( 80 % ) and 125% ( 125 % ) .
for qualifying fair value hedges , gains or losses on derivatives are included in 201cinterest expense . 201d the change in fair value of the hedged item attributable to the risk being hedged is reported as an adjustment to its carrying value and is subsequently amortized into interest expense over its remaining life .
gains or losses resulting from hedge ineffectiveness are included in 201cinterest expense . 201d when a derivative is no longer designated as a hedge , any remaining difference between the carrying value and par value of the hedged item is amortized to interest expense over the remaining life of the hedged item using the effective interest method .
see note 23 for further information about interest income and interest expense .
the table below presents the gains/ ( losses ) from interest rate derivatives accounted for as hedges , the related hedged borrowings and bank deposits , and the hedge ineffectiveness on these derivatives , which primarily consists of amortization of prepaid credit spreads resulting from the passage of time. ._| | $ in millions | year ended december 2014 | year ended december 2013 | year ended december 2012 |
|---:|:------------------------------------|:---------------------------|:---------------------------|:---------------------------|
| 0 | interest rate hedges | $ 1936 | $ -8683 ( 8683 ) | $ -2383 ( 2383 ) |
| 1 | hedged borrowings and bank deposits | -2451 ( 2451 ) | 6999 | 665 |
| 2 | hedge ineffectiveness | $ -515 ( 515 ) | $ -1684 ( 1684 ) | $ -1718 ( 1718 ) |_134 goldman sachs 2014 annual report . | 2,014 | 136 | GS | Goldman Sachs | Financials | Investment Banking & Brokerage | New York City, New York | 2002-07-22 | 886,982 | 1869 | null | null |
finqa146 | what is the percentage growth of the aggregate fair values of our outstanding fuel hedge for 2014 to 2015 | 9.9% | divide(subtract(37.8, 34.4), 34.4) | republic services , inc .
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 . | if the national u.s .
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. . | | | year | gallons hedged | weighted average contractprice per gallon |
|---:|-------:|-----------------:|:--------------------------------------------|
| 0 | 2016 | 27000000 | $ 3.57 |
| 1 | 2017 | 12000000 | 2.92 | | republic services , inc .
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 ._| | year | gallons hedged | weighted average contractprice per gallon |
|---:|-------:|-----------------:|:--------------------------------------------|
| 0 | 2016 | 27000000 | $ 3.57 |
| 1 | 2017 | 12000000 | 2.92 |_if the national u.s .
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. . | 2,015 | 142 | RSG | Republic Services | Industrials | Environmental & Facilities Services | Phoenix, Arizona | 2008-12-05 | 1,060,391 | 1998 (1981) | what is the percentage growth of the aggregate fair values of our outstanding fuel hedge for 2014 to 2015 | 9.9% | divide(subtract(37.8, 34.4), 34.4) | republic services , inc .
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 . | if the national u.s .
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. . | | | year | gallons hedged | weighted average contractprice per gallon |
|---:|-------:|-----------------:|:--------------------------------------------|
| 0 | 2016 | 27000000 | $ 3.57 |
| 1 | 2017 | 12000000 | 2.92 | | republic services , inc .
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 ._| | year | gallons hedged | weighted average contractprice per gallon |
|---:|-------:|-----------------:|:--------------------------------------------|
| 0 | 2016 | 27000000 | $ 3.57 |
| 1 | 2017 | 12000000 | 2.92 |_if the national u.s .
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. . | 2,015 | 142 | RSG | Republic Services | Industrials | Environmental & Facilities Services | Phoenix, Arizona | 2008-12-05 | 1,060,391 | 1998 (1981) | null | null |
finqa147 | in 2005 what was the ratio of the breast implant receivables to the breast implant liabilities | 18.6 | divide(130, 7) | the following table shows the major categories of ongoing claims for which the company has been able to estimate its probable liability and for which the company has taken reserves and the related insurance receivables : at december 31 . | for those significant pending legal proceedings that do not appear in the table and that are not the subject of pending settlement agreements , the company has determined that liability is not probable or the amount of the liability is not estimable , or both , and the company is unable to estimate the possible loss or range of loss at this time .
the amounts in the preceding table with respect to breast implant and environmental remediation represent the company 2019s best estimate of the respective liabilities .
the company has recorded liabilities with respect to the two pending transparent tape antitrust class action settlements .
breast implant insurance receivables : as of december 31 , 2005 , the company had receivables for insurance recoveries related to the breast implant matter of $ 130 million , representing amounts covered by the minnesota supreme court 2019s ruling of august 2003 but yet to be received and other amounts that have been claimed from various reinsurers , the minnesota insurance guaranty association , and the estates of certain insolvent insurance carriers .
the company received about $ 92 million in the fourth quarter of 2005 ( bringing total recoveries in 2005 to $ 148 million ) , offsetting a portion of the previously recorded receivable , pursuant to settlements with seven insurers and one reinsurer that were consistent with the company 2019s overall expectation of recovery as a result of the minnesota supreme court ruling .
with these recent settlements and the previously disclosed settlements , 17 of the 29 insurers have withdrawn from the pending proceedings and have settled the company 2019s claims under the minnesota supreme court decision .
various factors could affect the timing and amount of recovery of the balance of the company 2019s insurance receivables , including ( i ) additional delays in or avoidance of payment by insurers ; ( ii ) the extent to which insurers may become insolvent in the future , and ( iii ) the outcome of the pending legal proceedings involving the insurers .
respirator mask/asbestos liabilities and insurance receivables : the company estimates its respirator mask/asbestos liabilities , including the cost to resolve the claim and defense costs , by examining : ( i ) the company 2019s experience in resolving claims , ( ii ) apparent trends , ( iii ) the apparent quality of claims ( e.g. , the company believes many of the claims have been asserted on behalf of asymptomatic claimants ) , ( iv ) changes in the nature and mix of claims ( e.g. , the proportion of claims asserting usage of the company 2019s mask or respirator products and alleging exposure to each of asbestos , silica or other occupational dusts , and claims pleading use of asbestos-containing products allegedly manufactured by the company ) , ( v ) the number of current claims and a projection of the number of future asbestos and other claims that may be filed against the company , ( vi ) the cost to resolve recently settled claims , and ( vii ) an estimate of the cost to resolve and defend against current and future claims .
because of the inherent difficulty in projecting the number of claims that have not yet been asserted , particularly with respect to the company's respiratory products that themselves did not contain any harmful materials ( which makes the various published studies that purport to project future asbestos claims substantially removed from the company's principal experience and which themselves vary widely ) , the company does not believe that there is any single best estimate of this liability , nor that it can reliably estimate the amount or range of amounts by which the liability may exceed the reserve the company has established .
no liability has been recorded regarding the pending action brought by the west virginia attorney general previously described .
developments may occur that could affect the company 2019s estimate of its liabilities .
these developments include , but are not limited to , significant changes in ( i ) the number of future claims , ( ii ) the average cost of resolving claims , ( iii ) the legal costs of defending these claims and in maintaining trial readiness , ( iv ) changes in the mix and nature of claims received , ( v ) trial and appellate outcomes , ( vi ) changes in the law and procedure applicable to these claims , and ( vii ) the financial viability of other co-defendants and insurers .
congress is currently considering legislation that would terminate essentially all litigation related to asbestos ( but not other occupational dusts ) in exchange for substantial annual payments by the defendant companies and their insurers and , accordingly , such legislation , if enacted , would bring considerable certainty to the assessment of the company's future asbestos-related liability ; the . | | | ( millions ) | 2005 | 2004 | 2003 |
|---:|:--------------------------------------|:-------|:-------|:-------|
| 0 | breast implant liabilities | $ 7 | $ 11 | $ 13 |
| 1 | breast implant receivables | 130 | 278 | 338 |
| 2 | respirator mask/asbestos liabilities | 210 | 248 | 289 |
| 3 | respirator mask/asbestos receivables | 447 | 464 | 448 |
| 4 | environmental remediation liabilities | 30 | 39 | 41 |
| 5 | environmental remediation receivables | 15 | 16 | 16 | | the following table shows the major categories of ongoing claims for which the company has been able to estimate its probable liability and for which the company has taken reserves and the related insurance receivables : at december 31 ._| | ( millions ) | 2005 | 2004 | 2003 |
|---:|:--------------------------------------|:-------|:-------|:-------|
| 0 | breast implant liabilities | $ 7 | $ 11 | $ 13 |
| 1 | breast implant receivables | 130 | 278 | 338 |
| 2 | respirator mask/asbestos liabilities | 210 | 248 | 289 |
| 3 | respirator mask/asbestos receivables | 447 | 464 | 448 |
| 4 | environmental remediation liabilities | 30 | 39 | 41 |
| 5 | environmental remediation receivables | 15 | 16 | 16 |_for those significant pending legal proceedings that do not appear in the table and that are not the subject of pending settlement agreements , the company has determined that liability is not probable or the amount of the liability is not estimable , or both , and the company is unable to estimate the possible loss or range of loss at this time .
the amounts in the preceding table with respect to breast implant and environmental remediation represent the company 2019s best estimate of the respective liabilities .
the company has recorded liabilities with respect to the two pending transparent tape antitrust class action settlements .
breast implant insurance receivables : as of december 31 , 2005 , the company had receivables for insurance recoveries related to the breast implant matter of $ 130 million , representing amounts covered by the minnesota supreme court 2019s ruling of august 2003 but yet to be received and other amounts that have been claimed from various reinsurers , the minnesota insurance guaranty association , and the estates of certain insolvent insurance carriers .
the company received about $ 92 million in the fourth quarter of 2005 ( bringing total recoveries in 2005 to $ 148 million ) , offsetting a portion of the previously recorded receivable , pursuant to settlements with seven insurers and one reinsurer that were consistent with the company 2019s overall expectation of recovery as a result of the minnesota supreme court ruling .
with these recent settlements and the previously disclosed settlements , 17 of the 29 insurers have withdrawn from the pending proceedings and have settled the company 2019s claims under the minnesota supreme court decision .
various factors could affect the timing and amount of recovery of the balance of the company 2019s insurance receivables , including ( i ) additional delays in or avoidance of payment by insurers ; ( ii ) the extent to which insurers may become insolvent in the future , and ( iii ) the outcome of the pending legal proceedings involving the insurers .
respirator mask/asbestos liabilities and insurance receivables : the company estimates its respirator mask/asbestos liabilities , including the cost to resolve the claim and defense costs , by examining : ( i ) the company 2019s experience in resolving claims , ( ii ) apparent trends , ( iii ) the apparent quality of claims ( e.g. , the company believes many of the claims have been asserted on behalf of asymptomatic claimants ) , ( iv ) changes in the nature and mix of claims ( e.g. , the proportion of claims asserting usage of the company 2019s mask or respirator products and alleging exposure to each of asbestos , silica or other occupational dusts , and claims pleading use of asbestos-containing products allegedly manufactured by the company ) , ( v ) the number of current claims and a projection of the number of future asbestos and other claims that may be filed against the company , ( vi ) the cost to resolve recently settled claims , and ( vii ) an estimate of the cost to resolve and defend against current and future claims .
because of the inherent difficulty in projecting the number of claims that have not yet been asserted , particularly with respect to the company's respiratory products that themselves did not contain any harmful materials ( which makes the various published studies that purport to project future asbestos claims substantially removed from the company's principal experience and which themselves vary widely ) , the company does not believe that there is any single best estimate of this liability , nor that it can reliably estimate the amount or range of amounts by which the liability may exceed the reserve the company has established .
no liability has been recorded regarding the pending action brought by the west virginia attorney general previously described .
developments may occur that could affect the company 2019s estimate of its liabilities .
these developments include , but are not limited to , significant changes in ( i ) the number of future claims , ( ii ) the average cost of resolving claims , ( iii ) the legal costs of defending these claims and in maintaining trial readiness , ( iv ) changes in the mix and nature of claims received , ( v ) trial and appellate outcomes , ( vi ) changes in the law and procedure applicable to these claims , and ( vii ) the financial viability of other co-defendants and insurers .
congress is currently considering legislation that would terminate essentially all litigation related to asbestos ( but not other occupational dusts ) in exchange for substantial annual payments by the defendant companies and their insurers and , accordingly , such legislation , if enacted , would bring considerable certainty to the assessment of the company's future asbestos-related liability ; the . | 2,005 | 95 | MMM | 3M | Industrials | Industrial Conglomerates | Saint Paul, Minnesota | 1957-03-04 | 66,740 | 1902 | in 2005 what was the ratio of the breast implant receivables to the breast implant liabilities | 18.6 | divide(130, 7) | the following table shows the major categories of ongoing claims for which the company has been able to estimate its probable liability and for which the company has taken reserves and the related insurance receivables : at december 31 . | for those significant pending legal proceedings that do not appear in the table and that are not the subject of pending settlement agreements , the company has determined that liability is not probable or the amount of the liability is not estimable , or both , and the company is unable to estimate the possible loss or range of loss at this time .
the amounts in the preceding table with respect to breast implant and environmental remediation represent the company 2019s best estimate of the respective liabilities .
the company has recorded liabilities with respect to the two pending transparent tape antitrust class action settlements .
breast implant insurance receivables : as of december 31 , 2005 , the company had receivables for insurance recoveries related to the breast implant matter of $ 130 million , representing amounts covered by the minnesota supreme court 2019s ruling of august 2003 but yet to be received and other amounts that have been claimed from various reinsurers , the minnesota insurance guaranty association , and the estates of certain insolvent insurance carriers .
the company received about $ 92 million in the fourth quarter of 2005 ( bringing total recoveries in 2005 to $ 148 million ) , offsetting a portion of the previously recorded receivable , pursuant to settlements with seven insurers and one reinsurer that were consistent with the company 2019s overall expectation of recovery as a result of the minnesota supreme court ruling .
with these recent settlements and the previously disclosed settlements , 17 of the 29 insurers have withdrawn from the pending proceedings and have settled the company 2019s claims under the minnesota supreme court decision .
various factors could affect the timing and amount of recovery of the balance of the company 2019s insurance receivables , including ( i ) additional delays in or avoidance of payment by insurers ; ( ii ) the extent to which insurers may become insolvent in the future , and ( iii ) the outcome of the pending legal proceedings involving the insurers .
respirator mask/asbestos liabilities and insurance receivables : the company estimates its respirator mask/asbestos liabilities , including the cost to resolve the claim and defense costs , by examining : ( i ) the company 2019s experience in resolving claims , ( ii ) apparent trends , ( iii ) the apparent quality of claims ( e.g. , the company believes many of the claims have been asserted on behalf of asymptomatic claimants ) , ( iv ) changes in the nature and mix of claims ( e.g. , the proportion of claims asserting usage of the company 2019s mask or respirator products and alleging exposure to each of asbestos , silica or other occupational dusts , and claims pleading use of asbestos-containing products allegedly manufactured by the company ) , ( v ) the number of current claims and a projection of the number of future asbestos and other claims that may be filed against the company , ( vi ) the cost to resolve recently settled claims , and ( vii ) an estimate of the cost to resolve and defend against current and future claims .
because of the inherent difficulty in projecting the number of claims that have not yet been asserted , particularly with respect to the company's respiratory products that themselves did not contain any harmful materials ( which makes the various published studies that purport to project future asbestos claims substantially removed from the company's principal experience and which themselves vary widely ) , the company does not believe that there is any single best estimate of this liability , nor that it can reliably estimate the amount or range of amounts by which the liability may exceed the reserve the company has established .
no liability has been recorded regarding the pending action brought by the west virginia attorney general previously described .
developments may occur that could affect the company 2019s estimate of its liabilities .
these developments include , but are not limited to , significant changes in ( i ) the number of future claims , ( ii ) the average cost of resolving claims , ( iii ) the legal costs of defending these claims and in maintaining trial readiness , ( iv ) changes in the mix and nature of claims received , ( v ) trial and appellate outcomes , ( vi ) changes in the law and procedure applicable to these claims , and ( vii ) the financial viability of other co-defendants and insurers .
congress is currently considering legislation that would terminate essentially all litigation related to asbestos ( but not other occupational dusts ) in exchange for substantial annual payments by the defendant companies and their insurers and , accordingly , such legislation , if enacted , would bring considerable certainty to the assessment of the company's future asbestos-related liability ; the . | | | ( millions ) | 2005 | 2004 | 2003 |
|---:|:--------------------------------------|:-------|:-------|:-------|
| 0 | breast implant liabilities | $ 7 | $ 11 | $ 13 |
| 1 | breast implant receivables | 130 | 278 | 338 |
| 2 | respirator mask/asbestos liabilities | 210 | 248 | 289 |
| 3 | respirator mask/asbestos receivables | 447 | 464 | 448 |
| 4 | environmental remediation liabilities | 30 | 39 | 41 |
| 5 | environmental remediation receivables | 15 | 16 | 16 | | the following table shows the major categories of ongoing claims for which the company has been able to estimate its probable liability and for which the company has taken reserves and the related insurance receivables : at december 31 ._| | ( millions ) | 2005 | 2004 | 2003 |
|---:|:--------------------------------------|:-------|:-------|:-------|
| 0 | breast implant liabilities | $ 7 | $ 11 | $ 13 |
| 1 | breast implant receivables | 130 | 278 | 338 |
| 2 | respirator mask/asbestos liabilities | 210 | 248 | 289 |
| 3 | respirator mask/asbestos receivables | 447 | 464 | 448 |
| 4 | environmental remediation liabilities | 30 | 39 | 41 |
| 5 | environmental remediation receivables | 15 | 16 | 16 |_for those significant pending legal proceedings that do not appear in the table and that are not the subject of pending settlement agreements , the company has determined that liability is not probable or the amount of the liability is not estimable , or both , and the company is unable to estimate the possible loss or range of loss at this time .
the amounts in the preceding table with respect to breast implant and environmental remediation represent the company 2019s best estimate of the respective liabilities .
the company has recorded liabilities with respect to the two pending transparent tape antitrust class action settlements .
breast implant insurance receivables : as of december 31 , 2005 , the company had receivables for insurance recoveries related to the breast implant matter of $ 130 million , representing amounts covered by the minnesota supreme court 2019s ruling of august 2003 but yet to be received and other amounts that have been claimed from various reinsurers , the minnesota insurance guaranty association , and the estates of certain insolvent insurance carriers .
the company received about $ 92 million in the fourth quarter of 2005 ( bringing total recoveries in 2005 to $ 148 million ) , offsetting a portion of the previously recorded receivable , pursuant to settlements with seven insurers and one reinsurer that were consistent with the company 2019s overall expectation of recovery as a result of the minnesota supreme court ruling .
with these recent settlements and the previously disclosed settlements , 17 of the 29 insurers have withdrawn from the pending proceedings and have settled the company 2019s claims under the minnesota supreme court decision .
various factors could affect the timing and amount of recovery of the balance of the company 2019s insurance receivables , including ( i ) additional delays in or avoidance of payment by insurers ; ( ii ) the extent to which insurers may become insolvent in the future , and ( iii ) the outcome of the pending legal proceedings involving the insurers .
respirator mask/asbestos liabilities and insurance receivables : the company estimates its respirator mask/asbestos liabilities , including the cost to resolve the claim and defense costs , by examining : ( i ) the company 2019s experience in resolving claims , ( ii ) apparent trends , ( iii ) the apparent quality of claims ( e.g. , the company believes many of the claims have been asserted on behalf of asymptomatic claimants ) , ( iv ) changes in the nature and mix of claims ( e.g. , the proportion of claims asserting usage of the company 2019s mask or respirator products and alleging exposure to each of asbestos , silica or other occupational dusts , and claims pleading use of asbestos-containing products allegedly manufactured by the company ) , ( v ) the number of current claims and a projection of the number of future asbestos and other claims that may be filed against the company , ( vi ) the cost to resolve recently settled claims , and ( vii ) an estimate of the cost to resolve and defend against current and future claims .
because of the inherent difficulty in projecting the number of claims that have not yet been asserted , particularly with respect to the company's respiratory products that themselves did not contain any harmful materials ( which makes the various published studies that purport to project future asbestos claims substantially removed from the company's principal experience and which themselves vary widely ) , the company does not believe that there is any single best estimate of this liability , nor that it can reliably estimate the amount or range of amounts by which the liability may exceed the reserve the company has established .
no liability has been recorded regarding the pending action brought by the west virginia attorney general previously described .
developments may occur that could affect the company 2019s estimate of its liabilities .
these developments include , but are not limited to , significant changes in ( i ) the number of future claims , ( ii ) the average cost of resolving claims , ( iii ) the legal costs of defending these claims and in maintaining trial readiness , ( iv ) changes in the mix and nature of claims received , ( v ) trial and appellate outcomes , ( vi ) changes in the law and procedure applicable to these claims , and ( vii ) the financial viability of other co-defendants and insurers .
congress is currently considering legislation that would terminate essentially all litigation related to asbestos ( but not other occupational dusts ) in exchange for substantial annual payments by the defendant companies and their insurers and , accordingly , such legislation , if enacted , would bring considerable certainty to the assessment of the company's future asbestos-related liability ; the . | 2,005 | 95 | MMM | 3M | Industrials | Industrial Conglomerates | Saint Paul, Minnesota | 1957-03-04 | 66,740 | 1902 | null | null |
finqa148 | what percentage of total market risk for positions , accounted for at fair value , that are not included in var is comprised of equity in 2017? | 57% | divide(2096, 3702) | the goldman sachs group , inc .
and subsidiaries management 2019s discussion and analysis sensitivity measures certain portfolios and individual positions are not included in var because var is not the most appropriate risk measure .
other sensitivity measures we use to analyze market risk are described below .
10% ( 10 % ) sensitivity measures .
the table below presents market risk for positions , accounted for at fair value , that are not included in var by asset category. . | in the table above : 2030 the market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% ( 10 % ) decline in the value of these positions .
2030 equity positions relate to private and restricted public equity securities , including interests in funds that invest in corporate equities and real estate and interests in hedge funds .
2030 debt positions include interests in funds that invest in corporate mezzanine and senior debt instruments , loans backed by commercial and residential real estate , corporate bank loans and other corporate debt , including acquired portfolios of distressed loans .
2030 equity and debt funded positions are included in our consolidated statements of financial condition in financial instruments owned .
see note 6 to the consolidated financial statements for further information about cash instruments .
2030 these measures do not reflect the diversification effect across asset categories or across other market risk measures .
credit spread sensitivity on derivatives and financial liabilities .
var excludes the impact of changes in counterparty and our own credit spreads on derivatives , as well as changes in our own credit spreads ( debt valuation adjustment ) on financial liabilities for which the fair value option was elected .
the estimated sensitivity to a one basis point increase in credit spreads ( counterparty and our own ) on derivatives was a gain of $ 3 million and $ 2 million ( including hedges ) as of december 2017 and december 2016 , respectively .
in addition , the estimated sensitivity to a one basis point increase in our own credit spreads on financial liabilities for which the fair value option was elected was a gain of $ 35 million and $ 25 million as of december 2017 and december 2016 , respectively .
however , the actual net impact of a change in our own credit spreads is also affected by the liquidity , duration and convexity ( as the sensitivity is not linear to changes in yields ) of those financial liabilities for which the fair value option was elected , as well as the relative performance of any hedges undertaken .
interest rate sensitivity .
loans receivable as of december 2017 and december 2016 were $ 65.93 billion and $ 49.67 billion , respectively , substantially all of which had floating interest rates .
as of december 2017 and december 2016 , the estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 527 million and $ 405 million , respectively , of additional interest income over a twelve-month period , which does not take into account the potential impact of an increase in costs to fund such loans .
see note 9 to the consolidated financial statements for further information about loans receivable .
other market risk considerations as of december 2017 and december 2016 , we had commitments and held loans for which we have obtained credit loss protection from sumitomo mitsui financial group , inc .
see note 18 to the consolidated financial statements for further information about such lending commitments .
in addition , we make investments in securities that are accounted for as available-for-sale and included in financial instruments owned in the consolidated statements of financial condition .
see note 6 to the consolidated financial statements for further information .
we also make investments accounted for under the equity method and we also make direct investments in real estate , both of which are included in other assets .
direct investments in real estate are accounted for at cost less accumulated depreciation .
see note 13 to the consolidated financial statements for further information about other assets .
goldman sachs 2017 form 10-k 93 . | | | $ in millions | as of december 2017 | as of december 2016 | as of december 2015 |
|---:|:----------------|:----------------------|:----------------------|:----------------------|
| 0 | equity | $ 2096 | $ 2085 | $ 2157 |
| 1 | debt | 1606 | 1702 | 1479 |
| 2 | total | $ 3702 | $ 3787 | $ 3636 | | the goldman sachs group , inc .
and subsidiaries management 2019s discussion and analysis sensitivity measures certain portfolios and individual positions are not included in var because var is not the most appropriate risk measure .
other sensitivity measures we use to analyze market risk are described below .
10% ( 10 % ) sensitivity measures .
the table below presents market risk for positions , accounted for at fair value , that are not included in var by asset category. ._| | $ in millions | as of december 2017 | as of december 2016 | as of december 2015 |
|---:|:----------------|:----------------------|:----------------------|:----------------------|
| 0 | equity | $ 2096 | $ 2085 | $ 2157 |
| 1 | debt | 1606 | 1702 | 1479 |
| 2 | total | $ 3702 | $ 3787 | $ 3636 |_in the table above : 2030 the market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% ( 10 % ) decline in the value of these positions .
2030 equity positions relate to private and restricted public equity securities , including interests in funds that invest in corporate equities and real estate and interests in hedge funds .
2030 debt positions include interests in funds that invest in corporate mezzanine and senior debt instruments , loans backed by commercial and residential real estate , corporate bank loans and other corporate debt , including acquired portfolios of distressed loans .
2030 equity and debt funded positions are included in our consolidated statements of financial condition in financial instruments owned .
see note 6 to the consolidated financial statements for further information about cash instruments .
2030 these measures do not reflect the diversification effect across asset categories or across other market risk measures .
credit spread sensitivity on derivatives and financial liabilities .
var excludes the impact of changes in counterparty and our own credit spreads on derivatives , as well as changes in our own credit spreads ( debt valuation adjustment ) on financial liabilities for which the fair value option was elected .
the estimated sensitivity to a one basis point increase in credit spreads ( counterparty and our own ) on derivatives was a gain of $ 3 million and $ 2 million ( including hedges ) as of december 2017 and december 2016 , respectively .
in addition , the estimated sensitivity to a one basis point increase in our own credit spreads on financial liabilities for which the fair value option was elected was a gain of $ 35 million and $ 25 million as of december 2017 and december 2016 , respectively .
however , the actual net impact of a change in our own credit spreads is also affected by the liquidity , duration and convexity ( as the sensitivity is not linear to changes in yields ) of those financial liabilities for which the fair value option was elected , as well as the relative performance of any hedges undertaken .
interest rate sensitivity .
loans receivable as of december 2017 and december 2016 were $ 65.93 billion and $ 49.67 billion , respectively , substantially all of which had floating interest rates .
as of december 2017 and december 2016 , the estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 527 million and $ 405 million , respectively , of additional interest income over a twelve-month period , which does not take into account the potential impact of an increase in costs to fund such loans .
see note 9 to the consolidated financial statements for further information about loans receivable .
other market risk considerations as of december 2017 and december 2016 , we had commitments and held loans for which we have obtained credit loss protection from sumitomo mitsui financial group , inc .
see note 18 to the consolidated financial statements for further information about such lending commitments .
in addition , we make investments in securities that are accounted for as available-for-sale and included in financial instruments owned in the consolidated statements of financial condition .
see note 6 to the consolidated financial statements for further information .
we also make investments accounted for under the equity method and we also make direct investments in real estate , both of which are included in other assets .
direct investments in real estate are accounted for at cost less accumulated depreciation .
see note 13 to the consolidated financial statements for further information about other assets .
goldman sachs 2017 form 10-k 93 . | 2,017 | 106 | GS | Goldman Sachs | Financials | Investment Banking & Brokerage | New York City, New York | 2002-07-22 | 886,982 | 1869 | what percentage of total market risk for positions , accounted for at fair value , that are not included in var is comprised of equity in 2017? | 57% | divide(2096, 3702) | the goldman sachs group , inc .
and subsidiaries management 2019s discussion and analysis sensitivity measures certain portfolios and individual positions are not included in var because var is not the most appropriate risk measure .
other sensitivity measures we use to analyze market risk are described below .
10% ( 10 % ) sensitivity measures .
the table below presents market risk for positions , accounted for at fair value , that are not included in var by asset category. . | in the table above : 2030 the market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% ( 10 % ) decline in the value of these positions .
2030 equity positions relate to private and restricted public equity securities , including interests in funds that invest in corporate equities and real estate and interests in hedge funds .
2030 debt positions include interests in funds that invest in corporate mezzanine and senior debt instruments , loans backed by commercial and residential real estate , corporate bank loans and other corporate debt , including acquired portfolios of distressed loans .
2030 equity and debt funded positions are included in our consolidated statements of financial condition in financial instruments owned .
see note 6 to the consolidated financial statements for further information about cash instruments .
2030 these measures do not reflect the diversification effect across asset categories or across other market risk measures .
credit spread sensitivity on derivatives and financial liabilities .
var excludes the impact of changes in counterparty and our own credit spreads on derivatives , as well as changes in our own credit spreads ( debt valuation adjustment ) on financial liabilities for which the fair value option was elected .
the estimated sensitivity to a one basis point increase in credit spreads ( counterparty and our own ) on derivatives was a gain of $ 3 million and $ 2 million ( including hedges ) as of december 2017 and december 2016 , respectively .
in addition , the estimated sensitivity to a one basis point increase in our own credit spreads on financial liabilities for which the fair value option was elected was a gain of $ 35 million and $ 25 million as of december 2017 and december 2016 , respectively .
however , the actual net impact of a change in our own credit spreads is also affected by the liquidity , duration and convexity ( as the sensitivity is not linear to changes in yields ) of those financial liabilities for which the fair value option was elected , as well as the relative performance of any hedges undertaken .
interest rate sensitivity .
loans receivable as of december 2017 and december 2016 were $ 65.93 billion and $ 49.67 billion , respectively , substantially all of which had floating interest rates .
as of december 2017 and december 2016 , the estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 527 million and $ 405 million , respectively , of additional interest income over a twelve-month period , which does not take into account the potential impact of an increase in costs to fund such loans .
see note 9 to the consolidated financial statements for further information about loans receivable .
other market risk considerations as of december 2017 and december 2016 , we had commitments and held loans for which we have obtained credit loss protection from sumitomo mitsui financial group , inc .
see note 18 to the consolidated financial statements for further information about such lending commitments .
in addition , we make investments in securities that are accounted for as available-for-sale and included in financial instruments owned in the consolidated statements of financial condition .
see note 6 to the consolidated financial statements for further information .
we also make investments accounted for under the equity method and we also make direct investments in real estate , both of which are included in other assets .
direct investments in real estate are accounted for at cost less accumulated depreciation .
see note 13 to the consolidated financial statements for further information about other assets .
goldman sachs 2017 form 10-k 93 . | | | $ in millions | as of december 2017 | as of december 2016 | as of december 2015 |
|---:|:----------------|:----------------------|:----------------------|:----------------------|
| 0 | equity | $ 2096 | $ 2085 | $ 2157 |
| 1 | debt | 1606 | 1702 | 1479 |
| 2 | total | $ 3702 | $ 3787 | $ 3636 | | the goldman sachs group , inc .
and subsidiaries management 2019s discussion and analysis sensitivity measures certain portfolios and individual positions are not included in var because var is not the most appropriate risk measure .
other sensitivity measures we use to analyze market risk are described below .
10% ( 10 % ) sensitivity measures .
the table below presents market risk for positions , accounted for at fair value , that are not included in var by asset category. ._| | $ in millions | as of december 2017 | as of december 2016 | as of december 2015 |
|---:|:----------------|:----------------------|:----------------------|:----------------------|
| 0 | equity | $ 2096 | $ 2085 | $ 2157 |
| 1 | debt | 1606 | 1702 | 1479 |
| 2 | total | $ 3702 | $ 3787 | $ 3636 |_in the table above : 2030 the market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% ( 10 % ) decline in the value of these positions .
2030 equity positions relate to private and restricted public equity securities , including interests in funds that invest in corporate equities and real estate and interests in hedge funds .
2030 debt positions include interests in funds that invest in corporate mezzanine and senior debt instruments , loans backed by commercial and residential real estate , corporate bank loans and other corporate debt , including acquired portfolios of distressed loans .
2030 equity and debt funded positions are included in our consolidated statements of financial condition in financial instruments owned .
see note 6 to the consolidated financial statements for further information about cash instruments .
2030 these measures do not reflect the diversification effect across asset categories or across other market risk measures .
credit spread sensitivity on derivatives and financial liabilities .
var excludes the impact of changes in counterparty and our own credit spreads on derivatives , as well as changes in our own credit spreads ( debt valuation adjustment ) on financial liabilities for which the fair value option was elected .
the estimated sensitivity to a one basis point increase in credit spreads ( counterparty and our own ) on derivatives was a gain of $ 3 million and $ 2 million ( including hedges ) as of december 2017 and december 2016 , respectively .
in addition , the estimated sensitivity to a one basis point increase in our own credit spreads on financial liabilities for which the fair value option was elected was a gain of $ 35 million and $ 25 million as of december 2017 and december 2016 , respectively .
however , the actual net impact of a change in our own credit spreads is also affected by the liquidity , duration and convexity ( as the sensitivity is not linear to changes in yields ) of those financial liabilities for which the fair value option was elected , as well as the relative performance of any hedges undertaken .
interest rate sensitivity .
loans receivable as of december 2017 and december 2016 were $ 65.93 billion and $ 49.67 billion , respectively , substantially all of which had floating interest rates .
as of december 2017 and december 2016 , the estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 527 million and $ 405 million , respectively , of additional interest income over a twelve-month period , which does not take into account the potential impact of an increase in costs to fund such loans .
see note 9 to the consolidated financial statements for further information about loans receivable .
other market risk considerations as of december 2017 and december 2016 , we had commitments and held loans for which we have obtained credit loss protection from sumitomo mitsui financial group , inc .
see note 18 to the consolidated financial statements for further information about such lending commitments .
in addition , we make investments in securities that are accounted for as available-for-sale and included in financial instruments owned in the consolidated statements of financial condition .
see note 6 to the consolidated financial statements for further information .
we also make investments accounted for under the equity method and we also make direct investments in real estate , both of which are included in other assets .
direct investments in real estate are accounted for at cost less accumulated depreciation .
see note 13 to the consolidated financial statements for further information about other assets .
goldman sachs 2017 form 10-k 93 . | 2,017 | 106 | GS | Goldman Sachs | Financials | Investment Banking & Brokerage | New York City, New York | 2002-07-22 | 886,982 | 1869 | null | null |
finqa149 | what percent of total operating income was asia-pacific in 2015? | 9% | divide(36358, 408547) | 2022 net revenues in our connected fitness operating segment increased $ 34.2 million to $ 53.4 million in 2015 from $ 19.2 million in 2014 primarily due to revenues generated from our two connected fitness acquisitions in 2015 and growth in our existing connected fitness business .
operating income ( loss ) by segment is summarized below: . | the increase in total operating income was driven by the following : 2022 operating income in our north america operating segment increased $ 88.6 million to $ 461.0 million in 2015 from $ 372.4 million in 2014 primarily due to the items discussed above in the consolidated results of operations .
2022 operating income in our emea operating segment increased $ 14.9 million to $ 3.1 million in 2015 from a loss of $ 11.8 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations .
2022 operating income in our asia-pacific operating segment increased $ 14.5 million to $ 36.4 million in 2015 from $ 21.9 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations .
2022 operating loss in our latin america operating segment increased $ 15.2 million to $ 30.6 million in 2015 from $ 15.4 million in 2014 primarily due to increased investments to support growth in the region and the economic challenges in brazil during the period .
this increase in operating loss was offset by sales growth discussed above .
2022 operating loss in our connected fitness segment increased $ 48.2 million to $ 61.3 million in 2015 from $ 13.1 million in 2014 primarily due to investments to support growth in our connected fitness business , including the impact of our two connected fitness acquisitions in 2015 .
these acquisitions contributed $ 23.6 million to the operating loss for the connected fitness segment in 2015 .
seasonality historically , we have recognized a majority of our net revenues and a significant portion of our income from operations in the last two quarters of the year , driven primarily by increased sales volume of our products during the fall selling season , including our higher priced cold weather products , along with a larger proportion of higher margin direct to consumer sales .
seasonality could have an impact on the timing of accruals if the sales in the last two quarters of the year do not materialize .
the level of our working capital generally reflects the seasonality and growth in our business .
we generally expect inventory , accounts payable and certain accrued expenses to be higher in the second and third quarters in preparation for the fall selling season. . | | | ( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014 | year ended december 31 , $ change | year ended december 31 , % ( % ) change |
|---:|:-----------------------|:--------------------------------|:--------------------------------|:------------------------------------|:-------------------------------------------|
| 0 | north america | $ 460961 | $ 372347 | $ 88614 | 23.8% ( 23.8 % ) |
| 1 | emea | 3122 | -11763 ( 11763 ) | 14885 | 126.5 |
| 2 | asia-pacific | 36358 | 21858 | 14500 | 66.3 |
| 3 | latin america | -30593 ( 30593 ) | -15423 ( 15423 ) | -15170 ( 15170 ) | -98.4 ( 98.4 ) |
| 4 | connected fitness | -61301 ( 61301 ) | -13064 ( 13064 ) | -48237 ( 48237 ) | -369.2 ( 369.2 ) |
| 5 | total operating income | $ 408547 | $ 353955 | $ 54592 | 15.4% ( 15.4 % ) | | 2022 net revenues in our connected fitness operating segment increased $ 34.2 million to $ 53.4 million in 2015 from $ 19.2 million in 2014 primarily due to revenues generated from our two connected fitness acquisitions in 2015 and growth in our existing connected fitness business .
operating income ( loss ) by segment is summarized below: ._| | ( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014 | year ended december 31 , $ change | year ended december 31 , % ( % ) change |
|---:|:-----------------------|:--------------------------------|:--------------------------------|:------------------------------------|:-------------------------------------------|
| 0 | north america | $ 460961 | $ 372347 | $ 88614 | 23.8% ( 23.8 % ) |
| 1 | emea | 3122 | -11763 ( 11763 ) | 14885 | 126.5 |
| 2 | asia-pacific | 36358 | 21858 | 14500 | 66.3 |
| 3 | latin america | -30593 ( 30593 ) | -15423 ( 15423 ) | -15170 ( 15170 ) | -98.4 ( 98.4 ) |
| 4 | connected fitness | -61301 ( 61301 ) | -13064 ( 13064 ) | -48237 ( 48237 ) | -369.2 ( 369.2 ) |
| 5 | total operating income | $ 408547 | $ 353955 | $ 54592 | 15.4% ( 15.4 % ) |_the increase in total operating income was driven by the following : 2022 operating income in our north america operating segment increased $ 88.6 million to $ 461.0 million in 2015 from $ 372.4 million in 2014 primarily due to the items discussed above in the consolidated results of operations .
2022 operating income in our emea operating segment increased $ 14.9 million to $ 3.1 million in 2015 from a loss of $ 11.8 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations .
2022 operating income in our asia-pacific operating segment increased $ 14.5 million to $ 36.4 million in 2015 from $ 21.9 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations .
2022 operating loss in our latin america operating segment increased $ 15.2 million to $ 30.6 million in 2015 from $ 15.4 million in 2014 primarily due to increased investments to support growth in the region and the economic challenges in brazil during the period .
this increase in operating loss was offset by sales growth discussed above .
2022 operating loss in our connected fitness segment increased $ 48.2 million to $ 61.3 million in 2015 from $ 13.1 million in 2014 primarily due to investments to support growth in our connected fitness business , including the impact of our two connected fitness acquisitions in 2015 .
these acquisitions contributed $ 23.6 million to the operating loss for the connected fitness segment in 2015 .
seasonality historically , we have recognized a majority of our net revenues and a significant portion of our income from operations in the last two quarters of the year , driven primarily by increased sales volume of our products during the fall selling season , including our higher priced cold weather products , along with a larger proportion of higher margin direct to consumer sales .
seasonality could have an impact on the timing of accruals if the sales in the last two quarters of the year do not materialize .
the level of our working capital generally reflects the seasonality and growth in our business .
we generally expect inventory , accounts payable and certain accrued expenses to be higher in the second and third quarters in preparation for the fall selling season. . | 2,016 | 52 | UAA | Under Armour, Inc. | Consumer Discretionary | Apparel, Accessories, & Luxury | Baltimore, MD | 2016-01-01 | 1,336,917 | 1996 | what percent of total operating income was asia-pacific in 2015? | 9% | divide(36358, 408547) | 2022 net revenues in our connected fitness operating segment increased $ 34.2 million to $ 53.4 million in 2015 from $ 19.2 million in 2014 primarily due to revenues generated from our two connected fitness acquisitions in 2015 and growth in our existing connected fitness business .
operating income ( loss ) by segment is summarized below: . | the increase in total operating income was driven by the following : 2022 operating income in our north america operating segment increased $ 88.6 million to $ 461.0 million in 2015 from $ 372.4 million in 2014 primarily due to the items discussed above in the consolidated results of operations .
2022 operating income in our emea operating segment increased $ 14.9 million to $ 3.1 million in 2015 from a loss of $ 11.8 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations .
2022 operating income in our asia-pacific operating segment increased $ 14.5 million to $ 36.4 million in 2015 from $ 21.9 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations .
2022 operating loss in our latin america operating segment increased $ 15.2 million to $ 30.6 million in 2015 from $ 15.4 million in 2014 primarily due to increased investments to support growth in the region and the economic challenges in brazil during the period .
this increase in operating loss was offset by sales growth discussed above .
2022 operating loss in our connected fitness segment increased $ 48.2 million to $ 61.3 million in 2015 from $ 13.1 million in 2014 primarily due to investments to support growth in our connected fitness business , including the impact of our two connected fitness acquisitions in 2015 .
these acquisitions contributed $ 23.6 million to the operating loss for the connected fitness segment in 2015 .
seasonality historically , we have recognized a majority of our net revenues and a significant portion of our income from operations in the last two quarters of the year , driven primarily by increased sales volume of our products during the fall selling season , including our higher priced cold weather products , along with a larger proportion of higher margin direct to consumer sales .
seasonality could have an impact on the timing of accruals if the sales in the last two quarters of the year do not materialize .
the level of our working capital generally reflects the seasonality and growth in our business .
we generally expect inventory , accounts payable and certain accrued expenses to be higher in the second and third quarters in preparation for the fall selling season. . | | | ( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014 | year ended december 31 , $ change | year ended december 31 , % ( % ) change |
|---:|:-----------------------|:--------------------------------|:--------------------------------|:------------------------------------|:-------------------------------------------|
| 0 | north america | $ 460961 | $ 372347 | $ 88614 | 23.8% ( 23.8 % ) |
| 1 | emea | 3122 | -11763 ( 11763 ) | 14885 | 126.5 |
| 2 | asia-pacific | 36358 | 21858 | 14500 | 66.3 |
| 3 | latin america | -30593 ( 30593 ) | -15423 ( 15423 ) | -15170 ( 15170 ) | -98.4 ( 98.4 ) |
| 4 | connected fitness | -61301 ( 61301 ) | -13064 ( 13064 ) | -48237 ( 48237 ) | -369.2 ( 369.2 ) |
| 5 | total operating income | $ 408547 | $ 353955 | $ 54592 | 15.4% ( 15.4 % ) | | 2022 net revenues in our connected fitness operating segment increased $ 34.2 million to $ 53.4 million in 2015 from $ 19.2 million in 2014 primarily due to revenues generated from our two connected fitness acquisitions in 2015 and growth in our existing connected fitness business .
operating income ( loss ) by segment is summarized below: ._| | ( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014 | year ended december 31 , $ change | year ended december 31 , % ( % ) change |
|---:|:-----------------------|:--------------------------------|:--------------------------------|:------------------------------------|:-------------------------------------------|
| 0 | north america | $ 460961 | $ 372347 | $ 88614 | 23.8% ( 23.8 % ) |
| 1 | emea | 3122 | -11763 ( 11763 ) | 14885 | 126.5 |
| 2 | asia-pacific | 36358 | 21858 | 14500 | 66.3 |
| 3 | latin america | -30593 ( 30593 ) | -15423 ( 15423 ) | -15170 ( 15170 ) | -98.4 ( 98.4 ) |
| 4 | connected fitness | -61301 ( 61301 ) | -13064 ( 13064 ) | -48237 ( 48237 ) | -369.2 ( 369.2 ) |
| 5 | total operating income | $ 408547 | $ 353955 | $ 54592 | 15.4% ( 15.4 % ) |_the increase in total operating income was driven by the following : 2022 operating income in our north america operating segment increased $ 88.6 million to $ 461.0 million in 2015 from $ 372.4 million in 2014 primarily due to the items discussed above in the consolidated results of operations .
2022 operating income in our emea operating segment increased $ 14.9 million to $ 3.1 million in 2015 from a loss of $ 11.8 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations .
2022 operating income in our asia-pacific operating segment increased $ 14.5 million to $ 36.4 million in 2015 from $ 21.9 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations .
2022 operating loss in our latin america operating segment increased $ 15.2 million to $ 30.6 million in 2015 from $ 15.4 million in 2014 primarily due to increased investments to support growth in the region and the economic challenges in brazil during the period .
this increase in operating loss was offset by sales growth discussed above .
2022 operating loss in our connected fitness segment increased $ 48.2 million to $ 61.3 million in 2015 from $ 13.1 million in 2014 primarily due to investments to support growth in our connected fitness business , including the impact of our two connected fitness acquisitions in 2015 .
these acquisitions contributed $ 23.6 million to the operating loss for the connected fitness segment in 2015 .
seasonality historically , we have recognized a majority of our net revenues and a significant portion of our income from operations in the last two quarters of the year , driven primarily by increased sales volume of our products during the fall selling season , including our higher priced cold weather products , along with a larger proportion of higher margin direct to consumer sales .
seasonality could have an impact on the timing of accruals if the sales in the last two quarters of the year do not materialize .
the level of our working capital generally reflects the seasonality and growth in our business .
we generally expect inventory , accounts payable and certain accrued expenses to be higher in the second and third quarters in preparation for the fall selling season. . | 2,016 | 52 | UAA | Under Armour, Inc. | Consumer Discretionary | Apparel, Accessories, & Luxury | Baltimore, MD | 2016-01-01 | 1,336,917 | 1996 | null | null |
finqa150 | what was the average backlog at year-end from 2013 to 2015 | 197000 | divide(add(add(17400, 20300), 21400), const_3) | 2014 compared to 2013 mst 2019s net sales decreased $ 305 million , or 3% ( 3 % ) , in 2014 as compared to 2013 .
net sales decreased by approximately $ 305 million due to the wind-down or completion of certain c4isr programs ( primarily ptds ) ; about $ 85 million for undersea systems programs due to decreased volume and deliveries ; and about $ 55 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) .
the decreases were partially offset by higher net sales of approximately $ 80 million for integrated warfare systems and sensors programs due to increased volume ( primarily space fence ) ; and approximately $ 40 million for training and logistics solutions programs due to increased deliveries ( primarily close combat tactical trainer ) .
mst 2019s operating profit decreased $ 129 million , or 12% ( 12 % ) , in 2014 as compared to 2013 .
the decrease was primarily attributable to lower operating profit of approximately $ 120 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) ; approximately $ 55 million due to the reasons described above for lower c4isr program sales , as well as performance matters on an international program ; and approximately $ 45 million due to higher reserves recorded on certain training and logistics solutions programs .
the decreases were partially offset by higher operating profit of approximately $ 45 million for performance matters and reserves recorded in 2013 that were not repeated in 2014 ; and about $ 60 million for various programs due to increased risk retirements ( including mh-60 and radar surveillance programs ) .
adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 85 million lower for 2014 compared to 2013 .
backlog backlog increased in 2015 compared to 2014 primarily due to the addition of sikorsky backlog , as well as higher orders on new program starts ( such as australian defence force pilot training system ) .
backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts ( such as space fence ) .
trends we expect mst 2019s 2016 net sales to increase in the mid-double digit percentage range compared to 2015 net sales due to the inclusion of sikorsky programs for a full year , partially offset by a decline in volume due to the wind-down or completion of certain programs .
operating profit is expected to be equivalent to 2015 on higher volume , and operating margin is expected to decline due to costs associated with the sikorsky acquisition , including the impact of purchase accounting adjustments , integration costs and inherited restructuring costs associated with actions committed to by sikorsky prior to acquisition .
space systems our space systems business segment is engaged in the research and development , design , engineering and production of satellites , strategic and defensive missile systems and space transportation systems .
space systems provides network-enabled situational awareness and integrates complex global systems to help our customers gather , analyze , and securely distribute critical intelligence data .
space systems is also responsible for various classified systems and services in support of vital national security systems .
space systems 2019 major programs include the trident ii d5 fleet ballistic missile ( fbm ) , orion , space based infrared system ( sbirs ) , aehf , gps-iii , geostationary operational environmental satellite r-series ( goes-r ) , and muos .
operating profit for our space systems business segment includes our share of earnings for our investment in ula , which provides expendable launch services to the u.s .
government .
space systems 2019 operating results included the following ( in millions ) : . | 2015 compared to 2014 space systems 2019 net sales in 2015 decreased $ 97 million , or 1% ( 1 % ) , compared to 2014 .
the decrease was attributable to approximately $ 335 million lower net sales for government satellite programs due to decreased volume ( primarily aehf ) and the wind-down or completion of mission solutions programs ; and approximately $ 55 million for strategic missile and defense systems due to lower volume .
these decreases were partially offset by higher net sales of approximately $ 235 million for businesses acquired in 2014 ; and approximately $ 75 million for the orion program due to increased volume. . | | | | 2015 | 2014 | 2013 |
|---:|:--------------------|:-----------------|:-----------------|:-----------------|
| 0 | net sales | $ 9105 | $ 9202 | $ 9288 |
| 1 | operating profit | 1171 | 1187 | 1198 |
| 2 | operating margins | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) |
| 3 | backlog at year-end | $ 17400 | $ 20300 | $ 21400 | | 2014 compared to 2013 mst 2019s net sales decreased $ 305 million , or 3% ( 3 % ) , in 2014 as compared to 2013 .
net sales decreased by approximately $ 305 million due to the wind-down or completion of certain c4isr programs ( primarily ptds ) ; about $ 85 million for undersea systems programs due to decreased volume and deliveries ; and about $ 55 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) .
the decreases were partially offset by higher net sales of approximately $ 80 million for integrated warfare systems and sensors programs due to increased volume ( primarily space fence ) ; and approximately $ 40 million for training and logistics solutions programs due to increased deliveries ( primarily close combat tactical trainer ) .
mst 2019s operating profit decreased $ 129 million , or 12% ( 12 % ) , in 2014 as compared to 2013 .
the decrease was primarily attributable to lower operating profit of approximately $ 120 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) ; approximately $ 55 million due to the reasons described above for lower c4isr program sales , as well as performance matters on an international program ; and approximately $ 45 million due to higher reserves recorded on certain training and logistics solutions programs .
the decreases were partially offset by higher operating profit of approximately $ 45 million for performance matters and reserves recorded in 2013 that were not repeated in 2014 ; and about $ 60 million for various programs due to increased risk retirements ( including mh-60 and radar surveillance programs ) .
adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 85 million lower for 2014 compared to 2013 .
backlog backlog increased in 2015 compared to 2014 primarily due to the addition of sikorsky backlog , as well as higher orders on new program starts ( such as australian defence force pilot training system ) .
backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts ( such as space fence ) .
trends we expect mst 2019s 2016 net sales to increase in the mid-double digit percentage range compared to 2015 net sales due to the inclusion of sikorsky programs for a full year , partially offset by a decline in volume due to the wind-down or completion of certain programs .
operating profit is expected to be equivalent to 2015 on higher volume , and operating margin is expected to decline due to costs associated with the sikorsky acquisition , including the impact of purchase accounting adjustments , integration costs and inherited restructuring costs associated with actions committed to by sikorsky prior to acquisition .
space systems our space systems business segment is engaged in the research and development , design , engineering and production of satellites , strategic and defensive missile systems and space transportation systems .
space systems provides network-enabled situational awareness and integrates complex global systems to help our customers gather , analyze , and securely distribute critical intelligence data .
space systems is also responsible for various classified systems and services in support of vital national security systems .
space systems 2019 major programs include the trident ii d5 fleet ballistic missile ( fbm ) , orion , space based infrared system ( sbirs ) , aehf , gps-iii , geostationary operational environmental satellite r-series ( goes-r ) , and muos .
operating profit for our space systems business segment includes our share of earnings for our investment in ula , which provides expendable launch services to the u.s .
government .
space systems 2019 operating results included the following ( in millions ) : ._| | | 2015 | 2014 | 2013 |
|---:|:--------------------|:-----------------|:-----------------|:-----------------|
| 0 | net sales | $ 9105 | $ 9202 | $ 9288 |
| 1 | operating profit | 1171 | 1187 | 1198 |
| 2 | operating margins | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) |
| 3 | backlog at year-end | $ 17400 | $ 20300 | $ 21400 |_2015 compared to 2014 space systems 2019 net sales in 2015 decreased $ 97 million , or 1% ( 1 % ) , compared to 2014 .
the decrease was attributable to approximately $ 335 million lower net sales for government satellite programs due to decreased volume ( primarily aehf ) and the wind-down or completion of mission solutions programs ; and approximately $ 55 million for strategic missile and defense systems due to lower volume .
these decreases were partially offset by higher net sales of approximately $ 235 million for businesses acquired in 2014 ; and approximately $ 75 million for the orion program due to increased volume. . | 2,015 | 56 | LMT | Lockheed Martin | Industrials | Aerospace & Defense | Bethesda, Maryland | 1957-03-04 | 936,468 | 1995 | what was the average backlog at year-end from 2013 to 2015 | 197000 | divide(add(add(17400, 20300), 21400), const_3) | 2014 compared to 2013 mst 2019s net sales decreased $ 305 million , or 3% ( 3 % ) , in 2014 as compared to 2013 .
net sales decreased by approximately $ 305 million due to the wind-down or completion of certain c4isr programs ( primarily ptds ) ; about $ 85 million for undersea systems programs due to decreased volume and deliveries ; and about $ 55 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) .
the decreases were partially offset by higher net sales of approximately $ 80 million for integrated warfare systems and sensors programs due to increased volume ( primarily space fence ) ; and approximately $ 40 million for training and logistics solutions programs due to increased deliveries ( primarily close combat tactical trainer ) .
mst 2019s operating profit decreased $ 129 million , or 12% ( 12 % ) , in 2014 as compared to 2013 .
the decrease was primarily attributable to lower operating profit of approximately $ 120 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) ; approximately $ 55 million due to the reasons described above for lower c4isr program sales , as well as performance matters on an international program ; and approximately $ 45 million due to higher reserves recorded on certain training and logistics solutions programs .
the decreases were partially offset by higher operating profit of approximately $ 45 million for performance matters and reserves recorded in 2013 that were not repeated in 2014 ; and about $ 60 million for various programs due to increased risk retirements ( including mh-60 and radar surveillance programs ) .
adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 85 million lower for 2014 compared to 2013 .
backlog backlog increased in 2015 compared to 2014 primarily due to the addition of sikorsky backlog , as well as higher orders on new program starts ( such as australian defence force pilot training system ) .
backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts ( such as space fence ) .
trends we expect mst 2019s 2016 net sales to increase in the mid-double digit percentage range compared to 2015 net sales due to the inclusion of sikorsky programs for a full year , partially offset by a decline in volume due to the wind-down or completion of certain programs .
operating profit is expected to be equivalent to 2015 on higher volume , and operating margin is expected to decline due to costs associated with the sikorsky acquisition , including the impact of purchase accounting adjustments , integration costs and inherited restructuring costs associated with actions committed to by sikorsky prior to acquisition .
space systems our space systems business segment is engaged in the research and development , design , engineering and production of satellites , strategic and defensive missile systems and space transportation systems .
space systems provides network-enabled situational awareness and integrates complex global systems to help our customers gather , analyze , and securely distribute critical intelligence data .
space systems is also responsible for various classified systems and services in support of vital national security systems .
space systems 2019 major programs include the trident ii d5 fleet ballistic missile ( fbm ) , orion , space based infrared system ( sbirs ) , aehf , gps-iii , geostationary operational environmental satellite r-series ( goes-r ) , and muos .
operating profit for our space systems business segment includes our share of earnings for our investment in ula , which provides expendable launch services to the u.s .
government .
space systems 2019 operating results included the following ( in millions ) : . | 2015 compared to 2014 space systems 2019 net sales in 2015 decreased $ 97 million , or 1% ( 1 % ) , compared to 2014 .
the decrease was attributable to approximately $ 335 million lower net sales for government satellite programs due to decreased volume ( primarily aehf ) and the wind-down or completion of mission solutions programs ; and approximately $ 55 million for strategic missile and defense systems due to lower volume .
these decreases were partially offset by higher net sales of approximately $ 235 million for businesses acquired in 2014 ; and approximately $ 75 million for the orion program due to increased volume. . | | | | 2015 | 2014 | 2013 |
|---:|:--------------------|:-----------------|:-----------------|:-----------------|
| 0 | net sales | $ 9105 | $ 9202 | $ 9288 |
| 1 | operating profit | 1171 | 1187 | 1198 |
| 2 | operating margins | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) |
| 3 | backlog at year-end | $ 17400 | $ 20300 | $ 21400 | | 2014 compared to 2013 mst 2019s net sales decreased $ 305 million , or 3% ( 3 % ) , in 2014 as compared to 2013 .
net sales decreased by approximately $ 305 million due to the wind-down or completion of certain c4isr programs ( primarily ptds ) ; about $ 85 million for undersea systems programs due to decreased volume and deliveries ; and about $ 55 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) .
the decreases were partially offset by higher net sales of approximately $ 80 million for integrated warfare systems and sensors programs due to increased volume ( primarily space fence ) ; and approximately $ 40 million for training and logistics solutions programs due to increased deliveries ( primarily close combat tactical trainer ) .
mst 2019s operating profit decreased $ 129 million , or 12% ( 12 % ) , in 2014 as compared to 2013 .
the decrease was primarily attributable to lower operating profit of approximately $ 120 million related to the settlements of contract cost matters on certain programs in 2013 that were not repeated in 2014 ( including a portion of the terminated presidential helicopter program ) ; approximately $ 55 million due to the reasons described above for lower c4isr program sales , as well as performance matters on an international program ; and approximately $ 45 million due to higher reserves recorded on certain training and logistics solutions programs .
the decreases were partially offset by higher operating profit of approximately $ 45 million for performance matters and reserves recorded in 2013 that were not repeated in 2014 ; and about $ 60 million for various programs due to increased risk retirements ( including mh-60 and radar surveillance programs ) .
adjustments not related to volume , including net profit booking rate adjustments and other matters , were approximately $ 85 million lower for 2014 compared to 2013 .
backlog backlog increased in 2015 compared to 2014 primarily due to the addition of sikorsky backlog , as well as higher orders on new program starts ( such as australian defence force pilot training system ) .
backlog increased in 2014 compared to 2013 primarily due to higher orders on new program starts ( such as space fence ) .
trends we expect mst 2019s 2016 net sales to increase in the mid-double digit percentage range compared to 2015 net sales due to the inclusion of sikorsky programs for a full year , partially offset by a decline in volume due to the wind-down or completion of certain programs .
operating profit is expected to be equivalent to 2015 on higher volume , and operating margin is expected to decline due to costs associated with the sikorsky acquisition , including the impact of purchase accounting adjustments , integration costs and inherited restructuring costs associated with actions committed to by sikorsky prior to acquisition .
space systems our space systems business segment is engaged in the research and development , design , engineering and production of satellites , strategic and defensive missile systems and space transportation systems .
space systems provides network-enabled situational awareness and integrates complex global systems to help our customers gather , analyze , and securely distribute critical intelligence data .
space systems is also responsible for various classified systems and services in support of vital national security systems .
space systems 2019 major programs include the trident ii d5 fleet ballistic missile ( fbm ) , orion , space based infrared system ( sbirs ) , aehf , gps-iii , geostationary operational environmental satellite r-series ( goes-r ) , and muos .
operating profit for our space systems business segment includes our share of earnings for our investment in ula , which provides expendable launch services to the u.s .
government .
space systems 2019 operating results included the following ( in millions ) : ._| | | 2015 | 2014 | 2013 |
|---:|:--------------------|:-----------------|:-----------------|:-----------------|
| 0 | net sales | $ 9105 | $ 9202 | $ 9288 |
| 1 | operating profit | 1171 | 1187 | 1198 |
| 2 | operating margins | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) | 12.9% ( 12.9 % ) |
| 3 | backlog at year-end | $ 17400 | $ 20300 | $ 21400 |_2015 compared to 2014 space systems 2019 net sales in 2015 decreased $ 97 million , or 1% ( 1 % ) , compared to 2014 .
the decrease was attributable to approximately $ 335 million lower net sales for government satellite programs due to decreased volume ( primarily aehf ) and the wind-down or completion of mission solutions programs ; and approximately $ 55 million for strategic missile and defense systems due to lower volume .
these decreases were partially offset by higher net sales of approximately $ 235 million for businesses acquired in 2014 ; and approximately $ 75 million for the orion program due to increased volume. . | 2,015 | 56 | LMT | Lockheed Martin | Industrials | Aerospace & Defense | Bethesda, Maryland | 1957-03-04 | 936,468 | 1995 | null | null |
finqa151 | what percentage of the total oil and gas mmboe comes from canada? | 24.69% | multiply(divide(60, 243), const_100) | the acquisition date is on or after the beginning of the first annual reporting period beginning on or after december 15 , 2008 .
we will evaluate how the new requirements of statement no .
141 ( r ) would impact any business combinations completed in 2009 or thereafter .
in december 2007 , the fasb also issued statement of financial accounting standards no .
160 , noncontrolling interests in consolidated financial statements 2014an amendment of accounting research bulletin no .
51 .
a noncontrolling interest , sometimes called a minority interest , is the portion of equity in a subsidiary not attributable , directly or indirectly , to a parent .
statement no .
160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary .
under statement no .
160 , noncontrolling interests in a subsidiary must be reported as a component of consolidated equity separate from the parent 2019s equity .
additionally , the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement .
statement no .
160 is effective for fiscal years beginning on or after december 15 , 2008 and earlier adoption is prohibited .
we do not expect the adoption of statement no .
160 to have a material impact on our financial statements and related disclosures .
2008 estimates the forward-looking statements provided in this discussion are based on our examination of historical operating trends , the information that was used to prepare the december 31 , 2007 reserve reports and other data in our possession or available from third parties .
these forward-looking statements were prepared assuming demand , curtailment , producibility and general market conditions for our oil , natural gas and ngls during 2008 will be substantially similar to those of 2007 , unless otherwise noted .
we make reference to the 201cdisclosure regarding forward-looking statements 201d at the beginning of this report .
amounts related to canadian operations have been converted to u.s .
dollars using a projected average 2008 exchange rate of $ 0.98 u.s .
dollar to $ 1.00 canadian dollar .
in january 2007 , we announced our intent to divest our west african oil and gas assets and terminate our operations in west africa , including equatorial guinea , cote d 2019ivoire , gabon and other countries in the region .
in november 2007 , we announced an agreement to sell our operations in gabon for $ 205.5 million .
we are finalizing purchase and sales agreements and obtaining the necessary partner and government approvals for the remaining properties in this divestiture package .
we are optimistic we can complete these sales during the first half of 2008 .
all west african related revenues , expenses and capital will be reported as discontinued operations in our 2008 financial statements .
accordingly , all forward-looking estimates in the following discussion exclude amounts related to our operations in west africa , unless otherwise noted .
though we have completed several major property acquisitions and dispositions in recent years , these transactions are opportunity driven .
thus , the following forward-looking estimates do not include any financial and operating effects of potential property acquisitions or divestitures that may occur during 2008 , except for west africa as previously discussed .
oil , gas and ngl production set forth below are our estimates of oil , gas and ngl production for 2008 .
we estimate that our combined 2008 oil , gas and ngl production will total approximately 240 to 247 mmboe .
of this total , approximately 92% ( 92 % ) is estimated to be produced from reserves classified as 201cproved 201d at december 31 , 2007 .
the following estimates for oil , gas and ngl production are calculated at the midpoint of the estimated range for total production .
oil gas ngls total ( mmbbls ) ( bcf ) ( mmbbls ) ( mmboe ) . | . | | | | oil ( mmbbls ) | gas ( bcf ) | ngls ( mmbbls ) | total ( mmboe ) |
|---:|:---------------|-----------------:|--------------:|------------------:|------------------:|
| 0 | u.s . onshore | 12 | 626 | 23 | 140 |
| 1 | u.s . offshore | 8 | 68 | 1 | 20 |
| 2 | canada | 23 | 198 | 4 | 60 |
| 3 | international | 23 | 2 | 2014 | 23 |
| 4 | total | 66 | 894 | 28 | 243 | | the acquisition date is on or after the beginning of the first annual reporting period beginning on or after december 15 , 2008 .
we will evaluate how the new requirements of statement no .
141 ( r ) would impact any business combinations completed in 2009 or thereafter .
in december 2007 , the fasb also issued statement of financial accounting standards no .
160 , noncontrolling interests in consolidated financial statements 2014an amendment of accounting research bulletin no .
51 .
a noncontrolling interest , sometimes called a minority interest , is the portion of equity in a subsidiary not attributable , directly or indirectly , to a parent .
statement no .
160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary .
under statement no .
160 , noncontrolling interests in a subsidiary must be reported as a component of consolidated equity separate from the parent 2019s equity .
additionally , the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement .
statement no .
160 is effective for fiscal years beginning on or after december 15 , 2008 and earlier adoption is prohibited .
we do not expect the adoption of statement no .
160 to have a material impact on our financial statements and related disclosures .
2008 estimates the forward-looking statements provided in this discussion are based on our examination of historical operating trends , the information that was used to prepare the december 31 , 2007 reserve reports and other data in our possession or available from third parties .
these forward-looking statements were prepared assuming demand , curtailment , producibility and general market conditions for our oil , natural gas and ngls during 2008 will be substantially similar to those of 2007 , unless otherwise noted .
we make reference to the 201cdisclosure regarding forward-looking statements 201d at the beginning of this report .
amounts related to canadian operations have been converted to u.s .
dollars using a projected average 2008 exchange rate of $ 0.98 u.s .
dollar to $ 1.00 canadian dollar .
in january 2007 , we announced our intent to divest our west african oil and gas assets and terminate our operations in west africa , including equatorial guinea , cote d 2019ivoire , gabon and other countries in the region .
in november 2007 , we announced an agreement to sell our operations in gabon for $ 205.5 million .
we are finalizing purchase and sales agreements and obtaining the necessary partner and government approvals for the remaining properties in this divestiture package .
we are optimistic we can complete these sales during the first half of 2008 .
all west african related revenues , expenses and capital will be reported as discontinued operations in our 2008 financial statements .
accordingly , all forward-looking estimates in the following discussion exclude amounts related to our operations in west africa , unless otherwise noted .
though we have completed several major property acquisitions and dispositions in recent years , these transactions are opportunity driven .
thus , the following forward-looking estimates do not include any financial and operating effects of potential property acquisitions or divestitures that may occur during 2008 , except for west africa as previously discussed .
oil , gas and ngl production set forth below are our estimates of oil , gas and ngl production for 2008 .
we estimate that our combined 2008 oil , gas and ngl production will total approximately 240 to 247 mmboe .
of this total , approximately 92% ( 92 % ) is estimated to be produced from reserves classified as 201cproved 201d at december 31 , 2007 .
the following estimates for oil , gas and ngl production are calculated at the midpoint of the estimated range for total production .
oil gas ngls total ( mmbbls ) ( bcf ) ( mmbbls ) ( mmboe ) ._| | | oil ( mmbbls ) | gas ( bcf ) | ngls ( mmbbls ) | total ( mmboe ) |
|---:|:---------------|-----------------:|--------------:|------------------:|------------------:|
| 0 | u.s . onshore | 12 | 626 | 23 | 140 |
| 1 | u.s . offshore | 8 | 68 | 1 | 20 |
| 2 | canada | 23 | 198 | 4 | 60 |
| 3 | international | 23 | 2 | 2014 | 23 |
| 4 | total | 66 | 894 | 28 | 243 |_. | 2,007 | 58 | DVN | Devon Energy | Energy | Oil & Gas Exploration & Production | Oklahoma City, Oklahoma | 2000-08-30 | 1,090,012 | 1971 | what percentage of the total oil and gas mmboe comes from canada? | 24.69% | multiply(divide(60, 243), const_100) | the acquisition date is on or after the beginning of the first annual reporting period beginning on or after december 15 , 2008 .
we will evaluate how the new requirements of statement no .
141 ( r ) would impact any business combinations completed in 2009 or thereafter .
in december 2007 , the fasb also issued statement of financial accounting standards no .
160 , noncontrolling interests in consolidated financial statements 2014an amendment of accounting research bulletin no .
51 .
a noncontrolling interest , sometimes called a minority interest , is the portion of equity in a subsidiary not attributable , directly or indirectly , to a parent .
statement no .
160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary .
under statement no .
160 , noncontrolling interests in a subsidiary must be reported as a component of consolidated equity separate from the parent 2019s equity .
additionally , the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement .
statement no .
160 is effective for fiscal years beginning on or after december 15 , 2008 and earlier adoption is prohibited .
we do not expect the adoption of statement no .
160 to have a material impact on our financial statements and related disclosures .
2008 estimates the forward-looking statements provided in this discussion are based on our examination of historical operating trends , the information that was used to prepare the december 31 , 2007 reserve reports and other data in our possession or available from third parties .
these forward-looking statements were prepared assuming demand , curtailment , producibility and general market conditions for our oil , natural gas and ngls during 2008 will be substantially similar to those of 2007 , unless otherwise noted .
we make reference to the 201cdisclosure regarding forward-looking statements 201d at the beginning of this report .
amounts related to canadian operations have been converted to u.s .
dollars using a projected average 2008 exchange rate of $ 0.98 u.s .
dollar to $ 1.00 canadian dollar .
in january 2007 , we announced our intent to divest our west african oil and gas assets and terminate our operations in west africa , including equatorial guinea , cote d 2019ivoire , gabon and other countries in the region .
in november 2007 , we announced an agreement to sell our operations in gabon for $ 205.5 million .
we are finalizing purchase and sales agreements and obtaining the necessary partner and government approvals for the remaining properties in this divestiture package .
we are optimistic we can complete these sales during the first half of 2008 .
all west african related revenues , expenses and capital will be reported as discontinued operations in our 2008 financial statements .
accordingly , all forward-looking estimates in the following discussion exclude amounts related to our operations in west africa , unless otherwise noted .
though we have completed several major property acquisitions and dispositions in recent years , these transactions are opportunity driven .
thus , the following forward-looking estimates do not include any financial and operating effects of potential property acquisitions or divestitures that may occur during 2008 , except for west africa as previously discussed .
oil , gas and ngl production set forth below are our estimates of oil , gas and ngl production for 2008 .
we estimate that our combined 2008 oil , gas and ngl production will total approximately 240 to 247 mmboe .
of this total , approximately 92% ( 92 % ) is estimated to be produced from reserves classified as 201cproved 201d at december 31 , 2007 .
the following estimates for oil , gas and ngl production are calculated at the midpoint of the estimated range for total production .
oil gas ngls total ( mmbbls ) ( bcf ) ( mmbbls ) ( mmboe ) . | . | | | | oil ( mmbbls ) | gas ( bcf ) | ngls ( mmbbls ) | total ( mmboe ) |
|---:|:---------------|-----------------:|--------------:|------------------:|------------------:|
| 0 | u.s . onshore | 12 | 626 | 23 | 140 |
| 1 | u.s . offshore | 8 | 68 | 1 | 20 |
| 2 | canada | 23 | 198 | 4 | 60 |
| 3 | international | 23 | 2 | 2014 | 23 |
| 4 | total | 66 | 894 | 28 | 243 | | the acquisition date is on or after the beginning of the first annual reporting period beginning on or after december 15 , 2008 .
we will evaluate how the new requirements of statement no .
141 ( r ) would impact any business combinations completed in 2009 or thereafter .
in december 2007 , the fasb also issued statement of financial accounting standards no .
160 , noncontrolling interests in consolidated financial statements 2014an amendment of accounting research bulletin no .
51 .
a noncontrolling interest , sometimes called a minority interest , is the portion of equity in a subsidiary not attributable , directly or indirectly , to a parent .
statement no .
160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary .
under statement no .
160 , noncontrolling interests in a subsidiary must be reported as a component of consolidated equity separate from the parent 2019s equity .
additionally , the amounts of consolidated net income attributable to both the parent and the noncontrolling interest must be reported separately on the face of the income statement .
statement no .
160 is effective for fiscal years beginning on or after december 15 , 2008 and earlier adoption is prohibited .
we do not expect the adoption of statement no .
160 to have a material impact on our financial statements and related disclosures .
2008 estimates the forward-looking statements provided in this discussion are based on our examination of historical operating trends , the information that was used to prepare the december 31 , 2007 reserve reports and other data in our possession or available from third parties .
these forward-looking statements were prepared assuming demand , curtailment , producibility and general market conditions for our oil , natural gas and ngls during 2008 will be substantially similar to those of 2007 , unless otherwise noted .
we make reference to the 201cdisclosure regarding forward-looking statements 201d at the beginning of this report .
amounts related to canadian operations have been converted to u.s .
dollars using a projected average 2008 exchange rate of $ 0.98 u.s .
dollar to $ 1.00 canadian dollar .
in january 2007 , we announced our intent to divest our west african oil and gas assets and terminate our operations in west africa , including equatorial guinea , cote d 2019ivoire , gabon and other countries in the region .
in november 2007 , we announced an agreement to sell our operations in gabon for $ 205.5 million .
we are finalizing purchase and sales agreements and obtaining the necessary partner and government approvals for the remaining properties in this divestiture package .
we are optimistic we can complete these sales during the first half of 2008 .
all west african related revenues , expenses and capital will be reported as discontinued operations in our 2008 financial statements .
accordingly , all forward-looking estimates in the following discussion exclude amounts related to our operations in west africa , unless otherwise noted .
though we have completed several major property acquisitions and dispositions in recent years , these transactions are opportunity driven .
thus , the following forward-looking estimates do not include any financial and operating effects of potential property acquisitions or divestitures that may occur during 2008 , except for west africa as previously discussed .
oil , gas and ngl production set forth below are our estimates of oil , gas and ngl production for 2008 .
we estimate that our combined 2008 oil , gas and ngl production will total approximately 240 to 247 mmboe .
of this total , approximately 92% ( 92 % ) is estimated to be produced from reserves classified as 201cproved 201d at december 31 , 2007 .
the following estimates for oil , gas and ngl production are calculated at the midpoint of the estimated range for total production .
oil gas ngls total ( mmbbls ) ( bcf ) ( mmbbls ) ( mmboe ) ._| | | oil ( mmbbls ) | gas ( bcf ) | ngls ( mmbbls ) | total ( mmboe ) |
|---:|:---------------|-----------------:|--------------:|------------------:|------------------:|
| 0 | u.s . onshore | 12 | 626 | 23 | 140 |
| 1 | u.s . offshore | 8 | 68 | 1 | 20 |
| 2 | canada | 23 | 198 | 4 | 60 |
| 3 | international | 23 | 2 | 2014 | 23 |
| 4 | total | 66 | 894 | 28 | 243 |_. | 2,007 | 58 | DVN | Devon Energy | Energy | Oil & Gas Exploration & Production | Oklahoma City, Oklahoma | 2000-08-30 | 1,090,012 | 1971 | null | null |
finqa152 | what was the percent of the impairment charges to the net revenue in 2013 | 0.5% | divide(240, 52708) | item 7 .
management 2019s discussion and analysis of financial condition and results of operations our management 2019s discussion and analysis of financial condition and results of operations ( md&a ) is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations , financial condition , and cash flows .
md&a is organized as follows : 2022 overview .
discussion of our business and overall analysis of financial and other highlights affecting the company in order to provide context for the remainder of md&a .
