chloecodes/finqa-de · Datasets at Hugging Face

finqa300

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

-67.33

subtract(divide(subtract(137.81, const_100), const_100), divide(subtract(205.14, const_100), const_100))

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

table of contents .

| | | 12/09 | 12/10 | 12/11 | 12/12 | 12/13 | 12/14 | |---:|:------------------------------|--------:|--------:|--------:|--------:|--------:|--------:| | 0 | e*trade financial corporation | 100 | 90.91 | 45.23 | 50.85 | 111.59 | 137.81 | | 1 | s&p 500 index | 100 | 115.06 | 117.49 | 136.3 | 180.44 | 205.14 | | 2 | dow jones us financials index | 100 | 112.72 | 98.24 | 124.62 | 167.26 | 191.67 |

the following performance graph shows the cumulative total return to a holder of the company 2019s common stock , assuming dividend reinvestment , compared with the cumulative total return , assuming dividend reinvestment , of the standard & poor ( "s&p" ) 500 index and the dow jones us financials index during the period from december 31 , 2009 through december 31 , 2014. ._| | | 12/09 | 12/10 | 12/11 | 12/12 | 12/13 | 12/14 | |---:|:------------------------------|--------:|--------:|--------:|--------:|--------:|--------:| | 0 | e*trade financial corporation | 100 | 90.91 | 45.23 | 50.85 | 111.59 | 137.81 | | 1 | s&p 500 index | 100 | 115.06 | 117.49 | 136.3 | 180.44 | 205.14 | | 2 | dow jones us financials index | 100 | 112.72 | 98.24 | 124.62 | 167.26 | 191.67 |_table of contents .

2,014

26

ETFC

E*TRADE Financial Corporation

Financials

Investment Banking & Brokerage

Arlington, VA

2004-01-01

1,015,780

1982

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

-67.33

subtract(divide(subtract(137.81, const_100), const_100), divide(subtract(205.14, const_100), const_100))

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

table of contents .

| | | 12/09 | 12/10 | 12/11 | 12/12 | 12/13 | 12/14 | |---:|:------------------------------|--------:|--------:|--------:|--------:|--------:|--------:| | 0 | e*trade financial corporation | 100 | 90.91 | 45.23 | 50.85 | 111.59 | 137.81 | | 1 | s&p 500 index | 100 | 115.06 | 117.49 | 136.3 | 180.44 | 205.14 | | 2 | dow jones us financials index | 100 | 112.72 | 98.24 | 124.62 | 167.26 | 191.67 |

the following performance graph shows the cumulative total return to a holder of the company 2019s common stock , assuming dividend reinvestment , compared with the cumulative total return , assuming dividend reinvestment , of the standard & poor ( "s&p" ) 500 index and the dow jones us financials index during the period from december 31 , 2009 through december 31 , 2014. ._| | | 12/09 | 12/10 | 12/11 | 12/12 | 12/13 | 12/14 | |---:|:------------------------------|--------:|--------:|--------:|--------:|--------:|--------:| | 0 | e*trade financial corporation | 100 | 90.91 | 45.23 | 50.85 | 111.59 | 137.81 | | 1 | s&p 500 index | 100 | 115.06 | 117.49 | 136.3 | 180.44 | 205.14 | | 2 | dow jones us financials index | 100 | 112.72 | 98.24 | 124.62 | 167.26 | 191.67 |_table of contents .

2,014

26

ETFC

E*TRADE Financial Corporation

Financials

Investment Banking & Brokerage

Arlington, VA

2004-01-01

1,015,780

1982

null

finqa301

if there were a 100bp rise in rates , how much more would the impact be on earnings in 2009 vs . 2008?\\n

1226

subtract(672, -554)

jpmorgan chase & co./2009 annual report 131 earnings-at-risk stress testing the var and stress-test measures described above illustrate the total economic sensitivity of the firm 2019s consolidated balance sheets to changes in market variables . the effect of interest rate exposure on reported net income is also important . interest rate risk exposure in the firm 2019s core nontrading business activities ( i.e. , asset/liability management positions ) results from on 2013and off 2013balance sheet positions and can occur due to a variety of factors , including : 2022 differences in the timing among the maturity or repricing of assets , liabilities and off 2013balance sheet instruments . for example , if liabilities reprice quicker than assets and funding interest rates are declining , earnings will increase initially . 2022 differences in the amounts of assets , liabilities and off 2013balance sheet instruments that are repricing at the same time . for example , if more deposit liabilities are repricing than assets when general interest rates are declining , earnings will increase initially . 2022 differences in the amounts by which short-term and long-term market interest rates change ( for example , changes in the slope of the yield curve , because the firm has the ability to lend at long-term fixed rates and borrow at variable or short- term fixed rates ) . based on these scenarios , the firm 2019s earnings would be affected negatively by a sudden and unanticipated increase in short-term rates paid on its liabilities ( e.g. , depos- its ) without a corresponding increase in long-term rates re- ceived on its assets ( e.g. , loans ) . conversely , higher long-term rates received on assets generally are beneficial to earnings , particularly when the increase is not accompanied by rising short-term rates paid on liabilities . 2022 the impact of changes in the maturity of various assets , liabili- ties or off 2013balance sheet instruments as interest rates change . for example , if more borrowers than forecasted pay down higher-rate loan balances when general interest rates are de- clining , earnings may decrease initially . the firm manages interest rate exposure related to its assets and liabilities on a consolidated , corporate-wide basis . business units transfer their interest rate risk to treasury through a transfer- pricing system , which takes into account the elements of interest rate exposure that can be risk-managed in financial markets . these elements include asset and liability balances and contrac- tual rates of interest , contractual principal payment schedules , expected prepayment experience , interest rate reset dates and maturities , rate indices used for repricing , and any interest rate ceilings or floors for adjustable rate products . all transfer-pricing assumptions are dynamically reviewed . the firm conducts simulations of changes in net interest income from its nontrading activities under a variety of interest rate scenarios . earnings-at-risk tests measure the potential change in the firm 2019s net interest income , and the corresponding impact to the firm 2019s pretax earnings , over the following 12 months . these tests highlight exposures to various rate-sensitive factors , such as the rates themselves ( e.g. , the prime lending rate ) , pricing strate- gies on deposits , optionality and changes in product mix . the tests include forecasted balance sheet changes , such as asset sales and securitizations , as well as prepayment and reinvestment behavior . immediate changes in interest rates present a limited view of risk , and so a number of alternative scenarios are also reviewed . these scenarios include the implied forward curve , nonparallel rate shifts and severe interest rate shocks on selected key rates . these scenar- ios are intended to provide a comprehensive view of jpmorgan chase 2019s earnings at risk over a wide range of outcomes . jpmorgan chase 2019s 12-month pretax earnings sensitivity profile as of december 31 , 2009 and 2008 , is as follows. .

december 31 , 2009 $ ( 1594 ) $ ( 554 ) nm ( a ) nm ( a ) december 31 , 2008 $ 336 $ 672 nm ( a ) nm ( a ) ( a ) down 100- and 200-basis-point parallel shocks result in a fed funds target rate of zero , and negative three- and six-month treasury rates . the earnings- at-risk results of such a low-probability scenario are not meaningful . the change in earnings at risk from december 31 , 2008 , results from a higher level of afs securities and an updated baseline scenario that uses higher short-term interest rates . the firm 2019s risk to rising rates is largely the result of increased funding costs on assets , partially offset by widening deposit margins , which are currently compressed due to very low short-term interest rates . additionally , another interest rate scenario , involving a steeper yield curve with long-term rates rising 100 basis points and short- term rates staying at current levels , results in a 12-month pretax earnings benefit of $ 449 million . the increase in earnings is due to reinvestment of maturing assets at the higher long-term rates , with funding costs remaining unchanged . risk identification for large exposures individuals who manage risk positions , particularly those that are complex , are responsible for identifying potential losses that could arise from specific , unusual events , such as a potential tax change , and estimating the probabilities of losses arising from such events . this information is entered into the firm 2019s rifle database . management of trading businesses control rifle entries , thereby permitting the firm to monitor further earnings vulnerability not adequately covered by standard risk measures . risk monitoring and control limits market risk is controlled primarily through a series of limits . limits reflect the firm 2019s risk appetite in the context of the market environment and business strategy . in setting limits , the firm takes into consideration factors such as market volatility , product liquidity , business trends and management experience. .

| | ( in millions ) | immediate change in rates +200bp | immediate change in rates +100bp | immediate change in rates -100bp | immediate change in rates -200bp | |---:|:------------------|:-----------------------------------|:-----------------------------------|:-----------------------------------|:-----------------------------------| | 0 | december 31 2009 | $ -1594 ( 1594 ) | $ -554 ( 554 ) | nm ( a ) | nm ( a ) | | 1 | december 31 2008 | $ 336 | $ 672 | nm ( a ) | nm ( a ) |

jpmorgan chase & co./2009 annual report 131 earnings-at-risk stress testing the var and stress-test measures described above illustrate the total economic sensitivity of the firm 2019s consolidated balance sheets to changes in market variables . the effect of interest rate exposure on reported net income is also important . interest rate risk exposure in the firm 2019s core nontrading business activities ( i.e. , asset/liability management positions ) results from on 2013and off 2013balance sheet positions and can occur due to a variety of factors , including : 2022 differences in the timing among the maturity or repricing of assets , liabilities and off 2013balance sheet instruments . for example , if liabilities reprice quicker than assets and funding interest rates are declining , earnings will increase initially . 2022 differences in the amounts of assets , liabilities and off 2013balance sheet instruments that are repricing at the same time . for example , if more deposit liabilities are repricing than assets when general interest rates are declining , earnings will increase initially . 2022 differences in the amounts by which short-term and long-term market interest rates change ( for example , changes in the slope of the yield curve , because the firm has the ability to lend at long-term fixed rates and borrow at variable or short- term fixed rates ) . based on these scenarios , the firm 2019s earnings would be affected negatively by a sudden and unanticipated increase in short-term rates paid on its liabilities ( e.g. , depos- its ) without a corresponding increase in long-term rates re- ceived on its assets ( e.g. , loans ) . conversely , higher long-term rates received on assets generally are beneficial to earnings , particularly when the increase is not accompanied by rising short-term rates paid on liabilities . 2022 the impact of changes in the maturity of various assets , liabili- ties or off 2013balance sheet instruments as interest rates change . for example , if more borrowers than forecasted pay down higher-rate loan balances when general interest rates are de- clining , earnings may decrease initially . the firm manages interest rate exposure related to its assets and liabilities on a consolidated , corporate-wide basis . business units transfer their interest rate risk to treasury through a transfer- pricing system , which takes into account the elements of interest rate exposure that can be risk-managed in financial markets . these elements include asset and liability balances and contrac- tual rates of interest , contractual principal payment schedules , expected prepayment experience , interest rate reset dates and maturities , rate indices used for repricing , and any interest rate ceilings or floors for adjustable rate products . all transfer-pricing assumptions are dynamically reviewed . the firm conducts simulations of changes in net interest income from its nontrading activities under a variety of interest rate scenarios . earnings-at-risk tests measure the potential change in the firm 2019s net interest income , and the corresponding impact to the firm 2019s pretax earnings , over the following 12 months . these tests highlight exposures to various rate-sensitive factors , such as the rates themselves ( e.g. , the prime lending rate ) , pricing strate- gies on deposits , optionality and changes in product mix . the tests include forecasted balance sheet changes , such as asset sales and securitizations , as well as prepayment and reinvestment behavior . immediate changes in interest rates present a limited view of risk , and so a number of alternative scenarios are also reviewed . these scenarios include the implied forward curve , nonparallel rate shifts and severe interest rate shocks on selected key rates . these scenar- ios are intended to provide a comprehensive view of jpmorgan chase 2019s earnings at risk over a wide range of outcomes . jpmorgan chase 2019s 12-month pretax earnings sensitivity profile as of december 31 , 2009 and 2008 , is as follows. ._| | ( in millions ) | immediate change in rates +200bp | immediate change in rates +100bp | immediate change in rates -100bp | immediate change in rates -200bp | |---:|:------------------|:-----------------------------------|:-----------------------------------|:-----------------------------------|:-----------------------------------| | 0 | december 31 2009 | $ -1594 ( 1594 ) | $ -554 ( 554 ) | nm ( a ) | nm ( a ) | | 1 | december 31 2008 | $ 336 | $ 672 | nm ( a ) | nm ( a ) |_december 31 , 2009 $ ( 1594 ) $ ( 554 ) nm ( a ) nm ( a ) december 31 , 2008 $ 336 $ 672 nm ( a ) nm ( a ) ( a ) down 100- and 200-basis-point parallel shocks result in a fed funds target rate of zero , and negative three- and six-month treasury rates . the earnings- at-risk results of such a low-probability scenario are not meaningful . the change in earnings at risk from december 31 , 2008 , results from a higher level of afs securities and an updated baseline scenario that uses higher short-term interest rates . the firm 2019s risk to rising rates is largely the result of increased funding costs on assets , partially offset by widening deposit margins , which are currently compressed due to very low short-term interest rates . additionally , another interest rate scenario , involving a steeper yield curve with long-term rates rising 100 basis points and short- term rates staying at current levels , results in a 12-month pretax earnings benefit of $ 449 million . the increase in earnings is due to reinvestment of maturing assets at the higher long-term rates , with funding costs remaining unchanged . risk identification for large exposures individuals who manage risk positions , particularly those that are complex , are responsible for identifying potential losses that could arise from specific , unusual events , such as a potential tax change , and estimating the probabilities of losses arising from such events . this information is entered into the firm 2019s rifle database . management of trading businesses control rifle entries , thereby permitting the firm to monitor further earnings vulnerability not adequately covered by standard risk measures . risk monitoring and control limits market risk is controlled primarily through a series of limits . limits reflect the firm 2019s risk appetite in the context of the market environment and business strategy . in setting limits , the firm takes into consideration factors such as market volatility , product liquidity , business trends and management experience. .

2,009

133

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

if there were a 100bp rise in rates , how much more would the impact be on earnings in 2009 vs . 2008?\\n

1226

subtract(672, -554)

jpmorgan chase & co./2009 annual report 131 earnings-at-risk stress testing the var and stress-test measures described above illustrate the total economic sensitivity of the firm 2019s consolidated balance sheets to changes in market variables . the effect of interest rate exposure on reported net income is also important . interest rate risk exposure in the firm 2019s core nontrading business activities ( i.e. , asset/liability management positions ) results from on 2013and off 2013balance sheet positions and can occur due to a variety of factors , including : 2022 differences in the timing among the maturity or repricing of assets , liabilities and off 2013balance sheet instruments . for example , if liabilities reprice quicker than assets and funding interest rates are declining , earnings will increase initially . 2022 differences in the amounts of assets , liabilities and off 2013balance sheet instruments that are repricing at the same time . for example , if more deposit liabilities are repricing than assets when general interest rates are declining , earnings will increase initially . 2022 differences in the amounts by which short-term and long-term market interest rates change ( for example , changes in the slope of the yield curve , because the firm has the ability to lend at long-term fixed rates and borrow at variable or short- term fixed rates ) . based on these scenarios , the firm 2019s earnings would be affected negatively by a sudden and unanticipated increase in short-term rates paid on its liabilities ( e.g. , depos- its ) without a corresponding increase in long-term rates re- ceived on its assets ( e.g. , loans ) . conversely , higher long-term rates received on assets generally are beneficial to earnings , particularly when the increase is not accompanied by rising short-term rates paid on liabilities . 2022 the impact of changes in the maturity of various assets , liabili- ties or off 2013balance sheet instruments as interest rates change . for example , if more borrowers than forecasted pay down higher-rate loan balances when general interest rates are de- clining , earnings may decrease initially . the firm manages interest rate exposure related to its assets and liabilities on a consolidated , corporate-wide basis . business units transfer their interest rate risk to treasury through a transfer- pricing system , which takes into account the elements of interest rate exposure that can be risk-managed in financial markets . these elements include asset and liability balances and contrac- tual rates of interest , contractual principal payment schedules , expected prepayment experience , interest rate reset dates and maturities , rate indices used for repricing , and any interest rate ceilings or floors for adjustable rate products . all transfer-pricing assumptions are dynamically reviewed . the firm conducts simulations of changes in net interest income from its nontrading activities under a variety of interest rate scenarios . earnings-at-risk tests measure the potential change in the firm 2019s net interest income , and the corresponding impact to the firm 2019s pretax earnings , over the following 12 months . these tests highlight exposures to various rate-sensitive factors , such as the rates themselves ( e.g. , the prime lending rate ) , pricing strate- gies on deposits , optionality and changes in product mix . the tests include forecasted balance sheet changes , such as asset sales and securitizations , as well as prepayment and reinvestment behavior . immediate changes in interest rates present a limited view of risk , and so a number of alternative scenarios are also reviewed . these scenarios include the implied forward curve , nonparallel rate shifts and severe interest rate shocks on selected key rates . these scenar- ios are intended to provide a comprehensive view of jpmorgan chase 2019s earnings at risk over a wide range of outcomes . jpmorgan chase 2019s 12-month pretax earnings sensitivity profile as of december 31 , 2009 and 2008 , is as follows. .

december 31 , 2009 $ ( 1594 ) $ ( 554 ) nm ( a ) nm ( a ) december 31 , 2008 $ 336 $ 672 nm ( a ) nm ( a ) ( a ) down 100- and 200-basis-point parallel shocks result in a fed funds target rate of zero , and negative three- and six-month treasury rates . the earnings- at-risk results of such a low-probability scenario are not meaningful . the change in earnings at risk from december 31 , 2008 , results from a higher level of afs securities and an updated baseline scenario that uses higher short-term interest rates . the firm 2019s risk to rising rates is largely the result of increased funding costs on assets , partially offset by widening deposit margins , which are currently compressed due to very low short-term interest rates . additionally , another interest rate scenario , involving a steeper yield curve with long-term rates rising 100 basis points and short- term rates staying at current levels , results in a 12-month pretax earnings benefit of $ 449 million . the increase in earnings is due to reinvestment of maturing assets at the higher long-term rates , with funding costs remaining unchanged . risk identification for large exposures individuals who manage risk positions , particularly those that are complex , are responsible for identifying potential losses that could arise from specific , unusual events , such as a potential tax change , and estimating the probabilities of losses arising from such events . this information is entered into the firm 2019s rifle database . management of trading businesses control rifle entries , thereby permitting the firm to monitor further earnings vulnerability not adequately covered by standard risk measures . risk monitoring and control limits market risk is controlled primarily through a series of limits . limits reflect the firm 2019s risk appetite in the context of the market environment and business strategy . in setting limits , the firm takes into consideration factors such as market volatility , product liquidity , business trends and management experience. .

| | ( in millions ) | immediate change in rates +200bp | immediate change in rates +100bp | immediate change in rates -100bp | immediate change in rates -200bp | |---:|:------------------|:-----------------------------------|:-----------------------------------|:-----------------------------------|:-----------------------------------| | 0 | december 31 2009 | $ -1594 ( 1594 ) | $ -554 ( 554 ) | nm ( a ) | nm ( a ) | | 1 | december 31 2008 | $ 336 | $ 672 | nm ( a ) | nm ( a ) |

jpmorgan chase & co./2009 annual report 131 earnings-at-risk stress testing the var and stress-test measures described above illustrate the total economic sensitivity of the firm 2019s consolidated balance sheets to changes in market variables . the effect of interest rate exposure on reported net income is also important . interest rate risk exposure in the firm 2019s core nontrading business activities ( i.e. , asset/liability management positions ) results from on 2013and off 2013balance sheet positions and can occur due to a variety of factors , including : 2022 differences in the timing among the maturity or repricing of assets , liabilities and off 2013balance sheet instruments . for example , if liabilities reprice quicker than assets and funding interest rates are declining , earnings will increase initially . 2022 differences in the amounts of assets , liabilities and off 2013balance sheet instruments that are repricing at the same time . for example , if more deposit liabilities are repricing than assets when general interest rates are declining , earnings will increase initially . 2022 differences in the amounts by which short-term and long-term market interest rates change ( for example , changes in the slope of the yield curve , because the firm has the ability to lend at long-term fixed rates and borrow at variable or short- term fixed rates ) . based on these scenarios , the firm 2019s earnings would be affected negatively by a sudden and unanticipated increase in short-term rates paid on its liabilities ( e.g. , depos- its ) without a corresponding increase in long-term rates re- ceived on its assets ( e.g. , loans ) . conversely , higher long-term rates received on assets generally are beneficial to earnings , particularly when the increase is not accompanied by rising short-term rates paid on liabilities . 2022 the impact of changes in the maturity of various assets , liabili- ties or off 2013balance sheet instruments as interest rates change . for example , if more borrowers than forecasted pay down higher-rate loan balances when general interest rates are de- clining , earnings may decrease initially . the firm manages interest rate exposure related to its assets and liabilities on a consolidated , corporate-wide basis . business units transfer their interest rate risk to treasury through a transfer- pricing system , which takes into account the elements of interest rate exposure that can be risk-managed in financial markets . these elements include asset and liability balances and contrac- tual rates of interest , contractual principal payment schedules , expected prepayment experience , interest rate reset dates and maturities , rate indices used for repricing , and any interest rate ceilings or floors for adjustable rate products . all transfer-pricing assumptions are dynamically reviewed . the firm conducts simulations of changes in net interest income from its nontrading activities under a variety of interest rate scenarios . earnings-at-risk tests measure the potential change in the firm 2019s net interest income , and the corresponding impact to the firm 2019s pretax earnings , over the following 12 months . these tests highlight exposures to various rate-sensitive factors , such as the rates themselves ( e.g. , the prime lending rate ) , pricing strate- gies on deposits , optionality and changes in product mix . the tests include forecasted balance sheet changes , such as asset sales and securitizations , as well as prepayment and reinvestment behavior . immediate changes in interest rates present a limited view of risk , and so a number of alternative scenarios are also reviewed . these scenarios include the implied forward curve , nonparallel rate shifts and severe interest rate shocks on selected key rates . these scenar- ios are intended to provide a comprehensive view of jpmorgan chase 2019s earnings at risk over a wide range of outcomes . jpmorgan chase 2019s 12-month pretax earnings sensitivity profile as of december 31 , 2009 and 2008 , is as follows. ._| | ( in millions ) | immediate change in rates +200bp | immediate change in rates +100bp | immediate change in rates -100bp | immediate change in rates -200bp | |---:|:------------------|:-----------------------------------|:-----------------------------------|:-----------------------------------|:-----------------------------------| | 0 | december 31 2009 | $ -1594 ( 1594 ) | $ -554 ( 554 ) | nm ( a ) | nm ( a ) | | 1 | december 31 2008 | $ 336 | $ 672 | nm ( a ) | nm ( a ) |_december 31 , 2009 $ ( 1594 ) $ ( 554 ) nm ( a ) nm ( a ) december 31 , 2008 $ 336 $ 672 nm ( a ) nm ( a ) ( a ) down 100- and 200-basis-point parallel shocks result in a fed funds target rate of zero , and negative three- and six-month treasury rates . the earnings- at-risk results of such a low-probability scenario are not meaningful . the change in earnings at risk from december 31 , 2008 , results from a higher level of afs securities and an updated baseline scenario that uses higher short-term interest rates . the firm 2019s risk to rising rates is largely the result of increased funding costs on assets , partially offset by widening deposit margins , which are currently compressed due to very low short-term interest rates . additionally , another interest rate scenario , involving a steeper yield curve with long-term rates rising 100 basis points and short- term rates staying at current levels , results in a 12-month pretax earnings benefit of $ 449 million . the increase in earnings is due to reinvestment of maturing assets at the higher long-term rates , with funding costs remaining unchanged . risk identification for large exposures individuals who manage risk positions , particularly those that are complex , are responsible for identifying potential losses that could arise from specific , unusual events , such as a potential tax change , and estimating the probabilities of losses arising from such events . this information is entered into the firm 2019s rifle database . management of trading businesses control rifle entries , thereby permitting the firm to monitor further earnings vulnerability not adequately covered by standard risk measures . risk monitoring and control limits market risk is controlled primarily through a series of limits . limits reflect the firm 2019s risk appetite in the context of the market environment and business strategy . in setting limits , the firm takes into consideration factors such as market volatility , product liquidity , business trends and management experience. .

2,009

133

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

null

finqa302

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

73.9%

divide(298024, 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 americas as a percentage of the total long-term retail/hnw?

73.9%

divide(298024, 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

finqa303

does the company spend more on advertising in 2012 than on research and development?

no

greater(288, 468)

38 2013 ppg annual report and form 10-k notes to the consolidated financial statements 1 . summary of significant accounting policies principles of consolidation the accompanying consolidated financial statements include the accounts of ppg industries , inc . ( 201cppg 201d or the 201ccompany 201d ) and all subsidiaries , both u.s . and non-u.s. , that it controls . ppg owns more than 50% ( 50 % ) of the voting stock of most of the subsidiaries that it controls . for those consolidated subsidiaries in which the company 2019s ownership is less than 100% ( 100 % ) , the outside shareholders 2019 interests are shown as noncontrolling interests . investments in companies in which ppg owns 20% ( 20 % ) to 50% ( 50 % ) of the voting stock and has the ability to exercise significant influence over operating and financial policies of the investee are accounted for using the equity method of accounting . as a result , ppg 2019s share of the earnings or losses of such equity affiliates is included in the accompanying consolidated statement of income and ppg 2019s share of these companies 2019 shareholders 2019 equity is included in "investments" in the accompanying consolidated balance sheet . transactions between ppg and its subsidiaries are eliminated in consolidation . use of estimates in the preparation of financial statements the preparation of financial statements in conformity with u.s . generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements , as well as the reported amounts of income and expenses during the reporting period . such estimates also include the fair value of assets acquired and liabilities assumed as a result of allocations of purchase price of business combinations consummated . actual outcomes could differ from those estimates . revenue recognition the company recognizes revenue when the earnings process is complete . revenue from sales is recognized by all operating segments when goods are shipped and title to inventory and risk of loss passes to the customer or when services have been rendered . shipping and handling costs amounts billed to customers for shipping and handling are reported in 201cnet sales 201d in the accompanying consolidated statement of income . shipping and handling costs incurred by the company for the delivery of goods to customers are included in 201ccost of sales , exclusive of depreciation and amortization 201d in the accompanying consolidated statement of income . selling , general and administrative costs amounts presented as 201cselling , general and administrative 201d in the accompanying consolidated statement of income are comprised of selling , customer service , distribution and advertising costs , as well as the costs of providing corporate- wide functional support in such areas as finance , law , human resources and planning . distribution costs pertain to the movement and storage of finished goods inventory at company- owned and leased warehouses , terminals and other distribution facilities . advertising costs advertising costs are expensed in the year incurred and totaled $ 345 million , $ 288 million and $ 245 million in 2013 , 2012 and 2011 , respectively . research and development research and development costs , which consist primarily of employee related costs , are charged to expense as incurred . the following are the research and development costs for the years ended december 31: .

legal costs legal costs are expensed as incurred . legal costs incurred by ppg include legal costs associated with acquisition and divestiture transactions , general litigation , environmental regulation compliance , patent and trademark protection and other general corporate purposes . foreign currency translation the functional currency of most significant non-u.s . operations is their local currency . assets and liabilities of those operations are translated into u.s . dollars using year-end exchange rates ; income and expenses are translated using the average exchange rates for the reporting period . unrealized foreign currency translation adjustments are deferred in accumulated other comprehensive loss , a separate component of shareholders 2019 equity . cash equivalents cash equivalents are highly liquid investments ( valued at cost , which approximates fair value ) acquired with an original maturity of three months or less . short-term investments short-term investments are highly liquid , high credit quality investments ( valued at cost plus accrued interest ) that have stated maturities of greater than three months to one year . the purchases and sales of these investments are classified as investing activities in the consolidated statement of cash flows . marketable equity securities the company 2019s investment in marketable equity securities is recorded at fair market value and reported in 201cother current assets 201d and 201cinvestments 201d in the accompanying consolidated balance sheet with changes in fair market value recorded in income for those securities designated as trading securities and in other comprehensive income , net of tax , for those designated as available for sale securities. .

| | ( millions ) | 2013 | 2012 | 2011 | |---:|:-----------------------------------------|:-------|:-------|:-------| | 0 | research and development 2013 total | $ 505 | $ 468 | $ 443 | | 1 | less depreciation on research facilities | 17 | 15 | 15 | | 2 | research and development net | $ 488 | $ 453 | $ 428 |

38 2013 ppg annual report and form 10-k notes to the consolidated financial statements 1 . summary of significant accounting policies principles of consolidation the accompanying consolidated financial statements include the accounts of ppg industries , inc . ( 201cppg 201d or the 201ccompany 201d ) and all subsidiaries , both u.s . and non-u.s. , that it controls . ppg owns more than 50% ( 50 % ) of the voting stock of most of the subsidiaries that it controls . for those consolidated subsidiaries in which the company 2019s ownership is less than 100% ( 100 % ) , the outside shareholders 2019 interests are shown as noncontrolling interests . investments in companies in which ppg owns 20% ( 20 % ) to 50% ( 50 % ) of the voting stock and has the ability to exercise significant influence over operating and financial policies of the investee are accounted for using the equity method of accounting . as a result , ppg 2019s share of the earnings or losses of such equity affiliates is included in the accompanying consolidated statement of income and ppg 2019s share of these companies 2019 shareholders 2019 equity is included in "investments" in the accompanying consolidated balance sheet . transactions between ppg and its subsidiaries are eliminated in consolidation . use of estimates in the preparation of financial statements the preparation of financial statements in conformity with u.s . generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements , as well as the reported amounts of income and expenses during the reporting period . such estimates also include the fair value of assets acquired and liabilities assumed as a result of allocations of purchase price of business combinations consummated . actual outcomes could differ from those estimates . revenue recognition the company recognizes revenue when the earnings process is complete . revenue from sales is recognized by all operating segments when goods are shipped and title to inventory and risk of loss passes to the customer or when services have been rendered . shipping and handling costs amounts billed to customers for shipping and handling are reported in 201cnet sales 201d in the accompanying consolidated statement of income . shipping and handling costs incurred by the company for the delivery of goods to customers are included in 201ccost of sales , exclusive of depreciation and amortization 201d in the accompanying consolidated statement of income . selling , general and administrative costs amounts presented as 201cselling , general and administrative 201d in the accompanying consolidated statement of income are comprised of selling , customer service , distribution and advertising costs , as well as the costs of providing corporate- wide functional support in such areas as finance , law , human resources and planning . distribution costs pertain to the movement and storage of finished goods inventory at company- owned and leased warehouses , terminals and other distribution facilities . advertising costs advertising costs are expensed in the year incurred and totaled $ 345 million , $ 288 million and $ 245 million in 2013 , 2012 and 2011 , respectively . research and development research and development costs , which consist primarily of employee related costs , are charged to expense as incurred . the following are the research and development costs for the years ended december 31: ._| | ( millions ) | 2013 | 2012 | 2011 | |---:|:-----------------------------------------|:-------|:-------|:-------| | 0 | research and development 2013 total | $ 505 | $ 468 | $ 443 | | 1 | less depreciation on research facilities | 17 | 15 | 15 | | 2 | research and development net | $ 488 | $ 453 | $ 428 |_legal costs legal costs are expensed as incurred . legal costs incurred by ppg include legal costs associated with acquisition and divestiture transactions , general litigation , environmental regulation compliance , patent and trademark protection and other general corporate purposes . foreign currency translation the functional currency of most significant non-u.s . operations is their local currency . assets and liabilities of those operations are translated into u.s . dollars using year-end exchange rates ; income and expenses are translated using the average exchange rates for the reporting period . unrealized foreign currency translation adjustments are deferred in accumulated other comprehensive loss , a separate component of shareholders 2019 equity . cash equivalents cash equivalents are highly liquid investments ( valued at cost , which approximates fair value ) acquired with an original maturity of three months or less . short-term investments short-term investments are highly liquid , high credit quality investments ( valued at cost plus accrued interest ) that have stated maturities of greater than three months to one year . the purchases and sales of these investments are classified as investing activities in the consolidated statement of cash flows . marketable equity securities the company 2019s investment in marketable equity securities is recorded at fair market value and reported in 201cother current assets 201d and 201cinvestments 201d in the accompanying consolidated balance sheet with changes in fair market value recorded in income for those securities designated as trading securities and in other comprehensive income , net of tax , for those designated as available for sale securities. .