2022 critical accounting estimates .
accounting estimates that we believe are most important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts .
2022 results of operations .
an analysis of our financial results comparing 2013 to 2012 and comparing 2012 to 2022 liquidity and capital resources .
an analysis of changes in our balance sheets and cash flows , and discussion of our financial condition and potential sources of liquidity .
2022 fair value of financial instruments .
discussion of the methodologies used in the valuation of our financial instruments .
2022 contractual obligations and off-balance-sheet arrangements .
overview of contractual obligations , contingent liabilities , commitments , and off-balance-sheet arrangements outstanding as of december 28 , 2013 , including expected payment schedule .
the various sections of this md&a contain a number of forward-looking statements that involve a number of risks and uncertainties .
words such as 201canticipates , 201d 201cexpects , 201d 201cintends , 201d 201cplans , 201d 201cbelieves , 201d 201cseeks , 201d 201cestimates , 201d 201ccontinues , 201d 201cmay , 201d 201cwill , 201d 201cshould , 201d and variations of such words and similar expressions are intended to identify such forward-looking statements .
in addition , any statements that refer to projections of our future financial performance , our anticipated growth and trends in our businesses , uncertain events or assumptions , and other characterizations of future events or circumstances are forward-looking statements .
such statements are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this filing and particularly in 201crisk factors 201d in part i , item 1a of this form 10-k .
our actual results may differ materially , and these forward-looking statements do not reflect the potential impact of any divestitures , mergers , acquisitions , or other business combinations that had not been completed as of february 14 , 2014 .
overview our results of operations for each period were as follows: . | revenue for 2013 was down 1% ( 1 % ) from 2012 .
pccg experienced lower platform unit sales in the first half of the year , but saw offsetting growth in the back half as the pc market began to show signs of stabilization .
dcg continued to benefit from the build out of internet cloud computing and the strength of our product portfolio resulting in increased platform volumes for dcg for the year .
higher factory start-up costs for our next-generation 14nm process technology led to a decrease in gross margin compared to 2012 .
in response to the current business environment and to better align resources , management approved several restructuring actions including targeted workforce reductions as well as the exit of certain businesses and facilities .
these actions resulted in restructuring and asset impairment charges of $ 240 million for 2013 .
table of contents . | | | ( dollars in millions except per share amounts ) | three months ended dec . 282013 | three months ended sept . 282013 | three months ended change | three months ended dec . 282013 | three months ended dec . 292012 | change |
|---:|:---------------------------------------------------|:----------------------------------|:-----------------------------------|:----------------------------|:----------------------------------|:----------------------------------|:-----------------|
| 0 | net revenue | $ 13834 | $ 13483 | $ 351 | $ 52708 | $ 53341 | $ -633 ( 633 ) |
| 1 | gross margin | $ 8571 | $ 8414 | $ 157 | $ 31521 | $ 33151 | $ -1630 ( 1630 ) |
| 2 | gross margin percentage | 62.0% ( 62.0 % ) | 62.4% ( 62.4 % ) | ( 0.4 ) % ( % ) | 59.8% ( 59.8 % ) | 62.1% ( 62.1 % ) | ( 2.3 ) % ( % ) |
| 3 | operating income | $ 3549 | $ 3504 | $ 45 | $ 12291 | $ 14638 | $ -2347 ( 2347 ) |
| 4 | net income | $ 2625 | $ 2950 | $ -325 ( 325 ) | $ 9620 | $ 11005 | $ -1385 ( 1385 ) |
| 5 | diluted earnings per common share | $ 0.51 | $ 0.58 | $ -0.07 ( 0.07 ) | $ 1.89 | $ 2.13 | $ -0.24 ( 0.24 ) | | item 7 .
management 2019s discussion and analysis of financial condition and results of operations our management 2019s discussion and analysis of financial condition and results of operations ( md&a ) is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations , financial condition , and cash flows .
md&a is organized as follows : 2022 overview .
discussion of our business and overall analysis of financial and other highlights affecting the company in order to provide context for the remainder of md&a .
2022 critical accounting estimates .
accounting estimates that we believe are most important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts .
2022 results of operations .
an analysis of our financial results comparing 2013 to 2012 and comparing 2012 to 2022 liquidity and capital resources .
an analysis of changes in our balance sheets and cash flows , and discussion of our financial condition and potential sources of liquidity .
2022 fair value of financial instruments .
discussion of the methodologies used in the valuation of our financial instruments .
2022 contractual obligations and off-balance-sheet arrangements .
overview of contractual obligations , contingent liabilities , commitments , and off-balance-sheet arrangements outstanding as of december 28 , 2013 , including expected payment schedule .
the various sections of this md&a contain a number of forward-looking statements that involve a number of risks and uncertainties .
words such as 201canticipates , 201d 201cexpects , 201d 201cintends , 201d 201cplans , 201d 201cbelieves , 201d 201cseeks , 201d 201cestimates , 201d 201ccontinues , 201d 201cmay , 201d 201cwill , 201d 201cshould , 201d and variations of such words and similar expressions are intended to identify such forward-looking statements .
in addition , any statements that refer to projections of our future financial performance , our anticipated growth and trends in our businesses , uncertain events or assumptions , and other characterizations of future events or circumstances are forward-looking statements .
such statements are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this filing and particularly in 201crisk factors 201d in part i , item 1a of this form 10-k .
our actual results may differ materially , and these forward-looking statements do not reflect the potential impact of any divestitures , mergers , acquisitions , or other business combinations that had not been completed as of february 14 , 2014 .
overview our results of operations for each period were as follows: ._| | ( dollars in millions except per share amounts ) | three months ended dec . 282013 | three months ended sept . 282013 | three months ended change | three months ended dec . 282013 | three months ended dec . 292012 | change |
|---:|:---------------------------------------------------|:----------------------------------|:-----------------------------------|:----------------------------|:----------------------------------|:----------------------------------|:-----------------|
| 0 | net revenue | $ 13834 | $ 13483 | $ 351 | $ 52708 | $ 53341 | $ -633 ( 633 ) |
| 1 | gross margin | $ 8571 | $ 8414 | $ 157 | $ 31521 | $ 33151 | $ -1630 ( 1630 ) |
| 2 | gross margin percentage | 62.0% ( 62.0 % ) | 62.4% ( 62.4 % ) | ( 0.4 ) % ( % ) | 59.8% ( 59.8 % ) | 62.1% ( 62.1 % ) | ( 2.3 ) % ( % ) |
| 3 | operating income | $ 3549 | $ 3504 | $ 45 | $ 12291 | $ 14638 | $ -2347 ( 2347 ) |
| 4 | net income | $ 2625 | $ 2950 | $ -325 ( 325 ) | $ 9620 | $ 11005 | $ -1385 ( 1385 ) |
| 5 | diluted earnings per common share | $ 0.51 | $ 0.58 | $ -0.07 ( 0.07 ) | $ 1.89 | $ 2.13 | $ -0.24 ( 0.24 ) |_revenue for 2013 was down 1% ( 1 % ) from 2012 .
pccg experienced lower platform unit sales in the first half of the year , but saw offsetting growth in the back half as the pc market began to show signs of stabilization .
dcg continued to benefit from the build out of internet cloud computing and the strength of our product portfolio resulting in increased platform volumes for dcg for the year .
higher factory start-up costs for our next-generation 14nm process technology led to a decrease in gross margin compared to 2012 .
in response to the current business environment and to better align resources , management approved several restructuring actions including targeted workforce reductions as well as the exit of certain businesses and facilities .
these actions resulted in restructuring and asset impairment charges of $ 240 million for 2013 .
table of contents . | 2,013 | 33 | INTC | Intel | Information Technology | Semiconductors | Santa Clara, California | 1976-12-31 | 50,863 | 1968 | what was the percent of the impairment charges to the net revenue in 2013 | 0.5% | divide(240, 52708) | item 7 .
management 2019s discussion and analysis of financial condition and results of operations our management 2019s discussion and analysis of financial condition and results of operations ( md&a ) is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations , financial condition , and cash flows .
md&a is organized as follows : 2022 overview .
discussion of our business and overall analysis of financial and other highlights affecting the company in order to provide context for the remainder of md&a .
2022 critical accounting estimates .
accounting estimates that we believe are most important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts .
2022 results of operations .
an analysis of our financial results comparing 2013 to 2012 and comparing 2012 to 2022 liquidity and capital resources .
an analysis of changes in our balance sheets and cash flows , and discussion of our financial condition and potential sources of liquidity .
2022 fair value of financial instruments .
discussion of the methodologies used in the valuation of our financial instruments .
2022 contractual obligations and off-balance-sheet arrangements .
overview of contractual obligations , contingent liabilities , commitments , and off-balance-sheet arrangements outstanding as of december 28 , 2013 , including expected payment schedule .
the various sections of this md&a contain a number of forward-looking statements that involve a number of risks and uncertainties .
words such as 201canticipates , 201d 201cexpects , 201d 201cintends , 201d 201cplans , 201d 201cbelieves , 201d 201cseeks , 201d 201cestimates , 201d 201ccontinues , 201d 201cmay , 201d 201cwill , 201d 201cshould , 201d and variations of such words and similar expressions are intended to identify such forward-looking statements .
in addition , any statements that refer to projections of our future financial performance , our anticipated growth and trends in our businesses , uncertain events or assumptions , and other characterizations of future events or circumstances are forward-looking statements .
such statements are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this filing and particularly in 201crisk factors 201d in part i , item 1a of this form 10-k .
our actual results may differ materially , and these forward-looking statements do not reflect the potential impact of any divestitures , mergers , acquisitions , or other business combinations that had not been completed as of february 14 , 2014 .
overview our results of operations for each period were as follows: . | revenue for 2013 was down 1% ( 1 % ) from 2012 .
pccg experienced lower platform unit sales in the first half of the year , but saw offsetting growth in the back half as the pc market began to show signs of stabilization .
dcg continued to benefit from the build out of internet cloud computing and the strength of our product portfolio resulting in increased platform volumes for dcg for the year .
higher factory start-up costs for our next-generation 14nm process technology led to a decrease in gross margin compared to 2012 .
in response to the current business environment and to better align resources , management approved several restructuring actions including targeted workforce reductions as well as the exit of certain businesses and facilities .
these actions resulted in restructuring and asset impairment charges of $ 240 million for 2013 .
table of contents . | | | ( dollars in millions except per share amounts ) | three months ended dec . 282013 | three months ended sept . 282013 | three months ended change | three months ended dec . 282013 | three months ended dec . 292012 | change |
|---:|:---------------------------------------------------|:----------------------------------|:-----------------------------------|:----------------------------|:----------------------------------|:----------------------------------|:-----------------|
| 0 | net revenue | $ 13834 | $ 13483 | $ 351 | $ 52708 | $ 53341 | $ -633 ( 633 ) |
| 1 | gross margin | $ 8571 | $ 8414 | $ 157 | $ 31521 | $ 33151 | $ -1630 ( 1630 ) |
| 2 | gross margin percentage | 62.0% ( 62.0 % ) | 62.4% ( 62.4 % ) | ( 0.4 ) % ( % ) | 59.8% ( 59.8 % ) | 62.1% ( 62.1 % ) | ( 2.3 ) % ( % ) |
| 3 | operating income | $ 3549 | $ 3504 | $ 45 | $ 12291 | $ 14638 | $ -2347 ( 2347 ) |
| 4 | net income | $ 2625 | $ 2950 | $ -325 ( 325 ) | $ 9620 | $ 11005 | $ -1385 ( 1385 ) |
| 5 | diluted earnings per common share | $ 0.51 | $ 0.58 | $ -0.07 ( 0.07 ) | $ 1.89 | $ 2.13 | $ -0.24 ( 0.24 ) | | item 7 .
management 2019s discussion and analysis of financial condition and results of operations our management 2019s discussion and analysis of financial condition and results of operations ( md&a ) is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations , financial condition , and cash flows .
md&a is organized as follows : 2022 overview .
discussion of our business and overall analysis of financial and other highlights affecting the company in order to provide context for the remainder of md&a .
2022 critical accounting estimates .
accounting estimates that we believe are most important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts .
2022 results of operations .
an analysis of our financial results comparing 2013 to 2012 and comparing 2012 to 2022 liquidity and capital resources .
an analysis of changes in our balance sheets and cash flows , and discussion of our financial condition and potential sources of liquidity .
2022 fair value of financial instruments .
discussion of the methodologies used in the valuation of our financial instruments .
2022 contractual obligations and off-balance-sheet arrangements .
overview of contractual obligations , contingent liabilities , commitments , and off-balance-sheet arrangements outstanding as of december 28 , 2013 , including expected payment schedule .
the various sections of this md&a contain a number of forward-looking statements that involve a number of risks and uncertainties .
words such as 201canticipates , 201d 201cexpects , 201d 201cintends , 201d 201cplans , 201d 201cbelieves , 201d 201cseeks , 201d 201cestimates , 201d 201ccontinues , 201d 201cmay , 201d 201cwill , 201d 201cshould , 201d and variations of such words and similar expressions are intended to identify such forward-looking statements .
in addition , any statements that refer to projections of our future financial performance , our anticipated growth and trends in our businesses , uncertain events or assumptions , and other characterizations of future events or circumstances are forward-looking statements .
such statements are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this filing and particularly in 201crisk factors 201d in part i , item 1a of this form 10-k .
our actual results may differ materially , and these forward-looking statements do not reflect the potential impact of any divestitures , mergers , acquisitions , or other business combinations that had not been completed as of february 14 , 2014 .
overview our results of operations for each period were as follows: ._| | ( dollars in millions except per share amounts ) | three months ended dec . 282013 | three months ended sept . 282013 | three months ended change | three months ended dec . 282013 | three months ended dec . 292012 | change |
|---:|:---------------------------------------------------|:----------------------------------|:-----------------------------------|:----------------------------|:----------------------------------|:----------------------------------|:-----------------|
| 0 | net revenue | $ 13834 | $ 13483 | $ 351 | $ 52708 | $ 53341 | $ -633 ( 633 ) |
| 1 | gross margin | $ 8571 | $ 8414 | $ 157 | $ 31521 | $ 33151 | $ -1630 ( 1630 ) |
| 2 | gross margin percentage | 62.0% ( 62.0 % ) | 62.4% ( 62.4 % ) | ( 0.4 ) % ( % ) | 59.8% ( 59.8 % ) | 62.1% ( 62.1 % ) | ( 2.3 ) % ( % ) |
| 3 | operating income | $ 3549 | $ 3504 | $ 45 | $ 12291 | $ 14638 | $ -2347 ( 2347 ) |
| 4 | net income | $ 2625 | $ 2950 | $ -325 ( 325 ) | $ 9620 | $ 11005 | $ -1385 ( 1385 ) |
| 5 | diluted earnings per common share | $ 0.51 | $ 0.58 | $ -0.07 ( 0.07 ) | $ 1.89 | $ 2.13 | $ -0.24 ( 0.24 ) |_revenue for 2013 was down 1% ( 1 % ) from 2012 .
pccg experienced lower platform unit sales in the first half of the year , but saw offsetting growth in the back half as the pc market began to show signs of stabilization .
dcg continued to benefit from the build out of internet cloud computing and the strength of our product portfolio resulting in increased platform volumes for dcg for the year .
higher factory start-up costs for our next-generation 14nm process technology led to a decrease in gross margin compared to 2012 .
in response to the current business environment and to better align resources , management approved several restructuring actions including targeted workforce reductions as well as the exit of certain businesses and facilities .
these actions resulted in restructuring and asset impairment charges of $ 240 million for 2013 .
table of contents . | 2,013 | 33 | INTC | Intel | Information Technology | Semiconductors | Santa Clara, California | 1976-12-31 | 50,863 | 1968 | null | null |
finqa153 | what was the total net change in net fair value of derivatives outstanding at between 2007 and 2008 in thousands? | 233629 | subtract(258800, 25171) | oneok partners 2019 commodity price risk is estimated as a hypothetical change in the price of ngls , crude oil and natural gas at december 31 , 2008 , excluding the effects of hedging and assuming normal operating conditions .
oneok partners 2019 condensate sales are based on the price of crude oil .
oneok partners estimates the following : 2022 a $ 0.01 per gallon decrease in the composite price of ngls would decrease annual net margin by approximately $ 1.2 million ; 2022 a $ 1.00 per barrel decrease in the price of crude oil would decrease annual net margin by approximately $ 1.0 million ; and 2022 a $ 0.10 per mmbtu decrease in the price of natural gas would decrease annual net margin by approximately $ 0.6 million .
the above estimates of commodity price risk do not include any effects on demand for its services that might be caused by , or arise in conjunction with , price changes .
for example , a change in the gross processing spread may cause a change in the amount of ethane extracted from the natural gas stream , impacting gathering and processing margins , ngl exchange revenues , natural gas deliveries , and ngl volumes shipped and fractionated .
oneok partners is also exposed to commodity price risk primarily as a result of ngls in storage , the relative values of the various ngl products to each other , the relative value of ngls to natural gas and the relative value of ngl purchases at one location and sales at another location , known as basis risk .
oneok partners utilizes fixed-price physical forward contracts to reduce earnings volatility related to ngl price fluctuations .
oneok partners has not entered into any financial instruments with respect to its ngl marketing activities .
in addition , oneok partners is exposed to commodity price risk as its natural gas interstate and intrastate pipelines collect natural gas from its customers for operations or as part of its fee for services provided .
when the amount of natural gas consumed in operations by these pipelines differs from the amount provided by its customers , the pipelines must buy or sell natural gas , or store or use natural gas from inventory , which exposes oneok partners to commodity price risk .
at december 31 , 2008 , there were no hedges in place with respect to natural gas price risk from oneok partners 2019 natural gas pipeline business .
distribution our distribution segment uses derivative instruments to hedge the cost of anticipated natural gas purchases during the winter heating months to protect their customers from upward volatility in the market price of natural gas .
gains or losses associated with these derivative instruments are included in , and recoverable through , the monthly purchased gas cost mechanism .
energy services our energy services segment is exposed to commodity price risk , basis risk and price volatility arising from natural gas in storage , requirement contracts , asset management contracts and index-based purchases and sales of natural gas at various market locations .
we minimize the volatility of our exposure to commodity price risk through the use of derivative instruments , which , under certain circumstances , are designated as cash flow or fair value hedges .
we are also exposed to commodity price risk from fixed-price purchases and sales of natural gas , which we hedge with derivative instruments .
both the fixed-price purchases and sales and related derivatives are recorded at fair value .
fair value component of the energy marketing and risk management assets and liabilities - the following table sets forth the fair value component of the energy marketing and risk management assets and liabilities , excluding $ 21.0 million of net liabilities from derivative instruments declared as either fair value or cash flow hedges. . | ( a ) - the maturiti es of derivatives are based on inject ion and withdrawal periods from april through m arc h , which is consistent with our business s trategy .
the maturities are as fol lows : $ 225.0 mi llion matures through march 2009 , $ 33.9 mi llion matures through march 2012 and $ ( 0.1 ) mil lion matures through march 2014 .
fair v alue com ponent of energy m arketing and risk m anagement assets and liabili ti es . | | | | ( thousands of dollars ) |
|---:|:--------------------------------------------------------------------|:---------------------------|
| 0 | net fair value of derivatives outstanding at december 31 2007 | $ 25171 |
| 1 | derivatives reclassified or otherwise settled during the period | -55874 ( 55874 ) |
| 2 | fair value of new derivatives entered into during the period | 236772 |
| 3 | other changes in fair value | 52731 |
| 4 | net fair value of derivatives outstanding at december 31 2008 ( a ) | $ 258800 | | oneok partners 2019 commodity price risk is estimated as a hypothetical change in the price of ngls , crude oil and natural gas at december 31 , 2008 , excluding the effects of hedging and assuming normal operating conditions .
oneok partners 2019 condensate sales are based on the price of crude oil .
oneok partners estimates the following : 2022 a $ 0.01 per gallon decrease in the composite price of ngls would decrease annual net margin by approximately $ 1.2 million ; 2022 a $ 1.00 per barrel decrease in the price of crude oil would decrease annual net margin by approximately $ 1.0 million ; and 2022 a $ 0.10 per mmbtu decrease in the price of natural gas would decrease annual net margin by approximately $ 0.6 million .
the above estimates of commodity price risk do not include any effects on demand for its services that might be caused by , or arise in conjunction with , price changes .
for example , a change in the gross processing spread may cause a change in the amount of ethane extracted from the natural gas stream , impacting gathering and processing margins , ngl exchange revenues , natural gas deliveries , and ngl volumes shipped and fractionated .
oneok partners is also exposed to commodity price risk primarily as a result of ngls in storage , the relative values of the various ngl products to each other , the relative value of ngls to natural gas and the relative value of ngl purchases at one location and sales at another location , known as basis risk .
oneok partners utilizes fixed-price physical forward contracts to reduce earnings volatility related to ngl price fluctuations .
oneok partners has not entered into any financial instruments with respect to its ngl marketing activities .
in addition , oneok partners is exposed to commodity price risk as its natural gas interstate and intrastate pipelines collect natural gas from its customers for operations or as part of its fee for services provided .
when the amount of natural gas consumed in operations by these pipelines differs from the amount provided by its customers , the pipelines must buy or sell natural gas , or store or use natural gas from inventory , which exposes oneok partners to commodity price risk .
at december 31 , 2008 , there were no hedges in place with respect to natural gas price risk from oneok partners 2019 natural gas pipeline business .
distribution our distribution segment uses derivative instruments to hedge the cost of anticipated natural gas purchases during the winter heating months to protect their customers from upward volatility in the market price of natural gas .
gains or losses associated with these derivative instruments are included in , and recoverable through , the monthly purchased gas cost mechanism .
energy services our energy services segment is exposed to commodity price risk , basis risk and price volatility arising from natural gas in storage , requirement contracts , asset management contracts and index-based purchases and sales of natural gas at various market locations .
we minimize the volatility of our exposure to commodity price risk through the use of derivative instruments , which , under certain circumstances , are designated as cash flow or fair value hedges .
we are also exposed to commodity price risk from fixed-price purchases and sales of natural gas , which we hedge with derivative instruments .
both the fixed-price purchases and sales and related derivatives are recorded at fair value .
fair value component of the energy marketing and risk management assets and liabilities - the following table sets forth the fair value component of the energy marketing and risk management assets and liabilities , excluding $ 21.0 million of net liabilities from derivative instruments declared as either fair value or cash flow hedges. ._| | | ( thousands of dollars ) |
|---:|:--------------------------------------------------------------------|:---------------------------|
| 0 | net fair value of derivatives outstanding at december 31 2007 | $ 25171 |
| 1 | derivatives reclassified or otherwise settled during the period | -55874 ( 55874 ) |
| 2 | fair value of new derivatives entered into during the period | 236772 |
| 3 | other changes in fair value | 52731 |
| 4 | net fair value of derivatives outstanding at december 31 2008 ( a ) | $ 258800 |_( a ) - the maturiti es of derivatives are based on inject ion and withdrawal periods from april through m arc h , which is consistent with our business s trategy .
the maturities are as fol lows : $ 225.0 mi llion matures through march 2009 , $ 33.9 mi llion matures through march 2012 and $ ( 0.1 ) mil lion matures through march 2014 .
fair v alue com ponent of energy m arketing and risk m anagement assets and liabili ti es . | 2,008 | 86 | OKE | Oneok | Energy | Oil & Gas Storage & Transportation | Tulsa, Oklahoma | 2010-03-15 | 1,039,684 | 1906 | what was the total net change in net fair value of derivatives outstanding at between 2007 and 2008 in thousands? | 233629 | subtract(258800, 25171) | oneok partners 2019 commodity price risk is estimated as a hypothetical change in the price of ngls , crude oil and natural gas at december 31 , 2008 , excluding the effects of hedging and assuming normal operating conditions .
oneok partners 2019 condensate sales are based on the price of crude oil .
oneok partners estimates the following : 2022 a $ 0.01 per gallon decrease in the composite price of ngls would decrease annual net margin by approximately $ 1.2 million ; 2022 a $ 1.00 per barrel decrease in the price of crude oil would decrease annual net margin by approximately $ 1.0 million ; and 2022 a $ 0.10 per mmbtu decrease in the price of natural gas would decrease annual net margin by approximately $ 0.6 million .
the above estimates of commodity price risk do not include any effects on demand for its services that might be caused by , or arise in conjunction with , price changes .
for example , a change in the gross processing spread may cause a change in the amount of ethane extracted from the natural gas stream , impacting gathering and processing margins , ngl exchange revenues , natural gas deliveries , and ngl volumes shipped and fractionated .
oneok partners is also exposed to commodity price risk primarily as a result of ngls in storage , the relative values of the various ngl products to each other , the relative value of ngls to natural gas and the relative value of ngl purchases at one location and sales at another location , known as basis risk .
oneok partners utilizes fixed-price physical forward contracts to reduce earnings volatility related to ngl price fluctuations .
oneok partners has not entered into any financial instruments with respect to its ngl marketing activities .
in addition , oneok partners is exposed to commodity price risk as its natural gas interstate and intrastate pipelines collect natural gas from its customers for operations or as part of its fee for services provided .
when the amount of natural gas consumed in operations by these pipelines differs from the amount provided by its customers , the pipelines must buy or sell natural gas , or store or use natural gas from inventory , which exposes oneok partners to commodity price risk .
at december 31 , 2008 , there were no hedges in place with respect to natural gas price risk from oneok partners 2019 natural gas pipeline business .
distribution our distribution segment uses derivative instruments to hedge the cost of anticipated natural gas purchases during the winter heating months to protect their customers from upward volatility in the market price of natural gas .
gains or losses associated with these derivative instruments are included in , and recoverable through , the monthly purchased gas cost mechanism .
energy services our energy services segment is exposed to commodity price risk , basis risk and price volatility arising from natural gas in storage , requirement contracts , asset management contracts and index-based purchases and sales of natural gas at various market locations .
we minimize the volatility of our exposure to commodity price risk through the use of derivative instruments , which , under certain circumstances , are designated as cash flow or fair value hedges .
we are also exposed to commodity price risk from fixed-price purchases and sales of natural gas , which we hedge with derivative instruments .
both the fixed-price purchases and sales and related derivatives are recorded at fair value .
fair value component of the energy marketing and risk management assets and liabilities - the following table sets forth the fair value component of the energy marketing and risk management assets and liabilities , excluding $ 21.0 million of net liabilities from derivative instruments declared as either fair value or cash flow hedges. . | ( a ) - the maturiti es of derivatives are based on inject ion and withdrawal periods from april through m arc h , which is consistent with our business s trategy .
the maturities are as fol lows : $ 225.0 mi llion matures through march 2009 , $ 33.9 mi llion matures through march 2012 and $ ( 0.1 ) mil lion matures through march 2014 .
fair v alue com ponent of energy m arketing and risk m anagement assets and liabili ti es . | | | | ( thousands of dollars ) |
|---:|:--------------------------------------------------------------------|:---------------------------|
| 0 | net fair value of derivatives outstanding at december 31 2007 | $ 25171 |
| 1 | derivatives reclassified or otherwise settled during the period | -55874 ( 55874 ) |
| 2 | fair value of new derivatives entered into during the period | 236772 |
| 3 | other changes in fair value | 52731 |
| 4 | net fair value of derivatives outstanding at december 31 2008 ( a ) | $ 258800 | | oneok partners 2019 commodity price risk is estimated as a hypothetical change in the price of ngls , crude oil and natural gas at december 31 , 2008 , excluding the effects of hedging and assuming normal operating conditions .
oneok partners 2019 condensate sales are based on the price of crude oil .
oneok partners estimates the following : 2022 a $ 0.01 per gallon decrease in the composite price of ngls would decrease annual net margin by approximately $ 1.2 million ; 2022 a $ 1.00 per barrel decrease in the price of crude oil would decrease annual net margin by approximately $ 1.0 million ; and 2022 a $ 0.10 per mmbtu decrease in the price of natural gas would decrease annual net margin by approximately $ 0.6 million .
the above estimates of commodity price risk do not include any effects on demand for its services that might be caused by , or arise in conjunction with , price changes .
for example , a change in the gross processing spread may cause a change in the amount of ethane extracted from the natural gas stream , impacting gathering and processing margins , ngl exchange revenues , natural gas deliveries , and ngl volumes shipped and fractionated .
oneok partners is also exposed to commodity price risk primarily as a result of ngls in storage , the relative values of the various ngl products to each other , the relative value of ngls to natural gas and the relative value of ngl purchases at one location and sales at another location , known as basis risk .
oneok partners utilizes fixed-price physical forward contracts to reduce earnings volatility related to ngl price fluctuations .
oneok partners has not entered into any financial instruments with respect to its ngl marketing activities .
in addition , oneok partners is exposed to commodity price risk as its natural gas interstate and intrastate pipelines collect natural gas from its customers for operations or as part of its fee for services provided .
when the amount of natural gas consumed in operations by these pipelines differs from the amount provided by its customers , the pipelines must buy or sell natural gas , or store or use natural gas from inventory , which exposes oneok partners to commodity price risk .
at december 31 , 2008 , there were no hedges in place with respect to natural gas price risk from oneok partners 2019 natural gas pipeline business .
distribution our distribution segment uses derivative instruments to hedge the cost of anticipated natural gas purchases during the winter heating months to protect their customers from upward volatility in the market price of natural gas .
gains or losses associated with these derivative instruments are included in , and recoverable through , the monthly purchased gas cost mechanism .
energy services our energy services segment is exposed to commodity price risk , basis risk and price volatility arising from natural gas in storage , requirement contracts , asset management contracts and index-based purchases and sales of natural gas at various market locations .
we minimize the volatility of our exposure to commodity price risk through the use of derivative instruments , which , under certain circumstances , are designated as cash flow or fair value hedges .
we are also exposed to commodity price risk from fixed-price purchases and sales of natural gas , which we hedge with derivative instruments .
both the fixed-price purchases and sales and related derivatives are recorded at fair value .
fair value component of the energy marketing and risk management assets and liabilities - the following table sets forth the fair value component of the energy marketing and risk management assets and liabilities , excluding $ 21.0 million of net liabilities from derivative instruments declared as either fair value or cash flow hedges. ._| | | ( thousands of dollars ) |
|---:|:--------------------------------------------------------------------|:---------------------------|
| 0 | net fair value of derivatives outstanding at december 31 2007 | $ 25171 |
| 1 | derivatives reclassified or otherwise settled during the period | -55874 ( 55874 ) |
| 2 | fair value of new derivatives entered into during the period | 236772 |
| 3 | other changes in fair value | 52731 |
| 4 | net fair value of derivatives outstanding at december 31 2008 ( a ) | $ 258800 |_( a ) - the maturiti es of derivatives are based on inject ion and withdrawal periods from april through m arc h , which is consistent with our business s trategy .
the maturities are as fol lows : $ 225.0 mi llion matures through march 2009 , $ 33.9 mi llion matures through march 2012 and $ ( 0.1 ) mil lion matures through march 2014 .
fair v alue com ponent of energy m arketing and risk m anagement assets and liabili ti es . | 2,008 | 86 | OKE | Oneok | Energy | Oil & Gas Storage & Transportation | Tulsa, Oklahoma | 2010-03-15 | 1,039,684 | 1906 | null | null |
finqa154 | what was the average net revenue between 2016 and 2017 in millions | 1521.55 | divide(add(1520.5, 1522.6), const_2) | entergy arkansas , inc .
and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 27.4 million primarily due to higher nuclear refueling outage expenses , higher depreciation and amortization expenses , higher taxes other than income taxes , and higher interest expense , partially offset by higher other income .
2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses .
net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . a0 a0following is an analysis of the change in net revenue comparing 2017 to 2016 .
amount ( in millions ) . | the retail electric price variance is primarily due to the implementation of formula rate plan rates effective with the first billing cycle of january 2017 and an increase in base rates effective february 24 , 2016 , each as approved by the apsc .
a significant portion of the base rate increase was related to the purchase of power block 2 of the union power station in march 2016 .
the increase was partially offset by decreases in the energy efficiency rider , as approved by the apsc , effective april 2016 and january 2017 .
see note 2 to the financial statements for further discussion of the rate case and formula rate plan filings .
see note 14 to the financial statements for further discussion of the union power station purchase .
the opportunity sales variance results from the estimated net revenue effect of the 2017 and 2016 ferc orders in the opportunity sales proceeding attributable to wholesale customers .
see note 2 to the financial statements for further discussion of the opportunity sales proceeding. . | | | | amount ( in millions ) |
|---:|:----------------------------|:-------------------------|
| 0 | 2016 net revenue | $ 1520.5 |
| 1 | retail electric price | 33.8 |
| 2 | opportunity sales | 5.6 |
| 3 | asset retirement obligation | -14.8 ( 14.8 ) |
| 4 | volume/weather | -29.0 ( 29.0 ) |
| 5 | other | 6.5 |
| 6 | 2017 net revenue | $ 1522.6 | | entergy arkansas , inc .
and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 27.4 million primarily due to higher nuclear refueling outage expenses , higher depreciation and amortization expenses , higher taxes other than income taxes , and higher interest expense , partially offset by higher other income .
2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses .
net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . a0 a0following is an analysis of the change in net revenue comparing 2017 to 2016 .
amount ( in millions ) ._| | | amount ( in millions ) |
|---:|:----------------------------|:-------------------------|
| 0 | 2016 net revenue | $ 1520.5 |
| 1 | retail electric price | 33.8 |
| 2 | opportunity sales | 5.6 |
| 3 | asset retirement obligation | -14.8 ( 14.8 ) |
| 4 | volume/weather | -29.0 ( 29.0 ) |
| 5 | other | 6.5 |
| 6 | 2017 net revenue | $ 1522.6 |_the retail electric price variance is primarily due to the implementation of formula rate plan rates effective with the first billing cycle of january 2017 and an increase in base rates effective february 24 , 2016 , each as approved by the apsc .
a significant portion of the base rate increase was related to the purchase of power block 2 of the union power station in march 2016 .
the increase was partially offset by decreases in the energy efficiency rider , as approved by the apsc , effective april 2016 and january 2017 .
see note 2 to the financial statements for further discussion of the rate case and formula rate plan filings .
see note 14 to the financial statements for further discussion of the union power station purchase .
the opportunity sales variance results from the estimated net revenue effect of the 2017 and 2016 ferc orders in the opportunity sales proceeding attributable to wholesale customers .
see note 2 to the financial statements for further discussion of the opportunity sales proceeding. . | 2,017 | 316 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | what was the average net revenue between 2016 and 2017 in millions | 1521.55 | divide(add(1520.5, 1522.6), const_2) | entergy arkansas , inc .
and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 27.4 million primarily due to higher nuclear refueling outage expenses , higher depreciation and amortization expenses , higher taxes other than income taxes , and higher interest expense , partially offset by higher other income .
2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses .
net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . a0 a0following is an analysis of the change in net revenue comparing 2017 to 2016 .
amount ( in millions ) . | the retail electric price variance is primarily due to the implementation of formula rate plan rates effective with the first billing cycle of january 2017 and an increase in base rates effective february 24 , 2016 , each as approved by the apsc .
a significant portion of the base rate increase was related to the purchase of power block 2 of the union power station in march 2016 .
the increase was partially offset by decreases in the energy efficiency rider , as approved by the apsc , effective april 2016 and january 2017 .
see note 2 to the financial statements for further discussion of the rate case and formula rate plan filings .
see note 14 to the financial statements for further discussion of the union power station purchase .
the opportunity sales variance results from the estimated net revenue effect of the 2017 and 2016 ferc orders in the opportunity sales proceeding attributable to wholesale customers .
see note 2 to the financial statements for further discussion of the opportunity sales proceeding. . | | | | amount ( in millions ) |
|---:|:----------------------------|:-------------------------|
| 0 | 2016 net revenue | $ 1520.5 |
| 1 | retail electric price | 33.8 |
| 2 | opportunity sales | 5.6 |
| 3 | asset retirement obligation | -14.8 ( 14.8 ) |
| 4 | volume/weather | -29.0 ( 29.0 ) |
| 5 | other | 6.5 |
| 6 | 2017 net revenue | $ 1522.6 | | entergy arkansas , inc .
and subsidiaries management 2019s financial discussion and analysis results of operations net income 2017 compared to 2016 net income decreased $ 27.4 million primarily due to higher nuclear refueling outage expenses , higher depreciation and amortization expenses , higher taxes other than income taxes , and higher interest expense , partially offset by higher other income .
2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses .
net revenue 2017 compared to 2016 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . a0 a0following is an analysis of the change in net revenue comparing 2017 to 2016 .
amount ( in millions ) ._| | | amount ( in millions ) |
|---:|:----------------------------|:-------------------------|
| 0 | 2016 net revenue | $ 1520.5 |
| 1 | retail electric price | 33.8 |
| 2 | opportunity sales | 5.6 |
| 3 | asset retirement obligation | -14.8 ( 14.8 ) |
| 4 | volume/weather | -29.0 ( 29.0 ) |
| 5 | other | 6.5 |
| 6 | 2017 net revenue | $ 1522.6 |_the retail electric price variance is primarily due to the implementation of formula rate plan rates effective with the first billing cycle of january 2017 and an increase in base rates effective february 24 , 2016 , each as approved by the apsc .
a significant portion of the base rate increase was related to the purchase of power block 2 of the union power station in march 2016 .
the increase was partially offset by decreases in the energy efficiency rider , as approved by the apsc , effective april 2016 and january 2017 .
see note 2 to the financial statements for further discussion of the rate case and formula rate plan filings .
see note 14 to the financial statements for further discussion of the union power station purchase .
the opportunity sales variance results from the estimated net revenue effect of the 2017 and 2016 ferc orders in the opportunity sales proceeding attributable to wholesale customers .
see note 2 to the financial statements for further discussion of the opportunity sales proceeding. . | 2,017 | 316 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | null | null |
finqa155 | what was the percentage change in net fair value of derivatives outstanding at between 2007 and 2008 in thousands? | 928% | divide(subtract(258800, 25171), 25171) | oneok partners 2019 commodity price risk is estimated as a hypothetical change in the price of ngls , crude oil and natural gas at december 31 , 2008 , excluding the effects of hedging and assuming normal operating conditions .
oneok partners 2019 condensate sales are based on the price of crude oil .
oneok partners estimates the following : 2022 a $ 0.01 per gallon decrease in the composite price of ngls would decrease annual net margin by approximately $ 1.2 million ; 2022 a $ 1.00 per barrel decrease in the price of crude oil would decrease annual net margin by approximately $ 1.0 million ; and 2022 a $ 0.10 per mmbtu decrease in the price of natural gas would decrease annual net margin by approximately $ 0.6 million .
the above estimates of commodity price risk do not include any effects on demand for its services that might be caused by , or arise in conjunction with , price changes .
for example , a change in the gross processing spread may cause a change in the amount of ethane extracted from the natural gas stream , impacting gathering and processing margins , ngl exchange revenues , natural gas deliveries , and ngl volumes shipped and fractionated .
oneok partners is also exposed to commodity price risk primarily as a result of ngls in storage , the relative values of the various ngl products to each other , the relative value of ngls to natural gas and the relative value of ngl purchases at one location and sales at another location , known as basis risk .
oneok partners utilizes fixed-price physical forward contracts to reduce earnings volatility related to ngl price fluctuations .
oneok partners has not entered into any financial instruments with respect to its ngl marketing activities .
in addition , oneok partners is exposed to commodity price risk as its natural gas interstate and intrastate pipelines collect natural gas from its customers for operations or as part of its fee for services provided .
when the amount of natural gas consumed in operations by these pipelines differs from the amount provided by its customers , the pipelines must buy or sell natural gas , or store or use natural gas from inventory , which exposes oneok partners to commodity price risk .
at december 31 , 2008 , there were no hedges in place with respect to natural gas price risk from oneok partners 2019 natural gas pipeline business .
distribution our distribution segment uses derivative instruments to hedge the cost of anticipated natural gas purchases during the winter heating months to protect their customers from upward volatility in the market price of natural gas .
gains or losses associated with these derivative instruments are included in , and recoverable through , the monthly purchased gas cost mechanism .
energy services our energy services segment is exposed to commodity price risk , basis risk and price volatility arising from natural gas in storage , requirement contracts , asset management contracts and index-based purchases and sales of natural gas at various market locations .
we minimize the volatility of our exposure to commodity price risk through the use of derivative instruments , which , under certain circumstances , are designated as cash flow or fair value hedges .
we are also exposed to commodity price risk from fixed-price purchases and sales of natural gas , which we hedge with derivative instruments .
both the fixed-price purchases and sales and related derivatives are recorded at fair value .
fair value component of the energy marketing and risk management assets and liabilities - the following table sets forth the fair value component of the energy marketing and risk management assets and liabilities , excluding $ 21.0 million of net liabilities from derivative instruments declared as either fair value or cash flow hedges. . | ( a ) - the maturiti es of derivatives are based on inject ion and withdrawal periods from april through m arc h , which is consistent with our business s trategy .
the maturities are as fol lows : $ 225.0 mi llion matures through march 2009 , $ 33.9 mi llion matures through march 2012 and $ ( 0.1 ) mil lion matures through march 2014 .
fair v alue com ponent of energy m arketing and risk m anagement assets and liabili ti es . | | | | ( thousands of dollars ) |
|---:|:--------------------------------------------------------------------|:---------------------------|
| 0 | net fair value of derivatives outstanding at december 31 2007 | $ 25171 |
| 1 | derivatives reclassified or otherwise settled during the period | -55874 ( 55874 ) |
| 2 | fair value of new derivatives entered into during the period | 236772 |
| 3 | other changes in fair value | 52731 |
| 4 | net fair value of derivatives outstanding at december 31 2008 ( a ) | $ 258800 | | oneok partners 2019 commodity price risk is estimated as a hypothetical change in the price of ngls , crude oil and natural gas at december 31 , 2008 , excluding the effects of hedging and assuming normal operating conditions .
oneok partners 2019 condensate sales are based on the price of crude oil .
oneok partners estimates the following : 2022 a $ 0.01 per gallon decrease in the composite price of ngls would decrease annual net margin by approximately $ 1.2 million ; 2022 a $ 1.00 per barrel decrease in the price of crude oil would decrease annual net margin by approximately $ 1.0 million ; and 2022 a $ 0.10 per mmbtu decrease in the price of natural gas would decrease annual net margin by approximately $ 0.6 million .
the above estimates of commodity price risk do not include any effects on demand for its services that might be caused by , or arise in conjunction with , price changes .
for example , a change in the gross processing spread may cause a change in the amount of ethane extracted from the natural gas stream , impacting gathering and processing margins , ngl exchange revenues , natural gas deliveries , and ngl volumes shipped and fractionated .
oneok partners is also exposed to commodity price risk primarily as a result of ngls in storage , the relative values of the various ngl products to each other , the relative value of ngls to natural gas and the relative value of ngl purchases at one location and sales at another location , known as basis risk .
oneok partners utilizes fixed-price physical forward contracts to reduce earnings volatility related to ngl price fluctuations .
oneok partners has not entered into any financial instruments with respect to its ngl marketing activities .
in addition , oneok partners is exposed to commodity price risk as its natural gas interstate and intrastate pipelines collect natural gas from its customers for operations or as part of its fee for services provided .
when the amount of natural gas consumed in operations by these pipelines differs from the amount provided by its customers , the pipelines must buy or sell natural gas , or store or use natural gas from inventory , which exposes oneok partners to commodity price risk .
at december 31 , 2008 , there were no hedges in place with respect to natural gas price risk from oneok partners 2019 natural gas pipeline business .
distribution our distribution segment uses derivative instruments to hedge the cost of anticipated natural gas purchases during the winter heating months to protect their customers from upward volatility in the market price of natural gas .
gains or losses associated with these derivative instruments are included in , and recoverable through , the monthly purchased gas cost mechanism .
energy services our energy services segment is exposed to commodity price risk , basis risk and price volatility arising from natural gas in storage , requirement contracts , asset management contracts and index-based purchases and sales of natural gas at various market locations .
we minimize the volatility of our exposure to commodity price risk through the use of derivative instruments , which , under certain circumstances , are designated as cash flow or fair value hedges .
we are also exposed to commodity price risk from fixed-price purchases and sales of natural gas , which we hedge with derivative instruments .
both the fixed-price purchases and sales and related derivatives are recorded at fair value .
fair value component of the energy marketing and risk management assets and liabilities - the following table sets forth the fair value component of the energy marketing and risk management assets and liabilities , excluding $ 21.0 million of net liabilities from derivative instruments declared as either fair value or cash flow hedges. ._| | | ( thousands of dollars ) |
|---:|:--------------------------------------------------------------------|:---------------------------|
| 0 | net fair value of derivatives outstanding at december 31 2007 | $ 25171 |
| 1 | derivatives reclassified or otherwise settled during the period | -55874 ( 55874 ) |
| 2 | fair value of new derivatives entered into during the period | 236772 |
| 3 | other changes in fair value | 52731 |
| 4 | net fair value of derivatives outstanding at december 31 2008 ( a ) | $ 258800 |_( a ) - the maturiti es of derivatives are based on inject ion and withdrawal periods from april through m arc h , which is consistent with our business s trategy .
the maturities are as fol lows : $ 225.0 mi llion matures through march 2009 , $ 33.9 mi llion matures through march 2012 and $ ( 0.1 ) mil lion matures through march 2014 .
fair v alue com ponent of energy m arketing and risk m anagement assets and liabili ti es . | 2,008 | 86 | OKE | Oneok | Energy | Oil & Gas Storage & Transportation | Tulsa, Oklahoma | 2010-03-15 | 1,039,684 | 1906 | what was the percentage change in net fair value of derivatives outstanding at between 2007 and 2008 in thousands? | 928% | divide(subtract(258800, 25171), 25171) | oneok partners 2019 commodity price risk is estimated as a hypothetical change in the price of ngls , crude oil and natural gas at december 31 , 2008 , excluding the effects of hedging and assuming normal operating conditions .
oneok partners 2019 condensate sales are based on the price of crude oil .
oneok partners estimates the following : 2022 a $ 0.01 per gallon decrease in the composite price of ngls would decrease annual net margin by approximately $ 1.2 million ; 2022 a $ 1.00 per barrel decrease in the price of crude oil would decrease annual net margin by approximately $ 1.0 million ; and 2022 a $ 0.10 per mmbtu decrease in the price of natural gas would decrease annual net margin by approximately $ 0.6 million .
the above estimates of commodity price risk do not include any effects on demand for its services that might be caused by , or arise in conjunction with , price changes .
for example , a change in the gross processing spread may cause a change in the amount of ethane extracted from the natural gas stream , impacting gathering and processing margins , ngl exchange revenues , natural gas deliveries , and ngl volumes shipped and fractionated .
oneok partners is also exposed to commodity price risk primarily as a result of ngls in storage , the relative values of the various ngl products to each other , the relative value of ngls to natural gas and the relative value of ngl purchases at one location and sales at another location , known as basis risk .
oneok partners utilizes fixed-price physical forward contracts to reduce earnings volatility related to ngl price fluctuations .
oneok partners has not entered into any financial instruments with respect to its ngl marketing activities .
in addition , oneok partners is exposed to commodity price risk as its natural gas interstate and intrastate pipelines collect natural gas from its customers for operations or as part of its fee for services provided .
when the amount of natural gas consumed in operations by these pipelines differs from the amount provided by its customers , the pipelines must buy or sell natural gas , or store or use natural gas from inventory , which exposes oneok partners to commodity price risk .
at december 31 , 2008 , there were no hedges in place with respect to natural gas price risk from oneok partners 2019 natural gas pipeline business .
distribution our distribution segment uses derivative instruments to hedge the cost of anticipated natural gas purchases during the winter heating months to protect their customers from upward volatility in the market price of natural gas .
gains or losses associated with these derivative instruments are included in , and recoverable through , the monthly purchased gas cost mechanism .
energy services our energy services segment is exposed to commodity price risk , basis risk and price volatility arising from natural gas in storage , requirement contracts , asset management contracts and index-based purchases and sales of natural gas at various market locations .
we minimize the volatility of our exposure to commodity price risk through the use of derivative instruments , which , under certain circumstances , are designated as cash flow or fair value hedges .
we are also exposed to commodity price risk from fixed-price purchases and sales of natural gas , which we hedge with derivative instruments .
both the fixed-price purchases and sales and related derivatives are recorded at fair value .
fair value component of the energy marketing and risk management assets and liabilities - the following table sets forth the fair value component of the energy marketing and risk management assets and liabilities , excluding $ 21.0 million of net liabilities from derivative instruments declared as either fair value or cash flow hedges. . | ( a ) - the maturiti es of derivatives are based on inject ion and withdrawal periods from april through m arc h , which is consistent with our business s trategy .
the maturities are as fol lows : $ 225.0 mi llion matures through march 2009 , $ 33.9 mi llion matures through march 2012 and $ ( 0.1 ) mil lion matures through march 2014 .
fair v alue com ponent of energy m arketing and risk m anagement assets and liabili ti es . | | | | ( thousands of dollars ) |
|---:|:--------------------------------------------------------------------|:---------------------------|
| 0 | net fair value of derivatives outstanding at december 31 2007 | $ 25171 |
| 1 | derivatives reclassified or otherwise settled during the period | -55874 ( 55874 ) |
| 2 | fair value of new derivatives entered into during the period | 236772 |
| 3 | other changes in fair value | 52731 |
| 4 | net fair value of derivatives outstanding at december 31 2008 ( a ) | $ 258800 | | oneok partners 2019 commodity price risk is estimated as a hypothetical change in the price of ngls , crude oil and natural gas at december 31 , 2008 , excluding the effects of hedging and assuming normal operating conditions .
oneok partners 2019 condensate sales are based on the price of crude oil .
oneok partners estimates the following : 2022 a $ 0.01 per gallon decrease in the composite price of ngls would decrease annual net margin by approximately $ 1.2 million ; 2022 a $ 1.00 per barrel decrease in the price of crude oil would decrease annual net margin by approximately $ 1.0 million ; and 2022 a $ 0.10 per mmbtu decrease in the price of natural gas would decrease annual net margin by approximately $ 0.6 million .
the above estimates of commodity price risk do not include any effects on demand for its services that might be caused by , or arise in conjunction with , price changes .
for example , a change in the gross processing spread may cause a change in the amount of ethane extracted from the natural gas stream , impacting gathering and processing margins , ngl exchange revenues , natural gas deliveries , and ngl volumes shipped and fractionated .
oneok partners is also exposed to commodity price risk primarily as a result of ngls in storage , the relative values of the various ngl products to each other , the relative value of ngls to natural gas and the relative value of ngl purchases at one location and sales at another location , known as basis risk .
oneok partners utilizes fixed-price physical forward contracts to reduce earnings volatility related to ngl price fluctuations .
oneok partners has not entered into any financial instruments with respect to its ngl marketing activities .
in addition , oneok partners is exposed to commodity price risk as its natural gas interstate and intrastate pipelines collect natural gas from its customers for operations or as part of its fee for services provided .
when the amount of natural gas consumed in operations by these pipelines differs from the amount provided by its customers , the pipelines must buy or sell natural gas , or store or use natural gas from inventory , which exposes oneok partners to commodity price risk .
at december 31 , 2008 , there were no hedges in place with respect to natural gas price risk from oneok partners 2019 natural gas pipeline business .
distribution our distribution segment uses derivative instruments to hedge the cost of anticipated natural gas purchases during the winter heating months to protect their customers from upward volatility in the market price of natural gas .
gains or losses associated with these derivative instruments are included in , and recoverable through , the monthly purchased gas cost mechanism .
energy services our energy services segment is exposed to commodity price risk , basis risk and price volatility arising from natural gas in storage , requirement contracts , asset management contracts and index-based purchases and sales of natural gas at various market locations .
we minimize the volatility of our exposure to commodity price risk through the use of derivative instruments , which , under certain circumstances , are designated as cash flow or fair value hedges .
we are also exposed to commodity price risk from fixed-price purchases and sales of natural gas , which we hedge with derivative instruments .
both the fixed-price purchases and sales and related derivatives are recorded at fair value .
fair value component of the energy marketing and risk management assets and liabilities - the following table sets forth the fair value component of the energy marketing and risk management assets and liabilities , excluding $ 21.0 million of net liabilities from derivative instruments declared as either fair value or cash flow hedges. ._| | | ( thousands of dollars ) |
|---:|:--------------------------------------------------------------------|:---------------------------|
| 0 | net fair value of derivatives outstanding at december 31 2007 | $ 25171 |
| 1 | derivatives reclassified or otherwise settled during the period | -55874 ( 55874 ) |
| 2 | fair value of new derivatives entered into during the period | 236772 |
| 3 | other changes in fair value | 52731 |
| 4 | net fair value of derivatives outstanding at december 31 2008 ( a ) | $ 258800 |_( a ) - the maturiti es of derivatives are based on inject ion and withdrawal periods from april through m arc h , which is consistent with our business s trategy .
the maturities are as fol lows : $ 225.0 mi llion matures through march 2009 , $ 33.9 mi llion matures through march 2012 and $ ( 0.1 ) mil lion matures through march 2014 .
fair v alue com ponent of energy m arketing and risk m anagement assets and liabili ti es . | 2,008 | 86 | OKE | Oneok | Energy | Oil & Gas Storage & Transportation | Tulsa, Oklahoma | 2010-03-15 | 1,039,684 | 1906 | null | null |
finqa156 | what is the growth of the additions in comparison with the growth of the deductions during 2003 and 2004? | 92% | subtract(subtract(divide(82551000, 68125000), const_1), subtract(divide(1390000, 4645000), const_1)) | federal realty investment trust schedule iii summary of real estate and accumulated depreciation 2014continued three years ended december 31 , 2005 reconciliation of accumulated depreciation and amortization . | . | | | balance december 31 2002 | $ 450697000 |
|---:|:---------------------------------------------------------------------|:-----------------------|
| 0 | additions during period 2014depreciation and amortization expense | 68125000 |
| 1 | deductions during period 2014disposition and retirements of property | -4645000 ( 4645000 ) |
| 2 | balance december 31 2003 | 514177000 |
| 3 | additions during period 2014depreciation and amortization expense | 82551000 |
| 4 | deductions during period 2014disposition and retirements of property | -1390000 ( 1390000 ) |
| 5 | balance december 31 2004 | 595338000 |
| 6 | additions during period 2014depreciation and amortization expense | 83656000 |
| 7 | deductions during period 2014disposition and retirements of property | -15244000 ( 15244000 ) |
| 8 | balance december 31 2005 | $ 663750000 | | federal realty investment trust schedule iii summary of real estate and accumulated depreciation 2014continued three years ended december 31 , 2005 reconciliation of accumulated depreciation and amortization ._| | balance december 31 2002 | $ 450697000 |
|---:|:---------------------------------------------------------------------|:-----------------------|
| 0 | additions during period 2014depreciation and amortization expense | 68125000 |
| 1 | deductions during period 2014disposition and retirements of property | -4645000 ( 4645000 ) |
| 2 | balance december 31 2003 | 514177000 |
| 3 | additions during period 2014depreciation and amortization expense | 82551000 |
| 4 | deductions during period 2014disposition and retirements of property | -1390000 ( 1390000 ) |
| 5 | balance december 31 2004 | 595338000 |
| 6 | additions during period 2014depreciation and amortization expense | 83656000 |
| 7 | deductions during period 2014disposition and retirements of property | -15244000 ( 15244000 ) |
| 8 | balance december 31 2005 | $ 663750000 |_. | 2,005 | 117 | FRT | Federal Realty Investment Trust | Real Estate | Retail REITs | Rockville, Maryland | 2016-02-01 | 34,903 | 1962 | what is the growth of the additions in comparison with the growth of the deductions during 2003 and 2004? | 92% | subtract(subtract(divide(82551000, 68125000), const_1), subtract(divide(1390000, 4645000), const_1)) | federal realty investment trust schedule iii summary of real estate and accumulated depreciation 2014continued three years ended december 31 , 2005 reconciliation of accumulated depreciation and amortization . | . | | | balance december 31 2002 | $ 450697000 |
|---:|:---------------------------------------------------------------------|:-----------------------|
| 0 | additions during period 2014depreciation and amortization expense | 68125000 |
| 1 | deductions during period 2014disposition and retirements of property | -4645000 ( 4645000 ) |
| 2 | balance december 31 2003 | 514177000 |
| 3 | additions during period 2014depreciation and amortization expense | 82551000 |
| 4 | deductions during period 2014disposition and retirements of property | -1390000 ( 1390000 ) |
| 5 | balance december 31 2004 | 595338000 |
| 6 | additions during period 2014depreciation and amortization expense | 83656000 |
| 7 | deductions during period 2014disposition and retirements of property | -15244000 ( 15244000 ) |
| 8 | balance december 31 2005 | $ 663750000 | | federal realty investment trust schedule iii summary of real estate and accumulated depreciation 2014continued three years ended december 31 , 2005 reconciliation of accumulated depreciation and amortization ._| | balance december 31 2002 | $ 450697000 |
|---:|:---------------------------------------------------------------------|:-----------------------|
| 0 | additions during period 2014depreciation and amortization expense | 68125000 |
| 1 | deductions during period 2014disposition and retirements of property | -4645000 ( 4645000 ) |
| 2 | balance december 31 2003 | 514177000 |
| 3 | additions during period 2014depreciation and amortization expense | 82551000 |
| 4 | deductions during period 2014disposition and retirements of property | -1390000 ( 1390000 ) |
| 5 | balance december 31 2004 | 595338000 |
| 6 | additions during period 2014depreciation and amortization expense | 83656000 |
| 7 | deductions during period 2014disposition and retirements of property | -15244000 ( 15244000 ) |
| 8 | balance december 31 2005 | $ 663750000 |_. | 2,005 | 117 | FRT | Federal Realty Investment Trust | Real Estate | Retail REITs | Rockville, Maryland | 2016-02-01 | 34,903 | 1962 | null | null |
finqa157 | what was the percentage change in the unrecognized tax benefits from 2014 to 2015? | -5% | divide(subtract(373, 394), 394) | 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 .
22 .
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 .
2014-08 .
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 . | | | december 31, | 2016 | 2015 | 2014 |
|---:|:--------------------------------------------|:-----------|:-----------|:-----------|
| 0 | balance at january 1 | $ 373 | $ 394 | $ 392 |
| 1 | additions for current year tax positions | 8 | 7 | 7 |
| 2 | additions for tax positions of prior years | 1 | 12 | 14 |
| 3 | reductions for tax positions of prior years | -1 ( 1 ) | -7 ( 7 ) | -2 ( 2 ) |
| 4 | effects of foreign currency translation | 2 | -7 ( 7 ) | -3 ( 3 ) |
| 5 | settlements | -13 ( 13 ) | -19 ( 19 ) | -2 ( 2 ) |
| 6 | lapse of statute of limitations | -1 ( 1 ) | -7 ( 7 ) | -12 ( 12 ) |
| 7 | balance at december 31 | $ 369 | $ 373 | $ 394 | | 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 ) : ._| | december 31, | 2016 | 2015 | 2014 |
|---:|:--------------------------------------------|:-----------|:-----------|:-----------|
| 0 | balance at january 1 | $ 373 | $ 394 | $ 392 |
| 1 | additions for current year tax positions | 8 | 7 | 7 |
| 2 | additions for tax positions of prior years | 1 | 12 | 14 |
| 3 | reductions for tax positions of prior years | -1 ( 1 ) | -7 ( 7 ) | -2 ( 2 ) |
| 4 | effects of foreign currency translation | 2 | -7 ( 7 ) | -3 ( 3 ) |
| 5 | settlements | -13 ( 13 ) | -19 ( 19 ) | -2 ( 2 ) |
| 6 | lapse of statute of limitations | -1 ( 1 ) | -7 ( 7 ) | -12 ( 12 ) |
| 7 | balance at december 31 | $ 369 | $ 373 | $ 394 |_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 .
22 .
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 .
2014-08 .
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 . | 2,016 | 191 | AES | AES Corporation | Utilities | Independent Power Producers & Energy Traders | Arlington, Virginia | 1998-10-02 | 874,761 | 1981 | what was the percentage change in the unrecognized tax benefits from 2014 to 2015? | -5% | divide(subtract(373, 394), 394) | 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 .
22 .
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 .
2014-08 .
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 . | | | december 31, | 2016 | 2015 | 2014 |
|---:|:--------------------------------------------|:-----------|:-----------|:-----------|
| 0 | balance at january 1 | $ 373 | $ 394 | $ 392 |
| 1 | additions for current year tax positions | 8 | 7 | 7 |
| 2 | additions for tax positions of prior years | 1 | 12 | 14 |
| 3 | reductions for tax positions of prior years | -1 ( 1 ) | -7 ( 7 ) | -2 ( 2 ) |
| 4 | effects of foreign currency translation | 2 | -7 ( 7 ) | -3 ( 3 ) |
| 5 | settlements | -13 ( 13 ) | -19 ( 19 ) | -2 ( 2 ) |
| 6 | lapse of statute of limitations | -1 ( 1 ) | -7 ( 7 ) | -12 ( 12 ) |
| 7 | balance at december 31 | $ 369 | $ 373 | $ 394 | | 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 ) : ._| | december 31, | 2016 | 2015 | 2014 |
|---:|:--------------------------------------------|:-----------|:-----------|:-----------|
| 0 | balance at january 1 | $ 373 | $ 394 | $ 392 |
| 1 | additions for current year tax positions | 8 | 7 | 7 |
| 2 | additions for tax positions of prior years | 1 | 12 | 14 |
| 3 | reductions for tax positions of prior years | -1 ( 1 ) | -7 ( 7 ) | -2 ( 2 ) |
| 4 | effects of foreign currency translation | 2 | -7 ( 7 ) | -3 ( 3 ) |
| 5 | settlements | -13 ( 13 ) | -19 ( 19 ) | -2 ( 2 ) |
| 6 | lapse of statute of limitations | -1 ( 1 ) | -7 ( 7 ) | -12 ( 12 ) |
| 7 | balance at december 31 | $ 369 | $ 373 | $ 394 |_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 .
22 .
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 .
2014-08 .
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 . | 2,016 | 191 | AES | AES Corporation | Utilities | Independent Power Producers & Energy Traders | Arlington, Virginia | 1998-10-02 | 874,761 | 1981 | null | null |
finqa158 | what were the remaining mondovi net assets acquired following the sale of certain excess assets from the deal , in thousands? | 1042490.2 | subtract(1042661, 170.8) | 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 . | | | current assets | $ 513782 |
|---:|:-----------------------------|:-----------|
| 0 | property plant and equipment | 438140 |
| 1 | other assets | 124450 |
| 2 | trademarks | 138000 |
| 3 | goodwill | 634203 |
| 4 | total assets acquired | 1848575 |
| 5 | current liabilities | 310919 |
| 6 | long-term liabilities | 494995 |
| 7 | total liabilities assumed | 805914 |
| 8 | net assets acquired | $ 1042661 | | 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 ) ._| | current assets | $ 513782 |
|---:|:-----------------------------|:-----------|
| 0 | property plant and equipment | 438140 |
| 1 | other assets | 124450 |
| 2 | trademarks | 138000 |
| 3 | goodwill | 634203 |
| 4 | total assets acquired | 1848575 |
| 5 | current liabilities | 310919 |
| 6 | long-term liabilities | 494995 |
| 7 | total liabilities assumed | 805914 |
| 8 | net assets acquired | $ 1042661 |_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 . | 2,006 | 68 | STZ | Constellation Brands | Consumer Staples | Distillers & Vintners | Rochester, New York | 2005-07-01 | 16,918 | 1945 | what were the remaining mondovi net assets acquired following the sale of certain excess assets from the deal , in thousands? | 1042490.2 | subtract(1042661, 170.8) | 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 . | | | current assets | $ 513782 |
|---:|:-----------------------------|:-----------|
| 0 | property plant and equipment | 438140 |
| 1 | other assets | 124450 |
| 2 | trademarks | 138000 |
| 3 | goodwill | 634203 |
| 4 | total assets acquired | 1848575 |
| 5 | current liabilities | 310919 |
| 6 | long-term liabilities | 494995 |
| 7 | total liabilities assumed | 805914 |
| 8 | net assets acquired | $ 1042661 | | 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 ) ._| | current assets | $ 513782 |
|---:|:-----------------------------|:-----------|
| 0 | property plant and equipment | 438140 |
| 1 | other assets | 124450 |
| 2 | trademarks | 138000 |
| 3 | goodwill | 634203 |
| 4 | total assets acquired | 1848575 |
| 5 | current liabilities | 310919 |
| 6 | long-term liabilities | 494995 |
| 7 | total liabilities assumed | 805914 |
| 8 | net assets acquired | $ 1042661 |_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 . | 2,006 | 68 | STZ | Constellation Brands | Consumer Staples | Distillers & Vintners | Rochester, New York | 2005-07-01 | 16,918 | 1945 | null | null |
finqa159 | what percentage of major facilities by square footage are owned as of december 28 , 2013? | 85% | divide(46.6, 54.9) | item 1b .
unresolved staff comments not applicable .
item 2 .
properties as of december 28 , 2013 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29.9 16.7 46.6 leased facilities2 2.3 6.0 8.3 . | 1 leases on portions of the land used for these facilities expire on varying dates through 2062 .
2 leases expire on varying dates through 2028 and generally include renewals at our option .
our principal executive offices are located in the u.s .
and a significant amount of our wafer fabrication activities are also located in the u.s .
in addition to our current facilities , we are building a development fabrication facility in oregon which began r&d start-up in 2013 .
we expect that this new facility will allow us to widen our process technology lead .
we also completed construction of a large-scale fabrication building in arizona in 2013 , which is currently not in use and is not being depreciated .
we recently announced that we plan to delay equipment installation in this building and leverage existing fabrication facilities , reserving this new facility for additional capacity and future technologies .
outside the u.s. , we have wafer fabrication facilities in israel , china , and ireland .
our fabrication facility in ireland is currently transitioning to a newer process technology node , with manufacturing expected to recommence in 2015 .
our assembly and test facilities are located in malaysia , china , costa rica , and vietnam .
in addition , we have sales and marketing offices worldwide that are generally located near major concentrations of customers .
we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it .
we do not identify or allocate assets by operating segment .
for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k .
item 3 .
legal proceedings for a discussion of legal proceedings , see 201cnote 26 : contingencies 201d in part ii , item 8 of this form 10-k .
item 4 .
mine safety disclosures not applicable .
table of contents . | | | ( square feet in millions ) | unitedstates | othercountries | total |
|---:|:------------------------------|---------------:|-----------------:|--------:|
| 0 | owned facilities1 | 29.9 | 16.7 | 46.6 |
| 1 | leased facilities2 | 2.3 | 6 | 8.3 |
| 2 | total facilities | 32.2 | 22.7 | 54.9 | | item 1b .
unresolved staff comments not applicable .
item 2 .
properties as of december 28 , 2013 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29.9 16.7 46.6 leased facilities2 2.3 6.0 8.3 ._| | ( square feet in millions ) | unitedstates | othercountries | total |
|---:|:------------------------------|---------------:|-----------------:|--------:|
| 0 | owned facilities1 | 29.9 | 16.7 | 46.6 |
| 1 | leased facilities2 | 2.3 | 6 | 8.3 |
| 2 | total facilities | 32.2 | 22.7 | 54.9 |_1 leases on portions of the land used for these facilities expire on varying dates through 2062 .
2 leases expire on varying dates through 2028 and generally include renewals at our option .
our principal executive offices are located in the u.s .
and a significant amount of our wafer fabrication activities are also located in the u.s .
in addition to our current facilities , we are building a development fabrication facility in oregon which began r&d start-up in 2013 .
we expect that this new facility will allow us to widen our process technology lead .
we also completed construction of a large-scale fabrication building in arizona in 2013 , which is currently not in use and is not being depreciated .
we recently announced that we plan to delay equipment installation in this building and leverage existing fabrication facilities , reserving this new facility for additional capacity and future technologies .
outside the u.s. , we have wafer fabrication facilities in israel , china , and ireland .
our fabrication facility in ireland is currently transitioning to a newer process technology node , with manufacturing expected to recommence in 2015 .
our assembly and test facilities are located in malaysia , china , costa rica , and vietnam .
in addition , we have sales and marketing offices worldwide that are generally located near major concentrations of customers .
we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it .
we do not identify or allocate assets by operating segment .
for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k .
item 3 .
legal proceedings for a discussion of legal proceedings , see 201cnote 26 : contingencies 201d in part ii , item 8 of this form 10-k .
item 4 .
mine safety disclosures not applicable .
table of contents . | 2,013 | 29 | INTC | Intel | Information Technology | Semiconductors | Santa Clara, California | 1976-12-31 | 50,863 | 1968 | what percentage of major facilities by square footage are owned as of december 28 , 2013? | 85% | divide(46.6, 54.9) | item 1b .
unresolved staff comments not applicable .
item 2 .
properties as of december 28 , 2013 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29.9 16.7 46.6 leased facilities2 2.3 6.0 8.3 . | 1 leases on portions of the land used for these facilities expire on varying dates through 2062 .
2 leases expire on varying dates through 2028 and generally include renewals at our option .
our principal executive offices are located in the u.s .
and a significant amount of our wafer fabrication activities are also located in the u.s .
in addition to our current facilities , we are building a development fabrication facility in oregon which began r&d start-up in 2013 .
we expect that this new facility will allow us to widen our process technology lead .
we also completed construction of a large-scale fabrication building in arizona in 2013 , which is currently not in use and is not being depreciated .
we recently announced that we plan to delay equipment installation in this building and leverage existing fabrication facilities , reserving this new facility for additional capacity and future technologies .
outside the u.s. , we have wafer fabrication facilities in israel , china , and ireland .
our fabrication facility in ireland is currently transitioning to a newer process technology node , with manufacturing expected to recommence in 2015 .
our assembly and test facilities are located in malaysia , china , costa rica , and vietnam .
in addition , we have sales and marketing offices worldwide that are generally located near major concentrations of customers .
we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it .
we do not identify or allocate assets by operating segment .
for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k .
item 3 .
legal proceedings for a discussion of legal proceedings , see 201cnote 26 : contingencies 201d in part ii , item 8 of this form 10-k .
item 4 .
mine safety disclosures not applicable .
table of contents . | | | ( square feet in millions ) | unitedstates | othercountries | total |
|---:|:------------------------------|---------------:|-----------------:|--------:|
| 0 | owned facilities1 | 29.9 | 16.7 | 46.6 |
| 1 | leased facilities2 | 2.3 | 6 | 8.3 |
| 2 | total facilities | 32.2 | 22.7 | 54.9 | | item 1b .
unresolved staff comments not applicable .
item 2 .
properties as of december 28 , 2013 , our major facilities consisted of : ( square feet in millions ) united states countries total owned facilities1 29.9 16.7 46.6 leased facilities2 2.3 6.0 8.3 ._| | ( square feet in millions ) | unitedstates | othercountries | total |
|---:|:------------------------------|---------------:|-----------------:|--------:|
| 0 | owned facilities1 | 29.9 | 16.7 | 46.6 |
| 1 | leased facilities2 | 2.3 | 6 | 8.3 |
| 2 | total facilities | 32.2 | 22.7 | 54.9 |_1 leases on portions of the land used for these facilities expire on varying dates through 2062 .
2 leases expire on varying dates through 2028 and generally include renewals at our option .
our principal executive offices are located in the u.s .
and a significant amount of our wafer fabrication activities are also located in the u.s .
in addition to our current facilities , we are building a development fabrication facility in oregon which began r&d start-up in 2013 .
we expect that this new facility will allow us to widen our process technology lead .
we also completed construction of a large-scale fabrication building in arizona in 2013 , which is currently not in use and is not being depreciated .
we recently announced that we plan to delay equipment installation in this building and leverage existing fabrication facilities , reserving this new facility for additional capacity and future technologies .
outside the u.s. , we have wafer fabrication facilities in israel , china , and ireland .
our fabrication facility in ireland is currently transitioning to a newer process technology node , with manufacturing expected to recommence in 2015 .
our assembly and test facilities are located in malaysia , china , costa rica , and vietnam .
in addition , we have sales and marketing offices worldwide that are generally located near major concentrations of customers .
we believe that the facilities described above are suitable and adequate for our present purposes and that the productive capacity in our facilities is substantially being utilized or we have plans to utilize it .
we do not identify or allocate assets by operating segment .
for information on net property , plant and equipment by country , see 201cnote 27 : operating segments and geographic information 201d in part ii , item 8 of this form 10-k .
item 3 .
legal proceedings for a discussion of legal proceedings , see 201cnote 26 : contingencies 201d in part ii , item 8 of this form 10-k .
item 4 .
mine safety disclosures not applicable .
table of contents . | 2,013 | 29 | INTC | Intel | Information Technology | Semiconductors | Santa Clara, California | 1976-12-31 | 50,863 | 1968 | null | null |
finqa160 | what was the percentage cumulative 5-year total stockholder return for cadence design systems inc . for the five years ended 12/29/2012? | -21.08% | divide(subtract(78.92, const_100), const_100) | stockholder return performance graphs the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index and the s&p 400 information technology index .
the graph assumes that the value of the investment in our common stock and in each index ( including reinvestment of dividends ) was $ 100 on december 29 , 2007 and tracks it through december 29 , 2012 .
comparison of 5 year cumulative total return* among cadence design systems , inc. , the nasdaq composite index , and s&p 400 information technology cadence design systems , inc .
nasdaq composite s&p 400 information technology 12/29/1212/31/111/1/111/2/101/3/0912/29/07 *$ 100 invested on 12/29/07 in stock or 12/31/07 in index , including reinvestment of dividends .
indexes calculated on month-end basis .
copyright a9 2013 s&p , a division of the mcgraw-hill companies inc .
all rights reserved. . | the stock price performance included in this graph is not necessarily indicative of future stock price performance . | | | | 12/29/2007 | 1/3/2009 | 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012 |
|---:|:-------------------------------|-------------:|-----------:|-----------:|-----------:|-------------:|-------------:|
| 0 | cadence design systems inc . | 100 | 22.55 | 35.17 | 48.5 | 61.07 | 78.92 |
| 1 | nasdaq composite | 100 | 59.03 | 82.25 | 97.32 | 98.63 | 110.78 |
| 2 | s&p 400 information technology | 100 | 54.6 | 82.76 | 108.11 | 95.48 | 109.88 | | stockholder return performance graphs the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index and the s&p 400 information technology index .
the graph assumes that the value of the investment in our common stock and in each index ( including reinvestment of dividends ) was $ 100 on december 29 , 2007 and tracks it through december 29 , 2012 .
comparison of 5 year cumulative total return* among cadence design systems , inc. , the nasdaq composite index , and s&p 400 information technology cadence design systems , inc .
nasdaq composite s&p 400 information technology 12/29/1212/31/111/1/111/2/101/3/0912/29/07 *$ 100 invested on 12/29/07 in stock or 12/31/07 in index , including reinvestment of dividends .
indexes calculated on month-end basis .
copyright a9 2013 s&p , a division of the mcgraw-hill companies inc .
all rights reserved. ._| | | 12/29/2007 | 1/3/2009 | 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012 |
|---:|:-------------------------------|-------------:|-----------:|-----------:|-----------:|-------------:|-------------:|
| 0 | cadence design systems inc . | 100 | 22.55 | 35.17 | 48.5 | 61.07 | 78.92 |
| 1 | nasdaq composite | 100 | 59.03 | 82.25 | 97.32 | 98.63 | 110.78 |
| 2 | s&p 400 information technology | 100 | 54.6 | 82.76 | 108.11 | 95.48 | 109.88 |_the stock price performance included in this graph is not necessarily indicative of future stock price performance . | 2,012 | 30 | CDNS | Cadence Design Systems | Information Technology | Application Software | San Jose, California | 2017-09-18 | 813,672 | 1988 | what was the percentage cumulative 5-year total stockholder return for cadence design systems inc . for the five years ended 12/29/2012? | -21.08% | divide(subtract(78.92, const_100), const_100) | stockholder return performance graphs the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index and the s&p 400 information technology index .
the graph assumes that the value of the investment in our common stock and in each index ( including reinvestment of dividends ) was $ 100 on december 29 , 2007 and tracks it through december 29 , 2012 .
comparison of 5 year cumulative total return* among cadence design systems , inc. , the nasdaq composite index , and s&p 400 information technology cadence design systems , inc .
nasdaq composite s&p 400 information technology 12/29/1212/31/111/1/111/2/101/3/0912/29/07 *$ 100 invested on 12/29/07 in stock or 12/31/07 in index , including reinvestment of dividends .
indexes calculated on month-end basis .
copyright a9 2013 s&p , a division of the mcgraw-hill companies inc .
all rights reserved. . | the stock price performance included in this graph is not necessarily indicative of future stock price performance . | | | | 12/29/2007 | 1/3/2009 | 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012 |
|---:|:-------------------------------|-------------:|-----------:|-----------:|-----------:|-------------:|-------------:|
| 0 | cadence design systems inc . | 100 | 22.55 | 35.17 | 48.5 | 61.07 | 78.92 |
| 1 | nasdaq composite | 100 | 59.03 | 82.25 | 97.32 | 98.63 | 110.78 |
| 2 | s&p 400 information technology | 100 | 54.6 | 82.76 | 108.11 | 95.48 | 109.88 | | stockholder return performance graphs the following graph compares the cumulative 5-year total stockholder return on our common stock relative to the cumulative total return of the nasdaq composite index and the s&p 400 information technology index .
the graph assumes that the value of the investment in our common stock and in each index ( including reinvestment of dividends ) was $ 100 on december 29 , 2007 and tracks it through december 29 , 2012 .
comparison of 5 year cumulative total return* among cadence design systems , inc. , the nasdaq composite index , and s&p 400 information technology cadence design systems , inc .
nasdaq composite s&p 400 information technology 12/29/1212/31/111/1/111/2/101/3/0912/29/07 *$ 100 invested on 12/29/07 in stock or 12/31/07 in index , including reinvestment of dividends .
indexes calculated on month-end basis .
copyright a9 2013 s&p , a division of the mcgraw-hill companies inc .
all rights reserved. ._| | | 12/29/2007 | 1/3/2009 | 1/2/2010 | 1/1/2011 | 12/31/2011 | 12/29/2012 |
|---:|:-------------------------------|-------------:|-----------:|-----------:|-----------:|-------------:|-------------:|
| 0 | cadence design systems inc . | 100 | 22.55 | 35.17 | 48.5 | 61.07 | 78.92 |
| 1 | nasdaq composite | 100 | 59.03 | 82.25 | 97.32 | 98.63 | 110.78 |
| 2 | s&p 400 information technology | 100 | 54.6 | 82.76 | 108.11 | 95.48 | 109.88 |_the stock price performance included in this graph is not necessarily indicative of future stock price performance . | 2,012 | 30 | CDNS | Cadence Design Systems | Information Technology | Application Software | San Jose, California | 2017-09-18 | 813,672 | 1988 | null | null |
finqa161 | what are the total amount of net tangible assets obtained through the acquisition? | $ 62154 | subtract(265982, 203828) | the estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed , including a reconciliation to the total purchase consideration , are as follows ( in thousands ) : . | goodwill of $ 203.8 million arising from the acquisition , included in the asia-pacific segment , was attributable to expected growth opportunities in australia and new zealand , as well as growth opportunities and operating synergies in integrated payments in our existing asia-pacific and north america markets .
goodwill associated with this acquisition is not deductible for income tax purposes .
the customer-related intangible assets have an estimated amortization period of 15 years .
the acquired technology has an estimated amortization period of 15 years .
the trade name has an estimated amortization period of 5 years .
note 3 2014 settlement processing assets and obligations funds settlement refers to the process of transferring funds for sales and credits between card issuers and merchants .
for transactions processed on our systems , we use our internal network to provide funding instructions to financial institutions that in turn fund the merchants .
we process funds settlement under two models , a sponsorship model and a direct membership model .
under the sponsorship model , we are designated as a merchant service provider by mastercard and an independent sales organization by visa , which means that member clearing banks ( 201cmember 201d ) sponsor us and require our adherence to the standards of the payment networks .
in certain markets , we have sponsorship or depository and clearing agreements with financial institution sponsors .
these agreements allow us to route transactions under the members 2019 control and identification numbers to clear credit card transactions through mastercard and visa .
in this model , the standards of the payment networks restrict us from performing funds settlement or accessing merchant settlement funds , and , instead , require that these funds be in the possession of the member until the merchant is funded .
under the direct membership model , we are members in various payment networks , allowing us to process and fund transactions without third-party sponsorship .
in this model , we route and clear transactions directly through the card brand 2019s network and are not restricted from performing funds settlement .
otherwise , we process these transactions similarly to how we process transactions in the sponsorship model .
we are required to adhere to the standards of the payment networks in which we are direct members .
we maintain relationships with financial institutions , which may also serve as our member sponsors for other card brands or in other markets , to assist with funds settlement .
timing differences , interchange fees , merchant reserves and exception items cause differences between the amount received from the payment networks and the amount funded to the merchants .
these intermediary balances arising in our settlement process for direct merchants are reflected as settlement processing assets and obligations on our consolidated balance sheets .
settlement processing assets and obligations include the components outlined below : 2022 interchange reimbursement .
our receivable from merchants for the portion of the discount fee related to reimbursement of the interchange fee .
global payments inc .
| 2017 form 10-k annual report 2013 77 . | | | cash | $ 45826 |
|---:|:-------------------------------------------|:-----------------|
| 0 | customer-related intangible assets | 42721 |
| 1 | acquired technology | 27954 |
| 2 | trade name | 2901 |
| 3 | other assets | 2337 |
| 4 | deferred income tax assets ( liabilities ) | -9788 ( 9788 ) |
| 5 | other liabilities | -49797 ( 49797 ) |
| 6 | total identifiable net assets | 62154 |
| 7 | goodwill | 203828 |
| 8 | total purchase consideration | $ 265982 | | the estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed , including a reconciliation to the total purchase consideration , are as follows ( in thousands ) : ._| | cash | $ 45826 |
|---:|:-------------------------------------------|:-----------------|
| 0 | customer-related intangible assets | 42721 |
| 1 | acquired technology | 27954 |
| 2 | trade name | 2901 |
| 3 | other assets | 2337 |
| 4 | deferred income tax assets ( liabilities ) | -9788 ( 9788 ) |
| 5 | other liabilities | -49797 ( 49797 ) |
| 6 | total identifiable net assets | 62154 |
| 7 | goodwill | 203828 |
| 8 | total purchase consideration | $ 265982 |_goodwill of $ 203.8 million arising from the acquisition , included in the asia-pacific segment , was attributable to expected growth opportunities in australia and new zealand , as well as growth opportunities and operating synergies in integrated payments in our existing asia-pacific and north america markets .
goodwill associated with this acquisition is not deductible for income tax purposes .
the customer-related intangible assets have an estimated amortization period of 15 years .
the acquired technology has an estimated amortization period of 15 years .
the trade name has an estimated amortization period of 5 years .
note 3 2014 settlement processing assets and obligations funds settlement refers to the process of transferring funds for sales and credits between card issuers and merchants .
for transactions processed on our systems , we use our internal network to provide funding instructions to financial institutions that in turn fund the merchants .
we process funds settlement under two models , a sponsorship model and a direct membership model .
under the sponsorship model , we are designated as a merchant service provider by mastercard and an independent sales organization by visa , which means that member clearing banks ( 201cmember 201d ) sponsor us and require our adherence to the standards of the payment networks .
in certain markets , we have sponsorship or depository and clearing agreements with financial institution sponsors .
these agreements allow us to route transactions under the members 2019 control and identification numbers to clear credit card transactions through mastercard and visa .
in this model , the standards of the payment networks restrict us from performing funds settlement or accessing merchant settlement funds , and , instead , require that these funds be in the possession of the member until the merchant is funded .
under the direct membership model , we are members in various payment networks , allowing us to process and fund transactions without third-party sponsorship .
in this model , we route and clear transactions directly through the card brand 2019s network and are not restricted from performing funds settlement .
otherwise , we process these transactions similarly to how we process transactions in the sponsorship model .
we are required to adhere to the standards of the payment networks in which we are direct members .
we maintain relationships with financial institutions , which may also serve as our member sponsors for other card brands or in other markets , to assist with funds settlement .
timing differences , interchange fees , merchant reserves and exception items cause differences between the amount received from the payment networks and the amount funded to the merchants .
these intermediary balances arising in our settlement process for direct merchants are reflected as settlement processing assets and obligations on our consolidated balance sheets .
settlement processing assets and obligations include the components outlined below : 2022 interchange reimbursement .
our receivable from merchants for the portion of the discount fee related to reimbursement of the interchange fee .
global payments inc .
| 2017 form 10-k annual report 2013 77 . | 2,017 | 77 | GPN | Global Payments | Financials | Transaction & Payment Processing Services | Atlanta, Georgia | 2016-04-25 | 1,123,360 | 2000 | what are the total amount of net tangible assets obtained through the acquisition? | $ 62154 | subtract(265982, 203828) | the estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed , including a reconciliation to the total purchase consideration , are as follows ( in thousands ) : . | goodwill of $ 203.8 million arising from the acquisition , included in the asia-pacific segment , was attributable to expected growth opportunities in australia and new zealand , as well as growth opportunities and operating synergies in integrated payments in our existing asia-pacific and north america markets .
goodwill associated with this acquisition is not deductible for income tax purposes .
the customer-related intangible assets have an estimated amortization period of 15 years .
the acquired technology has an estimated amortization period of 15 years .
the trade name has an estimated amortization period of 5 years .
note 3 2014 settlement processing assets and obligations funds settlement refers to the process of transferring funds for sales and credits between card issuers and merchants .
for transactions processed on our systems , we use our internal network to provide funding instructions to financial institutions that in turn fund the merchants .
we process funds settlement under two models , a sponsorship model and a direct membership model .
under the sponsorship model , we are designated as a merchant service provider by mastercard and an independent sales organization by visa , which means that member clearing banks ( 201cmember 201d ) sponsor us and require our adherence to the standards of the payment networks .
in certain markets , we have sponsorship or depository and clearing agreements with financial institution sponsors .
these agreements allow us to route transactions under the members 2019 control and identification numbers to clear credit card transactions through mastercard and visa .
in this model , the standards of the payment networks restrict us from performing funds settlement or accessing merchant settlement funds , and , instead , require that these funds be in the possession of the member until the merchant is funded .
under the direct membership model , we are members in various payment networks , allowing us to process and fund transactions without third-party sponsorship .
in this model , we route and clear transactions directly through the card brand 2019s network and are not restricted from performing funds settlement .
otherwise , we process these transactions similarly to how we process transactions in the sponsorship model .
we are required to adhere to the standards of the payment networks in which we are direct members .
we maintain relationships with financial institutions , which may also serve as our member sponsors for other card brands or in other markets , to assist with funds settlement .
timing differences , interchange fees , merchant reserves and exception items cause differences between the amount received from the payment networks and the amount funded to the merchants .
these intermediary balances arising in our settlement process for direct merchants are reflected as settlement processing assets and obligations on our consolidated balance sheets .
settlement processing assets and obligations include the components outlined below : 2022 interchange reimbursement .
our receivable from merchants for the portion of the discount fee related to reimbursement of the interchange fee .
global payments inc .
| 2017 form 10-k annual report 2013 77 . | | | cash | $ 45826 |
|---:|:-------------------------------------------|:-----------------|
| 0 | customer-related intangible assets | 42721 |
| 1 | acquired technology | 27954 |
| 2 | trade name | 2901 |
| 3 | other assets | 2337 |
| 4 | deferred income tax assets ( liabilities ) | -9788 ( 9788 ) |
| 5 | other liabilities | -49797 ( 49797 ) |
| 6 | total identifiable net assets | 62154 |
| 7 | goodwill | 203828 |
| 8 | total purchase consideration | $ 265982 | | the estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed , including a reconciliation to the total purchase consideration , are as follows ( in thousands ) : ._| | cash | $ 45826 |
|---:|:-------------------------------------------|:-----------------|
| 0 | customer-related intangible assets | 42721 |
| 1 | acquired technology | 27954 |
| 2 | trade name | 2901 |
| 3 | other assets | 2337 |
| 4 | deferred income tax assets ( liabilities ) | -9788 ( 9788 ) |
| 5 | other liabilities | -49797 ( 49797 ) |
| 6 | total identifiable net assets | 62154 |
| 7 | goodwill | 203828 |
| 8 | total purchase consideration | $ 265982 |_goodwill of $ 203.8 million arising from the acquisition , included in the asia-pacific segment , was attributable to expected growth opportunities in australia and new zealand , as well as growth opportunities and operating synergies in integrated payments in our existing asia-pacific and north america markets .
goodwill associated with this acquisition is not deductible for income tax purposes .
the customer-related intangible assets have an estimated amortization period of 15 years .
the acquired technology has an estimated amortization period of 15 years .
the trade name has an estimated amortization period of 5 years .
note 3 2014 settlement processing assets and obligations funds settlement refers to the process of transferring funds for sales and credits between card issuers and merchants .
for transactions processed on our systems , we use our internal network to provide funding instructions to financial institutions that in turn fund the merchants .
we process funds settlement under two models , a sponsorship model and a direct membership model .
under the sponsorship model , we are designated as a merchant service provider by mastercard and an independent sales organization by visa , which means that member clearing banks ( 201cmember 201d ) sponsor us and require our adherence to the standards of the payment networks .
in certain markets , we have sponsorship or depository and clearing agreements with financial institution sponsors .
these agreements allow us to route transactions under the members 2019 control and identification numbers to clear credit card transactions through mastercard and visa .
in this model , the standards of the payment networks restrict us from performing funds settlement or accessing merchant settlement funds , and , instead , require that these funds be in the possession of the member until the merchant is funded .
under the direct membership model , we are members in various payment networks , allowing us to process and fund transactions without third-party sponsorship .
in this model , we route and clear transactions directly through the card brand 2019s network and are not restricted from performing funds settlement .
otherwise , we process these transactions similarly to how we process transactions in the sponsorship model .
we are required to adhere to the standards of the payment networks in which we are direct members .
we maintain relationships with financial institutions , which may also serve as our member sponsors for other card brands or in other markets , to assist with funds settlement .
timing differences , interchange fees , merchant reserves and exception items cause differences between the amount received from the payment networks and the amount funded to the merchants .
these intermediary balances arising in our settlement process for direct merchants are reflected as settlement processing assets and obligations on our consolidated balance sheets .
settlement processing assets and obligations include the components outlined below : 2022 interchange reimbursement .
our receivable from merchants for the portion of the discount fee related to reimbursement of the interchange fee .
global payments inc .
| 2017 form 10-k annual report 2013 77 . | 2,017 | 77 | GPN | Global Payments | Financials | Transaction & Payment Processing Services | Atlanta, Georgia | 2016-04-25 | 1,123,360 | 2000 | null | null |
finqa162 | what was the percentage change in the amortized cost in 2009 | 23.1% | divide(subtract(74843, 60786), 60786) | impairment net unrealized losses on securities available for sale were as follows as of december 31: . | the above net unrealized loss amounts at december 31 , 2009 and december 31 , 2008 excluded the remaining net unrealized loss of $ 1.01 billion , or $ 635 million after-tax , and $ 2.27 billion , or $ 1.39 billion after- tax , respectively , related to reclassifications of securities available for sale to securities held to maturity .
these after-tax amounts are recorded in other comprehensive income .
the decline in the remaining after-tax unrealized loss amounts related to transferred securities resulted from amortization and from the recognition of losses from other-than-temporary impairment on certain of the securities .
we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists .
to the extent that other-than-temporary impairment is identified , the impairment is broken into a credit component and a non-credit component .
the credit component is recognized in our consolidated statement of income , and the non-credit component is recognized in other comprehensive income to the extent that management does not intend to sell the security ( see note 3 of the notes to consolidated financial statements included under item 8 ) .
the assessment of other-than-temporary impairment involves an evaluation of economic and security- specific factors , which are more fully described in note 3 .
such factors are based upon estimates , derived by management , which contemplate current market conditions and security-specific performance .
to the extent that market conditions are worse than management 2019s expectations , other-than-temporary impairment could increase , in particular the credit component that would be recognized in our consolidated statement of income .
national housing prices , according to the case-shiller national hpi , have declined to date approximately 30% ( 30 % ) peak-to-current .
management currently estimates that national housing prices will continue to decline and bottom out during the second half of 2010 , consistent with a peak-to-trough housing price decline of approximately 37% ( 37 % ) .
as an indication of the sensitivity of our portfolio with respect to our more significant assumptions underlying our assessment of impairment , if we were to increase our default estimates to 110% ( 110 % ) of management 2019s current expectations with a corresponding slowing of prepayment speeds to 90% ( 90 % ) of management 2019s current expectations , credit-related other-than-temporary impairment could increase by approximately $ 120 million to $ 125 million , which impairment would be recorded in our consolidated statement of income .
excluding the securities for which other-than-temporary impairment was recorded , management considers the aggregate decline in fair value of the remaining securities and the resulting net unrealized losses to be temporary and not the result of any material changes in the credit characteristics of the securities .
additional information about our assessment of impairment is provided in note 3 of the notes to consolidated financial statements included under item 8. . | | | ( in millions ) | 2009 | 2008 |
|---:|:------------------------------|:-----------------|:-----------------|
| 0 | fair value | $ 72699 | $ 54163 |
| 1 | amortized cost | 74843 | 60786 |
| 2 | net unrealized loss pre-tax | $ -2144 ( 2144 ) | $ -6623 ( 6623 ) |
| 3 | net unrealized loss after-tax | $ -1316 ( 1316 ) | $ -4057 ( 4057 ) | | impairment net unrealized losses on securities available for sale were as follows as of december 31: ._| | ( in millions ) | 2009 | 2008 |
|---:|:------------------------------|:-----------------|:-----------------|
| 0 | fair value | $ 72699 | $ 54163 |
| 1 | amortized cost | 74843 | 60786 |
| 2 | net unrealized loss pre-tax | $ -2144 ( 2144 ) | $ -6623 ( 6623 ) |
| 3 | net unrealized loss after-tax | $ -1316 ( 1316 ) | $ -4057 ( 4057 ) |_the above net unrealized loss amounts at december 31 , 2009 and december 31 , 2008 excluded the remaining net unrealized loss of $ 1.01 billion , or $ 635 million after-tax , and $ 2.27 billion , or $ 1.39 billion after- tax , respectively , related to reclassifications of securities available for sale to securities held to maturity .
these after-tax amounts are recorded in other comprehensive income .
the decline in the remaining after-tax unrealized loss amounts related to transferred securities resulted from amortization and from the recognition of losses from other-than-temporary impairment on certain of the securities .
we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists .
to the extent that other-than-temporary impairment is identified , the impairment is broken into a credit component and a non-credit component .
the credit component is recognized in our consolidated statement of income , and the non-credit component is recognized in other comprehensive income to the extent that management does not intend to sell the security ( see note 3 of the notes to consolidated financial statements included under item 8 ) .
the assessment of other-than-temporary impairment involves an evaluation of economic and security- specific factors , which are more fully described in note 3 .
such factors are based upon estimates , derived by management , which contemplate current market conditions and security-specific performance .
to the extent that market conditions are worse than management 2019s expectations , other-than-temporary impairment could increase , in particular the credit component that would be recognized in our consolidated statement of income .
national housing prices , according to the case-shiller national hpi , have declined to date approximately 30% ( 30 % ) peak-to-current .
management currently estimates that national housing prices will continue to decline and bottom out during the second half of 2010 , consistent with a peak-to-trough housing price decline of approximately 37% ( 37 % ) .
as an indication of the sensitivity of our portfolio with respect to our more significant assumptions underlying our assessment of impairment , if we were to increase our default estimates to 110% ( 110 % ) of management 2019s current expectations with a corresponding slowing of prepayment speeds to 90% ( 90 % ) of management 2019s current expectations , credit-related other-than-temporary impairment could increase by approximately $ 120 million to $ 125 million , which impairment would be recorded in our consolidated statement of income .
excluding the securities for which other-than-temporary impairment was recorded , management considers the aggregate decline in fair value of the remaining securities and the resulting net unrealized losses to be temporary and not the result of any material changes in the credit characteristics of the securities .
additional information about our assessment of impairment is provided in note 3 of the notes to consolidated financial statements included under item 8. . | 2,009 | 73 | STT | State Street Corporation | Financials | Asset Management & Custody Banks | Boston, Massachusetts | 2003-03-14 | 93,751 | 1792 | what was the percentage change in the amortized cost in 2009 | 23.1% | divide(subtract(74843, 60786), 60786) | impairment net unrealized losses on securities available for sale were as follows as of december 31: . | the above net unrealized loss amounts at december 31 , 2009 and december 31 , 2008 excluded the remaining net unrealized loss of $ 1.01 billion , or $ 635 million after-tax , and $ 2.27 billion , or $ 1.39 billion after- tax , respectively , related to reclassifications of securities available for sale to securities held to maturity .
these after-tax amounts are recorded in other comprehensive income .
the decline in the remaining after-tax unrealized loss amounts related to transferred securities resulted from amortization and from the recognition of losses from other-than-temporary impairment on certain of the securities .
we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists .
to the extent that other-than-temporary impairment is identified , the impairment is broken into a credit component and a non-credit component .
the credit component is recognized in our consolidated statement of income , and the non-credit component is recognized in other comprehensive income to the extent that management does not intend to sell the security ( see note 3 of the notes to consolidated financial statements included under item 8 ) .
the assessment of other-than-temporary impairment involves an evaluation of economic and security- specific factors , which are more fully described in note 3 .
such factors are based upon estimates , derived by management , which contemplate current market conditions and security-specific performance .
to the extent that market conditions are worse than management 2019s expectations , other-than-temporary impairment could increase , in particular the credit component that would be recognized in our consolidated statement of income .
national housing prices , according to the case-shiller national hpi , have declined to date approximately 30% ( 30 % ) peak-to-current .
management currently estimates that national housing prices will continue to decline and bottom out during the second half of 2010 , consistent with a peak-to-trough housing price decline of approximately 37% ( 37 % ) .
as an indication of the sensitivity of our portfolio with respect to our more significant assumptions underlying our assessment of impairment , if we were to increase our default estimates to 110% ( 110 % ) of management 2019s current expectations with a corresponding slowing of prepayment speeds to 90% ( 90 % ) of management 2019s current expectations , credit-related other-than-temporary impairment could increase by approximately $ 120 million to $ 125 million , which impairment would be recorded in our consolidated statement of income .
excluding the securities for which other-than-temporary impairment was recorded , management considers the aggregate decline in fair value of the remaining securities and the resulting net unrealized losses to be temporary and not the result of any material changes in the credit characteristics of the securities .
additional information about our assessment of impairment is provided in note 3 of the notes to consolidated financial statements included under item 8. . | | | ( in millions ) | 2009 | 2008 |
|---:|:------------------------------|:-----------------|:-----------------|
| 0 | fair value | $ 72699 | $ 54163 |
| 1 | amortized cost | 74843 | 60786 |
| 2 | net unrealized loss pre-tax | $ -2144 ( 2144 ) | $ -6623 ( 6623 ) |
| 3 | net unrealized loss after-tax | $ -1316 ( 1316 ) | $ -4057 ( 4057 ) | | impairment net unrealized losses on securities available for sale were as follows as of december 31: ._| | ( in millions ) | 2009 | 2008 |
|---:|:------------------------------|:-----------------|:-----------------|
| 0 | fair value | $ 72699 | $ 54163 |
| 1 | amortized cost | 74843 | 60786 |
| 2 | net unrealized loss pre-tax | $ -2144 ( 2144 ) | $ -6623 ( 6623 ) |
| 3 | net unrealized loss after-tax | $ -1316 ( 1316 ) | $ -4057 ( 4057 ) |_the above net unrealized loss amounts at december 31 , 2009 and december 31 , 2008 excluded the remaining net unrealized loss of $ 1.01 billion , or $ 635 million after-tax , and $ 2.27 billion , or $ 1.39 billion after- tax , respectively , related to reclassifications of securities available for sale to securities held to maturity .
these after-tax amounts are recorded in other comprehensive income .
the decline in the remaining after-tax unrealized loss amounts related to transferred securities resulted from amortization and from the recognition of losses from other-than-temporary impairment on certain of the securities .
we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists .
to the extent that other-than-temporary impairment is identified , the impairment is broken into a credit component and a non-credit component .
the credit component is recognized in our consolidated statement of income , and the non-credit component is recognized in other comprehensive income to the extent that management does not intend to sell the security ( see note 3 of the notes to consolidated financial statements included under item 8 ) .
the assessment of other-than-temporary impairment involves an evaluation of economic and security- specific factors , which are more fully described in note 3 .
such factors are based upon estimates , derived by management , which contemplate current market conditions and security-specific performance .
to the extent that market conditions are worse than management 2019s expectations , other-than-temporary impairment could increase , in particular the credit component that would be recognized in our consolidated statement of income .
national housing prices , according to the case-shiller national hpi , have declined to date approximately 30% ( 30 % ) peak-to-current .
management currently estimates that national housing prices will continue to decline and bottom out during the second half of 2010 , consistent with a peak-to-trough housing price decline of approximately 37% ( 37 % ) .
as an indication of the sensitivity of our portfolio with respect to our more significant assumptions underlying our assessment of impairment , if we were to increase our default estimates to 110% ( 110 % ) of management 2019s current expectations with a corresponding slowing of prepayment speeds to 90% ( 90 % ) of management 2019s current expectations , credit-related other-than-temporary impairment could increase by approximately $ 120 million to $ 125 million , which impairment would be recorded in our consolidated statement of income .
excluding the securities for which other-than-temporary impairment was recorded , management considers the aggregate decline in fair value of the remaining securities and the resulting net unrealized losses to be temporary and not the result of any material changes in the credit characteristics of the securities .
additional information about our assessment of impairment is provided in note 3 of the notes to consolidated financial statements included under item 8. . | 2,009 | 73 | STT | State Street Corporation | Financials | Asset Management & Custody Banks | Boston, Massachusetts | 2003-03-14 | 93,751 | 1792 | null | null |
finqa163 | what is the long-term retail/hnw in emea as a percentage of the total long-term retail/hnw? | 19.3% | divide(77699, 403484) | retail and hnw investors ( excluding investments in ishares ) retail / hnw long-term aum by asset class & client region december 31 , 2012 ( dollar amounts in millions ) americas emea asia-pacific total . | blackrock serves retail and hnw investors globally through separate accounts , open-end and closed-end funds , unit trusts and private investment funds .
at december 31 , 2012 , long-term assets managed for retail and hnw investors totaled $ 403.5 billion , up 11% ( 11 % ) , or $ 40.1 billion , versus year-end 2011 .
during the year , net inflows of $ 11.6 billion in long-term products were augmented by market valuation improvements of $ 28.3 billion .
retail and hnw investors are served principally through intermediaries , including broker-dealers , banks , trust companies , insurance companies and independent financial advisors .
clients invest primarily in mutual funds , which totaled $ 322.4 billion , or 80% ( 80 % ) , of retail and hnw long-term aum at year-end , with the remainder invested in private investment funds and separately managed accounts .
the product mix is well diversified , with 41% ( 41 % ) of long-term aum in equities , 34% ( 34 % ) in fixed income , 23% ( 23 % ) in multi-asset class and 2% ( 2 % ) in alternatives .
the vast majority ( 98% ( 98 % ) ) of long-term aum is invested in active products , although this is partially inflated by the fact that ishares is shown separately , since we do not identify all of the underlying investors .
the client base is also diversified geographically , with 74% ( 74 % ) of long-term aum managed for investors based in the americas , 19% ( 19 % ) in emea and 7% ( 7 % ) in asia-pacific at year- end 2012 .
2022 u.s .
retail and hnw long-term inflows of $ 9.8 billion were driven by strong demand for u.s .
sector- specialty and municipal fixed income mutual fund offerings and income-oriented equity .
in 2012 , we broadened the distribution of alternatives funds to bring higher alpha , institutional quality hedge fund products to retail investors as three mutual funds launched at the end of 2011 gained traction and acceptance , raising close to $ 0.8 billion of assets .
u.s .
retail alternatives aum crossed the $ 5.0 billion threshold in 2012 .
the year also included the launch of the blackrock municipal target term trust ( 201cbtt 201d ) with $ 2.1 billion of assets raised , making it the largest municipal fund ever launched and the largest overall industry offering since 2007 .
we are the leading u.s .
manager by aum of separately managed accounts , the second largest closed-end fund manager and a top-ten manager of long-term open-end mutual funds2 .
2022 international retail net inflows of $ 1.8 billion in 2012 were driven by fixed income net inflows of $ 5.2 billion .
investor demand remained distinctly risk-off in 2012 , largely driven by macro political and economic instability and continued trends toward de-risking .
equity net outflows of $ 2.9 billion were predominantly from sector-specific and regional and country- specific equity strategies due to uncertainty in european markets .
our international retail and hnw offerings include our luxembourg cross-border fund families , blackrock global funds ( 201cbgf 201d ) , blackrock strategic funds with $ 83.1 billion and $ 2.4 billion of aum at year-end 2012 , respectively , and a range of retail funds in the united kingdom .
bgf contained 67 funds registered in 35 jurisdictions at year-end 2012 .
over 60% ( 60 % ) of the funds were rated by s&p .
in 2012 , we were ranked as the third largest cross border fund provider3 .
in the united kingdom , we ranked among the five largest fund managers3 , and are known for our innovative product offerings , especially within natural resources , european equity , asian equity and equity income .
global clientele our footprint in each of these regions reflects strong relationships with intermediaries and an established ability to deliver our global investment expertise in funds and other products tailored to local regulations and requirements .
2 simfund , cerulli 3 lipper feri . | | | ( dollar amounts in millions ) | americas | emea | asia-pacific | total |
|---:|:---------------------------------|:-----------|:--------|:---------------|:---------|
| 0 | equity | $ 94805 | $ 53140 | $ 16803 | $ 164748 |
| 1 | fixed income | 121640 | 11444 | 5341 | 138425 |
| 2 | multi-asset class | 76714 | 9538 | 4374 | 90626 |
| 3 | alternatives | 4865 | 3577 | 1243 | 9685 |
| 4 | long-term retail/hnw | $ 298024 | $ 77699 | $ 27761 | $ 403484 | | retail and hnw investors ( excluding investments in ishares ) retail / hnw long-term aum by asset class & client region december 31 , 2012 ( dollar amounts in millions ) americas emea asia-pacific total ._| | ( dollar amounts in millions ) | americas | emea | asia-pacific | total |
|---:|:---------------------------------|:-----------|:--------|:---------------|:---------|
| 0 | equity | $ 94805 | $ 53140 | $ 16803 | $ 164748 |
| 1 | fixed income | 121640 | 11444 | 5341 | 138425 |
| 2 | multi-asset class | 76714 | 9538 | 4374 | 90626 |
| 3 | alternatives | 4865 | 3577 | 1243 | 9685 |
| 4 | long-term retail/hnw | $ 298024 | $ 77699 | $ 27761 | $ 403484 |_blackrock serves retail and hnw investors globally through separate accounts , open-end and closed-end funds , unit trusts and private investment funds .
at december 31 , 2012 , long-term assets managed for retail and hnw investors totaled $ 403.5 billion , up 11% ( 11 % ) , or $ 40.1 billion , versus year-end 2011 .
during the year , net inflows of $ 11.6 billion in long-term products were augmented by market valuation improvements of $ 28.3 billion .
retail and hnw investors are served principally through intermediaries , including broker-dealers , banks , trust companies , insurance companies and independent financial advisors .
clients invest primarily in mutual funds , which totaled $ 322.4 billion , or 80% ( 80 % ) , of retail and hnw long-term aum at year-end , with the remainder invested in private investment funds and separately managed accounts .
the product mix is well diversified , with 41% ( 41 % ) of long-term aum in equities , 34% ( 34 % ) in fixed income , 23% ( 23 % ) in multi-asset class and 2% ( 2 % ) in alternatives .
the vast majority ( 98% ( 98 % ) ) of long-term aum is invested in active products , although this is partially inflated by the fact that ishares is shown separately , since we do not identify all of the underlying investors .
the client base is also diversified geographically , with 74% ( 74 % ) of long-term aum managed for investors based in the americas , 19% ( 19 % ) in emea and 7% ( 7 % ) in asia-pacific at year- end 2012 .
2022 u.s .
retail and hnw long-term inflows of $ 9.8 billion were driven by strong demand for u.s .
sector- specialty and municipal fixed income mutual fund offerings and income-oriented equity .
in 2012 , we broadened the distribution of alternatives funds to bring higher alpha , institutional quality hedge fund products to retail investors as three mutual funds launched at the end of 2011 gained traction and acceptance , raising close to $ 0.8 billion of assets .
u.s .
retail alternatives aum crossed the $ 5.0 billion threshold in 2012 .
the year also included the launch of the blackrock municipal target term trust ( 201cbtt 201d ) with $ 2.1 billion of assets raised , making it the largest municipal fund ever launched and the largest overall industry offering since 2007 .
we are the leading u.s .
manager by aum of separately managed accounts , the second largest closed-end fund manager and a top-ten manager of long-term open-end mutual funds2 .
2022 international retail net inflows of $ 1.8 billion in 2012 were driven by fixed income net inflows of $ 5.2 billion .
investor demand remained distinctly risk-off in 2012 , largely driven by macro political and economic instability and continued trends toward de-risking .
equity net outflows of $ 2.9 billion were predominantly from sector-specific and regional and country- specific equity strategies due to uncertainty in european markets .
our international retail and hnw offerings include our luxembourg cross-border fund families , blackrock global funds ( 201cbgf 201d ) , blackrock strategic funds with $ 83.1 billion and $ 2.4 billion of aum at year-end 2012 , respectively , and a range of retail funds in the united kingdom .
bgf contained 67 funds registered in 35 jurisdictions at year-end 2012 .
over 60% ( 60 % ) of the funds were rated by s&p .
in 2012 , we were ranked as the third largest cross border fund provider3 .
in the united kingdom , we ranked among the five largest fund managers3 , and are known for our innovative product offerings , especially within natural resources , european equity , asian equity and equity income .
global clientele our footprint in each of these regions reflects strong relationships with intermediaries and an established ability to deliver our global investment expertise in funds and other products tailored to local regulations and requirements .
2 simfund , cerulli 3 lipper feri . | 2,012 | 37 | BLK | BlackRock | Financials | Asset Management & Custody Banks | New York City, New York | 2011-04-04 | 2,012,383 | 1988 | what is the long-term retail/hnw in emea as a percentage of the total long-term retail/hnw? | 19.3% | divide(77699, 403484) | retail and hnw investors ( excluding investments in ishares ) retail / hnw long-term aum by asset class & client region december 31 , 2012 ( dollar amounts in millions ) americas emea asia-pacific total . | blackrock serves retail and hnw investors globally through separate accounts , open-end and closed-end funds , unit trusts and private investment funds .
at december 31 , 2012 , long-term assets managed for retail and hnw investors totaled $ 403.5 billion , up 11% ( 11 % ) , or $ 40.1 billion , versus year-end 2011 .
during the year , net inflows of $ 11.6 billion in long-term products were augmented by market valuation improvements of $ 28.3 billion .
retail and hnw investors are served principally through intermediaries , including broker-dealers , banks , trust companies , insurance companies and independent financial advisors .
clients invest primarily in mutual funds , which totaled $ 322.4 billion , or 80% ( 80 % ) , of retail and hnw long-term aum at year-end , with the remainder invested in private investment funds and separately managed accounts .
the product mix is well diversified , with 41% ( 41 % ) of long-term aum in equities , 34% ( 34 % ) in fixed income , 23% ( 23 % ) in multi-asset class and 2% ( 2 % ) in alternatives .
the vast majority ( 98% ( 98 % ) ) of long-term aum is invested in active products , although this is partially inflated by the fact that ishares is shown separately , since we do not identify all of the underlying investors .
the client base is also diversified geographically , with 74% ( 74 % ) of long-term aum managed for investors based in the americas , 19% ( 19 % ) in emea and 7% ( 7 % ) in asia-pacific at year- end 2012 .
2022 u.s .
retail and hnw long-term inflows of $ 9.8 billion were driven by strong demand for u.s .
sector- specialty and municipal fixed income mutual fund offerings and income-oriented equity .
in 2012 , we broadened the distribution of alternatives funds to bring higher alpha , institutional quality hedge fund products to retail investors as three mutual funds launched at the end of 2011 gained traction and acceptance , raising close to $ 0.8 billion of assets .
u.s .
retail alternatives aum crossed the $ 5.0 billion threshold in 2012 .
the year also included the launch of the blackrock municipal target term trust ( 201cbtt 201d ) with $ 2.1 billion of assets raised , making it the largest municipal fund ever launched and the largest overall industry offering since 2007 .
we are the leading u.s .
manager by aum of separately managed accounts , the second largest closed-end fund manager and a top-ten manager of long-term open-end mutual funds2 .
2022 international retail net inflows of $ 1.8 billion in 2012 were driven by fixed income net inflows of $ 5.2 billion .
investor demand remained distinctly risk-off in 2012 , largely driven by macro political and economic instability and continued trends toward de-risking .
equity net outflows of $ 2.9 billion were predominantly from sector-specific and regional and country- specific equity strategies due to uncertainty in european markets .
our international retail and hnw offerings include our luxembourg cross-border fund families , blackrock global funds ( 201cbgf 201d ) , blackrock strategic funds with $ 83.1 billion and $ 2.4 billion of aum at year-end 2012 , respectively , and a range of retail funds in the united kingdom .
bgf contained 67 funds registered in 35 jurisdictions at year-end 2012 .
over 60% ( 60 % ) of the funds were rated by s&p .
in 2012 , we were ranked as the third largest cross border fund provider3 .
in the united kingdom , we ranked among the five largest fund managers3 , and are known for our innovative product offerings , especially within natural resources , european equity , asian equity and equity income .
global clientele our footprint in each of these regions reflects strong relationships with intermediaries and an established ability to deliver our global investment expertise in funds and other products tailored to local regulations and requirements .
2 simfund , cerulli 3 lipper feri . | | | ( dollar amounts in millions ) | americas | emea | asia-pacific | total |
|---:|:---------------------------------|:-----------|:--------|:---------------|:---------|
| 0 | equity | $ 94805 | $ 53140 | $ 16803 | $ 164748 |
| 1 | fixed income | 121640 | 11444 | 5341 | 138425 |
| 2 | multi-asset class | 76714 | 9538 | 4374 | 90626 |
| 3 | alternatives | 4865 | 3577 | 1243 | 9685 |
| 4 | long-term retail/hnw | $ 298024 | $ 77699 | $ 27761 | $ 403484 | | retail and hnw investors ( excluding investments in ishares ) retail / hnw long-term aum by asset class & client region december 31 , 2012 ( dollar amounts in millions ) americas emea asia-pacific total ._| | ( dollar amounts in millions ) | americas | emea | asia-pacific | total |
|---:|:---------------------------------|:-----------|:--------|:---------------|:---------|
| 0 | equity | $ 94805 | $ 53140 | $ 16803 | $ 164748 |
| 1 | fixed income | 121640 | 11444 | 5341 | 138425 |
| 2 | multi-asset class | 76714 | 9538 | 4374 | 90626 |
| 3 | alternatives | 4865 | 3577 | 1243 | 9685 |
| 4 | long-term retail/hnw | $ 298024 | $ 77699 | $ 27761 | $ 403484 |_blackrock serves retail and hnw investors globally through separate accounts , open-end and closed-end funds , unit trusts and private investment funds .
at december 31 , 2012 , long-term assets managed for retail and hnw investors totaled $ 403.5 billion , up 11% ( 11 % ) , or $ 40.1 billion , versus year-end 2011 .
during the year , net inflows of $ 11.6 billion in long-term products were augmented by market valuation improvements of $ 28.3 billion .
retail and hnw investors are served principally through intermediaries , including broker-dealers , banks , trust companies , insurance companies and independent financial advisors .
clients invest primarily in mutual funds , which totaled $ 322.4 billion , or 80% ( 80 % ) , of retail and hnw long-term aum at year-end , with the remainder invested in private investment funds and separately managed accounts .
the product mix is well diversified , with 41% ( 41 % ) of long-term aum in equities , 34% ( 34 % ) in fixed income , 23% ( 23 % ) in multi-asset class and 2% ( 2 % ) in alternatives .
the vast majority ( 98% ( 98 % ) ) of long-term aum is invested in active products , although this is partially inflated by the fact that ishares is shown separately , since we do not identify all of the underlying investors .
the client base is also diversified geographically , with 74% ( 74 % ) of long-term aum managed for investors based in the americas , 19% ( 19 % ) in emea and 7% ( 7 % ) in asia-pacific at year- end 2012 .
2022 u.s .
retail and hnw long-term inflows of $ 9.8 billion were driven by strong demand for u.s .
sector- specialty and municipal fixed income mutual fund offerings and income-oriented equity .
in 2012 , we broadened the distribution of alternatives funds to bring higher alpha , institutional quality hedge fund products to retail investors as three mutual funds launched at the end of 2011 gained traction and acceptance , raising close to $ 0.8 billion of assets .
u.s .
retail alternatives aum crossed the $ 5.0 billion threshold in 2012 .
the year also included the launch of the blackrock municipal target term trust ( 201cbtt 201d ) with $ 2.1 billion of assets raised , making it the largest municipal fund ever launched and the largest overall industry offering since 2007 .
we are the leading u.s .
manager by aum of separately managed accounts , the second largest closed-end fund manager and a top-ten manager of long-term open-end mutual funds2 .
2022 international retail net inflows of $ 1.8 billion in 2012 were driven by fixed income net inflows of $ 5.2 billion .
investor demand remained distinctly risk-off in 2012 , largely driven by macro political and economic instability and continued trends toward de-risking .
equity net outflows of $ 2.9 billion were predominantly from sector-specific and regional and country- specific equity strategies due to uncertainty in european markets .
our international retail and hnw offerings include our luxembourg cross-border fund families , blackrock global funds ( 201cbgf 201d ) , blackrock strategic funds with $ 83.1 billion and $ 2.4 billion of aum at year-end 2012 , respectively , and a range of retail funds in the united kingdom .
bgf contained 67 funds registered in 35 jurisdictions at year-end 2012 .
over 60% ( 60 % ) of the funds were rated by s&p .
in 2012 , we were ranked as the third largest cross border fund provider3 .
in the united kingdom , we ranked among the five largest fund managers3 , and are known for our innovative product offerings , especially within natural resources , european equity , asian equity and equity income .
global clientele our footprint in each of these regions reflects strong relationships with intermediaries and an established ability to deliver our global investment expertise in funds and other products tailored to local regulations and requirements .
2 simfund , cerulli 3 lipper feri . | 2,012 | 37 | BLK | BlackRock | Financials | Asset Management & Custody Banks | New York City, New York | 2011-04-04 | 2,012,383 | 1988 | null | null |
finqa164 | what was the ratio of the 2017 total long term debt to 2016 | 1 | divide(1279, 1278) | as of december 31 , 2017 , the company had gross state income tax credit carry-forwards of approximately $ 20 million , which expire from 2018 through 2020 .
a deferred tax asset of approximately $ 16 million ( net of federal benefit ) has been established related to these state income tax credit carry-forwards , with a valuation allowance of $ 7 million against such deferred tax asset as of december 31 , 2017 .
the company had a gross state net operating loss carry-forward of $ 39 million , which expires in 2027 .
a deferred tax asset of approximately $ 3 million ( net of federal benefit ) has been established for the net operating loss carry-forward , with a full valuation allowance as of december 31 , 2017 .
other state and foreign net operating loss carry-forwards are separately and cumulatively immaterial to the company 2019s deferred tax balances and expire between 2026 and 2036 .
14 .
debt long-term debt consisted of the following: . | credit facility - in november 2017 , the company terminated its second amended and restated credit agreement and entered into a new credit agreement ( the "credit facility" ) with third-party lenders .
the credit facility includes a revolving credit facility of $ 1250 million , which may be drawn upon during a period of five years from november 22 , 2017 .
the revolving credit facility includes a letter of credit subfacility of $ 500 million .
the revolving credit facility has a variable interest rate on outstanding borrowings based on the london interbank offered rate ( "libor" ) plus a spread based upon the company's credit rating , which may vary between 1.125% ( 1.125 % ) and 1.500% ( 1.500 % ) .
the revolving credit facility also has a commitment fee rate on the unutilized balance based on the company 2019s leverage ratio .
the commitment fee rate as of december 31 , 2017 was 0.25% ( 0.25 % ) and may vary between 0.20% ( 0.20 % ) and 0.30% ( 0.30 % ) .
the credit facility contains customary affirmative and negative covenants , as well as a financial covenant based on a maximum total leverage ratio .
each of the company's existing and future material wholly owned domestic subsidiaries , except those that are specifically designated as unrestricted subsidiaries , are and will be guarantors under the credit facility .
in july 2015 , the company used cash on hand to repay all amounts outstanding under a prior credit facility , including $ 345 million in principal amount of outstanding term loans .
as of december 31 , 2017 , $ 15 million in letters of credit were issued but undrawn , and the remaining $ 1235 million of the revolving credit facility was unutilized .
the company had unamortized debt issuance costs associated with its credit facilities of $ 11 million and $ 8 million as of december 31 , 2017 and 2016 , respectively .
senior notes - in december 2017 , the company issued $ 600 million aggregate principal amount of unregistered 3.483% ( 3.483 % ) senior notes with registration rights due december 2027 , the net proceeds of which were used to repurchase the company's 5.000% ( 5.000 % ) senior notes due in 2021 in connection with the 2017 redemption described below .
in november 2015 , the company issued $ 600 million aggregate principal amount of unregistered 5.000% ( 5.000 % ) senior notes due november 2025 , the net proceeds of which were used to repurchase the company's 7.125% ( 7.125 % ) senior notes due in 2021 in connection with the 2015 tender offer and redemption described below .
interest on the company's senior notes is payable semi-annually .
the terms of the 5.000% ( 5.000 % ) and 3.483% ( 3.483 % ) senior notes limit the company 2019s ability and the ability of certain of its subsidiaries to create liens , enter into sale and leaseback transactions , sell assets , and effect consolidations or mergers .
the company had unamortized debt issuance costs associated with the senior notes of $ 15 million and $ 19 million as of december 31 , 2017 and 2016 , respectively. . | | | ( $ in millions ) | december 31 2017 | december 31 2016 |
|---:|:------------------------------------------------------------------------------------------------|:-------------------|:-------------------|
| 0 | senior notes due december 15 2021 5.000% ( 5.000 % ) | 2014 | 600 |
| 1 | senior notes due november 15 2025 5.000% ( 5.000 % ) | 600 | 600 |
| 2 | senior notes due december 1 2027 3.483% ( 3.483 % ) | 600 | 2014 |
| 3 | mississippi economic development revenue bonds due may 1 2024 7.81% ( 7.81 % ) | 84 | 84 |
| 4 | gulf opportunity zone industrial development revenue bonds due december 1 2028 4.55% ( 4.55 % ) | 21 | 21 |
| 5 | less unamortized debt issuance costs | -26 ( 26 ) | -27 ( 27 ) |
| 6 | total long-term debt | 1279 | 1278 | | as of december 31 , 2017 , the company had gross state income tax credit carry-forwards of approximately $ 20 million , which expire from 2018 through 2020 .
a deferred tax asset of approximately $ 16 million ( net of federal benefit ) has been established related to these state income tax credit carry-forwards , with a valuation allowance of $ 7 million against such deferred tax asset as of december 31 , 2017 .
the company had a gross state net operating loss carry-forward of $ 39 million , which expires in 2027 .
a deferred tax asset of approximately $ 3 million ( net of federal benefit ) has been established for the net operating loss carry-forward , with a full valuation allowance as of december 31 , 2017 .
other state and foreign net operating loss carry-forwards are separately and cumulatively immaterial to the company 2019s deferred tax balances and expire between 2026 and 2036 .
14 .
debt long-term debt consisted of the following: ._| | ( $ in millions ) | december 31 2017 | december 31 2016 |
|---:|:------------------------------------------------------------------------------------------------|:-------------------|:-------------------|
| 0 | senior notes due december 15 2021 5.000% ( 5.000 % ) | 2014 | 600 |
| 1 | senior notes due november 15 2025 5.000% ( 5.000 % ) | 600 | 600 |
| 2 | senior notes due december 1 2027 3.483% ( 3.483 % ) | 600 | 2014 |
| 3 | mississippi economic development revenue bonds due may 1 2024 7.81% ( 7.81 % ) | 84 | 84 |
| 4 | gulf opportunity zone industrial development revenue bonds due december 1 2028 4.55% ( 4.55 % ) | 21 | 21 |
| 5 | less unamortized debt issuance costs | -26 ( 26 ) | -27 ( 27 ) |
| 6 | total long-term debt | 1279 | 1278 |_credit facility - in november 2017 , the company terminated its second amended and restated credit agreement and entered into a new credit agreement ( the "credit facility" ) with third-party lenders .
the credit facility includes a revolving credit facility of $ 1250 million , which may be drawn upon during a period of five years from november 22 , 2017 .
the revolving credit facility includes a letter of credit subfacility of $ 500 million .
the revolving credit facility has a variable interest rate on outstanding borrowings based on the london interbank offered rate ( "libor" ) plus a spread based upon the company's credit rating , which may vary between 1.125% ( 1.125 % ) and 1.500% ( 1.500 % ) .
the revolving credit facility also has a commitment fee rate on the unutilized balance based on the company 2019s leverage ratio .
the commitment fee rate as of december 31 , 2017 was 0.25% ( 0.25 % ) and may vary between 0.20% ( 0.20 % ) and 0.30% ( 0.30 % ) .
the credit facility contains customary affirmative and negative covenants , as well as a financial covenant based on a maximum total leverage ratio .
each of the company's existing and future material wholly owned domestic subsidiaries , except those that are specifically designated as unrestricted subsidiaries , are and will be guarantors under the credit facility .
in july 2015 , the company used cash on hand to repay all amounts outstanding under a prior credit facility , including $ 345 million in principal amount of outstanding term loans .
as of december 31 , 2017 , $ 15 million in letters of credit were issued but undrawn , and the remaining $ 1235 million of the revolving credit facility was unutilized .
the company had unamortized debt issuance costs associated with its credit facilities of $ 11 million and $ 8 million as of december 31 , 2017 and 2016 , respectively .
senior notes - in december 2017 , the company issued $ 600 million aggregate principal amount of unregistered 3.483% ( 3.483 % ) senior notes with registration rights due december 2027 , the net proceeds of which were used to repurchase the company's 5.000% ( 5.000 % ) senior notes due in 2021 in connection with the 2017 redemption described below .
in november 2015 , the company issued $ 600 million aggregate principal amount of unregistered 5.000% ( 5.000 % ) senior notes due november 2025 , the net proceeds of which were used to repurchase the company's 7.125% ( 7.125 % ) senior notes due in 2021 in connection with the 2015 tender offer and redemption described below .
interest on the company's senior notes is payable semi-annually .
the terms of the 5.000% ( 5.000 % ) and 3.483% ( 3.483 % ) senior notes limit the company 2019s ability and the ability of certain of its subsidiaries to create liens , enter into sale and leaseback transactions , sell assets , and effect consolidations or mergers .
the company had unamortized debt issuance costs associated with the senior notes of $ 15 million and $ 19 million as of december 31 , 2017 and 2016 , respectively. . | 2,017 | 104 | HII | Huntington Ingalls Industries | Industrials | Aerospace & Defense | Newport News, Virginia | 2018-01-03 | 1,501,585 | 2011 | what was the ratio of the 2017 total long term debt to 2016 | 1 | divide(1279, 1278) | as of december 31 , 2017 , the company had gross state income tax credit carry-forwards of approximately $ 20 million , which expire from 2018 through 2020 .
a deferred tax asset of approximately $ 16 million ( net of federal benefit ) has been established related to these state income tax credit carry-forwards , with a valuation allowance of $ 7 million against such deferred tax asset as of december 31 , 2017 .
the company had a gross state net operating loss carry-forward of $ 39 million , which expires in 2027 .
a deferred tax asset of approximately $ 3 million ( net of federal benefit ) has been established for the net operating loss carry-forward , with a full valuation allowance as of december 31 , 2017 .
other state and foreign net operating loss carry-forwards are separately and cumulatively immaterial to the company 2019s deferred tax balances and expire between 2026 and 2036 .
14 .
debt long-term debt consisted of the following: . | credit facility - in november 2017 , the company terminated its second amended and restated credit agreement and entered into a new credit agreement ( the "credit facility" ) with third-party lenders .
the credit facility includes a revolving credit facility of $ 1250 million , which may be drawn upon during a period of five years from november 22 , 2017 .
the revolving credit facility includes a letter of credit subfacility of $ 500 million .
the revolving credit facility has a variable interest rate on outstanding borrowings based on the london interbank offered rate ( "libor" ) plus a spread based upon the company's credit rating , which may vary between 1.125% ( 1.125 % ) and 1.500% ( 1.500 % ) .
the revolving credit facility also has a commitment fee rate on the unutilized balance based on the company 2019s leverage ratio .
the commitment fee rate as of december 31 , 2017 was 0.25% ( 0.25 % ) and may vary between 0.20% ( 0.20 % ) and 0.30% ( 0.30 % ) .
the credit facility contains customary affirmative and negative covenants , as well as a financial covenant based on a maximum total leverage ratio .
each of the company's existing and future material wholly owned domestic subsidiaries , except those that are specifically designated as unrestricted subsidiaries , are and will be guarantors under the credit facility .
in july 2015 , the company used cash on hand to repay all amounts outstanding under a prior credit facility , including $ 345 million in principal amount of outstanding term loans .
as of december 31 , 2017 , $ 15 million in letters of credit were issued but undrawn , and the remaining $ 1235 million of the revolving credit facility was unutilized .
the company had unamortized debt issuance costs associated with its credit facilities of $ 11 million and $ 8 million as of december 31 , 2017 and 2016 , respectively .
senior notes - in december 2017 , the company issued $ 600 million aggregate principal amount of unregistered 3.483% ( 3.483 % ) senior notes with registration rights due december 2027 , the net proceeds of which were used to repurchase the company's 5.000% ( 5.000 % ) senior notes due in 2021 in connection with the 2017 redemption described below .
in november 2015 , the company issued $ 600 million aggregate principal amount of unregistered 5.000% ( 5.000 % ) senior notes due november 2025 , the net proceeds of which were used to repurchase the company's 7.125% ( 7.125 % ) senior notes due in 2021 in connection with the 2015 tender offer and redemption described below .
interest on the company's senior notes is payable semi-annually .
the terms of the 5.000% ( 5.000 % ) and 3.483% ( 3.483 % ) senior notes limit the company 2019s ability and the ability of certain of its subsidiaries to create liens , enter into sale and leaseback transactions , sell assets , and effect consolidations or mergers .
the company had unamortized debt issuance costs associated with the senior notes of $ 15 million and $ 19 million as of december 31 , 2017 and 2016 , respectively. . | | | ( $ in millions ) | december 31 2017 | december 31 2016 |
|---:|:------------------------------------------------------------------------------------------------|:-------------------|:-------------------|
| 0 | senior notes due december 15 2021 5.000% ( 5.000 % ) | 2014 | 600 |
| 1 | senior notes due november 15 2025 5.000% ( 5.000 % ) | 600 | 600 |
| 2 | senior notes due december 1 2027 3.483% ( 3.483 % ) | 600 | 2014 |
| 3 | mississippi economic development revenue bonds due may 1 2024 7.81% ( 7.81 % ) | 84 | 84 |
| 4 | gulf opportunity zone industrial development revenue bonds due december 1 2028 4.55% ( 4.55 % ) | 21 | 21 |
| 5 | less unamortized debt issuance costs | -26 ( 26 ) | -27 ( 27 ) |
| 6 | total long-term debt | 1279 | 1278 | | as of december 31 , 2017 , the company had gross state income tax credit carry-forwards of approximately $ 20 million , which expire from 2018 through 2020 .
a deferred tax asset of approximately $ 16 million ( net of federal benefit ) has been established related to these state income tax credit carry-forwards , with a valuation allowance of $ 7 million against such deferred tax asset as of december 31 , 2017 .
the company had a gross state net operating loss carry-forward of $ 39 million , which expires in 2027 .
a deferred tax asset of approximately $ 3 million ( net of federal benefit ) has been established for the net operating loss carry-forward , with a full valuation allowance as of december 31 , 2017 .
other state and foreign net operating loss carry-forwards are separately and cumulatively immaterial to the company 2019s deferred tax balances and expire between 2026 and 2036 .
14 .
debt long-term debt consisted of the following: ._| | ( $ in millions ) | december 31 2017 | december 31 2016 |
|---:|:------------------------------------------------------------------------------------------------|:-------------------|:-------------------|
| 0 | senior notes due december 15 2021 5.000% ( 5.000 % ) | 2014 | 600 |
| 1 | senior notes due november 15 2025 5.000% ( 5.000 % ) | 600 | 600 |
| 2 | senior notes due december 1 2027 3.483% ( 3.483 % ) | 600 | 2014 |
| 3 | mississippi economic development revenue bonds due may 1 2024 7.81% ( 7.81 % ) | 84 | 84 |
| 4 | gulf opportunity zone industrial development revenue bonds due december 1 2028 4.55% ( 4.55 % ) | 21 | 21 |
| 5 | less unamortized debt issuance costs | -26 ( 26 ) | -27 ( 27 ) |
| 6 | total long-term debt | 1279 | 1278 |_credit facility - in november 2017 , the company terminated its second amended and restated credit agreement and entered into a new credit agreement ( the "credit facility" ) with third-party lenders .
the credit facility includes a revolving credit facility of $ 1250 million , which may be drawn upon during a period of five years from november 22 , 2017 .
the revolving credit facility includes a letter of credit subfacility of $ 500 million .
the revolving credit facility has a variable interest rate on outstanding borrowings based on the london interbank offered rate ( "libor" ) plus a spread based upon the company's credit rating , which may vary between 1.125% ( 1.125 % ) and 1.500% ( 1.500 % ) .
the revolving credit facility also has a commitment fee rate on the unutilized balance based on the company 2019s leverage ratio .
the commitment fee rate as of december 31 , 2017 was 0.25% ( 0.25 % ) and may vary between 0.20% ( 0.20 % ) and 0.30% ( 0.30 % ) .
the credit facility contains customary affirmative and negative covenants , as well as a financial covenant based on a maximum total leverage ratio .
each of the company's existing and future material wholly owned domestic subsidiaries , except those that are specifically designated as unrestricted subsidiaries , are and will be guarantors under the credit facility .
in july 2015 , the company used cash on hand to repay all amounts outstanding under a prior credit facility , including $ 345 million in principal amount of outstanding term loans .
as of december 31 , 2017 , $ 15 million in letters of credit were issued but undrawn , and the remaining $ 1235 million of the revolving credit facility was unutilized .
the company had unamortized debt issuance costs associated with its credit facilities of $ 11 million and $ 8 million as of december 31 , 2017 and 2016 , respectively .
senior notes - in december 2017 , the company issued $ 600 million aggregate principal amount of unregistered 3.483% ( 3.483 % ) senior notes with registration rights due december 2027 , the net proceeds of which were used to repurchase the company's 5.000% ( 5.000 % ) senior notes due in 2021 in connection with the 2017 redemption described below .
in november 2015 , the company issued $ 600 million aggregate principal amount of unregistered 5.000% ( 5.000 % ) senior notes due november 2025 , the net proceeds of which were used to repurchase the company's 7.125% ( 7.125 % ) senior notes due in 2021 in connection with the 2015 tender offer and redemption described below .
interest on the company's senior notes is payable semi-annually .
the terms of the 5.000% ( 5.000 % ) and 3.483% ( 3.483 % ) senior notes limit the company 2019s ability and the ability of certain of its subsidiaries to create liens , enter into sale and leaseback transactions , sell assets , and effect consolidations or mergers .
the company had unamortized debt issuance costs associated with the senior notes of $ 15 million and $ 19 million as of december 31 , 2017 and 2016 , respectively. . | 2,017 | 104 | HII | Huntington Ingalls Industries | Industrials | Aerospace & Defense | Newport News, Virginia | 2018-01-03 | 1,501,585 | 2011 | null | null |
finqa165 | what is the percentage change in in the pension liability balance from 2004 to 2006? | 44.7% | divide(351, 786) | notes to consolidated financial statements 2014 ( continued ) on historical trends and known economic and market conditions at the time of valuation .
actual results may differ substantially from these assumptions .
these differences may significantly impact future pension or retiree medical expenses .
annual pension and retiree medical expense is principally the sum of three components : 1 ) increase in liability from interest ; less 2 ) expected return on plan assets ; and 3 ) other gains and losses as described below .
the expected return on plan assets is calculated by applying an assumed long-term rate of return to the fair value of plan assets .
in any given year , actual returns can differ significantly from the expected return .
differences between the actual and expected return on plan assets are combined with gains or losses resulting from the revaluation of plan liabilities .
plan liabilities are revalued annually , based on updated assumptions and infor- mation about the individuals covered by the plan .
the combined gain or loss is generally expensed evenly over the remaining years that employees are expected to work .
comprehensive income ( loss ) the company accounts for comprehensive income ( loss ) in accordance with the provisions of sfas no .
130 , 201creporting comprehensive income 201d ( 201csfas no .
130 201d ) .
sfas no .
130 is a financial statement presentation standard that requires the company to disclose non-owner changes included in equity but not included in net income or loss .
other items of comprehensive income ( loss ) presented in the financial statements consists of adjustments to the company 2019s minimum pension liability as follows ( in thousands ) : pension adjustments accumulated comprehensive . | recently issued accounting pronouncements in november 2004 , the fasb issued sfas no .
151 , 201cinventory costs 2014 an amendment to apb no .
23 , chapter 4 201d ( 201csfas no .
151 201d ) .
the amendments made by sfas no .
151 clarify that abnormal amounts of idle facility expense , freight , handling costs and wasted materials ( spoilage ) should be recognized as current-period charges and require the allocation of fixed production overheads to inventory based on the normal capacity of the production facilities .
the guidance is effective for inventory costs incurred during fiscal years beginning after june 15 , 2005 .
the company adopted sfas no .
151 on october 1 , 2005 and it did not have a material impact on its financial statements in fiscal 2006 .
in december 2004 , the fasb issued sfas no .
153 , 201cexchanges of nonmonetary assets 2014 an amend- ment of apb opinion no .
29 201d ( 201csfas no .
153 201d ) .
the guidance in apb opinion no .
29 , 201caccounting for nonmonetary transactions 201d ( 201capb no .
29 201d ) is based on the principle that exchanges of nonmonetary assets should be measured based on the fair value of the assets exchanged .
the guidance in apb no .
29 , however , included certain exceptions to that principle .
sfas no .
153 amends apb no .
29 to eliminate the exception for nonmonetary exchanges of similar productive assets and replaces it with a general exception for exchanges of nonmonetary assets that do not have commercial substance .
sfas no .
153 is effective for such exchange transactions occurring in fiscal periods beginning after june 15 , 2005 .
the company adopted sfas no .
153 on october 1 , 2005 and it did not have a material impact on its financial statements in fiscal 2006 .
in may 2005 , the fasb issued sfas no .
154 , 201caccounting changes and error corrections 2014 a replacement of apb opinion no .
20 and fasb statement no .
3 201d ( 201csfas no .
154 201d ) .
this statement replaces apb opinion no .
20 , 201caccounting changes 201d and fasb statement no .
3 , 201creporting accounting changes in interim financial statements 2014 an amendment of apb opinion no .
28 , 201d and also changes the . | | | | pension adjustments | accumulated other comprehensive loss |
|---:|:--------------------------------|:----------------------|:---------------------------------------|
| 0 | balance as of october 1 2004 | $ -786 ( 786 ) | $ -786 ( 786 ) |
| 1 | change in period | -351 ( 351 ) | -351 ( 351 ) |
| 2 | balance as of september 30 2005 | -1137 ( 1137 ) | -1137 ( 1137 ) |
| 3 | change in period | 538 | 538 |
| 4 | balance as of september 29 2006 | $ -599 ( 599 ) | $ -599 ( 599 ) | | notes to consolidated financial statements 2014 ( continued ) on historical trends and known economic and market conditions at the time of valuation .
actual results may differ substantially from these assumptions .
these differences may significantly impact future pension or retiree medical expenses .
annual pension and retiree medical expense is principally the sum of three components : 1 ) increase in liability from interest ; less 2 ) expected return on plan assets ; and 3 ) other gains and losses as described below .
the expected return on plan assets is calculated by applying an assumed long-term rate of return to the fair value of plan assets .
in any given year , actual returns can differ significantly from the expected return .
differences between the actual and expected return on plan assets are combined with gains or losses resulting from the revaluation of plan liabilities .
plan liabilities are revalued annually , based on updated assumptions and infor- mation about the individuals covered by the plan .
the combined gain or loss is generally expensed evenly over the remaining years that employees are expected to work .
comprehensive income ( loss ) the company accounts for comprehensive income ( loss ) in accordance with the provisions of sfas no .
130 , 201creporting comprehensive income 201d ( 201csfas no .
130 201d ) .
sfas no .
130 is a financial statement presentation standard that requires the company to disclose non-owner changes included in equity but not included in net income or loss .
other items of comprehensive income ( loss ) presented in the financial statements consists of adjustments to the company 2019s minimum pension liability as follows ( in thousands ) : pension adjustments accumulated comprehensive ._| | | pension adjustments | accumulated other comprehensive loss |
|---:|:--------------------------------|:----------------------|:---------------------------------------|
| 0 | balance as of october 1 2004 | $ -786 ( 786 ) | $ -786 ( 786 ) |
| 1 | change in period | -351 ( 351 ) | -351 ( 351 ) |
| 2 | balance as of september 30 2005 | -1137 ( 1137 ) | -1137 ( 1137 ) |
| 3 | change in period | 538 | 538 |
| 4 | balance as of september 29 2006 | $ -599 ( 599 ) | $ -599 ( 599 ) |_recently issued accounting pronouncements in november 2004 , the fasb issued sfas no .
151 , 201cinventory costs 2014 an amendment to apb no .
23 , chapter 4 201d ( 201csfas no .
151 201d ) .
the amendments made by sfas no .
151 clarify that abnormal amounts of idle facility expense , freight , handling costs and wasted materials ( spoilage ) should be recognized as current-period charges and require the allocation of fixed production overheads to inventory based on the normal capacity of the production facilities .
the guidance is effective for inventory costs incurred during fiscal years beginning after june 15 , 2005 .
the company adopted sfas no .
151 on october 1 , 2005 and it did not have a material impact on its financial statements in fiscal 2006 .
in december 2004 , the fasb issued sfas no .
153 , 201cexchanges of nonmonetary assets 2014 an amend- ment of apb opinion no .
29 201d ( 201csfas no .
153 201d ) .
the guidance in apb opinion no .
29 , 201caccounting for nonmonetary transactions 201d ( 201capb no .
29 201d ) is based on the principle that exchanges of nonmonetary assets should be measured based on the fair value of the assets exchanged .
the guidance in apb no .
29 , however , included certain exceptions to that principle .
sfas no .
153 amends apb no .
29 to eliminate the exception for nonmonetary exchanges of similar productive assets and replaces it with a general exception for exchanges of nonmonetary assets that do not have commercial substance .
sfas no .
153 is effective for such exchange transactions occurring in fiscal periods beginning after june 15 , 2005 .
the company adopted sfas no .
153 on october 1 , 2005 and it did not have a material impact on its financial statements in fiscal 2006 .
in may 2005 , the fasb issued sfas no .
154 , 201caccounting changes and error corrections 2014 a replacement of apb opinion no .
20 and fasb statement no .
3 201d ( 201csfas no .
154 201d ) .
this statement replaces apb opinion no .
20 , 201caccounting changes 201d and fasb statement no .
3 , 201creporting accounting changes in interim financial statements 2014 an amendment of apb opinion no .
28 , 201d and also changes the . | 2,006 | 81 | SWKS | Skyworks Solutions | Information Technology | Semiconductors | Irvine, California | 2015-03-12 | 4,127 | 2002 | what is the percentage change in in the pension liability balance from 2004 to 2006? | 44.7% | divide(351, 786) | notes to consolidated financial statements 2014 ( continued ) on historical trends and known economic and market conditions at the time of valuation .
actual results may differ substantially from these assumptions .
these differences may significantly impact future pension or retiree medical expenses .
annual pension and retiree medical expense is principally the sum of three components : 1 ) increase in liability from interest ; less 2 ) expected return on plan assets ; and 3 ) other gains and losses as described below .
the expected return on plan assets is calculated by applying an assumed long-term rate of return to the fair value of plan assets .
in any given year , actual returns can differ significantly from the expected return .
differences between the actual and expected return on plan assets are combined with gains or losses resulting from the revaluation of plan liabilities .
plan liabilities are revalued annually , based on updated assumptions and infor- mation about the individuals covered by the plan .
the combined gain or loss is generally expensed evenly over the remaining years that employees are expected to work .
comprehensive income ( loss ) the company accounts for comprehensive income ( loss ) in accordance with the provisions of sfas no .
130 , 201creporting comprehensive income 201d ( 201csfas no .
130 201d ) .
sfas no .
130 is a financial statement presentation standard that requires the company to disclose non-owner changes included in equity but not included in net income or loss .
other items of comprehensive income ( loss ) presented in the financial statements consists of adjustments to the company 2019s minimum pension liability as follows ( in thousands ) : pension adjustments accumulated comprehensive . | recently issued accounting pronouncements in november 2004 , the fasb issued sfas no .
151 , 201cinventory costs 2014 an amendment to apb no .
23 , chapter 4 201d ( 201csfas no .
151 201d ) .
the amendments made by sfas no .
151 clarify that abnormal amounts of idle facility expense , freight , handling costs and wasted materials ( spoilage ) should be recognized as current-period charges and require the allocation of fixed production overheads to inventory based on the normal capacity of the production facilities .
the guidance is effective for inventory costs incurred during fiscal years beginning after june 15 , 2005 .
the company adopted sfas no .
151 on october 1 , 2005 and it did not have a material impact on its financial statements in fiscal 2006 .
in december 2004 , the fasb issued sfas no .
153 , 201cexchanges of nonmonetary assets 2014 an amend- ment of apb opinion no .
29 201d ( 201csfas no .
153 201d ) .
the guidance in apb opinion no .
29 , 201caccounting for nonmonetary transactions 201d ( 201capb no .
29 201d ) is based on the principle that exchanges of nonmonetary assets should be measured based on the fair value of the assets exchanged .
the guidance in apb no .
29 , however , included certain exceptions to that principle .
sfas no .
153 amends apb no .
29 to eliminate the exception for nonmonetary exchanges of similar productive assets and replaces it with a general exception for exchanges of nonmonetary assets that do not have commercial substance .
sfas no .
153 is effective for such exchange transactions occurring in fiscal periods beginning after june 15 , 2005 .
the company adopted sfas no .
153 on october 1 , 2005 and it did not have a material impact on its financial statements in fiscal 2006 .
in may 2005 , the fasb issued sfas no .
154 , 201caccounting changes and error corrections 2014 a replacement of apb opinion no .
20 and fasb statement no .
3 201d ( 201csfas no .
154 201d ) .
this statement replaces apb opinion no .
20 , 201caccounting changes 201d and fasb statement no .
3 , 201creporting accounting changes in interim financial statements 2014 an amendment of apb opinion no .
28 , 201d and also changes the . | | | | pension adjustments | accumulated other comprehensive loss |
|---:|:--------------------------------|:----------------------|:---------------------------------------|
| 0 | balance as of october 1 2004 | $ -786 ( 786 ) | $ -786 ( 786 ) |
| 1 | change in period | -351 ( 351 ) | -351 ( 351 ) |
| 2 | balance as of september 30 2005 | -1137 ( 1137 ) | -1137 ( 1137 ) |
| 3 | change in period | 538 | 538 |
| 4 | balance as of september 29 2006 | $ -599 ( 599 ) | $ -599 ( 599 ) | | notes to consolidated financial statements 2014 ( continued ) on historical trends and known economic and market conditions at the time of valuation .
actual results may differ substantially from these assumptions .
these differences may significantly impact future pension or retiree medical expenses .
annual pension and retiree medical expense is principally the sum of three components : 1 ) increase in liability from interest ; less 2 ) expected return on plan assets ; and 3 ) other gains and losses as described below .
the expected return on plan assets is calculated by applying an assumed long-term rate of return to the fair value of plan assets .
in any given year , actual returns can differ significantly from the expected return .
differences between the actual and expected return on plan assets are combined with gains or losses resulting from the revaluation of plan liabilities .
plan liabilities are revalued annually , based on updated assumptions and infor- mation about the individuals covered by the plan .
the combined gain or loss is generally expensed evenly over the remaining years that employees are expected to work .
comprehensive income ( loss ) the company accounts for comprehensive income ( loss ) in accordance with the provisions of sfas no .
130 , 201creporting comprehensive income 201d ( 201csfas no .
130 201d ) .
sfas no .