2,013

40

PPG

PPG Industries

Materials

Specialty Chemicals

Pittsburgh, Pennsylvania

1957-03-04

79,879

1883

does the company spend more on advertising in 2012 than on research and development?

no

greater(288, 468)

38 2013 ppg annual report and form 10-k notes to the consolidated financial statements 1 . summary of significant accounting policies principles of consolidation the accompanying consolidated financial statements include the accounts of ppg industries , inc . ( 201cppg 201d or the 201ccompany 201d ) and all subsidiaries , both u.s . and non-u.s. , that it controls . ppg owns more than 50% ( 50 % ) of the voting stock of most of the subsidiaries that it controls . for those consolidated subsidiaries in which the company 2019s ownership is less than 100% ( 100 % ) , the outside shareholders 2019 interests are shown as noncontrolling interests . investments in companies in which ppg owns 20% ( 20 % ) to 50% ( 50 % ) of the voting stock and has the ability to exercise significant influence over operating and financial policies of the investee are accounted for using the equity method of accounting . as a result , ppg 2019s share of the earnings or losses of such equity affiliates is included in the accompanying consolidated statement of income and ppg 2019s share of these companies 2019 shareholders 2019 equity is included in "investments" in the accompanying consolidated balance sheet . transactions between ppg and its subsidiaries are eliminated in consolidation . use of estimates in the preparation of financial statements the preparation of financial statements in conformity with u.s . generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements , as well as the reported amounts of income and expenses during the reporting period . such estimates also include the fair value of assets acquired and liabilities assumed as a result of allocations of purchase price of business combinations consummated . actual outcomes could differ from those estimates . revenue recognition the company recognizes revenue when the earnings process is complete . revenue from sales is recognized by all operating segments when goods are shipped and title to inventory and risk of loss passes to the customer or when services have been rendered . shipping and handling costs amounts billed to customers for shipping and handling are reported in 201cnet sales 201d in the accompanying consolidated statement of income . shipping and handling costs incurred by the company for the delivery of goods to customers are included in 201ccost of sales , exclusive of depreciation and amortization 201d in the accompanying consolidated statement of income . selling , general and administrative costs amounts presented as 201cselling , general and administrative 201d in the accompanying consolidated statement of income are comprised of selling , customer service , distribution and advertising costs , as well as the costs of providing corporate- wide functional support in such areas as finance , law , human resources and planning . distribution costs pertain to the movement and storage of finished goods inventory at company- owned and leased warehouses , terminals and other distribution facilities . advertising costs advertising costs are expensed in the year incurred and totaled $ 345 million , $ 288 million and $ 245 million in 2013 , 2012 and 2011 , respectively . research and development research and development costs , which consist primarily of employee related costs , are charged to expense as incurred . the following are the research and development costs for the years ended december 31: .

legal costs legal costs are expensed as incurred . legal costs incurred by ppg include legal costs associated with acquisition and divestiture transactions , general litigation , environmental regulation compliance , patent and trademark protection and other general corporate purposes . foreign currency translation the functional currency of most significant non-u.s . operations is their local currency . assets and liabilities of those operations are translated into u.s . dollars using year-end exchange rates ; income and expenses are translated using the average exchange rates for the reporting period . unrealized foreign currency translation adjustments are deferred in accumulated other comprehensive loss , a separate component of shareholders 2019 equity . cash equivalents cash equivalents are highly liquid investments ( valued at cost , which approximates fair value ) acquired with an original maturity of three months or less . short-term investments short-term investments are highly liquid , high credit quality investments ( valued at cost plus accrued interest ) that have stated maturities of greater than three months to one year . the purchases and sales of these investments are classified as investing activities in the consolidated statement of cash flows . marketable equity securities the company 2019s investment in marketable equity securities is recorded at fair market value and reported in 201cother current assets 201d and 201cinvestments 201d in the accompanying consolidated balance sheet with changes in fair market value recorded in income for those securities designated as trading securities and in other comprehensive income , net of tax , for those designated as available for sale securities. .

| | ( millions ) | 2013 | 2012 | 2011 | |---:|:-----------------------------------------|:-------|:-------|:-------| | 0 | research and development 2013 total | $ 505 | $ 468 | $ 443 | | 1 | less depreciation on research facilities | 17 | 15 | 15 | | 2 | research and development net | $ 488 | $ 453 | $ 428 |

38 2013 ppg annual report and form 10-k notes to the consolidated financial statements 1 . summary of significant accounting policies principles of consolidation the accompanying consolidated financial statements include the accounts of ppg industries , inc . ( 201cppg 201d or the 201ccompany 201d ) and all subsidiaries , both u.s . and non-u.s. , that it controls . ppg owns more than 50% ( 50 % ) of the voting stock of most of the subsidiaries that it controls . for those consolidated subsidiaries in which the company 2019s ownership is less than 100% ( 100 % ) , the outside shareholders 2019 interests are shown as noncontrolling interests . investments in companies in which ppg owns 20% ( 20 % ) to 50% ( 50 % ) of the voting stock and has the ability to exercise significant influence over operating and financial policies of the investee are accounted for using the equity method of accounting . as a result , ppg 2019s share of the earnings or losses of such equity affiliates is included in the accompanying consolidated statement of income and ppg 2019s share of these companies 2019 shareholders 2019 equity is included in "investments" in the accompanying consolidated balance sheet . transactions between ppg and its subsidiaries are eliminated in consolidation . use of estimates in the preparation of financial statements the preparation of financial statements in conformity with u.s . generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements , as well as the reported amounts of income and expenses during the reporting period . such estimates also include the fair value of assets acquired and liabilities assumed as a result of allocations of purchase price of business combinations consummated . actual outcomes could differ from those estimates . revenue recognition the company recognizes revenue when the earnings process is complete . revenue from sales is recognized by all operating segments when goods are shipped and title to inventory and risk of loss passes to the customer or when services have been rendered . shipping and handling costs amounts billed to customers for shipping and handling are reported in 201cnet sales 201d in the accompanying consolidated statement of income . shipping and handling costs incurred by the company for the delivery of goods to customers are included in 201ccost of sales , exclusive of depreciation and amortization 201d in the accompanying consolidated statement of income . selling , general and administrative costs amounts presented as 201cselling , general and administrative 201d in the accompanying consolidated statement of income are comprised of selling , customer service , distribution and advertising costs , as well as the costs of providing corporate- wide functional support in such areas as finance , law , human resources and planning . distribution costs pertain to the movement and storage of finished goods inventory at company- owned and leased warehouses , terminals and other distribution facilities . advertising costs advertising costs are expensed in the year incurred and totaled $ 345 million , $ 288 million and $ 245 million in 2013 , 2012 and 2011 , respectively . research and development research and development costs , which consist primarily of employee related costs , are charged to expense as incurred . the following are the research and development costs for the years ended december 31: ._| | ( millions ) | 2013 | 2012 | 2011 | |---:|:-----------------------------------------|:-------|:-------|:-------| | 0 | research and development 2013 total | $ 505 | $ 468 | $ 443 | | 1 | less depreciation on research facilities | 17 | 15 | 15 | | 2 | research and development net | $ 488 | $ 453 | $ 428 |_legal costs legal costs are expensed as incurred . legal costs incurred by ppg include legal costs associated with acquisition and divestiture transactions , general litigation , environmental regulation compliance , patent and trademark protection and other general corporate purposes . foreign currency translation the functional currency of most significant non-u.s . operations is their local currency . assets and liabilities of those operations are translated into u.s . dollars using year-end exchange rates ; income and expenses are translated using the average exchange rates for the reporting period . unrealized foreign currency translation adjustments are deferred in accumulated other comprehensive loss , a separate component of shareholders 2019 equity . cash equivalents cash equivalents are highly liquid investments ( valued at cost , which approximates fair value ) acquired with an original maturity of three months or less . short-term investments short-term investments are highly liquid , high credit quality investments ( valued at cost plus accrued interest ) that have stated maturities of greater than three months to one year . the purchases and sales of these investments are classified as investing activities in the consolidated statement of cash flows . marketable equity securities the company 2019s investment in marketable equity securities is recorded at fair market value and reported in 201cother current assets 201d and 201cinvestments 201d in the accompanying consolidated balance sheet with changes in fair market value recorded in income for those securities designated as trading securities and in other comprehensive income , net of tax , for those designated as available for sale securities. .

2,013

40

PPG

PPG Industries

Materials

Specialty Chemicals

Pittsburgh, Pennsylvania

1957-03-04

79,879

1883

null

finqa304

what is the annual interest expense for entergy louisiana incurred from the series first mortgage bonds due september 2018 , in millions?

19.5

multiply(300, 6.50%)

entergy louisiana , llc management's financial discussion and analysis entergy's utility supply plan initiative will continue to seek to transform its generation portfolio with new or repowered generation resources . opportunities resulting from the supply plan initiative , including new projects or the exploration of alternative financing sources , could result in increases or decreases in the capital expenditure estimates given above . the estimated capital expenditures are subject to periodic review and modification and may vary based on the ongoing effects of regulatory constraints , environmental compliance , market volatility , economic trends , business restructuring , and the ability to access capital . management provides more information on long- term debt and preferred stock maturities in notes 5 and 6 to the financial statements . sources of capital entergy louisiana's sources to meet its capital requirements include : internally generated funds ; cash on hand ; debt or preferred membership interest issuances ; and bank financing under new and existing facilities . entergy louisiana may refinance or redeem debt and preferred membership interests prior to maturity , to the extent market conditions and interest and distribution rates are favorable . all debt and common and preferred membership interest issuances by entergy louisiana require prior regulatory approval . preferred membership interest and debt issuances are also subject to issuance tests set forth in corporate charters , bond indentures , and other agreements . entergy louisiana has sufficient capacity under these tests to meet its foreseeable capital needs . entergy louisiana's receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years: .

see note 4 to the financial statements for a description of the money pool . entergy louisiana has a credit facility in the amount of $ 200 million scheduled to expire in august 2012 . no borrowings were outstanding under the credit facility as of december 31 , 2008 . in april 2008 , entergy louisiana repurchased , prior to maturity , $ 60 million of auction rate governmental bonds , which are being held for possible remarketing at a later date . in august 2008 , entergy louisiana issued $ 300 million of 6.50% ( 6.50 % ) series first mortgage bonds due september 2018 . the net proceeds of the issuance will be used for capital expenditures , working capital needs , and general corporate purposes . prior to their application , the remaining net proceeds may be invested in temporary cash investments or the entergy system money pool . hurricane rita and hurricane katrina in august and september 2005 , hurricane katrina and hurricane rita , along with extensive flooding that resulted from levee breaks in and around entergy louisiana's service territory , caused catastrophic damage . the storms and flooding resulted in widespread power outages ; significant damage to distribution , transmission , and generation infrastructure ; and the temporary loss of sales and customers due to mandatory evacuations and destruction of homes and businesses due to wind , rain , and extended periods of flooding . entergy pursued a broad range of initiatives to recover storm restoration and business continuity costs and incremental losses . initiatives included obtaining reimbursement of certain costs covered by insurance and pursuing recovery through existing or new rate mechanisms regulated by the ferc and local regulatory bodies , in combination with securitization. .

| | 2008 | 2007 | 2006 | 2005 | |---:|:-----------------|:-----------------|:-----------------|:-----------------| | 0 | ( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands ) | | 1 | $ 61236 | ( $ 2791 ) | ( $ 54041 ) | ( $ 68677 ) |

entergy louisiana , llc management's financial discussion and analysis entergy's utility supply plan initiative will continue to seek to transform its generation portfolio with new or repowered generation resources . opportunities resulting from the supply plan initiative , including new projects or the exploration of alternative financing sources , could result in increases or decreases in the capital expenditure estimates given above . the estimated capital expenditures are subject to periodic review and modification and may vary based on the ongoing effects of regulatory constraints , environmental compliance , market volatility , economic trends , business restructuring , and the ability to access capital . management provides more information on long- term debt and preferred stock maturities in notes 5 and 6 to the financial statements . sources of capital entergy louisiana's sources to meet its capital requirements include : internally generated funds ; cash on hand ; debt or preferred membership interest issuances ; and bank financing under new and existing facilities . entergy louisiana may refinance or redeem debt and preferred membership interests prior to maturity , to the extent market conditions and interest and distribution rates are favorable . all debt and common and preferred membership interest issuances by entergy louisiana require prior regulatory approval . preferred membership interest and debt issuances are also subject to issuance tests set forth in corporate charters , bond indentures , and other agreements . entergy louisiana has sufficient capacity under these tests to meet its foreseeable capital needs . entergy louisiana's receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years: ._| | 2008 | 2007 | 2006 | 2005 | |---:|:-----------------|:-----------------|:-----------------|:-----------------| | 0 | ( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands ) | | 1 | $ 61236 | ( $ 2791 ) | ( $ 54041 ) | ( $ 68677 ) |_see note 4 to the financial statements for a description of the money pool . entergy louisiana has a credit facility in the amount of $ 200 million scheduled to expire in august 2012 . no borrowings were outstanding under the credit facility as of december 31 , 2008 . in april 2008 , entergy louisiana repurchased , prior to maturity , $ 60 million of auction rate governmental bonds , which are being held for possible remarketing at a later date . in august 2008 , entergy louisiana issued $ 300 million of 6.50% ( 6.50 % ) series first mortgage bonds due september 2018 . the net proceeds of the issuance will be used for capital expenditures , working capital needs , and general corporate purposes . prior to their application , the remaining net proceeds may be invested in temporary cash investments or the entergy system money pool . hurricane rita and hurricane katrina in august and september 2005 , hurricane katrina and hurricane rita , along with extensive flooding that resulted from levee breaks in and around entergy louisiana's service territory , caused catastrophic damage . the storms and flooding resulted in widespread power outages ; significant damage to distribution , transmission , and generation infrastructure ; and the temporary loss of sales and customers due to mandatory evacuations and destruction of homes and businesses due to wind , rain , and extended periods of flooding . entergy pursued a broad range of initiatives to recover storm restoration and business continuity costs and incremental losses . initiatives included obtaining reimbursement of certain costs covered by insurance and pursuing recovery through existing or new rate mechanisms regulated by the ferc and local regulatory bodies , in combination with securitization. .

2,008

321

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what is the annual interest expense for entergy louisiana incurred from the series first mortgage bonds due september 2018 , in millions?

19.5

multiply(300, 6.50%)

entergy louisiana , llc management's financial discussion and analysis entergy's utility supply plan initiative will continue to seek to transform its generation portfolio with new or repowered generation resources . opportunities resulting from the supply plan initiative , including new projects or the exploration of alternative financing sources , could result in increases or decreases in the capital expenditure estimates given above . the estimated capital expenditures are subject to periodic review and modification and may vary based on the ongoing effects of regulatory constraints , environmental compliance , market volatility , economic trends , business restructuring , and the ability to access capital . management provides more information on long- term debt and preferred stock maturities in notes 5 and 6 to the financial statements . sources of capital entergy louisiana's sources to meet its capital requirements include : internally generated funds ; cash on hand ; debt or preferred membership interest issuances ; and bank financing under new and existing facilities . entergy louisiana may refinance or redeem debt and preferred membership interests prior to maturity , to the extent market conditions and interest and distribution rates are favorable . all debt and common and preferred membership interest issuances by entergy louisiana require prior regulatory approval . preferred membership interest and debt issuances are also subject to issuance tests set forth in corporate charters , bond indentures , and other agreements . entergy louisiana has sufficient capacity under these tests to meet its foreseeable capital needs . entergy louisiana's receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years: .

see note 4 to the financial statements for a description of the money pool . entergy louisiana has a credit facility in the amount of $ 200 million scheduled to expire in august 2012 . no borrowings were outstanding under the credit facility as of december 31 , 2008 . in april 2008 , entergy louisiana repurchased , prior to maturity , $ 60 million of auction rate governmental bonds , which are being held for possible remarketing at a later date . in august 2008 , entergy louisiana issued $ 300 million of 6.50% ( 6.50 % ) series first mortgage bonds due september 2018 . the net proceeds of the issuance will be used for capital expenditures , working capital needs , and general corporate purposes . prior to their application , the remaining net proceeds may be invested in temporary cash investments or the entergy system money pool . hurricane rita and hurricane katrina in august and september 2005 , hurricane katrina and hurricane rita , along with extensive flooding that resulted from levee breaks in and around entergy louisiana's service territory , caused catastrophic damage . the storms and flooding resulted in widespread power outages ; significant damage to distribution , transmission , and generation infrastructure ; and the temporary loss of sales and customers due to mandatory evacuations and destruction of homes and businesses due to wind , rain , and extended periods of flooding . entergy pursued a broad range of initiatives to recover storm restoration and business continuity costs and incremental losses . initiatives included obtaining reimbursement of certain costs covered by insurance and pursuing recovery through existing or new rate mechanisms regulated by the ferc and local regulatory bodies , in combination with securitization. .

| | 2008 | 2007 | 2006 | 2005 | |---:|:-----------------|:-----------------|:-----------------|:-----------------| | 0 | ( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands ) | | 1 | $ 61236 | ( $ 2791 ) | ( $ 54041 ) | ( $ 68677 ) |

entergy louisiana , llc management's financial discussion and analysis entergy's utility supply plan initiative will continue to seek to transform its generation portfolio with new or repowered generation resources . opportunities resulting from the supply plan initiative , including new projects or the exploration of alternative financing sources , could result in increases or decreases in the capital expenditure estimates given above . the estimated capital expenditures are subject to periodic review and modification and may vary based on the ongoing effects of regulatory constraints , environmental compliance , market volatility , economic trends , business restructuring , and the ability to access capital . management provides more information on long- term debt and preferred stock maturities in notes 5 and 6 to the financial statements . sources of capital entergy louisiana's sources to meet its capital requirements include : internally generated funds ; cash on hand ; debt or preferred membership interest issuances ; and bank financing under new and existing facilities . entergy louisiana may refinance or redeem debt and preferred membership interests prior to maturity , to the extent market conditions and interest and distribution rates are favorable . all debt and common and preferred membership interest issuances by entergy louisiana require prior regulatory approval . preferred membership interest and debt issuances are also subject to issuance tests set forth in corporate charters , bond indentures , and other agreements . entergy louisiana has sufficient capacity under these tests to meet its foreseeable capital needs . entergy louisiana's receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years: ._| | 2008 | 2007 | 2006 | 2005 | |---:|:-----------------|:-----------------|:-----------------|:-----------------| | 0 | ( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands ) | | 1 | $ 61236 | ( $ 2791 ) | ( $ 54041 ) | ( $ 68677 ) |_see note 4 to the financial statements for a description of the money pool . entergy louisiana has a credit facility in the amount of $ 200 million scheduled to expire in august 2012 . no borrowings were outstanding under the credit facility as of december 31 , 2008 . in april 2008 , entergy louisiana repurchased , prior to maturity , $ 60 million of auction rate governmental bonds , which are being held for possible remarketing at a later date . in august 2008 , entergy louisiana issued $ 300 million of 6.50% ( 6.50 % ) series first mortgage bonds due september 2018 . the net proceeds of the issuance will be used for capital expenditures , working capital needs , and general corporate purposes . prior to their application , the remaining net proceeds may be invested in temporary cash investments or the entergy system money pool . hurricane rita and hurricane katrina in august and september 2005 , hurricane katrina and hurricane rita , along with extensive flooding that resulted from levee breaks in and around entergy louisiana's service territory , caused catastrophic damage . the storms and flooding resulted in widespread power outages ; significant damage to distribution , transmission , and generation infrastructure ; and the temporary loss of sales and customers due to mandatory evacuations and destruction of homes and businesses due to wind , rain , and extended periods of flooding . entergy pursued a broad range of initiatives to recover storm restoration and business continuity costs and incremental losses . initiatives included obtaining reimbursement of certain costs covered by insurance and pursuing recovery through existing or new rate mechanisms regulated by the ferc and local regulatory bodies , in combination with securitization. .

2,008

321

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa305

in 2008 what was the carrying amount reported on the consolidated balance sheet to aggregate unpaid principal balance in excess of fair value of the trading assets

2.5

divide(16254, 6501)

the notional amount of these unfunded letters of credit was $ 1.4 billion as of december 31 , 2008 and december 31 , 2007 . the amount funded was insignificant with no amounts 90 days or more past due or on a non-accrual status at december 31 , 2008 and december 31 , 2007 . these items have been classified appropriately in trading account assets or trading account liabilities on the consolidated balance sheet . changes in fair value of these items are classified in principal transactions in the company 2019s consolidated statement of income . other items for which the fair-value option was selected in accordance with sfas 159 the company has elected the fair-value option for the following eligible items , which did not affect opening retained earnings : 2022 certain credit products ; 2022 certain investments in private equity and real estate ventures and certain equity-method investments ; 2022 certain structured liabilities ; 2022 certain non-structured liabilities ; and 2022 certain mortgage loans certain credit products citigroup has elected the fair-value option for certain originated and purchased loans , including certain unfunded loan products , such as guarantees and letters of credit , executed by citigroup 2019s trading businesses . none of these credit products is a highly leveraged financing commitment . significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term , or transactions where the economic risks are hedged with derivative instruments such as purchased credit default swaps or total return swaps where the company pays the total return on the underlying loans to a third party . citigroup has elected the fair-value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications . fair value was not elected for most lending transactions across the company , including where those management objectives would not be met . the following table provides information about certain credit products carried at fair value: .

in millions of dollars trading assets loans trading assets loans carrying amount reported on the consolidated balance sheet $ 16254 $ 2315 $ 26020 $ 3038 aggregate unpaid principal balance in excess of fair value $ 6501 $ 3 $ 899 $ ( 5 ) balance on non-accrual loans or loans more than 90 days past due $ 77 $ 1113 $ 186 $ 1292 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 190 $ ( 4 ) $ 68 $ 2014 in addition to the amounts reported above , $ 72 million and $ 141 million of unfunded loan commitments related to certain credit products selected for fair-value accounting were outstanding as of december 31 , 2008 and december 31 , 2007 , respectively . changes in fair value of funded and unfunded credit products are classified in principal transactions in the company 2019s consolidated statement of income . related interest revenue is measured based on the contractual interest rates and reported as interest revenue on trading account assets or loans depending on their balance sheet classifications . the changes in fair value for the years ended december 31 , 2008 and 2007 due to instrument-specific credit risk totaled to a loss of $ 38 million and $ 188 million , respectively . certain investments in private equity and real estate ventures and certain equity method investments citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation . the company has elected the fair-value option for certain of these ventures , because such investments are considered similar to many private equity or hedge fund activities in our investment companies , which are reported at fair value . the fair-value option brings consistency in the accounting and evaluation of certain of these investments . as required by sfas 159 , all investments ( debt and equity ) in such private equity and real estate entities are accounted for at fair value . these investments are classified as investments on citigroup 2019s consolidated balance sheet . citigroup also holds various non-strategic investments in leveraged buyout funds and other hedge funds that previously were required to be accounted for under the equity method . the company elected fair-value accounting to reduce operational and accounting complexity . since the funds account for all of their underlying assets at fair value , the impact of applying the equity method to citigroup 2019s investment in these funds was equivalent to fair-value accounting . thus , this fair-value election had no impact on opening retained earnings . these investments are classified as other assets on citigroup 2019s consolidated balance sheet . changes in the fair values of these investments are classified in other revenue in the company 2019s consolidated statement of income . certain structured liabilities the company has elected the fair-value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) . the company elected the fair- value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis . these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form . for those structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 277 million as of december 31 , 2008 and $ 7 million as of december 31 , 2007 . the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income . related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement . certain non-structured liabilities the company has elected the fair-value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) . .

| | in millions of dollars | 2008 trading assets | 2008 loans | 2008 trading assets | loans | |---:|:--------------------------------------------------------------------------------------------------------------------|:----------------------|:-------------|:----------------------|:-----------| | 0 | carrying amount reported on the consolidated balance sheet | $ 16254 | $ 2315 | $ 26020 | $ 3038 | | 1 | aggregate unpaid principal balance in excess of fair value | $ 6501 | $ 3 | $ 899 | $ -5 ( 5 ) | | 2 | balance on non-accrual loans or loans more than 90 days past due | $ 77 | $ 1113 | $ 186 | $ 1292 | | 3 | aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days pastdue | $ 190 | $ -4 ( 4 ) | $ 68 | $ 2014 |

the notional amount of these unfunded letters of credit was $ 1.4 billion as of december 31 , 2008 and december 31 , 2007 . the amount funded was insignificant with no amounts 90 days or more past due or on a non-accrual status at december 31 , 2008 and december 31 , 2007 . these items have been classified appropriately in trading account assets or trading account liabilities on the consolidated balance sheet . changes in fair value of these items are classified in principal transactions in the company 2019s consolidated statement of income . other items for which the fair-value option was selected in accordance with sfas 159 the company has elected the fair-value option for the following eligible items , which did not affect opening retained earnings : 2022 certain credit products ; 2022 certain investments in private equity and real estate ventures and certain equity-method investments ; 2022 certain structured liabilities ; 2022 certain non-structured liabilities ; and 2022 certain mortgage loans certain credit products citigroup has elected the fair-value option for certain originated and purchased loans , including certain unfunded loan products , such as guarantees and letters of credit , executed by citigroup 2019s trading businesses . none of these credit products is a highly leveraged financing commitment . significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term , or transactions where the economic risks are hedged with derivative instruments such as purchased credit default swaps or total return swaps where the company pays the total return on the underlying loans to a third party . citigroup has elected the fair-value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications . fair value was not elected for most lending transactions across the company , including where those management objectives would not be met . the following table provides information about certain credit products carried at fair value: ._| | in millions of dollars | 2008 trading assets | 2008 loans | 2008 trading assets | loans | |---:|:--------------------------------------------------------------------------------------------------------------------|:----------------------|:-------------|:----------------------|:-----------| | 0 | carrying amount reported on the consolidated balance sheet | $ 16254 | $ 2315 | $ 26020 | $ 3038 | | 1 | aggregate unpaid principal balance in excess of fair value | $ 6501 | $ 3 | $ 899 | $ -5 ( 5 ) | | 2 | balance on non-accrual loans or loans more than 90 days past due | $ 77 | $ 1113 | $ 186 | $ 1292 | | 3 | aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days pastdue | $ 190 | $ -4 ( 4 ) | $ 68 | $ 2014 |_in millions of dollars trading assets loans trading assets loans carrying amount reported on the consolidated balance sheet $ 16254 $ 2315 $ 26020 $ 3038 aggregate unpaid principal balance in excess of fair value $ 6501 $ 3 $ 899 $ ( 5 ) balance on non-accrual loans or loans more than 90 days past due $ 77 $ 1113 $ 186 $ 1292 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 190 $ ( 4 ) $ 68 $ 2014 in addition to the amounts reported above , $ 72 million and $ 141 million of unfunded loan commitments related to certain credit products selected for fair-value accounting were outstanding as of december 31 , 2008 and december 31 , 2007 , respectively . changes in fair value of funded and unfunded credit products are classified in principal transactions in the company 2019s consolidated statement of income . related interest revenue is measured based on the contractual interest rates and reported as interest revenue on trading account assets or loans depending on their balance sheet classifications . the changes in fair value for the years ended december 31 , 2008 and 2007 due to instrument-specific credit risk totaled to a loss of $ 38 million and $ 188 million , respectively . certain investments in private equity and real estate ventures and certain equity method investments citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation . the company has elected the fair-value option for certain of these ventures , because such investments are considered similar to many private equity or hedge fund activities in our investment companies , which are reported at fair value . the fair-value option brings consistency in the accounting and evaluation of certain of these investments . as required by sfas 159 , all investments ( debt and equity ) in such private equity and real estate entities are accounted for at fair value . these investments are classified as investments on citigroup 2019s consolidated balance sheet . citigroup also holds various non-strategic investments in leveraged buyout funds and other hedge funds that previously were required to be accounted for under the equity method . the company elected fair-value accounting to reduce operational and accounting complexity . since the funds account for all of their underlying assets at fair value , the impact of applying the equity method to citigroup 2019s investment in these funds was equivalent to fair-value accounting . thus , this fair-value election had no impact on opening retained earnings . these investments are classified as other assets on citigroup 2019s consolidated balance sheet . changes in the fair values of these investments are classified in other revenue in the company 2019s consolidated statement of income . certain structured liabilities the company has elected the fair-value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) . the company elected the fair- value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis . these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form . for those structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 277 million as of december 31 , 2008 and $ 7 million as of december 31 , 2007 . the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income . related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement . certain non-structured liabilities the company has elected the fair-value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) . .

2,008

211

C

Citigroup

Financials

Diversified Banks

New York City, New York

1988-05-31

831,001

1998

in 2008 what was the carrying amount reported on the consolidated balance sheet to aggregate unpaid principal balance in excess of fair value of the trading assets

2.5

divide(16254, 6501)

the notional amount of these unfunded letters of credit was $ 1.4 billion as of december 31 , 2008 and december 31 , 2007 . the amount funded was insignificant with no amounts 90 days or more past due or on a non-accrual status at december 31 , 2008 and december 31 , 2007 . these items have been classified appropriately in trading account assets or trading account liabilities on the consolidated balance sheet . changes in fair value of these items are classified in principal transactions in the company 2019s consolidated statement of income . other items for which the fair-value option was selected in accordance with sfas 159 the company has elected the fair-value option for the following eligible items , which did not affect opening retained earnings : 2022 certain credit products ; 2022 certain investments in private equity and real estate ventures and certain equity-method investments ; 2022 certain structured liabilities ; 2022 certain non-structured liabilities ; and 2022 certain mortgage loans certain credit products citigroup has elected the fair-value option for certain originated and purchased loans , including certain unfunded loan products , such as guarantees and letters of credit , executed by citigroup 2019s trading businesses . none of these credit products is a highly leveraged financing commitment . significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term , or transactions where the economic risks are hedged with derivative instruments such as purchased credit default swaps or total return swaps where the company pays the total return on the underlying loans to a third party . citigroup has elected the fair-value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications . fair value was not elected for most lending transactions across the company , including where those management objectives would not be met . the following table provides information about certain credit products carried at fair value: .

in millions of dollars trading assets loans trading assets loans carrying amount reported on the consolidated balance sheet $ 16254 $ 2315 $ 26020 $ 3038 aggregate unpaid principal balance in excess of fair value $ 6501 $ 3 $ 899 $ ( 5 ) balance on non-accrual loans or loans more than 90 days past due $ 77 $ 1113 $ 186 $ 1292 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 190 $ ( 4 ) $ 68 $ 2014 in addition to the amounts reported above , $ 72 million and $ 141 million of unfunded loan commitments related to certain credit products selected for fair-value accounting were outstanding as of december 31 , 2008 and december 31 , 2007 , respectively . changes in fair value of funded and unfunded credit products are classified in principal transactions in the company 2019s consolidated statement of income . related interest revenue is measured based on the contractual interest rates and reported as interest revenue on trading account assets or loans depending on their balance sheet classifications . the changes in fair value for the years ended december 31 , 2008 and 2007 due to instrument-specific credit risk totaled to a loss of $ 38 million and $ 188 million , respectively . certain investments in private equity and real estate ventures and certain equity method investments citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation . the company has elected the fair-value option for certain of these ventures , because such investments are considered similar to many private equity or hedge fund activities in our investment companies , which are reported at fair value . the fair-value option brings consistency in the accounting and evaluation of certain of these investments . as required by sfas 159 , all investments ( debt and equity ) in such private equity and real estate entities are accounted for at fair value . these investments are classified as investments on citigroup 2019s consolidated balance sheet . citigroup also holds various non-strategic investments in leveraged buyout funds and other hedge funds that previously were required to be accounted for under the equity method . the company elected fair-value accounting to reduce operational and accounting complexity . since the funds account for all of their underlying assets at fair value , the impact of applying the equity method to citigroup 2019s investment in these funds was equivalent to fair-value accounting . thus , this fair-value election had no impact on opening retained earnings . these investments are classified as other assets on citigroup 2019s consolidated balance sheet . changes in the fair values of these investments are classified in other revenue in the company 2019s consolidated statement of income . certain structured liabilities the company has elected the fair-value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) . the company elected the fair- value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis . these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form . for those structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 277 million as of december 31 , 2008 and $ 7 million as of december 31 , 2007 . the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income . related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement . certain non-structured liabilities the company has elected the fair-value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) . .

| | in millions of dollars | 2008 trading assets | 2008 loans | 2008 trading assets | loans | |---:|:--------------------------------------------------------------------------------------------------------------------|:----------------------|:-------------|:----------------------|:-----------| | 0 | carrying amount reported on the consolidated balance sheet | $ 16254 | $ 2315 | $ 26020 | $ 3038 | | 1 | aggregate unpaid principal balance in excess of fair value | $ 6501 | $ 3 | $ 899 | $ -5 ( 5 ) | | 2 | balance on non-accrual loans or loans more than 90 days past due | $ 77 | $ 1113 | $ 186 | $ 1292 | | 3 | aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days pastdue | $ 190 | $ -4 ( 4 ) | $ 68 | $ 2014 |

the notional amount of these unfunded letters of credit was $ 1.4 billion as of december 31 , 2008 and december 31 , 2007 . the amount funded was insignificant with no amounts 90 days or more past due or on a non-accrual status at december 31 , 2008 and december 31 , 2007 . these items have been classified appropriately in trading account assets or trading account liabilities on the consolidated balance sheet . changes in fair value of these items are classified in principal transactions in the company 2019s consolidated statement of income . other items for which the fair-value option was selected in accordance with sfas 159 the company has elected the fair-value option for the following eligible items , which did not affect opening retained earnings : 2022 certain credit products ; 2022 certain investments in private equity and real estate ventures and certain equity-method investments ; 2022 certain structured liabilities ; 2022 certain non-structured liabilities ; and 2022 certain mortgage loans certain credit products citigroup has elected the fair-value option for certain originated and purchased loans , including certain unfunded loan products , such as guarantees and letters of credit , executed by citigroup 2019s trading businesses . none of these credit products is a highly leveraged financing commitment . significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term , or transactions where the economic risks are hedged with derivative instruments such as purchased credit default swaps or total return swaps where the company pays the total return on the underlying loans to a third party . citigroup has elected the fair-value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications . fair value was not elected for most lending transactions across the company , including where those management objectives would not be met . the following table provides information about certain credit products carried at fair value: ._| | in millions of dollars | 2008 trading assets | 2008 loans | 2008 trading assets | loans | |---:|:--------------------------------------------------------------------------------------------------------------------|:----------------------|:-------------|:----------------------|:-----------| | 0 | carrying amount reported on the consolidated balance sheet | $ 16254 | $ 2315 | $ 26020 | $ 3038 | | 1 | aggregate unpaid principal balance in excess of fair value | $ 6501 | $ 3 | $ 899 | $ -5 ( 5 ) | | 2 | balance on non-accrual loans or loans more than 90 days past due | $ 77 | $ 1113 | $ 186 | $ 1292 | | 3 | aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days pastdue | $ 190 | $ -4 ( 4 ) | $ 68 | $ 2014 |_in millions of dollars trading assets loans trading assets loans carrying amount reported on the consolidated balance sheet $ 16254 $ 2315 $ 26020 $ 3038 aggregate unpaid principal balance in excess of fair value $ 6501 $ 3 $ 899 $ ( 5 ) balance on non-accrual loans or loans more than 90 days past due $ 77 $ 1113 $ 186 $ 1292 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 190 $ ( 4 ) $ 68 $ 2014 in addition to the amounts reported above , $ 72 million and $ 141 million of unfunded loan commitments related to certain credit products selected for fair-value accounting were outstanding as of december 31 , 2008 and december 31 , 2007 , respectively . changes in fair value of funded and unfunded credit products are classified in principal transactions in the company 2019s consolidated statement of income . related interest revenue is measured based on the contractual interest rates and reported as interest revenue on trading account assets or loans depending on their balance sheet classifications . the changes in fair value for the years ended december 31 , 2008 and 2007 due to instrument-specific credit risk totaled to a loss of $ 38 million and $ 188 million , respectively . certain investments in private equity and real estate ventures and certain equity method investments citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation . the company has elected the fair-value option for certain of these ventures , because such investments are considered similar to many private equity or hedge fund activities in our investment companies , which are reported at fair value . the fair-value option brings consistency in the accounting and evaluation of certain of these investments . as required by sfas 159 , all investments ( debt and equity ) in such private equity and real estate entities are accounted for at fair value . these investments are classified as investments on citigroup 2019s consolidated balance sheet . citigroup also holds various non-strategic investments in leveraged buyout funds and other hedge funds that previously were required to be accounted for under the equity method . the company elected fair-value accounting to reduce operational and accounting complexity . since the funds account for all of their underlying assets at fair value , the impact of applying the equity method to citigroup 2019s investment in these funds was equivalent to fair-value accounting . thus , this fair-value election had no impact on opening retained earnings . these investments are classified as other assets on citigroup 2019s consolidated balance sheet . changes in the fair values of these investments are classified in other revenue in the company 2019s consolidated statement of income . certain structured liabilities the company has elected the fair-value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) . the company elected the fair- value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis . these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form . for those structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 277 million as of december 31 , 2008 and $ 7 million as of december 31 , 2007 . the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income . related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement . certain non-structured liabilities the company has elected the fair-value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) . .