130 is a financial statement presentation standard that requires the company to disclose non-owner changes included in equity but not included in net income or loss .
other items of comprehensive income ( loss ) presented in the financial statements consists of adjustments to the company 2019s minimum pension liability as follows ( in thousands ) : pension adjustments accumulated comprehensive ._| | | pension adjustments | accumulated other comprehensive loss |
|---:|:--------------------------------|:----------------------|:---------------------------------------|
| 0 | balance as of october 1 2004 | $ -786 ( 786 ) | $ -786 ( 786 ) |
| 1 | change in period | -351 ( 351 ) | -351 ( 351 ) |
| 2 | balance as of september 30 2005 | -1137 ( 1137 ) | -1137 ( 1137 ) |
| 3 | change in period | 538 | 538 |
| 4 | balance as of september 29 2006 | $ -599 ( 599 ) | $ -599 ( 599 ) |_recently issued accounting pronouncements in november 2004 , the fasb issued sfas no .
151 , 201cinventory costs 2014 an amendment to apb no .
23 , chapter 4 201d ( 201csfas no .
151 201d ) .
the amendments made by sfas no .
151 clarify that abnormal amounts of idle facility expense , freight , handling costs and wasted materials ( spoilage ) should be recognized as current-period charges and require the allocation of fixed production overheads to inventory based on the normal capacity of the production facilities .
the guidance is effective for inventory costs incurred during fiscal years beginning after june 15 , 2005 .
the company adopted sfas no .
151 on october 1 , 2005 and it did not have a material impact on its financial statements in fiscal 2006 .
in december 2004 , the fasb issued sfas no .
153 , 201cexchanges of nonmonetary assets 2014 an amend- ment of apb opinion no .
29 201d ( 201csfas no .
153 201d ) .
the guidance in apb opinion no .
29 , 201caccounting for nonmonetary transactions 201d ( 201capb no .
29 201d ) is based on the principle that exchanges of nonmonetary assets should be measured based on the fair value of the assets exchanged .
the guidance in apb no .
29 , however , included certain exceptions to that principle .
sfas no .
153 amends apb no .
29 to eliminate the exception for nonmonetary exchanges of similar productive assets and replaces it with a general exception for exchanges of nonmonetary assets that do not have commercial substance .
sfas no .
153 is effective for such exchange transactions occurring in fiscal periods beginning after june 15 , 2005 .
the company adopted sfas no .
153 on october 1 , 2005 and it did not have a material impact on its financial statements in fiscal 2006 .
in may 2005 , the fasb issued sfas no .
154 , 201caccounting changes and error corrections 2014 a replacement of apb opinion no .
20 and fasb statement no .
3 201d ( 201csfas no .
154 201d ) .
this statement replaces apb opinion no .
20 , 201caccounting changes 201d and fasb statement no .
3 , 201creporting accounting changes in interim financial statements 2014 an amendment of apb opinion no .
28 , 201d and also changes the . | 2,006 | 81 | SWKS | Skyworks Solutions | Information Technology | Semiconductors | Irvine, California | 2015-03-12 | 4,127 | 2002 | null | null |
finqa166 | in 2017 what was amount net sales applicable to international market in millions | 1320.8 | multiply(25%, 5283.3) | south america .
approximately 26% ( 26 % ) of 2017 net sales were to international markets .
this segment sells directly through its own sales force and indirectly through independent manufacturers 2019 representatives , primarily to wholesalers , home centers , mass merchandisers and industrial distributors .
in aggregate , sales to the home depot and lowe 2019s comprised approximately 23% ( 23 % ) of net sales of the plumbing segment in 2017 .
this segment 2019s chief competitors include delta ( owned by masco ) , kohler , pfister ( owned by spectrum brands ) , american standard ( owned by lixil group ) , insinkerator ( owned by emerson electronic company ) and imported private-label brands .
doors .
our doors segment manufactures and sells fiberglass and steel entry door systems under the therma-tru brand and urethane millwork product lines under the fypon brand .
this segment benefits from the long-term trend away from traditional materials , such as wood , steel and aluminum , toward more energy-efficient and durable synthetic materials .
therma-tru products include fiberglass and steel residential entry door and patio door systems , primarily for sale in the u.s .
and canada .
this segment 2019s principal customers are home centers , millwork building products and wholesale distributors , and specialty dealers that provide products to the residential new construction market , as well as to the remodeling and renovation markets .
in aggregate , sales to the home depot and lowe 2019s comprised approximately 14% ( 14 % ) of net sales of the doors segment in 2017 .
this segment 2019s competitors include masonite , jeld-wen , plastpro and pella .
security .
our security segment 2019s products consist of locks , safety and security devices , and electronic security products manufactured , sourced and distributed primarily under the master lock brand and fire resistant safes , security containers and commercial cabinets manufactured , sourced and distributed under the sentrysafe brand .
this segment sells products principally in the u.s. , canada , europe , central america , japan and australia .
approximately 25% ( 25 % ) of 2017 net sales were to international markets .
this segment manufactures and sells key-controlled and combination padlocks , bicycle and cable locks , built-in locker locks , door hardware , automotive , trailer and towing locks , electronic access control solutions , and other specialty safety and security devices for consumer use to hardware , home center and other retail outlets .
in addition , the segment sells lock systems and fire resistant safes to locksmiths , industrial and institutional users , and original equipment manufacturers .
in aggregate , sales to the home depot and lowe 2019s comprised approximately 18% ( 18 % ) of the net sales of the security segment in 2017 .
master lock competes with abus , w.h .
brady , hampton , kwikset ( owned by spectrum brands ) , schlage ( owned by allegion ) , assa abloy and various imports , and sentrysafe competes with first alert , magnum , fortress , stack-on and fire king .
annual net sales for each of the last three fiscal years for each of our business segments were as follows : ( in millions ) 2017 2016 2015 . | for additional financial information for each of our business segments , refer to note 18 , 201cinformation on business segments , 201d to the consolidated financial statements in item 8 of this annual report on form other information raw materials .
the table below indicates the principal raw materials used by each of our segments .
these materials are available from a number of sources .
volatility in the prices of commodities and energy used in making and distributing our products impacts the cost of manufacturing our products. . | | | ( in millions ) | 2017 | 2016 | 2015 |
|---:|:------------------|:---------|:---------|:---------|
| 0 | cabinets | $ 2467.1 | $ 2397.8 | $ 2173.4 |
| 1 | plumbing | 1720.8 | 1534.4 | 1414.5 |
| 2 | doors | 502.9 | 473.0 | 439.1 |
| 3 | security | 592.5 | 579.7 | 552.4 |
| 4 | total | $ 5283.3 | $ 4984.9 | $ 4579.4 | | south america .
approximately 26% ( 26 % ) of 2017 net sales were to international markets .
this segment sells directly through its own sales force and indirectly through independent manufacturers 2019 representatives , primarily to wholesalers , home centers , mass merchandisers and industrial distributors .
in aggregate , sales to the home depot and lowe 2019s comprised approximately 23% ( 23 % ) of net sales of the plumbing segment in 2017 .
this segment 2019s chief competitors include delta ( owned by masco ) , kohler , pfister ( owned by spectrum brands ) , american standard ( owned by lixil group ) , insinkerator ( owned by emerson electronic company ) and imported private-label brands .
doors .
our doors segment manufactures and sells fiberglass and steel entry door systems under the therma-tru brand and urethane millwork product lines under the fypon brand .
this segment benefits from the long-term trend away from traditional materials , such as wood , steel and aluminum , toward more energy-efficient and durable synthetic materials .
therma-tru products include fiberglass and steel residential entry door and patio door systems , primarily for sale in the u.s .
and canada .
this segment 2019s principal customers are home centers , millwork building products and wholesale distributors , and specialty dealers that provide products to the residential new construction market , as well as to the remodeling and renovation markets .
in aggregate , sales to the home depot and lowe 2019s comprised approximately 14% ( 14 % ) of net sales of the doors segment in 2017 .
this segment 2019s competitors include masonite , jeld-wen , plastpro and pella .
security .
our security segment 2019s products consist of locks , safety and security devices , and electronic security products manufactured , sourced and distributed primarily under the master lock brand and fire resistant safes , security containers and commercial cabinets manufactured , sourced and distributed under the sentrysafe brand .
this segment sells products principally in the u.s. , canada , europe , central america , japan and australia .
approximately 25% ( 25 % ) of 2017 net sales were to international markets .
this segment manufactures and sells key-controlled and combination padlocks , bicycle and cable locks , built-in locker locks , door hardware , automotive , trailer and towing locks , electronic access control solutions , and other specialty safety and security devices for consumer use to hardware , home center and other retail outlets .
in addition , the segment sells lock systems and fire resistant safes to locksmiths , industrial and institutional users , and original equipment manufacturers .
in aggregate , sales to the home depot and lowe 2019s comprised approximately 18% ( 18 % ) of the net sales of the security segment in 2017 .
master lock competes with abus , w.h .
brady , hampton , kwikset ( owned by spectrum brands ) , schlage ( owned by allegion ) , assa abloy and various imports , and sentrysafe competes with first alert , magnum , fortress , stack-on and fire king .
annual net sales for each of the last three fiscal years for each of our business segments were as follows : ( in millions ) 2017 2016 2015 ._| | ( in millions ) | 2017 | 2016 | 2015 |
|---:|:------------------|:---------|:---------|:---------|
| 0 | cabinets | $ 2467.1 | $ 2397.8 | $ 2173.4 |
| 1 | plumbing | 1720.8 | 1534.4 | 1414.5 |
| 2 | doors | 502.9 | 473.0 | 439.1 |
| 3 | security | 592.5 | 579.7 | 552.4 |
| 4 | total | $ 5283.3 | $ 4984.9 | $ 4579.4 |_for additional financial information for each of our business segments , refer to note 18 , 201cinformation on business segments , 201d to the consolidated financial statements in item 8 of this annual report on form other information raw materials .
the table below indicates the principal raw materials used by each of our segments .
these materials are available from a number of sources .
volatility in the prices of commodities and energy used in making and distributing our products impacts the cost of manufacturing our products. . | 2,017 | 23 | FBHS | Fortune Brands Home & Security | Industrials | Building Products | Deerfield, IL | 2011-01-01 | 1,519,751 | 2011 | in 2017 what was amount net sales applicable to international market in millions | 1320.8 | multiply(25%, 5283.3) | south america .
approximately 26% ( 26 % ) of 2017 net sales were to international markets .
this segment sells directly through its own sales force and indirectly through independent manufacturers 2019 representatives , primarily to wholesalers , home centers , mass merchandisers and industrial distributors .
in aggregate , sales to the home depot and lowe 2019s comprised approximately 23% ( 23 % ) of net sales of the plumbing segment in 2017 .
this segment 2019s chief competitors include delta ( owned by masco ) , kohler , pfister ( owned by spectrum brands ) , american standard ( owned by lixil group ) , insinkerator ( owned by emerson electronic company ) and imported private-label brands .
doors .
our doors segment manufactures and sells fiberglass and steel entry door systems under the therma-tru brand and urethane millwork product lines under the fypon brand .
this segment benefits from the long-term trend away from traditional materials , such as wood , steel and aluminum , toward more energy-efficient and durable synthetic materials .
therma-tru products include fiberglass and steel residential entry door and patio door systems , primarily for sale in the u.s .
and canada .
this segment 2019s principal customers are home centers , millwork building products and wholesale distributors , and specialty dealers that provide products to the residential new construction market , as well as to the remodeling and renovation markets .
in aggregate , sales to the home depot and lowe 2019s comprised approximately 14% ( 14 % ) of net sales of the doors segment in 2017 .
this segment 2019s competitors include masonite , jeld-wen , plastpro and pella .
security .
our security segment 2019s products consist of locks , safety and security devices , and electronic security products manufactured , sourced and distributed primarily under the master lock brand and fire resistant safes , security containers and commercial cabinets manufactured , sourced and distributed under the sentrysafe brand .
this segment sells products principally in the u.s. , canada , europe , central america , japan and australia .
approximately 25% ( 25 % ) of 2017 net sales were to international markets .
this segment manufactures and sells key-controlled and combination padlocks , bicycle and cable locks , built-in locker locks , door hardware , automotive , trailer and towing locks , electronic access control solutions , and other specialty safety and security devices for consumer use to hardware , home center and other retail outlets .
in addition , the segment sells lock systems and fire resistant safes to locksmiths , industrial and institutional users , and original equipment manufacturers .
in aggregate , sales to the home depot and lowe 2019s comprised approximately 18% ( 18 % ) of the net sales of the security segment in 2017 .
master lock competes with abus , w.h .
brady , hampton , kwikset ( owned by spectrum brands ) , schlage ( owned by allegion ) , assa abloy and various imports , and sentrysafe competes with first alert , magnum , fortress , stack-on and fire king .
annual net sales for each of the last three fiscal years for each of our business segments were as follows : ( in millions ) 2017 2016 2015 . | for additional financial information for each of our business segments , refer to note 18 , 201cinformation on business segments , 201d to the consolidated financial statements in item 8 of this annual report on form other information raw materials .
the table below indicates the principal raw materials used by each of our segments .
these materials are available from a number of sources .
volatility in the prices of commodities and energy used in making and distributing our products impacts the cost of manufacturing our products. . | | | ( in millions ) | 2017 | 2016 | 2015 |
|---:|:------------------|:---------|:---------|:---------|
| 0 | cabinets | $ 2467.1 | $ 2397.8 | $ 2173.4 |
| 1 | plumbing | 1720.8 | 1534.4 | 1414.5 |
| 2 | doors | 502.9 | 473.0 | 439.1 |
| 3 | security | 592.5 | 579.7 | 552.4 |
| 4 | total | $ 5283.3 | $ 4984.9 | $ 4579.4 | | south america .
approximately 26% ( 26 % ) of 2017 net sales were to international markets .
this segment sells directly through its own sales force and indirectly through independent manufacturers 2019 representatives , primarily to wholesalers , home centers , mass merchandisers and industrial distributors .
in aggregate , sales to the home depot and lowe 2019s comprised approximately 23% ( 23 % ) of net sales of the plumbing segment in 2017 .
this segment 2019s chief competitors include delta ( owned by masco ) , kohler , pfister ( owned by spectrum brands ) , american standard ( owned by lixil group ) , insinkerator ( owned by emerson electronic company ) and imported private-label brands .
doors .
our doors segment manufactures and sells fiberglass and steel entry door systems under the therma-tru brand and urethane millwork product lines under the fypon brand .
this segment benefits from the long-term trend away from traditional materials , such as wood , steel and aluminum , toward more energy-efficient and durable synthetic materials .
therma-tru products include fiberglass and steel residential entry door and patio door systems , primarily for sale in the u.s .
and canada .
this segment 2019s principal customers are home centers , millwork building products and wholesale distributors , and specialty dealers that provide products to the residential new construction market , as well as to the remodeling and renovation markets .
in aggregate , sales to the home depot and lowe 2019s comprised approximately 14% ( 14 % ) of net sales of the doors segment in 2017 .
this segment 2019s competitors include masonite , jeld-wen , plastpro and pella .
security .
our security segment 2019s products consist of locks , safety and security devices , and electronic security products manufactured , sourced and distributed primarily under the master lock brand and fire resistant safes , security containers and commercial cabinets manufactured , sourced and distributed under the sentrysafe brand .
this segment sells products principally in the u.s. , canada , europe , central america , japan and australia .
approximately 25% ( 25 % ) of 2017 net sales were to international markets .
this segment manufactures and sells key-controlled and combination padlocks , bicycle and cable locks , built-in locker locks , door hardware , automotive , trailer and towing locks , electronic access control solutions , and other specialty safety and security devices for consumer use to hardware , home center and other retail outlets .
in addition , the segment sells lock systems and fire resistant safes to locksmiths , industrial and institutional users , and original equipment manufacturers .
in aggregate , sales to the home depot and lowe 2019s comprised approximately 18% ( 18 % ) of the net sales of the security segment in 2017 .
master lock competes with abus , w.h .
brady , hampton , kwikset ( owned by spectrum brands ) , schlage ( owned by allegion ) , assa abloy and various imports , and sentrysafe competes with first alert , magnum , fortress , stack-on and fire king .
annual net sales for each of the last three fiscal years for each of our business segments were as follows : ( in millions ) 2017 2016 2015 ._| | ( in millions ) | 2017 | 2016 | 2015 |
|---:|:------------------|:---------|:---------|:---------|
| 0 | cabinets | $ 2467.1 | $ 2397.8 | $ 2173.4 |
| 1 | plumbing | 1720.8 | 1534.4 | 1414.5 |
| 2 | doors | 502.9 | 473.0 | 439.1 |
| 3 | security | 592.5 | 579.7 | 552.4 |
| 4 | total | $ 5283.3 | $ 4984.9 | $ 4579.4 |_for additional financial information for each of our business segments , refer to note 18 , 201cinformation on business segments , 201d to the consolidated financial statements in item 8 of this annual report on form other information raw materials .
the table below indicates the principal raw materials used by each of our segments .
these materials are available from a number of sources .
volatility in the prices of commodities and energy used in making and distributing our products impacts the cost of manufacturing our products. . | 2,017 | 23 | FBHS | Fortune Brands Home & Security | Industrials | Building Products | Deerfield, IL | 2011-01-01 | 1,519,751 | 2011 | null | null |
finqa167 | what portion of the total contractual obligations are due within the next 12 months? | 5.8% | divide(156571, 2702687) | as a result of our acquisition of third wave on july 24 , 2008 , we assumed certain operating leases , the most significant of which is related to their corporate facility in madison , wisconsin , which is effective through september 2014 .
future lease payments on these operating leases were approximately $ 5.8 million as of september 27 , 2008 .
additionally , we assumed several license agreements for certain patent rights .
these payments will be made through 2011 and future payments under these license agreements are approximately $ 7.0 million as of september 27 , 2008 .
contractual obligations .
the following table summarizes our contractual obligations and commitments as of september 27 , 2008: . | ( 1 ) approximately $ 6.4 million of the purchase obligations relates to an exclusive distribution and service agreement in the united states under which we will sell and service a line of extremity mri systems .
pursuant to the terms of this contract , we have certain minimum inventory purchase obligations for the initial term of eighteen months .
thereafter the purchase obligations are subject to renegotiation in the event of any unforeseen changes in the market dynamics .
( 2 ) as a result of the merger with cytyc , we assumed on a consolidated basis certain non-cancelable supply contracts .
for reasons of quality assurance , sole source availability or cost effectiveness , certain key components and raw materials are available only from a sole supplier .
to assure continuity of supply while maintaining high quality and reliability , long-term supply contracts have been executed with these suppliers .
in certain of these contracts , a minimum purchase commitment has been established .
( 3 ) as a result of the merger with cytyc , we assumed a private equity investment commitment with a limited liability partnership , which could be paid over the succeeding three years .
the amounts above do not include any amount that may be payable to biolucent and adiana for earn-outs .
we are working on several projects and we expect to continue to review and evaluate potential acquisitions of businesses , products or technologies , and strategic alliances that we believe will complement our current or future business .
subject to the risk factors set forth in part i , item 1a of this report and the general disclaimers set forth in our special note regarding forward-looking statements at the outset of this report , we believe that cash flow from operations and cash available from our amended credit agreement will provide us with sufficient funds in order to fund our expected operations over the next twelve months .
our longer-term liquidity is contingent upon future operating performance and our ability to continue to meet financial covenants under our amended credit agreement .
we may also require additional capital in the future to fund capital expenditures , acquisitions or other investments , or to repay our convertible notes .
the holders of the convertible notes may require us to repurchase the notes on december 13 of 2013 , and on each of december 15 , 2017 , 2022 , 2027 and 2032 at a repurchase price equal to 100% ( 100 % ) of their accreted principal amount .
these capital requirements could be substantial .
our operating performance may also be affected by matters discussed under the above-referenced risk factors as elsewhere in this report .
these risks , trends and uncertainties may also adversely affect our long- term liquidity. . | | | contractual obligations | payments due by period less than 1 year | payments due by period 1-3 years | payments due by period 3-5 years | payments due by period more than 5 years | payments due by period total |
|---:|:---------------------------------------|:------------------------------------------|:-----------------------------------|:-----------------------------------|:-------------------------------------------|:-------------------------------|
| 0 | long-term debt obligations | $ 38480 | $ 109436 | $ 327400 | $ 1725584 | $ 2200900 |
| 1 | interest on long-term debt obligations | 58734 | 110973 | 90433 | 7484 | 267624 |
| 2 | operating leases | 18528 | 33162 | 27199 | 63616 | 142505 |
| 3 | purchase obligations ( 1 ) | 33176 | 15703 | 2014 | 2014 | 48879 |
| 4 | financing leases | 2408 | 5035 | 5333 | 15008 | 27784 |
| 5 | long-term supply contracts ( 2 ) | 3371 | 6000 | 3750 | 2014 | 13121 |
| 6 | private equity investment ( 3 ) | 1874 | 2014 | 2014 | 2014 | 1874 |
| 7 | total contractual obligations | $ 156571 | $ 280309 | $ 454115 | $ 1811692 | $ 2702687 | | as a result of our acquisition of third wave on july 24 , 2008 , we assumed certain operating leases , the most significant of which is related to their corporate facility in madison , wisconsin , which is effective through september 2014 .
future lease payments on these operating leases were approximately $ 5.8 million as of september 27 , 2008 .
additionally , we assumed several license agreements for certain patent rights .
these payments will be made through 2011 and future payments under these license agreements are approximately $ 7.0 million as of september 27 , 2008 .
contractual obligations .
the following table summarizes our contractual obligations and commitments as of september 27 , 2008: ._| | contractual obligations | payments due by period less than 1 year | payments due by period 1-3 years | payments due by period 3-5 years | payments due by period more than 5 years | payments due by period total |
|---:|:---------------------------------------|:------------------------------------------|:-----------------------------------|:-----------------------------------|:-------------------------------------------|:-------------------------------|
| 0 | long-term debt obligations | $ 38480 | $ 109436 | $ 327400 | $ 1725584 | $ 2200900 |
| 1 | interest on long-term debt obligations | 58734 | 110973 | 90433 | 7484 | 267624 |
| 2 | operating leases | 18528 | 33162 | 27199 | 63616 | 142505 |
| 3 | purchase obligations ( 1 ) | 33176 | 15703 | 2014 | 2014 | 48879 |
| 4 | financing leases | 2408 | 5035 | 5333 | 15008 | 27784 |
| 5 | long-term supply contracts ( 2 ) | 3371 | 6000 | 3750 | 2014 | 13121 |
| 6 | private equity investment ( 3 ) | 1874 | 2014 | 2014 | 2014 | 1874 |
| 7 | total contractual obligations | $ 156571 | $ 280309 | $ 454115 | $ 1811692 | $ 2702687 |_( 1 ) approximately $ 6.4 million of the purchase obligations relates to an exclusive distribution and service agreement in the united states under which we will sell and service a line of extremity mri systems .
pursuant to the terms of this contract , we have certain minimum inventory purchase obligations for the initial term of eighteen months .
thereafter the purchase obligations are subject to renegotiation in the event of any unforeseen changes in the market dynamics .
( 2 ) as a result of the merger with cytyc , we assumed on a consolidated basis certain non-cancelable supply contracts .
for reasons of quality assurance , sole source availability or cost effectiveness , certain key components and raw materials are available only from a sole supplier .
to assure continuity of supply while maintaining high quality and reliability , long-term supply contracts have been executed with these suppliers .
in certain of these contracts , a minimum purchase commitment has been established .
( 3 ) as a result of the merger with cytyc , we assumed a private equity investment commitment with a limited liability partnership , which could be paid over the succeeding three years .
the amounts above do not include any amount that may be payable to biolucent and adiana for earn-outs .
we are working on several projects and we expect to continue to review and evaluate potential acquisitions of businesses , products or technologies , and strategic alliances that we believe will complement our current or future business .
subject to the risk factors set forth in part i , item 1a of this report and the general disclaimers set forth in our special note regarding forward-looking statements at the outset of this report , we believe that cash flow from operations and cash available from our amended credit agreement will provide us with sufficient funds in order to fund our expected operations over the next twelve months .
our longer-term liquidity is contingent upon future operating performance and our ability to continue to meet financial covenants under our amended credit agreement .
we may also require additional capital in the future to fund capital expenditures , acquisitions or other investments , or to repay our convertible notes .
the holders of the convertible notes may require us to repurchase the notes on december 13 of 2013 , and on each of december 15 , 2017 , 2022 , 2027 and 2032 at a repurchase price equal to 100% ( 100 % ) of their accreted principal amount .
these capital requirements could be substantial .
our operating performance may also be affected by matters discussed under the above-referenced risk factors as elsewhere in this report .
these risks , trends and uncertainties may also adversely affect our long- term liquidity. . | 2,008 | 84 | HOLX | Hologic | Health Care | Health Care Equipment | Marlborough, Massachusetts | 2016-03-30 | 859,737 | 1985 | what portion of the total contractual obligations are due within the next 12 months? | 5.8% | divide(156571, 2702687) | as a result of our acquisition of third wave on july 24 , 2008 , we assumed certain operating leases , the most significant of which is related to their corporate facility in madison , wisconsin , which is effective through september 2014 .
future lease payments on these operating leases were approximately $ 5.8 million as of september 27 , 2008 .
additionally , we assumed several license agreements for certain patent rights .
these payments will be made through 2011 and future payments under these license agreements are approximately $ 7.0 million as of september 27 , 2008 .
contractual obligations .
the following table summarizes our contractual obligations and commitments as of september 27 , 2008: . | ( 1 ) approximately $ 6.4 million of the purchase obligations relates to an exclusive distribution and service agreement in the united states under which we will sell and service a line of extremity mri systems .
pursuant to the terms of this contract , we have certain minimum inventory purchase obligations for the initial term of eighteen months .
thereafter the purchase obligations are subject to renegotiation in the event of any unforeseen changes in the market dynamics .
( 2 ) as a result of the merger with cytyc , we assumed on a consolidated basis certain non-cancelable supply contracts .
for reasons of quality assurance , sole source availability or cost effectiveness , certain key components and raw materials are available only from a sole supplier .
to assure continuity of supply while maintaining high quality and reliability , long-term supply contracts have been executed with these suppliers .
in certain of these contracts , a minimum purchase commitment has been established .
( 3 ) as a result of the merger with cytyc , we assumed a private equity investment commitment with a limited liability partnership , which could be paid over the succeeding three years .
the amounts above do not include any amount that may be payable to biolucent and adiana for earn-outs .
we are working on several projects and we expect to continue to review and evaluate potential acquisitions of businesses , products or technologies , and strategic alliances that we believe will complement our current or future business .
subject to the risk factors set forth in part i , item 1a of this report and the general disclaimers set forth in our special note regarding forward-looking statements at the outset of this report , we believe that cash flow from operations and cash available from our amended credit agreement will provide us with sufficient funds in order to fund our expected operations over the next twelve months .
our longer-term liquidity is contingent upon future operating performance and our ability to continue to meet financial covenants under our amended credit agreement .
we may also require additional capital in the future to fund capital expenditures , acquisitions or other investments , or to repay our convertible notes .
the holders of the convertible notes may require us to repurchase the notes on december 13 of 2013 , and on each of december 15 , 2017 , 2022 , 2027 and 2032 at a repurchase price equal to 100% ( 100 % ) of their accreted principal amount .
these capital requirements could be substantial .
our operating performance may also be affected by matters discussed under the above-referenced risk factors as elsewhere in this report .
these risks , trends and uncertainties may also adversely affect our long- term liquidity. . | | | contractual obligations | payments due by period less than 1 year | payments due by period 1-3 years | payments due by period 3-5 years | payments due by period more than 5 years | payments due by period total |
|---:|:---------------------------------------|:------------------------------------------|:-----------------------------------|:-----------------------------------|:-------------------------------------------|:-------------------------------|
| 0 | long-term debt obligations | $ 38480 | $ 109436 | $ 327400 | $ 1725584 | $ 2200900 |
| 1 | interest on long-term debt obligations | 58734 | 110973 | 90433 | 7484 | 267624 |
| 2 | operating leases | 18528 | 33162 | 27199 | 63616 | 142505 |
| 3 | purchase obligations ( 1 ) | 33176 | 15703 | 2014 | 2014 | 48879 |
| 4 | financing leases | 2408 | 5035 | 5333 | 15008 | 27784 |
| 5 | long-term supply contracts ( 2 ) | 3371 | 6000 | 3750 | 2014 | 13121 |
| 6 | private equity investment ( 3 ) | 1874 | 2014 | 2014 | 2014 | 1874 |
| 7 | total contractual obligations | $ 156571 | $ 280309 | $ 454115 | $ 1811692 | $ 2702687 | | as a result of our acquisition of third wave on july 24 , 2008 , we assumed certain operating leases , the most significant of which is related to their corporate facility in madison , wisconsin , which is effective through september 2014 .
future lease payments on these operating leases were approximately $ 5.8 million as of september 27 , 2008 .
additionally , we assumed several license agreements for certain patent rights .
these payments will be made through 2011 and future payments under these license agreements are approximately $ 7.0 million as of september 27 , 2008 .
contractual obligations .
the following table summarizes our contractual obligations and commitments as of september 27 , 2008: ._| | contractual obligations | payments due by period less than 1 year | payments due by period 1-3 years | payments due by period 3-5 years | payments due by period more than 5 years | payments due by period total |
|---:|:---------------------------------------|:------------------------------------------|:-----------------------------------|:-----------------------------------|:-------------------------------------------|:-------------------------------|
| 0 | long-term debt obligations | $ 38480 | $ 109436 | $ 327400 | $ 1725584 | $ 2200900 |
| 1 | interest on long-term debt obligations | 58734 | 110973 | 90433 | 7484 | 267624 |
| 2 | operating leases | 18528 | 33162 | 27199 | 63616 | 142505 |
| 3 | purchase obligations ( 1 ) | 33176 | 15703 | 2014 | 2014 | 48879 |
| 4 | financing leases | 2408 | 5035 | 5333 | 15008 | 27784 |
| 5 | long-term supply contracts ( 2 ) | 3371 | 6000 | 3750 | 2014 | 13121 |
| 6 | private equity investment ( 3 ) | 1874 | 2014 | 2014 | 2014 | 1874 |
| 7 | total contractual obligations | $ 156571 | $ 280309 | $ 454115 | $ 1811692 | $ 2702687 |_( 1 ) approximately $ 6.4 million of the purchase obligations relates to an exclusive distribution and service agreement in the united states under which we will sell and service a line of extremity mri systems .
pursuant to the terms of this contract , we have certain minimum inventory purchase obligations for the initial term of eighteen months .
thereafter the purchase obligations are subject to renegotiation in the event of any unforeseen changes in the market dynamics .
( 2 ) as a result of the merger with cytyc , we assumed on a consolidated basis certain non-cancelable supply contracts .
for reasons of quality assurance , sole source availability or cost effectiveness , certain key components and raw materials are available only from a sole supplier .
to assure continuity of supply while maintaining high quality and reliability , long-term supply contracts have been executed with these suppliers .
in certain of these contracts , a minimum purchase commitment has been established .
( 3 ) as a result of the merger with cytyc , we assumed a private equity investment commitment with a limited liability partnership , which could be paid over the succeeding three years .
the amounts above do not include any amount that may be payable to biolucent and adiana for earn-outs .
we are working on several projects and we expect to continue to review and evaluate potential acquisitions of businesses , products or technologies , and strategic alliances that we believe will complement our current or future business .
subject to the risk factors set forth in part i , item 1a of this report and the general disclaimers set forth in our special note regarding forward-looking statements at the outset of this report , we believe that cash flow from operations and cash available from our amended credit agreement will provide us with sufficient funds in order to fund our expected operations over the next twelve months .
our longer-term liquidity is contingent upon future operating performance and our ability to continue to meet financial covenants under our amended credit agreement .
we may also require additional capital in the future to fund capital expenditures , acquisitions or other investments , or to repay our convertible notes .
the holders of the convertible notes may require us to repurchase the notes on december 13 of 2013 , and on each of december 15 , 2017 , 2022 , 2027 and 2032 at a repurchase price equal to 100% ( 100 % ) of their accreted principal amount .
these capital requirements could be substantial .
our operating performance may also be affected by matters discussed under the above-referenced risk factors as elsewhere in this report .
these risks , trends and uncertainties may also adversely affect our long- term liquidity. . | 2,008 | 84 | HOLX | Hologic | Health Care | Health Care Equipment | Marlborough, Massachusetts | 2016-03-30 | 859,737 | 1985 | null | null |
finqa168 | what percentage of the total estimated purchase price was cash? | 34% | divide(2094800, 6156900) | table of contents hologic , inc .
notes to consolidated financial statements ( continued ) ( all tabular amounts in thousands except per share data ) which the cytyc stockholders received a premium over the fair market value of their shares on such date and cash of $ 16.50 per share ( or approximately 35% ( 35 % ) of the merger consideration ) .
there were no preexisting relationships between the two companies .
cytyc , headquartered in marlborough , massachusetts , is a diversified diagnostic and medical device company that designs , develops , manufactures , and markets innovative and clinically effective diagnostics and surgical products .
cytyc products cover a range of cancer and women 2019s health applications , including cervical cancer screening , prenatal diagnostics , treatment of excessive menstrual bleeding and radiation treatment of early-stage breast cancer .
upon the close of the merger , cytyc shareholders received an aggregate of 132 million shares of hologic common stock and $ 2.1 billion in cash .
in connection with the close of the merger , the company entered into a credit agreement relating to a senior secured credit facility ( the 201ccredit agreement 201d ) with goldman sachs credit partners l.p .
and certain other lenders , in which the lenders committed to provide , in the aggregate , senior secured financing of up to approximately $ 2.55 billion to pay for the cash portion of the merger consideration , repayment of existing debt of cytyc , expenses relating to the merger and working capital following the completion of the merger .
as of the closing of the merger , the company borrowed $ 2.35 billion under this credit agreement .
see note 5 for further discussion .
the aggregate purchase price of approximately $ 6.16 billion included $ 2.1 million in cash ; 132 million shares of hologic common stock at an estimated fair value of $ 3.67 billion ; 16.5 million of fully vested stock options granted to cytyc employees in exchange for their vested cytyc stock options , with an estimated fair value of approximately $ 241.4 million ; the fair value of cytyc 2019s outstanding convertible notes assumed in the merger of $ 125.0 million ; and approximately $ 24.2 million of direct acquisition costs .
there were no potential contingent consideration arrangements payable to the former cytyc shareholders in connection with this transaction .
the company measured the fair value of the 132 million shares of the company common stock issued as consideration in connection with the merger under eitf 99-12 .
the company determined the measurement date to be may 20 , 2007 , the date the transaction was announced , as the number of shares to be issued according to the exchange ratio was fixed without subsequent revision .
the company valued the securities based on the average market price a few days before and after the measurement date .
the weighted average stock price was determined to be $ 27.81 .
( i ) purchase price the purchase price is as follows: . | source : hologic inc , 10-k , november 24 , 2010 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely .
the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law .
past financial performance is no guarantee of future results. . | | | cash portion of consideration | $ 2094800 |
|---:|:--------------------------------------------------------|:------------|
| 0 | fair value of securities issued | 3671500 |
| 1 | fair value of vested options exchanged | 241400 |
| 2 | fair value of cytyc 2019s outstanding convertible notes | 125000 |
| 3 | direct acquisition costs | 24200 |
| 4 | total estimated purchase price | $ 6156900 | | table of contents hologic , inc .
notes to consolidated financial statements ( continued ) ( all tabular amounts in thousands except per share data ) which the cytyc stockholders received a premium over the fair market value of their shares on such date and cash of $ 16.50 per share ( or approximately 35% ( 35 % ) of the merger consideration ) .
there were no preexisting relationships between the two companies .
cytyc , headquartered in marlborough , massachusetts , is a diversified diagnostic and medical device company that designs , develops , manufactures , and markets innovative and clinically effective diagnostics and surgical products .
cytyc products cover a range of cancer and women 2019s health applications , including cervical cancer screening , prenatal diagnostics , treatment of excessive menstrual bleeding and radiation treatment of early-stage breast cancer .
upon the close of the merger , cytyc shareholders received an aggregate of 132 million shares of hologic common stock and $ 2.1 billion in cash .
in connection with the close of the merger , the company entered into a credit agreement relating to a senior secured credit facility ( the 201ccredit agreement 201d ) with goldman sachs credit partners l.p .
and certain other lenders , in which the lenders committed to provide , in the aggregate , senior secured financing of up to approximately $ 2.55 billion to pay for the cash portion of the merger consideration , repayment of existing debt of cytyc , expenses relating to the merger and working capital following the completion of the merger .
as of the closing of the merger , the company borrowed $ 2.35 billion under this credit agreement .
see note 5 for further discussion .
the aggregate purchase price of approximately $ 6.16 billion included $ 2.1 million in cash ; 132 million shares of hologic common stock at an estimated fair value of $ 3.67 billion ; 16.5 million of fully vested stock options granted to cytyc employees in exchange for their vested cytyc stock options , with an estimated fair value of approximately $ 241.4 million ; the fair value of cytyc 2019s outstanding convertible notes assumed in the merger of $ 125.0 million ; and approximately $ 24.2 million of direct acquisition costs .
there were no potential contingent consideration arrangements payable to the former cytyc shareholders in connection with this transaction .
the company measured the fair value of the 132 million shares of the company common stock issued as consideration in connection with the merger under eitf 99-12 .
the company determined the measurement date to be may 20 , 2007 , the date the transaction was announced , as the number of shares to be issued according to the exchange ratio was fixed without subsequent revision .
the company valued the securities based on the average market price a few days before and after the measurement date .
the weighted average stock price was determined to be $ 27.81 .
( i ) purchase price the purchase price is as follows: ._| | cash portion of consideration | $ 2094800 |
|---:|:--------------------------------------------------------|:------------|
| 0 | fair value of securities issued | 3671500 |
| 1 | fair value of vested options exchanged | 241400 |
| 2 | fair value of cytyc 2019s outstanding convertible notes | 125000 |
| 3 | direct acquisition costs | 24200 |
| 4 | total estimated purchase price | $ 6156900 |_source : hologic inc , 10-k , november 24 , 2010 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely .
the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law .
past financial performance is no guarantee of future results. . | 2,010 | 124 | HOLX | Hologic | Health Care | Health Care Equipment | Marlborough, Massachusetts | 2016-03-30 | 859,737 | 1985 | what percentage of the total estimated purchase price was cash? | 34% | divide(2094800, 6156900) | table of contents hologic , inc .
notes to consolidated financial statements ( continued ) ( all tabular amounts in thousands except per share data ) which the cytyc stockholders received a premium over the fair market value of their shares on such date and cash of $ 16.50 per share ( or approximately 35% ( 35 % ) of the merger consideration ) .
there were no preexisting relationships between the two companies .
cytyc , headquartered in marlborough , massachusetts , is a diversified diagnostic and medical device company that designs , develops , manufactures , and markets innovative and clinically effective diagnostics and surgical products .
cytyc products cover a range of cancer and women 2019s health applications , including cervical cancer screening , prenatal diagnostics , treatment of excessive menstrual bleeding and radiation treatment of early-stage breast cancer .
upon the close of the merger , cytyc shareholders received an aggregate of 132 million shares of hologic common stock and $ 2.1 billion in cash .
in connection with the close of the merger , the company entered into a credit agreement relating to a senior secured credit facility ( the 201ccredit agreement 201d ) with goldman sachs credit partners l.p .
and certain other lenders , in which the lenders committed to provide , in the aggregate , senior secured financing of up to approximately $ 2.55 billion to pay for the cash portion of the merger consideration , repayment of existing debt of cytyc , expenses relating to the merger and working capital following the completion of the merger .
as of the closing of the merger , the company borrowed $ 2.35 billion under this credit agreement .
see note 5 for further discussion .
the aggregate purchase price of approximately $ 6.16 billion included $ 2.1 million in cash ; 132 million shares of hologic common stock at an estimated fair value of $ 3.67 billion ; 16.5 million of fully vested stock options granted to cytyc employees in exchange for their vested cytyc stock options , with an estimated fair value of approximately $ 241.4 million ; the fair value of cytyc 2019s outstanding convertible notes assumed in the merger of $ 125.0 million ; and approximately $ 24.2 million of direct acquisition costs .
there were no potential contingent consideration arrangements payable to the former cytyc shareholders in connection with this transaction .
the company measured the fair value of the 132 million shares of the company common stock issued as consideration in connection with the merger under eitf 99-12 .
the company determined the measurement date to be may 20 , 2007 , the date the transaction was announced , as the number of shares to be issued according to the exchange ratio was fixed without subsequent revision .
the company valued the securities based on the average market price a few days before and after the measurement date .
the weighted average stock price was determined to be $ 27.81 .
( i ) purchase price the purchase price is as follows: . | source : hologic inc , 10-k , november 24 , 2010 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely .
the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law .
past financial performance is no guarantee of future results. . | | | cash portion of consideration | $ 2094800 |
|---:|:--------------------------------------------------------|:------------|
| 0 | fair value of securities issued | 3671500 |
| 1 | fair value of vested options exchanged | 241400 |
| 2 | fair value of cytyc 2019s outstanding convertible notes | 125000 |
| 3 | direct acquisition costs | 24200 |
| 4 | total estimated purchase price | $ 6156900 | | table of contents hologic , inc .
notes to consolidated financial statements ( continued ) ( all tabular amounts in thousands except per share data ) which the cytyc stockholders received a premium over the fair market value of their shares on such date and cash of $ 16.50 per share ( or approximately 35% ( 35 % ) of the merger consideration ) .
there were no preexisting relationships between the two companies .
cytyc , headquartered in marlborough , massachusetts , is a diversified diagnostic and medical device company that designs , develops , manufactures , and markets innovative and clinically effective diagnostics and surgical products .
cytyc products cover a range of cancer and women 2019s health applications , including cervical cancer screening , prenatal diagnostics , treatment of excessive menstrual bleeding and radiation treatment of early-stage breast cancer .
upon the close of the merger , cytyc shareholders received an aggregate of 132 million shares of hologic common stock and $ 2.1 billion in cash .
in connection with the close of the merger , the company entered into a credit agreement relating to a senior secured credit facility ( the 201ccredit agreement 201d ) with goldman sachs credit partners l.p .
and certain other lenders , in which the lenders committed to provide , in the aggregate , senior secured financing of up to approximately $ 2.55 billion to pay for the cash portion of the merger consideration , repayment of existing debt of cytyc , expenses relating to the merger and working capital following the completion of the merger .
as of the closing of the merger , the company borrowed $ 2.35 billion under this credit agreement .
see note 5 for further discussion .
the aggregate purchase price of approximately $ 6.16 billion included $ 2.1 million in cash ; 132 million shares of hologic common stock at an estimated fair value of $ 3.67 billion ; 16.5 million of fully vested stock options granted to cytyc employees in exchange for their vested cytyc stock options , with an estimated fair value of approximately $ 241.4 million ; the fair value of cytyc 2019s outstanding convertible notes assumed in the merger of $ 125.0 million ; and approximately $ 24.2 million of direct acquisition costs .
there were no potential contingent consideration arrangements payable to the former cytyc shareholders in connection with this transaction .
the company measured the fair value of the 132 million shares of the company common stock issued as consideration in connection with the merger under eitf 99-12 .
the company determined the measurement date to be may 20 , 2007 , the date the transaction was announced , as the number of shares to be issued according to the exchange ratio was fixed without subsequent revision .
the company valued the securities based on the average market price a few days before and after the measurement date .
the weighted average stock price was determined to be $ 27.81 .
( i ) purchase price the purchase price is as follows: ._| | cash portion of consideration | $ 2094800 |
|---:|:--------------------------------------------------------|:------------|
| 0 | fair value of securities issued | 3671500 |
| 1 | fair value of vested options exchanged | 241400 |
| 2 | fair value of cytyc 2019s outstanding convertible notes | 125000 |
| 3 | direct acquisition costs | 24200 |
| 4 | total estimated purchase price | $ 6156900 |_source : hologic inc , 10-k , november 24 , 2010 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely .
the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law .
past financial performance is no guarantee of future results. . | 2,010 | 124 | HOLX | Hologic | Health Care | Health Care Equipment | Marlborough, Massachusetts | 2016-03-30 | 859,737 | 1985 | null | null |
finqa169 | what is the average future minimum annual rental payment for the next five years? | 4441 | divide(add(add(add(add(3144, 3160), 3200), 2768), 9934), const_5) | alexion pharmaceuticals , inc .
notes to consolidated financial statements 2014 ( continued ) for the years ended december 31 , 2007 and 2006 , five month period ended december 31 , 2005 , and year ended july 31 , 2005 ( amounts in thousands , except share and per share amounts ) aggregate future minimum annual rental payments for the next five years and thereafter under non-cancellable operating leases ( including facilities and equipment ) as of december 31 , 2007 are: . | 9 .
commitments and contingencies legal proceedings on march 16 , 2007 , pdl biopharma , inc. , or pdl , filed a civil action against alexion in the u.s .
district court for the district of delaware .
pdl claims willful infringement by alexion of pdl patents due to sales of soliris .
pdl seeks unspecified damages , but no less than a reasonable royalty , plus attorney 2019s fees .
alexion has denied pdl's claims .
in addition , we filed counterclaims seeking declarations of non-infringement and invalidity of certain u.s .
patents held by pdl .
alexion believes it has good and valid defenses to pdl's claims and intends to vigorously defend the case and pursue its counterclaims .
on february 4 , 2008 , sb2 , inc .
filed a civil action against alexion in the united states district court for the northern district of california .
sb2 , inc .
claims willfull infringement by alexion of sb2 , inc .
patents due to sales of soliris .
sb2 , inc .
seeks unspecified monetary damages , equitable relief and attorneys fees .
alexion believes it has good and valid defenses to sb2's claims and intends to vigorously defend the case and pursue its counterclaims .
the results of such civil actions cannot be predicted with certainty due to their early stages .
however , depending on the outcome of these legal matters , the operating results of the company could be materially impacted through adjustments to cost of sales ( see notes 2 , 6 and 15 for additional information related to royalties ) .
product supply the large-scale product supply agreement dated december 18 , 2002 , or the lonza agreement , between lonza sales ag , or lonza , and us , relating to the manufacture of soliris , was amended in june 2007 .
we amended our supply agreement to provide for additional purchase commitments of soliris of $ 30000 to $ 35000 through 2013 .
such commitments may only be cancelled in limited circumstances. . | | | 2008 | $ 4935 |
|---:|:-----------|---------:|
| 0 | 2009 | 3144 |
| 1 | 2010 | 3160 |
| 2 | 2011 | 3200 |
| 3 | 2012 | 2768 |
| 4 | thereafter | 9934 | | alexion pharmaceuticals , inc .
notes to consolidated financial statements 2014 ( continued ) for the years ended december 31 , 2007 and 2006 , five month period ended december 31 , 2005 , and year ended july 31 , 2005 ( amounts in thousands , except share and per share amounts ) aggregate future minimum annual rental payments for the next five years and thereafter under non-cancellable operating leases ( including facilities and equipment ) as of december 31 , 2007 are: ._| | 2008 | $ 4935 |
|---:|:-----------|---------:|
| 0 | 2009 | 3144 |
| 1 | 2010 | 3160 |
| 2 | 2011 | 3200 |
| 3 | 2012 | 2768 |
| 4 | thereafter | 9934 |_9 .
commitments and contingencies legal proceedings on march 16 , 2007 , pdl biopharma , inc. , or pdl , filed a civil action against alexion in the u.s .
district court for the district of delaware .
pdl claims willful infringement by alexion of pdl patents due to sales of soliris .
pdl seeks unspecified damages , but no less than a reasonable royalty , plus attorney 2019s fees .
alexion has denied pdl's claims .
in addition , we filed counterclaims seeking declarations of non-infringement and invalidity of certain u.s .
patents held by pdl .
alexion believes it has good and valid defenses to pdl's claims and intends to vigorously defend the case and pursue its counterclaims .
on february 4 , 2008 , sb2 , inc .
filed a civil action against alexion in the united states district court for the northern district of california .
sb2 , inc .
claims willfull infringement by alexion of sb2 , inc .
patents due to sales of soliris .
sb2 , inc .
seeks unspecified monetary damages , equitable relief and attorneys fees .
alexion believes it has good and valid defenses to sb2's claims and intends to vigorously defend the case and pursue its counterclaims .
the results of such civil actions cannot be predicted with certainty due to their early stages .
however , depending on the outcome of these legal matters , the operating results of the company could be materially impacted through adjustments to cost of sales ( see notes 2 , 6 and 15 for additional information related to royalties ) .
product supply the large-scale product supply agreement dated december 18 , 2002 , or the lonza agreement , between lonza sales ag , or lonza , and us , relating to the manufacture of soliris , was amended in june 2007 .
we amended our supply agreement to provide for additional purchase commitments of soliris of $ 30000 to $ 35000 through 2013 .
such commitments may only be cancelled in limited circumstances. . | 2,007 | 104 | ALXN | Alexion Pharmaceuticals, Inc. | Healthcare | Biotechnology | Boston, MA | 2012-01-01 | 899,866 | 1992 | what is the average future minimum annual rental payment for the next five years? | 4441 | divide(add(add(add(add(3144, 3160), 3200), 2768), 9934), const_5) | alexion pharmaceuticals , inc .
notes to consolidated financial statements 2014 ( continued ) for the years ended december 31 , 2007 and 2006 , five month period ended december 31 , 2005 , and year ended july 31 , 2005 ( amounts in thousands , except share and per share amounts ) aggregate future minimum annual rental payments for the next five years and thereafter under non-cancellable operating leases ( including facilities and equipment ) as of december 31 , 2007 are: . | 9 .
commitments and contingencies legal proceedings on march 16 , 2007 , pdl biopharma , inc. , or pdl , filed a civil action against alexion in the u.s .
district court for the district of delaware .
pdl claims willful infringement by alexion of pdl patents due to sales of soliris .
pdl seeks unspecified damages , but no less than a reasonable royalty , plus attorney 2019s fees .
alexion has denied pdl's claims .
in addition , we filed counterclaims seeking declarations of non-infringement and invalidity of certain u.s .
patents held by pdl .
alexion believes it has good and valid defenses to pdl's claims and intends to vigorously defend the case and pursue its counterclaims .
on february 4 , 2008 , sb2 , inc .
filed a civil action against alexion in the united states district court for the northern district of california .
sb2 , inc .
claims willfull infringement by alexion of sb2 , inc .
patents due to sales of soliris .
sb2 , inc .
seeks unspecified monetary damages , equitable relief and attorneys fees .
alexion believes it has good and valid defenses to sb2's claims and intends to vigorously defend the case and pursue its counterclaims .
the results of such civil actions cannot be predicted with certainty due to their early stages .
however , depending on the outcome of these legal matters , the operating results of the company could be materially impacted through adjustments to cost of sales ( see notes 2 , 6 and 15 for additional information related to royalties ) .
product supply the large-scale product supply agreement dated december 18 , 2002 , or the lonza agreement , between lonza sales ag , or lonza , and us , relating to the manufacture of soliris , was amended in june 2007 .
we amended our supply agreement to provide for additional purchase commitments of soliris of $ 30000 to $ 35000 through 2013 .
such commitments may only be cancelled in limited circumstances. . | | | 2008 | $ 4935 |
|---:|:-----------|---------:|
| 0 | 2009 | 3144 |
| 1 | 2010 | 3160 |
| 2 | 2011 | 3200 |
| 3 | 2012 | 2768 |
| 4 | thereafter | 9934 | | alexion pharmaceuticals , inc .
notes to consolidated financial statements 2014 ( continued ) for the years ended december 31 , 2007 and 2006 , five month period ended december 31 , 2005 , and year ended july 31 , 2005 ( amounts in thousands , except share and per share amounts ) aggregate future minimum annual rental payments for the next five years and thereafter under non-cancellable operating leases ( including facilities and equipment ) as of december 31 , 2007 are: ._| | 2008 | $ 4935 |
|---:|:-----------|---------:|
| 0 | 2009 | 3144 |
| 1 | 2010 | 3160 |
| 2 | 2011 | 3200 |
| 3 | 2012 | 2768 |
| 4 | thereafter | 9934 |_9 .
commitments and contingencies legal proceedings on march 16 , 2007 , pdl biopharma , inc. , or pdl , filed a civil action against alexion in the u.s .
district court for the district of delaware .
pdl claims willful infringement by alexion of pdl patents due to sales of soliris .
pdl seeks unspecified damages , but no less than a reasonable royalty , plus attorney 2019s fees .
alexion has denied pdl's claims .
in addition , we filed counterclaims seeking declarations of non-infringement and invalidity of certain u.s .
patents held by pdl .
alexion believes it has good and valid defenses to pdl's claims and intends to vigorously defend the case and pursue its counterclaims .
on february 4 , 2008 , sb2 , inc .
filed a civil action against alexion in the united states district court for the northern district of california .
sb2 , inc .
claims willfull infringement by alexion of sb2 , inc .
patents due to sales of soliris .
sb2 , inc .
seeks unspecified monetary damages , equitable relief and attorneys fees .
alexion believes it has good and valid defenses to sb2's claims and intends to vigorously defend the case and pursue its counterclaims .
the results of such civil actions cannot be predicted with certainty due to their early stages .
however , depending on the outcome of these legal matters , the operating results of the company could be materially impacted through adjustments to cost of sales ( see notes 2 , 6 and 15 for additional information related to royalties ) .
product supply the large-scale product supply agreement dated december 18 , 2002 , or the lonza agreement , between lonza sales ag , or lonza , and us , relating to the manufacture of soliris , was amended in june 2007 .
we amended our supply agreement to provide for additional purchase commitments of soliris of $ 30000 to $ 35000 through 2013 .
such commitments may only be cancelled in limited circumstances. . | 2,007 | 104 | ALXN | Alexion Pharmaceuticals, Inc. | Healthcare | Biotechnology | Boston, MA | 2012-01-01 | 899,866 | 1992 | null | null |
finqa170 | net cash provided by operating activities increased by what percentage in 2014? | 19% | divide(343, 1791) | 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. . | | | calculation of proportional free cash flow ( in millions ) | 2015 | 2014 | 2013 | 2015/2014 change | 2014/2013 change |
|---:|:---------------------------------------------------------------------------------------|:-------------|:-------------|:-------------|:-------------------|:-------------------|
| 0 | net cash provided by operating activities | $ 2134 | $ 1791 | $ 2715 | $ 343 | $ -924 ( 924 ) |
| 1 | add : capital expenditures related to service concession assets ( 1 ) | 165 | 2014 | 2014 | 165 | 2014 |
| 2 | adjusted operating cash flow | 2299 | 1791 | 2715 | 508 | -924 ( 924 ) |
| 3 | less : proportional adjustment factor on operating cash activities ( 2 ) ( 3 ) | -558 ( 558 ) | -359 ( 359 ) | -834 ( 834 ) | -199 ( 199 ) | 475 |
| 4 | proportional adjusted operating cash flow | 1741 | 1432 | 1881 | 309 | -449 ( 449 ) |
| 5 | less : proportional maintenance capital expenditures net of reinsurance proceeds ( 2 ) | -449 ( 449 ) | -485 ( 485 ) | -535 ( 535 ) | 36 | 50 |
| 6 | less : proportional non-recoverable environmental capital expenditures ( 2 ) ( 4 ) | -51 ( 51 ) | -56 ( 56 ) | -75 ( 75 ) | 5 | 19 |
| 7 | proportional free cash flow | $ 1241 | $ 891 | $ 1271 | $ 350 | $ -380 ( 380 ) | | 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 ._| | calculation of proportional free cash flow ( in millions ) | 2015 | 2014 | 2013 | 2015/2014 change | 2014/2013 change |
|---:|:---------------------------------------------------------------------------------------|:-------------|:-------------|:-------------|:-------------------|:-------------------|
| 0 | net cash provided by operating activities | $ 2134 | $ 1791 | $ 2715 | $ 343 | $ -924 ( 924 ) |
| 1 | add : capital expenditures related to service concession assets ( 1 ) | 165 | 2014 | 2014 | 165 | 2014 |
| 2 | adjusted operating cash flow | 2299 | 1791 | 2715 | 508 | -924 ( 924 ) |
| 3 | less : proportional adjustment factor on operating cash activities ( 2 ) ( 3 ) | -558 ( 558 ) | -359 ( 359 ) | -834 ( 834 ) | -199 ( 199 ) | 475 |
| 4 | proportional adjusted operating cash flow | 1741 | 1432 | 1881 | 309 | -449 ( 449 ) |
| 5 | less : proportional maintenance capital expenditures net of reinsurance proceeds ( 2 ) | -449 ( 449 ) | -485 ( 485 ) | -535 ( 535 ) | 36 | 50 |
| 6 | less : proportional non-recoverable environmental capital expenditures ( 2 ) ( 4 ) | -51 ( 51 ) | -56 ( 56 ) | -75 ( 75 ) | 5 | 19 |
| 7 | proportional free cash flow | $ 1241 | $ 891 | $ 1271 | $ 350 | $ -380 ( 380 ) |_( 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. . | 2,015 | 117 | AES | AES Corporation | Utilities | Independent Power Producers & Energy Traders | Arlington, Virginia | 1998-10-02 | 874,761 | 1981 | net cash provided by operating activities increased by what percentage in 2014? | 19% | divide(343, 1791) | 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. . | | | calculation of proportional free cash flow ( in millions ) | 2015 | 2014 | 2013 | 2015/2014 change | 2014/2013 change |
|---:|:---------------------------------------------------------------------------------------|:-------------|:-------------|:-------------|:-------------------|:-------------------|
| 0 | net cash provided by operating activities | $ 2134 | $ 1791 | $ 2715 | $ 343 | $ -924 ( 924 ) |
| 1 | add : capital expenditures related to service concession assets ( 1 ) | 165 | 2014 | 2014 | 165 | 2014 |
| 2 | adjusted operating cash flow | 2299 | 1791 | 2715 | 508 | -924 ( 924 ) |
| 3 | less : proportional adjustment factor on operating cash activities ( 2 ) ( 3 ) | -558 ( 558 ) | -359 ( 359 ) | -834 ( 834 ) | -199 ( 199 ) | 475 |
| 4 | proportional adjusted operating cash flow | 1741 | 1432 | 1881 | 309 | -449 ( 449 ) |
| 5 | less : proportional maintenance capital expenditures net of reinsurance proceeds ( 2 ) | -449 ( 449 ) | -485 ( 485 ) | -535 ( 535 ) | 36 | 50 |
| 6 | less : proportional non-recoverable environmental capital expenditures ( 2 ) ( 4 ) | -51 ( 51 ) | -56 ( 56 ) | -75 ( 75 ) | 5 | 19 |
| 7 | proportional free cash flow | $ 1241 | $ 891 | $ 1271 | $ 350 | $ -380 ( 380 ) | | 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 ._| | calculation of proportional free cash flow ( in millions ) | 2015 | 2014 | 2013 | 2015/2014 change | 2014/2013 change |
|---:|:---------------------------------------------------------------------------------------|:-------------|:-------------|:-------------|:-------------------|:-------------------|
| 0 | net cash provided by operating activities | $ 2134 | $ 1791 | $ 2715 | $ 343 | $ -924 ( 924 ) |
| 1 | add : capital expenditures related to service concession assets ( 1 ) | 165 | 2014 | 2014 | 165 | 2014 |
| 2 | adjusted operating cash flow | 2299 | 1791 | 2715 | 508 | -924 ( 924 ) |
| 3 | less : proportional adjustment factor on operating cash activities ( 2 ) ( 3 ) | -558 ( 558 ) | -359 ( 359 ) | -834 ( 834 ) | -199 ( 199 ) | 475 |
| 4 | proportional adjusted operating cash flow | 1741 | 1432 | 1881 | 309 | -449 ( 449 ) |
| 5 | less : proportional maintenance capital expenditures net of reinsurance proceeds ( 2 ) | -449 ( 449 ) | -485 ( 485 ) | -535 ( 535 ) | 36 | 50 |
| 6 | less : proportional non-recoverable environmental capital expenditures ( 2 ) ( 4 ) | -51 ( 51 ) | -56 ( 56 ) | -75 ( 75 ) | 5 | 19 |
| 7 | proportional free cash flow | $ 1241 | $ 891 | $ 1271 | $ 350 | $ -380 ( 380 ) |_( 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. . | 2,015 | 117 | AES | AES Corporation | Utilities | Independent Power Producers & Energy Traders | Arlington, Virginia | 1998-10-02 | 874,761 | 1981 | null | null |
finqa171 | assuming the same trend as in 2011 , what would total stock-based compensation cost be for 2012? | null | multiply(divide(36, 52), 36) | notes to the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s .
income taxes have been provided on undistributed earnings of non- u.s .
subsidiaries because they are deemed to be reinvested for an indefinite period of time .
the tax ( cost ) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets , for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 7 ) million , $ 8 million and $ 62 million , respectively .
the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31 , 2011 , 2010 and 2009 was $ 98 million , $ 65 million and $ 18 million , respectively .
the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million , respectively .
the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 0.2 ) million , $ 0.6 million and $ 0.1 million , respectively .
the tax benefit ( cost ) related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2011 , 2010 and 2009 was $ 19 million , $ 1 million and $ ( 16 ) million , respectively .
18 .
employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s .
employees .
the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations .
for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation .
for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement .
the company-matching contribution was 100% ( 100 % ) for the first two months of 2009 .
the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession .
effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature .
this included the union represented employees in accordance with their collective bargaining agreements .
on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees .
compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011 , 2010 and 2009 totaled $ 26 million , $ 9 million and $ 7 million , respectively .
a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan .
as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009 , respectively .
19 .
other earnings ( millions ) 2011 2010 2009 . | total $ 177 $ 180 $ 150 20 .
stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return .
all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc .
amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 .
shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31 , 2011 .
total stock-based compensation cost was $ 36 million , $ 52 million and $ 34 million in 2011 , 2010 and 2009 , respectively .
the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 13 million , $ 18 million and $ 12 million in 2011 , 2010 and 2009 , respectively .
stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc .
stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan .
under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted .
the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years .
upon exercise of a stock option , shares of company stock are issued from treasury stock .
the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that 68 2011 ppg annual report and form 10-k . | | | ( millions ) | 2011 | 2010 | 2009 |
|---:|:-------------------------------------------------------------------|:-------|:-------|:---------|
| 0 | royalty income | 55 | 58 | 45 |
| 1 | share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37 | 45 | -5 ( 5 ) |
| 2 | gain on sale of assets | 12 | 8 | 36 |
| 3 | other | 73 | 69 | 74 |
| 4 | total | $ 177 | $ 180 | $ 150 | | notes to the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s .
income taxes have been provided on undistributed earnings of non- u.s .
subsidiaries because they are deemed to be reinvested for an indefinite period of time .
the tax ( cost ) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets , for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 7 ) million , $ 8 million and $ 62 million , respectively .
the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31 , 2011 , 2010 and 2009 was $ 98 million , $ 65 million and $ 18 million , respectively .
the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million , respectively .
the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 0.2 ) million , $ 0.6 million and $ 0.1 million , respectively .
the tax benefit ( cost ) related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2011 , 2010 and 2009 was $ 19 million , $ 1 million and $ ( 16 ) million , respectively .
18 .
employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s .
employees .
the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations .
for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation .
for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement .
the company-matching contribution was 100% ( 100 % ) for the first two months of 2009 .
the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession .
effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature .
this included the union represented employees in accordance with their collective bargaining agreements .
on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees .
compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011 , 2010 and 2009 totaled $ 26 million , $ 9 million and $ 7 million , respectively .
a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan .
as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009 , respectively .
19 .
other earnings ( millions ) 2011 2010 2009 ._| | ( millions ) | 2011 | 2010 | 2009 |
|---:|:-------------------------------------------------------------------|:-------|:-------|:---------|
| 0 | royalty income | 55 | 58 | 45 |
| 1 | share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37 | 45 | -5 ( 5 ) |
| 2 | gain on sale of assets | 12 | 8 | 36 |
| 3 | other | 73 | 69 | 74 |
| 4 | total | $ 177 | $ 180 | $ 150 |_total $ 177 $ 180 $ 150 20 .
stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return .
all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc .
amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 .
shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31 , 2011 .
total stock-based compensation cost was $ 36 million , $ 52 million and $ 34 million in 2011 , 2010 and 2009 , respectively .
the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 13 million , $ 18 million and $ 12 million in 2011 , 2010 and 2009 , respectively .
stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc .
stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan .
under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted .
the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years .
upon exercise of a stock option , shares of company stock are issued from treasury stock .
the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that 68 2011 ppg annual report and form 10-k . | 2,011 | 70 | PPG | PPG Industries | Materials | Specialty Chemicals | Pittsburgh, Pennsylvania | 1957-03-04 | 79,879 | 1883 | assuming the same trend as in 2011 , what would total stock-based compensation cost be for 2012? | null | multiply(divide(36, 52), 36) | notes to the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s .
income taxes have been provided on undistributed earnings of non- u.s .
subsidiaries because they are deemed to be reinvested for an indefinite period of time .
the tax ( cost ) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets , for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 7 ) million , $ 8 million and $ 62 million , respectively .
the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31 , 2011 , 2010 and 2009 was $ 98 million , $ 65 million and $ 18 million , respectively .
the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million , respectively .
the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 0.2 ) million , $ 0.6 million and $ 0.1 million , respectively .
the tax benefit ( cost ) related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2011 , 2010 and 2009 was $ 19 million , $ 1 million and $ ( 16 ) million , respectively .
18 .
employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s .
employees .
the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations .
for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation .
for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement .
the company-matching contribution was 100% ( 100 % ) for the first two months of 2009 .
the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession .
effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature .
this included the union represented employees in accordance with their collective bargaining agreements .
on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees .
compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011 , 2010 and 2009 totaled $ 26 million , $ 9 million and $ 7 million , respectively .
a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan .
as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009 , respectively .
19 .
other earnings ( millions ) 2011 2010 2009 . | total $ 177 $ 180 $ 150 20 .
stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return .
all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc .
amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 .
shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31 , 2011 .
total stock-based compensation cost was $ 36 million , $ 52 million and $ 34 million in 2011 , 2010 and 2009 , respectively .
the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 13 million , $ 18 million and $ 12 million in 2011 , 2010 and 2009 , respectively .
stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc .
stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan .
under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted .
the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years .
upon exercise of a stock option , shares of company stock are issued from treasury stock .
the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that 68 2011 ppg annual report and form 10-k . | | | ( millions ) | 2011 | 2010 | 2009 |
|---:|:-------------------------------------------------------------------|:-------|:-------|:---------|
| 0 | royalty income | 55 | 58 | 45 |
| 1 | share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37 | 45 | -5 ( 5 ) |
| 2 | gain on sale of assets | 12 | 8 | 36 |
| 3 | other | 73 | 69 | 74 |
| 4 | total | $ 177 | $ 180 | $ 150 | | notes to the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s .
income taxes have been provided on undistributed earnings of non- u.s .
subsidiaries because they are deemed to be reinvested for an indefinite period of time .
the tax ( cost ) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets , for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 7 ) million , $ 8 million and $ 62 million , respectively .
the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31 , 2011 , 2010 and 2009 was $ 98 million , $ 65 million and $ 18 million , respectively .
the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million , respectively .
the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 0.2 ) million , $ 0.6 million and $ 0.1 million , respectively .
the tax benefit ( cost ) related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2011 , 2010 and 2009 was $ 19 million , $ 1 million and $ ( 16 ) million , respectively .
18 .
employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s .
employees .
the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations .
for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation .
for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement .
the company-matching contribution was 100% ( 100 % ) for the first two months of 2009 .
the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession .
effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature .
this included the union represented employees in accordance with their collective bargaining agreements .
on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees .
compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011 , 2010 and 2009 totaled $ 26 million , $ 9 million and $ 7 million , respectively .
a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan .
as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009 , respectively .
19 .
other earnings ( millions ) 2011 2010 2009 ._| | ( millions ) | 2011 | 2010 | 2009 |
|---:|:-------------------------------------------------------------------|:-------|:-------|:---------|
| 0 | royalty income | 55 | 58 | 45 |
| 1 | share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37 | 45 | -5 ( 5 ) |
| 2 | gain on sale of assets | 12 | 8 | 36 |
| 3 | other | 73 | 69 | 74 |
| 4 | total | $ 177 | $ 180 | $ 150 |_total $ 177 $ 180 $ 150 20 .
stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return .
all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc .
amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 .
shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31 , 2011 .
total stock-based compensation cost was $ 36 million , $ 52 million and $ 34 million in 2011 , 2010 and 2009 , respectively .
the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 13 million , $ 18 million and $ 12 million in 2011 , 2010 and 2009 , respectively .
stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc .
stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan .
under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted .
the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years .
upon exercise of a stock option , shares of company stock are issued from treasury stock .
the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that 68 2011 ppg annual report and form 10-k . | 2,011 | 70 | PPG | PPG Industries | Materials | Specialty Chemicals | Pittsburgh, Pennsylvania | 1957-03-04 | 79,879 | 1883 | null | null |
finqa172 | what are the future minimum commitments under the operating leases in 2015 as a percentage of the total future minimum commitments? | 9.88% | divide(127, 1286) | to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the 2017 notes were issued at a discount of $ 6 million , which is being amortized over their ten-year term .
the company incurred approximately $ 4 million of debt issuance costs , which are being amortized over ten years .
at december 31 , 2013 , $ 2 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .
13 .
commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2035 .
future minimum commitments under these operating leases are as follows : ( in millions ) . | rent expense and certain office equipment expense under agreements amounted to $ 137 million , $ 133 million and $ 154 million in 2013 , 2012 and 2011 , respectively .
investment commitments .
at december 31 , 2013 , the company had $ 216 million of various capital commitments to fund sponsored investment funds , including funds of private equity funds , real estate funds , infrastructure funds , opportunistic funds and distressed credit funds .
this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds .
generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment .
these unfunded commitments are not recorded on the consolidated statements of financial condition .
these commitments do not include potential future commitments approved by the company , but which are not yet legally binding .
the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients .
contingencies contingent payments .
the company acts as the portfolio manager in a series of credit default swap transactions and has a maximum potential exposure of $ 17 million under a credit default swap between the company and counterparty .
see note 7 , derivatives and hedging , for further discussion .
contingent payments related to business acquisitions .
in connection with the credit suisse etf transaction , blackrock is required to make contingent payments annually to credit suisse , subject to achieving specified thresholds during a seven-year period , subsequent to the acquisition date .
in addition , blackrock is required to make contingent payments related to the mgpa transaction during a five-year period , subject to achieving specified thresholds , subsequent to the acquisition date .
the fair value of the contingent payments at december 31 , 2013 is not significant to the consolidated statement of financial condition and is included in other liabilities .
legal proceedings .
from time to time , blackrock receives subpoenas or other requests for information from various u.s .
federal , state governmental and domestic and international regulatory authorities in connection with certain industry-wide or other investigations or proceedings .
it is blackrock 2019s policy to cooperate fully with such inquiries .
the company and certain of its subsidiaries have been named as defendants in various legal actions , including arbitrations and other litigation arising in connection with blackrock 2019s activities .
additionally , certain blackrock- sponsored investment funds that the company manages are subject to lawsuits , any of which potentially could harm the investment returns of the applicable fund or result in the company being liable to the funds for any resulting damages .
management , after consultation with legal counsel , currently does not anticipate that the aggregate liability , if any , arising out of regulatory matters or lawsuits will have a material effect on blackrock 2019s results of operations , financial position , or cash flows .
however , there is no assurance as to whether any such pending or threatened matters will have a material effect on blackrock 2019s results of operations , financial position or cash flows in any future reporting period .
due to uncertainties surrounding the outcome of these matters , management cannot reasonably estimate the possible loss or range of loss that may arise from these matters .
indemnifications .
in the ordinary course of business or in connection with certain acquisition agreements , blackrock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances .
the terms of these indemnities vary from contract to contract and the amount of indemnification liability , if any , cannot be determined or the likelihood of any liability is considered remote .
consequently , no liability has been recorded on the consolidated statement of financial condition .
in connection with securities lending transactions , blackrock has issued certain indemnifications to certain securities lending clients against potential loss resulting from a borrower 2019s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower 2019s obligation under the securities lending agreement .
at december 31 , 2013 , the company indemnified certain of its clients for their securities lending loan balances of approximately $ 118.3 billion .
the company held as agent , cash and securities totaling $ 124.6 billion as collateral for indemnified securities on loan at december 31 , 2013 .
the fair value of these indemnifications was not material at december 31 , 2013. . | | | year | amount |
|---:|:-----------|:---------|
| 0 | 2014 | $ 135 |
| 1 | 2015 | 127 |
| 2 | 2016 | 110 |
| 3 | 2017 | 109 |
| 4 | 2018 | 106 |
| 5 | thereafter | 699 |
| 6 | total | $ 1286 | | to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the 2017 notes were issued at a discount of $ 6 million , which is being amortized over their ten-year term .
the company incurred approximately $ 4 million of debt issuance costs , which are being amortized over ten years .
at december 31 , 2013 , $ 2 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .
13 .
commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2035 .
future minimum commitments under these operating leases are as follows : ( in millions ) ._| | year | amount |
|---:|:-----------|:---------|
| 0 | 2014 | $ 135 |
| 1 | 2015 | 127 |
| 2 | 2016 | 110 |
| 3 | 2017 | 109 |
| 4 | 2018 | 106 |
| 5 | thereafter | 699 |
| 6 | total | $ 1286 |_rent expense and certain office equipment expense under agreements amounted to $ 137 million , $ 133 million and $ 154 million in 2013 , 2012 and 2011 , respectively .
investment commitments .
at december 31 , 2013 , the company had $ 216 million of various capital commitments to fund sponsored investment funds , including funds of private equity funds , real estate funds , infrastructure funds , opportunistic funds and distressed credit funds .
this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds .
generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment .
these unfunded commitments are not recorded on the consolidated statements of financial condition .
these commitments do not include potential future commitments approved by the company , but which are not yet legally binding .
the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients .
contingencies contingent payments .
the company acts as the portfolio manager in a series of credit default swap transactions and has a maximum potential exposure of $ 17 million under a credit default swap between the company and counterparty .
see note 7 , derivatives and hedging , for further discussion .
contingent payments related to business acquisitions .
in connection with the credit suisse etf transaction , blackrock is required to make contingent payments annually to credit suisse , subject to achieving specified thresholds during a seven-year period , subsequent to the acquisition date .
in addition , blackrock is required to make contingent payments related to the mgpa transaction during a five-year period , subject to achieving specified thresholds , subsequent to the acquisition date .
the fair value of the contingent payments at december 31 , 2013 is not significant to the consolidated statement of financial condition and is included in other liabilities .
legal proceedings .
from time to time , blackrock receives subpoenas or other requests for information from various u.s .
federal , state governmental and domestic and international regulatory authorities in connection with certain industry-wide or other investigations or proceedings .
it is blackrock 2019s policy to cooperate fully with such inquiries .
the company and certain of its subsidiaries have been named as defendants in various legal actions , including arbitrations and other litigation arising in connection with blackrock 2019s activities .
additionally , certain blackrock- sponsored investment funds that the company manages are subject to lawsuits , any of which potentially could harm the investment returns of the applicable fund or result in the company being liable to the funds for any resulting damages .
management , after consultation with legal counsel , currently does not anticipate that the aggregate liability , if any , arising out of regulatory matters or lawsuits will have a material effect on blackrock 2019s results of operations , financial position , or cash flows .
however , there is no assurance as to whether any such pending or threatened matters will have a material effect on blackrock 2019s results of operations , financial position or cash flows in any future reporting period .
due to uncertainties surrounding the outcome of these matters , management cannot reasonably estimate the possible loss or range of loss that may arise from these matters .
indemnifications .
in the ordinary course of business or in connection with certain acquisition agreements , blackrock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances .
the terms of these indemnities vary from contract to contract and the amount of indemnification liability , if any , cannot be determined or the likelihood of any liability is considered remote .
consequently , no liability has been recorded on the consolidated statement of financial condition .
in connection with securities lending transactions , blackrock has issued certain indemnifications to certain securities lending clients against potential loss resulting from a borrower 2019s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower 2019s obligation under the securities lending agreement .
at december 31 , 2013 , the company indemnified certain of its clients for their securities lending loan balances of approximately $ 118.3 billion .
the company held as agent , cash and securities totaling $ 124.6 billion as collateral for indemnified securities on loan at december 31 , 2013 .
the fair value of these indemnifications was not material at december 31 , 2013. . | 2,013 | 125 | BLK | BlackRock | Financials | Asset Management & Custody Banks | New York City, New York | 2011-04-04 | 2,012,383 | 1988 | what are the future minimum commitments under the operating leases in 2015 as a percentage of the total future minimum commitments? | 9.88% | divide(127, 1286) | to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the 2017 notes were issued at a discount of $ 6 million , which is being amortized over their ten-year term .
the company incurred approximately $ 4 million of debt issuance costs , which are being amortized over ten years .
at december 31 , 2013 , $ 2 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .
13 .
commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2035 .
future minimum commitments under these operating leases are as follows : ( in millions ) . | rent expense and certain office equipment expense under agreements amounted to $ 137 million , $ 133 million and $ 154 million in 2013 , 2012 and 2011 , respectively .
investment commitments .
at december 31 , 2013 , the company had $ 216 million of various capital commitments to fund sponsored investment funds , including funds of private equity funds , real estate funds , infrastructure funds , opportunistic funds and distressed credit funds .
this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds .
generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment .
these unfunded commitments are not recorded on the consolidated statements of financial condition .
these commitments do not include potential future commitments approved by the company , but which are not yet legally binding .
the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients .
contingencies contingent payments .
the company acts as the portfolio manager in a series of credit default swap transactions and has a maximum potential exposure of $ 17 million under a credit default swap between the company and counterparty .
see note 7 , derivatives and hedging , for further discussion .
contingent payments related to business acquisitions .
in connection with the credit suisse etf transaction , blackrock is required to make contingent payments annually to credit suisse , subject to achieving specified thresholds during a seven-year period , subsequent to the acquisition date .
in addition , blackrock is required to make contingent payments related to the mgpa transaction during a five-year period , subject to achieving specified thresholds , subsequent to the acquisition date .
the fair value of the contingent payments at december 31 , 2013 is not significant to the consolidated statement of financial condition and is included in other liabilities .
legal proceedings .
from time to time , blackrock receives subpoenas or other requests for information from various u.s .
federal , state governmental and domestic and international regulatory authorities in connection with certain industry-wide or other investigations or proceedings .
it is blackrock 2019s policy to cooperate fully with such inquiries .
the company and certain of its subsidiaries have been named as defendants in various legal actions , including arbitrations and other litigation arising in connection with blackrock 2019s activities .
additionally , certain blackrock- sponsored investment funds that the company manages are subject to lawsuits , any of which potentially could harm the investment returns of the applicable fund or result in the company being liable to the funds for any resulting damages .
management , after consultation with legal counsel , currently does not anticipate that the aggregate liability , if any , arising out of regulatory matters or lawsuits will have a material effect on blackrock 2019s results of operations , financial position , or cash flows .
however , there is no assurance as to whether any such pending or threatened matters will have a material effect on blackrock 2019s results of operations , financial position or cash flows in any future reporting period .
due to uncertainties surrounding the outcome of these matters , management cannot reasonably estimate the possible loss or range of loss that may arise from these matters .
indemnifications .
in the ordinary course of business or in connection with certain acquisition agreements , blackrock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances .
the terms of these indemnities vary from contract to contract and the amount of indemnification liability , if any , cannot be determined or the likelihood of any liability is considered remote .
consequently , no liability has been recorded on the consolidated statement of financial condition .
in connection with securities lending transactions , blackrock has issued certain indemnifications to certain securities lending clients against potential loss resulting from a borrower 2019s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower 2019s obligation under the securities lending agreement .
at december 31 , 2013 , the company indemnified certain of its clients for their securities lending loan balances of approximately $ 118.3 billion .
the company held as agent , cash and securities totaling $ 124.6 billion as collateral for indemnified securities on loan at december 31 , 2013 .
the fair value of these indemnifications was not material at december 31 , 2013. . | | | year | amount |
|---:|:-----------|:---------|
| 0 | 2014 | $ 135 |
| 1 | 2015 | 127 |
| 2 | 2016 | 110 |
| 3 | 2017 | 109 |
| 4 | 2018 | 106 |
| 5 | thereafter | 699 |
| 6 | total | $ 1286 | | to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the 2017 notes were issued at a discount of $ 6 million , which is being amortized over their ten-year term .
the company incurred approximately $ 4 million of debt issuance costs , which are being amortized over ten years .
at december 31 , 2013 , $ 2 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .
13 .
commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2035 .
future minimum commitments under these operating leases are as follows : ( in millions ) ._| | year | amount |
|---:|:-----------|:---------|
| 0 | 2014 | $ 135 |
| 1 | 2015 | 127 |
| 2 | 2016 | 110 |
| 3 | 2017 | 109 |
| 4 | 2018 | 106 |
| 5 | thereafter | 699 |
| 6 | total | $ 1286 |_rent expense and certain office equipment expense under agreements amounted to $ 137 million , $ 133 million and $ 154 million in 2013 , 2012 and 2011 , respectively .
investment commitments .
at december 31 , 2013 , the company had $ 216 million of various capital commitments to fund sponsored investment funds , including funds of private equity funds , real estate funds , infrastructure funds , opportunistic funds and distressed credit funds .
this amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds .
generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment .
these unfunded commitments are not recorded on the consolidated statements of financial condition .
these commitments do not include potential future commitments approved by the company , but which are not yet legally binding .
the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients .
contingencies contingent payments .
the company acts as the portfolio manager in a series of credit default swap transactions and has a maximum potential exposure of $ 17 million under a credit default swap between the company and counterparty .
see note 7 , derivatives and hedging , for further discussion .
contingent payments related to business acquisitions .
in connection with the credit suisse etf transaction , blackrock is required to make contingent payments annually to credit suisse , subject to achieving specified thresholds during a seven-year period , subsequent to the acquisition date .
in addition , blackrock is required to make contingent payments related to the mgpa transaction during a five-year period , subject to achieving specified thresholds , subsequent to the acquisition date .
the fair value of the contingent payments at december 31 , 2013 is not significant to the consolidated statement of financial condition and is included in other liabilities .
legal proceedings .
from time to time , blackrock receives subpoenas or other requests for information from various u.s .
federal , state governmental and domestic and international regulatory authorities in connection with certain industry-wide or other investigations or proceedings .
it is blackrock 2019s policy to cooperate fully with such inquiries .
the company and certain of its subsidiaries have been named as defendants in various legal actions , including arbitrations and other litigation arising in connection with blackrock 2019s activities .
additionally , certain blackrock- sponsored investment funds that the company manages are subject to lawsuits , any of which potentially could harm the investment returns of the applicable fund or result in the company being liable to the funds for any resulting damages .
management , after consultation with legal counsel , currently does not anticipate that the aggregate liability , if any , arising out of regulatory matters or lawsuits will have a material effect on blackrock 2019s results of operations , financial position , or cash flows .
however , there is no assurance as to whether any such pending or threatened matters will have a material effect on blackrock 2019s results of operations , financial position or cash flows in any future reporting period .
due to uncertainties surrounding the outcome of these matters , management cannot reasonably estimate the possible loss or range of loss that may arise from these matters .
indemnifications .
in the ordinary course of business or in connection with certain acquisition agreements , blackrock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances .
the terms of these indemnities vary from contract to contract and the amount of indemnification liability , if any , cannot be determined or the likelihood of any liability is considered remote .
consequently , no liability has been recorded on the consolidated statement of financial condition .
in connection with securities lending transactions , blackrock has issued certain indemnifications to certain securities lending clients against potential loss resulting from a borrower 2019s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower 2019s obligation under the securities lending agreement .
at december 31 , 2013 , the company indemnified certain of its clients for their securities lending loan balances of approximately $ 118.3 billion .
the company held as agent , cash and securities totaling $ 124.6 billion as collateral for indemnified securities on loan at december 31 , 2013 .
the fair value of these indemnifications was not material at december 31 , 2013. . | 2,013 | 125 | BLK | BlackRock | Financials | Asset Management & Custody Banks | New York City, New York | 2011-04-04 | 2,012,383 | 1988 | null | null |
finqa173 | for the fourth quarter ended december 312018 what was the total number of shares purchased in november | 47.6% | divide(3655945, 7673266) | table of contents tceq and harris county pollution control services department ( hcpcs ) ( houston terminal ) .
we have an outstanding noe from the tceq and an outstanding vn from the hcpcs alleging excess emissions from tank 003 that occurred during hurricane harvey .
we are working with the pertinent authorities to resolve these matters .
item 4 .
mine safety disclosures part ii item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock trades on the nyse under the trading symbol 201cvlo . 201d as of january 31 , 2019 , there were 5271 holders of record of our common stock .
dividends are considered quarterly by the board of directors , may be paid only when approved by the board , and will depend on our financial condition , results of operations , cash flows , prospects , industry conditions , capital requirements , and other factors and restrictions our board deems relevant .
there can be no assurance that we will pay a dividend at the rates we have paid historically , or at all , in the future .
the following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2018 .
period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs ( a ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( b ) . | ( a ) the shares reported in this column represent purchases settled in the fourth quarter of 2018 relating to ( i ) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans and ( ii ) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options , the vesting of restricted stock , and other stock compensation transactions in accordance with the terms of our stock-based compensation plans .
( b ) on january 23 , 2018 , we announced that our board of directors authorized our purchase of up to $ 2.5 billion of our outstanding common stock ( the 2018 program ) , with no expiration date , which was in addition to the remaining amount available under a $ 2.5 billion program authorized on september 21 , 2016 ( the 2016 program ) .
during the fourth quarter of 2018 , we completed our purchases under the 2016 program .
as of december 31 , 2018 , we had $ 2.2 billion remaining available for purchase under the 2018 program. . | | | period | total numberof sharespurchased | averageprice paidper share | total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a ) | total number ofshares purchased aspart of publiclyannounced plans orprograms | approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b ) |
|---:|:--------------|---------------------------------:|:-----------------------------|-----------------------------------------------------------------------------------------:|-------------------------------------------------------------------------------:|:---------------------------------------------------------------------------------------------|
| 0 | october 2018 | 939957 | $ 87.23 | 8826 | 931131 | $ 2.7 billion |
| 1 | november 2018 | 3655945 | $ 87.39 | 216469 | 3439476 | $ 2.4 billion |
| 2 | december 2018 | 3077364 | $ 73.43 | 4522 | 3072842 | $ 2.2 billion |
| 3 | total | 7673266 | $ 81.77 | 229817 | 7443449 | $ 2.2 billion | | table of contents tceq and harris county pollution control services department ( hcpcs ) ( houston terminal ) .
we have an outstanding noe from the tceq and an outstanding vn from the hcpcs alleging excess emissions from tank 003 that occurred during hurricane harvey .
we are working with the pertinent authorities to resolve these matters .
item 4 .
mine safety disclosures part ii item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock trades on the nyse under the trading symbol 201cvlo . 201d as of january 31 , 2019 , there were 5271 holders of record of our common stock .
dividends are considered quarterly by the board of directors , may be paid only when approved by the board , and will depend on our financial condition , results of operations , cash flows , prospects , industry conditions , capital requirements , and other factors and restrictions our board deems relevant .
there can be no assurance that we will pay a dividend at the rates we have paid historically , or at all , in the future .
the following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2018 .
period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs ( a ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( b ) ._| | period | total numberof sharespurchased | averageprice paidper share | total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a ) | total number ofshares purchased aspart of publiclyannounced plans orprograms | approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b ) |
|---:|:--------------|---------------------------------:|:-----------------------------|-----------------------------------------------------------------------------------------:|-------------------------------------------------------------------------------:|:---------------------------------------------------------------------------------------------|
| 0 | october 2018 | 939957 | $ 87.23 | 8826 | 931131 | $ 2.7 billion |
| 1 | november 2018 | 3655945 | $ 87.39 | 216469 | 3439476 | $ 2.4 billion |
| 2 | december 2018 | 3077364 | $ 73.43 | 4522 | 3072842 | $ 2.2 billion |
| 3 | total | 7673266 | $ 81.77 | 229817 | 7443449 | $ 2.2 billion |_( a ) the shares reported in this column represent purchases settled in the fourth quarter of 2018 relating to ( i ) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans and ( ii ) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options , the vesting of restricted stock , and other stock compensation transactions in accordance with the terms of our stock-based compensation plans .
( b ) on january 23 , 2018 , we announced that our board of directors authorized our purchase of up to $ 2.5 billion of our outstanding common stock ( the 2018 program ) , with no expiration date , which was in addition to the remaining amount available under a $ 2.5 billion program authorized on september 21 , 2016 ( the 2016 program ) .
during the fourth quarter of 2018 , we completed our purchases under the 2016 program .
as of december 31 , 2018 , we had $ 2.2 billion remaining available for purchase under the 2018 program. . | 2,018 | 25 | VLO | Valero Energy | Energy | Oil & Gas Refining & Marketing | San Antonio, Texas | 2002-12-20 | 1,035,002 | 1980 | for the fourth quarter ended december 312018 what was the total number of shares purchased in november | 47.6% | divide(3655945, 7673266) | table of contents tceq and harris county pollution control services department ( hcpcs ) ( houston terminal ) .
we have an outstanding noe from the tceq and an outstanding vn from the hcpcs alleging excess emissions from tank 003 that occurred during hurricane harvey .
we are working with the pertinent authorities to resolve these matters .
item 4 .
mine safety disclosures part ii item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock trades on the nyse under the trading symbol 201cvlo . 201d as of january 31 , 2019 , there were 5271 holders of record of our common stock .
dividends are considered quarterly by the board of directors , may be paid only when approved by the board , and will depend on our financial condition , results of operations , cash flows , prospects , industry conditions , capital requirements , and other factors and restrictions our board deems relevant .
there can be no assurance that we will pay a dividend at the rates we have paid historically , or at all , in the future .
the following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2018 .
period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs ( a ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( b ) . | ( a ) the shares reported in this column represent purchases settled in the fourth quarter of 2018 relating to ( i ) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans and ( ii ) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options , the vesting of restricted stock , and other stock compensation transactions in accordance with the terms of our stock-based compensation plans .
( b ) on january 23 , 2018 , we announced that our board of directors authorized our purchase of up to $ 2.5 billion of our outstanding common stock ( the 2018 program ) , with no expiration date , which was in addition to the remaining amount available under a $ 2.5 billion program authorized on september 21 , 2016 ( the 2016 program ) .
during the fourth quarter of 2018 , we completed our purchases under the 2016 program .
as of december 31 , 2018 , we had $ 2.2 billion remaining available for purchase under the 2018 program. . | | | period | total numberof sharespurchased | averageprice paidper share | total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a ) | total number ofshares purchased aspart of publiclyannounced plans orprograms | approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b ) |
|---:|:--------------|---------------------------------:|:-----------------------------|-----------------------------------------------------------------------------------------:|-------------------------------------------------------------------------------:|:---------------------------------------------------------------------------------------------|
| 0 | october 2018 | 939957 | $ 87.23 | 8826 | 931131 | $ 2.7 billion |
| 1 | november 2018 | 3655945 | $ 87.39 | 216469 | 3439476 | $ 2.4 billion |
| 2 | december 2018 | 3077364 | $ 73.43 | 4522 | 3072842 | $ 2.2 billion |
| 3 | total | 7673266 | $ 81.77 | 229817 | 7443449 | $ 2.2 billion | | table of contents tceq and harris county pollution control services department ( hcpcs ) ( houston terminal ) .
we have an outstanding noe from the tceq and an outstanding vn from the hcpcs alleging excess emissions from tank 003 that occurred during hurricane harvey .
we are working with the pertinent authorities to resolve these matters .
item 4 .
mine safety disclosures part ii item 5 .
market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our common stock trades on the nyse under the trading symbol 201cvlo . 201d as of january 31 , 2019 , there were 5271 holders of record of our common stock .
dividends are considered quarterly by the board of directors , may be paid only when approved by the board , and will depend on our financial condition , results of operations , cash flows , prospects , industry conditions , capital requirements , and other factors and restrictions our board deems relevant .
there can be no assurance that we will pay a dividend at the rates we have paid historically , or at all , in the future .
the following table discloses purchases of shares of our common stock made by us or on our behalf during the fourth quarter of 2018 .
period total number of shares purchased average price paid per share total number of shares not purchased as part of publicly announced plans or programs ( a ) total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( b ) ._| | period | total numberof sharespurchased | averageprice paidper share | total number ofshares notpurchased as part ofpublicly announcedplans or programs ( a ) | total number ofshares purchased aspart of publiclyannounced plans orprograms | approximate dollarvalue of shares thatmay yet be purchasedunder the plans orprograms ( b ) |
|---:|:--------------|---------------------------------:|:-----------------------------|-----------------------------------------------------------------------------------------:|-------------------------------------------------------------------------------:|:---------------------------------------------------------------------------------------------|
| 0 | october 2018 | 939957 | $ 87.23 | 8826 | 931131 | $ 2.7 billion |
| 1 | november 2018 | 3655945 | $ 87.39 | 216469 | 3439476 | $ 2.4 billion |
| 2 | december 2018 | 3077364 | $ 73.43 | 4522 | 3072842 | $ 2.2 billion |
| 3 | total | 7673266 | $ 81.77 | 229817 | 7443449 | $ 2.2 billion |_( a ) the shares reported in this column represent purchases settled in the fourth quarter of 2018 relating to ( i ) our purchases of shares in open-market transactions to meet our obligations under stock-based compensation plans and ( ii ) our purchases of shares from our employees and non-employee directors in connection with the exercise of stock options , the vesting of restricted stock , and other stock compensation transactions in accordance with the terms of our stock-based compensation plans .
( b ) on january 23 , 2018 , we announced that our board of directors authorized our purchase of up to $ 2.5 billion of our outstanding common stock ( the 2018 program ) , with no expiration date , which was in addition to the remaining amount available under a $ 2.5 billion program authorized on september 21 , 2016 ( the 2016 program ) .
during the fourth quarter of 2018 , we completed our purchases under the 2016 program .
as of december 31 , 2018 , we had $ 2.2 billion remaining available for purchase under the 2018 program. . | 2,018 | 25 | VLO | Valero Energy | Energy | Oil & Gas Refining & Marketing | San Antonio, Texas | 2002-12-20 | 1,035,002 | 1980 | null | null |
finqa174 | what was the change in billions in tier 1 capital from 2007 to 2008? | -11 | subtract(71.0, 82.0) | 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 .
citibank , n.a .
had a net loss for 2008 amounting to $ 6.2 billion .
during 2008 , citibank , n.a .
received contributions from its parent company of $ 6.1 billion .
citibank , n.a .
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 .
citibank , n.a .
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. . | | | in billions of dollars at year end | 2008 | 2007 |
|---:|:------------------------------------------|:-----------------|:-----------------|
| 0 | tier 1 capital | $ 71.0 | $ 82.0 |
| 1 | total capital ( tier 1 and tier 2 ) | 108.4 | 121.6 |
| 2 | tier 1 capital ratio | 9.94% ( 9.94 % ) | 8.98% ( 8.98 % ) |
| 3 | total capital ratio ( tier 1 and tier 2 ) | 15.18 | 13.33 |
| 4 | leverage ratio ( 1 ) | 5.82 | 6.65 | | 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 ._| | in billions of dollars at year end | 2008 | 2007 |
|---:|:------------------------------------------|:-----------------|:-----------------|
| 0 | tier 1 capital | $ 71.0 | $ 82.0 |
| 1 | total capital ( tier 1 and tier 2 ) | 108.4 | 121.6 |
| 2 | tier 1 capital ratio | 9.94% ( 9.94 % ) | 8.98% ( 8.98 % ) |
| 3 | total capital ratio ( tier 1 and tier 2 ) | 15.18 | 13.33 |
| 4 | leverage ratio ( 1 ) | 5.82 | 6.65 |_leverage ratio ( 1 ) 5.82 6.65 ( 1 ) tier 1 capital divided by adjusted average assets .
citibank , n.a .
had a net loss for 2008 amounting to $ 6.2 billion .
during 2008 , citibank , n.a .
received contributions from its parent company of $ 6.1 billion .
citibank , n.a .
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 .
citibank , n.a .
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. . | 2,008 | 102 | C | Citigroup | Financials | Diversified Banks | New York City, New York | 1988-05-31 | 831,001 | 1998 | what was the change in billions in tier 1 capital from 2007 to 2008? | -11 | subtract(71.0, 82.0) | 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 .
citibank , n.a .
had a net loss for 2008 amounting to $ 6.2 billion .
during 2008 , citibank , n.a .
received contributions from its parent company of $ 6.1 billion .
citibank , n.a .
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 .
citibank , n.a .
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. . | | | in billions of dollars at year end | 2008 | 2007 |
|---:|:------------------------------------------|:-----------------|:-----------------|
| 0 | tier 1 capital | $ 71.0 | $ 82.0 |
| 1 | total capital ( tier 1 and tier 2 ) | 108.4 | 121.6 |
| 2 | tier 1 capital ratio | 9.94% ( 9.94 % ) | 8.98% ( 8.98 % ) |
| 3 | total capital ratio ( tier 1 and tier 2 ) | 15.18 | 13.33 |
| 4 | leverage ratio ( 1 ) | 5.82 | 6.65 | | 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 ._| | in billions of dollars at year end | 2008 | 2007 |
|---:|:------------------------------------------|:-----------------|:-----------------|
| 0 | tier 1 capital | $ 71.0 | $ 82.0 |
| 1 | total capital ( tier 1 and tier 2 ) | 108.4 | 121.6 |
| 2 | tier 1 capital ratio | 9.94% ( 9.94 % ) | 8.98% ( 8.98 % ) |
| 3 | total capital ratio ( tier 1 and tier 2 ) | 15.18 | 13.33 |
| 4 | leverage ratio ( 1 ) | 5.82 | 6.65 |_leverage ratio ( 1 ) 5.82 6.65 ( 1 ) tier 1 capital divided by adjusted average assets .
citibank , n.a .
had a net loss for 2008 amounting to $ 6.2 billion .
during 2008 , citibank , n.a .
received contributions from its parent company of $ 6.1 billion .
citibank , n.a .
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 .
citibank , n.a .
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. . | 2,008 | 102 | C | Citigroup | Financials | Diversified Banks | New York City, New York | 1988-05-31 | 831,001 | 1998 | null | null |
finqa175 | what is the growth rate in operating profit for space systems in 2012? | 1.9% | divide(subtract(1083, 1063), 1063) | 2011 compared to 2010 mst 2019s net sales for 2011 decreased $ 311 million , or 4% ( 4 % ) , compared to 2010 .
the decrease was attributable to decreased volume of approximately $ 390 million for certain ship and aviation system programs ( primarily maritime patrol aircraft and ptds ) and approximately $ 75 million for training and logistics solutions programs .
partially offsetting these decreases was higher sales of about $ 165 million from production on the lcs program .
mst 2019s operating profit for 2011 decreased $ 68 million , or 10% ( 10 % ) , compared to 2010 .
the decrease was attributable to decreased operating profit of approximately $ 55 million as a result of increased reserves for contract cost matters on various ship and aviation system programs ( including the terminated presidential helicopter program ) and approximately $ 40 million due to lower volume and increased reserves on training and logistics solutions .
partially offsetting these decreases was higher operating profit of approximately $ 30 million in 2011 primarily due to the recognition of reserves on certain undersea systems programs in 2010 .
adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 55 million lower in 2011 compared to 2010 .
backlog backlog increased in 2012 compared to 2011 mainly due to increased orders on ship and aviation system programs ( primarily mh-60 and lcs ) , partially offset decreased orders and higher sales volume on integrated warfare systems and sensors programs ( primarily aegis ) .
backlog decreased slightly in 2011 compared to 2010 primarily due to higher sales volume on various integrated warfare systems and sensors programs .
trends we expect mst 2019s net sales to decline in 2013 in the low single digit percentage range as compared to 2012 due to the completion of ptds deliveries in 2012 and expected lower volume on training services programs .
operating profit and margin are expected to increase slightly from 2012 levels primarily due to anticipated improved contract performance .
space systems our space systems business segment is engaged in the research and development , design , engineering , and production of satellites , strategic and defensive missile systems , and space transportation systems .
space systems is also responsible for various classified systems and services in support of vital national security systems .
space systems 2019 major programs include the space-based infrared system ( sbirs ) , advanced extremely high frequency ( aehf ) system , mobile user objective system ( muos ) , global positioning satellite ( gps ) iii system , geostationary operational environmental satellite r-series ( goes-r ) , trident ii d5 fleet ballistic missile , and orion .
operating results for our space systems business segment include our equity interests in united launch alliance ( ula ) , which provides expendable launch services for the u.s .
government , united space alliance ( usa ) , which provided processing activities for the space shuttle program and is winding down following the completion of the last space shuttle mission in 2011 , and a joint venture that manages the u.k . 2019s atomic weapons establishment program .
space systems 2019 operating results included the following ( in millions ) : . | 2012 compared to 2011 space systems 2019 net sales for 2012 increased $ 186 million , or 2% ( 2 % ) , compared to 2011 .
the increase was attributable to higher net sales of approximately $ 150 million due to increased commercial satellite deliveries ( two commercial satellites delivered in 2012 compared to one during 2011 ) ; about $ 125 million from the orion program due to higher volume and an increase in risk retirements ; and approximately $ 70 million from increased volume on various strategic and defensive missile programs .
partially offsetting the increases were lower net sales of approximately $ 105 million from certain government satellite programs ( primarily sbirs and muos ) as a result of decreased volume and a decline in risk retirements ; and about $ 55 million from the nasa external tank program , which ended in connection with the completion of the space shuttle program in 2011. . | | | | 2012 | 2011 | 2010 |
|---:|:--------------------|:-----------------|:-----------------|:-----------------|
| 0 | net sales | $ 8347 | $ 8161 | $ 8268 |
| 1 | operating profit | 1083 | 1063 | 1030 |
| 2 | operating margins | 13.0% ( 13.0 % ) | 13.0% ( 13.0 % ) | 12.5% ( 12.5 % ) |
| 3 | backlog at year-end | 18100 | 16000 | 17800 | | 2011 compared to 2010 mst 2019s net sales for 2011 decreased $ 311 million , or 4% ( 4 % ) , compared to 2010 .
the decrease was attributable to decreased volume of approximately $ 390 million for certain ship and aviation system programs ( primarily maritime patrol aircraft and ptds ) and approximately $ 75 million for training and logistics solutions programs .
partially offsetting these decreases was higher sales of about $ 165 million from production on the lcs program .
mst 2019s operating profit for 2011 decreased $ 68 million , or 10% ( 10 % ) , compared to 2010 .
the decrease was attributable to decreased operating profit of approximately $ 55 million as a result of increased reserves for contract cost matters on various ship and aviation system programs ( including the terminated presidential helicopter program ) and approximately $ 40 million due to lower volume and increased reserves on training and logistics solutions .
partially offsetting these decreases was higher operating profit of approximately $ 30 million in 2011 primarily due to the recognition of reserves on certain undersea systems programs in 2010 .
adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 55 million lower in 2011 compared to 2010 .
backlog backlog increased in 2012 compared to 2011 mainly due to increased orders on ship and aviation system programs ( primarily mh-60 and lcs ) , partially offset decreased orders and higher sales volume on integrated warfare systems and sensors programs ( primarily aegis ) .
backlog decreased slightly in 2011 compared to 2010 primarily due to higher sales volume on various integrated warfare systems and sensors programs .
trends we expect mst 2019s net sales to decline in 2013 in the low single digit percentage range as compared to 2012 due to the completion of ptds deliveries in 2012 and expected lower volume on training services programs .
operating profit and margin are expected to increase slightly from 2012 levels primarily due to anticipated improved contract performance .
space systems our space systems business segment is engaged in the research and development , design , engineering , and production of satellites , strategic and defensive missile systems , and space transportation systems .
space systems is also responsible for various classified systems and services in support of vital national security systems .
space systems 2019 major programs include the space-based infrared system ( sbirs ) , advanced extremely high frequency ( aehf ) system , mobile user objective system ( muos ) , global positioning satellite ( gps ) iii system , geostationary operational environmental satellite r-series ( goes-r ) , trident ii d5 fleet ballistic missile , and orion .
operating results for our space systems business segment include our equity interests in united launch alliance ( ula ) , which provides expendable launch services for the u.s .
government , united space alliance ( usa ) , which provided processing activities for the space shuttle program and is winding down following the completion of the last space shuttle mission in 2011 , and a joint venture that manages the u.k . 2019s atomic weapons establishment program .
space systems 2019 operating results included the following ( in millions ) : ._| | | 2012 | 2011 | 2010 |
|---:|:--------------------|:-----------------|:-----------------|:-----------------|
| 0 | net sales | $ 8347 | $ 8161 | $ 8268 |
| 1 | operating profit | 1083 | 1063 | 1030 |
| 2 | operating margins | 13.0% ( 13.0 % ) | 13.0% ( 13.0 % ) | 12.5% ( 12.5 % ) |
| 3 | backlog at year-end | 18100 | 16000 | 17800 |_2012 compared to 2011 space systems 2019 net sales for 2012 increased $ 186 million , or 2% ( 2 % ) , compared to 2011 .
the increase was attributable to higher net sales of approximately $ 150 million due to increased commercial satellite deliveries ( two commercial satellites delivered in 2012 compared to one during 2011 ) ; about $ 125 million from the orion program due to higher volume and an increase in risk retirements ; and approximately $ 70 million from increased volume on various strategic and defensive missile programs .
partially offsetting the increases were lower net sales of approximately $ 105 million from certain government satellite programs ( primarily sbirs and muos ) as a result of decreased volume and a decline in risk retirements ; and about $ 55 million from the nasa external tank program , which ended in connection with the completion of the space shuttle program in 2011. . | 2,012 | 47 | LMT | Lockheed Martin | Industrials | Aerospace & Defense | Bethesda, Maryland | 1957-03-04 | 936,468 | 1995 | what is the growth rate in operating profit for space systems in 2012? | 1.9% | divide(subtract(1083, 1063), 1063) | 2011 compared to 2010 mst 2019s net sales for 2011 decreased $ 311 million , or 4% ( 4 % ) , compared to 2010 .
the decrease was attributable to decreased volume of approximately $ 390 million for certain ship and aviation system programs ( primarily maritime patrol aircraft and ptds ) and approximately $ 75 million for training and logistics solutions programs .
partially offsetting these decreases was higher sales of about $ 165 million from production on the lcs program .
mst 2019s operating profit for 2011 decreased $ 68 million , or 10% ( 10 % ) , compared to 2010 .
the decrease was attributable to decreased operating profit of approximately $ 55 million as a result of increased reserves for contract cost matters on various ship and aviation system programs ( including the terminated presidential helicopter program ) and approximately $ 40 million due to lower volume and increased reserves on training and logistics solutions .
partially offsetting these decreases was higher operating profit of approximately $ 30 million in 2011 primarily due to the recognition of reserves on certain undersea systems programs in 2010 .
adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 55 million lower in 2011 compared to 2010 .
backlog backlog increased in 2012 compared to 2011 mainly due to increased orders on ship and aviation system programs ( primarily mh-60 and lcs ) , partially offset decreased orders and higher sales volume on integrated warfare systems and sensors programs ( primarily aegis ) .
backlog decreased slightly in 2011 compared to 2010 primarily due to higher sales volume on various integrated warfare systems and sensors programs .
trends we expect mst 2019s net sales to decline in 2013 in the low single digit percentage range as compared to 2012 due to the completion of ptds deliveries in 2012 and expected lower volume on training services programs .
operating profit and margin are expected to increase slightly from 2012 levels primarily due to anticipated improved contract performance .
space systems our space systems business segment is engaged in the research and development , design , engineering , and production of satellites , strategic and defensive missile systems , and space transportation systems .
space systems is also responsible for various classified systems and services in support of vital national security systems .
space systems 2019 major programs include the space-based infrared system ( sbirs ) , advanced extremely high frequency ( aehf ) system , mobile user objective system ( muos ) , global positioning satellite ( gps ) iii system , geostationary operational environmental satellite r-series ( goes-r ) , trident ii d5 fleet ballistic missile , and orion .
operating results for our space systems business segment include our equity interests in united launch alliance ( ula ) , which provides expendable launch services for the u.s .
government , united space alliance ( usa ) , which provided processing activities for the space shuttle program and is winding down following the completion of the last space shuttle mission in 2011 , and a joint venture that manages the u.k . 2019s atomic weapons establishment program .
space systems 2019 operating results included the following ( in millions ) : . | 2012 compared to 2011 space systems 2019 net sales for 2012 increased $ 186 million , or 2% ( 2 % ) , compared to 2011 .
the increase was attributable to higher net sales of approximately $ 150 million due to increased commercial satellite deliveries ( two commercial satellites delivered in 2012 compared to one during 2011 ) ; about $ 125 million from the orion program due to higher volume and an increase in risk retirements ; and approximately $ 70 million from increased volume on various strategic and defensive missile programs .
partially offsetting the increases were lower net sales of approximately $ 105 million from certain government satellite programs ( primarily sbirs and muos ) as a result of decreased volume and a decline in risk retirements ; and about $ 55 million from the nasa external tank program , which ended in connection with the completion of the space shuttle program in 2011. . | | | | 2012 | 2011 | 2010 |
|---:|:--------------------|:-----------------|:-----------------|:-----------------|
| 0 | net sales | $ 8347 | $ 8161 | $ 8268 |
| 1 | operating profit | 1083 | 1063 | 1030 |
| 2 | operating margins | 13.0% ( 13.0 % ) | 13.0% ( 13.0 % ) | 12.5% ( 12.5 % ) |
| 3 | backlog at year-end | 18100 | 16000 | 17800 | | 2011 compared to 2010 mst 2019s net sales for 2011 decreased $ 311 million , or 4% ( 4 % ) , compared to 2010 .
the decrease was attributable to decreased volume of approximately $ 390 million for certain ship and aviation system programs ( primarily maritime patrol aircraft and ptds ) and approximately $ 75 million for training and logistics solutions programs .
partially offsetting these decreases was higher sales of about $ 165 million from production on the lcs program .
mst 2019s operating profit for 2011 decreased $ 68 million , or 10% ( 10 % ) , compared to 2010 .
the decrease was attributable to decreased operating profit of approximately $ 55 million as a result of increased reserves for contract cost matters on various ship and aviation system programs ( including the terminated presidential helicopter program ) and approximately $ 40 million due to lower volume and increased reserves on training and logistics solutions .
partially offsetting these decreases was higher operating profit of approximately $ 30 million in 2011 primarily due to the recognition of reserves on certain undersea systems programs in 2010 .
adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 55 million lower in 2011 compared to 2010 .
backlog backlog increased in 2012 compared to 2011 mainly due to increased orders on ship and aviation system programs ( primarily mh-60 and lcs ) , partially offset decreased orders and higher sales volume on integrated warfare systems and sensors programs ( primarily aegis ) .
backlog decreased slightly in 2011 compared to 2010 primarily due to higher sales volume on various integrated warfare systems and sensors programs .
trends we expect mst 2019s net sales to decline in 2013 in the low single digit percentage range as compared to 2012 due to the completion of ptds deliveries in 2012 and expected lower volume on training services programs .
operating profit and margin are expected to increase slightly from 2012 levels primarily due to anticipated improved contract performance .
space systems our space systems business segment is engaged in the research and development , design , engineering , and production of satellites , strategic and defensive missile systems , and space transportation systems .
space systems is also responsible for various classified systems and services in support of vital national security systems .
space systems 2019 major programs include the space-based infrared system ( sbirs ) , advanced extremely high frequency ( aehf ) system , mobile user objective system ( muos ) , global positioning satellite ( gps ) iii system , geostationary operational environmental satellite r-series ( goes-r ) , trident ii d5 fleet ballistic missile , and orion .
operating results for our space systems business segment include our equity interests in united launch alliance ( ula ) , which provides expendable launch services for the u.s .
government , united space alliance ( usa ) , which provided processing activities for the space shuttle program and is winding down following the completion of the last space shuttle mission in 2011 , and a joint venture that manages the u.k . 2019s atomic weapons establishment program .
space systems 2019 operating results included the following ( in millions ) : ._| | | 2012 | 2011 | 2010 |
|---:|:--------------------|:-----------------|:-----------------|:-----------------|
| 0 | net sales | $ 8347 | $ 8161 | $ 8268 |
| 1 | operating profit | 1083 | 1063 | 1030 |
| 2 | operating margins | 13.0% ( 13.0 % ) | 13.0% ( 13.0 % ) | 12.5% ( 12.5 % ) |
| 3 | backlog at year-end | 18100 | 16000 | 17800 |_2012 compared to 2011 space systems 2019 net sales for 2012 increased $ 186 million , or 2% ( 2 % ) , compared to 2011 .
the increase was attributable to higher net sales of approximately $ 150 million due to increased commercial satellite deliveries ( two commercial satellites delivered in 2012 compared to one during 2011 ) ; about $ 125 million from the orion program due to higher volume and an increase in risk retirements ; and approximately $ 70 million from increased volume on various strategic and defensive missile programs .
partially offsetting the increases were lower net sales of approximately $ 105 million from certain government satellite programs ( primarily sbirs and muos ) as a result of decreased volume and a decline in risk retirements ; and about $ 55 million from the nasa external tank program , which ended in connection with the completion of the space shuttle program in 2011. . | 2,012 | 47 | LMT | Lockheed Martin | Industrials | Aerospace & Defense | Bethesda, Maryland | 1957-03-04 | 936,468 | 1995 | null | null |
finqa176 | at december 31 , 2013 what was the ratio of square feet of our office in alpharetta , georgia to the jersey city new jersey | 2.37 | divide(254000, 107000) | our ability to restructure or refinance our debt will depend on the condition of the capital markets and our financial condition at such time .
any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants , which could further restrict our business operations .
in addition , any failure to make payments of interest and principal on our outstanding indebtedness on a timely basis would likely result in a reduction of our credit rating , which could harm our ability to incur additional indebtedness .
if our cash flows and available cash are insufficient to meet our debt service obligations , we could face substantial liquidity problems and might be required to dispose of material assets or operations to meet our debt service and other obligations .
we may not be able to consummate those dispositions or to obtain the proceeds that we could realize from them , and these proceeds may not be adequate to meet any debt service obligations then due .
item 1b .
unresolved staff comments item 2 .
properties a summary of our significant locations at december 31 , 2013 is shown in the following table .
all facilities are leased , except for 165000 square feet of our office in alpharetta , georgia .
square footage amounts are net of space that has been sublet or part of a facility restructuring. . | chicago , illinois ( 1 ) 36000 ( 1 ) includes approximately 25000 square footage related to g1 execution services , llc .
we entered into a definitive agreement to sell g1 execution services , llc to an affiliate of susquehanna .
the lease was assigned to susquehanna upon closing of the sale on february 10 , all of our facilities are used by either our trading and investing or balance sheet management segments , in addition to the corporate/other category .
all other leased facilities with space of less than 25000 square feet are not listed by location .
in addition to the significant facilities above , we also lease all 30 e*trade branches , ranging in space from approximately 2500 to 8000 square feet .
we believe our facilities space is adequate to meet our needs in 2014 .
item 3 .
legal proceedings on october 27 , 2000 , ajaxo , inc .
( 201cajaxo 201d ) filed a complaint in the superior court for the state of california , county of santa clara .
ajaxo sought damages and certain non-monetary relief for the company 2019s alleged breach of a non-disclosure agreement with ajaxo pertaining to certain wireless technology that ajaxo offered the company as well as damages and other relief against the company for their alleged misappropriation of ajaxo 2019s trade secrets .
following a jury trial , a judgment was entered in 2003 in favor of ajaxo against the company for $ 1.3 million for breach of the ajaxo non-disclosure agreement .
although the jury found in favor of ajaxo on its claim against the company for misappropriation of trade secrets , the trial court subsequently denied ajaxo 2019s requests for additional damages and relief .
on december 21 , 2005 , the california court of appeal affirmed the above-described award against the company for breach of the nondisclosure agreement but remanded the case to the trial court for the limited purpose of determining what , if any , additional damages ajaxo may be entitled to as a result of the jury 2019s previous finding in favor of ajaxo on its claim against the company for misappropriation of trade secrets .
although the company paid ajaxo the full amount due on the above-described judgment , the case was remanded back to the trial court , and on may 30 , 2008 , a jury returned a . | | | location | approximate square footage |
|---:|:-----------------------|-----------------------------:|
| 0 | alpharetta georgia | 254000 |
| 1 | jersey city new jersey | 107000 |
| 2 | arlington virginia | 102000 |
| 3 | sandy utah | 66000 |
| 4 | menlo park california | 63000 |
| 5 | new york new york | 39000 |
| 6 | chicago illinois ( 1 ) | 36000 | | our ability to restructure or refinance our debt will depend on the condition of the capital markets and our financial condition at such time .
any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants , which could further restrict our business operations .
in addition , any failure to make payments of interest and principal on our outstanding indebtedness on a timely basis would likely result in a reduction of our credit rating , which could harm our ability to incur additional indebtedness .
if our cash flows and available cash are insufficient to meet our debt service obligations , we could face substantial liquidity problems and might be required to dispose of material assets or operations to meet our debt service and other obligations .
we may not be able to consummate those dispositions or to obtain the proceeds that we could realize from them , and these proceeds may not be adequate to meet any debt service obligations then due .
item 1b .
unresolved staff comments item 2 .
properties a summary of our significant locations at december 31 , 2013 is shown in the following table .
all facilities are leased , except for 165000 square feet of our office in alpharetta , georgia .
square footage amounts are net of space that has been sublet or part of a facility restructuring. ._| | location | approximate square footage |
|---:|:-----------------------|-----------------------------:|
| 0 | alpharetta georgia | 254000 |
| 1 | jersey city new jersey | 107000 |
| 2 | arlington virginia | 102000 |
| 3 | sandy utah | 66000 |
| 4 | menlo park california | 63000 |
| 5 | new york new york | 39000 |
| 6 | chicago illinois ( 1 ) | 36000 |_chicago , illinois ( 1 ) 36000 ( 1 ) includes approximately 25000 square footage related to g1 execution services , llc .
we entered into a definitive agreement to sell g1 execution services , llc to an affiliate of susquehanna .
the lease was assigned to susquehanna upon closing of the sale on february 10 , all of our facilities are used by either our trading and investing or balance sheet management segments , in addition to the corporate/other category .
all other leased facilities with space of less than 25000 square feet are not listed by location .
in addition to the significant facilities above , we also lease all 30 e*trade branches , ranging in space from approximately 2500 to 8000 square feet .
we believe our facilities space is adequate to meet our needs in 2014 .
item 3 .
legal proceedings on october 27 , 2000 , ajaxo , inc .
( 201cajaxo 201d ) filed a complaint in the superior court for the state of california , county of santa clara .
ajaxo sought damages and certain non-monetary relief for the company 2019s alleged breach of a non-disclosure agreement with ajaxo pertaining to certain wireless technology that ajaxo offered the company as well as damages and other relief against the company for their alleged misappropriation of ajaxo 2019s trade secrets .
following a jury trial , a judgment was entered in 2003 in favor of ajaxo against the company for $ 1.3 million for breach of the ajaxo non-disclosure agreement .
although the jury found in favor of ajaxo on its claim against the company for misappropriation of trade secrets , the trial court subsequently denied ajaxo 2019s requests for additional damages and relief .
on december 21 , 2005 , the california court of appeal affirmed the above-described award against the company for breach of the nondisclosure agreement but remanded the case to the trial court for the limited purpose of determining what , if any , additional damages ajaxo may be entitled to as a result of the jury 2019s previous finding in favor of ajaxo on its claim against the company for misappropriation of trade secrets .
although the company paid ajaxo the full amount due on the above-described judgment , the case was remanded back to the trial court , and on may 30 , 2008 , a jury returned a . | 2,013 | 26 | ETFC | E*TRADE Financial Corporation | Financials | Investment Banking & Brokerage | Arlington, VA | 2004-01-01 | 1,015,780 | 1982 | at december 31 , 2013 what was the ratio of square feet of our office in alpharetta , georgia to the jersey city new jersey | 2.37 | divide(254000, 107000) | our ability to restructure or refinance our debt will depend on the condition of the capital markets and our financial condition at such time .
any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants , which could further restrict our business operations .
in addition , any failure to make payments of interest and principal on our outstanding indebtedness on a timely basis would likely result in a reduction of our credit rating , which could harm our ability to incur additional indebtedness .
if our cash flows and available cash are insufficient to meet our debt service obligations , we could face substantial liquidity problems and might be required to dispose of material assets or operations to meet our debt service and other obligations .
we may not be able to consummate those dispositions or to obtain the proceeds that we could realize from them , and these proceeds may not be adequate to meet any debt service obligations then due .
item 1b .
unresolved staff comments item 2 .
properties a summary of our significant locations at december 31 , 2013 is shown in the following table .
all facilities are leased , except for 165000 square feet of our office in alpharetta , georgia .
square footage amounts are net of space that has been sublet or part of a facility restructuring. . | chicago , illinois ( 1 ) 36000 ( 1 ) includes approximately 25000 square footage related to g1 execution services , llc .
we entered into a definitive agreement to sell g1 execution services , llc to an affiliate of susquehanna .
the lease was assigned to susquehanna upon closing of the sale on february 10 , all of our facilities are used by either our trading and investing or balance sheet management segments , in addition to the corporate/other category .
all other leased facilities with space of less than 25000 square feet are not listed by location .
in addition to the significant facilities above , we also lease all 30 e*trade branches , ranging in space from approximately 2500 to 8000 square feet .
we believe our facilities space is adequate to meet our needs in 2014 .
item 3 .
legal proceedings on october 27 , 2000 , ajaxo , inc .
( 201cajaxo 201d ) filed a complaint in the superior court for the state of california , county of santa clara .
ajaxo sought damages and certain non-monetary relief for the company 2019s alleged breach of a non-disclosure agreement with ajaxo pertaining to certain wireless technology that ajaxo offered the company as well as damages and other relief against the company for their alleged misappropriation of ajaxo 2019s trade secrets .
following a jury trial , a judgment was entered in 2003 in favor of ajaxo against the company for $ 1.3 million for breach of the ajaxo non-disclosure agreement .
although the jury found in favor of ajaxo on its claim against the company for misappropriation of trade secrets , the trial court subsequently denied ajaxo 2019s requests for additional damages and relief .
on december 21 , 2005 , the california court of appeal affirmed the above-described award against the company for breach of the nondisclosure agreement but remanded the case to the trial court for the limited purpose of determining what , if any , additional damages ajaxo may be entitled to as a result of the jury 2019s previous finding in favor of ajaxo on its claim against the company for misappropriation of trade secrets .
although the company paid ajaxo the full amount due on the above-described judgment , the case was remanded back to the trial court , and on may 30 , 2008 , a jury returned a . | | | location | approximate square footage |
|---:|:-----------------------|-----------------------------:|
| 0 | alpharetta georgia | 254000 |
| 1 | jersey city new jersey | 107000 |
| 2 | arlington virginia | 102000 |
| 3 | sandy utah | 66000 |
| 4 | menlo park california | 63000 |
| 5 | new york new york | 39000 |
| 6 | chicago illinois ( 1 ) | 36000 | | our ability to restructure or refinance our debt will depend on the condition of the capital markets and our financial condition at such time .
any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants , which could further restrict our business operations .
in addition , any failure to make payments of interest and principal on our outstanding indebtedness on a timely basis would likely result in a reduction of our credit rating , which could harm our ability to incur additional indebtedness .
if our cash flows and available cash are insufficient to meet our debt service obligations , we could face substantial liquidity problems and might be required to dispose of material assets or operations to meet our debt service and other obligations .
we may not be able to consummate those dispositions or to obtain the proceeds that we could realize from them , and these proceeds may not be adequate to meet any debt service obligations then due .
item 1b .
unresolved staff comments item 2 .
properties a summary of our significant locations at december 31 , 2013 is shown in the following table .
all facilities are leased , except for 165000 square feet of our office in alpharetta , georgia .
square footage amounts are net of space that has been sublet or part of a facility restructuring. ._| | location | approximate square footage |
|---:|:-----------------------|-----------------------------:|
| 0 | alpharetta georgia | 254000 |
| 1 | jersey city new jersey | 107000 |
| 2 | arlington virginia | 102000 |
| 3 | sandy utah | 66000 |
| 4 | menlo park california | 63000 |
| 5 | new york new york | 39000 |
| 6 | chicago illinois ( 1 ) | 36000 |_chicago , illinois ( 1 ) 36000 ( 1 ) includes approximately 25000 square footage related to g1 execution services , llc .
we entered into a definitive agreement to sell g1 execution services , llc to an affiliate of susquehanna .
the lease was assigned to susquehanna upon closing of the sale on february 10 , all of our facilities are used by either our trading and investing or balance sheet management segments , in addition to the corporate/other category .
all other leased facilities with space of less than 25000 square feet are not listed by location .
in addition to the significant facilities above , we also lease all 30 e*trade branches , ranging in space from approximately 2500 to 8000 square feet .
we believe our facilities space is adequate to meet our needs in 2014 .
item 3 .
legal proceedings on october 27 , 2000 , ajaxo , inc .
( 201cajaxo 201d ) filed a complaint in the superior court for the state of california , county of santa clara .
ajaxo sought damages and certain non-monetary relief for the company 2019s alleged breach of a non-disclosure agreement with ajaxo pertaining to certain wireless technology that ajaxo offered the company as well as damages and other relief against the company for their alleged misappropriation of ajaxo 2019s trade secrets .
following a jury trial , a judgment was entered in 2003 in favor of ajaxo against the company for $ 1.3 million for breach of the ajaxo non-disclosure agreement .
although the jury found in favor of ajaxo on its claim against the company for misappropriation of trade secrets , the trial court subsequently denied ajaxo 2019s requests for additional damages and relief .
on december 21 , 2005 , the california court of appeal affirmed the above-described award against the company for breach of the nondisclosure agreement but remanded the case to the trial court for the limited purpose of determining what , if any , additional damages ajaxo may be entitled to as a result of the jury 2019s previous finding in favor of ajaxo on its claim against the company for misappropriation of trade secrets .
although the company paid ajaxo the full amount due on the above-described judgment , the case was remanded back to the trial court , and on may 30 , 2008 , a jury returned a . | 2,013 | 26 | ETFC | E*TRADE Financial Corporation | Financials | Investment Banking & Brokerage | Arlington, VA | 2004-01-01 | 1,015,780 | 1982 | null | null |
finqa177 | at december 31 , 2005 what was the percent of the total commitment applicable to the standby letters of credit | 86% | divide(2630, 3066) | page 38 five years .
the amounts ultimately applied against our offset agreements are based on negotiations with the customer and generally require cash outlays that represent only a fraction of the original amount in the offset agreement .
at december 31 , 2005 , we had outstanding offset agreements totaling $ 8.4 bil- lion , primarily related to our aeronautics segment , that extend through 2015 .
to the extent we have entered into purchase obligations at december 31 , 2005 that also satisfy offset agree- ments , those amounts are included in the preceding table .
we have entered into standby letter of credit agreements and other arrangements with financial institutions and custom- ers mainly relating to advances received from customers and/or the guarantee of future performance on some of our contracts .
at december 31 , 2005 , we had outstanding letters of credit , surety bonds and guarantees , as follows : commitment expiration by period ( in millions ) commitment 1 year ( a ) years ( a ) standby letters of credit $ 2630 $ 2425 $ 171 $ 18 $ 16 . | ( a ) approximately $ 2262 million and $ 49 million of standby letters of credit in the 201cless than 1 year 201d and 201c1-3 year 201d periods , respectively , and approximately $ 38 million of surety bonds in the 201cless than 1 year 201d period are expected to renew for additional periods until completion of the contractual obligation .
included in the table above is approximately $ 200 million representing letter of credit and surety bond amounts for which related obligations or liabilities are also recorded in the bal- ance sheet , either as reductions of inventories , as customer advances and amounts in excess of costs incurred , or as other liabilities .
approximately $ 2 billion of the standby letters of credit in the table above were to secure advance payments received under an f-16 contract from an international cus- tomer .
these letters of credit are available for draw down in the event of our nonperformance , and the amount available will be reduced as certain events occur throughout the period of performance in accordance with the contract terms .
similar to the letters of credit for the f-16 contract , other letters of credit and surety bonds are available for draw down in the event of our nonperformance .
at december 31 , 2005 , we had no material off-balance sheet arrangements as those arrangements are defined by the securities and exchange commission ( sec ) .
quantitative and qualitative disclosure of market risk our main exposure to market risk relates to interest rates and foreign currency exchange rates .
our financial instruments that are subject to interest rate risk principally include fixed- rate and floating rate long-term debt .
if interest rates were to change by plus or minus 1% ( 1 % ) , interest expense would increase or decrease by approximately $ 10 million related to our float- ing rate debt .
the estimated fair values of the corporation 2019s long-term debt instruments at december 31 , 2005 aggregated approximately $ 6.2 billion , compared with a carrying amount of approximately $ 5.0 billion .
the majority of our long-term debt obligations are not callable until maturity .
we have used interest rate swaps in the past to manage our exposure to fixed and variable interest rates ; however , at year-end 2005 , we had no such agreements in place .
we use forward foreign exchange contracts to manage our exposure to fluctuations in foreign currency exchange rates , and do so in ways that qualify for hedge accounting treatment .
these exchange contracts hedge the fluctuations in cash flows associated with firm commitments or specific anticipated transactions contracted in foreign currencies , or hedge the exposure to rate changes affecting foreign currency denomi- nated assets or liabilities .
related gains and losses on these contracts , to the extent they are effective hedges , are recog- nized in income at the same time the hedged transaction is recognized or when the hedged asset or liability is adjusted .
to the extent the hedges are ineffective , gains and losses on the contracts are recognized in the current period .
at december 31 , 2005 , the fair value of forward exchange con- tracts outstanding , as well as the amounts of gains and losses recorded during the year then ended , were not material .
we do not hold or issue derivative financial instruments for trad- ing or speculative purposes .
recent accounting pronouncements in december 2004 , the fasb issued fas 123 ( r ) , share- based payments , which will impact our net earnings and earn- ings per share and change the classification of certain elements of the statement of cash flows .
fas 123 ( r ) requires stock options and other share-based payments made to employees to be accounted for as compensation expense and recorded at fair lockheed martin corporation management 2019s discussion and analysis of financial condition and results of operations december 31 , 2005 . | | | ( in millions ) | commitment expiration by period total commitment | commitment expiration by period less than 1 year ( a ) | commitment expiration by period 1-3 years ( a ) | commitment expiration by period 3-5 years | commitment expiration by period after 5 years |
|---:|:--------------------------|:---------------------------------------------------|:---------------------------------------------------------|:--------------------------------------------------|:--------------------------------------------|:------------------------------------------------|
| 0 | standby letters of credit | $ 2630 | $ 2425 | $ 171 | $ 18 | $ 16 |
| 1 | surety bonds | 434 | 79 | 352 | 3 | 2014 |
| 2 | guarantees | 2 | 1 | 1 | 2014 | 2014 |
| 3 | total commitments | $ 3066 | $ 2505 | $ 524 | $ 21 | $ 16 | | page 38 five years .
the amounts ultimately applied against our offset agreements are based on negotiations with the customer and generally require cash outlays that represent only a fraction of the original amount in the offset agreement .
at december 31 , 2005 , we had outstanding offset agreements totaling $ 8.4 bil- lion , primarily related to our aeronautics segment , that extend through 2015 .
to the extent we have entered into purchase obligations at december 31 , 2005 that also satisfy offset agree- ments , those amounts are included in the preceding table .
we have entered into standby letter of credit agreements and other arrangements with financial institutions and custom- ers mainly relating to advances received from customers and/or the guarantee of future performance on some of our contracts .
at december 31 , 2005 , we had outstanding letters of credit , surety bonds and guarantees , as follows : commitment expiration by period ( in millions ) commitment 1 year ( a ) years ( a ) standby letters of credit $ 2630 $ 2425 $ 171 $ 18 $ 16 ._| | ( in millions ) | commitment expiration by period total commitment | commitment expiration by period less than 1 year ( a ) | commitment expiration by period 1-3 years ( a ) | commitment expiration by period 3-5 years | commitment expiration by period after 5 years |
|---:|:--------------------------|:---------------------------------------------------|:---------------------------------------------------------|:--------------------------------------------------|:--------------------------------------------|:------------------------------------------------|
| 0 | standby letters of credit | $ 2630 | $ 2425 | $ 171 | $ 18 | $ 16 |
| 1 | surety bonds | 434 | 79 | 352 | 3 | 2014 |
| 2 | guarantees | 2 | 1 | 1 | 2014 | 2014 |
| 3 | total commitments | $ 3066 | $ 2505 | $ 524 | $ 21 | $ 16 |_( a ) approximately $ 2262 million and $ 49 million of standby letters of credit in the 201cless than 1 year 201d and 201c1-3 year 201d periods , respectively , and approximately $ 38 million of surety bonds in the 201cless than 1 year 201d period are expected to renew for additional periods until completion of the contractual obligation .
included in the table above is approximately $ 200 million representing letter of credit and surety bond amounts for which related obligations or liabilities are also recorded in the bal- ance sheet , either as reductions of inventories , as customer advances and amounts in excess of costs incurred , or as other liabilities .
approximately $ 2 billion of the standby letters of credit in the table above were to secure advance payments received under an f-16 contract from an international cus- tomer .
these letters of credit are available for draw down in the event of our nonperformance , and the amount available will be reduced as certain events occur throughout the period of performance in accordance with the contract terms .
similar to the letters of credit for the f-16 contract , other letters of credit and surety bonds are available for draw down in the event of our nonperformance .
at december 31 , 2005 , we had no material off-balance sheet arrangements as those arrangements are defined by the securities and exchange commission ( sec ) .
quantitative and qualitative disclosure of market risk our main exposure to market risk relates to interest rates and foreign currency exchange rates .
our financial instruments that are subject to interest rate risk principally include fixed- rate and floating rate long-term debt .
if interest rates were to change by plus or minus 1% ( 1 % ) , interest expense would increase or decrease by approximately $ 10 million related to our float- ing rate debt .
the estimated fair values of the corporation 2019s long-term debt instruments at december 31 , 2005 aggregated approximately $ 6.2 billion , compared with a carrying amount of approximately $ 5.0 billion .
the majority of our long-term debt obligations are not callable until maturity .
we have used interest rate swaps in the past to manage our exposure to fixed and variable interest rates ; however , at year-end 2005 , we had no such agreements in place .
we use forward foreign exchange contracts to manage our exposure to fluctuations in foreign currency exchange rates , and do so in ways that qualify for hedge accounting treatment .
these exchange contracts hedge the fluctuations in cash flows associated with firm commitments or specific anticipated transactions contracted in foreign currencies , or hedge the exposure to rate changes affecting foreign currency denomi- nated assets or liabilities .
related gains and losses on these contracts , to the extent they are effective hedges , are recog- nized in income at the same time the hedged transaction is recognized or when the hedged asset or liability is adjusted .
to the extent the hedges are ineffective , gains and losses on the contracts are recognized in the current period .
at december 31 , 2005 , the fair value of forward exchange con- tracts outstanding , as well as the amounts of gains and losses recorded during the year then ended , were not material .
we do not hold or issue derivative financial instruments for trad- ing or speculative purposes .
recent accounting pronouncements in december 2004 , the fasb issued fas 123 ( r ) , share- based payments , which will impact our net earnings and earn- ings per share and change the classification of certain elements of the statement of cash flows .
fas 123 ( r ) requires stock options and other share-based payments made to employees to be accounted for as compensation expense and recorded at fair lockheed martin corporation management 2019s discussion and analysis of financial condition and results of operations december 31 , 2005 . | 2,005 | 40 | LMT | Lockheed Martin | Industrials | Aerospace & Defense | Bethesda, Maryland | 1957-03-04 | 936,468 | 1995 | at december 31 , 2005 what was the percent of the total commitment applicable to the standby letters of credit | 86% | divide(2630, 3066) | page 38 five years .
the amounts ultimately applied against our offset agreements are based on negotiations with the customer and generally require cash outlays that represent only a fraction of the original amount in the offset agreement .
at december 31 , 2005 , we had outstanding offset agreements totaling $ 8.4 bil- lion , primarily related to our aeronautics segment , that extend through 2015 .
to the extent we have entered into purchase obligations at december 31 , 2005 that also satisfy offset agree- ments , those amounts are included in the preceding table .
we have entered into standby letter of credit agreements and other arrangements with financial institutions and custom- ers mainly relating to advances received from customers and/or the guarantee of future performance on some of our contracts .
at december 31 , 2005 , we had outstanding letters of credit , surety bonds and guarantees , as follows : commitment expiration by period ( in millions ) commitment 1 year ( a ) years ( a ) standby letters of credit $ 2630 $ 2425 $ 171 $ 18 $ 16 . | ( a ) approximately $ 2262 million and $ 49 million of standby letters of credit in the 201cless than 1 year 201d and 201c1-3 year 201d periods , respectively , and approximately $ 38 million of surety bonds in the 201cless than 1 year 201d period are expected to renew for additional periods until completion of the contractual obligation .
included in the table above is approximately $ 200 million representing letter of credit and surety bond amounts for which related obligations or liabilities are also recorded in the bal- ance sheet , either as reductions of inventories , as customer advances and amounts in excess of costs incurred , or as other liabilities .
approximately $ 2 billion of the standby letters of credit in the table above were to secure advance payments received under an f-16 contract from an international cus- tomer .
these letters of credit are available for draw down in the event of our nonperformance , and the amount available will be reduced as certain events occur throughout the period of performance in accordance with the contract terms .
similar to the letters of credit for the f-16 contract , other letters of credit and surety bonds are available for draw down in the event of our nonperformance .
at december 31 , 2005 , we had no material off-balance sheet arrangements as those arrangements are defined by the securities and exchange commission ( sec ) .
quantitative and qualitative disclosure of market risk our main exposure to market risk relates to interest rates and foreign currency exchange rates .
our financial instruments that are subject to interest rate risk principally include fixed- rate and floating rate long-term debt .
if interest rates were to change by plus or minus 1% ( 1 % ) , interest expense would increase or decrease by approximately $ 10 million related to our float- ing rate debt .
the estimated fair values of the corporation 2019s long-term debt instruments at december 31 , 2005 aggregated approximately $ 6.2 billion , compared with a carrying amount of approximately $ 5.0 billion .
the majority of our long-term debt obligations are not callable until maturity .
we have used interest rate swaps in the past to manage our exposure to fixed and variable interest rates ; however , at year-end 2005 , we had no such agreements in place .
we use forward foreign exchange contracts to manage our exposure to fluctuations in foreign currency exchange rates , and do so in ways that qualify for hedge accounting treatment .
these exchange contracts hedge the fluctuations in cash flows associated with firm commitments or specific anticipated transactions contracted in foreign currencies , or hedge the exposure to rate changes affecting foreign currency denomi- nated assets or liabilities .
related gains and losses on these contracts , to the extent they are effective hedges , are recog- nized in income at the same time the hedged transaction is recognized or when the hedged asset or liability is adjusted .
to the extent the hedges are ineffective , gains and losses on the contracts are recognized in the current period .
at december 31 , 2005 , the fair value of forward exchange con- tracts outstanding , as well as the amounts of gains and losses recorded during the year then ended , were not material .
we do not hold or issue derivative financial instruments for trad- ing or speculative purposes .
recent accounting pronouncements in december 2004 , the fasb issued fas 123 ( r ) , share- based payments , which will impact our net earnings and earn- ings per share and change the classification of certain elements of the statement of cash flows .
fas 123 ( r ) requires stock options and other share-based payments made to employees to be accounted for as compensation expense and recorded at fair lockheed martin corporation management 2019s discussion and analysis of financial condition and results of operations december 31 , 2005 . | | | ( in millions ) | commitment expiration by period total commitment | commitment expiration by period less than 1 year ( a ) | commitment expiration by period 1-3 years ( a ) | commitment expiration by period 3-5 years | commitment expiration by period after 5 years |
|---:|:--------------------------|:---------------------------------------------------|:---------------------------------------------------------|:--------------------------------------------------|:--------------------------------------------|:------------------------------------------------|
| 0 | standby letters of credit | $ 2630 | $ 2425 | $ 171 | $ 18 | $ 16 |
| 1 | surety bonds | 434 | 79 | 352 | 3 | 2014 |
| 2 | guarantees | 2 | 1 | 1 | 2014 | 2014 |
| 3 | total commitments | $ 3066 | $ 2505 | $ 524 | $ 21 | $ 16 | | page 38 five years .
the amounts ultimately applied against our offset agreements are based on negotiations with the customer and generally require cash outlays that represent only a fraction of the original amount in the offset agreement .
at december 31 , 2005 , we had outstanding offset agreements totaling $ 8.4 bil- lion , primarily related to our aeronautics segment , that extend through 2015 .
to the extent we have entered into purchase obligations at december 31 , 2005 that also satisfy offset agree- ments , those amounts are included in the preceding table .
we have entered into standby letter of credit agreements and other arrangements with financial institutions and custom- ers mainly relating to advances received from customers and/or the guarantee of future performance on some of our contracts .
at december 31 , 2005 , we had outstanding letters of credit , surety bonds and guarantees , as follows : commitment expiration by period ( in millions ) commitment 1 year ( a ) years ( a ) standby letters of credit $ 2630 $ 2425 $ 171 $ 18 $ 16 ._| | ( in millions ) | commitment expiration by period total commitment | commitment expiration by period less than 1 year ( a ) | commitment expiration by period 1-3 years ( a ) | commitment expiration by period 3-5 years | commitment expiration by period after 5 years |
|---:|:--------------------------|:---------------------------------------------------|:---------------------------------------------------------|:--------------------------------------------------|:--------------------------------------------|:------------------------------------------------|
| 0 | standby letters of credit | $ 2630 | $ 2425 | $ 171 | $ 18 | $ 16 |
| 1 | surety bonds | 434 | 79 | 352 | 3 | 2014 |
| 2 | guarantees | 2 | 1 | 1 | 2014 | 2014 |
| 3 | total commitments | $ 3066 | $ 2505 | $ 524 | $ 21 | $ 16 |_( a ) approximately $ 2262 million and $ 49 million of standby letters of credit in the 201cless than 1 year 201d and 201c1-3 year 201d periods , respectively , and approximately $ 38 million of surety bonds in the 201cless than 1 year 201d period are expected to renew for additional periods until completion of the contractual obligation .
included in the table above is approximately $ 200 million representing letter of credit and surety bond amounts for which related obligations or liabilities are also recorded in the bal- ance sheet , either as reductions of inventories , as customer advances and amounts in excess of costs incurred , or as other liabilities .
approximately $ 2 billion of the standby letters of credit in the table above were to secure advance payments received under an f-16 contract from an international cus- tomer .
these letters of credit are available for draw down in the event of our nonperformance , and the amount available will be reduced as certain events occur throughout the period of performance in accordance with the contract terms .
similar to the letters of credit for the f-16 contract , other letters of credit and surety bonds are available for draw down in the event of our nonperformance .
at december 31 , 2005 , we had no material off-balance sheet arrangements as those arrangements are defined by the securities and exchange commission ( sec ) .
quantitative and qualitative disclosure of market risk our main exposure to market risk relates to interest rates and foreign currency exchange rates .
our financial instruments that are subject to interest rate risk principally include fixed- rate and floating rate long-term debt .
if interest rates were to change by plus or minus 1% ( 1 % ) , interest expense would increase or decrease by approximately $ 10 million related to our float- ing rate debt .
the estimated fair values of the corporation 2019s long-term debt instruments at december 31 , 2005 aggregated approximately $ 6.2 billion , compared with a carrying amount of approximately $ 5.0 billion .
the majority of our long-term debt obligations are not callable until maturity .
we have used interest rate swaps in the past to manage our exposure to fixed and variable interest rates ; however , at year-end 2005 , we had no such agreements in place .
we use forward foreign exchange contracts to manage our exposure to fluctuations in foreign currency exchange rates , and do so in ways that qualify for hedge accounting treatment .
these exchange contracts hedge the fluctuations in cash flows associated with firm commitments or specific anticipated transactions contracted in foreign currencies , or hedge the exposure to rate changes affecting foreign currency denomi- nated assets or liabilities .
related gains and losses on these contracts , to the extent they are effective hedges , are recog- nized in income at the same time the hedged transaction is recognized or when the hedged asset or liability is adjusted .
to the extent the hedges are ineffective , gains and losses on the contracts are recognized in the current period .
at december 31 , 2005 , the fair value of forward exchange con- tracts outstanding , as well as the amounts of gains and losses recorded during the year then ended , were not material .
we do not hold or issue derivative financial instruments for trad- ing or speculative purposes .
recent accounting pronouncements in december 2004 , the fasb issued fas 123 ( r ) , share- based payments , which will impact our net earnings and earn- ings per share and change the classification of certain elements of the statement of cash flows .
fas 123 ( r ) requires stock options and other share-based payments made to employees to be accounted for as compensation expense and recorded at fair lockheed martin corporation management 2019s discussion and analysis of financial condition and results of operations december 31 , 2005 . | 2,005 | 40 | LMT | Lockheed Martin | Industrials | Aerospace & Defense | Bethesda, Maryland | 1957-03-04 | 936,468 | 1995 | null | null |
finqa178 | what is the percent change in quarterly cash dividend for the period ended march 31 2002 to the period ended march 31 2003? | 1.11% | multiply(divide(subtract(.455, .450), .450), const_100) | market price and dividends d u k e r e a l t y c o r p o r a t i o n 3 8 2 0 0 2 a n n u a l r e p o r t the company 2019s common shares are listed for trading on the new york stock exchange , symbol dre .
the following table sets forth the high and low sales prices of the common stock for the periods indicated and the dividend paid per share during each such period .
comparable cash dividends are expected in the future .
on january 29 , 2003 , the company declared a quarterly cash dividend of $ .455 per share , payable on february 28 , 2003 , to common shareholders of record on february 14 , 2003. . | . | | | quarter ended | 2002 high | 2002 low | 2002 dividend | 2002 high | 2002 low | dividend |
|---:|:----------------|:------------|:-----------|:----------------|:------------|:-----------|:-----------|
| 0 | december 31 | $ 25.84 | $ 21.50 | $ .455 | $ 24.80 | $ 22.00 | $ .45 |
| 1 | september 30 | 28.88 | 21.40 | .455 | 26.17 | 21.60 | .45 |
| 2 | june 30 | 28.95 | 25.46 | .450 | 24.99 | 22.00 | .43 |
| 3 | march 31 | 26.50 | 22.92 | .450 | 25.44 | 21.85 | .43 | | market price and dividends d u k e r e a l t y c o r p o r a t i o n 3 8 2 0 0 2 a n n u a l r e p o r t the company 2019s common shares are listed for trading on the new york stock exchange , symbol dre .
the following table sets forth the high and low sales prices of the common stock for the periods indicated and the dividend paid per share during each such period .
comparable cash dividends are expected in the future .
on january 29 , 2003 , the company declared a quarterly cash dividend of $ .455 per share , payable on february 28 , 2003 , to common shareholders of record on february 14 , 2003. ._| | quarter ended | 2002 high | 2002 low | 2002 dividend | 2002 high | 2002 low | dividend |
|---:|:----------------|:------------|:-----------|:----------------|:------------|:-----------|:-----------|
| 0 | december 31 | $ 25.84 | $ 21.50 | $ .455 | $ 24.80 | $ 22.00 | $ .45 |
| 1 | september 30 | 28.88 | 21.40 | .455 | 26.17 | 21.60 | .45 |
| 2 | june 30 | 28.95 | 25.46 | .450 | 24.99 | 22.00 | .43 |
| 3 | march 31 | 26.50 | 22.92 | .450 | 25.44 | 21.85 | .43 |_. | 2,002 | 40 | DRE | Duke Realty Corporation | Real Estate | Industrial REITs | Indianapolis, IN | 2004-01-01 | 783,280 | 1972 | what is the percent change in quarterly cash dividend for the period ended march 31 2002 to the period ended march 31 2003? | 1.11% | multiply(divide(subtract(.455, .450), .450), const_100) | market price and dividends d u k e r e a l t y c o r p o r a t i o n 3 8 2 0 0 2 a n n u a l r e p o r t the company 2019s common shares are listed for trading on the new york stock exchange , symbol dre .
the following table sets forth the high and low sales prices of the common stock for the periods indicated and the dividend paid per share during each such period .
comparable cash dividends are expected in the future .
on january 29 , 2003 , the company declared a quarterly cash dividend of $ .455 per share , payable on february 28 , 2003 , to common shareholders of record on february 14 , 2003. . | . | | | quarter ended | 2002 high | 2002 low | 2002 dividend | 2002 high | 2002 low | dividend |
|---:|:----------------|:------------|:-----------|:----------------|:------------|:-----------|:-----------|
| 0 | december 31 | $ 25.84 | $ 21.50 | $ .455 | $ 24.80 | $ 22.00 | $ .45 |
| 1 | september 30 | 28.88 | 21.40 | .455 | 26.17 | 21.60 | .45 |
| 2 | june 30 | 28.95 | 25.46 | .450 | 24.99 | 22.00 | .43 |
| 3 | march 31 | 26.50 | 22.92 | .450 | 25.44 | 21.85 | .43 | | market price and dividends d u k e r e a l t y c o r p o r a t i o n 3 8 2 0 0 2 a n n u a l r e p o r t the company 2019s common shares are listed for trading on the new york stock exchange , symbol dre .
the following table sets forth the high and low sales prices of the common stock for the periods indicated and the dividend paid per share during each such period .
comparable cash dividends are expected in the future .
on january 29 , 2003 , the company declared a quarterly cash dividend of $ .455 per share , payable on february 28 , 2003 , to common shareholders of record on february 14 , 2003. ._| | quarter ended | 2002 high | 2002 low | 2002 dividend | 2002 high | 2002 low | dividend |
|---:|:----------------|:------------|:-----------|:----------------|:------------|:-----------|:-----------|
| 0 | december 31 | $ 25.84 | $ 21.50 | $ .455 | $ 24.80 | $ 22.00 | $ .45 |
| 1 | september 30 | 28.88 | 21.40 | .455 | 26.17 | 21.60 | .45 |
| 2 | june 30 | 28.95 | 25.46 | .450 | 24.99 | 22.00 | .43 |
| 3 | march 31 | 26.50 | 22.92 | .450 | 25.44 | 21.85 | .43 |_. | 2,002 | 40 | DRE | Duke Realty Corporation | Real Estate | Industrial REITs | Indianapolis, IN | 2004-01-01 | 783,280 | 1972 | null | null |
finqa179 | what portion of the adjusted consolidated cash flow for the twelve months ended december 31 , 2005 is related to non-tower cash flow? | -5.8% | divide(multiply(30584, const_m1), 531822) | with apb no .