2,008

211

C

Citigroup

Financials

Diversified Banks

New York City, New York

1988-05-31

831,001

1998

null

finqa306

for the three months ended march 2003 what were the total sales proceeds for subsidiaries assets in millions?

null

add(add(add(495, 59), 30), 29)

transaction and commercial issues in many of our businesses . these skills are a valuable resource as we monitor regulatory and tariff schemes to determine our capital budgeting needs and integrate acquisitions . the company expects to realize cost reduction and performance improvement benefits in both earnings and cash flows ; however , there can be no assurance that the reductions and improvements will continue and our inability to sustain the reductions and improvements may result in less than expected earnings and cash flows in 2004 and beyond . asset sales during 2003 , we continued the initiative to sell all or part of certain of the company 2019s subsidiaries . this initiative was designed to decrease the company 2019s dependence on access to capital markets and improve the strength of our balance sheet by reducing financial leverage and improving liquidity . the following chart details the asset sales that were closed during 2003 . sales proceeds project name date completed ( in millions ) location .

the company continues to evaluate its portfolio and business performance and may decide to dispose of additional businesses in the future . however given the improvements in our liquidity there will be a lower emphasis placed on asset sales in the future for purposes of improving liquidity and strengthening the balance sheet . for any sales that happen in the future , there can be no guarantee that the proceeds from such sale transactions will cover the entire investment in the subsidiaries . depending on which businesses are eventually sold , the entire or partial sale of any business may change the current financial characteristics of the company 2019s portfolio and results of operations . furthermore future sales may impact the amount of recurring earnings and cash flows the company would expect to achieve . subsidiary restructuring during 2003 , we completed and initiated restructuring transactions for several of our south american businesses . the efforts are focused on improving the businesses long-term prospects for generating acceptable returns on invested capital or extending short-term debt maturities . businesses impacted include eletropaulo , tiete , uruguaiana and sul in brazil and gener in chile . brazil eletropaulo . aes has owned an interest in eletropaulo since april 1998 , when the company was privatized . in february 2002 aes acquired a controlling interest in the business and as a consequence started to consolidate it . aes financed a significant portion of the acquisition of eletropaulo , including both common and preferred shares , through loans and deferred purchase price financing arrangements provided by the brazilian national development bank 2014 ( 2018 2018bndes 2019 2019 ) , and its wholly-owned subsidiary , bndes participac 0327o 0303es s.a . ( 2018 2018bndespar 2019 2019 ) , to aes 2019s subsidiaries , aes elpa s.a . ( 2018 2018aes elpa 2019 2019 ) and aes transgas empreendimentos , s.a . ( 2018 2018aes transgas 2019 2019 ) . .

| | project name | date completed | sales proceeds ( in millions ) | location | |---:|:---------------------------------------------------|:-----------------|:---------------------------------|:--------------------| | 0 | cilcorp/medina valley | january 2003 | $ 495 | united states | | 1 | aes ecogen/aes mt . stuart | january 2003 | $ 59 | australia | | 2 | mountainview | march 2003 | $ 30 | united states | | 3 | kelvin | march 2003 | $ 29 | south africa | | 4 | songas | april 2003 | $ 94 | tanzania | | 5 | aes barry limited | july 2003 | a340/$ 62 | united kingdom | | 6 | aes haripur private ltd/aes meghnaghat ltd | december 2003 | $ 145 | bangladesh | | 7 | aes mtkvari/aes khrami/aes telasi | august 2003 | $ 23 | republic of georgia | | 8 | medway power limited/aes medway operations limited | november 2003 | a347/$ 78 | united kingdom | | 9 | aes oasis limited | december 2003 | $ 150 | pakistan/oman |

transaction and commercial issues in many of our businesses . these skills are a valuable resource as we monitor regulatory and tariff schemes to determine our capital budgeting needs and integrate acquisitions . the company expects to realize cost reduction and performance improvement benefits in both earnings and cash flows ; however , there can be no assurance that the reductions and improvements will continue and our inability to sustain the reductions and improvements may result in less than expected earnings and cash flows in 2004 and beyond . asset sales during 2003 , we continued the initiative to sell all or part of certain of the company 2019s subsidiaries . this initiative was designed to decrease the company 2019s dependence on access to capital markets and improve the strength of our balance sheet by reducing financial leverage and improving liquidity . the following chart details the asset sales that were closed during 2003 . sales proceeds project name date completed ( in millions ) location ._| | project name | date completed | sales proceeds ( in millions ) | location | |---:|:---------------------------------------------------|:-----------------|:---------------------------------|:--------------------| | 0 | cilcorp/medina valley | january 2003 | $ 495 | united states | | 1 | aes ecogen/aes mt . stuart | january 2003 | $ 59 | australia | | 2 | mountainview | march 2003 | $ 30 | united states | | 3 | kelvin | march 2003 | $ 29 | south africa | | 4 | songas | april 2003 | $ 94 | tanzania | | 5 | aes barry limited | july 2003 | a340/$ 62 | united kingdom | | 6 | aes haripur private ltd/aes meghnaghat ltd | december 2003 | $ 145 | bangladesh | | 7 | aes mtkvari/aes khrami/aes telasi | august 2003 | $ 23 | republic of georgia | | 8 | medway power limited/aes medway operations limited | november 2003 | a347/$ 78 | united kingdom | | 9 | aes oasis limited | december 2003 | $ 150 | pakistan/oman |_the company continues to evaluate its portfolio and business performance and may decide to dispose of additional businesses in the future . however given the improvements in our liquidity there will be a lower emphasis placed on asset sales in the future for purposes of improving liquidity and strengthening the balance sheet . for any sales that happen in the future , there can be no guarantee that the proceeds from such sale transactions will cover the entire investment in the subsidiaries . depending on which businesses are eventually sold , the entire or partial sale of any business may change the current financial characteristics of the company 2019s portfolio and results of operations . furthermore future sales may impact the amount of recurring earnings and cash flows the company would expect to achieve . subsidiary restructuring during 2003 , we completed and initiated restructuring transactions for several of our south american businesses . the efforts are focused on improving the businesses long-term prospects for generating acceptable returns on invested capital or extending short-term debt maturities . businesses impacted include eletropaulo , tiete , uruguaiana and sul in brazil and gener in chile . brazil eletropaulo . aes has owned an interest in eletropaulo since april 1998 , when the company was privatized . in february 2002 aes acquired a controlling interest in the business and as a consequence started to consolidate it . aes financed a significant portion of the acquisition of eletropaulo , including both common and preferred shares , through loans and deferred purchase price financing arrangements provided by the brazilian national development bank 2014 ( 2018 2018bndes 2019 2019 ) , and its wholly-owned subsidiary , bndes participac 0327o 0303es s.a . ( 2018 2018bndespar 2019 2019 ) , to aes 2019s subsidiaries , aes elpa s.a . ( 2018 2018aes elpa 2019 2019 ) and aes transgas empreendimentos , s.a . ( 2018 2018aes transgas 2019 2019 ) . .

2,003

52

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

for the three months ended march 2003 what were the total sales proceeds for subsidiaries assets in millions?

null

add(add(add(495, 59), 30), 29)

transaction and commercial issues in many of our businesses . these skills are a valuable resource as we monitor regulatory and tariff schemes to determine our capital budgeting needs and integrate acquisitions . the company expects to realize cost reduction and performance improvement benefits in both earnings and cash flows ; however , there can be no assurance that the reductions and improvements will continue and our inability to sustain the reductions and improvements may result in less than expected earnings and cash flows in 2004 and beyond . asset sales during 2003 , we continued the initiative to sell all or part of certain of the company 2019s subsidiaries . this initiative was designed to decrease the company 2019s dependence on access to capital markets and improve the strength of our balance sheet by reducing financial leverage and improving liquidity . the following chart details the asset sales that were closed during 2003 . sales proceeds project name date completed ( in millions ) location .

the company continues to evaluate its portfolio and business performance and may decide to dispose of additional businesses in the future . however given the improvements in our liquidity there will be a lower emphasis placed on asset sales in the future for purposes of improving liquidity and strengthening the balance sheet . for any sales that happen in the future , there can be no guarantee that the proceeds from such sale transactions will cover the entire investment in the subsidiaries . depending on which businesses are eventually sold , the entire or partial sale of any business may change the current financial characteristics of the company 2019s portfolio and results of operations . furthermore future sales may impact the amount of recurring earnings and cash flows the company would expect to achieve . subsidiary restructuring during 2003 , we completed and initiated restructuring transactions for several of our south american businesses . the efforts are focused on improving the businesses long-term prospects for generating acceptable returns on invested capital or extending short-term debt maturities . businesses impacted include eletropaulo , tiete , uruguaiana and sul in brazil and gener in chile . brazil eletropaulo . aes has owned an interest in eletropaulo since april 1998 , when the company was privatized . in february 2002 aes acquired a controlling interest in the business and as a consequence started to consolidate it . aes financed a significant portion of the acquisition of eletropaulo , including both common and preferred shares , through loans and deferred purchase price financing arrangements provided by the brazilian national development bank 2014 ( 2018 2018bndes 2019 2019 ) , and its wholly-owned subsidiary , bndes participac 0327o 0303es s.a . ( 2018 2018bndespar 2019 2019 ) , to aes 2019s subsidiaries , aes elpa s.a . ( 2018 2018aes elpa 2019 2019 ) and aes transgas empreendimentos , s.a . ( 2018 2018aes transgas 2019 2019 ) . .

| | project name | date completed | sales proceeds ( in millions ) | location | |---:|:---------------------------------------------------|:-----------------|:---------------------------------|:--------------------| | 0 | cilcorp/medina valley | january 2003 | $ 495 | united states | | 1 | aes ecogen/aes mt . stuart | january 2003 | $ 59 | australia | | 2 | mountainview | march 2003 | $ 30 | united states | | 3 | kelvin | march 2003 | $ 29 | south africa | | 4 | songas | april 2003 | $ 94 | tanzania | | 5 | aes barry limited | july 2003 | a340/$ 62 | united kingdom | | 6 | aes haripur private ltd/aes meghnaghat ltd | december 2003 | $ 145 | bangladesh | | 7 | aes mtkvari/aes khrami/aes telasi | august 2003 | $ 23 | republic of georgia | | 8 | medway power limited/aes medway operations limited | november 2003 | a347/$ 78 | united kingdom | | 9 | aes oasis limited | december 2003 | $ 150 | pakistan/oman |

transaction and commercial issues in many of our businesses . these skills are a valuable resource as we monitor regulatory and tariff schemes to determine our capital budgeting needs and integrate acquisitions . the company expects to realize cost reduction and performance improvement benefits in both earnings and cash flows ; however , there can be no assurance that the reductions and improvements will continue and our inability to sustain the reductions and improvements may result in less than expected earnings and cash flows in 2004 and beyond . asset sales during 2003 , we continued the initiative to sell all or part of certain of the company 2019s subsidiaries . this initiative was designed to decrease the company 2019s dependence on access to capital markets and improve the strength of our balance sheet by reducing financial leverage and improving liquidity . the following chart details the asset sales that were closed during 2003 . sales proceeds project name date completed ( in millions ) location ._| | project name | date completed | sales proceeds ( in millions ) | location | |---:|:---------------------------------------------------|:-----------------|:---------------------------------|:--------------------| | 0 | cilcorp/medina valley | january 2003 | $ 495 | united states | | 1 | aes ecogen/aes mt . stuart | january 2003 | $ 59 | australia | | 2 | mountainview | march 2003 | $ 30 | united states | | 3 | kelvin | march 2003 | $ 29 | south africa | | 4 | songas | april 2003 | $ 94 | tanzania | | 5 | aes barry limited | july 2003 | a340/$ 62 | united kingdom | | 6 | aes haripur private ltd/aes meghnaghat ltd | december 2003 | $ 145 | bangladesh | | 7 | aes mtkvari/aes khrami/aes telasi | august 2003 | $ 23 | republic of georgia | | 8 | medway power limited/aes medway operations limited | november 2003 | a347/$ 78 | united kingdom | | 9 | aes oasis limited | december 2003 | $ 150 | pakistan/oman |_the company continues to evaluate its portfolio and business performance and may decide to dispose of additional businesses in the future . however given the improvements in our liquidity there will be a lower emphasis placed on asset sales in the future for purposes of improving liquidity and strengthening the balance sheet . for any sales that happen in the future , there can be no guarantee that the proceeds from such sale transactions will cover the entire investment in the subsidiaries . depending on which businesses are eventually sold , the entire or partial sale of any business may change the current financial characteristics of the company 2019s portfolio and results of operations . furthermore future sales may impact the amount of recurring earnings and cash flows the company would expect to achieve . subsidiary restructuring during 2003 , we completed and initiated restructuring transactions for several of our south american businesses . the efforts are focused on improving the businesses long-term prospects for generating acceptable returns on invested capital or extending short-term debt maturities . businesses impacted include eletropaulo , tiete , uruguaiana and sul in brazil and gener in chile . brazil eletropaulo . aes has owned an interest in eletropaulo since april 1998 , when the company was privatized . in february 2002 aes acquired a controlling interest in the business and as a consequence started to consolidate it . aes financed a significant portion of the acquisition of eletropaulo , including both common and preferred shares , through loans and deferred purchase price financing arrangements provided by the brazilian national development bank 2014 ( 2018 2018bndes 2019 2019 ) , and its wholly-owned subsidiary , bndes participac 0327o 0303es s.a . ( 2018 2018bndespar 2019 2019 ) , to aes 2019s subsidiaries , aes elpa s.a . ( 2018 2018aes elpa 2019 2019 ) and aes transgas empreendimentos , s.a . ( 2018 2018aes transgas 2019 2019 ) . .

2,003

52

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

null

finqa307

goodwill was what percent of the mondavi acquisition?\\n

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

goodwill was what percent of the mondavi acquisition?\\n

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

finqa308

what is the total return of the jpmorgan chase & co . stock over the above refernced five year period?

67.48%

divide(subtract(167.48, const_100), const_100)

jpmorgan chase & co./2014 annual report 63 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co . ( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 index , the kbw bank index and the s&p financial index . the s&p 500 index is a commonly referenced u.s . equity benchmark consisting of leading companies from different economic sectors . the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s . and is composed of 24 leading national money center and regional banks and thrifts . the s&p financial index is an index of 85 financial companies , all of which are components of the s&p 500 . the firm is a component of all three industry indices . the following table and graph assume simultaneous investments of $ 100 on december 31 , 2009 , in jpmorgan chase common stock and in each of the above indices . the comparison assumes that all dividends are reinvested . december 31 , ( in dollars ) 2009 2010 2011 2012 2013 2014 .

.

| | december 31 ( in dollars ) | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |---:|:-----------------------------|:---------|:---------|:--------|:---------|:---------|:---------| | 0 | jpmorgan chase | $ 100.00 | $ 102.30 | $ 81.87 | $ 111.49 | $ 152.42 | $ 167.48 | | 1 | kbw bank index | 100.00 | 123.36 | 94.75 | 125.91 | 173.45 | 189.69 | | 2 | s&p financial index | 100.00 | 112.13 | 93.00 | 119.73 | 162.34 | 186.98 | | 3 | s&p 500 index | 100.00 | 115.06 | 117.48 | 136.27 | 180.39 | 205.07 |

jpmorgan chase & co./2014 annual report 63 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co . ( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 index , the kbw bank index and the s&p financial index . the s&p 500 index is a commonly referenced u.s . equity benchmark consisting of leading companies from different economic sectors . the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s . and is composed of 24 leading national money center and regional banks and thrifts . the s&p financial index is an index of 85 financial companies , all of which are components of the s&p 500 . the firm is a component of all three industry indices . the following table and graph assume simultaneous investments of $ 100 on december 31 , 2009 , in jpmorgan chase common stock and in each of the above indices . the comparison assumes that all dividends are reinvested . december 31 , ( in dollars ) 2009 2010 2011 2012 2013 2014 ._| | december 31 ( in dollars ) | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |---:|:-----------------------------|:---------|:---------|:--------|:---------|:---------|:---------| | 0 | jpmorgan chase | $ 100.00 | $ 102.30 | $ 81.87 | $ 111.49 | $ 152.42 | $ 167.48 | | 1 | kbw bank index | 100.00 | 123.36 | 94.75 | 125.91 | 173.45 | 189.69 | | 2 | s&p financial index | 100.00 | 112.13 | 93.00 | 119.73 | 162.34 | 186.98 | | 3 | s&p 500 index | 100.00 | 115.06 | 117.48 | 136.27 | 180.39 | 205.07 |_.

2,014

65

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

what is the total return of the jpmorgan chase & co . stock over the above refernced five year period?

67.48%

divide(subtract(167.48, const_100), const_100)

jpmorgan chase & co./2014 annual report 63 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co . ( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 index , the kbw bank index and the s&p financial index . the s&p 500 index is a commonly referenced u.s . equity benchmark consisting of leading companies from different economic sectors . the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s . and is composed of 24 leading national money center and regional banks and thrifts . the s&p financial index is an index of 85 financial companies , all of which are components of the s&p 500 . the firm is a component of all three industry indices . the following table and graph assume simultaneous investments of $ 100 on december 31 , 2009 , in jpmorgan chase common stock and in each of the above indices . the comparison assumes that all dividends are reinvested . december 31 , ( in dollars ) 2009 2010 2011 2012 2013 2014 .

.

| | december 31 ( in dollars ) | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |---:|:-----------------------------|:---------|:---------|:--------|:---------|:---------|:---------| | 0 | jpmorgan chase | $ 100.00 | $ 102.30 | $ 81.87 | $ 111.49 | $ 152.42 | $ 167.48 | | 1 | kbw bank index | 100.00 | 123.36 | 94.75 | 125.91 | 173.45 | 189.69 | | 2 | s&p financial index | 100.00 | 112.13 | 93.00 | 119.73 | 162.34 | 186.98 | | 3 | s&p 500 index | 100.00 | 115.06 | 117.48 | 136.27 | 180.39 | 205.07 |

jpmorgan chase & co./2014 annual report 63 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co . ( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 index , the kbw bank index and the s&p financial index . the s&p 500 index is a commonly referenced u.s . equity benchmark consisting of leading companies from different economic sectors . the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s . and is composed of 24 leading national money center and regional banks and thrifts . the s&p financial index is an index of 85 financial companies , all of which are components of the s&p 500 . the firm is a component of all three industry indices . the following table and graph assume simultaneous investments of $ 100 on december 31 , 2009 , in jpmorgan chase common stock and in each of the above indices . the comparison assumes that all dividends are reinvested . december 31 , ( in dollars ) 2009 2010 2011 2012 2013 2014 ._| | december 31 ( in dollars ) | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |---:|:-----------------------------|:---------|:---------|:--------|:---------|:---------|:---------| | 0 | jpmorgan chase | $ 100.00 | $ 102.30 | $ 81.87 | $ 111.49 | $ 152.42 | $ 167.48 | | 1 | kbw bank index | 100.00 | 123.36 | 94.75 | 125.91 | 173.45 | 189.69 | | 2 | s&p financial index | 100.00 | 112.13 | 93.00 | 119.73 | 162.34 | 186.98 | | 3 | s&p 500 index | 100.00 | 115.06 | 117.48 | 136.27 | 180.39 | 205.07 |_.

2,014

65

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

null

finqa309

what percentage of long-term debt is due after 2021?

89%

divide(3365, 3774)

part ii capital resources on april 23 , 2013 , we filed a shelf registration statement ( the 201cshelf 201d ) with the sec which permitted us to issue an unlimited amount of debt securities . on april 23 , 2013 , we issued $ 1.0 billion of senior notes with tranches maturing in 2023 and 2043 . the 2023 senior notes were issued in an initial aggregate principal amount of $ 500 million at a 2.25% ( 2.25 % ) fixed , annual interest rate and will mature on may 1 , 2023 . the 2043 senior notes were issued in an initial aggregate principal amount of $ 500 million at a 3.625% ( 3.625 % ) fixed , annual interest rate and will mature on may 1 , 2043 . interest on the senior notes is payable semi-annually on may 1 and november 1 of each year . the issuance resulted in gross proceeds before expenses of $ 998 million . on october 29 , 2015 , we issued an additional $ 1.0 billion of senior notes at a 3.875% ( 3.875 % ) fixed , annual interest rate that will mature on november 1 , 2045 . interest on the senior notes is payable semi-annually on may 1 and november 1 of each year . the issuance resulted in proceeds before expenses of $ 991 million . the shelf expired on april 23 , 2016 . we plan to file a new shelf registration statement with the sec in july 2016 . on august 28 , 2015 , we entered into a committed credit facility agreement with a syndicate of banks , which provides for up to $ 2 billion of borrowings . the facility matures august 28 , 2020 , with a one year extension option prior to any anniversary of the closing date , provided that in no event shall it extend beyond august 28 , 2022 . this facility replaces the prior $ 1 billion credit facility agreement entered into on november 1 , 2011 , which would have matured november 1 , 2017 . as of and for the periods ended may 31 , 2016 and 2015 , we had no amounts outstanding under either committed credit facility . we currently have long-term debt ratings of aa- and a1 from standard and poor 2019s corporation and moody 2019s investor services , respectively . if our long- term debt ratings were to decline , the facility fee and interest rate under our committed credit facility would increase . conversely , if our long-term debt rating were to improve , the facility fee and interest rate would decrease . changes in our long-term debt rating would not trigger acceleration of maturity of any then-outstanding borrowings or any future borrowings under the committed credit facility . under this committed revolving credit facility , we have agreed to various covenants . these covenants include limits on our disposal of fixed assets , the amount of debt secured by liens we may incur , as well as limits on the indebtedness we can incur relative to our net worth . in the event we were to have any borrowings outstanding under this facility and failed to meet any covenant , and were unable to obtain a waiver from a majority of the banks in the syndicate , any borrowings would become immediately due and payable . as of may 31 , 2016 , we were in full compliance with each of these covenants and believe it is unlikely we will fail to meet any of these covenants in the foreseeable future . liquidity is also provided by our $ 2 billion commercial paper program , which increased $ 1 billion during the second quarter of fiscal 2016 . during the year ended may 31 , 2016 , we did not issue commercial paper , and as of may 31 , 2016 , there were no outstanding borrowings under this program . any future issuance of commercial paper or other debt securities during fiscal 2017 will depend on general corporate needs . we currently have short-term debt ratings of a1+ and p1 from standard and poor 2019s corporation and moody 2019s investor services , respectively . as of may 31 , 2016 , we had cash , cash equivalents and short-term investments totaling $ 5.5 billion , of which $ 4.6 billion was held by our foreign subsidiaries . included in cash and equivalents as of may 31 , 2016 was $ 105 million of cash collateral received from counterparties as a result of hedging activity . cash equivalents and short-term investments consist primarily of deposits held at major banks , money market funds , commercial paper , corporate notes , u.s . treasury obligations , u.s . government sponsored enterprise obligations and other investment grade fixed income securities . our fixed income investments are exposed to both credit and interest rate risk . all of our investments are investment grade to minimize our credit risk . while individual securities have varying durations , as of may 31 , 2016 , the weighted average remaining duration of our cash equivalents and short-term investments portfolio was 91 days . to date we have not experienced difficulty accessing the credit markets or incurred higher interest costs . future volatility in the capital markets , however , may increase costs associated with issuing commercial paper or other debt instruments or affect our ability to access those markets . we believe that existing cash , cash equivalents , short-term investments and cash generated by operations , together with access to external sources of funds as described above , will be sufficient to meet our domestic and foreign capital needs in the foreseeable future . we utilize a variety of tax planning and financing strategies to manage our worldwide cash and deploy funds to locations where they are needed . we routinely repatriate a portion of our foreign earnings for which u.s . taxes have previously been provided . we also indefinitely reinvest a significant portion of our foreign earnings , and our current plans do not demonstrate a need to repatriate these earnings . should we require additional capital in the united states , we may elect to repatriate indefinitely reinvested foreign funds or raise capital in the united states through debt . if we were to repatriate indefinitely reinvested foreign funds , we would be required to accrue and pay additional u.s . taxes less applicable foreign tax credits . if we elect to raise capital in the united states through debt , we would incur additional interest expense . off-balance sheet arrangements in connection with various contracts and agreements , we routinely provide indemnification relating to the enforceability of intellectual property rights , coverage for legal issues that arise and other items where we are acting as the guarantor . currently , we have several such agreements in place . however , based on our historical experience and the estimated probability of future loss , we have determined that the fair value of such indemnification is not material to our financial position or results of operations . contractual obligations our significant long-term contractual obligations as of may 31 , 2016 and significant endorsement contracts , including related marketing commitments , entered into through the date of this report are as follows: .

( 1 ) the cash payments due for long-term debt include estimated interest payments . estimates of interest payments are based on outstanding principal amounts , applicable fixed interest rates or currently effective interest rates as of may 31 , 2016 ( if variable ) , timing of scheduled payments and the term of the debt obligations. .

| | description of commitment ( in millions ) | description of commitment 2017 | description of commitment 2018 | description of commitment 2019 | description of commitment 2020 | description of commitment 2021 | description of commitment thereafter | total | |---:|:--------------------------------------------|:---------------------------------|:---------------------------------|:---------------------------------|:---------------------------------|:---------------------------------|:---------------------------------------|:--------| | 0 | operating leases | $ 491 | $ 453 | $ 395 | $ 347 | $ 301 | $ 1244 | $ 3231 | | 1 | capital leases | 7 | 5 | 2 | 1 | 2014 | 2014 | 15 | | 2 | long-term debt ( 1 ) | 115 | 75 | 74 | 74 | 71 | 3365 | 3774 | | 3 | endorsement contracts ( 2 ) | 1198 | 1238 | 945 | 827 | 698 | 4514 | 9420 | | 4 | product purchase obligations ( 3 ) | 4149 | 2014 | 2014 | 2014 | 2014 | 2014 | 4149 | | 5 | other purchase obligations ( 4 ) | 384 | 118 | 90 | 48 | 42 | 90 | 772 | | 6 | total | $ 6344 | $ 1889 | $ 1506 | $ 1297 | $ 1112 | $ 9213 | $ 21361 |

part ii capital resources on april 23 , 2013 , we filed a shelf registration statement ( the 201cshelf 201d ) with the sec which permitted us to issue an unlimited amount of debt securities . on april 23 , 2013 , we issued $ 1.0 billion of senior notes with tranches maturing in 2023 and 2043 . the 2023 senior notes were issued in an initial aggregate principal amount of $ 500 million at a 2.25% ( 2.25 % ) fixed , annual interest rate and will mature on may 1 , 2023 . the 2043 senior notes were issued in an initial aggregate principal amount of $ 500 million at a 3.625% ( 3.625 % ) fixed , annual interest rate and will mature on may 1 , 2043 . interest on the senior notes is payable semi-annually on may 1 and november 1 of each year . the issuance resulted in gross proceeds before expenses of $ 998 million . on october 29 , 2015 , we issued an additional $ 1.0 billion of senior notes at a 3.875% ( 3.875 % ) fixed , annual interest rate that will mature on november 1 , 2045 . interest on the senior notes is payable semi-annually on may 1 and november 1 of each year . the issuance resulted in proceeds before expenses of $ 991 million . the shelf expired on april 23 , 2016 . we plan to file a new shelf registration statement with the sec in july 2016 . on august 28 , 2015 , we entered into a committed credit facility agreement with a syndicate of banks , which provides for up to $ 2 billion of borrowings . the facility matures august 28 , 2020 , with a one year extension option prior to any anniversary of the closing date , provided that in no event shall it extend beyond august 28 , 2022 . this facility replaces the prior $ 1 billion credit facility agreement entered into on november 1 , 2011 , which would have matured november 1 , 2017 . as of and for the periods ended may 31 , 2016 and 2015 , we had no amounts outstanding under either committed credit facility . we currently have long-term debt ratings of aa- and a1 from standard and poor 2019s corporation and moody 2019s investor services , respectively . if our long- term debt ratings were to decline , the facility fee and interest rate under our committed credit facility would increase . conversely , if our long-term debt rating were to improve , the facility fee and interest rate would decrease . changes in our long-term debt rating would not trigger acceleration of maturity of any then-outstanding borrowings or any future borrowings under the committed credit facility . under this committed revolving credit facility , we have agreed to various covenants . these covenants include limits on our disposal of fixed assets , the amount of debt secured by liens we may incur , as well as limits on the indebtedness we can incur relative to our net worth . in the event we were to have any borrowings outstanding under this facility and failed to meet any covenant , and were unable to obtain a waiver from a majority of the banks in the syndicate , any borrowings would become immediately due and payable . as of may 31 , 2016 , we were in full compliance with each of these covenants and believe it is unlikely we will fail to meet any of these covenants in the foreseeable future . liquidity is also provided by our $ 2 billion commercial paper program , which increased $ 1 billion during the second quarter of fiscal 2016 . during the year ended may 31 , 2016 , we did not issue commercial paper , and as of may 31 , 2016 , there were no outstanding borrowings under this program . any future issuance of commercial paper or other debt securities during fiscal 2017 will depend on general corporate needs . we currently have short-term debt ratings of a1+ and p1 from standard and poor 2019s corporation and moody 2019s investor services , respectively . as of may 31 , 2016 , we had cash , cash equivalents and short-term investments totaling $ 5.5 billion , of which $ 4.6 billion was held by our foreign subsidiaries . included in cash and equivalents as of may 31 , 2016 was $ 105 million of cash collateral received from counterparties as a result of hedging activity . cash equivalents and short-term investments consist primarily of deposits held at major banks , money market funds , commercial paper , corporate notes , u.s . treasury obligations , u.s . government sponsored enterprise obligations and other investment grade fixed income securities . our fixed income investments are exposed to both credit and interest rate risk . all of our investments are investment grade to minimize our credit risk . while individual securities have varying durations , as of may 31 , 2016 , the weighted average remaining duration of our cash equivalents and short-term investments portfolio was 91 days . to date we have not experienced difficulty accessing the credit markets or incurred higher interest costs . future volatility in the capital markets , however , may increase costs associated with issuing commercial paper or other debt instruments or affect our ability to access those markets . we believe that existing cash , cash equivalents , short-term investments and cash generated by operations , together with access to external sources of funds as described above , will be sufficient to meet our domestic and foreign capital needs in the foreseeable future . we utilize a variety of tax planning and financing strategies to manage our worldwide cash and deploy funds to locations where they are needed . we routinely repatriate a portion of our foreign earnings for which u.s . taxes have previously been provided . we also indefinitely reinvest a significant portion of our foreign earnings , and our current plans do not demonstrate a need to repatriate these earnings . should we require additional capital in the united states , we may elect to repatriate indefinitely reinvested foreign funds or raise capital in the united states through debt . if we were to repatriate indefinitely reinvested foreign funds , we would be required to accrue and pay additional u.s . taxes less applicable foreign tax credits . if we elect to raise capital in the united states through debt , we would incur additional interest expense . off-balance sheet arrangements in connection with various contracts and agreements , we routinely provide indemnification relating to the enforceability of intellectual property rights , coverage for legal issues that arise and other items where we are acting as the guarantor . currently , we have several such agreements in place . however , based on our historical experience and the estimated probability of future loss , we have determined that the fair value of such indemnification is not material to our financial position or results of operations . contractual obligations our significant long-term contractual obligations as of may 31 , 2016 and significant endorsement contracts , including related marketing commitments , entered into through the date of this report are as follows: ._| | description of commitment ( in millions ) | description of commitment 2017 | description of commitment 2018 | description of commitment 2019 | description of commitment 2020 | description of commitment 2021 | description of commitment thereafter | total | |---:|:--------------------------------------------|:---------------------------------|:---------------------------------|:---------------------------------|:---------------------------------|:---------------------------------|:---------------------------------------|:--------| | 0 | operating leases | $ 491 | $ 453 | $ 395 | $ 347 | $ 301 | $ 1244 | $ 3231 | | 1 | capital leases | 7 | 5 | 2 | 1 | 2014 | 2014 | 15 | | 2 | long-term debt ( 1 ) | 115 | 75 | 74 | 74 | 71 | 3365 | 3774 | | 3 | endorsement contracts ( 2 ) | 1198 | 1238 | 945 | 827 | 698 | 4514 | 9420 | | 4 | product purchase obligations ( 3 ) | 4149 | 2014 | 2014 | 2014 | 2014 | 2014 | 4149 | | 5 | other purchase obligations ( 4 ) | 384 | 118 | 90 | 48 | 42 | 90 | 772 | | 6 | total | $ 6344 | $ 1889 | $ 1506 | $ 1297 | $ 1112 | $ 9213 | $ 21361 |_( 1 ) the cash payments due for long-term debt include estimated interest payments . estimates of interest payments are based on outstanding principal amounts , applicable fixed interest rates or currently effective interest rates as of may 31 , 2016 ( if variable ) , timing of scheduled payments and the term of the debt obligations. .

2,016

37

NKE

Nike, Inc.

Consumer Discretionary

Apparel, Accessories & Luxury Goods

Washington County, Oregon

1988-11-30

320,187

1964

what percentage of long-term debt is due after 2021?

89%

divide(3365, 3774)

part ii capital resources on april 23 , 2013 , we filed a shelf registration statement ( the 201cshelf 201d ) with the sec which permitted us to issue an unlimited amount of debt securities . on april 23 , 2013 , we issued $ 1.0 billion of senior notes with tranches maturing in 2023 and 2043 . the 2023 senior notes were issued in an initial aggregate principal amount of $ 500 million at a 2.25% ( 2.25 % ) fixed , annual interest rate and will mature on may 1 , 2023 . the 2043 senior notes were issued in an initial aggregate principal amount of $ 500 million at a 3.625% ( 3.625 % ) fixed , annual interest rate and will mature on may 1 , 2043 . interest on the senior notes is payable semi-annually on may 1 and november 1 of each year . the issuance resulted in gross proceeds before expenses of $ 998 million . on october 29 , 2015 , we issued an additional $ 1.0 billion of senior notes at a 3.875% ( 3.875 % ) fixed , annual interest rate that will mature on november 1 , 2045 . interest on the senior notes is payable semi-annually on may 1 and november 1 of each year . the issuance resulted in proceeds before expenses of $ 991 million . the shelf expired on april 23 , 2016 . we plan to file a new shelf registration statement with the sec in july 2016 . on august 28 , 2015 , we entered into a committed credit facility agreement with a syndicate of banks , which provides for up to $ 2 billion of borrowings . the facility matures august 28 , 2020 , with a one year extension option prior to any anniversary of the closing date , provided that in no event shall it extend beyond august 28 , 2022 . this facility replaces the prior $ 1 billion credit facility agreement entered into on november 1 , 2011 , which would have matured november 1 , 2017 . as of and for the periods ended may 31 , 2016 and 2015 , we had no amounts outstanding under either committed credit facility . we currently have long-term debt ratings of aa- and a1 from standard and poor 2019s corporation and moody 2019s investor services , respectively . if our long- term debt ratings were to decline , the facility fee and interest rate under our committed credit facility would increase . conversely , if our long-term debt rating were to improve , the facility fee and interest rate would decrease . changes in our long-term debt rating would not trigger acceleration of maturity of any then-outstanding borrowings or any future borrowings under the committed credit facility . under this committed revolving credit facility , we have agreed to various covenants . these covenants include limits on our disposal of fixed assets , the amount of debt secured by liens we may incur , as well as limits on the indebtedness we can incur relative to our net worth . in the event we were to have any borrowings outstanding under this facility and failed to meet any covenant , and were unable to obtain a waiver from a majority of the banks in the syndicate , any borrowings would become immediately due and payable . as of may 31 , 2016 , we were in full compliance with each of these covenants and believe it is unlikely we will fail to meet any of these covenants in the foreseeable future . liquidity is also provided by our $ 2 billion commercial paper program , which increased $ 1 billion during the second quarter of fiscal 2016 . during the year ended may 31 , 2016 , we did not issue commercial paper , and as of may 31 , 2016 , there were no outstanding borrowings under this program . any future issuance of commercial paper or other debt securities during fiscal 2017 will depend on general corporate needs . we currently have short-term debt ratings of a1+ and p1 from standard and poor 2019s corporation and moody 2019s investor services , respectively . as of may 31 , 2016 , we had cash , cash equivalents and short-term investments totaling $ 5.5 billion , of which $ 4.6 billion was held by our foreign subsidiaries . included in cash and equivalents as of may 31 , 2016 was $ 105 million of cash collateral received from counterparties as a result of hedging activity . cash equivalents and short-term investments consist primarily of deposits held at major banks , money market funds , commercial paper , corporate notes , u.s . treasury obligations , u.s . government sponsored enterprise obligations and other investment grade fixed income securities . our fixed income investments are exposed to both credit and interest rate risk . all of our investments are investment grade to minimize our credit risk . while individual securities have varying durations , as of may 31 , 2016 , the weighted average remaining duration of our cash equivalents and short-term investments portfolio was 91 days . to date we have not experienced difficulty accessing the credit markets or incurred higher interest costs . future volatility in the capital markets , however , may increase costs associated with issuing commercial paper or other debt instruments or affect our ability to access those markets . we believe that existing cash , cash equivalents , short-term investments and cash generated by operations , together with access to external sources of funds as described above , will be sufficient to meet our domestic and foreign capital needs in the foreseeable future . we utilize a variety of tax planning and financing strategies to manage our worldwide cash and deploy funds to locations where they are needed . we routinely repatriate a portion of our foreign earnings for which u.s . taxes have previously been provided . we also indefinitely reinvest a significant portion of our foreign earnings , and our current plans do not demonstrate a need to repatriate these earnings . should we require additional capital in the united states , we may elect to repatriate indefinitely reinvested foreign funds or raise capital in the united states through debt . if we were to repatriate indefinitely reinvested foreign funds , we would be required to accrue and pay additional u.s . taxes less applicable foreign tax credits . if we elect to raise capital in the united states through debt , we would incur additional interest expense . off-balance sheet arrangements in connection with various contracts and agreements , we routinely provide indemnification relating to the enforceability of intellectual property rights , coverage for legal issues that arise and other items where we are acting as the guarantor . currently , we have several such agreements in place . however , based on our historical experience and the estimated probability of future loss , we have determined that the fair value of such indemnification is not material to our financial position or results of operations . contractual obligations our significant long-term contractual obligations as of may 31 , 2016 and significant endorsement contracts , including related marketing commitments , entered into through the date of this report are as follows: .

( 1 ) the cash payments due for long-term debt include estimated interest payments . estimates of interest payments are based on outstanding principal amounts , applicable fixed interest rates or currently effective interest rates as of may 31 , 2016 ( if variable ) , timing of scheduled payments and the term of the debt obligations. .

| | description of commitment ( in millions ) | description of commitment 2017 | description of commitment 2018 | description of commitment 2019 | description of commitment 2020 | description of commitment 2021 | description of commitment thereafter | total | |---:|:--------------------------------------------|:---------------------------------|:---------------------------------|:---------------------------------|:---------------------------------|:---------------------------------|:---------------------------------------|:--------| | 0 | operating leases | $ 491 | $ 453 | $ 395 | $ 347 | $ 301 | $ 1244 | $ 3231 | | 1 | capital leases | 7 | 5 | 2 | 1 | 2014 | 2014 | 15 | | 2 | long-term debt ( 1 ) | 115 | 75 | 74 | 74 | 71 | 3365 | 3774 | | 3 | endorsement contracts ( 2 ) | 1198 | 1238 | 945 | 827 | 698 | 4514 | 9420 | | 4 | product purchase obligations ( 3 ) | 4149 | 2014 | 2014 | 2014 | 2014 | 2014 | 4149 | | 5 | other purchase obligations ( 4 ) | 384 | 118 | 90 | 48 | 42 | 90 | 772 | | 6 | total | $ 6344 | $ 1889 | $ 1506 | $ 1297 | $ 1112 | $ 9213 | $ 21361 |

part ii capital resources on april 23 , 2013 , we filed a shelf registration statement ( the 201cshelf 201d ) with the sec which permitted us to issue an unlimited amount of debt securities . on april 23 , 2013 , we issued $ 1.0 billion of senior notes with tranches maturing in 2023 and 2043 . the 2023 senior notes were issued in an initial aggregate principal amount of $ 500 million at a 2.25% ( 2.25 % ) fixed , annual interest rate and will mature on may 1 , 2023 . the 2043 senior notes were issued in an initial aggregate principal amount of $ 500 million at a 3.625% ( 3.625 % ) fixed , annual interest rate and will mature on may 1 , 2043 . interest on the senior notes is payable semi-annually on may 1 and november 1 of each year . the issuance resulted in gross proceeds before expenses of $ 998 million . on october 29 , 2015 , we issued an additional $ 1.0 billion of senior notes at a 3.875% ( 3.875 % ) fixed , annual interest rate that will mature on november 1 , 2045 . interest on the senior notes is payable semi-annually on may 1 and november 1 of each year . the issuance resulted in proceeds before expenses of $ 991 million . the shelf expired on april 23 , 2016 . we plan to file a new shelf registration statement with the sec in july 2016 . on august 28 , 2015 , we entered into a committed credit facility agreement with a syndicate of banks , which provides for up to $ 2 billion of borrowings . the facility matures august 28 , 2020 , with a one year extension option prior to any anniversary of the closing date , provided that in no event shall it extend beyond august 28 , 2022 . this facility replaces the prior $ 1 billion credit facility agreement entered into on november 1 , 2011 , which would have matured november 1 , 2017 . as of and for the periods ended may 31 , 2016 and 2015 , we had no amounts outstanding under either committed credit facility . we currently have long-term debt ratings of aa- and a1 from standard and poor 2019s corporation and moody 2019s investor services , respectively . if our long- term debt ratings were to decline , the facility fee and interest rate under our committed credit facility would increase . conversely , if our long-term debt rating were to improve , the facility fee and interest rate would decrease . changes in our long-term debt rating would not trigger acceleration of maturity of any then-outstanding borrowings or any future borrowings under the committed credit facility . under this committed revolving credit facility , we have agreed to various covenants . these covenants include limits on our disposal of fixed assets , the amount of debt secured by liens we may incur , as well as limits on the indebtedness we can incur relative to our net worth . in the event we were to have any borrowings outstanding under this facility and failed to meet any covenant , and were unable to obtain a waiver from a majority of the banks in the syndicate , any borrowings would become immediately due and payable . as of may 31 , 2016 , we were in full compliance with each of these covenants and believe it is unlikely we will fail to meet any of these covenants in the foreseeable future . liquidity is also provided by our $ 2 billion commercial paper program , which increased $ 1 billion during the second quarter of fiscal 2016 . during the year ended may 31 , 2016 , we did not issue commercial paper , and as of may 31 , 2016 , there were no outstanding borrowings under this program . any future issuance of commercial paper or other debt securities during fiscal 2017 will depend on general corporate needs . we currently have short-term debt ratings of a1+ and p1 from standard and poor 2019s corporation and moody 2019s investor services , respectively . as of may 31 , 2016 , we had cash , cash equivalents and short-term investments totaling $ 5.5 billion , of which $ 4.6 billion was held by our foreign subsidiaries . included in cash and equivalents as of may 31 , 2016 was $ 105 million of cash collateral received from counterparties as a result of hedging activity . cash equivalents and short-term investments consist primarily of deposits held at major banks , money market funds , commercial paper , corporate notes , u.s . treasury obligations , u.s . government sponsored enterprise obligations and other investment grade fixed income securities . our fixed income investments are exposed to both credit and interest rate risk . all of our investments are investment grade to minimize our credit risk . while individual securities have varying durations , as of may 31 , 2016 , the weighted average remaining duration of our cash equivalents and short-term investments portfolio was 91 days . to date we have not experienced difficulty accessing the credit markets or incurred higher interest costs . future volatility in the capital markets , however , may increase costs associated with issuing commercial paper or other debt instruments or affect our ability to access those markets . we believe that existing cash , cash equivalents , short-term investments and cash generated by operations , together with access to external sources of funds as described above , will be sufficient to meet our domestic and foreign capital needs in the foreseeable future . we utilize a variety of tax planning and financing strategies to manage our worldwide cash and deploy funds to locations where they are needed . we routinely repatriate a portion of our foreign earnings for which u.s . taxes have previously been provided . we also indefinitely reinvest a significant portion of our foreign earnings , and our current plans do not demonstrate a need to repatriate these earnings . should we require additional capital in the united states , we may elect to repatriate indefinitely reinvested foreign funds or raise capital in the united states through debt . if we were to repatriate indefinitely reinvested foreign funds , we would be required to accrue and pay additional u.s . taxes less applicable foreign tax credits . if we elect to raise capital in the united states through debt , we would incur additional interest expense . off-balance sheet arrangements in connection with various contracts and agreements , we routinely provide indemnification relating to the enforceability of intellectual property rights , coverage for legal issues that arise and other items where we are acting as the guarantor . currently , we have several such agreements in place . however , based on our historical experience and the estimated probability of future loss , we have determined that the fair value of such indemnification is not material to our financial position or results of operations . contractual obligations our significant long-term contractual obligations as of may 31 , 2016 and significant endorsement contracts , including related marketing commitments , entered into through the date of this report are as follows: ._| | description of commitment ( in millions ) | description of commitment 2017 | description of commitment 2018 | description of commitment 2019 | description of commitment 2020 | description of commitment 2021 | description of commitment thereafter | total | |---:|:--------------------------------------------|:---------------------------------|:---------------------------------|:---------------------------------|:---------------------------------|:---------------------------------|:---------------------------------------|:--------| | 0 | operating leases | $ 491 | $ 453 | $ 395 | $ 347 | $ 301 | $ 1244 | $ 3231 | | 1 | capital leases | 7 | 5 | 2 | 1 | 2014 | 2014 | 15 | | 2 | long-term debt ( 1 ) | 115 | 75 | 74 | 74 | 71 | 3365 | 3774 | | 3 | endorsement contracts ( 2 ) | 1198 | 1238 | 945 | 827 | 698 | 4514 | 9420 | | 4 | product purchase obligations ( 3 ) | 4149 | 2014 | 2014 | 2014 | 2014 | 2014 | 4149 | | 5 | other purchase obligations ( 4 ) | 384 | 118 | 90 | 48 | 42 | 90 | 772 | | 6 | total | $ 6344 | $ 1889 | $ 1506 | $ 1297 | $ 1112 | $ 9213 | $ 21361 |_( 1 ) the cash payments due for long-term debt include estimated interest payments . estimates of interest payments are based on outstanding principal amounts , applicable fixed interest rates or currently effective interest rates as of may 31 , 2016 ( if variable ) , timing of scheduled payments and the term of the debt obligations. .

2,016

37

NKE

Nike, Inc.

Consumer Discretionary

Apparel, Accessories & Luxury Goods

Washington County, Oregon

1988-11-30

320,187

1964

null

finqa310

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

80.75%

divide(subtract(180.75, 100.0), const_100)

item 5 . market for the registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following graph compares annual total return of our common stock , the standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) and our peer group ( 201cloews peer group 201d ) for the five years ended december 31 , 2015 . the graph assumes that the value of the investment in our common stock , the s&p 500 index and the loews peer group was $ 100 on december 31 , 2010 and that all dividends were reinvested. .

( a ) the loews peer group consists of the following companies that are industry competitors of our principal operating subsidiaries : ace limited , w.r . berkley corporation , the chubb corporation , energy transfer partners l.p. , ensco plc , the hartford financial services group , inc. , kinder morgan energy partners , l.p . ( included through november 26 , 2014 when it was acquired by kinder morgan inc. ) , noble corporation , spectra energy corp , transocean ltd . and the travelers companies , inc . dividend information we have paid quarterly cash dividends on loews common stock in each year since 1967 . regular dividends of $ 0.0625 per share of loews common stock were paid in each calendar quarter of 2015 and 2014. .

| | | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | |---:|:-----------------------|-------:|-------:|-------:|-------:|-------:|-------:| | 0 | loews common stock | 100 | 97.37 | 106.04 | 126.23 | 110.59 | 101.72 | | 1 | s&p 500 index | 100 | 102.11 | 118.45 | 156.82 | 178.29 | 180.75 | | 2 | loews peer group ( a ) | 100 | 101.59 | 115.19 | 145.12 | 152.84 | 144.7 |

item 5 . market for the registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following graph compares annual total return of our common stock , the standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) and our peer group ( 201cloews peer group 201d ) for the five years ended december 31 , 2015 . the graph assumes that the value of the investment in our common stock , the s&p 500 index and the loews peer group was $ 100 on december 31 , 2010 and that all dividends were reinvested. ._| | | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | |---:|:-----------------------|-------:|-------:|-------:|-------:|-------:|-------:| | 0 | loews common stock | 100 | 97.37 | 106.04 | 126.23 | 110.59 | 101.72 | | 1 | s&p 500 index | 100 | 102.11 | 118.45 | 156.82 | 178.29 | 180.75 | | 2 | loews peer group ( a ) | 100 | 101.59 | 115.19 | 145.12 | 152.84 | 144.7 |_( a ) the loews peer group consists of the following companies that are industry competitors of our principal operating subsidiaries : ace limited , w.r . berkley corporation , the chubb corporation , energy transfer partners l.p. , ensco plc , the hartford financial services group , inc. , kinder morgan energy partners , l.p . ( included through november 26 , 2014 when it was acquired by kinder morgan inc. ) , noble corporation , spectra energy corp , transocean ltd . and the travelers companies , inc . dividend information we have paid quarterly cash dividends on loews common stock in each year since 1967 . regular dividends of $ 0.0625 per share of loews common stock were paid in each calendar quarter of 2015 and 2014. .

2,015

59

L

Loews Corporation

Financials

Multi-line Insurance

New York City, New York

1995-05-31

60,086

1959

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

80.75%

divide(subtract(180.75, 100.0), const_100)

item 5 . market for the registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following graph compares annual total return of our common stock , the standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) and our peer group ( 201cloews peer group 201d ) for the five years ended december 31 , 2015 . the graph assumes that the value of the investment in our common stock , the s&p 500 index and the loews peer group was $ 100 on december 31 , 2010 and that all dividends were reinvested. .

( a ) the loews peer group consists of the following companies that are industry competitors of our principal operating subsidiaries : ace limited , w.r . berkley corporation , the chubb corporation , energy transfer partners l.p. , ensco plc , the hartford financial services group , inc. , kinder morgan energy partners , l.p . ( included through november 26 , 2014 when it was acquired by kinder morgan inc. ) , noble corporation , spectra energy corp , transocean ltd . and the travelers companies , inc . dividend information we have paid quarterly cash dividends on loews common stock in each year since 1967 . regular dividends of $ 0.0625 per share of loews common stock were paid in each calendar quarter of 2015 and 2014. .

| | | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | |---:|:-----------------------|-------:|-------:|-------:|-------:|-------:|-------:| | 0 | loews common stock | 100 | 97.37 | 106.04 | 126.23 | 110.59 | 101.72 | | 1 | s&p 500 index | 100 | 102.11 | 118.45 | 156.82 | 178.29 | 180.75 | | 2 | loews peer group ( a ) | 100 | 101.59 | 115.19 | 145.12 | 152.84 | 144.7 |

item 5 . market for the registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following graph compares annual total return of our common stock , the standard & poor 2019s 500 composite stock index ( 201cs&p 500 index 201d ) and our peer group ( 201cloews peer group 201d ) for the five years ended december 31 , 2015 . the graph assumes that the value of the investment in our common stock , the s&p 500 index and the loews peer group was $ 100 on december 31 , 2010 and that all dividends were reinvested. ._| | | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | |---:|:-----------------------|-------:|-------:|-------:|-------:|-------:|-------:| | 0 | loews common stock | 100 | 97.37 | 106.04 | 126.23 | 110.59 | 101.72 | | 1 | s&p 500 index | 100 | 102.11 | 118.45 | 156.82 | 178.29 | 180.75 | | 2 | loews peer group ( a ) | 100 | 101.59 | 115.19 | 145.12 | 152.84 | 144.7 |_( a ) the loews peer group consists of the following companies that are industry competitors of our principal operating subsidiaries : ace limited , w.r . berkley corporation , the chubb corporation , energy transfer partners l.p. , ensco plc , the hartford financial services group , inc. , kinder morgan energy partners , l.p . ( included through november 26 , 2014 when it was acquired by kinder morgan inc. ) , noble corporation , spectra energy corp , transocean ltd . and the travelers companies , inc . dividend information we have paid quarterly cash dividends on loews common stock in each year since 1967 . regular dividends of $ 0.0625 per share of loews common stock were paid in each calendar quarter of 2015 and 2014. .

2,015

59

L

Loews Corporation

Financials

Multi-line Insurance

New York City, New York

1995-05-31

60,086

1959

null

finqa311

what portion of the total acquisition price of suros is dedicated to goodwill?

75.6%

divide(202000, 267100)

hologic , inc . notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) acquisition and the adjustments did not have a material impact on the company 2019s financial position or results of operation . there have no other material changes to the purchase price allocation as disclosed in the company 2019s form 10-k for the year ended september 30 , 2006 . as part of the purchase price allocation , all intangible assets that were a part of the acquisition were identified and valued . it was determined that only customer relationship , trade name , developed technology and know how and in-process research and development had separately identifiable values . customer relationship represents r2 2019s strong active customer base , dominant market position and strong partnership with several large companies . trade name represents the r2 product names that the company intends to continue to use . order backlog consists of customer orders for which revenue has not yet been recognized . developed technology and know how represents currently marketable purchased products that the company continues to resell as well as utilize to enhance and incorporate into the company 2019s existing products . the estimated $ 10200 of purchase price allocated to in-process research and development projects primarily related to r2 2019s digital cad products . the projects added direct digital algorithm capabilities as well as a new platform technology to analyze images and breast density measurement . the projects were substantially completed as planned in fiscal 2007 . the deferred income tax asset relates to the tax effect of acquired net operating loss carry forwards that the company believes are realizable partially offset by acquired identifiable intangible assets , and fair value adjustments to acquired inventory as such amounts are not deductible for tax purposes . acquisition of suros surgical systems , inc . on july 27 , 2006 , the company completed the acquisition of suros surgical systems , inc . ( suros ) , pursuant to an agreement and plan of merger dated april 17 , 2006 . the results of operations for suros have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its mammography/breast care business segment . suros , located in indianapolis , indiana , develops , manufactures and sells minimally invasive interventional breast biopsy technology and products for biopsy , tissue removal and biopsy site marking . the initial aggregate purchase price for suros of approximately $ 248100 ( subject to adjustment ) consisted of 2300 shares of hologic common stock valued at $ 106500 , cash paid of $ 139000 , and approximately $ 2600 for acquisition related fees and expenses . the company determined the fair value of the shares issued in connection with the acquisition in accordance with eitf issue no . 99-12 , determination of the measurement date for the market price of acquirer securities issued in a purchase business combination . the components and allocation of the purchase price , consists of the following approximate amounts: .

the acquisition also provides for a two-year earn out . the earn-out is payable in two annual cash installments equal to the incremental revenue growth in suros 2019 business in the two years following the closing. .

| | net tangible assets acquired as of july 27 2006 | $ 11800 | |---:|:--------------------------------------------------|:-----------------| | 0 | in-process research and development | 4900 | | 1 | developed technology and know how | 46000 | | 2 | customer relationship | 17900 | | 3 | trade name | 5800 | | 4 | deferred income taxes | -21300 ( 21300 ) | | 5 | goodwill | 202000 | | 6 | estimated purchase price | $ 267100 |

hologic , inc . notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) acquisition and the adjustments did not have a material impact on the company 2019s financial position or results of operation . there have no other material changes to the purchase price allocation as disclosed in the company 2019s form 10-k for the year ended september 30 , 2006 . as part of the purchase price allocation , all intangible assets that were a part of the acquisition were identified and valued . it was determined that only customer relationship , trade name , developed technology and know how and in-process research and development had separately identifiable values . customer relationship represents r2 2019s strong active customer base , dominant market position and strong partnership with several large companies . trade name represents the r2 product names that the company intends to continue to use . order backlog consists of customer orders for which revenue has not yet been recognized . developed technology and know how represents currently marketable purchased products that the company continues to resell as well as utilize to enhance and incorporate into the company 2019s existing products . the estimated $ 10200 of purchase price allocated to in-process research and development projects primarily related to r2 2019s digital cad products . the projects added direct digital algorithm capabilities as well as a new platform technology to analyze images and breast density measurement . the projects were substantially completed as planned in fiscal 2007 . the deferred income tax asset relates to the tax effect of acquired net operating loss carry forwards that the company believes are realizable partially offset by acquired identifiable intangible assets , and fair value adjustments to acquired inventory as such amounts are not deductible for tax purposes . acquisition of suros surgical systems , inc . on july 27 , 2006 , the company completed the acquisition of suros surgical systems , inc . ( suros ) , pursuant to an agreement and plan of merger dated april 17 , 2006 . the results of operations for suros have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its mammography/breast care business segment . suros , located in indianapolis , indiana , develops , manufactures and sells minimally invasive interventional breast biopsy technology and products for biopsy , tissue removal and biopsy site marking . the initial aggregate purchase price for suros of approximately $ 248100 ( subject to adjustment ) consisted of 2300 shares of hologic common stock valued at $ 106500 , cash paid of $ 139000 , and approximately $ 2600 for acquisition related fees and expenses . the company determined the fair value of the shares issued in connection with the acquisition in accordance with eitf issue no . 99-12 , determination of the measurement date for the market price of acquirer securities issued in a purchase business combination . the components and allocation of the purchase price , consists of the following approximate amounts: ._| | net tangible assets acquired as of july 27 2006 | $ 11800 | |---:|:--------------------------------------------------|:-----------------| | 0 | in-process research and development | 4900 | | 1 | developed technology and know how | 46000 | | 2 | customer relationship | 17900 | | 3 | trade name | 5800 | | 4 | deferred income taxes | -21300 ( 21300 ) | | 5 | goodwill | 202000 | | 6 | estimated purchase price | $ 267100 |_the acquisition also provides for a two-year earn out . the earn-out is payable in two annual cash installments equal to the incremental revenue growth in suros 2019 business in the two years following the closing. .

2,007

129

HOLX

Hologic

Health Care

Health Care Equipment

Marlborough, Massachusetts

2016-03-30

859,737

1985

what portion of the total acquisition price of suros is dedicated to goodwill?

75.6%

divide(202000, 267100)

hologic , inc . notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) acquisition and the adjustments did not have a material impact on the company 2019s financial position or results of operation . there have no other material changes to the purchase price allocation as disclosed in the company 2019s form 10-k for the year ended september 30 , 2006 . as part of the purchase price allocation , all intangible assets that were a part of the acquisition were identified and valued . it was determined that only customer relationship , trade name , developed technology and know how and in-process research and development had separately identifiable values . customer relationship represents r2 2019s strong active customer base , dominant market position and strong partnership with several large companies . trade name represents the r2 product names that the company intends to continue to use . order backlog consists of customer orders for which revenue has not yet been recognized . developed technology and know how represents currently marketable purchased products that the company continues to resell as well as utilize to enhance and incorporate into the company 2019s existing products . the estimated $ 10200 of purchase price allocated to in-process research and development projects primarily related to r2 2019s digital cad products . the projects added direct digital algorithm capabilities as well as a new platform technology to analyze images and breast density measurement . the projects were substantially completed as planned in fiscal 2007 . the deferred income tax asset relates to the tax effect of acquired net operating loss carry forwards that the company believes are realizable partially offset by acquired identifiable intangible assets , and fair value adjustments to acquired inventory as such amounts are not deductible for tax purposes . acquisition of suros surgical systems , inc . on july 27 , 2006 , the company completed the acquisition of suros surgical systems , inc . ( suros ) , pursuant to an agreement and plan of merger dated april 17 , 2006 . the results of operations for suros have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its mammography/breast care business segment . suros , located in indianapolis , indiana , develops , manufactures and sells minimally invasive interventional breast biopsy technology and products for biopsy , tissue removal and biopsy site marking . the initial aggregate purchase price for suros of approximately $ 248100 ( subject to adjustment ) consisted of 2300 shares of hologic common stock valued at $ 106500 , cash paid of $ 139000 , and approximately $ 2600 for acquisition related fees and expenses . the company determined the fair value of the shares issued in connection with the acquisition in accordance with eitf issue no . 99-12 , determination of the measurement date for the market price of acquirer securities issued in a purchase business combination . the components and allocation of the purchase price , consists of the following approximate amounts: .

the acquisition also provides for a two-year earn out . the earn-out is payable in two annual cash installments equal to the incremental revenue growth in suros 2019 business in the two years following the closing. .

| | net tangible assets acquired as of july 27 2006 | $ 11800 | |---:|:--------------------------------------------------|:-----------------| | 0 | in-process research and development | 4900 | | 1 | developed technology and know how | 46000 | | 2 | customer relationship | 17900 | | 3 | trade name | 5800 | | 4 | deferred income taxes | -21300 ( 21300 ) | | 5 | goodwill | 202000 | | 6 | estimated purchase price | $ 267100 |

hologic , inc . notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) acquisition and the adjustments did not have a material impact on the company 2019s financial position or results of operation . there have no other material changes to the purchase price allocation as disclosed in the company 2019s form 10-k for the year ended september 30 , 2006 . as part of the purchase price allocation , all intangible assets that were a part of the acquisition were identified and valued . it was determined that only customer relationship , trade name , developed technology and know how and in-process research and development had separately identifiable values . customer relationship represents r2 2019s strong active customer base , dominant market position and strong partnership with several large companies . trade name represents the r2 product names that the company intends to continue to use . order backlog consists of customer orders for which revenue has not yet been recognized . developed technology and know how represents currently marketable purchased products that the company continues to resell as well as utilize to enhance and incorporate into the company 2019s existing products . the estimated $ 10200 of purchase price allocated to in-process research and development projects primarily related to r2 2019s digital cad products . the projects added direct digital algorithm capabilities as well as a new platform technology to analyze images and breast density measurement . the projects were substantially completed as planned in fiscal 2007 . the deferred income tax asset relates to the tax effect of acquired net operating loss carry forwards that the company believes are realizable partially offset by acquired identifiable intangible assets , and fair value adjustments to acquired inventory as such amounts are not deductible for tax purposes . acquisition of suros surgical systems , inc . on july 27 , 2006 , the company completed the acquisition of suros surgical systems , inc . ( suros ) , pursuant to an agreement and plan of merger dated april 17 , 2006 . the results of operations for suros have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its mammography/breast care business segment . suros , located in indianapolis , indiana , develops , manufactures and sells minimally invasive interventional breast biopsy technology and products for biopsy , tissue removal and biopsy site marking . the initial aggregate purchase price for suros of approximately $ 248100 ( subject to adjustment ) consisted of 2300 shares of hologic common stock valued at $ 106500 , cash paid of $ 139000 , and approximately $ 2600 for acquisition related fees and expenses . the company determined the fair value of the shares issued in connection with the acquisition in accordance with eitf issue no . 99-12 , determination of the measurement date for the market price of acquirer securities issued in a purchase business combination . the components and allocation of the purchase price , consists of the following approximate amounts: ._| | net tangible assets acquired as of july 27 2006 | $ 11800 | |---:|:--------------------------------------------------|:-----------------| | 0 | in-process research and development | 4900 | | 1 | developed technology and know how | 46000 | | 2 | customer relationship | 17900 | | 3 | trade name | 5800 | | 4 | deferred income taxes | -21300 ( 21300 ) | | 5 | goodwill | 202000 | | 6 | estimated purchase price | $ 267100 |_the acquisition also provides for a two-year earn out . the earn-out is payable in two annual cash installments equal to the incremental revenue growth in suros 2019 business in the two years following the closing. .

2,007

129

HOLX

Hologic

Health Care

Health Care Equipment

Marlborough, Massachusetts

2016-03-30

859,737

1985

null

finqa312

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

104%

divide(subtract(204, 100), 100)

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

this stock performance information is "furnished" and shall not be deemed to be "soliciting material" or subject to rule 14a , shall not be deemed "filed" for purposes of section 18 of the securities exchange act of 1934 or otherwise subject to the liabilities of that section , and shall not be deemed incorporated by reference in any filing under the securities act of 1933 or the securities exchange act of 1934 , whether made before or after the date of this report and irrespective of any general incorporation by reference language in any such filing , except to the extent that it specifically incorporates the information by reference . information about our common stock that may be issued under our equity compensation plans as of december 31 , 2016 included in part iii , item 12 of this annual report on form 10-k is incorporated herein by reference. .

| | | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | |---:|:----------------|:-------------|:-------------|:-------------|:-------------|:-------------|:-------------| | 0 | lkq corporation | $ 100 | $ 140 | $ 219 | $ 187 | $ 197 | $ 204 | | 1 | s&p 500 index | $ 100 | $ 113 | $ 147 | $ 164 | $ 163 | $ 178 | | 2 | peer group | $ 100 | $ 111 | $ 140 | $ 177 | $ 188 | $ 217 |

comparison of cumulative return among lkq corporation , the nasdaq stock market ( u.s. ) index and the peer group ._| | | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | |---:|:----------------|:-------------|:-------------|:-------------|:-------------|:-------------|:-------------| | 0 | lkq corporation | $ 100 | $ 140 | $ 219 | $ 187 | $ 197 | $ 204 | | 1 | s&p 500 index | $ 100 | $ 113 | $ 147 | $ 164 | $ 163 | $ 178 | | 2 | peer group | $ 100 | $ 111 | $ 140 | $ 177 | $ 188 | $ 217 |_this stock performance information is "furnished" and shall not be deemed to be "soliciting material" or subject to rule 14a , shall not be deemed "filed" for purposes of section 18 of the securities exchange act of 1934 or otherwise subject to the liabilities of that section , and shall not be deemed incorporated by reference in any filing under the securities act of 1933 or the securities exchange act of 1934 , whether made before or after the date of this report and irrespective of any general incorporation by reference language in any such filing , except to the extent that it specifically incorporates the information by reference . information about our common stock that may be issued under our equity compensation plans as of december 31 , 2016 included in part iii , item 12 of this annual report on form 10-k is incorporated herein by reference. .