25 .
instead , companies will be required to account for such transactions using a fair-value method and recognize the related expense associated with share-based payments in the statement of operations .
sfas 123r is effective for us as of january 1 , 2006 .
we have historically accounted for share-based payments to employees under apb no .
25 2019s intrinsic value method .
as such , we generally have not recognized compensation expense for options granted to employees .
we will adopt the provisions of sfas 123r under the modified prospective method , in which compensation cost for all share-based payments granted or modified after the effective date is recognized based upon the requirements of sfas 123r , and compensation cost for all awards granted to employees prior to the effective date that are unvested as of the effective date of sfas 123r is recognized based on sfas 123 .
tax benefits will be recognized related to the cost for share-based payments to the extent the equity instrument would ordinarily result in a future tax deduction under existing law .
tax expense will be recognized to write off excess deferred tax assets when the tax deduction upon settlement of a vested option is less than the expense recorded in the statement of operations ( to the extent not offset by prior tax credits for settlements where the tax deduction was greater than the fair value cost ) .
we estimate that we will recognize equity-based compensation expense of approximately $ 35 million to $ 38 million for the year ending december 31 , 2006 .
this amount is subject to revisions as we finalize certain assumptions related to 2006 , including the size and nature of awards and forfeiture rates .
sfas 123r also requires the benefits of tax deductions in excess of recognized compensation cost be reported as a financing cash flow rather than as operating cash flow as was previously required .
we cannot estimate what the future tax benefits will be as the amounts depend on , among other factors , future employee stock option exercises .
due to the our tax loss position , there was no operating cash inflow realized for december 31 , 2005 and 2004 for such excess tax deductions .
in march 2005 , the sec issued staff accounting bulletin ( sab ) no .
107 regarding the staff 2019s interpretation of sfas 123r .
this interpretation provides the staff 2019s views regarding interactions between sfas 123r and certain sec rules and regulations and provides interpretations of the valuation of share-based payments for public companies .
the interpretive guidance is intended to assist companies in applying the provisions of sfas 123r and investors and users of the financial statements in analyzing the information provided .
we will follow the guidance prescribed in sab no .
107 in connection with our adoption of sfas 123r .
information presented pursuant to the indentures of our 7.50% ( 7.50 % ) notes , 7.125% ( 7.125 % ) notes and ati 7.25% ( 7.25 % ) the following table sets forth information that is presented solely to address certain tower cash flow reporting requirements contained in the indentures for our 7.50% ( 7.50 % ) notes , 7.125% ( 7.125 % ) notes and ati 7.25% ( 7.25 % ) notes .
the information contained in note 19 to our consolidated financial statements is also presented to address certain reporting requirements contained in the indenture for our ati 7.25% ( 7.25 % ) notes .
the following table presents tower cash flow , adjusted consolidated cash flow and non-tower cash flow for the company and its restricted subsidiaries , as defined in the indentures for the applicable notes ( in thousands ) : . | . | | | tower cash flow for the three months ended december 31 2005 | $ 139590 |
|---:|:------------------------------------------------------------------------------|:-------------------|
| 0 | consolidated cash flow for the twelve months ended december 31 2005 | $ 498266 |
| 1 | less : tower cash flow for the twelve months ended december 31 2005 | -524804 ( 524804 ) |
| 2 | plus : four times tower cash flow for the three months ended december 31 2005 | 558360 |
| 3 | adjusted consolidated cash flow for the twelve months ended december 31 2005 | $ 531822 |
| 4 | non-tower cash flow for the twelve months ended december 31 2005 | $ -30584 ( 30584 ) | | with apb no .
25 .
instead , companies will be required to account for such transactions using a fair-value method and recognize the related expense associated with share-based payments in the statement of operations .
sfas 123r is effective for us as of january 1 , 2006 .
we have historically accounted for share-based payments to employees under apb no .
25 2019s intrinsic value method .
as such , we generally have not recognized compensation expense for options granted to employees .
we will adopt the provisions of sfas 123r under the modified prospective method , in which compensation cost for all share-based payments granted or modified after the effective date is recognized based upon the requirements of sfas 123r , and compensation cost for all awards granted to employees prior to the effective date that are unvested as of the effective date of sfas 123r is recognized based on sfas 123 .
tax benefits will be recognized related to the cost for share-based payments to the extent the equity instrument would ordinarily result in a future tax deduction under existing law .
tax expense will be recognized to write off excess deferred tax assets when the tax deduction upon settlement of a vested option is less than the expense recorded in the statement of operations ( to the extent not offset by prior tax credits for settlements where the tax deduction was greater than the fair value cost ) .
we estimate that we will recognize equity-based compensation expense of approximately $ 35 million to $ 38 million for the year ending december 31 , 2006 .
this amount is subject to revisions as we finalize certain assumptions related to 2006 , including the size and nature of awards and forfeiture rates .
sfas 123r also requires the benefits of tax deductions in excess of recognized compensation cost be reported as a financing cash flow rather than as operating cash flow as was previously required .
we cannot estimate what the future tax benefits will be as the amounts depend on , among other factors , future employee stock option exercises .
due to the our tax loss position , there was no operating cash inflow realized for december 31 , 2005 and 2004 for such excess tax deductions .
in march 2005 , the sec issued staff accounting bulletin ( sab ) no .
107 regarding the staff 2019s interpretation of sfas 123r .
this interpretation provides the staff 2019s views regarding interactions between sfas 123r and certain sec rules and regulations and provides interpretations of the valuation of share-based payments for public companies .
the interpretive guidance is intended to assist companies in applying the provisions of sfas 123r and investors and users of the financial statements in analyzing the information provided .
we will follow the guidance prescribed in sab no .
107 in connection with our adoption of sfas 123r .
information presented pursuant to the indentures of our 7.50% ( 7.50 % ) notes , 7.125% ( 7.125 % ) notes and ati 7.25% ( 7.25 % ) the following table sets forth information that is presented solely to address certain tower cash flow reporting requirements contained in the indentures for our 7.50% ( 7.50 % ) notes , 7.125% ( 7.125 % ) notes and ati 7.25% ( 7.25 % ) notes .
the information contained in note 19 to our consolidated financial statements is also presented to address certain reporting requirements contained in the indenture for our ati 7.25% ( 7.25 % ) notes .
the following table presents tower cash flow , adjusted consolidated cash flow and non-tower cash flow for the company and its restricted subsidiaries , as defined in the indentures for the applicable notes ( in thousands ) : ._| | tower cash flow for the three months ended december 31 2005 | $ 139590 |
|---:|:------------------------------------------------------------------------------|:-------------------|
| 0 | consolidated cash flow for the twelve months ended december 31 2005 | $ 498266 |
| 1 | less : tower cash flow for the twelve months ended december 31 2005 | -524804 ( 524804 ) |
| 2 | plus : four times tower cash flow for the three months ended december 31 2005 | 558360 |
| 3 | adjusted consolidated cash flow for the twelve months ended december 31 2005 | $ 531822 |
| 4 | non-tower cash flow for the twelve months ended december 31 2005 | $ -30584 ( 30584 ) |_. | 2,005 | 54 | AMT | American Tower | Real Estate | Telecom Tower REITs | Boston, Massachusetts | 2007-11-19 | 1,053,507 | 1995 | what portion of the adjusted consolidated cash flow for the twelve months ended december 31 , 2005 is related to non-tower cash flow? | -5.8% | divide(multiply(30584, const_m1), 531822) | with apb no .
25 .
instead , companies will be required to account for such transactions using a fair-value method and recognize the related expense associated with share-based payments in the statement of operations .
sfas 123r is effective for us as of january 1 , 2006 .
we have historically accounted for share-based payments to employees under apb no .
25 2019s intrinsic value method .
as such , we generally have not recognized compensation expense for options granted to employees .
we will adopt the provisions of sfas 123r under the modified prospective method , in which compensation cost for all share-based payments granted or modified after the effective date is recognized based upon the requirements of sfas 123r , and compensation cost for all awards granted to employees prior to the effective date that are unvested as of the effective date of sfas 123r is recognized based on sfas 123 .
tax benefits will be recognized related to the cost for share-based payments to the extent the equity instrument would ordinarily result in a future tax deduction under existing law .
tax expense will be recognized to write off excess deferred tax assets when the tax deduction upon settlement of a vested option is less than the expense recorded in the statement of operations ( to the extent not offset by prior tax credits for settlements where the tax deduction was greater than the fair value cost ) .
we estimate that we will recognize equity-based compensation expense of approximately $ 35 million to $ 38 million for the year ending december 31 , 2006 .
this amount is subject to revisions as we finalize certain assumptions related to 2006 , including the size and nature of awards and forfeiture rates .
sfas 123r also requires the benefits of tax deductions in excess of recognized compensation cost be reported as a financing cash flow rather than as operating cash flow as was previously required .
we cannot estimate what the future tax benefits will be as the amounts depend on , among other factors , future employee stock option exercises .
due to the our tax loss position , there was no operating cash inflow realized for december 31 , 2005 and 2004 for such excess tax deductions .
in march 2005 , the sec issued staff accounting bulletin ( sab ) no .
107 regarding the staff 2019s interpretation of sfas 123r .
this interpretation provides the staff 2019s views regarding interactions between sfas 123r and certain sec rules and regulations and provides interpretations of the valuation of share-based payments for public companies .
the interpretive guidance is intended to assist companies in applying the provisions of sfas 123r and investors and users of the financial statements in analyzing the information provided .
we will follow the guidance prescribed in sab no .
107 in connection with our adoption of sfas 123r .
information presented pursuant to the indentures of our 7.50% ( 7.50 % ) notes , 7.125% ( 7.125 % ) notes and ati 7.25% ( 7.25 % ) the following table sets forth information that is presented solely to address certain tower cash flow reporting requirements contained in the indentures for our 7.50% ( 7.50 % ) notes , 7.125% ( 7.125 % ) notes and ati 7.25% ( 7.25 % ) notes .
the information contained in note 19 to our consolidated financial statements is also presented to address certain reporting requirements contained in the indenture for our ati 7.25% ( 7.25 % ) notes .
the following table presents tower cash flow , adjusted consolidated cash flow and non-tower cash flow for the company and its restricted subsidiaries , as defined in the indentures for the applicable notes ( in thousands ) : . | . | | | tower cash flow for the three months ended december 31 2005 | $ 139590 |
|---:|:------------------------------------------------------------------------------|:-------------------|
| 0 | consolidated cash flow for the twelve months ended december 31 2005 | $ 498266 |
| 1 | less : tower cash flow for the twelve months ended december 31 2005 | -524804 ( 524804 ) |
| 2 | plus : four times tower cash flow for the three months ended december 31 2005 | 558360 |
| 3 | adjusted consolidated cash flow for the twelve months ended december 31 2005 | $ 531822 |
| 4 | non-tower cash flow for the twelve months ended december 31 2005 | $ -30584 ( 30584 ) | | with apb no .
25 .
instead , companies will be required to account for such transactions using a fair-value method and recognize the related expense associated with share-based payments in the statement of operations .
sfas 123r is effective for us as of january 1 , 2006 .
we have historically accounted for share-based payments to employees under apb no .
25 2019s intrinsic value method .
as such , we generally have not recognized compensation expense for options granted to employees .
we will adopt the provisions of sfas 123r under the modified prospective method , in which compensation cost for all share-based payments granted or modified after the effective date is recognized based upon the requirements of sfas 123r , and compensation cost for all awards granted to employees prior to the effective date that are unvested as of the effective date of sfas 123r is recognized based on sfas 123 .
tax benefits will be recognized related to the cost for share-based payments to the extent the equity instrument would ordinarily result in a future tax deduction under existing law .
tax expense will be recognized to write off excess deferred tax assets when the tax deduction upon settlement of a vested option is less than the expense recorded in the statement of operations ( to the extent not offset by prior tax credits for settlements where the tax deduction was greater than the fair value cost ) .
we estimate that we will recognize equity-based compensation expense of approximately $ 35 million to $ 38 million for the year ending december 31 , 2006 .
this amount is subject to revisions as we finalize certain assumptions related to 2006 , including the size and nature of awards and forfeiture rates .
sfas 123r also requires the benefits of tax deductions in excess of recognized compensation cost be reported as a financing cash flow rather than as operating cash flow as was previously required .
we cannot estimate what the future tax benefits will be as the amounts depend on , among other factors , future employee stock option exercises .
due to the our tax loss position , there was no operating cash inflow realized for december 31 , 2005 and 2004 for such excess tax deductions .
in march 2005 , the sec issued staff accounting bulletin ( sab ) no .
107 regarding the staff 2019s interpretation of sfas 123r .
this interpretation provides the staff 2019s views regarding interactions between sfas 123r and certain sec rules and regulations and provides interpretations of the valuation of share-based payments for public companies .
the interpretive guidance is intended to assist companies in applying the provisions of sfas 123r and investors and users of the financial statements in analyzing the information provided .
we will follow the guidance prescribed in sab no .
107 in connection with our adoption of sfas 123r .
information presented pursuant to the indentures of our 7.50% ( 7.50 % ) notes , 7.125% ( 7.125 % ) notes and ati 7.25% ( 7.25 % ) the following table sets forth information that is presented solely to address certain tower cash flow reporting requirements contained in the indentures for our 7.50% ( 7.50 % ) notes , 7.125% ( 7.125 % ) notes and ati 7.25% ( 7.25 % ) notes .
the information contained in note 19 to our consolidated financial statements is also presented to address certain reporting requirements contained in the indenture for our ati 7.25% ( 7.25 % ) notes .
the following table presents tower cash flow , adjusted consolidated cash flow and non-tower cash flow for the company and its restricted subsidiaries , as defined in the indentures for the applicable notes ( in thousands ) : ._| | tower cash flow for the three months ended december 31 2005 | $ 139590 |
|---:|:------------------------------------------------------------------------------|:-------------------|
| 0 | consolidated cash flow for the twelve months ended december 31 2005 | $ 498266 |
| 1 | less : tower cash flow for the twelve months ended december 31 2005 | -524804 ( 524804 ) |
| 2 | plus : four times tower cash flow for the three months ended december 31 2005 | 558360 |
| 3 | adjusted consolidated cash flow for the twelve months ended december 31 2005 | $ 531822 |
| 4 | non-tower cash flow for the twelve months ended december 31 2005 | $ -30584 ( 30584 ) |_. | 2,005 | 54 | AMT | American Tower | Real Estate | Telecom Tower REITs | Boston, Massachusetts | 2007-11-19 | 1,053,507 | 1995 | null | null |
finqa180 | what is the growth rate in net revenue in 2008 compare to 2007? | 9.4% | divide(subtract(252.7, 231.0), 231.0) | entergy new orleans , inc .
management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .
following is an analysis of the change in net revenue comparing 2008 to 2007 .
amount ( in millions ) . | the volume/weather variance is due to an increase in electricity usage in the service territory in 2008 compared to the same period in 2007 .
entergy new orleans estimates that approximately 141000 electric customers and 93000 gas customers have returned since hurricane katrina and are taking service as of december 31 , 2008 , compared to approximately 132000 electric customers and 86000 gas customers as of december 31 , 2007 .
billed retail electricity usage increased a total of 184 gwh compared to the same period in 2007 , an increase of 4% ( 4 % ) .
the net gas revenue variance is primarily due to an increase in base rates in march and november 2007 .
refer to note 2 to the financial statements for a discussion of the base rate increase .
the rider revenue variance is due primarily to higher total revenue and a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006 .
the approved storm reserve has been set to collect $ 75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account .
the settlement agreement is discussed in note 2 to the financial statements .
the base revenue variance is primarily due to a base rate recovery credit , effective january 2008 .
the base rate credit is discussed in note 2 to the financial statements .
gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 58.9 million in gross wholesale revenue due to increased sales to affiliated customers and an increase in the average price of energy available for resale sales ; an increase of $ 47.7 million in electric fuel cost recovery revenues due to higher fuel rates and increased electricity usage ; and an increase of $ 22 million in gross gas revenues due to higher fuel recovery revenues and increases in gas base rates in march 2007 and november 2007 .
fuel and purchased power increased primarily due to increases in the average market prices of natural gas and purchased power in addition to an increase in demand. . | | | | amount ( in millions ) |
|---:|:-----------------|:-------------------------|
| 0 | 2007 net revenue | $ 231.0 |
| 1 | volume/weather | 15.5 |
| 2 | net gas revenue | 6.6 |
| 3 | rider revenue | 3.9 |
| 4 | base revenue | -11.3 ( 11.3 ) |
| 5 | other | 7.0 |
| 6 | 2008 net revenue | $ 252.7 | | entergy new orleans , inc .
management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .
following is an analysis of the change in net revenue comparing 2008 to 2007 .
amount ( in millions ) ._| | | amount ( in millions ) |
|---:|:-----------------|:-------------------------|
| 0 | 2007 net revenue | $ 231.0 |
| 1 | volume/weather | 15.5 |
| 2 | net gas revenue | 6.6 |
| 3 | rider revenue | 3.9 |
| 4 | base revenue | -11.3 ( 11.3 ) |
| 5 | other | 7.0 |
| 6 | 2008 net revenue | $ 252.7 |_the volume/weather variance is due to an increase in electricity usage in the service territory in 2008 compared to the same period in 2007 .
entergy new orleans estimates that approximately 141000 electric customers and 93000 gas customers have returned since hurricane katrina and are taking service as of december 31 , 2008 , compared to approximately 132000 electric customers and 86000 gas customers as of december 31 , 2007 .
billed retail electricity usage increased a total of 184 gwh compared to the same period in 2007 , an increase of 4% ( 4 % ) .
the net gas revenue variance is primarily due to an increase in base rates in march and november 2007 .
refer to note 2 to the financial statements for a discussion of the base rate increase .
the rider revenue variance is due primarily to higher total revenue and a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006 .
the approved storm reserve has been set to collect $ 75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account .
the settlement agreement is discussed in note 2 to the financial statements .
the base revenue variance is primarily due to a base rate recovery credit , effective january 2008 .
the base rate credit is discussed in note 2 to the financial statements .
gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 58.9 million in gross wholesale revenue due to increased sales to affiliated customers and an increase in the average price of energy available for resale sales ; an increase of $ 47.7 million in electric fuel cost recovery revenues due to higher fuel rates and increased electricity usage ; and an increase of $ 22 million in gross gas revenues due to higher fuel recovery revenues and increases in gas base rates in march 2007 and november 2007 .
fuel and purchased power increased primarily due to increases in the average market prices of natural gas and purchased power in addition to an increase in demand. . | 2,008 | 355 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | what is the growth rate in net revenue in 2008 compare to 2007? | 9.4% | divide(subtract(252.7, 231.0), 231.0) | entergy new orleans , inc .
management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .
following is an analysis of the change in net revenue comparing 2008 to 2007 .
amount ( in millions ) . | the volume/weather variance is due to an increase in electricity usage in the service territory in 2008 compared to the same period in 2007 .
entergy new orleans estimates that approximately 141000 electric customers and 93000 gas customers have returned since hurricane katrina and are taking service as of december 31 , 2008 , compared to approximately 132000 electric customers and 86000 gas customers as of december 31 , 2007 .
billed retail electricity usage increased a total of 184 gwh compared to the same period in 2007 , an increase of 4% ( 4 % ) .
the net gas revenue variance is primarily due to an increase in base rates in march and november 2007 .
refer to note 2 to the financial statements for a discussion of the base rate increase .
the rider revenue variance is due primarily to higher total revenue and a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006 .
the approved storm reserve has been set to collect $ 75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account .
the settlement agreement is discussed in note 2 to the financial statements .
the base revenue variance is primarily due to a base rate recovery credit , effective january 2008 .
the base rate credit is discussed in note 2 to the financial statements .
gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 58.9 million in gross wholesale revenue due to increased sales to affiliated customers and an increase in the average price of energy available for resale sales ; an increase of $ 47.7 million in electric fuel cost recovery revenues due to higher fuel rates and increased electricity usage ; and an increase of $ 22 million in gross gas revenues due to higher fuel recovery revenues and increases in gas base rates in march 2007 and november 2007 .
fuel and purchased power increased primarily due to increases in the average market prices of natural gas and purchased power in addition to an increase in demand. . | | | | amount ( in millions ) |
|---:|:-----------------|:-------------------------|
| 0 | 2007 net revenue | $ 231.0 |
| 1 | volume/weather | 15.5 |
| 2 | net gas revenue | 6.6 |
| 3 | rider revenue | 3.9 |
| 4 | base revenue | -11.3 ( 11.3 ) |
| 5 | other | 7.0 |
| 6 | 2008 net revenue | $ 252.7 | | entergy new orleans , inc .
management's financial discussion and analysis net revenue 2008 compared to 2007 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges .
following is an analysis of the change in net revenue comparing 2008 to 2007 .
amount ( in millions ) ._| | | amount ( in millions ) |
|---:|:-----------------|:-------------------------|
| 0 | 2007 net revenue | $ 231.0 |
| 1 | volume/weather | 15.5 |
| 2 | net gas revenue | 6.6 |
| 3 | rider revenue | 3.9 |
| 4 | base revenue | -11.3 ( 11.3 ) |
| 5 | other | 7.0 |
| 6 | 2008 net revenue | $ 252.7 |_the volume/weather variance is due to an increase in electricity usage in the service territory in 2008 compared to the same period in 2007 .
entergy new orleans estimates that approximately 141000 electric customers and 93000 gas customers have returned since hurricane katrina and are taking service as of december 31 , 2008 , compared to approximately 132000 electric customers and 86000 gas customers as of december 31 , 2007 .
billed retail electricity usage increased a total of 184 gwh compared to the same period in 2007 , an increase of 4% ( 4 % ) .
the net gas revenue variance is primarily due to an increase in base rates in march and november 2007 .
refer to note 2 to the financial statements for a discussion of the base rate increase .
the rider revenue variance is due primarily to higher total revenue and a storm reserve rider effective march 2007 as a result of the city council's approval of a settlement agreement in october 2006 .
the approved storm reserve has been set to collect $ 75 million over a ten-year period through the rider and the funds will be held in a restricted escrow account .
the settlement agreement is discussed in note 2 to the financial statements .
the base revenue variance is primarily due to a base rate recovery credit , effective january 2008 .
the base rate credit is discussed in note 2 to the financial statements .
gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 58.9 million in gross wholesale revenue due to increased sales to affiliated customers and an increase in the average price of energy available for resale sales ; an increase of $ 47.7 million in electric fuel cost recovery revenues due to higher fuel rates and increased electricity usage ; and an increase of $ 22 million in gross gas revenues due to higher fuel recovery revenues and increases in gas base rates in march 2007 and november 2007 .
fuel and purchased power increased primarily due to increases in the average market prices of natural gas and purchased power in addition to an increase in demand. . | 2,008 | 355 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | null | null |
finqa181 | what is the total operating income in 2013 , ( in millions ) ? | 1492 | subtract(multiply(1.6, const_1000), 108) | reinsurance commissions , fees and other revenue decreased 2% ( 2 % ) in 2014 reflecting a 1% ( 1 % ) unfavorable impact from foreign currency exchange rates and 1% ( 1 % ) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty , partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business , as well as facultative placements .
operating income operating income increased $ 108 million , or 7% ( 7 % ) , from 2013 to $ 1.6 billion in 2014 .
in 2014 , operating income margins in this segment were 21.0% ( 21.0 % ) , an increase of 120 basis points from 19.8% ( 19.8 % ) in 2013 .
operating margin improvement was driven by solid organic revenue growth , return on investments , expense discipline and savings related to the restructuring programs , partially offset by a $ 61 million unfavorable impact from foreign currency exchange rates .
hr solutions . | our hr solutions segment generated approximately 35% ( 35 % ) of our consolidated total revenues in 2014 and provides a broad range of human capital services , as follows : 2022 retirement specializes in global actuarial services , defined contribution consulting , tax and erisa consulting , and pension administration .
2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries .
2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management .
2022 investment consulting advises public and private companies , other institutions and trustees on developing and maintaining investment programs across a broad range of plan types , including defined benefit plans , defined contribution plans , endowments and foundations .
2022 benefits administration applies our human resource expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services .
our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions .
2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare , while helping individuals select the insurance that best meets their needs .
2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core human resource process transactions as well as other complementary services such as flexible spending , dependent audit and participant advocacy .
disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace .
weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate .
while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services , which is having an adverse effect on our new business and results of operations. . | | | years ended december 31 | 2014 | 2013 | 2012 |
|---:|:--------------------------|:-----------------|:---------------|:---------------|
| 0 | revenue | $ 4264 | $ 4057 | $ 3925 |
| 1 | operating income | 485 | 318 | 289 |
| 2 | operating margin | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % ) | | reinsurance commissions , fees and other revenue decreased 2% ( 2 % ) in 2014 reflecting a 1% ( 1 % ) unfavorable impact from foreign currency exchange rates and 1% ( 1 % ) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty , partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business , as well as facultative placements .
operating income operating income increased $ 108 million , or 7% ( 7 % ) , from 2013 to $ 1.6 billion in 2014 .
in 2014 , operating income margins in this segment were 21.0% ( 21.0 % ) , an increase of 120 basis points from 19.8% ( 19.8 % ) in 2013 .
operating margin improvement was driven by solid organic revenue growth , return on investments , expense discipline and savings related to the restructuring programs , partially offset by a $ 61 million unfavorable impact from foreign currency exchange rates .
hr solutions ._| | years ended december 31 | 2014 | 2013 | 2012 |
|---:|:--------------------------|:-----------------|:---------------|:---------------|
| 0 | revenue | $ 4264 | $ 4057 | $ 3925 |
| 1 | operating income | 485 | 318 | 289 |
| 2 | operating margin | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % ) |_our hr solutions segment generated approximately 35% ( 35 % ) of our consolidated total revenues in 2014 and provides a broad range of human capital services , as follows : 2022 retirement specializes in global actuarial services , defined contribution consulting , tax and erisa consulting , and pension administration .
2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries .
2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management .
2022 investment consulting advises public and private companies , other institutions and trustees on developing and maintaining investment programs across a broad range of plan types , including defined benefit plans , defined contribution plans , endowments and foundations .
2022 benefits administration applies our human resource expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services .
our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions .
2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare , while helping individuals select the insurance that best meets their needs .
2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core human resource process transactions as well as other complementary services such as flexible spending , dependent audit and participant advocacy .
disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace .
weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate .
while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services , which is having an adverse effect on our new business and results of operations. . | 2,014 | 47 | AON | Aon plc | Financials | Insurance Brokers | London, United Kingdom | 1996-04-23 | 315,293 | 1982 (1919) | what is the total operating income in 2013 , ( in millions ) ? | 1492 | subtract(multiply(1.6, const_1000), 108) | reinsurance commissions , fees and other revenue decreased 2% ( 2 % ) in 2014 reflecting a 1% ( 1 % ) unfavorable impact from foreign currency exchange rates and 1% ( 1 % ) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty , partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business , as well as facultative placements .
operating income operating income increased $ 108 million , or 7% ( 7 % ) , from 2013 to $ 1.6 billion in 2014 .
in 2014 , operating income margins in this segment were 21.0% ( 21.0 % ) , an increase of 120 basis points from 19.8% ( 19.8 % ) in 2013 .
operating margin improvement was driven by solid organic revenue growth , return on investments , expense discipline and savings related to the restructuring programs , partially offset by a $ 61 million unfavorable impact from foreign currency exchange rates .
hr solutions . | our hr solutions segment generated approximately 35% ( 35 % ) of our consolidated total revenues in 2014 and provides a broad range of human capital services , as follows : 2022 retirement specializes in global actuarial services , defined contribution consulting , tax and erisa consulting , and pension administration .
2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries .
2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management .
2022 investment consulting advises public and private companies , other institutions and trustees on developing and maintaining investment programs across a broad range of plan types , including defined benefit plans , defined contribution plans , endowments and foundations .
2022 benefits administration applies our human resource expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services .
our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions .
2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare , while helping individuals select the insurance that best meets their needs .
2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core human resource process transactions as well as other complementary services such as flexible spending , dependent audit and participant advocacy .
disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace .
weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate .
while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services , which is having an adverse effect on our new business and results of operations. . | | | years ended december 31 | 2014 | 2013 | 2012 |
|---:|:--------------------------|:-----------------|:---------------|:---------------|
| 0 | revenue | $ 4264 | $ 4057 | $ 3925 |
| 1 | operating income | 485 | 318 | 289 |
| 2 | operating margin | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % ) | | reinsurance commissions , fees and other revenue decreased 2% ( 2 % ) in 2014 reflecting a 1% ( 1 % ) unfavorable impact from foreign currency exchange rates and 1% ( 1 % ) decline in organic revenue growth due primarily to a significant unfavorable market impact in treaty , partially offset by net new business growth in treaty placements globally and growth in capital markets transactions and advisory business , as well as facultative placements .
operating income operating income increased $ 108 million , or 7% ( 7 % ) , from 2013 to $ 1.6 billion in 2014 .
in 2014 , operating income margins in this segment were 21.0% ( 21.0 % ) , an increase of 120 basis points from 19.8% ( 19.8 % ) in 2013 .
operating margin improvement was driven by solid organic revenue growth , return on investments , expense discipline and savings related to the restructuring programs , partially offset by a $ 61 million unfavorable impact from foreign currency exchange rates .
hr solutions ._| | years ended december 31 | 2014 | 2013 | 2012 |
|---:|:--------------------------|:-----------------|:---------------|:---------------|
| 0 | revenue | $ 4264 | $ 4057 | $ 3925 |
| 1 | operating income | 485 | 318 | 289 |
| 2 | operating margin | 11.4% ( 11.4 % ) | 7.8% ( 7.8 % ) | 7.4% ( 7.4 % ) |_our hr solutions segment generated approximately 35% ( 35 % ) of our consolidated total revenues in 2014 and provides a broad range of human capital services , as follows : 2022 retirement specializes in global actuarial services , defined contribution consulting , tax and erisa consulting , and pension administration .
2022 compensation focuses on compensatory advisory/counsel including : compensation planning design , executive reward strategies , salary survey and benchmarking , market share studies and sales force effectiveness , with special expertise in the financial services and technology industries .
2022 strategic human capital delivers advice to complex global organizations on talent , change and organizational effectiveness issues , including talent strategy and acquisition , executive on-boarding , performance management , leadership assessment and development , communication strategy , workforce training and change management .
2022 investment consulting advises public and private companies , other institutions and trustees on developing and maintaining investment programs across a broad range of plan types , including defined benefit plans , defined contribution plans , endowments and foundations .
2022 benefits administration applies our human resource expertise primarily through defined benefit ( pension ) , defined contribution ( 401 ( k ) ) , and health and welfare administrative services .
our model replaces the resource-intensive processes once required to administer benefit plans with more efficient , effective , and less costly solutions .
2022 exchanges is building and operating healthcare exchanges that provide employers with a cost effective alternative to traditional employee and retiree healthcare , while helping individuals select the insurance that best meets their needs .
2022 human resource business processing outsourcing provides market-leading solutions to manage employee data ; administer benefits , payroll and other human resources processes ; and record and manage talent , workforce and other core human resource process transactions as well as other complementary services such as flexible spending , dependent audit and participant advocacy .
disruption in the global credit markets and the deterioration of the financial markets created significant uncertainty in the marketplace .
weak economic conditions in many markets around the globe continued throughout 2014 and have adversely impacted our clients' financial condition and therefore the levels of business activities in the industries and geographies where we operate .
while we believe that the majority of our practices are well positioned to manage through this time , these challenges are reducing demand for some of our services and putting continued pressure on the pricing of those services , which is having an adverse effect on our new business and results of operations. . | 2,014 | 47 | AON | Aon plc | Financials | Insurance Brokers | London, United Kingdom | 1996-04-23 | 315,293 | 1982 (1919) | null | null |
finqa182 | what is the net change in net revenue for entergy texas , inc . during 2007? | 39 | subtract(442.3, 403.3) | entergy texas , inc .
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 .
amount ( in millions ) . | 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 .
the receipt of such payments is being . | | | | amount ( in millions ) |
|---:|:---------------------------------|:-------------------------|
| 0 | 2006 net revenue | $ 403.3 |
| 1 | purchased power capacity | 13.1 |
| 2 | securitization transition charge | 9.9 |
| 3 | volume/weather | 9.7 |
| 4 | transmission revenue | 6.1 |
| 5 | base revenue | 2.6 |
| 6 | other | -2.4 ( 2.4 ) |
| 7 | 2007 net revenue | $ 442.3 | | entergy texas , inc .
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 .
amount ( in millions ) ._| | | amount ( in millions ) |
|---:|:---------------------------------|:-------------------------|
| 0 | 2006 net revenue | $ 403.3 |
| 1 | purchased power capacity | 13.1 |
| 2 | securitization transition charge | 9.9 |
| 3 | volume/weather | 9.7 |
| 4 | transmission revenue | 6.1 |
| 5 | base revenue | 2.6 |
| 6 | other | -2.4 ( 2.4 ) |
| 7 | 2007 net revenue | $ 442.3 |_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 .
the receipt of such payments is being . | 2,008 | 377 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | what is the net change in net revenue for entergy texas , inc . during 2007? | 39 | subtract(442.3, 403.3) | entergy texas , inc .
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 .
amount ( in millions ) . | 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 .
the receipt of such payments is being . | | | | amount ( in millions ) |
|---:|:---------------------------------|:-------------------------|
| 0 | 2006 net revenue | $ 403.3 |
| 1 | purchased power capacity | 13.1 |
| 2 | securitization transition charge | 9.9 |
| 3 | volume/weather | 9.7 |
| 4 | transmission revenue | 6.1 |
| 5 | base revenue | 2.6 |
| 6 | other | -2.4 ( 2.4 ) |
| 7 | 2007 net revenue | $ 442.3 | | entergy texas , inc .
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 .
amount ( in millions ) ._| | | amount ( in millions ) |
|---:|:---------------------------------|:-------------------------|
| 0 | 2006 net revenue | $ 403.3 |
| 1 | purchased power capacity | 13.1 |
| 2 | securitization transition charge | 9.9 |
| 3 | volume/weather | 9.7 |
| 4 | transmission revenue | 6.1 |
| 5 | base revenue | 2.6 |
| 6 | other | -2.4 ( 2.4 ) |
| 7 | 2007 net revenue | $ 442.3 |_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 .
the receipt of such payments is being . | 2,008 | 377 | ETR | Entergy | Utilities | Electric Utilities | New Orleans, Louisiana | 1957-03-04 | 65,984 | 1913 | null | null |
finqa183 | what is the rate of return of an investment in s&p500 inc from 2001 to 2005? | 11.2% | divide(subtract(111.15, const_100), const_100) | the following graph compares the cumulative 5-year total return to shareholders of cadence design systems , inc . 2019s common stock relative to the cumulative total returns of the s & p 500 index , the nasdaq composite index and the s & p information technology index .
the graph assumes that the value of the investment in the company 2019s common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on december 29 , 2001 and tracks it through december 30 , 2006 .
comparison of 5 year cumulative total return* among cadence design systems , inc. , the s & p 500 index , the nasdaq composite index and the s & p information technology index 12/30/0612/31/051/1/051/3/0412/28/0212/29/01 cadence design systems , inc .
nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/29/01 in stock or on 12/31/01 in index-incuding reinvestment of dividends .
indexes calculated on month-end basis .
copyright b7 2007 , standard & poor 2019s , a division of the mcgraw-hill companies , inc .
all rights reserved .
www.researchdatagroup.com/s&p.htm december 29 , december 28 , january 3 , january 1 , december 31 , december 30 . | . | | | | december 29 2001 | december 28 2002 | january 3 2004 | january 1 2005 | december 31 2005 | december 30 2006 |
|---:|:-----------------------------|-------------------:|-------------------:|-----------------:|-----------------:|-------------------:|-------------------:|
| 0 | cadence design systems inc . | 100 | 54.38 | 81.52 | 61.65 | 75.54 | 79.96 |
| 1 | s & p 500 | 100 | 77.9 | 100.24 | 111.15 | 116.61 | 135.03 |
| 2 | nasdaq composite | 100 | 71.97 | 107.18 | 117.07 | 120.5 | 137.02 |
| 3 | s & p information technology | 100 | 62.59 | 92.14 | 94.5 | 95.44 | 103.47 | | the following graph compares the cumulative 5-year total return to shareholders of cadence design systems , inc . 2019s common stock relative to the cumulative total returns of the s & p 500 index , the nasdaq composite index and the s & p information technology index .
the graph assumes that the value of the investment in the company 2019s common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on december 29 , 2001 and tracks it through december 30 , 2006 .
comparison of 5 year cumulative total return* among cadence design systems , inc. , the s & p 500 index , the nasdaq composite index and the s & p information technology index 12/30/0612/31/051/1/051/3/0412/28/0212/29/01 cadence design systems , inc .
nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/29/01 in stock or on 12/31/01 in index-incuding reinvestment of dividends .
indexes calculated on month-end basis .
copyright b7 2007 , standard & poor 2019s , a division of the mcgraw-hill companies , inc .
all rights reserved .
www.researchdatagroup.com/s&p.htm december 29 , december 28 , january 3 , january 1 , december 31 , december 30 ._| | | december 29 2001 | december 28 2002 | january 3 2004 | january 1 2005 | december 31 2005 | december 30 2006 |
|---:|:-----------------------------|-------------------:|-------------------:|-----------------:|-----------------:|-------------------:|-------------------:|
| 0 | cadence design systems inc . | 100 | 54.38 | 81.52 | 61.65 | 75.54 | 79.96 |
| 1 | s & p 500 | 100 | 77.9 | 100.24 | 111.15 | 116.61 | 135.03 |
| 2 | nasdaq composite | 100 | 71.97 | 107.18 | 117.07 | 120.5 | 137.02 |
| 3 | s & p information technology | 100 | 62.59 | 92.14 | 94.5 | 95.44 | 103.47 |_. | 2,006 | 30 | CDNS | Cadence Design Systems | Information Technology | Application Software | San Jose, California | 2017-09-18 | 813,672 | 1988 | what is the rate of return of an investment in s&p500 inc from 2001 to 2005? | 11.2% | divide(subtract(111.15, const_100), const_100) | the following graph compares the cumulative 5-year total return to shareholders of cadence design systems , inc . 2019s common stock relative to the cumulative total returns of the s & p 500 index , the nasdaq composite index and the s & p information technology index .
the graph assumes that the value of the investment in the company 2019s common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on december 29 , 2001 and tracks it through december 30 , 2006 .
comparison of 5 year cumulative total return* among cadence design systems , inc. , the s & p 500 index , the nasdaq composite index and the s & p information technology index 12/30/0612/31/051/1/051/3/0412/28/0212/29/01 cadence design systems , inc .
nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/29/01 in stock or on 12/31/01 in index-incuding reinvestment of dividends .
indexes calculated on month-end basis .
copyright b7 2007 , standard & poor 2019s , a division of the mcgraw-hill companies , inc .
all rights reserved .
www.researchdatagroup.com/s&p.htm december 29 , december 28 , january 3 , january 1 , december 31 , december 30 . | . | | | | december 29 2001 | december 28 2002 | january 3 2004 | january 1 2005 | december 31 2005 | december 30 2006 |
|---:|:-----------------------------|-------------------:|-------------------:|-----------------:|-----------------:|-------------------:|-------------------:|
| 0 | cadence design systems inc . | 100 | 54.38 | 81.52 | 61.65 | 75.54 | 79.96 |
| 1 | s & p 500 | 100 | 77.9 | 100.24 | 111.15 | 116.61 | 135.03 |
| 2 | nasdaq composite | 100 | 71.97 | 107.18 | 117.07 | 120.5 | 137.02 |
| 3 | s & p information technology | 100 | 62.59 | 92.14 | 94.5 | 95.44 | 103.47 | | the following graph compares the cumulative 5-year total return to shareholders of cadence design systems , inc . 2019s common stock relative to the cumulative total returns of the s & p 500 index , the nasdaq composite index and the s & p information technology index .
the graph assumes that the value of the investment in the company 2019s common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on december 29 , 2001 and tracks it through december 30 , 2006 .
comparison of 5 year cumulative total return* among cadence design systems , inc. , the s & p 500 index , the nasdaq composite index and the s & p information technology index 12/30/0612/31/051/1/051/3/0412/28/0212/29/01 cadence design systems , inc .
nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/29/01 in stock or on 12/31/01 in index-incuding reinvestment of dividends .
indexes calculated on month-end basis .
copyright b7 2007 , standard & poor 2019s , a division of the mcgraw-hill companies , inc .
all rights reserved .
www.researchdatagroup.com/s&p.htm december 29 , december 28 , january 3 , january 1 , december 31 , december 30 ._| | | december 29 2001 | december 28 2002 | january 3 2004 | january 1 2005 | december 31 2005 | december 30 2006 |
|---:|:-----------------------------|-------------------:|-------------------:|-----------------:|-----------------:|-------------------:|-------------------:|
| 0 | cadence design systems inc . | 100 | 54.38 | 81.52 | 61.65 | 75.54 | 79.96 |
| 1 | s & p 500 | 100 | 77.9 | 100.24 | 111.15 | 116.61 | 135.03 |
| 2 | nasdaq composite | 100 | 71.97 | 107.18 | 117.07 | 120.5 | 137.02 |
| 3 | s & p information technology | 100 | 62.59 | 92.14 | 94.5 | 95.44 | 103.47 |_. | 2,006 | 30 | CDNS | Cadence Design Systems | Information Technology | Application Software | San Jose, California | 2017-09-18 | 813,672 | 1988 | null | null |
finqa184 | what was the profit margin in 2015 | 5.8% | divide(231277, 3967008) | simplify the presentation of deferred income taxes and reduce complexity without decreasing the usefulness of information provided to users of financial statements .
the adoption of this pronouncement did not have a significant impact on the company 2019s financial position , results of operations and cash flows .
3 .
acquisitions endomondo on january 5 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of endomondo , a denmark- based digital connected fitness company , to expand the under armour connected fitness community .
the purchase price was $ 85.0 million , adjusted for working capital .
the company recognized $ 0.6 million and $ 0.8 million in acquisition related costs that were expensed during the three months ended march 31 , 2015 and december 31 , 2014 , respectively .
these costs are included in the consolidated statements of income in the line item entitled 201cselling , general and administrative expenses . 201d pro forma results are not presented , as the acquisition was not considered material to the consolidated company .
myfitnesspal on march 17 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of mfp , a digital nutrition and connected fitness company , to expand the under armour connected fitness community .
the final adjusted transaction value totaled $ 474.0 million .
the total consideration of $ 463.9 million was adjusted to reflect the accelerated vesting of certain share awards of mfp , which are not conditioned upon continued employment , and transaction costs borne by the selling shareholders .
the acquisition was funded with $ 400.0 million of increased term loan borrowings and a draw on the revolving credit facility , with the remaining amount funded by cash on the company recognized $ 5.7 million of acquisition related costs that were expensed during the three months ended march 31 , 2015 .
these costs are included in the consolidated statement of income in the line item entitled 201cselling , general and administrative expenses . 201d the following represents the pro forma consolidated income statement as if mfp had been included in the consolidated results of the company for the year ended december 31 , 2015 and december 31 , 2014: . | these amounts have been calculated after applying the company 2019s accounting policies and adjusting the results of mfp to reflect the acquisition as if it closed on january 1 , 2014 .
pro forma net income for the year ended december 31 , 2014 includes $ 5.7 million in transaction expenses which were included in the consolidated statement of income for the year ended december 31 , 2015 , but excluded from the calculation of pro forma net income for december 31 , 2015. . | | | ( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014 |
|---:|:-------------------|:--------------------------------|:--------------------------------|
| 0 | net revenues | $ 3967008 | $ 3098341 |
| 1 | net income | 231277 | 189659 | | simplify the presentation of deferred income taxes and reduce complexity without decreasing the usefulness of information provided to users of financial statements .
the adoption of this pronouncement did not have a significant impact on the company 2019s financial position , results of operations and cash flows .
3 .
acquisitions endomondo on january 5 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of endomondo , a denmark- based digital connected fitness company , to expand the under armour connected fitness community .
the purchase price was $ 85.0 million , adjusted for working capital .
the company recognized $ 0.6 million and $ 0.8 million in acquisition related costs that were expensed during the three months ended march 31 , 2015 and december 31 , 2014 , respectively .
these costs are included in the consolidated statements of income in the line item entitled 201cselling , general and administrative expenses . 201d pro forma results are not presented , as the acquisition was not considered material to the consolidated company .
myfitnesspal on march 17 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of mfp , a digital nutrition and connected fitness company , to expand the under armour connected fitness community .
the final adjusted transaction value totaled $ 474.0 million .
the total consideration of $ 463.9 million was adjusted to reflect the accelerated vesting of certain share awards of mfp , which are not conditioned upon continued employment , and transaction costs borne by the selling shareholders .
the acquisition was funded with $ 400.0 million of increased term loan borrowings and a draw on the revolving credit facility , with the remaining amount funded by cash on the company recognized $ 5.7 million of acquisition related costs that were expensed during the three months ended march 31 , 2015 .
these costs are included in the consolidated statement of income in the line item entitled 201cselling , general and administrative expenses . 201d the following represents the pro forma consolidated income statement as if mfp had been included in the consolidated results of the company for the year ended december 31 , 2015 and december 31 , 2014: ._| | ( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014 |
|---:|:-------------------|:--------------------------------|:--------------------------------|
| 0 | net revenues | $ 3967008 | $ 3098341 |
| 1 | net income | 231277 | 189659 |_these amounts have been calculated after applying the company 2019s accounting policies and adjusting the results of mfp to reflect the acquisition as if it closed on january 1 , 2014 .
pro forma net income for the year ended december 31 , 2014 includes $ 5.7 million in transaction expenses which were included in the consolidated statement of income for the year ended december 31 , 2015 , but excluded from the calculation of pro forma net income for december 31 , 2015. . | 2,015 | 71 | UA | Under Armour, Inc. | Consumer Discretionary | Apparel, Accessories, & Luxury | Baltimore, MD | 2016-01-01 | 1,336,917 | 1996 | what was the profit margin in 2015 | 5.8% | divide(231277, 3967008) | simplify the presentation of deferred income taxes and reduce complexity without decreasing the usefulness of information provided to users of financial statements .
the adoption of this pronouncement did not have a significant impact on the company 2019s financial position , results of operations and cash flows .
3 .
acquisitions endomondo on january 5 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of endomondo , a denmark- based digital connected fitness company , to expand the under armour connected fitness community .
the purchase price was $ 85.0 million , adjusted for working capital .
the company recognized $ 0.6 million and $ 0.8 million in acquisition related costs that were expensed during the three months ended march 31 , 2015 and december 31 , 2014 , respectively .
these costs are included in the consolidated statements of income in the line item entitled 201cselling , general and administrative expenses . 201d pro forma results are not presented , as the acquisition was not considered material to the consolidated company .
myfitnesspal on march 17 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of mfp , a digital nutrition and connected fitness company , to expand the under armour connected fitness community .
the final adjusted transaction value totaled $ 474.0 million .
the total consideration of $ 463.9 million was adjusted to reflect the accelerated vesting of certain share awards of mfp , which are not conditioned upon continued employment , and transaction costs borne by the selling shareholders .
the acquisition was funded with $ 400.0 million of increased term loan borrowings and a draw on the revolving credit facility , with the remaining amount funded by cash on the company recognized $ 5.7 million of acquisition related costs that were expensed during the three months ended march 31 , 2015 .
these costs are included in the consolidated statement of income in the line item entitled 201cselling , general and administrative expenses . 201d the following represents the pro forma consolidated income statement as if mfp had been included in the consolidated results of the company for the year ended december 31 , 2015 and december 31 , 2014: . | these amounts have been calculated after applying the company 2019s accounting policies and adjusting the results of mfp to reflect the acquisition as if it closed on january 1 , 2014 .
pro forma net income for the year ended december 31 , 2014 includes $ 5.7 million in transaction expenses which were included in the consolidated statement of income for the year ended december 31 , 2015 , but excluded from the calculation of pro forma net income for december 31 , 2015. . | | | ( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014 |
|---:|:-------------------|:--------------------------------|:--------------------------------|
| 0 | net revenues | $ 3967008 | $ 3098341 |
| 1 | net income | 231277 | 189659 | | simplify the presentation of deferred income taxes and reduce complexity without decreasing the usefulness of information provided to users of financial statements .
the adoption of this pronouncement did not have a significant impact on the company 2019s financial position , results of operations and cash flows .
3 .
acquisitions endomondo on january 5 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of endomondo , a denmark- based digital connected fitness company , to expand the under armour connected fitness community .
the purchase price was $ 85.0 million , adjusted for working capital .
the company recognized $ 0.6 million and $ 0.8 million in acquisition related costs that were expensed during the three months ended march 31 , 2015 and december 31 , 2014 , respectively .
these costs are included in the consolidated statements of income in the line item entitled 201cselling , general and administrative expenses . 201d pro forma results are not presented , as the acquisition was not considered material to the consolidated company .
myfitnesspal on march 17 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of mfp , a digital nutrition and connected fitness company , to expand the under armour connected fitness community .
the final adjusted transaction value totaled $ 474.0 million .
the total consideration of $ 463.9 million was adjusted to reflect the accelerated vesting of certain share awards of mfp , which are not conditioned upon continued employment , and transaction costs borne by the selling shareholders .
the acquisition was funded with $ 400.0 million of increased term loan borrowings and a draw on the revolving credit facility , with the remaining amount funded by cash on the company recognized $ 5.7 million of acquisition related costs that were expensed during the three months ended march 31 , 2015 .
these costs are included in the consolidated statement of income in the line item entitled 201cselling , general and administrative expenses . 201d the following represents the pro forma consolidated income statement as if mfp had been included in the consolidated results of the company for the year ended december 31 , 2015 and december 31 , 2014: ._| | ( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014 |
|---:|:-------------------|:--------------------------------|:--------------------------------|
| 0 | net revenues | $ 3967008 | $ 3098341 |
| 1 | net income | 231277 | 189659 |_these amounts have been calculated after applying the company 2019s accounting policies and adjusting the results of mfp to reflect the acquisition as if it closed on january 1 , 2014 .
pro forma net income for the year ended december 31 , 2014 includes $ 5.7 million in transaction expenses which were included in the consolidated statement of income for the year ended december 31 , 2015 , but excluded from the calculation of pro forma net income for december 31 , 2015. . | 2,015 | 71 | UA | Under Armour, Inc. | Consumer Discretionary | Apparel, Accessories, & Luxury | Baltimore, MD | 2016-01-01 | 1,336,917 | 1996 | null | null |
finqa185 | during 2013 , what was the ratio of the accrued interest $ 1.2 million to the recognized a interest liability interest of $ 17.0 million . | 14.2 | divide(17.0, 1.2) | republic services , inc .
notes to consolidated financial statements 2014 ( continued ) the following table summarizes the activity in our gross unrecognized tax benefits for the years ended december 31: . | during 2015 , we settled tax matters in various states and puerto rico which reduced our gross unrecognized tax benefits by $ 13.9 million .
during 2014 , we settled tax matters in various jurisdictions and reduced our gross unrecognized tax benefits by $ 1.5 million .
during 2013 , we settled with the irs appeals division and the joint committee on taxation our 2009 and 2010 tax years .
the resolution of these tax periods in addition to various state tax resolutions during the year reduced our gross unrecognized tax benefits by $ 20.7 million .
included in our gross unrecognized tax benefits as of december 31 , 2015 and 2014 are $ 30.5 million and $ 45.6 million of unrecognized tax benefits ( net of the federal benefit on state matters ) that , if recognized , would affect our effective income tax rate in future periods .
we recognize interest and penalties as incurred within the provision for income taxes in our consolidated statements of income .
related to the unrecognized tax benefits previously noted , we recorded interest expense of approximately $ 1.2 million during 2015 and , in total as of december 31 , 2015 , have recognized a liability for penalties of $ 0.5 million and interest of $ 10.3 million .
during 2014 , we accrued interest of approximately $ 1.5 million and , in total as of december 31 , 2014 , had recognized a liability for penalties of $ 0.5 million and interest of $ 18.7 million .
during 2013 , we accrued interest of approximately $ 1.2 million and , in total as of december 31 , 2013 , had recognized a liability for penalties of $ 0.5 million and interest of $ 17.0 million .
gross unrecognized benefits that we expect to settle in the following twelve months are in the range of $ 0 to $ 10 million ; however , it is reasonably possible that the amount of unrecognized tax benefits may either increase or decrease in the next twelve months .
we are currently under examination or administrative review by state and local taxing authorities for various tax years .
these state audits are ongoing .
we believe the recorded liabilities for uncertain tax positions are adequate .
however , a significant assessment against us in excess of the liabilities recorded could have a material adverse effect on our consolidated financial position , results of operations or cash flows. . | | | | 2015 | 2014 | 2013 |
|---:|:----------------------------------------------------------------------------|:---------------|:-------------|:---------------|
| 0 | balance at beginning of year | $ 70.1 | $ 72.0 | $ 84.7 |
| 1 | additions based on tax positions related to current year | 0.2 | 0.8 | 0.3 |
| 2 | additions for tax positions of prior years | 1.4 | 5.0 | 11.4 |
| 3 | reductions for tax positions of prior years | -10.2 ( 10.2 ) | -6.0 ( 6.0 ) | -2.4 ( 2.4 ) |
| 4 | reductions for tax positions resulting from lapse of statute of limitations | -0.6 ( 0.6 ) | -0.2 ( 0.2 ) | -1.3 ( 1.3 ) |
| 5 | settlements | -13.9 ( 13.9 ) | -1.5 ( 1.5 ) | -20.7 ( 20.7 ) |
| 6 | balance at end of year | $ 47.0 | $ 70.1 | $ 72.0 | | republic services , inc .
notes to consolidated financial statements 2014 ( continued ) the following table summarizes the activity in our gross unrecognized tax benefits for the years ended december 31: ._| | | 2015 | 2014 | 2013 |
|---:|:----------------------------------------------------------------------------|:---------------|:-------------|:---------------|
| 0 | balance at beginning of year | $ 70.1 | $ 72.0 | $ 84.7 |
| 1 | additions based on tax positions related to current year | 0.2 | 0.8 | 0.3 |
| 2 | additions for tax positions of prior years | 1.4 | 5.0 | 11.4 |
| 3 | reductions for tax positions of prior years | -10.2 ( 10.2 ) | -6.0 ( 6.0 ) | -2.4 ( 2.4 ) |
| 4 | reductions for tax positions resulting from lapse of statute of limitations | -0.6 ( 0.6 ) | -0.2 ( 0.2 ) | -1.3 ( 1.3 ) |
| 5 | settlements | -13.9 ( 13.9 ) | -1.5 ( 1.5 ) | -20.7 ( 20.7 ) |
| 6 | balance at end of year | $ 47.0 | $ 70.1 | $ 72.0 |_during 2015 , we settled tax matters in various states and puerto rico which reduced our gross unrecognized tax benefits by $ 13.9 million .
during 2014 , we settled tax matters in various jurisdictions and reduced our gross unrecognized tax benefits by $ 1.5 million .
during 2013 , we settled with the irs appeals division and the joint committee on taxation our 2009 and 2010 tax years .
the resolution of these tax periods in addition to various state tax resolutions during the year reduced our gross unrecognized tax benefits by $ 20.7 million .
included in our gross unrecognized tax benefits as of december 31 , 2015 and 2014 are $ 30.5 million and $ 45.6 million of unrecognized tax benefits ( net of the federal benefit on state matters ) that , if recognized , would affect our effective income tax rate in future periods .
we recognize interest and penalties as incurred within the provision for income taxes in our consolidated statements of income .
related to the unrecognized tax benefits previously noted , we recorded interest expense of approximately $ 1.2 million during 2015 and , in total as of december 31 , 2015 , have recognized a liability for penalties of $ 0.5 million and interest of $ 10.3 million .
during 2014 , we accrued interest of approximately $ 1.5 million and , in total as of december 31 , 2014 , had recognized a liability for penalties of $ 0.5 million and interest of $ 18.7 million .
during 2013 , we accrued interest of approximately $ 1.2 million and , in total as of december 31 , 2013 , had recognized a liability for penalties of $ 0.5 million and interest of $ 17.0 million .
gross unrecognized benefits that we expect to settle in the following twelve months are in the range of $ 0 to $ 10 million ; however , it is reasonably possible that the amount of unrecognized tax benefits may either increase or decrease in the next twelve months .
we are currently under examination or administrative review by state and local taxing authorities for various tax years .
these state audits are ongoing .
we believe the recorded liabilities for uncertain tax positions are adequate .
however , a significant assessment against us in excess of the liabilities recorded could have a material adverse effect on our consolidated financial position , results of operations or cash flows. . | 2,015 | 126 | RSG | Republic Services | Industrials | Environmental & Facilities Services | Phoenix, Arizona | 2008-12-05 | 1,060,391 | 1998 (1981) | during 2013 , what was the ratio of the accrued interest $ 1.2 million to the recognized a interest liability interest of $ 17.0 million . | 14.2 | divide(17.0, 1.2) | republic services , inc .
notes to consolidated financial statements 2014 ( continued ) the following table summarizes the activity in our gross unrecognized tax benefits for the years ended december 31: . | during 2015 , we settled tax matters in various states and puerto rico which reduced our gross unrecognized tax benefits by $ 13.9 million .
during 2014 , we settled tax matters in various jurisdictions and reduced our gross unrecognized tax benefits by $ 1.5 million .
during 2013 , we settled with the irs appeals division and the joint committee on taxation our 2009 and 2010 tax years .
the resolution of these tax periods in addition to various state tax resolutions during the year reduced our gross unrecognized tax benefits by $ 20.7 million .
included in our gross unrecognized tax benefits as of december 31 , 2015 and 2014 are $ 30.5 million and $ 45.6 million of unrecognized tax benefits ( net of the federal benefit on state matters ) that , if recognized , would affect our effective income tax rate in future periods .
we recognize interest and penalties as incurred within the provision for income taxes in our consolidated statements of income .
related to the unrecognized tax benefits previously noted , we recorded interest expense of approximately $ 1.2 million during 2015 and , in total as of december 31 , 2015 , have recognized a liability for penalties of $ 0.5 million and interest of $ 10.3 million .
during 2014 , we accrued interest of approximately $ 1.5 million and , in total as of december 31 , 2014 , had recognized a liability for penalties of $ 0.5 million and interest of $ 18.7 million .
during 2013 , we accrued interest of approximately $ 1.2 million and , in total as of december 31 , 2013 , had recognized a liability for penalties of $ 0.5 million and interest of $ 17.0 million .
gross unrecognized benefits that we expect to settle in the following twelve months are in the range of $ 0 to $ 10 million ; however , it is reasonably possible that the amount of unrecognized tax benefits may either increase or decrease in the next twelve months .
we are currently under examination or administrative review by state and local taxing authorities for various tax years .
these state audits are ongoing .
we believe the recorded liabilities for uncertain tax positions are adequate .
however , a significant assessment against us in excess of the liabilities recorded could have a material adverse effect on our consolidated financial position , results of operations or cash flows. . | | | | 2015 | 2014 | 2013 |
|---:|:----------------------------------------------------------------------------|:---------------|:-------------|:---------------|
| 0 | balance at beginning of year | $ 70.1 | $ 72.0 | $ 84.7 |
| 1 | additions based on tax positions related to current year | 0.2 | 0.8 | 0.3 |
| 2 | additions for tax positions of prior years | 1.4 | 5.0 | 11.4 |
| 3 | reductions for tax positions of prior years | -10.2 ( 10.2 ) | -6.0 ( 6.0 ) | -2.4 ( 2.4 ) |
| 4 | reductions for tax positions resulting from lapse of statute of limitations | -0.6 ( 0.6 ) | -0.2 ( 0.2 ) | -1.3 ( 1.3 ) |
| 5 | settlements | -13.9 ( 13.9 ) | -1.5 ( 1.5 ) | -20.7 ( 20.7 ) |
| 6 | balance at end of year | $ 47.0 | $ 70.1 | $ 72.0 | | republic services , inc .
notes to consolidated financial statements 2014 ( continued ) the following table summarizes the activity in our gross unrecognized tax benefits for the years ended december 31: ._| | | 2015 | 2014 | 2013 |
|---:|:----------------------------------------------------------------------------|:---------------|:-------------|:---------------|
| 0 | balance at beginning of year | $ 70.1 | $ 72.0 | $ 84.7 |
| 1 | additions based on tax positions related to current year | 0.2 | 0.8 | 0.3 |
| 2 | additions for tax positions of prior years | 1.4 | 5.0 | 11.4 |
| 3 | reductions for tax positions of prior years | -10.2 ( 10.2 ) | -6.0 ( 6.0 ) | -2.4 ( 2.4 ) |
| 4 | reductions for tax positions resulting from lapse of statute of limitations | -0.6 ( 0.6 ) | -0.2 ( 0.2 ) | -1.3 ( 1.3 ) |
| 5 | settlements | -13.9 ( 13.9 ) | -1.5 ( 1.5 ) | -20.7 ( 20.7 ) |
| 6 | balance at end of year | $ 47.0 | $ 70.1 | $ 72.0 |_during 2015 , we settled tax matters in various states and puerto rico which reduced our gross unrecognized tax benefits by $ 13.9 million .
during 2014 , we settled tax matters in various jurisdictions and reduced our gross unrecognized tax benefits by $ 1.5 million .
during 2013 , we settled with the irs appeals division and the joint committee on taxation our 2009 and 2010 tax years .
the resolution of these tax periods in addition to various state tax resolutions during the year reduced our gross unrecognized tax benefits by $ 20.7 million .
included in our gross unrecognized tax benefits as of december 31 , 2015 and 2014 are $ 30.5 million and $ 45.6 million of unrecognized tax benefits ( net of the federal benefit on state matters ) that , if recognized , would affect our effective income tax rate in future periods .
we recognize interest and penalties as incurred within the provision for income taxes in our consolidated statements of income .
related to the unrecognized tax benefits previously noted , we recorded interest expense of approximately $ 1.2 million during 2015 and , in total as of december 31 , 2015 , have recognized a liability for penalties of $ 0.5 million and interest of $ 10.3 million .
during 2014 , we accrued interest of approximately $ 1.5 million and , in total as of december 31 , 2014 , had recognized a liability for penalties of $ 0.5 million and interest of $ 18.7 million .
during 2013 , we accrued interest of approximately $ 1.2 million and , in total as of december 31 , 2013 , had recognized a liability for penalties of $ 0.5 million and interest of $ 17.0 million .
gross unrecognized benefits that we expect to settle in the following twelve months are in the range of $ 0 to $ 10 million ; however , it is reasonably possible that the amount of unrecognized tax benefits may either increase or decrease in the next twelve months .
we are currently under examination or administrative review by state and local taxing authorities for various tax years .
these state audits are ongoing .
we believe the recorded liabilities for uncertain tax positions are adequate .
however , a significant assessment against us in excess of the liabilities recorded could have a material adverse effect on our consolidated financial position , results of operations or cash flows. . | 2,015 | 126 | RSG | Republic Services | Industrials | Environmental & Facilities Services | Phoenix, Arizona | 2008-12-05 | 1,060,391 | 1998 (1981) | null | null |
finqa186 | in 2009 what was the ratio of the commercial mortgages at fair value to lower of cost or market \\n | 4.18 | divide(1050, 251) | december 31 , 2009 , $ 397 million of the credit losses related to securities rated below investment grade .
as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for non-agency residential mortgage-backed securities totaled $ 1.1 billion and the related securities had a fair value of $ 2.6 billion .
the fair value of sub-investment grade investment securities for which we have not recorded an otti credit loss as of december 31 , 2009 totaled $ 2.6 billion , with unrealized net losses of $ 658 million .
the results of our security-level assessments indicate that we will recover the entire cost basis of these securities .
note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities .
commercial mortgage-backed securities the fair value of the non-agency commercial mortgage- backed securities portfolio was $ 6.1 billion at december 31 , 2009 and consisted of fixed-rate , private-issuer securities collateralized by non-residential properties , primarily retail properties , office buildings , and multi-family housing .
the agency commercial mortgage-backed securities portfolio was $ 1.3 billion fair value at december 31 , 2009 consisting of multi-family housing .
substantially all of the securities are the most senior tranches in the subordination structure .
we recorded otti credit losses of $ 6 million on non-agency commercial mortgage-backed securities during 2009 .
the remaining fair value of the securities for which otti was recorded approximates zero .
all of the credit-impaired securities were rated below investment grade .
asset-backed securities the fair value of the asset-backed securities portfolio was $ 4.8 billion at december 31 , 2009 and consisted of fixed-rate and floating-rate , private-issuer securities collateralized primarily by various consumer credit products , including residential mortgage loans , credit cards , and automobile loans .
substantially all of the securities are senior tranches in the securitization structure and have credit protection in the form of credit enhancement , over-collateralization and/or excess spread accounts .
we recorded otti credit losses of $ 111 million on asset- backed securities during 2009 .
all of the securities were collateralized by first and second lien residential mortgage loans and were rated below investment grade .
as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for asset- backed securities totaled $ 221 million and the related securities had a fair value of $ 562 million .
for the sub-investment grade investment securities for which we have not recorded an otti loss through december 31 , 2009 , the remaining fair value was $ 381 million , with unrealized net losses of $ 110 million .
the results of our security-level assessments indicate that we will recover the entire cost basis of these securities .
note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities .
if the current housing and economic conditions were to continue for the foreseeable future or worsen , if market volatility and illiquidity were to continue or worsen , or if market interest rates were to increase appreciably , the valuation of our investment securities portfolio could continue to be adversely affected and we could incur additional otti credit losses that would impact our consolidated income statement .
loans held for sale in millions dec .
31 dec .
31 . | we stopped originating commercial mortgage loans held for sale designated at fair value during the first quarter of 2008 and intend to continue pursuing opportunities to reduce these positions at appropriate prices .
for commercial mortgages held for sale carried at the lower of cost or market , strong origination volumes partially offset sales to government agencies of $ 5.4 billion during 2009 .
we recognized net gains of $ 107 million in 2009 on the valuation and sale of commercial mortgage loans held for sale , net of hedges , carried at fair value and lower of cost or market compared with losses of $ 197 million in 2008 .
we sold $ .3 billion and $ .6 billion , respectively , of commercial mortgage loans held for sale carried at fair value in 2009 and 2008 .
residential mortgage loans held for sale decreased during 2009 despite strong refinancing volumes , especially in the first quarter .
loan origination volume was $ 19.1 billion .
substantially all such loans were originated to agency standards .
we sold $ 19.8 billion of loans and recognized related gains of $ 435 million during 2009 .
net interest income on residential mortgage loans held for sale was $ 332 million for 2009. . | | | in millions | dec.31 2009 | dec . 312008 |
|---:|:-------------------------------------------------|:--------------|:---------------|
| 0 | commercial mortgages at fair value | $ 1050 | $ 1401 |
| 1 | commercial mortgages at lower of cost or market | 251 | 747 |
| 2 | total commercial mortgages | 1301 | 2148 |
| 3 | residential mortgages at fair value | 1012 | 1824 |
| 4 | residential mortgages at lower of cost or market | | 138 |
| 5 | total residential mortgages | 1012 | 1962 |
| 6 | other | 226 | 256 |
| 7 | total | $ 2539 | $ 4366 | | december 31 , 2009 , $ 397 million of the credit losses related to securities rated below investment grade .
as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for non-agency residential mortgage-backed securities totaled $ 1.1 billion and the related securities had a fair value of $ 2.6 billion .
the fair value of sub-investment grade investment securities for which we have not recorded an otti credit loss as of december 31 , 2009 totaled $ 2.6 billion , with unrealized net losses of $ 658 million .
the results of our security-level assessments indicate that we will recover the entire cost basis of these securities .
note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities .
commercial mortgage-backed securities the fair value of the non-agency commercial mortgage- backed securities portfolio was $ 6.1 billion at december 31 , 2009 and consisted of fixed-rate , private-issuer securities collateralized by non-residential properties , primarily retail properties , office buildings , and multi-family housing .
the agency commercial mortgage-backed securities portfolio was $ 1.3 billion fair value at december 31 , 2009 consisting of multi-family housing .
substantially all of the securities are the most senior tranches in the subordination structure .
we recorded otti credit losses of $ 6 million on non-agency commercial mortgage-backed securities during 2009 .
the remaining fair value of the securities for which otti was recorded approximates zero .
all of the credit-impaired securities were rated below investment grade .
asset-backed securities the fair value of the asset-backed securities portfolio was $ 4.8 billion at december 31 , 2009 and consisted of fixed-rate and floating-rate , private-issuer securities collateralized primarily by various consumer credit products , including residential mortgage loans , credit cards , and automobile loans .
substantially all of the securities are senior tranches in the securitization structure and have credit protection in the form of credit enhancement , over-collateralization and/or excess spread accounts .
we recorded otti credit losses of $ 111 million on asset- backed securities during 2009 .
all of the securities were collateralized by first and second lien residential mortgage loans and were rated below investment grade .
as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for asset- backed securities totaled $ 221 million and the related securities had a fair value of $ 562 million .
for the sub-investment grade investment securities for which we have not recorded an otti loss through december 31 , 2009 , the remaining fair value was $ 381 million , with unrealized net losses of $ 110 million .
the results of our security-level assessments indicate that we will recover the entire cost basis of these securities .
note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities .
if the current housing and economic conditions were to continue for the foreseeable future or worsen , if market volatility and illiquidity were to continue or worsen , or if market interest rates were to increase appreciably , the valuation of our investment securities portfolio could continue to be adversely affected and we could incur additional otti credit losses that would impact our consolidated income statement .
loans held for sale in millions dec .
31 dec .
31 ._| | in millions | dec.31 2009 | dec . 312008 |
|---:|:-------------------------------------------------|:--------------|:---------------|
| 0 | commercial mortgages at fair value | $ 1050 | $ 1401 |
| 1 | commercial mortgages at lower of cost or market | 251 | 747 |
| 2 | total commercial mortgages | 1301 | 2148 |
| 3 | residential mortgages at fair value | 1012 | 1824 |
| 4 | residential mortgages at lower of cost or market | | 138 |
| 5 | total residential mortgages | 1012 | 1962 |
| 6 | other | 226 | 256 |
| 7 | total | $ 2539 | $ 4366 |_we stopped originating commercial mortgage loans held for sale designated at fair value during the first quarter of 2008 and intend to continue pursuing opportunities to reduce these positions at appropriate prices .
for commercial mortgages held for sale carried at the lower of cost or market , strong origination volumes partially offset sales to government agencies of $ 5.4 billion during 2009 .
we recognized net gains of $ 107 million in 2009 on the valuation and sale of commercial mortgage loans held for sale , net of hedges , carried at fair value and lower of cost or market compared with losses of $ 197 million in 2008 .
we sold $ .3 billion and $ .6 billion , respectively , of commercial mortgage loans held for sale carried at fair value in 2009 and 2008 .
residential mortgage loans held for sale decreased during 2009 despite strong refinancing volumes , especially in the first quarter .
loan origination volume was $ 19.1 billion .
substantially all such loans were originated to agency standards .
we sold $ 19.8 billion of loans and recognized related gains of $ 435 million during 2009 .
net interest income on residential mortgage loans held for sale was $ 332 million for 2009. . | 2,009 | 41 | PNC | PNC Financial Services | Financials | Diversified Banks | Pittsburgh, Pennsylvania | 1988-04-30 | 713,676 | 1845 | in 2009 what was the ratio of the commercial mortgages at fair value to lower of cost or market \\n | 4.18 | divide(1050, 251) | december 31 , 2009 , $ 397 million of the credit losses related to securities rated below investment grade .
as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for non-agency residential mortgage-backed securities totaled $ 1.1 billion and the related securities had a fair value of $ 2.6 billion .
the fair value of sub-investment grade investment securities for which we have not recorded an otti credit loss as of december 31 , 2009 totaled $ 2.6 billion , with unrealized net losses of $ 658 million .
the results of our security-level assessments indicate that we will recover the entire cost basis of these securities .
note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities .
commercial mortgage-backed securities the fair value of the non-agency commercial mortgage- backed securities portfolio was $ 6.1 billion at december 31 , 2009 and consisted of fixed-rate , private-issuer securities collateralized by non-residential properties , primarily retail properties , office buildings , and multi-family housing .
the agency commercial mortgage-backed securities portfolio was $ 1.3 billion fair value at december 31 , 2009 consisting of multi-family housing .
substantially all of the securities are the most senior tranches in the subordination structure .
we recorded otti credit losses of $ 6 million on non-agency commercial mortgage-backed securities during 2009 .
the remaining fair value of the securities for which otti was recorded approximates zero .
all of the credit-impaired securities were rated below investment grade .
asset-backed securities the fair value of the asset-backed securities portfolio was $ 4.8 billion at december 31 , 2009 and consisted of fixed-rate and floating-rate , private-issuer securities collateralized primarily by various consumer credit products , including residential mortgage loans , credit cards , and automobile loans .
substantially all of the securities are senior tranches in the securitization structure and have credit protection in the form of credit enhancement , over-collateralization and/or excess spread accounts .
we recorded otti credit losses of $ 111 million on asset- backed securities during 2009 .
all of the securities were collateralized by first and second lien residential mortgage loans and were rated below investment grade .
as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for asset- backed securities totaled $ 221 million and the related securities had a fair value of $ 562 million .
for the sub-investment grade investment securities for which we have not recorded an otti loss through december 31 , 2009 , the remaining fair value was $ 381 million , with unrealized net losses of $ 110 million .
the results of our security-level assessments indicate that we will recover the entire cost basis of these securities .
note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities .
if the current housing and economic conditions were to continue for the foreseeable future or worsen , if market volatility and illiquidity were to continue or worsen , or if market interest rates were to increase appreciably , the valuation of our investment securities portfolio could continue to be adversely affected and we could incur additional otti credit losses that would impact our consolidated income statement .
loans held for sale in millions dec .
31 dec .