2,016

26

LKQ

LKQ Corporation

Consumer Discretionary

Distributors

Chicago, Illinois

2016-05-23

1,065,696

1998

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

104%

divide(subtract(204, 100), 100)

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

this stock performance information is "furnished" and shall not be deemed to be "soliciting material" or subject to rule 14a , shall not be deemed "filed" for purposes of section 18 of the securities exchange act of 1934 or otherwise subject to the liabilities of that section , and shall not be deemed incorporated by reference in any filing under the securities act of 1933 or the securities exchange act of 1934 , whether made before or after the date of this report and irrespective of any general incorporation by reference language in any such filing , except to the extent that it specifically incorporates the information by reference . information about our common stock that may be issued under our equity compensation plans as of december 31 , 2016 included in part iii , item 12 of this annual report on form 10-k is incorporated herein by reference. .

| | | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | |---:|:----------------|:-------------|:-------------|:-------------|:-------------|:-------------|:-------------| | 0 | lkq corporation | $ 100 | $ 140 | $ 219 | $ 187 | $ 197 | $ 204 | | 1 | s&p 500 index | $ 100 | $ 113 | $ 147 | $ 164 | $ 163 | $ 178 | | 2 | peer group | $ 100 | $ 111 | $ 140 | $ 177 | $ 188 | $ 217 |

comparison of cumulative return among lkq corporation , the nasdaq stock market ( u.s. ) index and the peer group ._| | | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | |---:|:----------------|:-------------|:-------------|:-------------|:-------------|:-------------|:-------------| | 0 | lkq corporation | $ 100 | $ 140 | $ 219 | $ 187 | $ 197 | $ 204 | | 1 | s&p 500 index | $ 100 | $ 113 | $ 147 | $ 164 | $ 163 | $ 178 | | 2 | peer group | $ 100 | $ 111 | $ 140 | $ 177 | $ 188 | $ 217 |_this stock performance information is "furnished" and shall not be deemed to be "soliciting material" or subject to rule 14a , shall not be deemed "filed" for purposes of section 18 of the securities exchange act of 1934 or otherwise subject to the liabilities of that section , and shall not be deemed incorporated by reference in any filing under the securities act of 1933 or the securities exchange act of 1934 , whether made before or after the date of this report and irrespective of any general incorporation by reference language in any such filing , except to the extent that it specifically incorporates the information by reference . information about our common stock that may be issued under our equity compensation plans as of december 31 , 2016 included in part iii , item 12 of this annual report on form 10-k is incorporated herein by reference. .

2,016

26

LKQ

LKQ Corporation

Consumer Discretionary

Distributors

Chicago, Illinois

2016-05-23

1,065,696

1998

null

finqa313

what percent of the total common stock plans are related to the vertex purchase plan?

1.1%

divide(249, 22203)

rights each holder of a share of outstanding common stock also holds one share purchase right ( a "right" ) for each share of common stock . each right entitles the holder to purchase from the company one half of one-hundredth of a share of series a junior participating preferred stock , $ 0.01 par value ( the "junior preferred shares" ) , of the company at a price of $ 135 per one half of one-hundredth of a junior preferred share ( the "purchase price" ) . the rights are not exercisable until the earlier of acquisition by a person or group of 15% ( 15 % ) or more of the outstanding common stock ( an "acquiring person" ) or the announcement of an intention to make or commencement of a tender offer or exchange offer , the consummation of which would result in the beneficial ownership by a person or group of 15% ( 15 % ) or more of the outstanding common stock . in the event that any person or group becomes an acquiring person , each holder of a right other than the acquiring person will thereafter have the right to receive upon exercise that number of shares of common stock having a market value of two times the purchase price and , in the event that the company is acquired in a business combination transaction or 50% ( 50 % ) or more of its assets are sold , each holder of a right will thereafter have the right to receive upon exercise that number of shares of common stock of the acquiring company which at the time of the transaction will have a market value of two times the purchase price . under certain specified circumstances , the board of directors of the company may cause the rights ( other than rights owned by such person or group ) to be exchanged , in whole or in part , for common stock or junior preferred shares , at an exchange rate of one share of common stock per right or one half of one-hundredth of a junior preferred share per right . at any time prior to the acquisition by a person or group of beneficial ownership of 15% ( 15 % ) or more of the outstanding common stock , the board of directors of the company may redeem the rights in whole at a price of $ 0.01 per right . common stock reserved for future issuance at december 31 , 2003 , the company has reserved shares of common stock for future issuance under all equity compensation plans as follows ( shares in thousands ) : p . significant revenue arrangements the company has formed strategic collaborations with major pharmaceutical companies in the areas of drug discovery , development , and commercialization . research and development agreements provide the company with financial support and other valuable resources for research programs and development of clinical drug candidates , product development and marketing and sales of products . collaborative research and development agreements in the company's collaborative research , development and commercialization programs the company seeks to discover , develop and commercialize major pharmaceutical products in conjunction with and supported by the company's collaborators . collaborative research and development arrangements provide research funding over an initial contract period with renewal and termination options that vary by agreement . the agreements also include milestone payments based on the achievement or the occurrence of a designated event . the agreements may also contain development reimbursement provisions , royalty rights or profit sharing rights and manufacturing options . the terms of each agreement vary . the company has entered into significant research and development collaborations with large pharmaceutical companies . p . significant revenue arrangements novartis in may 2000 , the company and novartis pharma ag ( "novartis" ) entered into an agreement to collaborate on the discovery , development and commercialization of small molecule drugs directed at targets in the kinase protein family . under the agreement , novartis agreed to pay the company an up-front payment of $ 15000000 made upon signing of the agreement , up to $ 200000000 in product research funding over six .

.

| | common stock under stock and option plans | 21829 | |---:|:---------------------------------------------|--------:| | 0 | common stock under the vertex purchase plan | 249 | | 1 | common stock under the vertex 401 ( k ) plan | 125 | | 2 | total | 22203 |

rights each holder of a share of outstanding common stock also holds one share purchase right ( a "right" ) for each share of common stock . each right entitles the holder to purchase from the company one half of one-hundredth of a share of series a junior participating preferred stock , $ 0.01 par value ( the "junior preferred shares" ) , of the company at a price of $ 135 per one half of one-hundredth of a junior preferred share ( the "purchase price" ) . the rights are not exercisable until the earlier of acquisition by a person or group of 15% ( 15 % ) or more of the outstanding common stock ( an "acquiring person" ) or the announcement of an intention to make or commencement of a tender offer or exchange offer , the consummation of which would result in the beneficial ownership by a person or group of 15% ( 15 % ) or more of the outstanding common stock . in the event that any person or group becomes an acquiring person , each holder of a right other than the acquiring person will thereafter have the right to receive upon exercise that number of shares of common stock having a market value of two times the purchase price and , in the event that the company is acquired in a business combination transaction or 50% ( 50 % ) or more of its assets are sold , each holder of a right will thereafter have the right to receive upon exercise that number of shares of common stock of the acquiring company which at the time of the transaction will have a market value of two times the purchase price . under certain specified circumstances , the board of directors of the company may cause the rights ( other than rights owned by such person or group ) to be exchanged , in whole or in part , for common stock or junior preferred shares , at an exchange rate of one share of common stock per right or one half of one-hundredth of a junior preferred share per right . at any time prior to the acquisition by a person or group of beneficial ownership of 15% ( 15 % ) or more of the outstanding common stock , the board of directors of the company may redeem the rights in whole at a price of $ 0.01 per right . common stock reserved for future issuance at december 31 , 2003 , the company has reserved shares of common stock for future issuance under all equity compensation plans as follows ( shares in thousands ) : p . significant revenue arrangements the company has formed strategic collaborations with major pharmaceutical companies in the areas of drug discovery , development , and commercialization . research and development agreements provide the company with financial support and other valuable resources for research programs and development of clinical drug candidates , product development and marketing and sales of products . collaborative research and development agreements in the company's collaborative research , development and commercialization programs the company seeks to discover , develop and commercialize major pharmaceutical products in conjunction with and supported by the company's collaborators . collaborative research and development arrangements provide research funding over an initial contract period with renewal and termination options that vary by agreement . the agreements also include milestone payments based on the achievement or the occurrence of a designated event . the agreements may also contain development reimbursement provisions , royalty rights or profit sharing rights and manufacturing options . the terms of each agreement vary . the company has entered into significant research and development collaborations with large pharmaceutical companies . p . significant revenue arrangements novartis in may 2000 , the company and novartis pharma ag ( "novartis" ) entered into an agreement to collaborate on the discovery , development and commercialization of small molecule drugs directed at targets in the kinase protein family . under the agreement , novartis agreed to pay the company an up-front payment of $ 15000000 made upon signing of the agreement , up to $ 200000000 in product research funding over six ._| | common stock under stock and option plans | 21829 | |---:|:---------------------------------------------|--------:| | 0 | common stock under the vertex purchase plan | 249 | | 1 | common stock under the vertex 401 ( k ) plan | 125 | | 2 | total | 22203 |_.

2,003

71

VRTX

Vertex Pharmaceuticals

Health Care

Biotechnology

Boston, Massachusetts

2013-09-23

875,320

1989

what percent of the total common stock plans are related to the vertex purchase plan?

1.1%

divide(249, 22203)

rights each holder of a share of outstanding common stock also holds one share purchase right ( a "right" ) for each share of common stock . each right entitles the holder to purchase from the company one half of one-hundredth of a share of series a junior participating preferred stock , $ 0.01 par value ( the "junior preferred shares" ) , of the company at a price of $ 135 per one half of one-hundredth of a junior preferred share ( the "purchase price" ) . the rights are not exercisable until the earlier of acquisition by a person or group of 15% ( 15 % ) or more of the outstanding common stock ( an "acquiring person" ) or the announcement of an intention to make or commencement of a tender offer or exchange offer , the consummation of which would result in the beneficial ownership by a person or group of 15% ( 15 % ) or more of the outstanding common stock . in the event that any person or group becomes an acquiring person , each holder of a right other than the acquiring person will thereafter have the right to receive upon exercise that number of shares of common stock having a market value of two times the purchase price and , in the event that the company is acquired in a business combination transaction or 50% ( 50 % ) or more of its assets are sold , each holder of a right will thereafter have the right to receive upon exercise that number of shares of common stock of the acquiring company which at the time of the transaction will have a market value of two times the purchase price . under certain specified circumstances , the board of directors of the company may cause the rights ( other than rights owned by such person or group ) to be exchanged , in whole or in part , for common stock or junior preferred shares , at an exchange rate of one share of common stock per right or one half of one-hundredth of a junior preferred share per right . at any time prior to the acquisition by a person or group of beneficial ownership of 15% ( 15 % ) or more of the outstanding common stock , the board of directors of the company may redeem the rights in whole at a price of $ 0.01 per right . common stock reserved for future issuance at december 31 , 2003 , the company has reserved shares of common stock for future issuance under all equity compensation plans as follows ( shares in thousands ) : p . significant revenue arrangements the company has formed strategic collaborations with major pharmaceutical companies in the areas of drug discovery , development , and commercialization . research and development agreements provide the company with financial support and other valuable resources for research programs and development of clinical drug candidates , product development and marketing and sales of products . collaborative research and development agreements in the company's collaborative research , development and commercialization programs the company seeks to discover , develop and commercialize major pharmaceutical products in conjunction with and supported by the company's collaborators . collaborative research and development arrangements provide research funding over an initial contract period with renewal and termination options that vary by agreement . the agreements also include milestone payments based on the achievement or the occurrence of a designated event . the agreements may also contain development reimbursement provisions , royalty rights or profit sharing rights and manufacturing options . the terms of each agreement vary . the company has entered into significant research and development collaborations with large pharmaceutical companies . p . significant revenue arrangements novartis in may 2000 , the company and novartis pharma ag ( "novartis" ) entered into an agreement to collaborate on the discovery , development and commercialization of small molecule drugs directed at targets in the kinase protein family . under the agreement , novartis agreed to pay the company an up-front payment of $ 15000000 made upon signing of the agreement , up to $ 200000000 in product research funding over six .

.

| | common stock under stock and option plans | 21829 | |---:|:---------------------------------------------|--------:| | 0 | common stock under the vertex purchase plan | 249 | | 1 | common stock under the vertex 401 ( k ) plan | 125 | | 2 | total | 22203 |

rights each holder of a share of outstanding common stock also holds one share purchase right ( a "right" ) for each share of common stock . each right entitles the holder to purchase from the company one half of one-hundredth of a share of series a junior participating preferred stock , $ 0.01 par value ( the "junior preferred shares" ) , of the company at a price of $ 135 per one half of one-hundredth of a junior preferred share ( the "purchase price" ) . the rights are not exercisable until the earlier of acquisition by a person or group of 15% ( 15 % ) or more of the outstanding common stock ( an "acquiring person" ) or the announcement of an intention to make or commencement of a tender offer or exchange offer , the consummation of which would result in the beneficial ownership by a person or group of 15% ( 15 % ) or more of the outstanding common stock . in the event that any person or group becomes an acquiring person , each holder of a right other than the acquiring person will thereafter have the right to receive upon exercise that number of shares of common stock having a market value of two times the purchase price and , in the event that the company is acquired in a business combination transaction or 50% ( 50 % ) or more of its assets are sold , each holder of a right will thereafter have the right to receive upon exercise that number of shares of common stock of the acquiring company which at the time of the transaction will have a market value of two times the purchase price . under certain specified circumstances , the board of directors of the company may cause the rights ( other than rights owned by such person or group ) to be exchanged , in whole or in part , for common stock or junior preferred shares , at an exchange rate of one share of common stock per right or one half of one-hundredth of a junior preferred share per right . at any time prior to the acquisition by a person or group of beneficial ownership of 15% ( 15 % ) or more of the outstanding common stock , the board of directors of the company may redeem the rights in whole at a price of $ 0.01 per right . common stock reserved for future issuance at december 31 , 2003 , the company has reserved shares of common stock for future issuance under all equity compensation plans as follows ( shares in thousands ) : p . significant revenue arrangements the company has formed strategic collaborations with major pharmaceutical companies in the areas of drug discovery , development , and commercialization . research and development agreements provide the company with financial support and other valuable resources for research programs and development of clinical drug candidates , product development and marketing and sales of products . collaborative research and development agreements in the company's collaborative research , development and commercialization programs the company seeks to discover , develop and commercialize major pharmaceutical products in conjunction with and supported by the company's collaborators . collaborative research and development arrangements provide research funding over an initial contract period with renewal and termination options that vary by agreement . the agreements also include milestone payments based on the achievement or the occurrence of a designated event . the agreements may also contain development reimbursement provisions , royalty rights or profit sharing rights and manufacturing options . the terms of each agreement vary . the company has entered into significant research and development collaborations with large pharmaceutical companies . p . significant revenue arrangements novartis in may 2000 , the company and novartis pharma ag ( "novartis" ) entered into an agreement to collaborate on the discovery , development and commercialization of small molecule drugs directed at targets in the kinase protein family . under the agreement , novartis agreed to pay the company an up-front payment of $ 15000000 made upon signing of the agreement , up to $ 200000000 in product research funding over six ._| | common stock under stock and option plans | 21829 | |---:|:---------------------------------------------|--------:| | 0 | common stock under the vertex purchase plan | 249 | | 1 | common stock under the vertex 401 ( k ) plan | 125 | | 2 | total | 22203 |_.

2,003

71

VRTX

Vertex Pharmaceuticals

Health Care

Biotechnology

Boston, Massachusetts

2013-09-23

875,320

1989

null

finqa314

based upon outstanding balances at december 31 , 2011 what was the percent of the principal and interest product of the combined products

23%

divide(266, add(904, 266))

generally , our variable-rate home equity lines of credit have either a seven or ten year draw period , followed by a 20 year amortization term . during the draw period , we have home equity lines of credit where borrowers pay interest only and home equity lines of credit where borrowers pay principal and interest . based upon outstanding balances at december 31 , 2011 , the following table presents the periods when home equity lines of credit draw periods are scheduled to end . home equity lines of credit - draw period end dates in millions interest only product principal and interest product .

( a ) includes approximately $ 306 million , $ 44 million , $ 60 million , $ 100 million , and $ 246 million of home equity lines of credit with balloon payments with draw periods scheduled to end in 2012 , 2013 , 2014 , 2015 , and 2016 and thereafter , respectively . we view home equity lines of credit where borrowers are paying principal and interest under the draw period as less risky than those where the borrowers are paying interest only , as these borrowers have a demonstrated ability to make some level of principal and interest payments . based upon outstanding balances , and excluding purchased impaired loans , at december 31 , 2011 , for home equity lines of credit for which the borrower can no longer draw ( e.g. , draw period has ended or borrowing privileges have been terminated ) , approximately 4.32% ( 4.32 % ) were 30-89 days past due and approximately 5.57% ( 5.57 % ) were greater than or equal to 90 days past due . generally , when a borrower becomes 60 days past due , we terminate borrowing privileges , and those privileges are not subsequently reinstated . at that point , we continue our collection/recovery processes , which may include a loss mitigation loan modification resulting in a loan that is classified as a tdr . see note 5 asset quality and allowances for loan and lease losses and unfunded loan commitments and letters of credit in the notes to consolidated financial statements in item 8 of this report for additional information . loan modifications and troubled debt restructurings consumer loan modifications we modify loans under government and pnc-developed programs based upon our commitment to help eligible homeowners and borrowers avoid foreclosure , where appropriate . initially , a borrower is evaluated for a modification under a government program . if a borrower does not qualify under a government program , the borrower is then evaluated under a pnc program . our programs utilize both temporary and permanent modifications and typically reduce the interest rate , extend the term and/or defer principal . temporary and permanent modifications under programs involving a change to loan terms are generally classified as tdrs . further , certain payment plans and trial payment arrangements which do not include a contractual change to loan terms may be classified as tdrs . additional detail on tdrs is discussed below as well as in note 5 asset quality and allowances for loan and lease losses and unfunded loan commitments and letters of credit in the notes to consolidated financial statements in item 8 of this report . a temporary modification , with a term between three and 60 months , involves a change in original loan terms for a period of time and reverts to the original loan terms as of a specific date or the occurrence of an event , such as a failure to pay in accordance with the terms of the modification . typically , these modifications are for a period of up to 24 months after which the interest rate reverts to the original loan rate . a permanent modification , with a term greater than 60 months , is a modification in which the terms of the original loan are changed . permanent modifications primarily include the government-created home affordable modification program ( hamp ) or pnc-developed hamp-like modification programs . for consumer loan programs , such as residential mortgages and home equity loans and lines , we will enter into a temporary modification when the borrower has indicated a temporary hardship and a willingness to bring current the delinquent loan balance . examples of this situation often include delinquency due to illness or death in the family , or a loss of employment . permanent modifications are entered into when it is confirmed that the borrower does not possess the income necessary to continue making loan payments at the current amount , but our expectation is that payments at lower amounts can be made . residential mortgage and home equity loans and lines have been modified with changes in terms for up to 60 months , although the majority involve periods of three to 24 months . we also monitor the success rates and delinquency status of our loan modification programs to assess their effectiveness in serving our customers 2019 needs while mitigating credit losses . the following tables provide the number of accounts and unpaid principal balance of modified consumer real estate related loans as well as the number of accounts and unpaid principal balance of modified loans that were 60 days or more past due as of six months , nine months and twelve months after the modification date . 78 the pnc financial services group , inc . 2013 form 10-k .

| | in millions | interest only product | principal and interest product | |---:|:--------------------|:------------------------|:---------------------------------| | 0 | 2012 | $ 904 | $ 266 | | 1 | 2013 | 1211 | 331 | | 2 | 2014 | 2043 | 598 | | 3 | 2015 | 1988 | 820 | | 4 | 2016 and thereafter | 6961 | 5601 | | 5 | total ( a ) | $ 13107 | $ 7616 |

generally , our variable-rate home equity lines of credit have either a seven or ten year draw period , followed by a 20 year amortization term . during the draw period , we have home equity lines of credit where borrowers pay interest only and home equity lines of credit where borrowers pay principal and interest . based upon outstanding balances at december 31 , 2011 , the following table presents the periods when home equity lines of credit draw periods are scheduled to end . home equity lines of credit - draw period end dates in millions interest only product principal and interest product ._| | in millions | interest only product | principal and interest product | |---:|:--------------------|:------------------------|:---------------------------------| | 0 | 2012 | $ 904 | $ 266 | | 1 | 2013 | 1211 | 331 | | 2 | 2014 | 2043 | 598 | | 3 | 2015 | 1988 | 820 | | 4 | 2016 and thereafter | 6961 | 5601 | | 5 | total ( a ) | $ 13107 | $ 7616 |_( a ) includes approximately $ 306 million , $ 44 million , $ 60 million , $ 100 million , and $ 246 million of home equity lines of credit with balloon payments with draw periods scheduled to end in 2012 , 2013 , 2014 , 2015 , and 2016 and thereafter , respectively . we view home equity lines of credit where borrowers are paying principal and interest under the draw period as less risky than those where the borrowers are paying interest only , as these borrowers have a demonstrated ability to make some level of principal and interest payments . based upon outstanding balances , and excluding purchased impaired loans , at december 31 , 2011 , for home equity lines of credit for which the borrower can no longer draw ( e.g. , draw period has ended or borrowing privileges have been terminated ) , approximately 4.32% ( 4.32 % ) were 30-89 days past due and approximately 5.57% ( 5.57 % ) were greater than or equal to 90 days past due . generally , when a borrower becomes 60 days past due , we terminate borrowing privileges , and those privileges are not subsequently reinstated . at that point , we continue our collection/recovery processes , which may include a loss mitigation loan modification resulting in a loan that is classified as a tdr . see note 5 asset quality and allowances for loan and lease losses and unfunded loan commitments and letters of credit in the notes to consolidated financial statements in item 8 of this report for additional information . loan modifications and troubled debt restructurings consumer loan modifications we modify loans under government and pnc-developed programs based upon our commitment to help eligible homeowners and borrowers avoid foreclosure , where appropriate . initially , a borrower is evaluated for a modification under a government program . if a borrower does not qualify under a government program , the borrower is then evaluated under a pnc program . our programs utilize both temporary and permanent modifications and typically reduce the interest rate , extend the term and/or defer principal . temporary and permanent modifications under programs involving a change to loan terms are generally classified as tdrs . further , certain payment plans and trial payment arrangements which do not include a contractual change to loan terms may be classified as tdrs . additional detail on tdrs is discussed below as well as in note 5 asset quality and allowances for loan and lease losses and unfunded loan commitments and letters of credit in the notes to consolidated financial statements in item 8 of this report . a temporary modification , with a term between three and 60 months , involves a change in original loan terms for a period of time and reverts to the original loan terms as of a specific date or the occurrence of an event , such as a failure to pay in accordance with the terms of the modification . typically , these modifications are for a period of up to 24 months after which the interest rate reverts to the original loan rate . a permanent modification , with a term greater than 60 months , is a modification in which the terms of the original loan are changed . permanent modifications primarily include the government-created home affordable modification program ( hamp ) or pnc-developed hamp-like modification programs . for consumer loan programs , such as residential mortgages and home equity loans and lines , we will enter into a temporary modification when the borrower has indicated a temporary hardship and a willingness to bring current the delinquent loan balance . examples of this situation often include delinquency due to illness or death in the family , or a loss of employment . permanent modifications are entered into when it is confirmed that the borrower does not possess the income necessary to continue making loan payments at the current amount , but our expectation is that payments at lower amounts can be made . residential mortgage and home equity loans and lines have been modified with changes in terms for up to 60 months , although the majority involve periods of three to 24 months . we also monitor the success rates and delinquency status of our loan modification programs to assess their effectiveness in serving our customers 2019 needs while mitigating credit losses . the following tables provide the number of accounts and unpaid principal balance of modified consumer real estate related loans as well as the number of accounts and unpaid principal balance of modified loans that were 60 days or more past due as of six months , nine months and twelve months after the modification date . 78 the pnc financial services group , inc . 2013 form 10-k .

2,011

87

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

based upon outstanding balances at december 31 , 2011 what was the percent of the principal and interest product of the combined products

23%

divide(266, add(904, 266))

generally , our variable-rate home equity lines of credit have either a seven or ten year draw period , followed by a 20 year amortization term . during the draw period , we have home equity lines of credit where borrowers pay interest only and home equity lines of credit where borrowers pay principal and interest . based upon outstanding balances at december 31 , 2011 , the following table presents the periods when home equity lines of credit draw periods are scheduled to end . home equity lines of credit - draw period end dates in millions interest only product principal and interest product .

( a ) includes approximately $ 306 million , $ 44 million , $ 60 million , $ 100 million , and $ 246 million of home equity lines of credit with balloon payments with draw periods scheduled to end in 2012 , 2013 , 2014 , 2015 , and 2016 and thereafter , respectively . we view home equity lines of credit where borrowers are paying principal and interest under the draw period as less risky than those where the borrowers are paying interest only , as these borrowers have a demonstrated ability to make some level of principal and interest payments . based upon outstanding balances , and excluding purchased impaired loans , at december 31 , 2011 , for home equity lines of credit for which the borrower can no longer draw ( e.g. , draw period has ended or borrowing privileges have been terminated ) , approximately 4.32% ( 4.32 % ) were 30-89 days past due and approximately 5.57% ( 5.57 % ) were greater than or equal to 90 days past due . generally , when a borrower becomes 60 days past due , we terminate borrowing privileges , and those privileges are not subsequently reinstated . at that point , we continue our collection/recovery processes , which may include a loss mitigation loan modification resulting in a loan that is classified as a tdr . see note 5 asset quality and allowances for loan and lease losses and unfunded loan commitments and letters of credit in the notes to consolidated financial statements in item 8 of this report for additional information . loan modifications and troubled debt restructurings consumer loan modifications we modify loans under government and pnc-developed programs based upon our commitment to help eligible homeowners and borrowers avoid foreclosure , where appropriate . initially , a borrower is evaluated for a modification under a government program . if a borrower does not qualify under a government program , the borrower is then evaluated under a pnc program . our programs utilize both temporary and permanent modifications and typically reduce the interest rate , extend the term and/or defer principal . temporary and permanent modifications under programs involving a change to loan terms are generally classified as tdrs . further , certain payment plans and trial payment arrangements which do not include a contractual change to loan terms may be classified as tdrs . additional detail on tdrs is discussed below as well as in note 5 asset quality and allowances for loan and lease losses and unfunded loan commitments and letters of credit in the notes to consolidated financial statements in item 8 of this report . a temporary modification , with a term between three and 60 months , involves a change in original loan terms for a period of time and reverts to the original loan terms as of a specific date or the occurrence of an event , such as a failure to pay in accordance with the terms of the modification . typically , these modifications are for a period of up to 24 months after which the interest rate reverts to the original loan rate . a permanent modification , with a term greater than 60 months , is a modification in which the terms of the original loan are changed . permanent modifications primarily include the government-created home affordable modification program ( hamp ) or pnc-developed hamp-like modification programs . for consumer loan programs , such as residential mortgages and home equity loans and lines , we will enter into a temporary modification when the borrower has indicated a temporary hardship and a willingness to bring current the delinquent loan balance . examples of this situation often include delinquency due to illness or death in the family , or a loss of employment . permanent modifications are entered into when it is confirmed that the borrower does not possess the income necessary to continue making loan payments at the current amount , but our expectation is that payments at lower amounts can be made . residential mortgage and home equity loans and lines have been modified with changes in terms for up to 60 months , although the majority involve periods of three to 24 months . we also monitor the success rates and delinquency status of our loan modification programs to assess their effectiveness in serving our customers 2019 needs while mitigating credit losses . the following tables provide the number of accounts and unpaid principal balance of modified consumer real estate related loans as well as the number of accounts and unpaid principal balance of modified loans that were 60 days or more past due as of six months , nine months and twelve months after the modification date . 78 the pnc financial services group , inc . 2013 form 10-k .

| | in millions | interest only product | principal and interest product | |---:|:--------------------|:------------------------|:---------------------------------| | 0 | 2012 | $ 904 | $ 266 | | 1 | 2013 | 1211 | 331 | | 2 | 2014 | 2043 | 598 | | 3 | 2015 | 1988 | 820 | | 4 | 2016 and thereafter | 6961 | 5601 | | 5 | total ( a ) | $ 13107 | $ 7616 |

generally , our variable-rate home equity lines of credit have either a seven or ten year draw period , followed by a 20 year amortization term . during the draw period , we have home equity lines of credit where borrowers pay interest only and home equity lines of credit where borrowers pay principal and interest . based upon outstanding balances at december 31 , 2011 , the following table presents the periods when home equity lines of credit draw periods are scheduled to end . home equity lines of credit - draw period end dates in millions interest only product principal and interest product ._| | in millions | interest only product | principal and interest product | |---:|:--------------------|:------------------------|:---------------------------------| | 0 | 2012 | $ 904 | $ 266 | | 1 | 2013 | 1211 | 331 | | 2 | 2014 | 2043 | 598 | | 3 | 2015 | 1988 | 820 | | 4 | 2016 and thereafter | 6961 | 5601 | | 5 | total ( a ) | $ 13107 | $ 7616 |_( a ) includes approximately $ 306 million , $ 44 million , $ 60 million , $ 100 million , and $ 246 million of home equity lines of credit with balloon payments with draw periods scheduled to end in 2012 , 2013 , 2014 , 2015 , and 2016 and thereafter , respectively . we view home equity lines of credit where borrowers are paying principal and interest under the draw period as less risky than those where the borrowers are paying interest only , as these borrowers have a demonstrated ability to make some level of principal and interest payments . based upon outstanding balances , and excluding purchased impaired loans , at december 31 , 2011 , for home equity lines of credit for which the borrower can no longer draw ( e.g. , draw period has ended or borrowing privileges have been terminated ) , approximately 4.32% ( 4.32 % ) were 30-89 days past due and approximately 5.57% ( 5.57 % ) were greater than or equal to 90 days past due . generally , when a borrower becomes 60 days past due , we terminate borrowing privileges , and those privileges are not subsequently reinstated . at that point , we continue our collection/recovery processes , which may include a loss mitigation loan modification resulting in a loan that is classified as a tdr . see note 5 asset quality and allowances for loan and lease losses and unfunded loan commitments and letters of credit in the notes to consolidated financial statements in item 8 of this report for additional information . loan modifications and troubled debt restructurings consumer loan modifications we modify loans under government and pnc-developed programs based upon our commitment to help eligible homeowners and borrowers avoid foreclosure , where appropriate . initially , a borrower is evaluated for a modification under a government program . if a borrower does not qualify under a government program , the borrower is then evaluated under a pnc program . our programs utilize both temporary and permanent modifications and typically reduce the interest rate , extend the term and/or defer principal . temporary and permanent modifications under programs involving a change to loan terms are generally classified as tdrs . further , certain payment plans and trial payment arrangements which do not include a contractual change to loan terms may be classified as tdrs . additional detail on tdrs is discussed below as well as in note 5 asset quality and allowances for loan and lease losses and unfunded loan commitments and letters of credit in the notes to consolidated financial statements in item 8 of this report . a temporary modification , with a term between three and 60 months , involves a change in original loan terms for a period of time and reverts to the original loan terms as of a specific date or the occurrence of an event , such as a failure to pay in accordance with the terms of the modification . typically , these modifications are for a period of up to 24 months after which the interest rate reverts to the original loan rate . a permanent modification , with a term greater than 60 months , is a modification in which the terms of the original loan are changed . permanent modifications primarily include the government-created home affordable modification program ( hamp ) or pnc-developed hamp-like modification programs . for consumer loan programs , such as residential mortgages and home equity loans and lines , we will enter into a temporary modification when the borrower has indicated a temporary hardship and a willingness to bring current the delinquent loan balance . examples of this situation often include delinquency due to illness or death in the family , or a loss of employment . permanent modifications are entered into when it is confirmed that the borrower does not possess the income necessary to continue making loan payments at the current amount , but our expectation is that payments at lower amounts can be made . residential mortgage and home equity loans and lines have been modified with changes in terms for up to 60 months , although the majority involve periods of three to 24 months . we also monitor the success rates and delinquency status of our loan modification programs to assess their effectiveness in serving our customers 2019 needs while mitigating credit losses . the following tables provide the number of accounts and unpaid principal balance of modified consumer real estate related loans as well as the number of accounts and unpaid principal balance of modified loans that were 60 days or more past due as of six months , nine months and twelve months after the modification date . 78 the pnc financial services group , inc . 2013 form 10-k .

2,011

87

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

null

finqa315

for miscellaneous receivables and other assets , what was the percentage that represented assets related to the firm 2019s reinsurance business which were classified as held for sale as of december 2012?

3.464

subtract(divide(20234, const_1000), 16.77)

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

for miscellaneous receivables and other assets , what was the percentage that represented assets related to the firm 2019s reinsurance business which were classified as held for sale as of december 2012?

3.464

subtract(divide(20234, const_1000), 16.77)

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

finqa316

what is the average of the afs investment securities during the years 2016-2018?

221866

divide(add(add(228681, 200247), 236670), const_3)

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 average of the afs investment securities during the years 2016-2018?

221866

divide(add(add(228681, 200247), 236670), const_3)

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

finqa317

between december 31 , 2011 and december 31 , 2010 , what was the change in the unpaid principal balance outstanding of loans sold as a participant in these programs in billions?

0.2

subtract(13.2, 13.0)

the table below reflects the estimated effects on pension expense of certain changes in annual assumptions , using 2012 estimated expense as a baseline . change in assumption ( a ) estimated increase to 2012 pension expense ( in millions ) .

( a ) the impact is the effect of changing the specified assumption while holding all other assumptions constant . our pension plan contribution requirements are not particularly sensitive to actuarial assumptions . investment performance has the most impact on contribution requirements and will drive the amount of permitted contributions in future years . also , current law , including the provisions of the pension protection act of 2006 , sets limits as to both minimum and maximum contributions to the plan . we do not expect to be required by law to make any contributions to the plan during 2012 . we maintain other defined benefit plans that have a less significant effect on financial results , including various nonqualified supplemental retirement plans for certain employees . recourse and repurchase obligations as discussed in note 3 loan sale and servicing activities and variable interest entities in the notes to consolidated financial statements in item 8 of this report , pnc has sold commercial mortgage and residential mortgage loans directly or indirectly in securitizations and whole-loan sale transactions with continuing involvement . one form of continuing involvement includes certain recourse and loan repurchase obligations associated with the transferred assets in these transactions . commercial mortgage loan recourse obligations we originate , close , and service certain multi-family commercial mortgage loans which are sold to fnma under fnma 2019s delegated underwriting and servicing ( dus ) program . we participated in a similar program with the fhlmc . under these programs , we generally assume up to a one-third pari passu risk of loss on unpaid principal balances through a loss share arrangement . at december 31 , 2011 and december 31 , 2010 , the unpaid principal balance outstanding of loans sold as a participant in these programs was $ 13.0 billion and $ 13.2 billion , respectively . the potential maximum exposure under the loss share arrangements was $ 4.0 billion at both december 31 , 2011 and december 31 , 2010 . we maintain a reserve for estimated losses based on our exposure . the reserve for losses under these programs totaled $ 47 million and $ 54 million as of december 31 , 2011 and december 31 , 2010 , respectively , and is included in other liabilities on our consolidated balance sheet . if payment is required under these programs , we would not have a contractual interest in the collateral underlying the mortgage loans on which losses occurred , although the value of the collateral is taken into account in determining our share of such losses . our exposure and activity associated with these recourse obligations are reported in the corporate & institutional banking segment . residential mortgage loan and home equity repurchase obligations while residential mortgage loans are sold on a non-recourse basis , we assume certain loan repurchase obligations associated with mortgage loans we have sold to investors . these loan repurchase obligations primarily relate to situations where pnc is alleged to have breached certain origination covenants and representations and warranties made to purchasers of the loans in the respective purchase and sale agreements . residential mortgage loans covered by these loan repurchase obligations include first and second-lien mortgage loans we have sold through agency securitizations , non-agency securitizations , and whole-loan sale transactions . as discussed in note 3 in the notes to consolidated financial statements in item 8 of this report , agency securitizations consist of mortgage loans sale transactions with fnma , fhlmc , and the government national mortgage association ( gnma ) program , while non-agency securitizations and whole-loan sale transactions consist of mortgage loans sale transactions with private investors . our historical exposure and activity associated with agency securitization repurchase obligations has primarily been related to transactions with fnma and fhlmc , as indemnification and repurchase losses associated with federal housing agency ( fha ) and department of veterans affairs ( va ) -insured and uninsured loans pooled in gnma securitizations historically have been minimal . repurchase obligation activity associated with residential mortgages is reported in the residential mortgage banking segment . pnc 2019s repurchase obligations also include certain brokered home equity loans/lines that were sold to a limited number of private investors in the financial services industry by national city prior to our acquisition . pnc is no longer engaged in the brokered home equity lending business , and our exposure under these loan repurchase obligations is limited to repurchases of the whole-loans sold in these transactions . repurchase activity associated with brokered home equity lines/loans are reported in the non-strategic assets portfolio segment . loan covenants and representations and warranties are established through loan sale agreements with various investors to provide assurance that pnc has sold loans to the pnc financial services group , inc . 2013 form 10-k 69 .

| | change in assumption ( a ) | estimatedincrease to 2012pensionexpense ( in millions ) | |---:|:-------------------------------------------------------------|:----------------------------------------------------------| | 0 | .5% ( .5 % ) decrease in discount rate | $ 23 | | 1 | .5% ( .5 % ) decrease in expected long-term return on assets | $ 18 | | 2 | .5% ( .5 % ) increase in compensation rate | $ 2 |

the table below reflects the estimated effects on pension expense of certain changes in annual assumptions , using 2012 estimated expense as a baseline . change in assumption ( a ) estimated increase to 2012 pension expense ( in millions ) ._| | change in assumption ( a ) | estimatedincrease to 2012pensionexpense ( in millions ) | |---:|:-------------------------------------------------------------|:----------------------------------------------------------| | 0 | .5% ( .5 % ) decrease in discount rate | $ 23 | | 1 | .5% ( .5 % ) decrease in expected long-term return on assets | $ 18 | | 2 | .5% ( .5 % ) increase in compensation rate | $ 2 |_( a ) the impact is the effect of changing the specified assumption while holding all other assumptions constant . our pension plan contribution requirements are not particularly sensitive to actuarial assumptions . investment performance has the most impact on contribution requirements and will drive the amount of permitted contributions in future years . also , current law , including the provisions of the pension protection act of 2006 , sets limits as to both minimum and maximum contributions to the plan . we do not expect to be required by law to make any contributions to the plan during 2012 . we maintain other defined benefit plans that have a less significant effect on financial results , including various nonqualified supplemental retirement plans for certain employees . recourse and repurchase obligations as discussed in note 3 loan sale and servicing activities and variable interest entities in the notes to consolidated financial statements in item 8 of this report , pnc has sold commercial mortgage and residential mortgage loans directly or indirectly in securitizations and whole-loan sale transactions with continuing involvement . one form of continuing involvement includes certain recourse and loan repurchase obligations associated with the transferred assets in these transactions . commercial mortgage loan recourse obligations we originate , close , and service certain multi-family commercial mortgage loans which are sold to fnma under fnma 2019s delegated underwriting and servicing ( dus ) program . we participated in a similar program with the fhlmc . under these programs , we generally assume up to a one-third pari passu risk of loss on unpaid principal balances through a loss share arrangement . at december 31 , 2011 and december 31 , 2010 , the unpaid principal balance outstanding of loans sold as a participant in these programs was $ 13.0 billion and $ 13.2 billion , respectively . the potential maximum exposure under the loss share arrangements was $ 4.0 billion at both december 31 , 2011 and december 31 , 2010 . we maintain a reserve for estimated losses based on our exposure . the reserve for losses under these programs totaled $ 47 million and $ 54 million as of december 31 , 2011 and december 31 , 2010 , respectively , and is included in other liabilities on our consolidated balance sheet . if payment is required under these programs , we would not have a contractual interest in the collateral underlying the mortgage loans on which losses occurred , although the value of the collateral is taken into account in determining our share of such losses . our exposure and activity associated with these recourse obligations are reported in the corporate & institutional banking segment . residential mortgage loan and home equity repurchase obligations while residential mortgage loans are sold on a non-recourse basis , we assume certain loan repurchase obligations associated with mortgage loans we have sold to investors . these loan repurchase obligations primarily relate to situations where pnc is alleged to have breached certain origination covenants and representations and warranties made to purchasers of the loans in the respective purchase and sale agreements . residential mortgage loans covered by these loan repurchase obligations include first and second-lien mortgage loans we have sold through agency securitizations , non-agency securitizations , and whole-loan sale transactions . as discussed in note 3 in the notes to consolidated financial statements in item 8 of this report , agency securitizations consist of mortgage loans sale transactions with fnma , fhlmc , and the government national mortgage association ( gnma ) program , while non-agency securitizations and whole-loan sale transactions consist of mortgage loans sale transactions with private investors . our historical exposure and activity associated with agency securitization repurchase obligations has primarily been related to transactions with fnma and fhlmc , as indemnification and repurchase losses associated with federal housing agency ( fha ) and department of veterans affairs ( va ) -insured and uninsured loans pooled in gnma securitizations historically have been minimal . repurchase obligation activity associated with residential mortgages is reported in the residential mortgage banking segment . pnc 2019s repurchase obligations also include certain brokered home equity loans/lines that were sold to a limited number of private investors in the financial services industry by national city prior to our acquisition . pnc is no longer engaged in the brokered home equity lending business , and our exposure under these loan repurchase obligations is limited to repurchases of the whole-loans sold in these transactions . repurchase activity associated with brokered home equity lines/loans are reported in the non-strategic assets portfolio segment . loan covenants and representations and warranties are established through loan sale agreements with various investors to provide assurance that pnc has sold loans to the pnc financial services group , inc . 2013 form 10-k 69 .

2,011

78

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

between december 31 , 2011 and december 31 , 2010 , what was the change in the unpaid principal balance outstanding of loans sold as a participant in these programs in billions?

0.2

subtract(13.2, 13.0)

the table below reflects the estimated effects on pension expense of certain changes in annual assumptions , using 2012 estimated expense as a baseline . change in assumption ( a ) estimated increase to 2012 pension expense ( in millions ) .

( a ) the impact is the effect of changing the specified assumption while holding all other assumptions constant . our pension plan contribution requirements are not particularly sensitive to actuarial assumptions . investment performance has the most impact on contribution requirements and will drive the amount of permitted contributions in future years . also , current law , including the provisions of the pension protection act of 2006 , sets limits as to both minimum and maximum contributions to the plan . we do not expect to be required by law to make any contributions to the plan during 2012 . we maintain other defined benefit plans that have a less significant effect on financial results , including various nonqualified supplemental retirement plans for certain employees . recourse and repurchase obligations as discussed in note 3 loan sale and servicing activities and variable interest entities in the notes to consolidated financial statements in item 8 of this report , pnc has sold commercial mortgage and residential mortgage loans directly or indirectly in securitizations and whole-loan sale transactions with continuing involvement . one form of continuing involvement includes certain recourse and loan repurchase obligations associated with the transferred assets in these transactions . commercial mortgage loan recourse obligations we originate , close , and service certain multi-family commercial mortgage loans which are sold to fnma under fnma 2019s delegated underwriting and servicing ( dus ) program . we participated in a similar program with the fhlmc . under these programs , we generally assume up to a one-third pari passu risk of loss on unpaid principal balances through a loss share arrangement . at december 31 , 2011 and december 31 , 2010 , the unpaid principal balance outstanding of loans sold as a participant in these programs was $ 13.0 billion and $ 13.2 billion , respectively . the potential maximum exposure under the loss share arrangements was $ 4.0 billion at both december 31 , 2011 and december 31 , 2010 . we maintain a reserve for estimated losses based on our exposure . the reserve for losses under these programs totaled $ 47 million and $ 54 million as of december 31 , 2011 and december 31 , 2010 , respectively , and is included in other liabilities on our consolidated balance sheet . if payment is required under these programs , we would not have a contractual interest in the collateral underlying the mortgage loans on which losses occurred , although the value of the collateral is taken into account in determining our share of such losses . our exposure and activity associated with these recourse obligations are reported in the corporate & institutional banking segment . residential mortgage loan and home equity repurchase obligations while residential mortgage loans are sold on a non-recourse basis , we assume certain loan repurchase obligations associated with mortgage loans we have sold to investors . these loan repurchase obligations primarily relate to situations where pnc is alleged to have breached certain origination covenants and representations and warranties made to purchasers of the loans in the respective purchase and sale agreements . residential mortgage loans covered by these loan repurchase obligations include first and second-lien mortgage loans we have sold through agency securitizations , non-agency securitizations , and whole-loan sale transactions . as discussed in note 3 in the notes to consolidated financial statements in item 8 of this report , agency securitizations consist of mortgage loans sale transactions with fnma , fhlmc , and the government national mortgage association ( gnma ) program , while non-agency securitizations and whole-loan sale transactions consist of mortgage loans sale transactions with private investors . our historical exposure and activity associated with agency securitization repurchase obligations has primarily been related to transactions with fnma and fhlmc , as indemnification and repurchase losses associated with federal housing agency ( fha ) and department of veterans affairs ( va ) -insured and uninsured loans pooled in gnma securitizations historically have been minimal . repurchase obligation activity associated with residential mortgages is reported in the residential mortgage banking segment . pnc 2019s repurchase obligations also include certain brokered home equity loans/lines that were sold to a limited number of private investors in the financial services industry by national city prior to our acquisition . pnc is no longer engaged in the brokered home equity lending business , and our exposure under these loan repurchase obligations is limited to repurchases of the whole-loans sold in these transactions . repurchase activity associated with brokered home equity lines/loans are reported in the non-strategic assets portfolio segment . loan covenants and representations and warranties are established through loan sale agreements with various investors to provide assurance that pnc has sold loans to the pnc financial services group , inc . 2013 form 10-k 69 .

| | change in assumption ( a ) | estimatedincrease to 2012pensionexpense ( in millions ) | |---:|:-------------------------------------------------------------|:----------------------------------------------------------| | 0 | .5% ( .5 % ) decrease in discount rate | $ 23 | | 1 | .5% ( .5 % ) decrease in expected long-term return on assets | $ 18 | | 2 | .5% ( .5 % ) increase in compensation rate | $ 2 |

the table below reflects the estimated effects on pension expense of certain changes in annual assumptions , using 2012 estimated expense as a baseline . change in assumption ( a ) estimated increase to 2012 pension expense ( in millions ) ._| | change in assumption ( a ) | estimatedincrease to 2012pensionexpense ( in millions ) | |---:|:-------------------------------------------------------------|:----------------------------------------------------------| | 0 | .5% ( .5 % ) decrease in discount rate | $ 23 | | 1 | .5% ( .5 % ) decrease in expected long-term return on assets | $ 18 | | 2 | .5% ( .5 % ) increase in compensation rate | $ 2 |_( a ) the impact is the effect of changing the specified assumption while holding all other assumptions constant . our pension plan contribution requirements are not particularly sensitive to actuarial assumptions . investment performance has the most impact on contribution requirements and will drive the amount of permitted contributions in future years . also , current law , including the provisions of the pension protection act of 2006 , sets limits as to both minimum and maximum contributions to the plan . we do not expect to be required by law to make any contributions to the plan during 2012 . we maintain other defined benefit plans that have a less significant effect on financial results , including various nonqualified supplemental retirement plans for certain employees . recourse and repurchase obligations as discussed in note 3 loan sale and servicing activities and variable interest entities in the notes to consolidated financial statements in item 8 of this report , pnc has sold commercial mortgage and residential mortgage loans directly or indirectly in securitizations and whole-loan sale transactions with continuing involvement . one form of continuing involvement includes certain recourse and loan repurchase obligations associated with the transferred assets in these transactions . commercial mortgage loan recourse obligations we originate , close , and service certain multi-family commercial mortgage loans which are sold to fnma under fnma 2019s delegated underwriting and servicing ( dus ) program . we participated in a similar program with the fhlmc . under these programs , we generally assume up to a one-third pari passu risk of loss on unpaid principal balances through a loss share arrangement . at december 31 , 2011 and december 31 , 2010 , the unpaid principal balance outstanding of loans sold as a participant in these programs was $ 13.0 billion and $ 13.2 billion , respectively . the potential maximum exposure under the loss share arrangements was $ 4.0 billion at both december 31 , 2011 and december 31 , 2010 . we maintain a reserve for estimated losses based on our exposure . the reserve for losses under these programs totaled $ 47 million and $ 54 million as of december 31 , 2011 and december 31 , 2010 , respectively , and is included in other liabilities on our consolidated balance sheet . if payment is required under these programs , we would not have a contractual interest in the collateral underlying the mortgage loans on which losses occurred , although the value of the collateral is taken into account in determining our share of such losses . our exposure and activity associated with these recourse obligations are reported in the corporate & institutional banking segment . residential mortgage loan and home equity repurchase obligations while residential mortgage loans are sold on a non-recourse basis , we assume certain loan repurchase obligations associated with mortgage loans we have sold to investors . these loan repurchase obligations primarily relate to situations where pnc is alleged to have breached certain origination covenants and representations and warranties made to purchasers of the loans in the respective purchase and sale agreements . residential mortgage loans covered by these loan repurchase obligations include first and second-lien mortgage loans we have sold through agency securitizations , non-agency securitizations , and whole-loan sale transactions . as discussed in note 3 in the notes to consolidated financial statements in item 8 of this report , agency securitizations consist of mortgage loans sale transactions with fnma , fhlmc , and the government national mortgage association ( gnma ) program , while non-agency securitizations and whole-loan sale transactions consist of mortgage loans sale transactions with private investors . our historical exposure and activity associated with agency securitization repurchase obligations has primarily been related to transactions with fnma and fhlmc , as indemnification and repurchase losses associated with federal housing agency ( fha ) and department of veterans affairs ( va ) -insured and uninsured loans pooled in gnma securitizations historically have been minimal . repurchase obligation activity associated with residential mortgages is reported in the residential mortgage banking segment . pnc 2019s repurchase obligations also include certain brokered home equity loans/lines that were sold to a limited number of private investors in the financial services industry by national city prior to our acquisition . pnc is no longer engaged in the brokered home equity lending business , and our exposure under these loan repurchase obligations is limited to repurchases of the whole-loans sold in these transactions . repurchase activity associated with brokered home equity lines/loans are reported in the non-strategic assets portfolio segment . loan covenants and representations and warranties are established through loan sale agreements with various investors to provide assurance that pnc has sold loans to the pnc financial services group , inc . 2013 form 10-k 69 .

2,011

78

PNC

PNC Financial Services

Financials

Diversified Banks

Pittsburgh, Pennsylvania

1988-04-30

713,676

1845

null

finqa318

what was the percentage change in revenue on a pro forma basis between 2006 and 2007?

96%

divide(subtract(366854, 187103), 187103)

goodwill goodwill represents the excess of the solexa purchase price over the sum of the amounts assigned to assets acquired less liabilities assumed . the company believes that the acquisition of solexa will produce the following significant benefits : 2022 increased market presence and opportunities . the combination of the company and solexa should increase the combined company 2019s market presence and opportunities for growth in revenue , earnings and stockholder return . the company believes that the solexa technology is highly complementary to the company 2019s own portfolio of products and services and will enhance the company 2019s capabilities to service its existing customers , as well as accelerate the develop- ment of additional technologies , products and services . the company believes that integrating solexa 2019s capabilities with the company 2019s technologies will better position the company to address the emerging biomarker research and development and in-vitro and molecular diag- nostic markets . the company began to recognize revenue from products shipped as a result of this acquisition during the first quarter of 2007 . 2022 operating efficiencies . the combination of the company and solexa provides the opportunity for potential economies of scale and cost savings . the company believes that these primary factors support the amount of goodwill recognized as a result of the purchase price paid for solexa , in relation to other acquired tangible and intangible assets , including in-process research and development . the following unaudited pro forma information shows the results of the company 2019s operations for the specified reporting periods as though the acquisition had occurred as of the beginning of that period ( in thousands , except per share data ) : year ended december 30 , year ended december 31 .

the pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisition taken place as of the beginning of the periods presented , or the results that may occur in the future . the pro forma results exclude the $ 303.4 million non-cash acquired ipr&d charge recorded upon the closing of the acquisition during the first quarter of 2007 . investment in solexa on november 12 , 2006 , the company entered into a definitive securities purchase agreement with solexa in which the company invested approximately $ 50 million in solexa in exchange for 5154639 newly issued shares of solexa common stock in conjunction with the merger of the two companies . this investment was valued at $ 67.8 million as of december 31 , 2006 , which represented a market value of $ 13.15 per share of solexa common stock . this investment was eliminated as part of the company 2019s purchase accounting upon the closing of the merger on january 26 , 2007 . illumina , inc . notes to consolidated financial statements 2014 ( continued ) .

| | | year ended december 30 2007 | year ended december 31 2006 | |---:|:--------------------------------------|:------------------------------|:------------------------------| | 0 | revenue | $ 366854 | $ 187103 | | 1 | net income ( loss ) | $ 17388 | $ -38957 ( 38957 ) | | 2 | net income ( loss ) per share basic | $ 0.32 | $ -0.68 ( 0.68 ) | | 3 | net income ( loss ) per share diluted | $ 0.29 | $ -0.68 ( 0.68 ) |

goodwill goodwill represents the excess of the solexa purchase price over the sum of the amounts assigned to assets acquired less liabilities assumed . the company believes that the acquisition of solexa will produce the following significant benefits : 2022 increased market presence and opportunities . the combination of the company and solexa should increase the combined company 2019s market presence and opportunities for growth in revenue , earnings and stockholder return . the company believes that the solexa technology is highly complementary to the company 2019s own portfolio of products and services and will enhance the company 2019s capabilities to service its existing customers , as well as accelerate the develop- ment of additional technologies , products and services . the company believes that integrating solexa 2019s capabilities with the company 2019s technologies will better position the company to address the emerging biomarker research and development and in-vitro and molecular diag- nostic markets . the company began to recognize revenue from products shipped as a result of this acquisition during the first quarter of 2007 . 2022 operating efficiencies . the combination of the company and solexa provides the opportunity for potential economies of scale and cost savings . the company believes that these primary factors support the amount of goodwill recognized as a result of the purchase price paid for solexa , in relation to other acquired tangible and intangible assets , including in-process research and development . the following unaudited pro forma information shows the results of the company 2019s operations for the specified reporting periods as though the acquisition had occurred as of the beginning of that period ( in thousands , except per share data ) : year ended december 30 , year ended december 31 ._| | | year ended december 30 2007 | year ended december 31 2006 | |---:|:--------------------------------------|:------------------------------|:------------------------------| | 0 | revenue | $ 366854 | $ 187103 | | 1 | net income ( loss ) | $ 17388 | $ -38957 ( 38957 ) | | 2 | net income ( loss ) per share basic | $ 0.32 | $ -0.68 ( 0.68 ) | | 3 | net income ( loss ) per share diluted | $ 0.29 | $ -0.68 ( 0.68 ) |_the pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisition taken place as of the beginning of the periods presented , or the results that may occur in the future . the pro forma results exclude the $ 303.4 million non-cash acquired ipr&d charge recorded upon the closing of the acquisition during the first quarter of 2007 . investment in solexa on november 12 , 2006 , the company entered into a definitive securities purchase agreement with solexa in which the company invested approximately $ 50 million in solexa in exchange for 5154639 newly issued shares of solexa common stock in conjunction with the merger of the two companies . this investment was valued at $ 67.8 million as of december 31 , 2006 , which represented a market value of $ 13.15 per share of solexa common stock . this investment was eliminated as part of the company 2019s purchase accounting upon the closing of the merger on january 26 , 2007 . illumina , inc . notes to consolidated financial statements 2014 ( continued ) .

2,007

78

ILMN

Illumina, Inc.

Healthcare

Life Sciences Tools & Services

San Diego, CA

2015-01-01

1,110,803

1998

what was the percentage change in revenue on a pro forma basis between 2006 and 2007?

96%

divide(subtract(366854, 187103), 187103)

goodwill goodwill represents the excess of the solexa purchase price over the sum of the amounts assigned to assets acquired less liabilities assumed . the company believes that the acquisition of solexa will produce the following significant benefits : 2022 increased market presence and opportunities . the combination of the company and solexa should increase the combined company 2019s market presence and opportunities for growth in revenue , earnings and stockholder return . the company believes that the solexa technology is highly complementary to the company 2019s own portfolio of products and services and will enhance the company 2019s capabilities to service its existing customers , as well as accelerate the develop- ment of additional technologies , products and services . the company believes that integrating solexa 2019s capabilities with the company 2019s technologies will better position the company to address the emerging biomarker research and development and in-vitro and molecular diag- nostic markets . the company began to recognize revenue from products shipped as a result of this acquisition during the first quarter of 2007 . 2022 operating efficiencies . the combination of the company and solexa provides the opportunity for potential economies of scale and cost savings . the company believes that these primary factors support the amount of goodwill recognized as a result of the purchase price paid for solexa , in relation to other acquired tangible and intangible assets , including in-process research and development . the following unaudited pro forma information shows the results of the company 2019s operations for the specified reporting periods as though the acquisition had occurred as of the beginning of that period ( in thousands , except per share data ) : year ended december 30 , year ended december 31 .

the pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisition taken place as of the beginning of the periods presented , or the results that may occur in the future . the pro forma results exclude the $ 303.4 million non-cash acquired ipr&d charge recorded upon the closing of the acquisition during the first quarter of 2007 . investment in solexa on november 12 , 2006 , the company entered into a definitive securities purchase agreement with solexa in which the company invested approximately $ 50 million in solexa in exchange for 5154639 newly issued shares of solexa common stock in conjunction with the merger of the two companies . this investment was valued at $ 67.8 million as of december 31 , 2006 , which represented a market value of $ 13.15 per share of solexa common stock . this investment was eliminated as part of the company 2019s purchase accounting upon the closing of the merger on january 26 , 2007 . illumina , inc . notes to consolidated financial statements 2014 ( continued ) .

| | | year ended december 30 2007 | year ended december 31 2006 | |---:|:--------------------------------------|:------------------------------|:------------------------------| | 0 | revenue | $ 366854 | $ 187103 | | 1 | net income ( loss ) | $ 17388 | $ -38957 ( 38957 ) | | 2 | net income ( loss ) per share basic | $ 0.32 | $ -0.68 ( 0.68 ) | | 3 | net income ( loss ) per share diluted | $ 0.29 | $ -0.68 ( 0.68 ) |

goodwill goodwill represents the excess of the solexa purchase price over the sum of the amounts assigned to assets acquired less liabilities assumed . the company believes that the acquisition of solexa will produce the following significant benefits : 2022 increased market presence and opportunities . the combination of the company and solexa should increase the combined company 2019s market presence and opportunities for growth in revenue , earnings and stockholder return . the company believes that the solexa technology is highly complementary to the company 2019s own portfolio of products and services and will enhance the company 2019s capabilities to service its existing customers , as well as accelerate the develop- ment of additional technologies , products and services . the company believes that integrating solexa 2019s capabilities with the company 2019s technologies will better position the company to address the emerging biomarker research and development and in-vitro and molecular diag- nostic markets . the company began to recognize revenue from products shipped as a result of this acquisition during the first quarter of 2007 . 2022 operating efficiencies . the combination of the company and solexa provides the opportunity for potential economies of scale and cost savings . the company believes that these primary factors support the amount of goodwill recognized as a result of the purchase price paid for solexa , in relation to other acquired tangible and intangible assets , including in-process research and development . the following unaudited pro forma information shows the results of the company 2019s operations for the specified reporting periods as though the acquisition had occurred as of the beginning of that period ( in thousands , except per share data ) : year ended december 30 , year ended december 31 ._| | | year ended december 30 2007 | year ended december 31 2006 | |---:|:--------------------------------------|:------------------------------|:------------------------------| | 0 | revenue | $ 366854 | $ 187103 | | 1 | net income ( loss ) | $ 17388 | $ -38957 ( 38957 ) | | 2 | net income ( loss ) per share basic | $ 0.32 | $ -0.68 ( 0.68 ) | | 3 | net income ( loss ) per share diluted | $ 0.29 | $ -0.68 ( 0.68 ) |_the pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the acquisition taken place as of the beginning of the periods presented , or the results that may occur in the future . the pro forma results exclude the $ 303.4 million non-cash acquired ipr&d charge recorded upon the closing of the acquisition during the first quarter of 2007 . investment in solexa on november 12 , 2006 , the company entered into a definitive securities purchase agreement with solexa in which the company invested approximately $ 50 million in solexa in exchange for 5154639 newly issued shares of solexa common stock in conjunction with the merger of the two companies . this investment was valued at $ 67.8 million as of december 31 , 2006 , which represented a market value of $ 13.15 per share of solexa common stock . this investment was eliminated as part of the company 2019s purchase accounting upon the closing of the merger on january 26 , 2007 . illumina , inc . notes to consolidated financial statements 2014 ( continued ) .

2,007

78

ILMN

Illumina, Inc.

Healthcare

Life Sciences Tools & Services

San Diego, CA

2015-01-01

1,110,803

1998

null

finqa319

what is the growth rate of the net earnings for basic and diluted eps?

-13.3%

divide(subtract(6021, 6948), 6948)

the fair value of the psu award at the date of grant is amortized to expense over the performance period , which is typically three years after the date of the award , or upon death , disability or reaching the age of 58 . as of december 31 , 2017 , pmi had $ 34 million of total unrecognized compensation cost related to non-vested psu awards . this cost is recognized over a weighted-average performance cycle period of two years , or upon death , disability or reaching the age of 58 . during the years ended december 31 , 2017 , and 2016 , there were no psu awards that vested . pmi did not grant any psu awards during note 10 . earnings per share : unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and therefore are included in pmi 2019s earnings per share calculation pursuant to the two-class method . basic and diluted earnings per share ( 201ceps 201d ) were calculated using the following: .

for the 2017 , 2016 and 2015 computations , there were no antidilutive stock options. .

| | ( in millions ) | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , 2015 | |---:|:---------------------------------------------------------------------------------------|:-----------------------------------------|:-----------------------------------------|:-----------------------------------------| | 0 | net earnings attributable to pmi | $ 6035 | $ 6967 | $ 6873 | | 1 | less distributed and undistributed earnings attributable to share-based payment awards | 14 | 19 | 24 | | 2 | net earnings for basic and diluted eps | $ 6021 | $ 6948 | $ 6849 | | 3 | weighted-average shares for basic eps | 1552 | 1551 | 1549 | | 4 | plus contingently issuable performance stock units ( psus ) | 1 | 2014 | 2014 | | 5 | weighted-average shares for diluted eps | 1553 | 1551 | 1549 |

the fair value of the psu award at the date of grant is amortized to expense over the performance period , which is typically three years after the date of the award , or upon death , disability or reaching the age of 58 . as of december 31 , 2017 , pmi had $ 34 million of total unrecognized compensation cost related to non-vested psu awards . this cost is recognized over a weighted-average performance cycle period of two years , or upon death , disability or reaching the age of 58 . during the years ended december 31 , 2017 , and 2016 , there were no psu awards that vested . pmi did not grant any psu awards during note 10 . earnings per share : unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and therefore are included in pmi 2019s earnings per share calculation pursuant to the two-class method . basic and diluted earnings per share ( 201ceps 201d ) were calculated using the following: ._| | ( in millions ) | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , 2015 | |---:|:---------------------------------------------------------------------------------------|:-----------------------------------------|:-----------------------------------------|:-----------------------------------------| | 0 | net earnings attributable to pmi | $ 6035 | $ 6967 | $ 6873 | | 1 | less distributed and undistributed earnings attributable to share-based payment awards | 14 | 19 | 24 | | 2 | net earnings for basic and diluted eps | $ 6021 | $ 6948 | $ 6849 | | 3 | weighted-average shares for basic eps | 1552 | 1551 | 1549 | | 4 | plus contingently issuable performance stock units ( psus ) | 1 | 2014 | 2014 | | 5 | weighted-average shares for diluted eps | 1553 | 1551 | 1549 |_for the 2017 , 2016 and 2015 computations , there were no antidilutive stock options. .

2,017

99

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

what is the growth rate of the net earnings for basic and diluted eps?

-13.3%

divide(subtract(6021, 6948), 6948)

the fair value of the psu award at the date of grant is amortized to expense over the performance period , which is typically three years after the date of the award , or upon death , disability or reaching the age of 58 . as of december 31 , 2017 , pmi had $ 34 million of total unrecognized compensation cost related to non-vested psu awards . this cost is recognized over a weighted-average performance cycle period of two years , or upon death , disability or reaching the age of 58 . during the years ended december 31 , 2017 , and 2016 , there were no psu awards that vested . pmi did not grant any psu awards during note 10 . earnings per share : unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and therefore are included in pmi 2019s earnings per share calculation pursuant to the two-class method . basic and diluted earnings per share ( 201ceps 201d ) were calculated using the following: .

for the 2017 , 2016 and 2015 computations , there were no antidilutive stock options. .

| | ( in millions ) | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , 2015 | |---:|:---------------------------------------------------------------------------------------|:-----------------------------------------|:-----------------------------------------|:-----------------------------------------| | 0 | net earnings attributable to pmi | $ 6035 | $ 6967 | $ 6873 | | 1 | less distributed and undistributed earnings attributable to share-based payment awards | 14 | 19 | 24 | | 2 | net earnings for basic and diluted eps | $ 6021 | $ 6948 | $ 6849 | | 3 | weighted-average shares for basic eps | 1552 | 1551 | 1549 | | 4 | plus contingently issuable performance stock units ( psus ) | 1 | 2014 | 2014 | | 5 | weighted-average shares for diluted eps | 1553 | 1551 | 1549 |

the fair value of the psu award at the date of grant is amortized to expense over the performance period , which is typically three years after the date of the award , or upon death , disability or reaching the age of 58 . as of december 31 , 2017 , pmi had $ 34 million of total unrecognized compensation cost related to non-vested psu awards . this cost is recognized over a weighted-average performance cycle period of two years , or upon death , disability or reaching the age of 58 . during the years ended december 31 , 2017 , and 2016 , there were no psu awards that vested . pmi did not grant any psu awards during note 10 . earnings per share : unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and therefore are included in pmi 2019s earnings per share calculation pursuant to the two-class method . basic and diluted earnings per share ( 201ceps 201d ) were calculated using the following: ._| | ( in millions ) | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , 2015 | |---:|:---------------------------------------------------------------------------------------|:-----------------------------------------|:-----------------------------------------|:-----------------------------------------| | 0 | net earnings attributable to pmi | $ 6035 | $ 6967 | $ 6873 | | 1 | less distributed and undistributed earnings attributable to share-based payment awards | 14 | 19 | 24 | | 2 | net earnings for basic and diluted eps | $ 6021 | $ 6948 | $ 6849 | | 3 | weighted-average shares for basic eps | 1552 | 1551 | 1549 | | 4 | plus contingently issuable performance stock units ( psus ) | 1 | 2014 | 2014 | | 5 | weighted-average shares for diluted eps | 1553 | 1551 | 1549 |_for the 2017 , 2016 and 2015 computations , there were no antidilutive stock options. .