31 . | we stopped originating commercial mortgage loans held for sale designated at fair value during the first quarter of 2008 and intend to continue pursuing opportunities to reduce these positions at appropriate prices .
for commercial mortgages held for sale carried at the lower of cost or market , strong origination volumes partially offset sales to government agencies of $ 5.4 billion during 2009 .
we recognized net gains of $ 107 million in 2009 on the valuation and sale of commercial mortgage loans held for sale , net of hedges , carried at fair value and lower of cost or market compared with losses of $ 197 million in 2008 .
we sold $ .3 billion and $ .6 billion , respectively , of commercial mortgage loans held for sale carried at fair value in 2009 and 2008 .
residential mortgage loans held for sale decreased during 2009 despite strong refinancing volumes , especially in the first quarter .
loan origination volume was $ 19.1 billion .
substantially all such loans were originated to agency standards .
we sold $ 19.8 billion of loans and recognized related gains of $ 435 million during 2009 .
net interest income on residential mortgage loans held for sale was $ 332 million for 2009. . | | | in millions | dec.31 2009 | dec . 312008 |
|---:|:-------------------------------------------------|:--------------|:---------------|
| 0 | commercial mortgages at fair value | $ 1050 | $ 1401 |
| 1 | commercial mortgages at lower of cost or market | 251 | 747 |
| 2 | total commercial mortgages | 1301 | 2148 |
| 3 | residential mortgages at fair value | 1012 | 1824 |
| 4 | residential mortgages at lower of cost or market | | 138 |
| 5 | total residential mortgages | 1012 | 1962 |
| 6 | other | 226 | 256 |
| 7 | total | $ 2539 | $ 4366 | | december 31 , 2009 , $ 397 million of the credit losses related to securities rated below investment grade .
as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for non-agency residential mortgage-backed securities totaled $ 1.1 billion and the related securities had a fair value of $ 2.6 billion .
the fair value of sub-investment grade investment securities for which we have not recorded an otti credit loss as of december 31 , 2009 totaled $ 2.6 billion , with unrealized net losses of $ 658 million .
the results of our security-level assessments indicate that we will recover the entire cost basis of these securities .
note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities .
commercial mortgage-backed securities the fair value of the non-agency commercial mortgage- backed securities portfolio was $ 6.1 billion at december 31 , 2009 and consisted of fixed-rate , private-issuer securities collateralized by non-residential properties , primarily retail properties , office buildings , and multi-family housing .
the agency commercial mortgage-backed securities portfolio was $ 1.3 billion fair value at december 31 , 2009 consisting of multi-family housing .
substantially all of the securities are the most senior tranches in the subordination structure .
we recorded otti credit losses of $ 6 million on non-agency commercial mortgage-backed securities during 2009 .
the remaining fair value of the securities for which otti was recorded approximates zero .
all of the credit-impaired securities were rated below investment grade .
asset-backed securities the fair value of the asset-backed securities portfolio was $ 4.8 billion at december 31 , 2009 and consisted of fixed-rate and floating-rate , private-issuer securities collateralized primarily by various consumer credit products , including residential mortgage loans , credit cards , and automobile loans .
substantially all of the securities are senior tranches in the securitization structure and have credit protection in the form of credit enhancement , over-collateralization and/or excess spread accounts .
we recorded otti credit losses of $ 111 million on asset- backed securities during 2009 .
all of the securities were collateralized by first and second lien residential mortgage loans and were rated below investment grade .
as of december 31 , 2009 , the noncredit portion of otti losses recorded in accumulated other comprehensive loss for asset- backed securities totaled $ 221 million and the related securities had a fair value of $ 562 million .
for the sub-investment grade investment securities for which we have not recorded an otti loss through december 31 , 2009 , the remaining fair value was $ 381 million , with unrealized net losses of $ 110 million .
the results of our security-level assessments indicate that we will recover the entire cost basis of these securities .
note 7 investment securities in the notes to consolidated financial statements of this report provides further detail regarding our process for assessing otti for these securities .
if the current housing and economic conditions were to continue for the foreseeable future or worsen , if market volatility and illiquidity were to continue or worsen , or if market interest rates were to increase appreciably , the valuation of our investment securities portfolio could continue to be adversely affected and we could incur additional otti credit losses that would impact our consolidated income statement .
loans held for sale in millions dec .
31 dec .
31 ._| | in millions | dec.31 2009 | dec . 312008 |
|---:|:-------------------------------------------------|:--------------|:---------------|
| 0 | commercial mortgages at fair value | $ 1050 | $ 1401 |
| 1 | commercial mortgages at lower of cost or market | 251 | 747 |
| 2 | total commercial mortgages | 1301 | 2148 |
| 3 | residential mortgages at fair value | 1012 | 1824 |
| 4 | residential mortgages at lower of cost or market | | 138 |
| 5 | total residential mortgages | 1012 | 1962 |
| 6 | other | 226 | 256 |
| 7 | total | $ 2539 | $ 4366 |_we stopped originating commercial mortgage loans held for sale designated at fair value during the first quarter of 2008 and intend to continue pursuing opportunities to reduce these positions at appropriate prices .
for commercial mortgages held for sale carried at the lower of cost or market , strong origination volumes partially offset sales to government agencies of $ 5.4 billion during 2009 .
we recognized net gains of $ 107 million in 2009 on the valuation and sale of commercial mortgage loans held for sale , net of hedges , carried at fair value and lower of cost or market compared with losses of $ 197 million in 2008 .
we sold $ .3 billion and $ .6 billion , respectively , of commercial mortgage loans held for sale carried at fair value in 2009 and 2008 .
residential mortgage loans held for sale decreased during 2009 despite strong refinancing volumes , especially in the first quarter .
loan origination volume was $ 19.1 billion .
substantially all such loans were originated to agency standards .
we sold $ 19.8 billion of loans and recognized related gains of $ 435 million during 2009 .
net interest income on residential mortgage loans held for sale was $ 332 million for 2009. . | 2,009 | 41 | PNC | PNC Financial Services | Financials | Diversified Banks | Pittsburgh, Pennsylvania | 1988-04-30 | 713,676 | 1845 | null | null |
finqa187 | in 2019 what was the percent of the total future estimated cash payments under existing contractual obligations associated with long-term debt that was due in 2020 | 10.7% | divide(1396.3, 13093.0) | the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period: . | ( a ) amounts represent the expected cash payments of our long-term debt and do not include $ 0.3 million for capital leases or $ 72.0 million for net unamortized debt issuance costs , premiums and discounts , and fair value adjustments .
( b ) operating leases represents the minimum rental commitments under non-cancelable operating leases .
( c ) the majority of the purchase obligations represent commitments for raw material and packaging to be utilized in the normal course of business and for consumer marketing spending commitments that support our brands .
for purposes of this table , arrangements are considered purchase obligations if a contract specifies all significant terms , including fixed or minimum quantities to be purchased , a pricing structure , and approximate timing of the transaction .
most arrangements are cancelable without a significant penalty and with short notice ( usually 30 days ) .
any amounts reflected on the consolidated balance sheets as accounts payable and accrued liabilities are excluded from the table above .
( d ) the fair value of our foreign exchange , equity , commodity , and grain derivative contracts with a payable position to the counterparty was $ 17.3 million as of may 26 , 2019 , based on fair market values as of that date .
future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future .
other long-term obligations mainly consist of liabilities for accrued compensation and benefits , including the underfunded status of certain of our defined benefit pension , other postretirement benefit , and postemployment benefit plans , and miscellaneous liabilities .
we expect to pay approximately $ 20 million of benefits from our unfunded postemployment benefit plans and approximately $ 18 million of deferred compensation in fiscal 2020 .
we are unable to reliably estimate the amount of these payments beyond fiscal 2020 .
as of may 26 , 2019 , our total liability for uncertain tax positions and accrued interest and penalties was $ 165.1 million .
significant accounting estimates for a complete description of our significant accounting policies , please see note 2 to the consolidated financial statements in item 8 of this report .
our significant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations .
these estimates include our accounting for promotional expenditures , valuation of long-lived assets , intangible assets , redeemable interest , stock-based compensation , income taxes , and defined benefit pension , other postretirement benefit , and postemployment benefit plans .
revenue recognition our revenues are reported net of variable consideration and consideration payable to our customers , including trade promotion , consumer coupon redemption and other costs , including estimated allowances for returns , unsalable product , and prompt pay discounts .
trade promotions are recorded using significant judgment of estimated participation and performance levels for offered programs at the time of sale .
differences between estimated expenses and actual costs are recognized as a change in management estimate in a subsequent period .
our accrued trade liabilities were $ 484 million as of may 26 , 2019 , and $ 500 million as of may 27 , 2018 .
because these amounts are significant , if our estimates are inaccurate we would have to make adjustments in subsequent periods that could have a significant effect on our results of operations. . | | | in millions | payments due by fiscal year total | payments due by fiscal year 2020 | payments due by fiscal year 2021 -22 | payments due by fiscal year 2023 -24 | payments due by fiscal year 2025 and thereafter |
|---:|:----------------------------------|:------------------------------------|:-----------------------------------|:---------------------------------------|:---------------------------------------|:--------------------------------------------------|
| 0 | long-term debt ( a ) | $ 13093.0 | $ 1396.3 | $ 3338.4 | $ 2810.2 | $ 5548.1 |
| 1 | accrued interest | 92.6 | 92.6 | - | - | - |
| 2 | operating leases ( b ) | 482.6 | 120.0 | 186.7 | 112.9 | 63.0 |
| 3 | capital leases | 0.3 | 0.2 | 0.1 | - | - |
| 4 | purchase obligations ( c ) | 2961.8 | 2605.1 | 321.9 | 27.6 | 7.2 |
| 5 | total contractual obligations | 16630.3 | 4214.2 | 3847.1 | 2950.7 | 5618.3 |
| 6 | other long-term obligations ( d ) | 1302.4 | - | - | - | - |
| 7 | total long-term obligations | $ 17932.7 | $ 4214.2 | $ 3847.1 | $ 2950.7 | $ 5618.3 | | the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period: ._| | in millions | payments due by fiscal year total | payments due by fiscal year 2020 | payments due by fiscal year 2021 -22 | payments due by fiscal year 2023 -24 | payments due by fiscal year 2025 and thereafter |
|---:|:----------------------------------|:------------------------------------|:-----------------------------------|:---------------------------------------|:---------------------------------------|:--------------------------------------------------|
| 0 | long-term debt ( a ) | $ 13093.0 | $ 1396.3 | $ 3338.4 | $ 2810.2 | $ 5548.1 |
| 1 | accrued interest | 92.6 | 92.6 | - | - | - |
| 2 | operating leases ( b ) | 482.6 | 120.0 | 186.7 | 112.9 | 63.0 |
| 3 | capital leases | 0.3 | 0.2 | 0.1 | - | - |
| 4 | purchase obligations ( c ) | 2961.8 | 2605.1 | 321.9 | 27.6 | 7.2 |
| 5 | total contractual obligations | 16630.3 | 4214.2 | 3847.1 | 2950.7 | 5618.3 |
| 6 | other long-term obligations ( d ) | 1302.4 | - | - | - | - |
| 7 | total long-term obligations | $ 17932.7 | $ 4214.2 | $ 3847.1 | $ 2950.7 | $ 5618.3 |_( a ) amounts represent the expected cash payments of our long-term debt and do not include $ 0.3 million for capital leases or $ 72.0 million for net unamortized debt issuance costs , premiums and discounts , and fair value adjustments .
( b ) operating leases represents the minimum rental commitments under non-cancelable operating leases .
( c ) the majority of the purchase obligations represent commitments for raw material and packaging to be utilized in the normal course of business and for consumer marketing spending commitments that support our brands .
for purposes of this table , arrangements are considered purchase obligations if a contract specifies all significant terms , including fixed or minimum quantities to be purchased , a pricing structure , and approximate timing of the transaction .
most arrangements are cancelable without a significant penalty and with short notice ( usually 30 days ) .
any amounts reflected on the consolidated balance sheets as accounts payable and accrued liabilities are excluded from the table above .
( d ) the fair value of our foreign exchange , equity , commodity , and grain derivative contracts with a payable position to the counterparty was $ 17.3 million as of may 26 , 2019 , based on fair market values as of that date .
future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future .
other long-term obligations mainly consist of liabilities for accrued compensation and benefits , including the underfunded status of certain of our defined benefit pension , other postretirement benefit , and postemployment benefit plans , and miscellaneous liabilities .
we expect to pay approximately $ 20 million of benefits from our unfunded postemployment benefit plans and approximately $ 18 million of deferred compensation in fiscal 2020 .
we are unable to reliably estimate the amount of these payments beyond fiscal 2020 .
as of may 26 , 2019 , our total liability for uncertain tax positions and accrued interest and penalties was $ 165.1 million .
significant accounting estimates for a complete description of our significant accounting policies , please see note 2 to the consolidated financial statements in item 8 of this report .
our significant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations .
these estimates include our accounting for promotional expenditures , valuation of long-lived assets , intangible assets , redeemable interest , stock-based compensation , income taxes , and defined benefit pension , other postretirement benefit , and postemployment benefit plans .
revenue recognition our revenues are reported net of variable consideration and consideration payable to our customers , including trade promotion , consumer coupon redemption and other costs , including estimated allowances for returns , unsalable product , and prompt pay discounts .
trade promotions are recorded using significant judgment of estimated participation and performance levels for offered programs at the time of sale .
differences between estimated expenses and actual costs are recognized as a change in management estimate in a subsequent period .
our accrued trade liabilities were $ 484 million as of may 26 , 2019 , and $ 500 million as of may 27 , 2018 .
because these amounts are significant , if our estimates are inaccurate we would have to make adjustments in subsequent periods that could have a significant effect on our results of operations. . | 2,019 | 37 | GIS | General Mills | Consumer Staples | Packaged Foods & Meats | Golden Valley, Minnesota | 1957-03-04 | 40,704 | 1856 | in 2019 what was the percent of the total future estimated cash payments under existing contractual obligations associated with long-term debt that was due in 2020 | 10.7% | divide(1396.3, 13093.0) | the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period: . | ( a ) amounts represent the expected cash payments of our long-term debt and do not include $ 0.3 million for capital leases or $ 72.0 million for net unamortized debt issuance costs , premiums and discounts , and fair value adjustments .
( b ) operating leases represents the minimum rental commitments under non-cancelable operating leases .
( c ) the majority of the purchase obligations represent commitments for raw material and packaging to be utilized in the normal course of business and for consumer marketing spending commitments that support our brands .
for purposes of this table , arrangements are considered purchase obligations if a contract specifies all significant terms , including fixed or minimum quantities to be purchased , a pricing structure , and approximate timing of the transaction .
most arrangements are cancelable without a significant penalty and with short notice ( usually 30 days ) .
any amounts reflected on the consolidated balance sheets as accounts payable and accrued liabilities are excluded from the table above .
( d ) the fair value of our foreign exchange , equity , commodity , and grain derivative contracts with a payable position to the counterparty was $ 17.3 million as of may 26 , 2019 , based on fair market values as of that date .
future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future .
other long-term obligations mainly consist of liabilities for accrued compensation and benefits , including the underfunded status of certain of our defined benefit pension , other postretirement benefit , and postemployment benefit plans , and miscellaneous liabilities .
we expect to pay approximately $ 20 million of benefits from our unfunded postemployment benefit plans and approximately $ 18 million of deferred compensation in fiscal 2020 .
we are unable to reliably estimate the amount of these payments beyond fiscal 2020 .
as of may 26 , 2019 , our total liability for uncertain tax positions and accrued interest and penalties was $ 165.1 million .
significant accounting estimates for a complete description of our significant accounting policies , please see note 2 to the consolidated financial statements in item 8 of this report .
our significant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations .
these estimates include our accounting for promotional expenditures , valuation of long-lived assets , intangible assets , redeemable interest , stock-based compensation , income taxes , and defined benefit pension , other postretirement benefit , and postemployment benefit plans .
revenue recognition our revenues are reported net of variable consideration and consideration payable to our customers , including trade promotion , consumer coupon redemption and other costs , including estimated allowances for returns , unsalable product , and prompt pay discounts .
trade promotions are recorded using significant judgment of estimated participation and performance levels for offered programs at the time of sale .
differences between estimated expenses and actual costs are recognized as a change in management estimate in a subsequent period .
our accrued trade liabilities were $ 484 million as of may 26 , 2019 , and $ 500 million as of may 27 , 2018 .
because these amounts are significant , if our estimates are inaccurate we would have to make adjustments in subsequent periods that could have a significant effect on our results of operations. . | | | in millions | payments due by fiscal year total | payments due by fiscal year 2020 | payments due by fiscal year 2021 -22 | payments due by fiscal year 2023 -24 | payments due by fiscal year 2025 and thereafter |
|---:|:----------------------------------|:------------------------------------|:-----------------------------------|:---------------------------------------|:---------------------------------------|:--------------------------------------------------|
| 0 | long-term debt ( a ) | $ 13093.0 | $ 1396.3 | $ 3338.4 | $ 2810.2 | $ 5548.1 |
| 1 | accrued interest | 92.6 | 92.6 | - | - | - |
| 2 | operating leases ( b ) | 482.6 | 120.0 | 186.7 | 112.9 | 63.0 |
| 3 | capital leases | 0.3 | 0.2 | 0.1 | - | - |
| 4 | purchase obligations ( c ) | 2961.8 | 2605.1 | 321.9 | 27.6 | 7.2 |
| 5 | total contractual obligations | 16630.3 | 4214.2 | 3847.1 | 2950.7 | 5618.3 |
| 6 | other long-term obligations ( d ) | 1302.4 | - | - | - | - |
| 7 | total long-term obligations | $ 17932.7 | $ 4214.2 | $ 3847.1 | $ 2950.7 | $ 5618.3 | | the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period: ._| | in millions | payments due by fiscal year total | payments due by fiscal year 2020 | payments due by fiscal year 2021 -22 | payments due by fiscal year 2023 -24 | payments due by fiscal year 2025 and thereafter |
|---:|:----------------------------------|:------------------------------------|:-----------------------------------|:---------------------------------------|:---------------------------------------|:--------------------------------------------------|
| 0 | long-term debt ( a ) | $ 13093.0 | $ 1396.3 | $ 3338.4 | $ 2810.2 | $ 5548.1 |
| 1 | accrued interest | 92.6 | 92.6 | - | - | - |
| 2 | operating leases ( b ) | 482.6 | 120.0 | 186.7 | 112.9 | 63.0 |
| 3 | capital leases | 0.3 | 0.2 | 0.1 | - | - |
| 4 | purchase obligations ( c ) | 2961.8 | 2605.1 | 321.9 | 27.6 | 7.2 |
| 5 | total contractual obligations | 16630.3 | 4214.2 | 3847.1 | 2950.7 | 5618.3 |
| 6 | other long-term obligations ( d ) | 1302.4 | - | - | - | - |
| 7 | total long-term obligations | $ 17932.7 | $ 4214.2 | $ 3847.1 | $ 2950.7 | $ 5618.3 |_( a ) amounts represent the expected cash payments of our long-term debt and do not include $ 0.3 million for capital leases or $ 72.0 million for net unamortized debt issuance costs , premiums and discounts , and fair value adjustments .
( b ) operating leases represents the minimum rental commitments under non-cancelable operating leases .
( c ) the majority of the purchase obligations represent commitments for raw material and packaging to be utilized in the normal course of business and for consumer marketing spending commitments that support our brands .
for purposes of this table , arrangements are considered purchase obligations if a contract specifies all significant terms , including fixed or minimum quantities to be purchased , a pricing structure , and approximate timing of the transaction .
most arrangements are cancelable without a significant penalty and with short notice ( usually 30 days ) .
any amounts reflected on the consolidated balance sheets as accounts payable and accrued liabilities are excluded from the table above .
( d ) the fair value of our foreign exchange , equity , commodity , and grain derivative contracts with a payable position to the counterparty was $ 17.3 million as of may 26 , 2019 , based on fair market values as of that date .
future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future .
other long-term obligations mainly consist of liabilities for accrued compensation and benefits , including the underfunded status of certain of our defined benefit pension , other postretirement benefit , and postemployment benefit plans , and miscellaneous liabilities .
we expect to pay approximately $ 20 million of benefits from our unfunded postemployment benefit plans and approximately $ 18 million of deferred compensation in fiscal 2020 .
we are unable to reliably estimate the amount of these payments beyond fiscal 2020 .
as of may 26 , 2019 , our total liability for uncertain tax positions and accrued interest and penalties was $ 165.1 million .
significant accounting estimates for a complete description of our significant accounting policies , please see note 2 to the consolidated financial statements in item 8 of this report .
our significant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations .
these estimates include our accounting for promotional expenditures , valuation of long-lived assets , intangible assets , redeemable interest , stock-based compensation , income taxes , and defined benefit pension , other postretirement benefit , and postemployment benefit plans .
revenue recognition our revenues are reported net of variable consideration and consideration payable to our customers , including trade promotion , consumer coupon redemption and other costs , including estimated allowances for returns , unsalable product , and prompt pay discounts .
trade promotions are recorded using significant judgment of estimated participation and performance levels for offered programs at the time of sale .
differences between estimated expenses and actual costs are recognized as a change in management estimate in a subsequent period .
our accrued trade liabilities were $ 484 million as of may 26 , 2019 , and $ 500 million as of may 27 , 2018 .
because these amounts are significant , if our estimates are inaccurate we would have to make adjustments in subsequent periods that could have a significant effect on our results of operations. . | 2,019 | 37 | GIS | General Mills | Consumer Staples | Packaged Foods & Meats | Golden Valley, Minnesota | 1957-03-04 | 40,704 | 1856 | null | null |
finqa188 | for fiscal 2018 , what percentage of the total change in the valuation allowance was due to settlements with taxing authorities? | 0 | divide(0, 80.9) | table of contents adobe inc .
notes to consolidated financial statements ( continued ) certain states and foreign jurisdictions to fully utilize available tax credits and other attributes .
the deferred tax assets are offset by a valuation allowance to the extent it is more likely than not that they are not expected to be realized .
we provide u.s .
income taxes on the earnings of foreign subsidiaries unless the subsidiaries 2019 earnings are considered permanently reinvested outside the united states or are exempted from taxation as a result of the new territorial tax system .
to the extent that the foreign earnings previously treated as permanently reinvested are repatriated , the related u.s .
tax liability may be reduced by any foreign income taxes paid on these earnings .
as of november 30 , 2018 , the cumulative amount of earnings upon which u.s .
income taxes have not been provided is approximately $ 275 million .
the unrecognized deferred tax liability for these earnings is approximately $ 57.8 million .
as of november 30 , 2018 , we have net operating loss carryforwards of approximately $ 881.1 million for federal and $ 349.7 million for state .
we also have federal , state and foreign tax credit carryforwards of approximately $ 8.8 million , $ 189.9 million and $ 14.9 million , respectively .
the net operating loss carryforward assets and tax credits will expire in various years from fiscal 2019 through 2036 .
the state tax credit carryforwards and a portion of the federal net operating loss carryforwards can be carried forward indefinitely .
the net operating loss carryforward assets and certain credits are reduced by the valuation allowance and are subject to an annual limitation under internal revenue code section 382 , the carrying amount of which are expected to be fully realized .
as of november 30 , 2018 , a valuation allowance of $ 174.5 million has been established for certain deferred tax assets related to certain state and foreign assets .
for fiscal 2018 , the total change in the valuation allowance was $ 80.9 million .
accounting for uncertainty in income taxes during fiscal 2018 and 2017 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : . | the combined amount of accrued interest and penalties related to tax positions taken on our tax returns were approximately $ 24.6 million and $ 23.6 million for fiscal 2018 and 2017 , respectively .
these amounts were included in long-term income taxes payable in their respective years .
we file income tax returns in the united states on a federal basis and in many u.s .
state and foreign jurisdictions .
we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities .
our major tax jurisdictions are ireland , california and the united states .
for ireland , california and the united states , the earliest fiscal years open for examination are 2008 , 2014 and 2015 , respectively .
we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from these examinations .
we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position .
the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process .
these events could cause large fluctuations in the balance of short-term and long- term assets , liabilities and income taxes payable .
we believe that within the next 12 months , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both .
given the uncertainties described above , we can only determine a range of estimated potential effect in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 45 million. . | | | | 2018 | 2017 |
|---:|:-----------------------------------------------------------------------------|:-----------------|:-----------------|
| 0 | beginning balance | $ 172945 | $ 178413 |
| 1 | gross increases in unrecognized tax benefits 2013 prior year tax positions | 16191 | 3680 |
| 2 | gross decreases in unrecognized tax benefits 2013 prior year tax positions | -4000 ( 4000 ) | -30166 ( 30166 ) |
| 3 | gross increases in unrecognized tax benefits 2013 current year tax positions | 60721 | 24927 |
| 4 | settlements with taxing authorities | 2014 | -3876 ( 3876 ) |
| 5 | lapse of statute of limitations | -45922 ( 45922 ) | -8819 ( 8819 ) |
| 6 | foreign exchange gains and losses | -3783 ( 3783 ) | 8786 |
| 7 | ending balance | $ 196152 | $ 172945 | | table of contents adobe inc .
notes to consolidated financial statements ( continued ) certain states and foreign jurisdictions to fully utilize available tax credits and other attributes .
the deferred tax assets are offset by a valuation allowance to the extent it is more likely than not that they are not expected to be realized .
we provide u.s .
income taxes on the earnings of foreign subsidiaries unless the subsidiaries 2019 earnings are considered permanently reinvested outside the united states or are exempted from taxation as a result of the new territorial tax system .
to the extent that the foreign earnings previously treated as permanently reinvested are repatriated , the related u.s .
tax liability may be reduced by any foreign income taxes paid on these earnings .
as of november 30 , 2018 , the cumulative amount of earnings upon which u.s .
income taxes have not been provided is approximately $ 275 million .
the unrecognized deferred tax liability for these earnings is approximately $ 57.8 million .
as of november 30 , 2018 , we have net operating loss carryforwards of approximately $ 881.1 million for federal and $ 349.7 million for state .
we also have federal , state and foreign tax credit carryforwards of approximately $ 8.8 million , $ 189.9 million and $ 14.9 million , respectively .
the net operating loss carryforward assets and tax credits will expire in various years from fiscal 2019 through 2036 .
the state tax credit carryforwards and a portion of the federal net operating loss carryforwards can be carried forward indefinitely .
the net operating loss carryforward assets and certain credits are reduced by the valuation allowance and are subject to an annual limitation under internal revenue code section 382 , the carrying amount of which are expected to be fully realized .
as of november 30 , 2018 , a valuation allowance of $ 174.5 million has been established for certain deferred tax assets related to certain state and foreign assets .
for fiscal 2018 , the total change in the valuation allowance was $ 80.9 million .
accounting for uncertainty in income taxes during fiscal 2018 and 2017 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : ._| | | 2018 | 2017 |
|---:|:-----------------------------------------------------------------------------|:-----------------|:-----------------|
| 0 | beginning balance | $ 172945 | $ 178413 |
| 1 | gross increases in unrecognized tax benefits 2013 prior year tax positions | 16191 | 3680 |
| 2 | gross decreases in unrecognized tax benefits 2013 prior year tax positions | -4000 ( 4000 ) | -30166 ( 30166 ) |
| 3 | gross increases in unrecognized tax benefits 2013 current year tax positions | 60721 | 24927 |
| 4 | settlements with taxing authorities | 2014 | -3876 ( 3876 ) |
| 5 | lapse of statute of limitations | -45922 ( 45922 ) | -8819 ( 8819 ) |
| 6 | foreign exchange gains and losses | -3783 ( 3783 ) | 8786 |
| 7 | ending balance | $ 196152 | $ 172945 |_the combined amount of accrued interest and penalties related to tax positions taken on our tax returns were approximately $ 24.6 million and $ 23.6 million for fiscal 2018 and 2017 , respectively .
these amounts were included in long-term income taxes payable in their respective years .
we file income tax returns in the united states on a federal basis and in many u.s .
state and foreign jurisdictions .
we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities .
our major tax jurisdictions are ireland , california and the united states .
for ireland , california and the united states , the earliest fiscal years open for examination are 2008 , 2014 and 2015 , respectively .
we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from these examinations .
we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position .
the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process .
these events could cause large fluctuations in the balance of short-term and long- term assets , liabilities and income taxes payable .
we believe that within the next 12 months , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both .
given the uncertainties described above , we can only determine a range of estimated potential effect in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 45 million. . | 2,018 | 86 | ADBE | Adobe Inc. | Information Technology | Application Software | San Jose, California | 1997-05-05 | 796,343 | 1982 | for fiscal 2018 , what percentage of the total change in the valuation allowance was due to settlements with taxing authorities? | 0 | divide(0, 80.9) | table of contents adobe inc .
notes to consolidated financial statements ( continued ) certain states and foreign jurisdictions to fully utilize available tax credits and other attributes .
the deferred tax assets are offset by a valuation allowance to the extent it is more likely than not that they are not expected to be realized .
we provide u.s .
income taxes on the earnings of foreign subsidiaries unless the subsidiaries 2019 earnings are considered permanently reinvested outside the united states or are exempted from taxation as a result of the new territorial tax system .
to the extent that the foreign earnings previously treated as permanently reinvested are repatriated , the related u.s .
tax liability may be reduced by any foreign income taxes paid on these earnings .
as of november 30 , 2018 , the cumulative amount of earnings upon which u.s .
income taxes have not been provided is approximately $ 275 million .
the unrecognized deferred tax liability for these earnings is approximately $ 57.8 million .
as of november 30 , 2018 , we have net operating loss carryforwards of approximately $ 881.1 million for federal and $ 349.7 million for state .
we also have federal , state and foreign tax credit carryforwards of approximately $ 8.8 million , $ 189.9 million and $ 14.9 million , respectively .
the net operating loss carryforward assets and tax credits will expire in various years from fiscal 2019 through 2036 .
the state tax credit carryforwards and a portion of the federal net operating loss carryforwards can be carried forward indefinitely .
the net operating loss carryforward assets and certain credits are reduced by the valuation allowance and are subject to an annual limitation under internal revenue code section 382 , the carrying amount of which are expected to be fully realized .
as of november 30 , 2018 , a valuation allowance of $ 174.5 million has been established for certain deferred tax assets related to certain state and foreign assets .
for fiscal 2018 , the total change in the valuation allowance was $ 80.9 million .
accounting for uncertainty in income taxes during fiscal 2018 and 2017 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : . | the combined amount of accrued interest and penalties related to tax positions taken on our tax returns were approximately $ 24.6 million and $ 23.6 million for fiscal 2018 and 2017 , respectively .
these amounts were included in long-term income taxes payable in their respective years .
we file income tax returns in the united states on a federal basis and in many u.s .
state and foreign jurisdictions .
we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities .
our major tax jurisdictions are ireland , california and the united states .
for ireland , california and the united states , the earliest fiscal years open for examination are 2008 , 2014 and 2015 , respectively .
we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from these examinations .
we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position .
the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process .
these events could cause large fluctuations in the balance of short-term and long- term assets , liabilities and income taxes payable .
we believe that within the next 12 months , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both .
given the uncertainties described above , we can only determine a range of estimated potential effect in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 45 million. . | | | | 2018 | 2017 |
|---:|:-----------------------------------------------------------------------------|:-----------------|:-----------------|
| 0 | beginning balance | $ 172945 | $ 178413 |
| 1 | gross increases in unrecognized tax benefits 2013 prior year tax positions | 16191 | 3680 |
| 2 | gross decreases in unrecognized tax benefits 2013 prior year tax positions | -4000 ( 4000 ) | -30166 ( 30166 ) |
| 3 | gross increases in unrecognized tax benefits 2013 current year tax positions | 60721 | 24927 |
| 4 | settlements with taxing authorities | 2014 | -3876 ( 3876 ) |
| 5 | lapse of statute of limitations | -45922 ( 45922 ) | -8819 ( 8819 ) |
| 6 | foreign exchange gains and losses | -3783 ( 3783 ) | 8786 |
| 7 | ending balance | $ 196152 | $ 172945 | | table of contents adobe inc .
notes to consolidated financial statements ( continued ) certain states and foreign jurisdictions to fully utilize available tax credits and other attributes .
the deferred tax assets are offset by a valuation allowance to the extent it is more likely than not that they are not expected to be realized .
we provide u.s .
income taxes on the earnings of foreign subsidiaries unless the subsidiaries 2019 earnings are considered permanently reinvested outside the united states or are exempted from taxation as a result of the new territorial tax system .
to the extent that the foreign earnings previously treated as permanently reinvested are repatriated , the related u.s .
tax liability may be reduced by any foreign income taxes paid on these earnings .
as of november 30 , 2018 , the cumulative amount of earnings upon which u.s .
income taxes have not been provided is approximately $ 275 million .
the unrecognized deferred tax liability for these earnings is approximately $ 57.8 million .
as of november 30 , 2018 , we have net operating loss carryforwards of approximately $ 881.1 million for federal and $ 349.7 million for state .
we also have federal , state and foreign tax credit carryforwards of approximately $ 8.8 million , $ 189.9 million and $ 14.9 million , respectively .
the net operating loss carryforward assets and tax credits will expire in various years from fiscal 2019 through 2036 .
the state tax credit carryforwards and a portion of the federal net operating loss carryforwards can be carried forward indefinitely .
the net operating loss carryforward assets and certain credits are reduced by the valuation allowance and are subject to an annual limitation under internal revenue code section 382 , the carrying amount of which are expected to be fully realized .
as of november 30 , 2018 , a valuation allowance of $ 174.5 million has been established for certain deferred tax assets related to certain state and foreign assets .
for fiscal 2018 , the total change in the valuation allowance was $ 80.9 million .
accounting for uncertainty in income taxes during fiscal 2018 and 2017 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : ._| | | 2018 | 2017 |
|---:|:-----------------------------------------------------------------------------|:-----------------|:-----------------|
| 0 | beginning balance | $ 172945 | $ 178413 |
| 1 | gross increases in unrecognized tax benefits 2013 prior year tax positions | 16191 | 3680 |
| 2 | gross decreases in unrecognized tax benefits 2013 prior year tax positions | -4000 ( 4000 ) | -30166 ( 30166 ) |
| 3 | gross increases in unrecognized tax benefits 2013 current year tax positions | 60721 | 24927 |
| 4 | settlements with taxing authorities | 2014 | -3876 ( 3876 ) |
| 5 | lapse of statute of limitations | -45922 ( 45922 ) | -8819 ( 8819 ) |
| 6 | foreign exchange gains and losses | -3783 ( 3783 ) | 8786 |
| 7 | ending balance | $ 196152 | $ 172945 |_the combined amount of accrued interest and penalties related to tax positions taken on our tax returns were approximately $ 24.6 million and $ 23.6 million for fiscal 2018 and 2017 , respectively .
these amounts were included in long-term income taxes payable in their respective years .
we file income tax returns in the united states on a federal basis and in many u.s .
state and foreign jurisdictions .
we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities .
our major tax jurisdictions are ireland , california and the united states .
for ireland , california and the united states , the earliest fiscal years open for examination are 2008 , 2014 and 2015 , respectively .
we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from these examinations .
we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position .
the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process .
these events could cause large fluctuations in the balance of short-term and long- term assets , liabilities and income taxes payable .
we believe that within the next 12 months , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both .
given the uncertainties described above , we can only determine a range of estimated potential effect in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 45 million. . | 2,018 | 86 | ADBE | Adobe Inc. | Information Technology | Application Software | San Jose, California | 1997-05-05 | 796,343 | 1982 | null | null |
finqa189 | what was the percent of the debt maturities outstanding at december 31 , 2013 that was unsecured debt | 72.1% | divide(3.1, 4.3) | annual report 2013 duke realty corporation 37 in addition to the capitalization of overhead costs discussed above , we also capitalized $ 16.8 million , $ 9.4 million and $ 4.3 million of interest costs in the years ended december 31 , 2013 , 2012 and 2011 , respectively .
the following table summarizes our second generation capital expenditures by reportable operating segment ( in thousands ) : . | both our first and second generation expenditures vary significantly between leases on a per square foot basis , dependent upon several factors including the product type , the nature of a tenant's operations , the specific physical characteristics of each individual property as well as the market in which the property is located .
second generation expenditures related to the 79 suburban office buildings that were sold in the blackstone office disposition totaled $ 26.2 million in 2011 .
dividends and distributions we are required to meet the distribution requirements of the internal revenue code of 1986 , as amended ( the "code" ) , in order to maintain our reit status .
we paid dividends of $ 0.68 per common share for each of the years ended december 31 , 2013 , 2012 and 2011 .
we expect to continue to distribute at least an amount equal to our taxable earnings , to meet the requirements to maintain our reit status , and additional amounts as determined by our board of directors .
distributions are declared at the discretion of our board of directors and are subject to actual cash available for distribution , our financial condition , capital requirements and such other factors as our board of directors deems relevant .
at december 31 , 2013 we had three series of preferred stock outstanding .
the annual dividend rates on our preferred shares range between 6.5% ( 6.5 % ) and 6.625% ( 6.625 % ) and are paid quarterly in arrears .
in february 2013 , we redeemed all of our outstanding series o shares for a total payment of $ 178.0 million , thus reducing our future quarterly dividend commitments by $ 3.7 million .
in march 2012 , we redeemed all of our 6.950% ( 6.950 % ) series m cumulative redeemable preferred shares ( "series m shares" ) for a total payment of $ 168.3 million , thus reducing our future quarterly dividend commitments by $ 2.9 million .
in july 2011 , we redeemed all of our 7.25% ( 7.25 % ) series n cumulative redeemable preferred shares ( "series n shares" ) for a total payment of $ 108.6 million , thus reducing our future quarterly dividend commitments by $ 2.0 million .
debt maturities debt outstanding at december 31 , 2013 had a face value totaling $ 4.3 billion with a weighted average interest rate of 5.49% ( 5.49 % ) and with maturity dates ranging between 2014 and 2028 .
of this total amount , we had $ 3.1 billion of unsecured debt , $ 1.1 billion of secured debt and $ 88.0 million outstanding on the drlp unsecured line of credit at december 31 , 2013 .
we made scheduled and unscheduled principal payments of $ 1.0 billion on outstanding debt during the year ended december 31 , 2013. . | | | | 2013 | 2012 | 2011 |
|---:|:------------------------------------------|:--------|:--------|:--------|
| 0 | industrial | $ 41971 | $ 33095 | $ 34872 |
| 1 | office | 46600 | 30092 | 63933 |
| 2 | medical office | 3106 | 641 | 410 |
| 3 | non-reportable rental operations segments | 121 | 56 | 49 |
| 4 | total | $ 91798 | $ 63884 | $ 99264 | | annual report 2013 duke realty corporation 37 in addition to the capitalization of overhead costs discussed above , we also capitalized $ 16.8 million , $ 9.4 million and $ 4.3 million of interest costs in the years ended december 31 , 2013 , 2012 and 2011 , respectively .
the following table summarizes our second generation capital expenditures by reportable operating segment ( in thousands ) : ._| | | 2013 | 2012 | 2011 |
|---:|:------------------------------------------|:--------|:--------|:--------|
| 0 | industrial | $ 41971 | $ 33095 | $ 34872 |
| 1 | office | 46600 | 30092 | 63933 |
| 2 | medical office | 3106 | 641 | 410 |
| 3 | non-reportable rental operations segments | 121 | 56 | 49 |
| 4 | total | $ 91798 | $ 63884 | $ 99264 |_both our first and second generation expenditures vary significantly between leases on a per square foot basis , dependent upon several factors including the product type , the nature of a tenant's operations , the specific physical characteristics of each individual property as well as the market in which the property is located .
second generation expenditures related to the 79 suburban office buildings that were sold in the blackstone office disposition totaled $ 26.2 million in 2011 .
dividends and distributions we are required to meet the distribution requirements of the internal revenue code of 1986 , as amended ( the "code" ) , in order to maintain our reit status .
we paid dividends of $ 0.68 per common share for each of the years ended december 31 , 2013 , 2012 and 2011 .
we expect to continue to distribute at least an amount equal to our taxable earnings , to meet the requirements to maintain our reit status , and additional amounts as determined by our board of directors .
distributions are declared at the discretion of our board of directors and are subject to actual cash available for distribution , our financial condition , capital requirements and such other factors as our board of directors deems relevant .
at december 31 , 2013 we had three series of preferred stock outstanding .
the annual dividend rates on our preferred shares range between 6.5% ( 6.5 % ) and 6.625% ( 6.625 % ) and are paid quarterly in arrears .
in february 2013 , we redeemed all of our outstanding series o shares for a total payment of $ 178.0 million , thus reducing our future quarterly dividend commitments by $ 3.7 million .
in march 2012 , we redeemed all of our 6.950% ( 6.950 % ) series m cumulative redeemable preferred shares ( "series m shares" ) for a total payment of $ 168.3 million , thus reducing our future quarterly dividend commitments by $ 2.9 million .
in july 2011 , we redeemed all of our 7.25% ( 7.25 % ) series n cumulative redeemable preferred shares ( "series n shares" ) for a total payment of $ 108.6 million , thus reducing our future quarterly dividend commitments by $ 2.0 million .
debt maturities debt outstanding at december 31 , 2013 had a face value totaling $ 4.3 billion with a weighted average interest rate of 5.49% ( 5.49 % ) and with maturity dates ranging between 2014 and 2028 .
of this total amount , we had $ 3.1 billion of unsecured debt , $ 1.1 billion of secured debt and $ 88.0 million outstanding on the drlp unsecured line of credit at december 31 , 2013 .
we made scheduled and unscheduled principal payments of $ 1.0 billion on outstanding debt during the year ended december 31 , 2013. . | 2,013 | 39 | DRE | Duke Realty Corporation | Real Estate | Industrial REITs | Indianapolis, IN | 2004-01-01 | 783,280 | 1972 | what was the percent of the debt maturities outstanding at december 31 , 2013 that was unsecured debt | 72.1% | divide(3.1, 4.3) | annual report 2013 duke realty corporation 37 in addition to the capitalization of overhead costs discussed above , we also capitalized $ 16.8 million , $ 9.4 million and $ 4.3 million of interest costs in the years ended december 31 , 2013 , 2012 and 2011 , respectively .
the following table summarizes our second generation capital expenditures by reportable operating segment ( in thousands ) : . | both our first and second generation expenditures vary significantly between leases on a per square foot basis , dependent upon several factors including the product type , the nature of a tenant's operations , the specific physical characteristics of each individual property as well as the market in which the property is located .
second generation expenditures related to the 79 suburban office buildings that were sold in the blackstone office disposition totaled $ 26.2 million in 2011 .
dividends and distributions we are required to meet the distribution requirements of the internal revenue code of 1986 , as amended ( the "code" ) , in order to maintain our reit status .
we paid dividends of $ 0.68 per common share for each of the years ended december 31 , 2013 , 2012 and 2011 .
we expect to continue to distribute at least an amount equal to our taxable earnings , to meet the requirements to maintain our reit status , and additional amounts as determined by our board of directors .
distributions are declared at the discretion of our board of directors and are subject to actual cash available for distribution , our financial condition , capital requirements and such other factors as our board of directors deems relevant .
at december 31 , 2013 we had three series of preferred stock outstanding .
the annual dividend rates on our preferred shares range between 6.5% ( 6.5 % ) and 6.625% ( 6.625 % ) and are paid quarterly in arrears .
in february 2013 , we redeemed all of our outstanding series o shares for a total payment of $ 178.0 million , thus reducing our future quarterly dividend commitments by $ 3.7 million .
in march 2012 , we redeemed all of our 6.950% ( 6.950 % ) series m cumulative redeemable preferred shares ( "series m shares" ) for a total payment of $ 168.3 million , thus reducing our future quarterly dividend commitments by $ 2.9 million .
in july 2011 , we redeemed all of our 7.25% ( 7.25 % ) series n cumulative redeemable preferred shares ( "series n shares" ) for a total payment of $ 108.6 million , thus reducing our future quarterly dividend commitments by $ 2.0 million .
debt maturities debt outstanding at december 31 , 2013 had a face value totaling $ 4.3 billion with a weighted average interest rate of 5.49% ( 5.49 % ) and with maturity dates ranging between 2014 and 2028 .
of this total amount , we had $ 3.1 billion of unsecured debt , $ 1.1 billion of secured debt and $ 88.0 million outstanding on the drlp unsecured line of credit at december 31 , 2013 .
we made scheduled and unscheduled principal payments of $ 1.0 billion on outstanding debt during the year ended december 31 , 2013. . | | | | 2013 | 2012 | 2011 |
|---:|:------------------------------------------|:--------|:--------|:--------|
| 0 | industrial | $ 41971 | $ 33095 | $ 34872 |
| 1 | office | 46600 | 30092 | 63933 |
| 2 | medical office | 3106 | 641 | 410 |
| 3 | non-reportable rental operations segments | 121 | 56 | 49 |
| 4 | total | $ 91798 | $ 63884 | $ 99264 | | annual report 2013 duke realty corporation 37 in addition to the capitalization of overhead costs discussed above , we also capitalized $ 16.8 million , $ 9.4 million and $ 4.3 million of interest costs in the years ended december 31 , 2013 , 2012 and 2011 , respectively .
the following table summarizes our second generation capital expenditures by reportable operating segment ( in thousands ) : ._| | | 2013 | 2012 | 2011 |
|---:|:------------------------------------------|:--------|:--------|:--------|
| 0 | industrial | $ 41971 | $ 33095 | $ 34872 |
| 1 | office | 46600 | 30092 | 63933 |
| 2 | medical office | 3106 | 641 | 410 |
| 3 | non-reportable rental operations segments | 121 | 56 | 49 |
| 4 | total | $ 91798 | $ 63884 | $ 99264 |_both our first and second generation expenditures vary significantly between leases on a per square foot basis , dependent upon several factors including the product type , the nature of a tenant's operations , the specific physical characteristics of each individual property as well as the market in which the property is located .
second generation expenditures related to the 79 suburban office buildings that were sold in the blackstone office disposition totaled $ 26.2 million in 2011 .
dividends and distributions we are required to meet the distribution requirements of the internal revenue code of 1986 , as amended ( the "code" ) , in order to maintain our reit status .
we paid dividends of $ 0.68 per common share for each of the years ended december 31 , 2013 , 2012 and 2011 .
we expect to continue to distribute at least an amount equal to our taxable earnings , to meet the requirements to maintain our reit status , and additional amounts as determined by our board of directors .
distributions are declared at the discretion of our board of directors and are subject to actual cash available for distribution , our financial condition , capital requirements and such other factors as our board of directors deems relevant .
at december 31 , 2013 we had three series of preferred stock outstanding .
the annual dividend rates on our preferred shares range between 6.5% ( 6.5 % ) and 6.625% ( 6.625 % ) and are paid quarterly in arrears .
in february 2013 , we redeemed all of our outstanding series o shares for a total payment of $ 178.0 million , thus reducing our future quarterly dividend commitments by $ 3.7 million .
in march 2012 , we redeemed all of our 6.950% ( 6.950 % ) series m cumulative redeemable preferred shares ( "series m shares" ) for a total payment of $ 168.3 million , thus reducing our future quarterly dividend commitments by $ 2.9 million .
in july 2011 , we redeemed all of our 7.25% ( 7.25 % ) series n cumulative redeemable preferred shares ( "series n shares" ) for a total payment of $ 108.6 million , thus reducing our future quarterly dividend commitments by $ 2.0 million .
debt maturities debt outstanding at december 31 , 2013 had a face value totaling $ 4.3 billion with a weighted average interest rate of 5.49% ( 5.49 % ) and with maturity dates ranging between 2014 and 2028 .
of this total amount , we had $ 3.1 billion of unsecured debt , $ 1.1 billion of secured debt and $ 88.0 million outstanding on the drlp unsecured line of credit at december 31 , 2013 .
we made scheduled and unscheduled principal payments of $ 1.0 billion on outstanding debt during the year ended december 31 , 2013. . | 2,013 | 39 | DRE | Duke Realty Corporation | Real Estate | Industrial REITs | Indianapolis, IN | 2004-01-01 | 783,280 | 1972 | null | null |
finqa190 | what is the anticipated percentage increase in the capital investment in 2007 from 2006 | 42.9% | divide(subtract(3.2, 2242), 2242) | the table below details cash capital investments for the years ended december 31 , 2006 , 2005 , and 2004 .
millions of dollars 2006 2005 2004 . | in 2007 , we expect our total capital investments to be approximately $ 3.2 billion , which may include long- term leases .
these investments will be used to maintain track and structures , continue capacity expansions on our main lines in constrained corridors , remove bottlenecks , upgrade and augment equipment to better meet customer needs , build and improve facilities and terminals , and develop and implement new technologies .
we designed these investments to maintain infrastructure for safety , enhance customer service , promote growth , and improve operational fluidity .
we expect to fund our 2007 cash capital investments through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .
we expect that these sources will continue to provide sufficient funds to meet our expected capital requirements for 2007 .
for the years ended december 31 , 2006 , 2005 , and 2004 , our ratio of earnings to fixed charges was 4.4 , 2.9 , and 2.1 , respectively .
the increases in 2006 and 2005 were driven by higher net income .
the ratio of earnings to fixed charges was computed on a consolidated basis .
earnings represent income from continuing operations , less equity earnings net of distributions , plus fixed charges and income taxes .
fixed charges represent interest charges , amortization of debt discount , and the estimated amount representing the interest portion of rental charges .
see exhibit 12 for the calculation of the ratio of earnings to fixed charges .
financing activities credit facilities 2013 on december 31 , 2006 , we had $ 2 billion in revolving credit facilities available , including $ 1 billion under a five-year facility expiring in march 2009 and $ 1 billion under a five-year facility expiring in march 2010 ( collectively , the "facilities" ) .
the facilities are designated for general corporate purposes and support the issuance of commercial paper .
neither of the facilities were drawn on in 2006 .
commitment fees and interest rates payable under the facilities are similar to fees and rates available to comparably rated investment-grade borrowers .
these facilities allow for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings .
the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio .
at december 31 , 2006 , we were in compliance with these covenants .
the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral .
in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 .
neither of these lines of credit were used as of december 31 , 2006 .
we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines .
dividends 2013 on january 30 , 2007 , we increased the quarterly dividend to $ 0.35 per share , payable beginning on april 2 , 2007 , to shareholders of record on february 28 , 2007 .
we expect to fund the increase in the quarterly dividend through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .
dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under our credit facilities .
retained earnings available . | | | millions of dollars | 2006 | 2005 | 2004 |
|---:|:-----------------------------------|:-------|:-------|:-------|
| 0 | track | $ 1487 | $ 1472 | $ 1328 |
| 1 | capacity and commercial facilities | 510 | 509 | 347 |
| 2 | locomotives and freight cars | 135 | 98 | 125 |
| 3 | other | 110 | 90 | 76 |
| 4 | total | $ 2242 | $ 2169 | $ 1876 | | the table below details cash capital investments for the years ended december 31 , 2006 , 2005 , and 2004 .
millions of dollars 2006 2005 2004 ._| | millions of dollars | 2006 | 2005 | 2004 |
|---:|:-----------------------------------|:-------|:-------|:-------|
| 0 | track | $ 1487 | $ 1472 | $ 1328 |
| 1 | capacity and commercial facilities | 510 | 509 | 347 |
| 2 | locomotives and freight cars | 135 | 98 | 125 |
| 3 | other | 110 | 90 | 76 |
| 4 | total | $ 2242 | $ 2169 | $ 1876 |_in 2007 , we expect our total capital investments to be approximately $ 3.2 billion , which may include long- term leases .
these investments will be used to maintain track and structures , continue capacity expansions on our main lines in constrained corridors , remove bottlenecks , upgrade and augment equipment to better meet customer needs , build and improve facilities and terminals , and develop and implement new technologies .
we designed these investments to maintain infrastructure for safety , enhance customer service , promote growth , and improve operational fluidity .
we expect to fund our 2007 cash capital investments through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .
we expect that these sources will continue to provide sufficient funds to meet our expected capital requirements for 2007 .
for the years ended december 31 , 2006 , 2005 , and 2004 , our ratio of earnings to fixed charges was 4.4 , 2.9 , and 2.1 , respectively .
the increases in 2006 and 2005 were driven by higher net income .
the ratio of earnings to fixed charges was computed on a consolidated basis .
earnings represent income from continuing operations , less equity earnings net of distributions , plus fixed charges and income taxes .
fixed charges represent interest charges , amortization of debt discount , and the estimated amount representing the interest portion of rental charges .
see exhibit 12 for the calculation of the ratio of earnings to fixed charges .
financing activities credit facilities 2013 on december 31 , 2006 , we had $ 2 billion in revolving credit facilities available , including $ 1 billion under a five-year facility expiring in march 2009 and $ 1 billion under a five-year facility expiring in march 2010 ( collectively , the "facilities" ) .
the facilities are designated for general corporate purposes and support the issuance of commercial paper .
neither of the facilities were drawn on in 2006 .
commitment fees and interest rates payable under the facilities are similar to fees and rates available to comparably rated investment-grade borrowers .
these facilities allow for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings .
the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio .
at december 31 , 2006 , we were in compliance with these covenants .
the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral .
in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 .
neither of these lines of credit were used as of december 31 , 2006 .
we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines .
dividends 2013 on january 30 , 2007 , we increased the quarterly dividend to $ 0.35 per share , payable beginning on april 2 , 2007 , to shareholders of record on february 28 , 2007 .
we expect to fund the increase in the quarterly dividend through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .
dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under our credit facilities .
retained earnings available . | 2,006 | 37 | UNP | Union Pacific Corporation | Industrials | Rail Transportation | Omaha, Nebraska | 1957-03-04 | 100,885 | 1862 | what is the anticipated percentage increase in the capital investment in 2007 from 2006 | 42.9% | divide(subtract(3.2, 2242), 2242) | the table below details cash capital investments for the years ended december 31 , 2006 , 2005 , and 2004 .
millions of dollars 2006 2005 2004 . | in 2007 , we expect our total capital investments to be approximately $ 3.2 billion , which may include long- term leases .
these investments will be used to maintain track and structures , continue capacity expansions on our main lines in constrained corridors , remove bottlenecks , upgrade and augment equipment to better meet customer needs , build and improve facilities and terminals , and develop and implement new technologies .
we designed these investments to maintain infrastructure for safety , enhance customer service , promote growth , and improve operational fluidity .
we expect to fund our 2007 cash capital investments through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .
we expect that these sources will continue to provide sufficient funds to meet our expected capital requirements for 2007 .
for the years ended december 31 , 2006 , 2005 , and 2004 , our ratio of earnings to fixed charges was 4.4 , 2.9 , and 2.1 , respectively .
the increases in 2006 and 2005 were driven by higher net income .
the ratio of earnings to fixed charges was computed on a consolidated basis .
earnings represent income from continuing operations , less equity earnings net of distributions , plus fixed charges and income taxes .
fixed charges represent interest charges , amortization of debt discount , and the estimated amount representing the interest portion of rental charges .
see exhibit 12 for the calculation of the ratio of earnings to fixed charges .
financing activities credit facilities 2013 on december 31 , 2006 , we had $ 2 billion in revolving credit facilities available , including $ 1 billion under a five-year facility expiring in march 2009 and $ 1 billion under a five-year facility expiring in march 2010 ( collectively , the "facilities" ) .
the facilities are designated for general corporate purposes and support the issuance of commercial paper .
neither of the facilities were drawn on in 2006 .
commitment fees and interest rates payable under the facilities are similar to fees and rates available to comparably rated investment-grade borrowers .
these facilities allow for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings .
the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio .
at december 31 , 2006 , we were in compliance with these covenants .
the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral .
in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 .
neither of these lines of credit were used as of december 31 , 2006 .
we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines .
dividends 2013 on january 30 , 2007 , we increased the quarterly dividend to $ 0.35 per share , payable beginning on april 2 , 2007 , to shareholders of record on february 28 , 2007 .
we expect to fund the increase in the quarterly dividend through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .
dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under our credit facilities .
retained earnings available . | | | millions of dollars | 2006 | 2005 | 2004 |
|---:|:-----------------------------------|:-------|:-------|:-------|
| 0 | track | $ 1487 | $ 1472 | $ 1328 |
| 1 | capacity and commercial facilities | 510 | 509 | 347 |
| 2 | locomotives and freight cars | 135 | 98 | 125 |
| 3 | other | 110 | 90 | 76 |
| 4 | total | $ 2242 | $ 2169 | $ 1876 | | the table below details cash capital investments for the years ended december 31 , 2006 , 2005 , and 2004 .
millions of dollars 2006 2005 2004 ._| | millions of dollars | 2006 | 2005 | 2004 |
|---:|:-----------------------------------|:-------|:-------|:-------|
| 0 | track | $ 1487 | $ 1472 | $ 1328 |
| 1 | capacity and commercial facilities | 510 | 509 | 347 |
| 2 | locomotives and freight cars | 135 | 98 | 125 |
| 3 | other | 110 | 90 | 76 |
| 4 | total | $ 2242 | $ 2169 | $ 1876 |_in 2007 , we expect our total capital investments to be approximately $ 3.2 billion , which may include long- term leases .
these investments will be used to maintain track and structures , continue capacity expansions on our main lines in constrained corridors , remove bottlenecks , upgrade and augment equipment to better meet customer needs , build and improve facilities and terminals , and develop and implement new technologies .
we designed these investments to maintain infrastructure for safety , enhance customer service , promote growth , and improve operational fluidity .
we expect to fund our 2007 cash capital investments through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .
we expect that these sources will continue to provide sufficient funds to meet our expected capital requirements for 2007 .
for the years ended december 31 , 2006 , 2005 , and 2004 , our ratio of earnings to fixed charges was 4.4 , 2.9 , and 2.1 , respectively .
the increases in 2006 and 2005 were driven by higher net income .
the ratio of earnings to fixed charges was computed on a consolidated basis .
earnings represent income from continuing operations , less equity earnings net of distributions , plus fixed charges and income taxes .
fixed charges represent interest charges , amortization of debt discount , and the estimated amount representing the interest portion of rental charges .
see exhibit 12 for the calculation of the ratio of earnings to fixed charges .
financing activities credit facilities 2013 on december 31 , 2006 , we had $ 2 billion in revolving credit facilities available , including $ 1 billion under a five-year facility expiring in march 2009 and $ 1 billion under a five-year facility expiring in march 2010 ( collectively , the "facilities" ) .
the facilities are designated for general corporate purposes and support the issuance of commercial paper .
neither of the facilities were drawn on in 2006 .
commitment fees and interest rates payable under the facilities are similar to fees and rates available to comparably rated investment-grade borrowers .
these facilities allow for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings .
the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio .
at december 31 , 2006 , we were in compliance with these covenants .
the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral .
in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 .
neither of these lines of credit were used as of december 31 , 2006 .
we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines .
dividends 2013 on january 30 , 2007 , we increased the quarterly dividend to $ 0.35 per share , payable beginning on april 2 , 2007 , to shareholders of record on february 28 , 2007 .
we expect to fund the increase in the quarterly dividend through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .
dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under our credit facilities .
retained earnings available . | 2,006 | 37 | UNP | Union Pacific Corporation | Industrials | Rail Transportation | Omaha, Nebraska | 1957-03-04 | 100,885 | 1862 | null | null |
finqa191 | in 2006 what was the percent of the total investments amount attributable to the track | 66.3% | divide(1487, 2242) | the table below details cash capital investments for the years ended december 31 , 2006 , 2005 , and 2004 .
millions of dollars 2006 2005 2004 . | in 2007 , we expect our total capital investments to be approximately $ 3.2 billion , which may include long- term leases .
these investments will be used to maintain track and structures , continue capacity expansions on our main lines in constrained corridors , remove bottlenecks , upgrade and augment equipment to better meet customer needs , build and improve facilities and terminals , and develop and implement new technologies .
we designed these investments to maintain infrastructure for safety , enhance customer service , promote growth , and improve operational fluidity .
we expect to fund our 2007 cash capital investments through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .
we expect that these sources will continue to provide sufficient funds to meet our expected capital requirements for 2007 .
for the years ended december 31 , 2006 , 2005 , and 2004 , our ratio of earnings to fixed charges was 4.4 , 2.9 , and 2.1 , respectively .
the increases in 2006 and 2005 were driven by higher net income .
the ratio of earnings to fixed charges was computed on a consolidated basis .
earnings represent income from continuing operations , less equity earnings net of distributions , plus fixed charges and income taxes .
fixed charges represent interest charges , amortization of debt discount , and the estimated amount representing the interest portion of rental charges .
see exhibit 12 for the calculation of the ratio of earnings to fixed charges .
financing activities credit facilities 2013 on december 31 , 2006 , we had $ 2 billion in revolving credit facilities available , including $ 1 billion under a five-year facility expiring in march 2009 and $ 1 billion under a five-year facility expiring in march 2010 ( collectively , the "facilities" ) .
the facilities are designated for general corporate purposes and support the issuance of commercial paper .
neither of the facilities were drawn on in 2006 .
commitment fees and interest rates payable under the facilities are similar to fees and rates available to comparably rated investment-grade borrowers .
these facilities allow for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings .
the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio .
at december 31 , 2006 , we were in compliance with these covenants .
the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral .
in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 .
neither of these lines of credit were used as of december 31 , 2006 .
we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines .
dividends 2013 on january 30 , 2007 , we increased the quarterly dividend to $ 0.35 per share , payable beginning on april 2 , 2007 , to shareholders of record on february 28 , 2007 .
we expect to fund the increase in the quarterly dividend through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .
dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under our credit facilities .
retained earnings available . | | | millions of dollars | 2006 | 2005 | 2004 |
|---:|:-----------------------------------|:-------|:-------|:-------|
| 0 | track | $ 1487 | $ 1472 | $ 1328 |
| 1 | capacity and commercial facilities | 510 | 509 | 347 |
| 2 | locomotives and freight cars | 135 | 98 | 125 |
| 3 | other | 110 | 90 | 76 |
| 4 | total | $ 2242 | $ 2169 | $ 1876 | | the table below details cash capital investments for the years ended december 31 , 2006 , 2005 , and 2004 .
millions of dollars 2006 2005 2004 ._| | millions of dollars | 2006 | 2005 | 2004 |
|---:|:-----------------------------------|:-------|:-------|:-------|
| 0 | track | $ 1487 | $ 1472 | $ 1328 |
| 1 | capacity and commercial facilities | 510 | 509 | 347 |
| 2 | locomotives and freight cars | 135 | 98 | 125 |
| 3 | other | 110 | 90 | 76 |
| 4 | total | $ 2242 | $ 2169 | $ 1876 |_in 2007 , we expect our total capital investments to be approximately $ 3.2 billion , which may include long- term leases .
these investments will be used to maintain track and structures , continue capacity expansions on our main lines in constrained corridors , remove bottlenecks , upgrade and augment equipment to better meet customer needs , build and improve facilities and terminals , and develop and implement new technologies .
we designed these investments to maintain infrastructure for safety , enhance customer service , promote growth , and improve operational fluidity .
we expect to fund our 2007 cash capital investments through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .
we expect that these sources will continue to provide sufficient funds to meet our expected capital requirements for 2007 .
for the years ended december 31 , 2006 , 2005 , and 2004 , our ratio of earnings to fixed charges was 4.4 , 2.9 , and 2.1 , respectively .
the increases in 2006 and 2005 were driven by higher net income .
the ratio of earnings to fixed charges was computed on a consolidated basis .
earnings represent income from continuing operations , less equity earnings net of distributions , plus fixed charges and income taxes .
fixed charges represent interest charges , amortization of debt discount , and the estimated amount representing the interest portion of rental charges .
see exhibit 12 for the calculation of the ratio of earnings to fixed charges .
financing activities credit facilities 2013 on december 31 , 2006 , we had $ 2 billion in revolving credit facilities available , including $ 1 billion under a five-year facility expiring in march 2009 and $ 1 billion under a five-year facility expiring in march 2010 ( collectively , the "facilities" ) .
the facilities are designated for general corporate purposes and support the issuance of commercial paper .
neither of the facilities were drawn on in 2006 .
commitment fees and interest rates payable under the facilities are similar to fees and rates available to comparably rated investment-grade borrowers .
these facilities allow for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings .
the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio .
at december 31 , 2006 , we were in compliance with these covenants .
the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral .
in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 .
neither of these lines of credit were used as of december 31 , 2006 .
we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines .
dividends 2013 on january 30 , 2007 , we increased the quarterly dividend to $ 0.35 per share , payable beginning on april 2 , 2007 , to shareholders of record on february 28 , 2007 .
we expect to fund the increase in the quarterly dividend through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .
dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under our credit facilities .
retained earnings available . | 2,006 | 37 | UNP | Union Pacific Corporation | Industrials | Rail Transportation | Omaha, Nebraska | 1957-03-04 | 100,885 | 1862 | in 2006 what was the percent of the total investments amount attributable to the track | 66.3% | divide(1487, 2242) | the table below details cash capital investments for the years ended december 31 , 2006 , 2005 , and 2004 .
millions of dollars 2006 2005 2004 . | in 2007 , we expect our total capital investments to be approximately $ 3.2 billion , which may include long- term leases .
these investments will be used to maintain track and structures , continue capacity expansions on our main lines in constrained corridors , remove bottlenecks , upgrade and augment equipment to better meet customer needs , build and improve facilities and terminals , and develop and implement new technologies .
we designed these investments to maintain infrastructure for safety , enhance customer service , promote growth , and improve operational fluidity .
we expect to fund our 2007 cash capital investments through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .
we expect that these sources will continue to provide sufficient funds to meet our expected capital requirements for 2007 .
for the years ended december 31 , 2006 , 2005 , and 2004 , our ratio of earnings to fixed charges was 4.4 , 2.9 , and 2.1 , respectively .
the increases in 2006 and 2005 were driven by higher net income .
the ratio of earnings to fixed charges was computed on a consolidated basis .
earnings represent income from continuing operations , less equity earnings net of distributions , plus fixed charges and income taxes .
fixed charges represent interest charges , amortization of debt discount , and the estimated amount representing the interest portion of rental charges .
see exhibit 12 for the calculation of the ratio of earnings to fixed charges .
financing activities credit facilities 2013 on december 31 , 2006 , we had $ 2 billion in revolving credit facilities available , including $ 1 billion under a five-year facility expiring in march 2009 and $ 1 billion under a five-year facility expiring in march 2010 ( collectively , the "facilities" ) .
the facilities are designated for general corporate purposes and support the issuance of commercial paper .
neither of the facilities were drawn on in 2006 .
commitment fees and interest rates payable under the facilities are similar to fees and rates available to comparably rated investment-grade borrowers .
these facilities allow for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings .
the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio .
at december 31 , 2006 , we were in compliance with these covenants .
the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral .
in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 .
neither of these lines of credit were used as of december 31 , 2006 .
we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines .
dividends 2013 on january 30 , 2007 , we increased the quarterly dividend to $ 0.35 per share , payable beginning on april 2 , 2007 , to shareholders of record on february 28 , 2007 .
we expect to fund the increase in the quarterly dividend through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .
dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under our credit facilities .
retained earnings available . | | | millions of dollars | 2006 | 2005 | 2004 |
|---:|:-----------------------------------|:-------|:-------|:-------|
| 0 | track | $ 1487 | $ 1472 | $ 1328 |
| 1 | capacity and commercial facilities | 510 | 509 | 347 |
| 2 | locomotives and freight cars | 135 | 98 | 125 |
| 3 | other | 110 | 90 | 76 |
| 4 | total | $ 2242 | $ 2169 | $ 1876 | | the table below details cash capital investments for the years ended december 31 , 2006 , 2005 , and 2004 .
millions of dollars 2006 2005 2004 ._| | millions of dollars | 2006 | 2005 | 2004 |
|---:|:-----------------------------------|:-------|:-------|:-------|
| 0 | track | $ 1487 | $ 1472 | $ 1328 |
| 1 | capacity and commercial facilities | 510 | 509 | 347 |
| 2 | locomotives and freight cars | 135 | 98 | 125 |
| 3 | other | 110 | 90 | 76 |
| 4 | total | $ 2242 | $ 2169 | $ 1876 |_in 2007 , we expect our total capital investments to be approximately $ 3.2 billion , which may include long- term leases .
these investments will be used to maintain track and structures , continue capacity expansions on our main lines in constrained corridors , remove bottlenecks , upgrade and augment equipment to better meet customer needs , build and improve facilities and terminals , and develop and implement new technologies .
we designed these investments to maintain infrastructure for safety , enhance customer service , promote growth , and improve operational fluidity .
we expect to fund our 2007 cash capital investments through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .
we expect that these sources will continue to provide sufficient funds to meet our expected capital requirements for 2007 .
for the years ended december 31 , 2006 , 2005 , and 2004 , our ratio of earnings to fixed charges was 4.4 , 2.9 , and 2.1 , respectively .
the increases in 2006 and 2005 were driven by higher net income .
the ratio of earnings to fixed charges was computed on a consolidated basis .
earnings represent income from continuing operations , less equity earnings net of distributions , plus fixed charges and income taxes .
fixed charges represent interest charges , amortization of debt discount , and the estimated amount representing the interest portion of rental charges .
see exhibit 12 for the calculation of the ratio of earnings to fixed charges .
financing activities credit facilities 2013 on december 31 , 2006 , we had $ 2 billion in revolving credit facilities available , including $ 1 billion under a five-year facility expiring in march 2009 and $ 1 billion under a five-year facility expiring in march 2010 ( collectively , the "facilities" ) .
the facilities are designated for general corporate purposes and support the issuance of commercial paper .
neither of the facilities were drawn on in 2006 .
commitment fees and interest rates payable under the facilities are similar to fees and rates available to comparably rated investment-grade borrowers .
these facilities allow for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings .
the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio .
at december 31 , 2006 , we were in compliance with these covenants .
the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral .
in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 .
neither of these lines of credit were used as of december 31 , 2006 .
we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines .
dividends 2013 on january 30 , 2007 , we increased the quarterly dividend to $ 0.35 per share , payable beginning on april 2 , 2007 , to shareholders of record on february 28 , 2007 .
we expect to fund the increase in the quarterly dividend through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .
dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under our credit facilities .
retained earnings available . | 2,006 | 37 | UNP | Union Pacific Corporation | Industrials | Rail Transportation | Omaha, Nebraska | 1957-03-04 | 100,885 | 1862 | null | null |
finqa192 | what portion of the robert mondavi's total assets acquired is related to goodwill? | 34.3% | divide(634203, 1848575) | 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 . | | | current assets | $ 513782 |
|---:|:-----------------------------|:-----------|
| 0 | property plant and equipment | 438140 |
| 1 | other assets | 124450 |
| 2 | trademarks | 138000 |
| 3 | goodwill | 634203 |
| 4 | total assets acquired | 1848575 |
| 5 | current liabilities | 310919 |
| 6 | long-term liabilities | 494995 |
| 7 | total liabilities assumed | 805914 |
| 8 | net assets acquired | $ 1042661 | | 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 ) ._| | current assets | $ 513782 |
|---:|:-----------------------------|:-----------|
| 0 | property plant and equipment | 438140 |
| 1 | other assets | 124450 |
| 2 | trademarks | 138000 |
| 3 | goodwill | 634203 |
| 4 | total assets acquired | 1848575 |
| 5 | current liabilities | 310919 |
| 6 | long-term liabilities | 494995 |
| 7 | total liabilities assumed | 805914 |
| 8 | net assets acquired | $ 1042661 |_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 . | 2,006 | 68 | STZ | Constellation Brands | Consumer Staples | Distillers & Vintners | Rochester, New York | 2005-07-01 | 16,918 | 1945 | what portion of the robert mondavi's total assets acquired is related to goodwill? | 34.3% | divide(634203, 1848575) | 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 . | | | current assets | $ 513782 |
|---:|:-----------------------------|:-----------|
| 0 | property plant and equipment | 438140 |
| 1 | other assets | 124450 |
| 2 | trademarks | 138000 |
| 3 | goodwill | 634203 |
| 4 | total assets acquired | 1848575 |
| 5 | current liabilities | 310919 |
| 6 | long-term liabilities | 494995 |
| 7 | total liabilities assumed | 805914 |
| 8 | net assets acquired | $ 1042661 | | 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 ) ._| | current assets | $ 513782 |
|---:|:-----------------------------|:-----------|
| 0 | property plant and equipment | 438140 |
| 1 | other assets | 124450 |
| 2 | trademarks | 138000 |
| 3 | goodwill | 634203 |
| 4 | total assets acquired | 1848575 |
| 5 | current liabilities | 310919 |
| 6 | long-term liabilities | 494995 |
| 7 | total liabilities assumed | 805914 |
| 8 | net assets acquired | $ 1042661 |_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 . | 2,006 | 68 | STZ | Constellation Brands | Consumer Staples | Distillers & Vintners | Rochester, New York | 2005-07-01 | 16,918 | 1945 | null | null |
finqa193 | as of december 31 , 2017 , assuming an average price per share of $ 12.12 , what would be the cost in millions to repurchase all the remaining shares remaining in the program? | 2981.5 | multiply(246, 12.12) | the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 on december 8 , 2017 , the board of directors declared a quarterly common stock dividend of $ 0.13 per share payable on february 15 , 2018 to shareholders of record at the close of business on february 1 , 2018 .
stock repurchase program 2014 no shares were repurchased in 2017 .
the cumulative repurchases from the commencement of the program in july 2010 through december 31 , 2017 totaled 154.3 million shares for a total cost of $ 1.9 billion , at an average price per share of $ 12.12 ( including a nominal amount of commissions ) .
as of december 31 , 2017 , $ 246 million remained available for repurchase under the program .
the common stock repurchased has been classified as treasury stock and accounted for using the cost method .
a total of 155924785 and 156878891 shares were held as treasury stock at december 31 , 2017 and 2016 , respectively .
restricted stock units under the company's employee benefit plans are issued from treasury stock .
the company has not retired any common stock repurchased since it began the program in july 2010 .
15 .
segments and geographic information the segment reporting structure uses the company's organizational structure as its foundation to reflect how the company manages the businesses internally and is organized by geographic regions which provides a socio- political-economic understanding of our business .
during the third quarter of 2017 , the europe and asia sbus were merged in order to leverage scale and are now reported as part of the eurasia sbu .
the management reporting structure is organized by five sbus led by our president and chief executive officer : us , andes , brazil , mcac and eurasia sbus .
the company determined that it has five operating and five reportable segments corresponding to its sbus .
all prior period results have been retrospectively revised to reflect the new segment reporting structure .
in february 2018 , we announced a reorganization as a part of our ongoing strategy to simplify our portfolio , optimize our cost structure , and reduce our carbon intensity .
the company is currently evaluating the impact this reorganization will have on our segment reporting structure .
corporate and other 2014 corporate overhead costs which are not directly associated with the operations of our five reportable segments are included in "corporate and other." also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation .
the company uses adjusted ptc as its primary segment performance measure .
adjusted ptc , a non-gaap measure , is defined by the company as pre-tax income from continuing operations attributable to the aes corporation excluding gains or losses of the consolidated entity due to ( a ) unrealized gains or losses related to derivative transactions ; ( b ) unrealized foreign currency gains or losses ; ( c ) gains , losses and associated benefits and costs due to dispositions and acquisitions of business interests , including early plant closures ; ( d ) losses due to impairments ; ( e ) gains , losses and costs due to the early retirement of debt ; and ( f ) costs directly associated with a major restructuring program , including , but not limited to , workforce reduction efforts , relocations , and office consolidation .
adjusted ptc also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities .
the company has concluded adjusted ptc better reflects the underlying business performance of the company and is the most relevant measure considered in the company's internal evaluation of the financial performance of its segments .
additionally , given its large number of businesses and complexity , the company concluded that adjusted ptc is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the company's results .
revenue and adjusted ptc are presented before inter-segment eliminations , which includes the effect of intercompany transactions with other segments except for interest , charges for certain management fees , and the write-off of intercompany balances , as applicable .
all intra-segment activity has been eliminated within the segment .
inter-segment activity has been eliminated within the total consolidated results .
the following tables present financial information by segment for the periods indicated ( in millions ) : . | . | | | year ended december 31, | total revenue 2017 | total revenue 2016 | total revenue 2015 |
|---:|:--------------------------|:---------------------|:---------------------|:---------------------|
| 0 | us sbu | $ 3229 | $ 3429 | $ 3593 |
| 1 | andes sbu | 2710 | 2506 | 2489 |
| 2 | brazil sbu | 542 | 450 | 962 |
| 3 | mcac sbu | 2448 | 2172 | 2353 |
| 4 | eurasia sbu | 1590 | 1670 | 1875 |
| 5 | corporate and other | 35 | 77 | 31 |
| 6 | eliminations | -24 ( 24 ) | -23 ( 23 ) | -43 ( 43 ) |
| 7 | total revenue | $ 10530 | $ 10281 | $ 11260 | | the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 on december 8 , 2017 , the board of directors declared a quarterly common stock dividend of $ 0.13 per share payable on february 15 , 2018 to shareholders of record at the close of business on february 1 , 2018 .
stock repurchase program 2014 no shares were repurchased in 2017 .
the cumulative repurchases from the commencement of the program in july 2010 through december 31 , 2017 totaled 154.3 million shares for a total cost of $ 1.9 billion , at an average price per share of $ 12.12 ( including a nominal amount of commissions ) .
as of december 31 , 2017 , $ 246 million remained available for repurchase under the program .
the common stock repurchased has been classified as treasury stock and accounted for using the cost method .
a total of 155924785 and 156878891 shares were held as treasury stock at december 31 , 2017 and 2016 , respectively .
restricted stock units under the company's employee benefit plans are issued from treasury stock .
the company has not retired any common stock repurchased since it began the program in july 2010 .