2,017

99

PM

Philip Morris International

Consumer Staples

Tobacco

New York City, New York

2008-03-31

1,413,329

2008 (1847)

null

finqa320

what is the percentage difference in the fair value per share between 2014 and 2015?

54%

divide(subtract(18.13, 11.75), 11.75)

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 13 . common stock ( continued ) the company also maintains the nonemployee directors stock incentive compensation program ( the 2018 2018nonemployee directors program 2019 2019 ) . under the nonemployee directors program , upon a director 2019s initial election to the board , the director receives an initial grant of stock options or restricted stock units equal to a fair market value on grant date of $ 0.2 million , not to exceed 20000 shares . these grants vest over three years from the date of grant , subject to the director 2019s continued service . in addition , annually each nonemployee director may receive up to 40000 stock options or 16000 restricted stock units of the company 2019s common stock , or a combination thereof , provided that in no event may the total value of the combined annual award exceed $ 0.2 million . these grants generally vest over one year from the date of grant . under the nonemployee directors program , an aggregate of 2.8 million shares of the company 2019s common stock has been authorized for issuance . the company has an employee stock purchase plan for united states employees and a plan for international employees ( collectively 2018 2018espp 2019 2019 ) . under the espp , eligible employees may purchase shares of the company 2019s common stock at 85% ( 85 % ) of the lower of the fair market value of edwards lifesciences common stock on the effective date of subscription or the date of purchase . under the espp , employees can authorize the company to withhold up to 12% ( 12 % ) of their compensation for common stock purchases , subject to certain limitations . the espp is available to all active employees of the company paid from the united states payroll and to eligible employees of the company outside the united states , to the extent permitted by local law . the espp for united states employees is qualified under section 423 of the internal revenue code . the number of shares of common stock authorized for issuance under the espp was 13.8 million shares . the fair value of each option award and employee stock purchase subscription is estimated on the date of grant using the black-scholes option valuation model that uses the assumptions noted in the following tables . the risk-free interest rate is estimated using the u.s . treasury yield curve and is based on the expected term of the award . expected volatility is estimated based on a blend of the weighted-average of the historical volatility of edwards lifesciences 2019 stock and the implied volatility from traded options on edwards lifesciences 2019 stock . the expected term of awards granted is estimated from the vesting period of the award , as well as historical exercise behavior , and represents the period of time that awards granted are expected to be outstanding . the company uses historical data to estimate forfeitures and has estimated an annual forfeiture rate of 6.0% ( 6.0 % ) . the black-scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods : option awards .

.

| | | 2016 | 2015 | 2014 | |---:|:--------------------------------|:---------------|:---------------|:---------------| | 0 | average risk-free interest rate | 1.1% ( 1.1 % ) | 1.4% ( 1.4 % ) | 1.5% ( 1.5 % ) | | 1 | expected dividend yield | none | none | none | | 2 | expected volatility | 33% ( 33 % ) | 30% ( 30 % ) | 31% ( 31 % ) | | 3 | expected life ( years ) | 4.5 | 4.6 | 4.6 | | 4 | fair value per share | $ 31.00 | $ 18.13 | $ 11.75 |

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 13 . common stock ( continued ) the company also maintains the nonemployee directors stock incentive compensation program ( the 2018 2018nonemployee directors program 2019 2019 ) . under the nonemployee directors program , upon a director 2019s initial election to the board , the director receives an initial grant of stock options or restricted stock units equal to a fair market value on grant date of $ 0.2 million , not to exceed 20000 shares . these grants vest over three years from the date of grant , subject to the director 2019s continued service . in addition , annually each nonemployee director may receive up to 40000 stock options or 16000 restricted stock units of the company 2019s common stock , or a combination thereof , provided that in no event may the total value of the combined annual award exceed $ 0.2 million . these grants generally vest over one year from the date of grant . under the nonemployee directors program , an aggregate of 2.8 million shares of the company 2019s common stock has been authorized for issuance . the company has an employee stock purchase plan for united states employees and a plan for international employees ( collectively 2018 2018espp 2019 2019 ) . under the espp , eligible employees may purchase shares of the company 2019s common stock at 85% ( 85 % ) of the lower of the fair market value of edwards lifesciences common stock on the effective date of subscription or the date of purchase . under the espp , employees can authorize the company to withhold up to 12% ( 12 % ) of their compensation for common stock purchases , subject to certain limitations . the espp is available to all active employees of the company paid from the united states payroll and to eligible employees of the company outside the united states , to the extent permitted by local law . the espp for united states employees is qualified under section 423 of the internal revenue code . the number of shares of common stock authorized for issuance under the espp was 13.8 million shares . the fair value of each option award and employee stock purchase subscription is estimated on the date of grant using the black-scholes option valuation model that uses the assumptions noted in the following tables . the risk-free interest rate is estimated using the u.s . treasury yield curve and is based on the expected term of the award . expected volatility is estimated based on a blend of the weighted-average of the historical volatility of edwards lifesciences 2019 stock and the implied volatility from traded options on edwards lifesciences 2019 stock . the expected term of awards granted is estimated from the vesting period of the award , as well as historical exercise behavior , and represents the period of time that awards granted are expected to be outstanding . the company uses historical data to estimate forfeitures and has estimated an annual forfeiture rate of 6.0% ( 6.0 % ) . the black-scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods : option awards ._| | | 2016 | 2015 | 2014 | |---:|:--------------------------------|:---------------|:---------------|:---------------| | 0 | average risk-free interest rate | 1.1% ( 1.1 % ) | 1.4% ( 1.4 % ) | 1.5% ( 1.5 % ) | | 1 | expected dividend yield | none | none | none | | 2 | expected volatility | 33% ( 33 % ) | 30% ( 30 % ) | 31% ( 31 % ) | | 3 | expected life ( years ) | 4.5 | 4.6 | 4.6 | | 4 | fair value per share | $ 31.00 | $ 18.13 | $ 11.75 |_.

2,016

94

EW

Edwards Lifesciences

Health Care

Health Care Equipment

Irvine, California

2011-04-01

1,099,800

1958

what is the percentage difference in the fair value per share between 2014 and 2015?

54%

divide(subtract(18.13, 11.75), 11.75)

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 13 . common stock ( continued ) the company also maintains the nonemployee directors stock incentive compensation program ( the 2018 2018nonemployee directors program 2019 2019 ) . under the nonemployee directors program , upon a director 2019s initial election to the board , the director receives an initial grant of stock options or restricted stock units equal to a fair market value on grant date of $ 0.2 million , not to exceed 20000 shares . these grants vest over three years from the date of grant , subject to the director 2019s continued service . in addition , annually each nonemployee director may receive up to 40000 stock options or 16000 restricted stock units of the company 2019s common stock , or a combination thereof , provided that in no event may the total value of the combined annual award exceed $ 0.2 million . these grants generally vest over one year from the date of grant . under the nonemployee directors program , an aggregate of 2.8 million shares of the company 2019s common stock has been authorized for issuance . the company has an employee stock purchase plan for united states employees and a plan for international employees ( collectively 2018 2018espp 2019 2019 ) . under the espp , eligible employees may purchase shares of the company 2019s common stock at 85% ( 85 % ) of the lower of the fair market value of edwards lifesciences common stock on the effective date of subscription or the date of purchase . under the espp , employees can authorize the company to withhold up to 12% ( 12 % ) of their compensation for common stock purchases , subject to certain limitations . the espp is available to all active employees of the company paid from the united states payroll and to eligible employees of the company outside the united states , to the extent permitted by local law . the espp for united states employees is qualified under section 423 of the internal revenue code . the number of shares of common stock authorized for issuance under the espp was 13.8 million shares . the fair value of each option award and employee stock purchase subscription is estimated on the date of grant using the black-scholes option valuation model that uses the assumptions noted in the following tables . the risk-free interest rate is estimated using the u.s . treasury yield curve and is based on the expected term of the award . expected volatility is estimated based on a blend of the weighted-average of the historical volatility of edwards lifesciences 2019 stock and the implied volatility from traded options on edwards lifesciences 2019 stock . the expected term of awards granted is estimated from the vesting period of the award , as well as historical exercise behavior , and represents the period of time that awards granted are expected to be outstanding . the company uses historical data to estimate forfeitures and has estimated an annual forfeiture rate of 6.0% ( 6.0 % ) . the black-scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods : option awards .

.

| | | 2016 | 2015 | 2014 | |---:|:--------------------------------|:---------------|:---------------|:---------------| | 0 | average risk-free interest rate | 1.1% ( 1.1 % ) | 1.4% ( 1.4 % ) | 1.5% ( 1.5 % ) | | 1 | expected dividend yield | none | none | none | | 2 | expected volatility | 33% ( 33 % ) | 30% ( 30 % ) | 31% ( 31 % ) | | 3 | expected life ( years ) | 4.5 | 4.6 | 4.6 | | 4 | fair value per share | $ 31.00 | $ 18.13 | $ 11.75 |

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 13 . common stock ( continued ) the company also maintains the nonemployee directors stock incentive compensation program ( the 2018 2018nonemployee directors program 2019 2019 ) . under the nonemployee directors program , upon a director 2019s initial election to the board , the director receives an initial grant of stock options or restricted stock units equal to a fair market value on grant date of $ 0.2 million , not to exceed 20000 shares . these grants vest over three years from the date of grant , subject to the director 2019s continued service . in addition , annually each nonemployee director may receive up to 40000 stock options or 16000 restricted stock units of the company 2019s common stock , or a combination thereof , provided that in no event may the total value of the combined annual award exceed $ 0.2 million . these grants generally vest over one year from the date of grant . under the nonemployee directors program , an aggregate of 2.8 million shares of the company 2019s common stock has been authorized for issuance . the company has an employee stock purchase plan for united states employees and a plan for international employees ( collectively 2018 2018espp 2019 2019 ) . under the espp , eligible employees may purchase shares of the company 2019s common stock at 85% ( 85 % ) of the lower of the fair market value of edwards lifesciences common stock on the effective date of subscription or the date of purchase . under the espp , employees can authorize the company to withhold up to 12% ( 12 % ) of their compensation for common stock purchases , subject to certain limitations . the espp is available to all active employees of the company paid from the united states payroll and to eligible employees of the company outside the united states , to the extent permitted by local law . the espp for united states employees is qualified under section 423 of the internal revenue code . the number of shares of common stock authorized for issuance under the espp was 13.8 million shares . the fair value of each option award and employee stock purchase subscription is estimated on the date of grant using the black-scholes option valuation model that uses the assumptions noted in the following tables . the risk-free interest rate is estimated using the u.s . treasury yield curve and is based on the expected term of the award . expected volatility is estimated based on a blend of the weighted-average of the historical volatility of edwards lifesciences 2019 stock and the implied volatility from traded options on edwards lifesciences 2019 stock . the expected term of awards granted is estimated from the vesting period of the award , as well as historical exercise behavior , and represents the period of time that awards granted are expected to be outstanding . the company uses historical data to estimate forfeitures and has estimated an annual forfeiture rate of 6.0% ( 6.0 % ) . the black-scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods : option awards ._| | | 2016 | 2015 | 2014 | |---:|:--------------------------------|:---------------|:---------------|:---------------| | 0 | average risk-free interest rate | 1.1% ( 1.1 % ) | 1.4% ( 1.4 % ) | 1.5% ( 1.5 % ) | | 1 | expected dividend yield | none | none | none | | 2 | expected volatility | 33% ( 33 % ) | 30% ( 30 % ) | 31% ( 31 % ) | | 3 | expected life ( years ) | 4.5 | 4.6 | 4.6 | | 4 | fair value per share | $ 31.00 | $ 18.13 | $ 11.75 |_.

2,016

94

EW

Edwards Lifesciences

Health Care

Health Care Equipment

Irvine, California

2011-04-01

1,099,800

1958

null

finqa321

what is the average price per share of the company 2019s common stock in the third quarter of 2016?

30

divide(add(32.91, 27.09), const_2)

part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . the company 2019s common stock is listed on the new york stock exchange . prior to the separation of alcoa corporation from the company , the company 2019s common stock traded under the symbol 201caa . 201d in connection with the separation , on november 1 , 2016 , the company changed its stock symbol and its common stock began trading under the symbol 201carnc . 201d on october 5 , 2016 , the company 2019s common shareholders approved a 1-for-3 reverse stock split of the company 2019s outstanding and authorized shares of common stock ( the 201creverse stock split 201d ) . as a result of the reverse stock split , every 3 shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock , without any change in the par value per share . the reverse stock split reduced the number of shares of common stock outstanding from approximately 1.3 billion shares to approximately 0.4 billion shares , and proportionately decreased the number of authorized shares of common stock from 1.8 billion to 0.6 billion shares . the company 2019s common stock began trading on a reverse stock split-adjusted basis on october 6 , 2016 . on november 1 , 2016 , the company completed the separation of its business into two independent , publicly traded companies : the company and alcoa corporation . the separation was effected by means of a pro rata distribution by the company of 80.1% ( 80.1 % ) of the outstanding shares of alcoa corporation common stock to the company 2019s shareholders . the company 2019s shareholders of record as of the close of business on october 20 , 2016 ( the 201crecord date 201d ) received one share of alcoa corporation common stock for every three shares of the company 2019s common stock held as of the record date . the company retained 19.9% ( 19.9 % ) of the outstanding common stock of alcoa corporation immediately following the separation . the following table sets forth , for the periods indicated , the high and low sales prices and quarterly dividend amounts per share of the company 2019s common stock as reported on the new york stock exchange , adjusted to take into account the reverse stock split effected on october 6 , 2016 . the prices listed below for the fourth quarter of 2016 do not reflect any adjustment for the impact of the separation of alcoa corporation from the company on november 1 , 2016 , and therefore are not comparable to pre-separation prices from earlier periods. .

the number of holders of record of common stock was approximately 12885 as of february 23 , 2017. .

| | quarter | 2016 high | 2016 low | 2016 dividend | 2016 high | 2016 low | dividend | |---:|:--------------------------------------------------|:------------|:-----------|:----------------|:------------|:-----------|:-----------| | 0 | first | $ 30.66 | $ 18.42 | $ 0.09 | $ 51.30 | $ 37.95 | $ 0.09 | | 1 | second | 34.50 | 26.34 | 0.09 | 42.87 | 33.45 | 0.09 | | 2 | third | 32.91 | 27.09 | 0.09 | 33.69 | 23.91 | 0.09 | | 3 | fourth ( separation occurred on november 1 2016 ) | 32.10 | 16.75 | 0.09 | 33.54 | 23.43 | 0.09 | | 4 | year | $ 34.50 | $ 16.75 | $ 0.36 | $ 51.30 | $ 23.43 | $ 0.36 |

part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . the company 2019s common stock is listed on the new york stock exchange . prior to the separation of alcoa corporation from the company , the company 2019s common stock traded under the symbol 201caa . 201d in connection with the separation , on november 1 , 2016 , the company changed its stock symbol and its common stock began trading under the symbol 201carnc . 201d on october 5 , 2016 , the company 2019s common shareholders approved a 1-for-3 reverse stock split of the company 2019s outstanding and authorized shares of common stock ( the 201creverse stock split 201d ) . as a result of the reverse stock split , every 3 shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock , without any change in the par value per share . the reverse stock split reduced the number of shares of common stock outstanding from approximately 1.3 billion shares to approximately 0.4 billion shares , and proportionately decreased the number of authorized shares of common stock from 1.8 billion to 0.6 billion shares . the company 2019s common stock began trading on a reverse stock split-adjusted basis on october 6 , 2016 . on november 1 , 2016 , the company completed the separation of its business into two independent , publicly traded companies : the company and alcoa corporation . the separation was effected by means of a pro rata distribution by the company of 80.1% ( 80.1 % ) of the outstanding shares of alcoa corporation common stock to the company 2019s shareholders . the company 2019s shareholders of record as of the close of business on october 20 , 2016 ( the 201crecord date 201d ) received one share of alcoa corporation common stock for every three shares of the company 2019s common stock held as of the record date . the company retained 19.9% ( 19.9 % ) of the outstanding common stock of alcoa corporation immediately following the separation . the following table sets forth , for the periods indicated , the high and low sales prices and quarterly dividend amounts per share of the company 2019s common stock as reported on the new york stock exchange , adjusted to take into account the reverse stock split effected on october 6 , 2016 . the prices listed below for the fourth quarter of 2016 do not reflect any adjustment for the impact of the separation of alcoa corporation from the company on november 1 , 2016 , and therefore are not comparable to pre-separation prices from earlier periods. ._| | quarter | 2016 high | 2016 low | 2016 dividend | 2016 high | 2016 low | dividend | |---:|:--------------------------------------------------|:------------|:-----------|:----------------|:------------|:-----------|:-----------| | 0 | first | $ 30.66 | $ 18.42 | $ 0.09 | $ 51.30 | $ 37.95 | $ 0.09 | | 1 | second | 34.50 | 26.34 | 0.09 | 42.87 | 33.45 | 0.09 | | 2 | third | 32.91 | 27.09 | 0.09 | 33.69 | 23.91 | 0.09 | | 3 | fourth ( separation occurred on november 1 2016 ) | 32.10 | 16.75 | 0.09 | 33.54 | 23.43 | 0.09 | | 4 | year | $ 34.50 | $ 16.75 | $ 0.36 | $ 51.30 | $ 23.43 | $ 0.36 |_the number of holders of record of common stock was approximately 12885 as of february 23 , 2017. .

2,016

40

HWM

Howmet Aerospace

Industrials

Aerospace & Defense

Pittsburgh, Pennsylvania

2016-10-21

4,281

1888

what is the average price per share of the company 2019s common stock in the third quarter of 2016?

30

divide(add(32.91, 27.09), const_2)

part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . the company 2019s common stock is listed on the new york stock exchange . prior to the separation of alcoa corporation from the company , the company 2019s common stock traded under the symbol 201caa . 201d in connection with the separation , on november 1 , 2016 , the company changed its stock symbol and its common stock began trading under the symbol 201carnc . 201d on october 5 , 2016 , the company 2019s common shareholders approved a 1-for-3 reverse stock split of the company 2019s outstanding and authorized shares of common stock ( the 201creverse stock split 201d ) . as a result of the reverse stock split , every 3 shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock , without any change in the par value per share . the reverse stock split reduced the number of shares of common stock outstanding from approximately 1.3 billion shares to approximately 0.4 billion shares , and proportionately decreased the number of authorized shares of common stock from 1.8 billion to 0.6 billion shares . the company 2019s common stock began trading on a reverse stock split-adjusted basis on october 6 , 2016 . on november 1 , 2016 , the company completed the separation of its business into two independent , publicly traded companies : the company and alcoa corporation . the separation was effected by means of a pro rata distribution by the company of 80.1% ( 80.1 % ) of the outstanding shares of alcoa corporation common stock to the company 2019s shareholders . the company 2019s shareholders of record as of the close of business on october 20 , 2016 ( the 201crecord date 201d ) received one share of alcoa corporation common stock for every three shares of the company 2019s common stock held as of the record date . the company retained 19.9% ( 19.9 % ) of the outstanding common stock of alcoa corporation immediately following the separation . the following table sets forth , for the periods indicated , the high and low sales prices and quarterly dividend amounts per share of the company 2019s common stock as reported on the new york stock exchange , adjusted to take into account the reverse stock split effected on october 6 , 2016 . the prices listed below for the fourth quarter of 2016 do not reflect any adjustment for the impact of the separation of alcoa corporation from the company on november 1 , 2016 , and therefore are not comparable to pre-separation prices from earlier periods. .

the number of holders of record of common stock was approximately 12885 as of february 23 , 2017. .

| | quarter | 2016 high | 2016 low | 2016 dividend | 2016 high | 2016 low | dividend | |---:|:--------------------------------------------------|:------------|:-----------|:----------------|:------------|:-----------|:-----------| | 0 | first | $ 30.66 | $ 18.42 | $ 0.09 | $ 51.30 | $ 37.95 | $ 0.09 | | 1 | second | 34.50 | 26.34 | 0.09 | 42.87 | 33.45 | 0.09 | | 2 | third | 32.91 | 27.09 | 0.09 | 33.69 | 23.91 | 0.09 | | 3 | fourth ( separation occurred on november 1 2016 ) | 32.10 | 16.75 | 0.09 | 33.54 | 23.43 | 0.09 | | 4 | year | $ 34.50 | $ 16.75 | $ 0.36 | $ 51.30 | $ 23.43 | $ 0.36 |

part ii item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities . the company 2019s common stock is listed on the new york stock exchange . prior to the separation of alcoa corporation from the company , the company 2019s common stock traded under the symbol 201caa . 201d in connection with the separation , on november 1 , 2016 , the company changed its stock symbol and its common stock began trading under the symbol 201carnc . 201d on october 5 , 2016 , the company 2019s common shareholders approved a 1-for-3 reverse stock split of the company 2019s outstanding and authorized shares of common stock ( the 201creverse stock split 201d ) . as a result of the reverse stock split , every 3 shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock , without any change in the par value per share . the reverse stock split reduced the number of shares of common stock outstanding from approximately 1.3 billion shares to approximately 0.4 billion shares , and proportionately decreased the number of authorized shares of common stock from 1.8 billion to 0.6 billion shares . the company 2019s common stock began trading on a reverse stock split-adjusted basis on october 6 , 2016 . on november 1 , 2016 , the company completed the separation of its business into two independent , publicly traded companies : the company and alcoa corporation . the separation was effected by means of a pro rata distribution by the company of 80.1% ( 80.1 % ) of the outstanding shares of alcoa corporation common stock to the company 2019s shareholders . the company 2019s shareholders of record as of the close of business on october 20 , 2016 ( the 201crecord date 201d ) received one share of alcoa corporation common stock for every three shares of the company 2019s common stock held as of the record date . the company retained 19.9% ( 19.9 % ) of the outstanding common stock of alcoa corporation immediately following the separation . the following table sets forth , for the periods indicated , the high and low sales prices and quarterly dividend amounts per share of the company 2019s common stock as reported on the new york stock exchange , adjusted to take into account the reverse stock split effected on october 6 , 2016 . the prices listed below for the fourth quarter of 2016 do not reflect any adjustment for the impact of the separation of alcoa corporation from the company on november 1 , 2016 , and therefore are not comparable to pre-separation prices from earlier periods. ._| | quarter | 2016 high | 2016 low | 2016 dividend | 2016 high | 2016 low | dividend | |---:|:--------------------------------------------------|:------------|:-----------|:----------------|:------------|:-----------|:-----------| | 0 | first | $ 30.66 | $ 18.42 | $ 0.09 | $ 51.30 | $ 37.95 | $ 0.09 | | 1 | second | 34.50 | 26.34 | 0.09 | 42.87 | 33.45 | 0.09 | | 2 | third | 32.91 | 27.09 | 0.09 | 33.69 | 23.91 | 0.09 | | 3 | fourth ( separation occurred on november 1 2016 ) | 32.10 | 16.75 | 0.09 | 33.54 | 23.43 | 0.09 | | 4 | year | $ 34.50 | $ 16.75 | $ 0.36 | $ 51.30 | $ 23.43 | $ 0.36 |_the number of holders of record of common stock was approximately 12885 as of february 23 , 2017. .

2,016

40

HWM

Howmet Aerospace

Industrials

Aerospace & Defense

Pittsburgh, Pennsylvania

2016-10-21

4,281

1888

null

finqa322

what was the percentage return for pmi common stock for the five years ended 2018?

-3.5%

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 percentage return for pmi common stock for the five years ended 2018?

-3.5%

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

finqa323

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 2008 and 2007?

-262

subtract(308, 570)

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 2008 and 2007?

-262

subtract(308, 570)

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

finqa324

for the five years ended 12/31/2006 what is the performance difference of the class b common stock of united parcel service , inc . and the dow jones transportation average?

-33.84%

subtract(subtract(148.92, const_100), subtract(182.76, const_100))

shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates it by reference into such filing . the following graph shows a five-year comparison of cumulative total shareowners 2019 returns for our class b common stock , the s&p 500 index , and the dow jones transportation average . the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2001 in the s&p 500 index , the dow jones transportation average , and the class b common stock of united parcel service , inc . comparison of five year cumulative total return $ 40.00 $ 60.00 $ 80.00 $ 100.00 $ 120.00 $ 140.00 $ 160.00 $ 180.00 $ 200.00 2001 2002 2003 2004 2005 2006 s&p 500 ups dj transport .

securities authorized for issuance under equity compensation plans the following table provides information as of december 31 , 2006 regarding compensation plans under which our class a common stock is authorized for issuance . these plans do not authorize the issuance of our class b common stock. .

| | | 12/31/01 | 12/31/02 | 12/31/03 | 12/31/04 | 12/31/05 | 12/31/06 | |---:|:---------------------------------|:-----------|:-----------|:-----------|:-----------|:-----------|:-----------| | 0 | united parcel service inc . | $ 100.00 | $ 117.19 | $ 140.49 | $ 163.54 | $ 146.35 | $ 148.92 | | 1 | s&p 500 index | $ 100.00 | $ 77.90 | $ 100.24 | $ 111.15 | $ 116.61 | $ 135.02 | | 2 | dow jones transportation average | $ 100.00 | $ 88.52 | $ 116.70 | $ 149.06 | $ 166.42 | $ 182.76 |

shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates it by reference into such filing . the following graph shows a five-year comparison of cumulative total shareowners 2019 returns for our class b common stock , the s&p 500 index , and the dow jones transportation average . the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2001 in the s&p 500 index , the dow jones transportation average , and the class b common stock of united parcel service , inc . comparison of five year cumulative total return $ 40.00 $ 60.00 $ 80.00 $ 100.00 $ 120.00 $ 140.00 $ 160.00 $ 180.00 $ 200.00 2001 2002 2003 2004 2005 2006 s&p 500 ups dj transport ._| | | 12/31/01 | 12/31/02 | 12/31/03 | 12/31/04 | 12/31/05 | 12/31/06 | |---:|:---------------------------------|:-----------|:-----------|:-----------|:-----------|:-----------|:-----------| | 0 | united parcel service inc . | $ 100.00 | $ 117.19 | $ 140.49 | $ 163.54 | $ 146.35 | $ 148.92 | | 1 | s&p 500 index | $ 100.00 | $ 77.90 | $ 100.24 | $ 111.15 | $ 116.61 | $ 135.02 | | 2 | dow jones transportation average | $ 100.00 | $ 88.52 | $ 116.70 | $ 149.06 | $ 166.42 | $ 182.76 |_securities authorized for issuance under equity compensation plans the following table provides information as of december 31 , 2006 regarding compensation plans under which our class a common stock is authorized for issuance . these plans do not authorize the issuance of our class b common stock. .

2,006

32

UPS

United Parcel Service

Industrials

Air Freight & Logistics

Sandy Springs, Georgia

2002-07-22

1,090,727

1907

for the five years ended 12/31/2006 what is the performance difference of the class b common stock of united parcel service , inc . and the dow jones transportation average?

-33.84%

subtract(subtract(148.92, const_100), subtract(182.76, const_100))

shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates it by reference into such filing . the following graph shows a five-year comparison of cumulative total shareowners 2019 returns for our class b common stock , the s&p 500 index , and the dow jones transportation average . the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2001 in the s&p 500 index , the dow jones transportation average , and the class b common stock of united parcel service , inc . comparison of five year cumulative total return $ 40.00 $ 60.00 $ 80.00 $ 100.00 $ 120.00 $ 140.00 $ 160.00 $ 180.00 $ 200.00 2001 2002 2003 2004 2005 2006 s&p 500 ups dj transport .

securities authorized for issuance under equity compensation plans the following table provides information as of december 31 , 2006 regarding compensation plans under which our class a common stock is authorized for issuance . these plans do not authorize the issuance of our class b common stock. .

| | | 12/31/01 | 12/31/02 | 12/31/03 | 12/31/04 | 12/31/05 | 12/31/06 | |---:|:---------------------------------|:-----------|:-----------|:-----------|:-----------|:-----------|:-----------| | 0 | united parcel service inc . | $ 100.00 | $ 117.19 | $ 140.49 | $ 163.54 | $ 146.35 | $ 148.92 | | 1 | s&p 500 index | $ 100.00 | $ 77.90 | $ 100.24 | $ 111.15 | $ 116.61 | $ 135.02 | | 2 | dow jones transportation average | $ 100.00 | $ 88.52 | $ 116.70 | $ 149.06 | $ 166.42 | $ 182.76 |

shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates it by reference into such filing . the following graph shows a five-year comparison of cumulative total shareowners 2019 returns for our class b common stock , the s&p 500 index , and the dow jones transportation average . the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2001 in the s&p 500 index , the dow jones transportation average , and the class b common stock of united parcel service , inc . comparison of five year cumulative total return $ 40.00 $ 60.00 $ 80.00 $ 100.00 $ 120.00 $ 140.00 $ 160.00 $ 180.00 $ 200.00 2001 2002 2003 2004 2005 2006 s&p 500 ups dj transport ._| | | 12/31/01 | 12/31/02 | 12/31/03 | 12/31/04 | 12/31/05 | 12/31/06 | |---:|:---------------------------------|:-----------|:-----------|:-----------|:-----------|:-----------|:-----------| | 0 | united parcel service inc . | $ 100.00 | $ 117.19 | $ 140.49 | $ 163.54 | $ 146.35 | $ 148.92 | | 1 | s&p 500 index | $ 100.00 | $ 77.90 | $ 100.24 | $ 111.15 | $ 116.61 | $ 135.02 | | 2 | dow jones transportation average | $ 100.00 | $ 88.52 | $ 116.70 | $ 149.06 | $ 166.42 | $ 182.76 |_securities authorized for issuance under equity compensation plans the following table provides information as of december 31 , 2006 regarding compensation plans under which our class a common stock is authorized for issuance . these plans do not authorize the issuance of our class b common stock. .

2,006

32

UPS

United Parcel Service

Industrials

Air Freight & Logistics

Sandy Springs, Georgia

2002-07-22

1,090,727

1907

null

finqa325

what is the net change in net revenue during 2003 for entergy louisiana , inc.?

50.8

subtract(973.7, 922.9)

entergy louisiana , inc . management's financial discussion and analysis gross operating revenues , fuel and purchased power expenses , and other regulatory credits gross operating revenues increased primarily due to : 2022 an increase of $ 98.0 million in fuel cost recovery revenues due to higher fuel rates ; and 2022 an increase due to volume/weather , as discussed above . the increase was partially offset by the following : 2022 a decrease of $ 31.9 million in the price applied to unbilled sales , as discussed above ; 2022 a decrease of $ 12.2 million in rate refund provisions , as discussed above ; and 2022 a decrease of $ 5.2 million in gross wholesale revenue due to decreased sales to affiliated systems . fuel and purchased power expenses increased primarily due to : 2022 an increase in the recovery from customers of deferred fuel costs ; and 2022 an increase in the market price of natural gas . other regulatory credits increased primarily due to : 2022 the deferral in 2004 of $ 14.3 million of capacity charges related to generation resource planning as allowed by the lpsc ; 2022 the amortization in 2003 of $ 11.8 million of deferred capacity charges , as discussed above ; and 2022 the deferral in 2004 of $ 11.4 million related to entergy's voluntary severance program , in accordance with a proposed stipulation with the lpsc staff . 2003 compared to 2002 net revenue , which is entergy louisiana's measure of gross margin , consists of operating revenues net of : 1 ) fuel , fuel-related , and purchased power expenses and 2 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2003 to 2002. .

the deferred fuel cost revisions variance resulted from a revised unbilled sales pricing estimate made in december 2002 and a further revision made in the first quarter of 2003 to more closely align the fuel component of that pricing with expected recoverable fuel costs . the asset retirement obligation variance was due to the implementation of sfas 143 , "accounting for asset retirement obligations" adopted in january 2003 . see "critical accounting estimates" for more details on sfas 143 . the increase was offset by decommissioning expense and had no effect on net income . the volume variance was due to a decrease in electricity usage in the service territory . billed usage decreased 1868 gwh in the industrial sector including the loss of a large industrial customer to cogeneration. .

| | | ( in millions ) | |---:|:-----------------------------|:------------------| | 0 | 2002 net revenue | $ 922.9 | | 1 | deferred fuel cost revisions | 59.1 | | 2 | asset retirement obligation | 8.2 | | 3 | volume | -16.2 ( 16.2 ) | | 4 | vidalia settlement | -9.2 ( 9.2 ) | | 5 | other | 8.9 | | 6 | 2003 net revenue | $ 973.7 |

entergy louisiana , inc . management's financial discussion and analysis gross operating revenues , fuel and purchased power expenses , and other regulatory credits gross operating revenues increased primarily due to : 2022 an increase of $ 98.0 million in fuel cost recovery revenues due to higher fuel rates ; and 2022 an increase due to volume/weather , as discussed above . the increase was partially offset by the following : 2022 a decrease of $ 31.9 million in the price applied to unbilled sales , as discussed above ; 2022 a decrease of $ 12.2 million in rate refund provisions , as discussed above ; and 2022 a decrease of $ 5.2 million in gross wholesale revenue due to decreased sales to affiliated systems . fuel and purchased power expenses increased primarily due to : 2022 an increase in the recovery from customers of deferred fuel costs ; and 2022 an increase in the market price of natural gas . other regulatory credits increased primarily due to : 2022 the deferral in 2004 of $ 14.3 million of capacity charges related to generation resource planning as allowed by the lpsc ; 2022 the amortization in 2003 of $ 11.8 million of deferred capacity charges , as discussed above ; and 2022 the deferral in 2004 of $ 11.4 million related to entergy's voluntary severance program , in accordance with a proposed stipulation with the lpsc staff . 2003 compared to 2002 net revenue , which is entergy louisiana's measure of gross margin , consists of operating revenues net of : 1 ) fuel , fuel-related , and purchased power expenses and 2 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2003 to 2002. ._| | | ( in millions ) | |---:|:-----------------------------|:------------------| | 0 | 2002 net revenue | $ 922.9 | | 1 | deferred fuel cost revisions | 59.1 | | 2 | asset retirement obligation | 8.2 | | 3 | volume | -16.2 ( 16.2 ) | | 4 | vidalia settlement | -9.2 ( 9.2 ) | | 5 | other | 8.9 | | 6 | 2003 net revenue | $ 973.7 |_the deferred fuel cost revisions variance resulted from a revised unbilled sales pricing estimate made in december 2002 and a further revision made in the first quarter of 2003 to more closely align the fuel component of that pricing with expected recoverable fuel costs . the asset retirement obligation variance was due to the implementation of sfas 143 , "accounting for asset retirement obligations" adopted in january 2003 . see "critical accounting estimates" for more details on sfas 143 . the increase was offset by decommissioning expense and had no effect on net income . the volume variance was due to a decrease in electricity usage in the service territory . billed usage decreased 1868 gwh in the industrial sector including the loss of a large industrial customer to cogeneration. .