15 .
segments and geographic information the segment reporting structure uses the company's organizational structure as its foundation to reflect how the company manages the businesses internally and is organized by geographic regions which provides a socio- political-economic understanding of our business .
during the third quarter of 2017 , the europe and asia sbus were merged in order to leverage scale and are now reported as part of the eurasia sbu .
the management reporting structure is organized by five sbus led by our president and chief executive officer : us , andes , brazil , mcac and eurasia sbus .
the company determined that it has five operating and five reportable segments corresponding to its sbus .
all prior period results have been retrospectively revised to reflect the new segment reporting structure .
in february 2018 , we announced a reorganization as a part of our ongoing strategy to simplify our portfolio , optimize our cost structure , and reduce our carbon intensity .
the company is currently evaluating the impact this reorganization will have on our segment reporting structure .
corporate and other 2014 corporate overhead costs which are not directly associated with the operations of our five reportable segments are included in "corporate and other." also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation .
the company uses adjusted ptc as its primary segment performance measure .
adjusted ptc , a non-gaap measure , is defined by the company as pre-tax income from continuing operations attributable to the aes corporation excluding gains or losses of the consolidated entity due to ( a ) unrealized gains or losses related to derivative transactions ; ( b ) unrealized foreign currency gains or losses ; ( c ) gains , losses and associated benefits and costs due to dispositions and acquisitions of business interests , including early plant closures ; ( d ) losses due to impairments ; ( e ) gains , losses and costs due to the early retirement of debt ; and ( f ) costs directly associated with a major restructuring program , including , but not limited to , workforce reduction efforts , relocations , and office consolidation .
adjusted ptc also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities .
the company has concluded adjusted ptc better reflects the underlying business performance of the company and is the most relevant measure considered in the company's internal evaluation of the financial performance of its segments .
additionally , given its large number of businesses and complexity , the company concluded that adjusted ptc is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the company's results .
revenue and adjusted ptc are presented before inter-segment eliminations , which includes the effect of intercompany transactions with other segments except for interest , charges for certain management fees , and the write-off of intercompany balances , as applicable .
all intra-segment activity has been eliminated within the segment .
inter-segment activity has been eliminated within the total consolidated results .
the following tables present financial information by segment for the periods indicated ( in millions ) : ._| | year ended december 31, | total revenue 2017 | total revenue 2016 | total revenue 2015 |
|---:|:--------------------------|:---------------------|:---------------------|:---------------------|
| 0 | us sbu | $ 3229 | $ 3429 | $ 3593 |
| 1 | andes sbu | 2710 | 2506 | 2489 |
| 2 | brazil sbu | 542 | 450 | 962 |
| 3 | mcac sbu | 2448 | 2172 | 2353 |
| 4 | eurasia sbu | 1590 | 1670 | 1875 |
| 5 | corporate and other | 35 | 77 | 31 |
| 6 | eliminations | -24 ( 24 ) | -23 ( 23 ) | -43 ( 43 ) |
| 7 | total revenue | $ 10530 | $ 10281 | $ 11260 |_. | 2,017 | 157 | AES | AES Corporation | Utilities | Independent Power Producers & Energy Traders | Arlington, Virginia | 1998-10-02 | 874,761 | 1981 | as of december 31 , 2017 , assuming an average price per share of $ 12.12 , what would be the cost in millions to repurchase all the remaining shares remaining in the program? | 2981.5 | multiply(246, 12.12) | the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 on december 8 , 2017 , the board of directors declared a quarterly common stock dividend of $ 0.13 per share payable on february 15 , 2018 to shareholders of record at the close of business on february 1 , 2018 .
stock repurchase program 2014 no shares were repurchased in 2017 .
the cumulative repurchases from the commencement of the program in july 2010 through december 31 , 2017 totaled 154.3 million shares for a total cost of $ 1.9 billion , at an average price per share of $ 12.12 ( including a nominal amount of commissions ) .
as of december 31 , 2017 , $ 246 million remained available for repurchase under the program .
the common stock repurchased has been classified as treasury stock and accounted for using the cost method .
a total of 155924785 and 156878891 shares were held as treasury stock at december 31 , 2017 and 2016 , respectively .
restricted stock units under the company's employee benefit plans are issued from treasury stock .
the company has not retired any common stock repurchased since it began the program in july 2010 .
15 .
segments and geographic information the segment reporting structure uses the company's organizational structure as its foundation to reflect how the company manages the businesses internally and is organized by geographic regions which provides a socio- political-economic understanding of our business .
during the third quarter of 2017 , the europe and asia sbus were merged in order to leverage scale and are now reported as part of the eurasia sbu .
the management reporting structure is organized by five sbus led by our president and chief executive officer : us , andes , brazil , mcac and eurasia sbus .
the company determined that it has five operating and five reportable segments corresponding to its sbus .
all prior period results have been retrospectively revised to reflect the new segment reporting structure .
in february 2018 , we announced a reorganization as a part of our ongoing strategy to simplify our portfolio , optimize our cost structure , and reduce our carbon intensity .
the company is currently evaluating the impact this reorganization will have on our segment reporting structure .
corporate and other 2014 corporate overhead costs which are not directly associated with the operations of our five reportable segments are included in "corporate and other." also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation .
the company uses adjusted ptc as its primary segment performance measure .
adjusted ptc , a non-gaap measure , is defined by the company as pre-tax income from continuing operations attributable to the aes corporation excluding gains or losses of the consolidated entity due to ( a ) unrealized gains or losses related to derivative transactions ; ( b ) unrealized foreign currency gains or losses ; ( c ) gains , losses and associated benefits and costs due to dispositions and acquisitions of business interests , including early plant closures ; ( d ) losses due to impairments ; ( e ) gains , losses and costs due to the early retirement of debt ; and ( f ) costs directly associated with a major restructuring program , including , but not limited to , workforce reduction efforts , relocations , and office consolidation .
adjusted ptc also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities .
the company has concluded adjusted ptc better reflects the underlying business performance of the company and is the most relevant measure considered in the company's internal evaluation of the financial performance of its segments .
additionally , given its large number of businesses and complexity , the company concluded that adjusted ptc is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the company's results .
revenue and adjusted ptc are presented before inter-segment eliminations , which includes the effect of intercompany transactions with other segments except for interest , charges for certain management fees , and the write-off of intercompany balances , as applicable .
all intra-segment activity has been eliminated within the segment .
inter-segment activity has been eliminated within the total consolidated results .
the following tables present financial information by segment for the periods indicated ( in millions ) : . | . | | | year ended december 31, | total revenue 2017 | total revenue 2016 | total revenue 2015 |
|---:|:--------------------------|:---------------------|:---------------------|:---------------------|
| 0 | us sbu | $ 3229 | $ 3429 | $ 3593 |
| 1 | andes sbu | 2710 | 2506 | 2489 |
| 2 | brazil sbu | 542 | 450 | 962 |
| 3 | mcac sbu | 2448 | 2172 | 2353 |
| 4 | eurasia sbu | 1590 | 1670 | 1875 |
| 5 | corporate and other | 35 | 77 | 31 |
| 6 | eliminations | -24 ( 24 ) | -23 ( 23 ) | -43 ( 43 ) |
| 7 | total revenue | $ 10530 | $ 10281 | $ 11260 | | the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 on december 8 , 2017 , the board of directors declared a quarterly common stock dividend of $ 0.13 per share payable on february 15 , 2018 to shareholders of record at the close of business on february 1 , 2018 .
stock repurchase program 2014 no shares were repurchased in 2017 .
the cumulative repurchases from the commencement of the program in july 2010 through december 31 , 2017 totaled 154.3 million shares for a total cost of $ 1.9 billion , at an average price per share of $ 12.12 ( including a nominal amount of commissions ) .
as of december 31 , 2017 , $ 246 million remained available for repurchase under the program .
the common stock repurchased has been classified as treasury stock and accounted for using the cost method .
a total of 155924785 and 156878891 shares were held as treasury stock at december 31 , 2017 and 2016 , respectively .
restricted stock units under the company's employee benefit plans are issued from treasury stock .
the company has not retired any common stock repurchased since it began the program in july 2010 .
15 .
segments and geographic information the segment reporting structure uses the company's organizational structure as its foundation to reflect how the company manages the businesses internally and is organized by geographic regions which provides a socio- political-economic understanding of our business .
during the third quarter of 2017 , the europe and asia sbus were merged in order to leverage scale and are now reported as part of the eurasia sbu .
the management reporting structure is organized by five sbus led by our president and chief executive officer : us , andes , brazil , mcac and eurasia sbus .
the company determined that it has five operating and five reportable segments corresponding to its sbus .
all prior period results have been retrospectively revised to reflect the new segment reporting structure .
in february 2018 , we announced a reorganization as a part of our ongoing strategy to simplify our portfolio , optimize our cost structure , and reduce our carbon intensity .
the company is currently evaluating the impact this reorganization will have on our segment reporting structure .
corporate and other 2014 corporate overhead costs which are not directly associated with the operations of our five reportable segments are included in "corporate and other." also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation .
the company uses adjusted ptc as its primary segment performance measure .
adjusted ptc , a non-gaap measure , is defined by the company as pre-tax income from continuing operations attributable to the aes corporation excluding gains or losses of the consolidated entity due to ( a ) unrealized gains or losses related to derivative transactions ; ( b ) unrealized foreign currency gains or losses ; ( c ) gains , losses and associated benefits and costs due to dispositions and acquisitions of business interests , including early plant closures ; ( d ) losses due to impairments ; ( e ) gains , losses and costs due to the early retirement of debt ; and ( f ) costs directly associated with a major restructuring program , including , but not limited to , workforce reduction efforts , relocations , and office consolidation .
adjusted ptc also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities .
the company has concluded adjusted ptc better reflects the underlying business performance of the company and is the most relevant measure considered in the company's internal evaluation of the financial performance of its segments .
additionally , given its large number of businesses and complexity , the company concluded that adjusted ptc is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the company's results .
revenue and adjusted ptc are presented before inter-segment eliminations , which includes the effect of intercompany transactions with other segments except for interest , charges for certain management fees , and the write-off of intercompany balances , as applicable .
all intra-segment activity has been eliminated within the segment .
inter-segment activity has been eliminated within the total consolidated results .
the following tables present financial information by segment for the periods indicated ( in millions ) : ._| | year ended december 31, | total revenue 2017 | total revenue 2016 | total revenue 2015 |
|---:|:--------------------------|:---------------------|:---------------------|:---------------------|
| 0 | us sbu | $ 3229 | $ 3429 | $ 3593 |
| 1 | andes sbu | 2710 | 2506 | 2489 |
| 2 | brazil sbu | 542 | 450 | 962 |
| 3 | mcac sbu | 2448 | 2172 | 2353 |
| 4 | eurasia sbu | 1590 | 1670 | 1875 |
| 5 | corporate and other | 35 | 77 | 31 |
| 6 | eliminations | -24 ( 24 ) | -23 ( 23 ) | -43 ( 43 ) |
| 7 | total revenue | $ 10530 | $ 10281 | $ 11260 |_. | 2,017 | 157 | AES | AES Corporation | Utilities | Independent Power Producers & Energy Traders | Arlington, Virginia | 1998-10-02 | 874,761 | 1981 | null | null |
finqa194 | what is the percentage change in amortization expense from from 2008 to 2009? | 2.0% | divide(subtract(97.8, 95.9), 95.9) | american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) a description of the company 2019s reporting units and the results of the related transitional impairment testing are as follows : verestar 2014verestar was a single segment and reporting unit until december 2002 , when the company committed to a plan to dispose of verestar .
the company recorded an impairment charge of $ 189.3 million relating to the impairment of goodwill in this reporting unit .
the fair value of this reporting unit was determined based on an independent third party appraisal .
network development services 2014as of january 1 , 2002 , the reporting units in the company 2019s network development services segment included kline , specialty constructors , galaxy , mts components and flash technologies .
the company estimated the fair value of these reporting units utilizing future discounted cash flows and market information as to the value of each reporting unit on january 1 , 2002 .
the company recorded an impairment charge of $ 387.8 million for the year ended december 31 , 2002 related to the impairment of goodwill within these reporting units .
such charge included full impairment for all of the goodwill within the reporting units except kline , for which only a partial impairment was recorded .
as discussed in note 2 , the assets of all of these reporting units were sold as of december 31 , 2003 , except for those of kline and our tower construction services unit , which were sold in march and november 2004 , respectively .
rental and management 2014the company obtained an independent third party appraisal of the rental and management reporting unit that contains goodwill and determined that goodwill was not impaired .
the company 2019s other intangible assets subject to amortization consist of the following as of december 31 , ( in thousands ) : . | the company amortizes its intangible assets over periods ranging from three to fifteen years .
amortization of intangible assets for the years ended december 31 , 2004 and 2003 aggregated approximately $ 97.8 million and $ 94.6 million , respectively ( excluding amortization of deferred financing costs , which is included in interest expense ) .
the company expects to record amortization expense of approximately $ 97.8 million , $ 95.9 million , $ 92.0 million , $ 90.5 million and $ 88.8 million , respectively , for the years ended december 31 , 2005 , 2006 , 2007 , 2008 and 2009 , respectively .
5 .
notes receivable in 2000 , the company loaned tv azteca , s.a .
de c.v .
( tv azteca ) , the owner of a major national television network in mexico , $ 119.8 million .
the loan , which initially bore interest at 12.87% ( 12.87 % ) , payable quarterly , was discounted by the company , as the fair value interest rate at the date of the loan was determined to be 14.25% ( 14.25 % ) .
the loan was amended effective january 1 , 2003 to increase the original interest rate to 13.11% ( 13.11 % ) .
as of december 31 , 2004 , and 2003 , approximately $ 119.8 million undiscounted ( $ 108.2 million discounted ) under the loan was outstanding and included in notes receivable and other long-term assets in the accompanying consolidated balance sheets .
the term of the loan is seventy years ; however , the loan may be prepaid by tv . | | | | 2004 | 2003 |
|---:|:--------------------------------------------------------|:-------------------|:-------------------|
| 0 | acquired customer base and network location intangibles | $ 1369607 | $ 1299521 |
| 1 | deferred financing costs | 89736 | 111484 |
| 2 | acquired licenses and other intangibles | 43404 | 43125 |
| 3 | total | 1502747 | 1454130 |
| 4 | less accumulated amortization | -517444 ( 517444 ) | -434381 ( 434381 ) |
| 5 | other intangible assets net | $ 985303 | $ 1019749 | | american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) a description of the company 2019s reporting units and the results of the related transitional impairment testing are as follows : verestar 2014verestar was a single segment and reporting unit until december 2002 , when the company committed to a plan to dispose of verestar .
the company recorded an impairment charge of $ 189.3 million relating to the impairment of goodwill in this reporting unit .
the fair value of this reporting unit was determined based on an independent third party appraisal .
network development services 2014as of january 1 , 2002 , the reporting units in the company 2019s network development services segment included kline , specialty constructors , galaxy , mts components and flash technologies .
the company estimated the fair value of these reporting units utilizing future discounted cash flows and market information as to the value of each reporting unit on january 1 , 2002 .
the company recorded an impairment charge of $ 387.8 million for the year ended december 31 , 2002 related to the impairment of goodwill within these reporting units .
such charge included full impairment for all of the goodwill within the reporting units except kline , for which only a partial impairment was recorded .
as discussed in note 2 , the assets of all of these reporting units were sold as of december 31 , 2003 , except for those of kline and our tower construction services unit , which were sold in march and november 2004 , respectively .
rental and management 2014the company obtained an independent third party appraisal of the rental and management reporting unit that contains goodwill and determined that goodwill was not impaired .
the company 2019s other intangible assets subject to amortization consist of the following as of december 31 , ( in thousands ) : ._| | | 2004 | 2003 |
|---:|:--------------------------------------------------------|:-------------------|:-------------------|
| 0 | acquired customer base and network location intangibles | $ 1369607 | $ 1299521 |
| 1 | deferred financing costs | 89736 | 111484 |
| 2 | acquired licenses and other intangibles | 43404 | 43125 |
| 3 | total | 1502747 | 1454130 |
| 4 | less accumulated amortization | -517444 ( 517444 ) | -434381 ( 434381 ) |
| 5 | other intangible assets net | $ 985303 | $ 1019749 |_the company amortizes its intangible assets over periods ranging from three to fifteen years .
amortization of intangible assets for the years ended december 31 , 2004 and 2003 aggregated approximately $ 97.8 million and $ 94.6 million , respectively ( excluding amortization of deferred financing costs , which is included in interest expense ) .
the company expects to record amortization expense of approximately $ 97.8 million , $ 95.9 million , $ 92.0 million , $ 90.5 million and $ 88.8 million , respectively , for the years ended december 31 , 2005 , 2006 , 2007 , 2008 and 2009 , respectively .
5 .
notes receivable in 2000 , the company loaned tv azteca , s.a .
de c.v .
( tv azteca ) , the owner of a major national television network in mexico , $ 119.8 million .
the loan , which initially bore interest at 12.87% ( 12.87 % ) , payable quarterly , was discounted by the company , as the fair value interest rate at the date of the loan was determined to be 14.25% ( 14.25 % ) .
the loan was amended effective january 1 , 2003 to increase the original interest rate to 13.11% ( 13.11 % ) .
as of december 31 , 2004 , and 2003 , approximately $ 119.8 million undiscounted ( $ 108.2 million discounted ) under the loan was outstanding and included in notes receivable and other long-term assets in the accompanying consolidated balance sheets .
the term of the loan is seventy years ; however , the loan may be prepaid by tv . | 2,004 | 81 | AMT | American Tower | Real Estate | Telecom Tower REITs | Boston, Massachusetts | 2007-11-19 | 1,053,507 | 1995 | what is the percentage change in amortization expense from from 2008 to 2009? | 2.0% | divide(subtract(97.8, 95.9), 95.9) | american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) a description of the company 2019s reporting units and the results of the related transitional impairment testing are as follows : verestar 2014verestar was a single segment and reporting unit until december 2002 , when the company committed to a plan to dispose of verestar .
the company recorded an impairment charge of $ 189.3 million relating to the impairment of goodwill in this reporting unit .
the fair value of this reporting unit was determined based on an independent third party appraisal .
network development services 2014as of january 1 , 2002 , the reporting units in the company 2019s network development services segment included kline , specialty constructors , galaxy , mts components and flash technologies .
the company estimated the fair value of these reporting units utilizing future discounted cash flows and market information as to the value of each reporting unit on january 1 , 2002 .
the company recorded an impairment charge of $ 387.8 million for the year ended december 31 , 2002 related to the impairment of goodwill within these reporting units .
such charge included full impairment for all of the goodwill within the reporting units except kline , for which only a partial impairment was recorded .
as discussed in note 2 , the assets of all of these reporting units were sold as of december 31 , 2003 , except for those of kline and our tower construction services unit , which were sold in march and november 2004 , respectively .
rental and management 2014the company obtained an independent third party appraisal of the rental and management reporting unit that contains goodwill and determined that goodwill was not impaired .
the company 2019s other intangible assets subject to amortization consist of the following as of december 31 , ( in thousands ) : . | the company amortizes its intangible assets over periods ranging from three to fifteen years .
amortization of intangible assets for the years ended december 31 , 2004 and 2003 aggregated approximately $ 97.8 million and $ 94.6 million , respectively ( excluding amortization of deferred financing costs , which is included in interest expense ) .
the company expects to record amortization expense of approximately $ 97.8 million , $ 95.9 million , $ 92.0 million , $ 90.5 million and $ 88.8 million , respectively , for the years ended december 31 , 2005 , 2006 , 2007 , 2008 and 2009 , respectively .
5 .
notes receivable in 2000 , the company loaned tv azteca , s.a .
de c.v .
( tv azteca ) , the owner of a major national television network in mexico , $ 119.8 million .
the loan , which initially bore interest at 12.87% ( 12.87 % ) , payable quarterly , was discounted by the company , as the fair value interest rate at the date of the loan was determined to be 14.25% ( 14.25 % ) .
the loan was amended effective january 1 , 2003 to increase the original interest rate to 13.11% ( 13.11 % ) .
as of december 31 , 2004 , and 2003 , approximately $ 119.8 million undiscounted ( $ 108.2 million discounted ) under the loan was outstanding and included in notes receivable and other long-term assets in the accompanying consolidated balance sheets .
the term of the loan is seventy years ; however , the loan may be prepaid by tv . | | | | 2004 | 2003 |
|---:|:--------------------------------------------------------|:-------------------|:-------------------|
| 0 | acquired customer base and network location intangibles | $ 1369607 | $ 1299521 |
| 1 | deferred financing costs | 89736 | 111484 |
| 2 | acquired licenses and other intangibles | 43404 | 43125 |
| 3 | total | 1502747 | 1454130 |
| 4 | less accumulated amortization | -517444 ( 517444 ) | -434381 ( 434381 ) |
| 5 | other intangible assets net | $ 985303 | $ 1019749 | | american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) a description of the company 2019s reporting units and the results of the related transitional impairment testing are as follows : verestar 2014verestar was a single segment and reporting unit until december 2002 , when the company committed to a plan to dispose of verestar .
the company recorded an impairment charge of $ 189.3 million relating to the impairment of goodwill in this reporting unit .
the fair value of this reporting unit was determined based on an independent third party appraisal .
network development services 2014as of january 1 , 2002 , the reporting units in the company 2019s network development services segment included kline , specialty constructors , galaxy , mts components and flash technologies .
the company estimated the fair value of these reporting units utilizing future discounted cash flows and market information as to the value of each reporting unit on january 1 , 2002 .
the company recorded an impairment charge of $ 387.8 million for the year ended december 31 , 2002 related to the impairment of goodwill within these reporting units .
such charge included full impairment for all of the goodwill within the reporting units except kline , for which only a partial impairment was recorded .
as discussed in note 2 , the assets of all of these reporting units were sold as of december 31 , 2003 , except for those of kline and our tower construction services unit , which were sold in march and november 2004 , respectively .
rental and management 2014the company obtained an independent third party appraisal of the rental and management reporting unit that contains goodwill and determined that goodwill was not impaired .
the company 2019s other intangible assets subject to amortization consist of the following as of december 31 , ( in thousands ) : ._| | | 2004 | 2003 |
|---:|:--------------------------------------------------------|:-------------------|:-------------------|
| 0 | acquired customer base and network location intangibles | $ 1369607 | $ 1299521 |
| 1 | deferred financing costs | 89736 | 111484 |
| 2 | acquired licenses and other intangibles | 43404 | 43125 |
| 3 | total | 1502747 | 1454130 |
| 4 | less accumulated amortization | -517444 ( 517444 ) | -434381 ( 434381 ) |
| 5 | other intangible assets net | $ 985303 | $ 1019749 |_the company amortizes its intangible assets over periods ranging from three to fifteen years .
amortization of intangible assets for the years ended december 31 , 2004 and 2003 aggregated approximately $ 97.8 million and $ 94.6 million , respectively ( excluding amortization of deferred financing costs , which is included in interest expense ) .
the company expects to record amortization expense of approximately $ 97.8 million , $ 95.9 million , $ 92.0 million , $ 90.5 million and $ 88.8 million , respectively , for the years ended december 31 , 2005 , 2006 , 2007 , 2008 and 2009 , respectively .
5 .
notes receivable in 2000 , the company loaned tv azteca , s.a .
de c.v .
( tv azteca ) , the owner of a major national television network in mexico , $ 119.8 million .
the loan , which initially bore interest at 12.87% ( 12.87 % ) , payable quarterly , was discounted by the company , as the fair value interest rate at the date of the loan was determined to be 14.25% ( 14.25 % ) .
the loan was amended effective january 1 , 2003 to increase the original interest rate to 13.11% ( 13.11 % ) .
as of december 31 , 2004 , and 2003 , approximately $ 119.8 million undiscounted ( $ 108.2 million discounted ) under the loan was outstanding and included in notes receivable and other long-term assets in the accompanying consolidated balance sheets .
the term of the loan is seventy years ; however , the loan may be prepaid by tv . | 2,004 | 81 | AMT | American Tower | Real Estate | Telecom Tower REITs | Boston, Massachusetts | 2007-11-19 | 1,053,507 | 1995 | null | null |
finqa195 | what is the percentage increase in total accumulated other comprehensive losses from 2014 to 2015? | 37.7% | divide(subtract(9402, 6826), 6826) | note 17 .
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 .
benefit plans and note 15 .
financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments .
note 18 .
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 .
note 19 .
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. . | | | ( losses ) earnings ( in millions ) | ( losses ) earnings 2015 | ( losses ) earnings 2014 | 2013 |
|---:|:---------------------------------------------|:---------------------------|:---------------------------|:-----------------|
| 0 | currency translation adjustments | $ -6129 ( 6129 ) | $ -3929 ( 3929 ) | $ -2207 ( 2207 ) |
| 1 | pension and other benefits | -3332 ( 3332 ) | -3020 ( 3020 ) | -2046 ( 2046 ) |
| 2 | derivatives accounted for as hedges | 59 | 123 | 63 |
| 3 | total accumulated other comprehensive losses | $ -9402 ( 9402 ) | $ -6826 ( 6826 ) | $ -4190 ( 4190 ) | | note 17 .
accumulated other comprehensive losses : pmi's accumulated other comprehensive losses , net of taxes , consisted of the following: ._| | ( losses ) earnings ( in millions ) | ( losses ) earnings 2015 | ( losses ) earnings 2014 | 2013 |
|---:|:---------------------------------------------|:---------------------------|:---------------------------|:-----------------|
| 0 | currency translation adjustments | $ -6129 ( 6129 ) | $ -3929 ( 3929 ) | $ -2207 ( 2207 ) |
| 1 | pension and other benefits | -3332 ( 3332 ) | -3020 ( 3020 ) | -2046 ( 2046 ) |
| 2 | derivatives accounted for as hedges | 59 | 123 | 63 |
| 3 | total accumulated other comprehensive losses | $ -9402 ( 9402 ) | $ -6826 ( 6826 ) | $ -4190 ( 4190 ) |_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 .
benefit plans and note 15 .
financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments .
note 18 .
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 .
note 19 .
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. . | 2,015 | 127 | PM | Philip Morris International | Consumer Staples | Tobacco | New York City, New York | 2008-03-31 | 1,413,329 | 2008 (1847) | what is the percentage increase in total accumulated other comprehensive losses from 2014 to 2015? | 37.7% | divide(subtract(9402, 6826), 6826) | note 17 .
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 .
benefit plans and note 15 .
financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments .
note 18 .
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 .
note 19 .
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. . | | | ( losses ) earnings ( in millions ) | ( losses ) earnings 2015 | ( losses ) earnings 2014 | 2013 |
|---:|:---------------------------------------------|:---------------------------|:---------------------------|:-----------------|
| 0 | currency translation adjustments | $ -6129 ( 6129 ) | $ -3929 ( 3929 ) | $ -2207 ( 2207 ) |
| 1 | pension and other benefits | -3332 ( 3332 ) | -3020 ( 3020 ) | -2046 ( 2046 ) |
| 2 | derivatives accounted for as hedges | 59 | 123 | 63 |
| 3 | total accumulated other comprehensive losses | $ -9402 ( 9402 ) | $ -6826 ( 6826 ) | $ -4190 ( 4190 ) | | note 17 .
accumulated other comprehensive losses : pmi's accumulated other comprehensive losses , net of taxes , consisted of the following: ._| | ( losses ) earnings ( in millions ) | ( losses ) earnings 2015 | ( losses ) earnings 2014 | 2013 |
|---:|:---------------------------------------------|:---------------------------|:---------------------------|:-----------------|
| 0 | currency translation adjustments | $ -6129 ( 6129 ) | $ -3929 ( 3929 ) | $ -2207 ( 2207 ) |
| 1 | pension and other benefits | -3332 ( 3332 ) | -3020 ( 3020 ) | -2046 ( 2046 ) |
| 2 | derivatives accounted for as hedges | 59 | 123 | 63 |
| 3 | total accumulated other comprehensive losses | $ -9402 ( 9402 ) | $ -6826 ( 6826 ) | $ -4190 ( 4190 ) |_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 .
benefit plans and note 15 .
financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments .
note 18 .
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 .
note 19 .
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. . | 2,015 | 127 | PM | Philip Morris International | Consumer Staples | Tobacco | New York City, New York | 2008-03-31 | 1,413,329 | 2008 (1847) | null | null |
finqa196 | what percent of total derivatives are from interest rate contracts in 2013? | 73.22 | divide(2400, 3278) | december 31 , 2011 , the company recognized a decrease of $ 3 million of tax-related interest and penalties and had approximately $ 16 million accrued at december 31 , 2011 .
note 12 derivative instruments and fair value measurements the company is exposed to certain market risks such as changes in interest rates , foreign currency exchange rates , and commodity prices , which exist as a part of its ongoing business operations .
management uses derivative financial and commodity instruments , including futures , options , and swaps , where appropriate , to manage these risks .
instruments used as hedges must be effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the inception of the contract .
the company designates derivatives as cash flow hedges , fair value hedges , net investment hedges , and uses other contracts to reduce volatility in interest rates , foreign currency and commodities .
as a matter of policy , the company does not engage in trading or speculative hedging transactions .
total notional amounts of the company 2019s derivative instruments as of december 28 , 2013 and december 29 , 2012 were as follows: . | following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the company that were included in each category at december 28 , 2013 and december 29 , 2012 , measured on a recurring basis .
level 1 2014 financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market .
for the company , level 1 financial assets and liabilities consist primarily of commodity derivative contracts .
level 2 2014 financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability .
for the company , level 2 financial assets and liabilities consist of interest rate swaps and over-the-counter commodity and currency contracts .
the company 2019s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve .
over-the-counter commodity derivatives are valued using an income approach based on the commodity index prices less the contract rate multiplied by the notional amount .
foreign currency contracts are valued using an income approach based on forward rates less the contract rate multiplied by the notional amount .
the company 2019s calculation of the fair value of level 2 financial assets and liabilities takes into consideration the risk of nonperformance , including counterparty credit risk .
level 3 2014 financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement .
these inputs reflect management 2019s own assumptions about the assumptions a market participant would use in pricing the asset or liability .
the company did not have any level 3 financial assets or liabilities as of december 28 , 2013 or december 29 , 2012. . | | | ( millions ) | 2013 | 2012 |
|---:|:------------------------------------|:-------|:-------|
| 0 | foreign currency exchange contracts | $ 517 | $ 570 |
| 1 | interest rate contracts | 2400 | 2150 |
| 2 | commodity contracts | 361 | 320 |
| 3 | total | $ 3278 | $ 3040 | | december 31 , 2011 , the company recognized a decrease of $ 3 million of tax-related interest and penalties and had approximately $ 16 million accrued at december 31 , 2011 .
note 12 derivative instruments and fair value measurements the company is exposed to certain market risks such as changes in interest rates , foreign currency exchange rates , and commodity prices , which exist as a part of its ongoing business operations .
management uses derivative financial and commodity instruments , including futures , options , and swaps , where appropriate , to manage these risks .
instruments used as hedges must be effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the inception of the contract .
the company designates derivatives as cash flow hedges , fair value hedges , net investment hedges , and uses other contracts to reduce volatility in interest rates , foreign currency and commodities .
as a matter of policy , the company does not engage in trading or speculative hedging transactions .
total notional amounts of the company 2019s derivative instruments as of december 28 , 2013 and december 29 , 2012 were as follows: ._| | ( millions ) | 2013 | 2012 |
|---:|:------------------------------------|:-------|:-------|
| 0 | foreign currency exchange contracts | $ 517 | $ 570 |
| 1 | interest rate contracts | 2400 | 2150 |
| 2 | commodity contracts | 361 | 320 |
| 3 | total | $ 3278 | $ 3040 |_following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the company that were included in each category at december 28 , 2013 and december 29 , 2012 , measured on a recurring basis .
level 1 2014 financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market .
for the company , level 1 financial assets and liabilities consist primarily of commodity derivative contracts .
level 2 2014 financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability .
for the company , level 2 financial assets and liabilities consist of interest rate swaps and over-the-counter commodity and currency contracts .
the company 2019s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve .
over-the-counter commodity derivatives are valued using an income approach based on the commodity index prices less the contract rate multiplied by the notional amount .
foreign currency contracts are valued using an income approach based on forward rates less the contract rate multiplied by the notional amount .
the company 2019s calculation of the fair value of level 2 financial assets and liabilities takes into consideration the risk of nonperformance , including counterparty credit risk .
level 3 2014 financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement .
these inputs reflect management 2019s own assumptions about the assumptions a market participant would use in pricing the asset or liability .
the company did not have any level 3 financial assets or liabilities as of december 28 , 2013 or december 29 , 2012. . | 2,013 | 62 | K | Kellanova | Consumer Staples | Packaged Foods & Meats | Chicago, Illinois | 1989-09-11 | 55,067 | 1906 | what percent of total derivatives are from interest rate contracts in 2013? | 73.22 | divide(2400, 3278) | december 31 , 2011 , the company recognized a decrease of $ 3 million of tax-related interest and penalties and had approximately $ 16 million accrued at december 31 , 2011 .
note 12 derivative instruments and fair value measurements the company is exposed to certain market risks such as changes in interest rates , foreign currency exchange rates , and commodity prices , which exist as a part of its ongoing business operations .
management uses derivative financial and commodity instruments , including futures , options , and swaps , where appropriate , to manage these risks .
instruments used as hedges must be effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the inception of the contract .
the company designates derivatives as cash flow hedges , fair value hedges , net investment hedges , and uses other contracts to reduce volatility in interest rates , foreign currency and commodities .
as a matter of policy , the company does not engage in trading or speculative hedging transactions .
total notional amounts of the company 2019s derivative instruments as of december 28 , 2013 and december 29 , 2012 were as follows: . | following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the company that were included in each category at december 28 , 2013 and december 29 , 2012 , measured on a recurring basis .
level 1 2014 financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market .
for the company , level 1 financial assets and liabilities consist primarily of commodity derivative contracts .
level 2 2014 financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability .
for the company , level 2 financial assets and liabilities consist of interest rate swaps and over-the-counter commodity and currency contracts .
the company 2019s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve .
over-the-counter commodity derivatives are valued using an income approach based on the commodity index prices less the contract rate multiplied by the notional amount .
foreign currency contracts are valued using an income approach based on forward rates less the contract rate multiplied by the notional amount .
the company 2019s calculation of the fair value of level 2 financial assets and liabilities takes into consideration the risk of nonperformance , including counterparty credit risk .
level 3 2014 financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement .
these inputs reflect management 2019s own assumptions about the assumptions a market participant would use in pricing the asset or liability .
the company did not have any level 3 financial assets or liabilities as of december 28 , 2013 or december 29 , 2012. . | | | ( millions ) | 2013 | 2012 |
|---:|:------------------------------------|:-------|:-------|
| 0 | foreign currency exchange contracts | $ 517 | $ 570 |
| 1 | interest rate contracts | 2400 | 2150 |
| 2 | commodity contracts | 361 | 320 |
| 3 | total | $ 3278 | $ 3040 | | december 31 , 2011 , the company recognized a decrease of $ 3 million of tax-related interest and penalties and had approximately $ 16 million accrued at december 31 , 2011 .
note 12 derivative instruments and fair value measurements the company is exposed to certain market risks such as changes in interest rates , foreign currency exchange rates , and commodity prices , which exist as a part of its ongoing business operations .
management uses derivative financial and commodity instruments , including futures , options , and swaps , where appropriate , to manage these risks .
instruments used as hedges must be effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the inception of the contract .
the company designates derivatives as cash flow hedges , fair value hedges , net investment hedges , and uses other contracts to reduce volatility in interest rates , foreign currency and commodities .
as a matter of policy , the company does not engage in trading or speculative hedging transactions .
total notional amounts of the company 2019s derivative instruments as of december 28 , 2013 and december 29 , 2012 were as follows: ._| | ( millions ) | 2013 | 2012 |
|---:|:------------------------------------|:-------|:-------|
| 0 | foreign currency exchange contracts | $ 517 | $ 570 |
| 1 | interest rate contracts | 2400 | 2150 |
| 2 | commodity contracts | 361 | 320 |
| 3 | total | $ 3278 | $ 3040 |_following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the company that were included in each category at december 28 , 2013 and december 29 , 2012 , measured on a recurring basis .
level 1 2014 financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market .
for the company , level 1 financial assets and liabilities consist primarily of commodity derivative contracts .
level 2 2014 financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability .
for the company , level 2 financial assets and liabilities consist of interest rate swaps and over-the-counter commodity and currency contracts .
the company 2019s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve .
over-the-counter commodity derivatives are valued using an income approach based on the commodity index prices less the contract rate multiplied by the notional amount .
foreign currency contracts are valued using an income approach based on forward rates less the contract rate multiplied by the notional amount .
the company 2019s calculation of the fair value of level 2 financial assets and liabilities takes into consideration the risk of nonperformance , including counterparty credit risk .
level 3 2014 financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement .
these inputs reflect management 2019s own assumptions about the assumptions a market participant would use in pricing the asset or liability .
the company did not have any level 3 financial assets or liabilities as of december 28 , 2013 or december 29 , 2012. . | 2,013 | 62 | K | Kellanova | Consumer Staples | Packaged Foods & Meats | Chicago, Illinois | 1989-09-11 | 55,067 | 1906 | null | null |
finqa197 | accrued interest represented how much of the ending balance in uncertain tax benefits as of december 31 , 2014? | 11.6% | divide(258, 2228) | morgan stanley notes to consolidated financial statements 2014 ( continued ) the total amount of unrecognized tax benefits was approximately $ 2.2 billion , $ 4.1 billion , and $ 4.1 billion at december 31 , 2014 , december 31 , 2013 , and december 31 , 2012 , respectively .
of this total , approximately $ 1.0 billion , $ 1.4 billion , and $ 1.6 billion , respectively ( net of federal benefit of state issues , competent authority and foreign tax credit offsets ) represent the amount of unrecognized tax benefits that , if recognized , would favorably affect the effective tax rate in future periods .
interest and penalties related to unrecognized tax benefits are classified as provision for income taxes .
the company recognized $ ( 35 ) million , $ 50 million , and $ ( 10 ) million of interest expense ( benefit ) ( net of federal and state income tax benefits ) in the company 2019s consolidated statements of income for 2014 , 2013 , and 2012 , respectively .
interest expense accrued at december 31 , 2014 , december 31 , 2013 , and december 31 , 2012 was approximately $ 258 million , $ 293 million , and $ 243 million , respectively , net of federal and state income tax benefits .
penalties related to unrecognized tax benefits for the years mentioned above were immaterial .
the following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits for 2014 , 2013 and 2012 ( dollars in millions ) : unrecognized tax benefits . | the company is under continuous examination by the irs and other tax authorities in certain countries , such as japan and the u.k. , and in states in which the company has significant business operations , such as new york .
the company is currently under review by the irs appeals office for the remaining issues covering tax years 1999 2013 2005 and has substantially completed the irs field examination for the audit of tax years 2006 2013 2008 .
also , the company is currently at various levels of field examination with respect to audits by new york state and new york city for tax years 2007 2013 2009 .
during 2015 , the company expects to reach a conclusion with the u.k .
tax authorities on substantially all issues through tax year 2010 , the resolution of which is not expected to have a material impact on the effective tax rate on the company 2019s consolidated financial statements. . | | | balance at december 31 2011 | $ 4045 |
|---:|:------------------------------------------------------------------|:---------------|
| 0 | increase based on tax positions related to the current period | 299 |
| 1 | increase based on tax positions related to prior periods | 127 |
| 2 | decreases based on tax positions related to prior periods | -21 ( 21 ) |
| 3 | decreases related to settlements with taxing authorities | -260 ( 260 ) |
| 4 | decreases related to a lapse of applicable statute of limitations | -125 ( 125 ) |
| 5 | balance at december 31 2012 | $ 4065 |
| 6 | increase based on tax positions related to the current period | $ 51 |
| 7 | increase based on tax positions related to prior periods | 267 |
| 8 | decreases based on tax positions related to prior periods | -141 ( 141 ) |
| 9 | decreases related to settlements with taxing authorities | -146 ( 146 ) |
| 10 | balance at december 31 2013 | $ 4096 |
| 11 | increase based on tax positions related to the current period | $ 135 |
| 12 | increase based on tax positions related to prior periods | 100 |
| 13 | decreases based on tax positions related to prior periods | -2080 ( 2080 ) |
| 14 | decreases related to settlements with taxing authorities | -19 ( 19 ) |
| 15 | decreases related to a lapse of applicable statute of limitations | -4 ( 4 ) |
| 16 | balance at december 31 2014 | $ 2228 | | morgan stanley notes to consolidated financial statements 2014 ( continued ) the total amount of unrecognized tax benefits was approximately $ 2.2 billion , $ 4.1 billion , and $ 4.1 billion at december 31 , 2014 , december 31 , 2013 , and december 31 , 2012 , respectively .
of this total , approximately $ 1.0 billion , $ 1.4 billion , and $ 1.6 billion , respectively ( net of federal benefit of state issues , competent authority and foreign tax credit offsets ) represent the amount of unrecognized tax benefits that , if recognized , would favorably affect the effective tax rate in future periods .
interest and penalties related to unrecognized tax benefits are classified as provision for income taxes .
the company recognized $ ( 35 ) million , $ 50 million , and $ ( 10 ) million of interest expense ( benefit ) ( net of federal and state income tax benefits ) in the company 2019s consolidated statements of income for 2014 , 2013 , and 2012 , respectively .
interest expense accrued at december 31 , 2014 , december 31 , 2013 , and december 31 , 2012 was approximately $ 258 million , $ 293 million , and $ 243 million , respectively , net of federal and state income tax benefits .
penalties related to unrecognized tax benefits for the years mentioned above were immaterial .
the following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits for 2014 , 2013 and 2012 ( dollars in millions ) : unrecognized tax benefits ._| | balance at december 31 2011 | $ 4045 |
|---:|:------------------------------------------------------------------|:---------------|
| 0 | increase based on tax positions related to the current period | 299 |
| 1 | increase based on tax positions related to prior periods | 127 |
| 2 | decreases based on tax positions related to prior periods | -21 ( 21 ) |
| 3 | decreases related to settlements with taxing authorities | -260 ( 260 ) |
| 4 | decreases related to a lapse of applicable statute of limitations | -125 ( 125 ) |
| 5 | balance at december 31 2012 | $ 4065 |
| 6 | increase based on tax positions related to the current period | $ 51 |
| 7 | increase based on tax positions related to prior periods | 267 |
| 8 | decreases based on tax positions related to prior periods | -141 ( 141 ) |
| 9 | decreases related to settlements with taxing authorities | -146 ( 146 ) |
| 10 | balance at december 31 2013 | $ 4096 |
| 11 | increase based on tax positions related to the current period | $ 135 |
| 12 | increase based on tax positions related to prior periods | 100 |
| 13 | decreases based on tax positions related to prior periods | -2080 ( 2080 ) |
| 14 | decreases related to settlements with taxing authorities | -19 ( 19 ) |
| 15 | decreases related to a lapse of applicable statute of limitations | -4 ( 4 ) |
| 16 | balance at december 31 2014 | $ 2228 |_the company is under continuous examination by the irs and other tax authorities in certain countries , such as japan and the u.k. , and in states in which the company has significant business operations , such as new york .
the company is currently under review by the irs appeals office for the remaining issues covering tax years 1999 2013 2005 and has substantially completed the irs field examination for the audit of tax years 2006 2013 2008 .
also , the company is currently at various levels of field examination with respect to audits by new york state and new york city for tax years 2007 2013 2009 .
during 2015 , the company expects to reach a conclusion with the u.k .
tax authorities on substantially all issues through tax year 2010 , the resolution of which is not expected to have a material impact on the effective tax rate on the company 2019s consolidated financial statements. . | 2,014 | 292 | MS | Morgan Stanley | Financials | Investment Banking & Brokerage | New York City, New York | 1993-07-29 | 895,421 | 1935 | accrued interest represented how much of the ending balance in uncertain tax benefits as of december 31 , 2014? | 11.6% | divide(258, 2228) | morgan stanley notes to consolidated financial statements 2014 ( continued ) the total amount of unrecognized tax benefits was approximately $ 2.2 billion , $ 4.1 billion , and $ 4.1 billion at december 31 , 2014 , december 31 , 2013 , and december 31 , 2012 , respectively .
of this total , approximately $ 1.0 billion , $ 1.4 billion , and $ 1.6 billion , respectively ( net of federal benefit of state issues , competent authority and foreign tax credit offsets ) represent the amount of unrecognized tax benefits that , if recognized , would favorably affect the effective tax rate in future periods .
interest and penalties related to unrecognized tax benefits are classified as provision for income taxes .
the company recognized $ ( 35 ) million , $ 50 million , and $ ( 10 ) million of interest expense ( benefit ) ( net of federal and state income tax benefits ) in the company 2019s consolidated statements of income for 2014 , 2013 , and 2012 , respectively .
interest expense accrued at december 31 , 2014 , december 31 , 2013 , and december 31 , 2012 was approximately $ 258 million , $ 293 million , and $ 243 million , respectively , net of federal and state income tax benefits .
penalties related to unrecognized tax benefits for the years mentioned above were immaterial .
the following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits for 2014 , 2013 and 2012 ( dollars in millions ) : unrecognized tax benefits . | the company is under continuous examination by the irs and other tax authorities in certain countries , such as japan and the u.k. , and in states in which the company has significant business operations , such as new york .
the company is currently under review by the irs appeals office for the remaining issues covering tax years 1999 2013 2005 and has substantially completed the irs field examination for the audit of tax years 2006 2013 2008 .
also , the company is currently at various levels of field examination with respect to audits by new york state and new york city for tax years 2007 2013 2009 .
during 2015 , the company expects to reach a conclusion with the u.k .
tax authorities on substantially all issues through tax year 2010 , the resolution of which is not expected to have a material impact on the effective tax rate on the company 2019s consolidated financial statements. . | | | balance at december 31 2011 | $ 4045 |
|---:|:------------------------------------------------------------------|:---------------|
| 0 | increase based on tax positions related to the current period | 299 |
| 1 | increase based on tax positions related to prior periods | 127 |
| 2 | decreases based on tax positions related to prior periods | -21 ( 21 ) |
| 3 | decreases related to settlements with taxing authorities | -260 ( 260 ) |
| 4 | decreases related to a lapse of applicable statute of limitations | -125 ( 125 ) |
| 5 | balance at december 31 2012 | $ 4065 |
| 6 | increase based on tax positions related to the current period | $ 51 |
| 7 | increase based on tax positions related to prior periods | 267 |
| 8 | decreases based on tax positions related to prior periods | -141 ( 141 ) |
| 9 | decreases related to settlements with taxing authorities | -146 ( 146 ) |
| 10 | balance at december 31 2013 | $ 4096 |
| 11 | increase based on tax positions related to the current period | $ 135 |
| 12 | increase based on tax positions related to prior periods | 100 |
| 13 | decreases based on tax positions related to prior periods | -2080 ( 2080 ) |
| 14 | decreases related to settlements with taxing authorities | -19 ( 19 ) |
| 15 | decreases related to a lapse of applicable statute of limitations | -4 ( 4 ) |
| 16 | balance at december 31 2014 | $ 2228 | | morgan stanley notes to consolidated financial statements 2014 ( continued ) the total amount of unrecognized tax benefits was approximately $ 2.2 billion , $ 4.1 billion , and $ 4.1 billion at december 31 , 2014 , december 31 , 2013 , and december 31 , 2012 , respectively .
of this total , approximately $ 1.0 billion , $ 1.4 billion , and $ 1.6 billion , respectively ( net of federal benefit of state issues , competent authority and foreign tax credit offsets ) represent the amount of unrecognized tax benefits that , if recognized , would favorably affect the effective tax rate in future periods .
interest and penalties related to unrecognized tax benefits are classified as provision for income taxes .
the company recognized $ ( 35 ) million , $ 50 million , and $ ( 10 ) million of interest expense ( benefit ) ( net of federal and state income tax benefits ) in the company 2019s consolidated statements of income for 2014 , 2013 , and 2012 , respectively .
interest expense accrued at december 31 , 2014 , december 31 , 2013 , and december 31 , 2012 was approximately $ 258 million , $ 293 million , and $ 243 million , respectively , net of federal and state income tax benefits .
penalties related to unrecognized tax benefits for the years mentioned above were immaterial .
the following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits for 2014 , 2013 and 2012 ( dollars in millions ) : unrecognized tax benefits ._| | balance at december 31 2011 | $ 4045 |
|---:|:------------------------------------------------------------------|:---------------|
| 0 | increase based on tax positions related to the current period | 299 |
| 1 | increase based on tax positions related to prior periods | 127 |
| 2 | decreases based on tax positions related to prior periods | -21 ( 21 ) |
| 3 | decreases related to settlements with taxing authorities | -260 ( 260 ) |
| 4 | decreases related to a lapse of applicable statute of limitations | -125 ( 125 ) |
| 5 | balance at december 31 2012 | $ 4065 |
| 6 | increase based on tax positions related to the current period | $ 51 |
| 7 | increase based on tax positions related to prior periods | 267 |
| 8 | decreases based on tax positions related to prior periods | -141 ( 141 ) |
| 9 | decreases related to settlements with taxing authorities | -146 ( 146 ) |
| 10 | balance at december 31 2013 | $ 4096 |
| 11 | increase based on tax positions related to the current period | $ 135 |
| 12 | increase based on tax positions related to prior periods | 100 |
| 13 | decreases based on tax positions related to prior periods | -2080 ( 2080 ) |
| 14 | decreases related to settlements with taxing authorities | -19 ( 19 ) |
| 15 | decreases related to a lapse of applicable statute of limitations | -4 ( 4 ) |
| 16 | balance at december 31 2014 | $ 2228 |_the company is under continuous examination by the irs and other tax authorities in certain countries , such as japan and the u.k. , and in states in which the company has significant business operations , such as new york .
the company is currently under review by the irs appeals office for the remaining issues covering tax years 1999 2013 2005 and has substantially completed the irs field examination for the audit of tax years 2006 2013 2008 .
also , the company is currently at various levels of field examination with respect to audits by new york state and new york city for tax years 2007 2013 2009 .
during 2015 , the company expects to reach a conclusion with the u.k .
tax authorities on substantially all issues through tax year 2010 , the resolution of which is not expected to have a material impact on the effective tax rate on the company 2019s consolidated financial statements. . | 2,014 | 292 | MS | Morgan Stanley | Financials | Investment Banking & Brokerage | New York City, New York | 1993-07-29 | 895,421 | 1935 | null | null |
finqa198 | what was the change in rent expenses between 2010 and 2011? | -5 | subtract(205, 210) | at december 31 , 2012 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows: . | ( a ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquis- ition of weyerhaeuser company 2019s containerboard , packaging and recycling business .
rent expense was $ 231 million , $ 205 million and $ 210 million for 2012 , 2011 and 2010 , respectively .
guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , interna- tional paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters .
where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction .
environmental proceedings international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , includ- ing the comprehensive environmental response , compensation and liability act ( cercla ) .
many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources .
while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties .
remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable .
international paper has estimated the probable liability associated with these matters to be approximately $ 92 million in the aggregate at december 31 , 2012 .
one of the matters referenced above is a closed wood treating facility located in cass lake , minneso- ta .
during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a site remediation feasi- bility study .
in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million .
the overall remediation reserve for the site is currently $ 48 mil- lion to address this selection of an alternative for the soil remediation component of the overall site remedy .
in october 2011 , the epa released a public statement indicating that the final soil remedy deci- sion would be delayed .
in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean-up alternative , the remediation costs could be material , and sig- nificantly higher than amounts currently recorded .
in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to per- form a natural resource damage assessment .
it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred .
in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 46 million at december 31 , 2012 .
other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements .
the company is a potentially responsible party with respect to the allied paper , inc./portage creek/ kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan .
the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the river , including a paper mill formerly owned by st .
regis .
the company is a successor in interest to st .
regis .
international paper has not received any orders from the epa with respect to the site and is in the process of collecting information from the epa and other parties relative to the kalamazoo river superfund site to evaluate the extent of its liability , if any , with respect to the site .
accordingly , it is pre- mature to estimate a loss or range of loss with respect to this site .
also in connection with the kalamazoo river superfund site , the company was named as a defendant by georgia-pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the kalamazoo river super- fund site .
the suit seeks contribution under cercla for $ 79 million in costs purportedly expended by plaintiffs as of the filing of the com- plaint , and for future remediation costs .
the suit alleges that a mill , during the time it was allegedly owned and operated by st .
regis , discharged pcb contaminated solids and paper residuals resulting from paper de-inking and recycling .
also named as defendants in the suit are ncr corporation and weyerhaeuser company .
in mid-2011 , the suit was . | | | in millions | 2013 | 2014 | 2015 | 2016 | 2017 | thereafter |
|---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------|
| 0 | lease obligations | $ 198 | $ 136 | $ 106 | $ 70 | $ 50 | $ 141 |
| 1 | purchase obligations ( a ) | 3213 | 828 | 722 | 620 | 808 | 2654 |
| 2 | total | $ 3411 | $ 964 | $ 828 | $ 690 | $ 858 | $ 2795 | | at december 31 , 2012 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows: ._| | in millions | 2013 | 2014 | 2015 | 2016 | 2017 | thereafter |
|---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------|
| 0 | lease obligations | $ 198 | $ 136 | $ 106 | $ 70 | $ 50 | $ 141 |
| 1 | purchase obligations ( a ) | 3213 | 828 | 722 | 620 | 808 | 2654 |
| 2 | total | $ 3411 | $ 964 | $ 828 | $ 690 | $ 858 | $ 2795 |_( a ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquis- ition of weyerhaeuser company 2019s containerboard , packaging and recycling business .
rent expense was $ 231 million , $ 205 million and $ 210 million for 2012 , 2011 and 2010 , respectively .
guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , interna- tional paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters .
where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction .
environmental proceedings international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , includ- ing the comprehensive environmental response , compensation and liability act ( cercla ) .
many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources .
while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties .
remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable .
international paper has estimated the probable liability associated with these matters to be approximately $ 92 million in the aggregate at december 31 , 2012 .
one of the matters referenced above is a closed wood treating facility located in cass lake , minneso- ta .
during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a site remediation feasi- bility study .
in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million .
the overall remediation reserve for the site is currently $ 48 mil- lion to address this selection of an alternative for the soil remediation component of the overall site remedy .
in october 2011 , the epa released a public statement indicating that the final soil remedy deci- sion would be delayed .
in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean-up alternative , the remediation costs could be material , and sig- nificantly higher than amounts currently recorded .
in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to per- form a natural resource damage assessment .
it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred .
in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 46 million at december 31 , 2012 .
other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements .
the company is a potentially responsible party with respect to the allied paper , inc./portage creek/ kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan .
the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the river , including a paper mill formerly owned by st .
regis .
the company is a successor in interest to st .
regis .
international paper has not received any orders from the epa with respect to the site and is in the process of collecting information from the epa and other parties relative to the kalamazoo river superfund site to evaluate the extent of its liability , if any , with respect to the site .
accordingly , it is pre- mature to estimate a loss or range of loss with respect to this site .
also in connection with the kalamazoo river superfund site , the company was named as a defendant by georgia-pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the kalamazoo river super- fund site .
the suit seeks contribution under cercla for $ 79 million in costs purportedly expended by plaintiffs as of the filing of the com- plaint , and for future remediation costs .
the suit alleges that a mill , during the time it was allegedly owned and operated by st .
regis , discharged pcb contaminated solids and paper residuals resulting from paper de-inking and recycling .
also named as defendants in the suit are ncr corporation and weyerhaeuser company .
in mid-2011 , the suit was . | 2,012 | 93 | IP | International Paper | Materials | Paper & Plastic Packaging Products & Materials | Memphis, Tennessee | 1957-03-04 | 51,434 | 1898 | what was the change in rent expenses between 2010 and 2011? | -5 | subtract(205, 210) | at december 31 , 2012 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows: . | ( a ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquis- ition of weyerhaeuser company 2019s containerboard , packaging and recycling business .
rent expense was $ 231 million , $ 205 million and $ 210 million for 2012 , 2011 and 2010 , respectively .
guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , interna- tional paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters .
where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction .
environmental proceedings international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , includ- ing the comprehensive environmental response , compensation and liability act ( cercla ) .
many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources .
while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties .
remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable .
international paper has estimated the probable liability associated with these matters to be approximately $ 92 million in the aggregate at december 31 , 2012 .
one of the matters referenced above is a closed wood treating facility located in cass lake , minneso- ta .
during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a site remediation feasi- bility study .
in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million .
the overall remediation reserve for the site is currently $ 48 mil- lion to address this selection of an alternative for the soil remediation component of the overall site remedy .
in october 2011 , the epa released a public statement indicating that the final soil remedy deci- sion would be delayed .
in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean-up alternative , the remediation costs could be material , and sig- nificantly higher than amounts currently recorded .
in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to per- form a natural resource damage assessment .
it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred .
in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 46 million at december 31 , 2012 .
other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements .
the company is a potentially responsible party with respect to the allied paper , inc./portage creek/ kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan .
the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the river , including a paper mill formerly owned by st .
regis .
the company is a successor in interest to st .
regis .
international paper has not received any orders from the epa with respect to the site and is in the process of collecting information from the epa and other parties relative to the kalamazoo river superfund site to evaluate the extent of its liability , if any , with respect to the site .
accordingly , it is pre- mature to estimate a loss or range of loss with respect to this site .
also in connection with the kalamazoo river superfund site , the company was named as a defendant by georgia-pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the kalamazoo river super- fund site .
the suit seeks contribution under cercla for $ 79 million in costs purportedly expended by plaintiffs as of the filing of the com- plaint , and for future remediation costs .
the suit alleges that a mill , during the time it was allegedly owned and operated by st .
regis , discharged pcb contaminated solids and paper residuals resulting from paper de-inking and recycling .
also named as defendants in the suit are ncr corporation and weyerhaeuser company .
in mid-2011 , the suit was . | | | in millions | 2013 | 2014 | 2015 | 2016 | 2017 | thereafter |
|---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------|
| 0 | lease obligations | $ 198 | $ 136 | $ 106 | $ 70 | $ 50 | $ 141 |
| 1 | purchase obligations ( a ) | 3213 | 828 | 722 | 620 | 808 | 2654 |
| 2 | total | $ 3411 | $ 964 | $ 828 | $ 690 | $ 858 | $ 2795 | | at december 31 , 2012 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows: ._| | in millions | 2013 | 2014 | 2015 | 2016 | 2017 | thereafter |
|---:|:---------------------------|:-------|:-------|:-------|:-------|:-------|:-------------|
| 0 | lease obligations | $ 198 | $ 136 | $ 106 | $ 70 | $ 50 | $ 141 |
| 1 | purchase obligations ( a ) | 3213 | 828 | 722 | 620 | 808 | 2654 |
| 2 | total | $ 3411 | $ 964 | $ 828 | $ 690 | $ 858 | $ 2795 |_( a ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales and in conjunction with the 2008 acquis- ition of weyerhaeuser company 2019s containerboard , packaging and recycling business .
rent expense was $ 231 million , $ 205 million and $ 210 million for 2012 , 2011 and 2010 , respectively .
guarantees in connection with sales of businesses , property , equipment , forestlands and other assets , interna- tional paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters .
where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction .
environmental proceedings international paper has been named as a potentially responsible party in environmental remediation actions under various federal and state laws , includ- ing the comprehensive environmental response , compensation and liability act ( cercla ) .
many of these proceedings involve the cleanup of hazardous substances at large commercial landfills that received waste from many different sources .
while joint and several liability is authorized under cercla and equivalent state laws , as a practical matter , liability for cercla cleanups is typically allocated among the many potential responsible parties .
remedial costs are recorded in the consolidated financial statements when they become probable and reasonably estimable .
international paper has estimated the probable liability associated with these matters to be approximately $ 92 million in the aggregate at december 31 , 2012 .
one of the matters referenced above is a closed wood treating facility located in cass lake , minneso- ta .
during 2009 , in connection with an environmental site remediation action under cercla , international paper submitted to the epa a site remediation feasi- bility study .
in june 2011 , the epa selected and published a proposed soil remedy at the site with an estimated cost of $ 46 million .
the overall remediation reserve for the site is currently $ 48 mil- lion to address this selection of an alternative for the soil remediation component of the overall site remedy .
in october 2011 , the epa released a public statement indicating that the final soil remedy deci- sion would be delayed .
in the unlikely event that the epa changes its proposed soil remedy and approves instead a more expensive clean-up alternative , the remediation costs could be material , and sig- nificantly higher than amounts currently recorded .
in october 2012 , the natural resource trustees for this site provided notice to international paper and other potentially responsible parties of their intent to per- form a natural resource damage assessment .
it is premature to predict the outcome of the assessment or to estimate a loss or range of loss , if any , which may be incurred .
in addition to the above matters , other remediation costs typically associated with the cleanup of hazardous substances at the company 2019s current , closed or formerly-owned facilities , and recorded as liabilities in the balance sheet , totaled approximately $ 46 million at december 31 , 2012 .
other than as described above , completion of required remedial actions is not expected to have a material effect on our consolidated financial statements .
the company is a potentially responsible party with respect to the allied paper , inc./portage creek/ kalamazoo river superfund site ( kalamazoo river superfund site ) in michigan .
the epa asserts that the site is contaminated primarily by pcbs as a result of discharges from various paper mills located along the river , including a paper mill formerly owned by st .
regis .
the company is a successor in interest to st .
regis .
international paper has not received any orders from the epa with respect to the site and is in the process of collecting information from the epa and other parties relative to the kalamazoo river superfund site to evaluate the extent of its liability , if any , with respect to the site .
accordingly , it is pre- mature to estimate a loss or range of loss with respect to this site .
also in connection with the kalamazoo river superfund site , the company was named as a defendant by georgia-pacific consumer products lp , fort james corporation and georgia pacific llc in a contribution and cost recovery action for alleged pollution at the kalamazoo river super- fund site .
the suit seeks contribution under cercla for $ 79 million in costs purportedly expended by plaintiffs as of the filing of the com- plaint , and for future remediation costs .
the suit alleges that a mill , during the time it was allegedly owned and operated by st .
regis , discharged pcb contaminated solids and paper residuals resulting from paper de-inking and recycling .
also named as defendants in the suit are ncr corporation and weyerhaeuser company .
in mid-2011 , the suit was . | 2,012 | 93 | IP | International Paper | Materials | Paper & Plastic Packaging Products & Materials | Memphis, Tennessee | 1957-03-04 | 51,434 | 1898 | null | null |
finqa199 | what was the increase for the maximum company match on january 1 , 2011? | 1% | subtract(multiply(75%, 6%), multiply(50%, 6%)) | notes to the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s .
income taxes have been provided on undistributed earnings of non- u.s .
subsidiaries because they are deemed to be reinvested for an indefinite period of time .
the tax ( cost ) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets , for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 7 ) million , $ 8 million and $ 62 million , respectively .
the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31 , 2011 , 2010 and 2009 was $ 98 million , $ 65 million and $ 18 million , respectively .
the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million , respectively .
the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 0.2 ) million , $ 0.6 million and $ 0.1 million , respectively .
the tax benefit ( cost ) related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2011 , 2010 and 2009 was $ 19 million , $ 1 million and $ ( 16 ) million , respectively .
18 .
employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s .
employees .
the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations .
for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation .
for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement .
the company-matching contribution was 100% ( 100 % ) for the first two months of 2009 .
the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession .
effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature .
this included the union represented employees in accordance with their collective bargaining agreements .
on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees .
compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011 , 2010 and 2009 totaled $ 26 million , $ 9 million and $ 7 million , respectively .
a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan .
as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009 , respectively .
19 .
other earnings ( millions ) 2011 2010 2009 . | total $ 177 $ 180 $ 150 20 .
stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return .
all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc .
amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 .
shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31 , 2011 .
total stock-based compensation cost was $ 36 million , $ 52 million and $ 34 million in 2011 , 2010 and 2009 , respectively .
the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 13 million , $ 18 million and $ 12 million in 2011 , 2010 and 2009 , respectively .
stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc .
stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan .
under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted .
the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years .
upon exercise of a stock option , shares of company stock are issued from treasury stock .
the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that 68 2011 ppg annual report and form 10-k . | | | ( millions ) | 2011 | 2010 | 2009 |
|---:|:-------------------------------------------------------------------|:-------|:-------|:---------|
| 0 | royalty income | 55 | 58 | 45 |
| 1 | share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37 | 45 | -5 ( 5 ) |
| 2 | gain on sale of assets | 12 | 8 | 36 |
| 3 | other | 73 | 69 | 74 |
| 4 | total | $ 177 | $ 180 | $ 150 | | notes to the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s .
income taxes have been provided on undistributed earnings of non- u.s .
subsidiaries because they are deemed to be reinvested for an indefinite period of time .
the tax ( cost ) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets , for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 7 ) million , $ 8 million and $ 62 million , respectively .
the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31 , 2011 , 2010 and 2009 was $ 98 million , $ 65 million and $ 18 million , respectively .
the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million , respectively .
the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 0.2 ) million , $ 0.6 million and $ 0.1 million , respectively .
the tax benefit ( cost ) related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2011 , 2010 and 2009 was $ 19 million , $ 1 million and $ ( 16 ) million , respectively .
18 .
employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s .
employees .
the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations .
for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation .
for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement .
the company-matching contribution was 100% ( 100 % ) for the first two months of 2009 .
the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession .
effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature .
this included the union represented employees in accordance with their collective bargaining agreements .
on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees .
compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011 , 2010 and 2009 totaled $ 26 million , $ 9 million and $ 7 million , respectively .
a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan .
as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009 , respectively .
19 .
other earnings ( millions ) 2011 2010 2009 ._| | ( millions ) | 2011 | 2010 | 2009 |
|---:|:-------------------------------------------------------------------|:-------|:-------|:---------|
| 0 | royalty income | 55 | 58 | 45 |
| 1 | share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37 | 45 | -5 ( 5 ) |
| 2 | gain on sale of assets | 12 | 8 | 36 |
| 3 | other | 73 | 69 | 74 |
| 4 | total | $ 177 | $ 180 | $ 150 |_total $ 177 $ 180 $ 150 20 .
stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return .
all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc .
amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 .
shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31 , 2011 .
total stock-based compensation cost was $ 36 million , $ 52 million and $ 34 million in 2011 , 2010 and 2009 , respectively .
the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 13 million , $ 18 million and $ 12 million in 2011 , 2010 and 2009 , respectively .
stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc .
stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan .
under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted .
the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years .
upon exercise of a stock option , shares of company stock are issued from treasury stock .
the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that 68 2011 ppg annual report and form 10-k . | 2,011 | 70 | PPG | PPG Industries | Materials | Specialty Chemicals | Pittsburgh, Pennsylvania | 1957-03-04 | 79,879 | 1883 | what was the increase for the maximum company match on january 1 , 2011? | 1% | subtract(multiply(75%, 6%), multiply(50%, 6%)) | notes to the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s .
income taxes have been provided on undistributed earnings of non- u.s .
subsidiaries because they are deemed to be reinvested for an indefinite period of time .
the tax ( cost ) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets , for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 7 ) million , $ 8 million and $ 62 million , respectively .
the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31 , 2011 , 2010 and 2009 was $ 98 million , $ 65 million and $ 18 million , respectively .
the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million , respectively .
the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 0.2 ) million , $ 0.6 million and $ 0.1 million , respectively .
the tax benefit ( cost ) related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2011 , 2010 and 2009 was $ 19 million , $ 1 million and $ ( 16 ) million , respectively .
18 .
employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s .
employees .
the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations .
for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation .
for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement .
the company-matching contribution was 100% ( 100 % ) for the first two months of 2009 .
the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession .
effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature .
this included the union represented employees in accordance with their collective bargaining agreements .
on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees .
compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011 , 2010 and 2009 totaled $ 26 million , $ 9 million and $ 7 million , respectively .
a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan .
as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009 , respectively .
19 .
other earnings ( millions ) 2011 2010 2009 . | total $ 177 $ 180 $ 150 20 .
stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return .
all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc .
amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 .
shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31 , 2011 .
total stock-based compensation cost was $ 36 million , $ 52 million and $ 34 million in 2011 , 2010 and 2009 , respectively .
the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 13 million , $ 18 million and $ 12 million in 2011 , 2010 and 2009 , respectively .
stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc .
stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan .
under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted .
the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years .
upon exercise of a stock option , shares of company stock are issued from treasury stock .
the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that 68 2011 ppg annual report and form 10-k . | | | ( millions ) | 2011 | 2010 | 2009 |
|---:|:-------------------------------------------------------------------|:-------|:-------|:---------|
| 0 | royalty income | 55 | 58 | 45 |
| 1 | share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37 | 45 | -5 ( 5 ) |
| 2 | gain on sale of assets | 12 | 8 | 36 |
| 3 | other | 73 | 69 | 74 |
| 4 | total | $ 177 | $ 180 | $ 150 | | notes to the consolidated financial statements unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred u.s .
income taxes have been provided on undistributed earnings of non- u.s .
subsidiaries because they are deemed to be reinvested for an indefinite period of time .
the tax ( cost ) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets , for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 7 ) million , $ 8 million and $ 62 million , respectively .
the tax benefit related to the adjustment for pension and other postretirement benefits for the years ended december 31 , 2011 , 2010 and 2009 was $ 98 million , $ 65 million and $ 18 million , respectively .
the cumulative tax benefit related to the adjustment for pension and other postretirement benefits at december 31 , 2011 and 2010 was $ 990 million and $ 889 million , respectively .
the tax ( cost ) benefit related to the change in the unrealized gain ( loss ) on marketable securities for the years ended december 31 , 2011 , 2010 and 2009 was $ ( 0.2 ) million , $ 0.6 million and $ 0.1 million , respectively .
the tax benefit ( cost ) related to the change in the unrealized gain ( loss ) on derivatives for the years ended december 31 , 2011 , 2010 and 2009 was $ 19 million , $ 1 million and $ ( 16 ) million , respectively .
18 .
employee savings plan ppg 2019s employee savings plan ( 201csavings plan 201d ) covers substantially all u.s .
employees .
the company makes matching contributions to the savings plan based upon participants 2019 savings , subject to certain limitations .
for most participants not covered by a collective bargaining agreement , company-matching contributions are established each year at the discretion of the company and are applied to a maximum of 6% ( 6 % ) of eligible participant compensation .
for those participants whose employment is covered by a collective bargaining agreement , the level of company-matching contribution , if any , is determined by the relevant collective bargaining agreement .
the company-matching contribution was 100% ( 100 % ) for the first two months of 2009 .
the company-matching contribution was suspended from march 2009 through june 2010 as a cost savings measure in recognition of the adverse impact of the global recession .
effective july 1 , 2010 , the company match was reinstated at 50% ( 50 % ) on the first 6% ( 6 % ) of compensation contributed for most employees eligible for the company-matching contribution feature .
this included the union represented employees in accordance with their collective bargaining agreements .
on january 1 , 2011 , the company match was increased to 75% ( 75 % ) on the first 6% ( 6 % ) of compensation contributed by these eligible employees .
compensation expense and cash contributions related to the company match of participant contributions to the savings plan for 2011 , 2010 and 2009 totaled $ 26 million , $ 9 million and $ 7 million , respectively .
a portion of the savings plan qualifies under the internal revenue code as an employee stock ownership plan .
as a result , the tax deductible dividends on ppg shares held by the savings plan were $ 20 million , $ 24 million and $ 28 million for 2011 , 2010 and 2009 , respectively .
19 .
other earnings ( millions ) 2011 2010 2009 ._| | ( millions ) | 2011 | 2010 | 2009 |
|---:|:-------------------------------------------------------------------|:-------|:-------|:---------|
| 0 | royalty income | 55 | 58 | 45 |
| 1 | share of net earnings ( loss ) of equity affiliates ( see note 5 ) | 37 | 45 | -5 ( 5 ) |
| 2 | gain on sale of assets | 12 | 8 | 36 |
| 3 | other | 73 | 69 | 74 |
| 4 | total | $ 177 | $ 180 | $ 150 |_total $ 177 $ 180 $ 150 20 .
stock-based compensation the company 2019s stock-based compensation includes stock options , restricted stock units ( 201crsus 201d ) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return .
all current grants of stock options , rsus and contingent shares are made under the ppg industries , inc .
amended and restated omnibus incentive plan ( 201cppg amended omnibus plan 201d ) , which was amended and restated effective april 21 , 2011 .
shares available for future grants under the ppg amended omnibus plan were 9.7 million as of december 31 , 2011 .
total stock-based compensation cost was $ 36 million , $ 52 million and $ 34 million in 2011 , 2010 and 2009 , respectively .
the total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $ 13 million , $ 18 million and $ 12 million in 2011 , 2010 and 2009 , respectively .
stock options ppg has outstanding stock option awards that have been granted under two stock option plans : the ppg industries , inc .
stock plan ( 201cppg stock plan 201d ) and the ppg amended omnibus plan .
under the ppg amended omnibus plan and the ppg stock plan , certain employees of the company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted .
the options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years .
upon exercise of a stock option , shares of company stock are issued from treasury stock .
the ppg stock plan includes a restored option provision for options originally granted prior to january 1 , 2003 that 68 2011 ppg annual report and form 10-k . | 2,011 | 70 | PPG | PPG Industries | Materials | Specialty Chemicals | Pittsburgh, Pennsylvania | 1957-03-04 | 79,879 | 1883 | null | null |
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