2,004

213

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what is the net change in net revenue during 2003 for entergy louisiana , inc.?

50.8

subtract(973.7, 922.9)

entergy louisiana , inc . management's financial discussion and analysis gross operating revenues , fuel and purchased power expenses , and other regulatory credits gross operating revenues increased primarily due to : 2022 an increase of $ 98.0 million in fuel cost recovery revenues due to higher fuel rates ; and 2022 an increase due to volume/weather , as discussed above . the increase was partially offset by the following : 2022 a decrease of $ 31.9 million in the price applied to unbilled sales , as discussed above ; 2022 a decrease of $ 12.2 million in rate refund provisions , as discussed above ; and 2022 a decrease of $ 5.2 million in gross wholesale revenue due to decreased sales to affiliated systems . fuel and purchased power expenses increased primarily due to : 2022 an increase in the recovery from customers of deferred fuel costs ; and 2022 an increase in the market price of natural gas . other regulatory credits increased primarily due to : 2022 the deferral in 2004 of $ 14.3 million of capacity charges related to generation resource planning as allowed by the lpsc ; 2022 the amortization in 2003 of $ 11.8 million of deferred capacity charges , as discussed above ; and 2022 the deferral in 2004 of $ 11.4 million related to entergy's voluntary severance program , in accordance with a proposed stipulation with the lpsc staff . 2003 compared to 2002 net revenue , which is entergy louisiana's measure of gross margin , consists of operating revenues net of : 1 ) fuel , fuel-related , and purchased power expenses and 2 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2003 to 2002. .

the deferred fuel cost revisions variance resulted from a revised unbilled sales pricing estimate made in december 2002 and a further revision made in the first quarter of 2003 to more closely align the fuel component of that pricing with expected recoverable fuel costs . the asset retirement obligation variance was due to the implementation of sfas 143 , "accounting for asset retirement obligations" adopted in january 2003 . see "critical accounting estimates" for more details on sfas 143 . the increase was offset by decommissioning expense and had no effect on net income . the volume variance was due to a decrease in electricity usage in the service territory . billed usage decreased 1868 gwh in the industrial sector including the loss of a large industrial customer to cogeneration. .

| | | ( in millions ) | |---:|:-----------------------------|:------------------| | 0 | 2002 net revenue | $ 922.9 | | 1 | deferred fuel cost revisions | 59.1 | | 2 | asset retirement obligation | 8.2 | | 3 | volume | -16.2 ( 16.2 ) | | 4 | vidalia settlement | -9.2 ( 9.2 ) | | 5 | other | 8.9 | | 6 | 2003 net revenue | $ 973.7 |

entergy louisiana , inc . management's financial discussion and analysis gross operating revenues , fuel and purchased power expenses , and other regulatory credits gross operating revenues increased primarily due to : 2022 an increase of $ 98.0 million in fuel cost recovery revenues due to higher fuel rates ; and 2022 an increase due to volume/weather , as discussed above . the increase was partially offset by the following : 2022 a decrease of $ 31.9 million in the price applied to unbilled sales , as discussed above ; 2022 a decrease of $ 12.2 million in rate refund provisions , as discussed above ; and 2022 a decrease of $ 5.2 million in gross wholesale revenue due to decreased sales to affiliated systems . fuel and purchased power expenses increased primarily due to : 2022 an increase in the recovery from customers of deferred fuel costs ; and 2022 an increase in the market price of natural gas . other regulatory credits increased primarily due to : 2022 the deferral in 2004 of $ 14.3 million of capacity charges related to generation resource planning as allowed by the lpsc ; 2022 the amortization in 2003 of $ 11.8 million of deferred capacity charges , as discussed above ; and 2022 the deferral in 2004 of $ 11.4 million related to entergy's voluntary severance program , in accordance with a proposed stipulation with the lpsc staff . 2003 compared to 2002 net revenue , which is entergy louisiana's measure of gross margin , consists of operating revenues net of : 1 ) fuel , fuel-related , and purchased power expenses and 2 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2003 to 2002. ._| | | ( in millions ) | |---:|:-----------------------------|:------------------| | 0 | 2002 net revenue | $ 922.9 | | 1 | deferred fuel cost revisions | 59.1 | | 2 | asset retirement obligation | 8.2 | | 3 | volume | -16.2 ( 16.2 ) | | 4 | vidalia settlement | -9.2 ( 9.2 ) | | 5 | other | 8.9 | | 6 | 2003 net revenue | $ 973.7 |_the deferred fuel cost revisions variance resulted from a revised unbilled sales pricing estimate made in december 2002 and a further revision made in the first quarter of 2003 to more closely align the fuel component of that pricing with expected recoverable fuel costs . the asset retirement obligation variance was due to the implementation of sfas 143 , "accounting for asset retirement obligations" adopted in january 2003 . see "critical accounting estimates" for more details on sfas 143 . the increase was offset by decommissioning expense and had no effect on net income . the volume variance was due to a decrease in electricity usage in the service territory . billed usage decreased 1868 gwh in the industrial sector including the loss of a large industrial customer to cogeneration. .

2,004

213

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa326

for the chicago headquarters lease , assuming the two options to extend the term are exercised , what is the last year the space can be leased?

null

add(add(2022, const_9), const_10)

directors in advance for their review . in the event the cbot directors determine in their sole discretion that a proposed rule change will materially impair the business of cbot or the business opportunities of the holders of the cbot memberships , such change must be submitted to a committee comprised of three cbot directors and two cme directors ( as defined in our bylaws ) . in connection with these rights , our ability to take certain actions that we may deem to be in the best interests of the company and its shareholders , including actions relating to the operation of our open outcry trading facilities and certain pricing decisions , may be limited by the rights of our members . item 1b.unresolved staff comments not applicable . item 2 . properties our global headquarters are located in chicago , illinois at 20 south wacker drive . the following is a description of our key locations and facilities . location primary use owned/leased lease expiration approximate size ( in square feet ) ( 1 ) 20 south wacker drive , chicago , illinois global headquarters and office space leased 2022 ( 2 ) 490000 141 west jackson chicago , illinois chicago trading floor and office space owned n/a 1500000 ( 3 ) 550 west washington chicago , illinois office space leased 2023 225000 one north end new york , new york new york trading floor and office space mixed ( 4 ) 2069 500000 ( 5 ) 33 cannon street , london office space leased 2019 14000 ( 6 ) one new change , london office space leased 2026 40000 ( 7 ) annex data center chicagoland area business continuity leased 2014 100000 remote data center chicagoland area business continuity leased 2017 50000 data center 3 chicagoland area business continuity and co-location owned n/a 430000 ( 1 ) size represents the amount of space leased by us unless otherwise noted . ( 2 ) the initial lease expires in 2022 with two consecutive options to extend the term for seven and ten years , respectively . ( 3 ) we occupy approximately 425000 square feet of the 141 west jackson complex . ( 4 ) the one north end property is subject to a ground lease with the battery park city authority for the site of our new york offices and trading facility . in accordance with the terms of the lease , we are deemed to lease the building and its improvements from the landlord . we do not make lease payments to the landlord related to the building and we receive the financial benefit of the rental income . ( 5 ) we occupy approximately 350000 square feet of the one north end building . ( 6 ) we have a termination right effective in the first quarter of 2012 , which we intend to exercise in the first quarter of 2011 . ( 7 ) we expect to occupy the space at one new change in the second quarter of 2011 . we also lease global office space around the world and have also partnered with major global telecommunications carriers in connection with our telecommunications hubs whereby we place data cabinets within the carriers 2019 existing secured data centers . we believe our facilities are adequate for our current operations and that additional space can be obtained if needed . item 3 . legal proceedings see 201clegal matters 201d in note 18 . contingencies to the consolidated financial statements beginning on page 96 for cme group 2019s litigation disclosure which is incorporated herein by reference. .

| | location | primary use | owned/leased | lease expiration | approximate size ( in squarefeet ) ( 1 ) | |---:|:-------------------------------------|:----------------------------------------|:---------------|:-------------------|:-------------------------------------------| | 0 | 20south wacker drive chicagoillinois | global headquarters and office space | leased | 2022 ( 2 ) | 490000 | | 1 | 141west jacksonchicago illinois | chicago trading floor and office space | owned | n/a | 1500000 ( 3 ) | | 2 | 550west washingtonchicago illinois | office space | leased | 2023 | 225000 | | 3 | onenorth endnew york new york | new york trading floor and office space | mixed ( 4 ) | 2069 | 500000 ( 5 ) | | 4 | 33cannon street london | office space | leased | 2019 | 14000 ( 6 ) | | 5 | onenew change london | office space | leased | 2026 | 40000 ( 7 ) | | 6 | annexdata centerchicagoland area | business continuity | leased | 2014 | 100000 | | 7 | remotedata centerchicagoland area | business continuity | leased | 2017 | 50000 | | 8 | datacenter 3chicagoland area | business continuity and co-location | owned | n/a | 430000 |

directors in advance for their review . in the event the cbot directors determine in their sole discretion that a proposed rule change will materially impair the business of cbot or the business opportunities of the holders of the cbot memberships , such change must be submitted to a committee comprised of three cbot directors and two cme directors ( as defined in our bylaws ) . in connection with these rights , our ability to take certain actions that we may deem to be in the best interests of the company and its shareholders , including actions relating to the operation of our open outcry trading facilities and certain pricing decisions , may be limited by the rights of our members . item 1b.unresolved staff comments not applicable . item 2 . properties our global headquarters are located in chicago , illinois at 20 south wacker drive . the following is a description of our key locations and facilities . location primary use owned/leased lease expiration approximate size ( in square feet ) ( 1 ) 20 south wacker drive , chicago , illinois global headquarters and office space leased 2022 ( 2 ) 490000 141 west jackson chicago , illinois chicago trading floor and office space owned n/a 1500000 ( 3 ) 550 west washington chicago , illinois office space leased 2023 225000 one north end new york , new york new york trading floor and office space mixed ( 4 ) 2069 500000 ( 5 ) 33 cannon street , london office space leased 2019 14000 ( 6 ) one new change , london office space leased 2026 40000 ( 7 ) annex data center chicagoland area business continuity leased 2014 100000 remote data center chicagoland area business continuity leased 2017 50000 data center 3 chicagoland area business continuity and co-location owned n/a 430000 ( 1 ) size represents the amount of space leased by us unless otherwise noted . ( 2 ) the initial lease expires in 2022 with two consecutive options to extend the term for seven and ten years , respectively . ( 3 ) we occupy approximately 425000 square feet of the 141 west jackson complex . ( 4 ) the one north end property is subject to a ground lease with the battery park city authority for the site of our new york offices and trading facility . in accordance with the terms of the lease , we are deemed to lease the building and its improvements from the landlord . we do not make lease payments to the landlord related to the building and we receive the financial benefit of the rental income . ( 5 ) we occupy approximately 350000 square feet of the one north end building . ( 6 ) we have a termination right effective in the first quarter of 2012 , which we intend to exercise in the first quarter of 2011 . ( 7 ) we expect to occupy the space at one new change in the second quarter of 2011 . we also lease global office space around the world and have also partnered with major global telecommunications carriers in connection with our telecommunications hubs whereby we place data cabinets within the carriers 2019 existing secured data centers . we believe our facilities are adequate for our current operations and that additional space can be obtained if needed . item 3 . legal proceedings see 201clegal matters 201d in note 18 . contingencies to the consolidated financial statements beginning on page 96 for cme group 2019s litigation disclosure which is incorporated herein by reference. ._| | location | primary use | owned/leased | lease expiration | approximate size ( in squarefeet ) ( 1 ) | |---:|:-------------------------------------|:----------------------------------------|:---------------|:-------------------|:-------------------------------------------| | 0 | 20south wacker drive chicagoillinois | global headquarters and office space | leased | 2022 ( 2 ) | 490000 | | 1 | 141west jacksonchicago illinois | chicago trading floor and office space | owned | n/a | 1500000 ( 3 ) | | 2 | 550west washingtonchicago illinois | office space | leased | 2023 | 225000 | | 3 | onenorth endnew york new york | new york trading floor and office space | mixed ( 4 ) | 2069 | 500000 ( 5 ) | | 4 | 33cannon street london | office space | leased | 2019 | 14000 ( 6 ) | | 5 | onenew change london | office space | leased | 2026 | 40000 ( 7 ) | | 6 | annexdata centerchicagoland area | business continuity | leased | 2014 | 100000 | | 7 | remotedata centerchicagoland area | business continuity | leased | 2017 | 50000 | | 8 | datacenter 3chicagoland area | business continuity and co-location | owned | n/a | 430000 |_directors in advance for their review . in the event the cbot directors determine in their sole discretion that a proposed rule change will materially impair the business of cbot or the business opportunities of the holders of the cbot memberships , such change must be submitted to a committee comprised of three cbot directors and two cme directors ( as defined in our bylaws ) . in connection with these rights , our ability to take certain actions that we may deem to be in the best interests of the company and its shareholders , including actions relating to the operation of our open outcry trading facilities and certain pricing decisions , may be limited by the rights of our members . item 1b.unresolved staff comments not applicable . item 2 . properties our global headquarters are located in chicago , illinois at 20 south wacker drive . the following is a description of our key locations and facilities . location primary use owned/leased lease expiration approximate size ( in square feet ) ( 1 ) 20 south wacker drive , chicago , illinois global headquarters and office space leased 2022 ( 2 ) 490000 141 west jackson chicago , illinois chicago trading floor and office space owned n/a 1500000 ( 3 ) 550 west washington chicago , illinois office space leased 2023 225000 one north end new york , new york new york trading floor and office space mixed ( 4 ) 2069 500000 ( 5 ) 33 cannon street , london office space leased 2019 14000 ( 6 ) one new change , london office space leased 2026 40000 ( 7 ) annex data center chicagoland area business continuity leased 2014 100000 remote data center chicagoland area business continuity leased 2017 50000 data center 3 chicagoland area business continuity and co-location owned n/a 430000 ( 1 ) size represents the amount of space leased by us unless otherwise noted . ( 2 ) the initial lease expires in 2022 with two consecutive options to extend the term for seven and ten years , respectively . ( 3 ) we occupy approximately 425000 square feet of the 141 west jackson complex . ( 4 ) the one north end property is subject to a ground lease with the battery park city authority for the site of our new york offices and trading facility . in accordance with the terms of the lease , we are deemed to lease the building and its improvements from the landlord . we do not make lease payments to the landlord related to the building and we receive the financial benefit of the rental income . ( 5 ) we occupy approximately 350000 square feet of the one north end building . ( 6 ) we have a termination right effective in the first quarter of 2012 , which we intend to exercise in the first quarter of 2011 . ( 7 ) we expect to occupy the space at one new change in the second quarter of 2011 . we also lease global office space around the world and have also partnered with major global telecommunications carriers in connection with our telecommunications hubs whereby we place data cabinets within the carriers 2019 existing secured data centers . we believe our facilities are adequate for our current operations and that additional space can be obtained if needed . item 3 . legal proceedings see 201clegal matters 201d in note 18 . contingencies to the consolidated financial statements beginning on page 96 for cme group 2019s litigation disclosure which is incorporated herein by reference. .

2,010

42

CME

CME Group

Financials

Financial Exchanges & Data

Chicago, Illinois

2006-08-11

1,156,375

1848

for the chicago headquarters lease , assuming the two options to extend the term are exercised , what is the last year the space can be leased?

null

add(add(2022, const_9), const_10)

directors in advance for their review . in the event the cbot directors determine in their sole discretion that a proposed rule change will materially impair the business of cbot or the business opportunities of the holders of the cbot memberships , such change must be submitted to a committee comprised of three cbot directors and two cme directors ( as defined in our bylaws ) . in connection with these rights , our ability to take certain actions that we may deem to be in the best interests of the company and its shareholders , including actions relating to the operation of our open outcry trading facilities and certain pricing decisions , may be limited by the rights of our members . item 1b.unresolved staff comments not applicable . item 2 . properties our global headquarters are located in chicago , illinois at 20 south wacker drive . the following is a description of our key locations and facilities . location primary use owned/leased lease expiration approximate size ( in square feet ) ( 1 ) 20 south wacker drive , chicago , illinois global headquarters and office space leased 2022 ( 2 ) 490000 141 west jackson chicago , illinois chicago trading floor and office space owned n/a 1500000 ( 3 ) 550 west washington chicago , illinois office space leased 2023 225000 one north end new york , new york new york trading floor and office space mixed ( 4 ) 2069 500000 ( 5 ) 33 cannon street , london office space leased 2019 14000 ( 6 ) one new change , london office space leased 2026 40000 ( 7 ) annex data center chicagoland area business continuity leased 2014 100000 remote data center chicagoland area business continuity leased 2017 50000 data center 3 chicagoland area business continuity and co-location owned n/a 430000 ( 1 ) size represents the amount of space leased by us unless otherwise noted . ( 2 ) the initial lease expires in 2022 with two consecutive options to extend the term for seven and ten years , respectively . ( 3 ) we occupy approximately 425000 square feet of the 141 west jackson complex . ( 4 ) the one north end property is subject to a ground lease with the battery park city authority for the site of our new york offices and trading facility . in accordance with the terms of the lease , we are deemed to lease the building and its improvements from the landlord . we do not make lease payments to the landlord related to the building and we receive the financial benefit of the rental income . ( 5 ) we occupy approximately 350000 square feet of the one north end building . ( 6 ) we have a termination right effective in the first quarter of 2012 , which we intend to exercise in the first quarter of 2011 . ( 7 ) we expect to occupy the space at one new change in the second quarter of 2011 . we also lease global office space around the world and have also partnered with major global telecommunications carriers in connection with our telecommunications hubs whereby we place data cabinets within the carriers 2019 existing secured data centers . we believe our facilities are adequate for our current operations and that additional space can be obtained if needed . item 3 . legal proceedings see 201clegal matters 201d in note 18 . contingencies to the consolidated financial statements beginning on page 96 for cme group 2019s litigation disclosure which is incorporated herein by reference. .

| | location | primary use | owned/leased | lease expiration | approximate size ( in squarefeet ) ( 1 ) | |---:|:-------------------------------------|:----------------------------------------|:---------------|:-------------------|:-------------------------------------------| | 0 | 20south wacker drive chicagoillinois | global headquarters and office space | leased | 2022 ( 2 ) | 490000 | | 1 | 141west jacksonchicago illinois | chicago trading floor and office space | owned | n/a | 1500000 ( 3 ) | | 2 | 550west washingtonchicago illinois | office space | leased | 2023 | 225000 | | 3 | onenorth endnew york new york | new york trading floor and office space | mixed ( 4 ) | 2069 | 500000 ( 5 ) | | 4 | 33cannon street london | office space | leased | 2019 | 14000 ( 6 ) | | 5 | onenew change london | office space | leased | 2026 | 40000 ( 7 ) | | 6 | annexdata centerchicagoland area | business continuity | leased | 2014 | 100000 | | 7 | remotedata centerchicagoland area | business continuity | leased | 2017 | 50000 | | 8 | datacenter 3chicagoland area | business continuity and co-location | owned | n/a | 430000 |

directors in advance for their review . in the event the cbot directors determine in their sole discretion that a proposed rule change will materially impair the business of cbot or the business opportunities of the holders of the cbot memberships , such change must be submitted to a committee comprised of three cbot directors and two cme directors ( as defined in our bylaws ) . in connection with these rights , our ability to take certain actions that we may deem to be in the best interests of the company and its shareholders , including actions relating to the operation of our open outcry trading facilities and certain pricing decisions , may be limited by the rights of our members . item 1b.unresolved staff comments not applicable . item 2 . properties our global headquarters are located in chicago , illinois at 20 south wacker drive . the following is a description of our key locations and facilities . location primary use owned/leased lease expiration approximate size ( in square feet ) ( 1 ) 20 south wacker drive , chicago , illinois global headquarters and office space leased 2022 ( 2 ) 490000 141 west jackson chicago , illinois chicago trading floor and office space owned n/a 1500000 ( 3 ) 550 west washington chicago , illinois office space leased 2023 225000 one north end new york , new york new york trading floor and office space mixed ( 4 ) 2069 500000 ( 5 ) 33 cannon street , london office space leased 2019 14000 ( 6 ) one new change , london office space leased 2026 40000 ( 7 ) annex data center chicagoland area business continuity leased 2014 100000 remote data center chicagoland area business continuity leased 2017 50000 data center 3 chicagoland area business continuity and co-location owned n/a 430000 ( 1 ) size represents the amount of space leased by us unless otherwise noted . ( 2 ) the initial lease expires in 2022 with two consecutive options to extend the term for seven and ten years , respectively . ( 3 ) we occupy approximately 425000 square feet of the 141 west jackson complex . ( 4 ) the one north end property is subject to a ground lease with the battery park city authority for the site of our new york offices and trading facility . in accordance with the terms of the lease , we are deemed to lease the building and its improvements from the landlord . we do not make lease payments to the landlord related to the building and we receive the financial benefit of the rental income . ( 5 ) we occupy approximately 350000 square feet of the one north end building . ( 6 ) we have a termination right effective in the first quarter of 2012 , which we intend to exercise in the first quarter of 2011 . ( 7 ) we expect to occupy the space at one new change in the second quarter of 2011 . we also lease global office space around the world and have also partnered with major global telecommunications carriers in connection with our telecommunications hubs whereby we place data cabinets within the carriers 2019 existing secured data centers . we believe our facilities are adequate for our current operations and that additional space can be obtained if needed . item 3 . legal proceedings see 201clegal matters 201d in note 18 . contingencies to the consolidated financial statements beginning on page 96 for cme group 2019s litigation disclosure which is incorporated herein by reference. ._| | location | primary use | owned/leased | lease expiration | approximate size ( in squarefeet ) ( 1 ) | |---:|:-------------------------------------|:----------------------------------------|:---------------|:-------------------|:-------------------------------------------| | 0 | 20south wacker drive chicagoillinois | global headquarters and office space | leased | 2022 ( 2 ) | 490000 | | 1 | 141west jacksonchicago illinois | chicago trading floor and office space | owned | n/a | 1500000 ( 3 ) | | 2 | 550west washingtonchicago illinois | office space | leased | 2023 | 225000 | | 3 | onenorth endnew york new york | new york trading floor and office space | mixed ( 4 ) | 2069 | 500000 ( 5 ) | | 4 | 33cannon street london | office space | leased | 2019 | 14000 ( 6 ) | | 5 | onenew change london | office space | leased | 2026 | 40000 ( 7 ) | | 6 | annexdata centerchicagoland area | business continuity | leased | 2014 | 100000 | | 7 | remotedata centerchicagoland area | business continuity | leased | 2017 | 50000 | | 8 | datacenter 3chicagoland area | business continuity and co-location | owned | n/a | 430000 |_directors in advance for their review . in the event the cbot directors determine in their sole discretion that a proposed rule change will materially impair the business of cbot or the business opportunities of the holders of the cbot memberships , such change must be submitted to a committee comprised of three cbot directors and two cme directors ( as defined in our bylaws ) . in connection with these rights , our ability to take certain actions that we may deem to be in the best interests of the company and its shareholders , including actions relating to the operation of our open outcry trading facilities and certain pricing decisions , may be limited by the rights of our members . item 1b.unresolved staff comments not applicable . item 2 . properties our global headquarters are located in chicago , illinois at 20 south wacker drive . the following is a description of our key locations and facilities . location primary use owned/leased lease expiration approximate size ( in square feet ) ( 1 ) 20 south wacker drive , chicago , illinois global headquarters and office space leased 2022 ( 2 ) 490000 141 west jackson chicago , illinois chicago trading floor and office space owned n/a 1500000 ( 3 ) 550 west washington chicago , illinois office space leased 2023 225000 one north end new york , new york new york trading floor and office space mixed ( 4 ) 2069 500000 ( 5 ) 33 cannon street , london office space leased 2019 14000 ( 6 ) one new change , london office space leased 2026 40000 ( 7 ) annex data center chicagoland area business continuity leased 2014 100000 remote data center chicagoland area business continuity leased 2017 50000 data center 3 chicagoland area business continuity and co-location owned n/a 430000 ( 1 ) size represents the amount of space leased by us unless otherwise noted . ( 2 ) the initial lease expires in 2022 with two consecutive options to extend the term for seven and ten years , respectively . ( 3 ) we occupy approximately 425000 square feet of the 141 west jackson complex . ( 4 ) the one north end property is subject to a ground lease with the battery park city authority for the site of our new york offices and trading facility . in accordance with the terms of the lease , we are deemed to lease the building and its improvements from the landlord . we do not make lease payments to the landlord related to the building and we receive the financial benefit of the rental income . ( 5 ) we occupy approximately 350000 square feet of the one north end building . ( 6 ) we have a termination right effective in the first quarter of 2012 , which we intend to exercise in the first quarter of 2011 . ( 7 ) we expect to occupy the space at one new change in the second quarter of 2011 . we also lease global office space around the world and have also partnered with major global telecommunications carriers in connection with our telecommunications hubs whereby we place data cabinets within the carriers 2019 existing secured data centers . we believe our facilities are adequate for our current operations and that additional space can be obtained if needed . item 3 . legal proceedings see 201clegal matters 201d in note 18 . contingencies to the consolidated financial statements beginning on page 96 for cme group 2019s litigation disclosure which is incorporated herein by reference. .

2,010

42

CME

CME Group

Financials

Financial Exchanges & Data

Chicago, Illinois

2006-08-11

1,156,375

1848

null

finqa327

at december 31 , 2013 what was the percent of square feet of our office in alpharetta , georgia not leased

65%

divide(165000, 254000)

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 percent of square feet of our office in alpharetta , georgia not leased

65%

divide(165000, 254000)

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

finqa328

what was the percentage change in capital expenditures for property , plant and equipment from 2009 to 2010?

-4%

divide(subtract(820, 852), 852)

( in millions ) 2010 2009 2008 .

operating activities net cash provided by operating activities increased by $ 374 million to $ 3547 million in 2010 as compared to 2009 . the increase primarily was attributable to an improvement in our operating working capital balances of $ 570 million as discussed below , and $ 187 million related to lower net income tax payments , as compared to 2009 . partially offsetting these improvements was a net reduction in cash from operations of $ 350 million related to our defined benefit pension plan . this reduction was the result of increased contributions to the pension trust of $ 758 million as compared to 2009 , partially offset by an increase in the cas costs recovered on our contracts . operating working capital accounts consists of receivables , inventories , accounts payable , and customer advances and amounts in excess of costs incurred . the improvement in cash provided by operating working capital was due to a decline in 2010 accounts receivable balances compared to 2009 , and an increase in 2010 customer advances and amounts in excess of costs incurred balances compared to 2009 . these improvements partially were offset by a decline in accounts payable balances in 2010 compared to 2009 . the decline in accounts receivable primarily was due to higher collections on various programs at electronic systems , is&gs , and space systems business areas . the increase in customer advances and amounts in excess of costs incurred primarily was attributable to an increase on government and commercial satellite programs at space systems and air mobility programs at aeronautics , partially offset by a decrease on various programs at electronic systems . the decrease in accounts payable was attributable to the timing of accounts payable activities across all segments . net cash provided by operating activities decreased by $ 1248 million to $ 3173 million in 2009 as compared to 2008 . the decline primarily was attributable to an increase in our contributions to the defined benefit pension plan of $ 1373 million as compared to 2008 and an increase in our operating working capital accounts of $ 147 million . partially offsetting these items was the impact of lower net income tax payments in 2009 as compared to 2008 in the amount of $ 319 million . the decline in cash provided by operating working capital primarily was due to growth of receivables on various programs in the ms2 and gt&l lines of business at electronic systems and an increase in inventories on combat aircraft programs at aeronautics , which partially were offset by increases in customer advances and amounts in excess of costs incurred on government satellite programs at space systems and the timing of accounts payable activities . investing activities capital expenditures 2013 the majority of our capital expenditures relate to facilities infrastructure and equipment that are incurred to support new and existing programs across all of our business segments . we also incur capital expenditures for it to support programs and general enterprise it infrastructure . capital expenditures for property , plant and equipment amounted to $ 820 million in 2010 , $ 852 million in 2009 , and $ 926 million in 2008 . we expect that our operating cash flows will continue to be sufficient to fund our annual capital expenditures over the next few years . acquisitions , divestitures and other activities 2013 acquisition activities include both the acquisition of businesses and investments in affiliates . amounts paid in 2010 of $ 148 million primarily related to investments in affiliates . we paid $ 435 million in 2009 for acquisition activities , compared with $ 233 million in 2008 . in 2010 , we received proceeds of $ 798 million from the sale of eig , net of $ 17 million in transaction costs ( see note 2 ) . there were no material divestiture activities in 2009 and 2008 . during 2010 , we increased our short-term investments by $ 171 million compared to an increase of $ 279 million in 2009 . financing activities share activity and dividends 2013 during 2010 , 2009 , and 2008 , we repurchased 33.0 million , 24.9 million , and 29.0 million shares of our common stock for $ 2483 million , $ 1851 million , and $ 2931 million . of the shares we repurchased in 2010 , 0.9 million shares for $ 63 million were repurchased in december but settled and were paid for in january 2011 . in october 2010 , our board of directors approved a new share repurchase program for the repurchase of our common stock from time-to-time , up to an authorized amount of $ 3.0 billion ( see note 12 ) . under the program , we have discretion to determine the dollar amount of shares to be repurchased and the timing of any repurchases in compliance with applicable law and regulation . we repurchased a total of 11.2 million shares under the program for $ 776 million , and as of december 31 , 2010 , there remained $ 2224 million available for additional share repurchases . in connection with their approval of the new share repurchase program , our board terminated our previous share repurchase program . cash received from the issuance of our common stock in connection with stock option exercises during 2010 , 2009 , and 2008 totaled $ 59 million , $ 40 million , and $ 250 million . those activities resulted in the issuance of 1.4 million shares , 1.0 million shares , and 4.7 million shares during the respective periods. .

| | ( in millions ) | 2010 | 2009 | 2008 | |---:|:------------------------------------------|:---------------|:---------------|:---------------| | 0 | net cash provided by operating activities | $ 3547 | $ 3173 | $ 4421 | | 1 | net cash used for investing activities | -319 ( 319 ) | -1518 ( 1518 ) | -907 ( 907 ) | | 2 | net cash used for financing activities | -3363 ( 3363 ) | -1476 ( 1476 ) | -3938 ( 3938 ) |

( in millions ) 2010 2009 2008 ._| | ( in millions ) | 2010 | 2009 | 2008 | |---:|:------------------------------------------|:---------------|:---------------|:---------------| | 0 | net cash provided by operating activities | $ 3547 | $ 3173 | $ 4421 | | 1 | net cash used for investing activities | -319 ( 319 ) | -1518 ( 1518 ) | -907 ( 907 ) | | 2 | net cash used for financing activities | -3363 ( 3363 ) | -1476 ( 1476 ) | -3938 ( 3938 ) |_operating activities net cash provided by operating activities increased by $ 374 million to $ 3547 million in 2010 as compared to 2009 . the increase primarily was attributable to an improvement in our operating working capital balances of $ 570 million as discussed below , and $ 187 million related to lower net income tax payments , as compared to 2009 . partially offsetting these improvements was a net reduction in cash from operations of $ 350 million related to our defined benefit pension plan . this reduction was the result of increased contributions to the pension trust of $ 758 million as compared to 2009 , partially offset by an increase in the cas costs recovered on our contracts . operating working capital accounts consists of receivables , inventories , accounts payable , and customer advances and amounts in excess of costs incurred . the improvement in cash provided by operating working capital was due to a decline in 2010 accounts receivable balances compared to 2009 , and an increase in 2010 customer advances and amounts in excess of costs incurred balances compared to 2009 . these improvements partially were offset by a decline in accounts payable balances in 2010 compared to 2009 . the decline in accounts receivable primarily was due to higher collections on various programs at electronic systems , is&gs , and space systems business areas . the increase in customer advances and amounts in excess of costs incurred primarily was attributable to an increase on government and commercial satellite programs at space systems and air mobility programs at aeronautics , partially offset by a decrease on various programs at electronic systems . the decrease in accounts payable was attributable to the timing of accounts payable activities across all segments . net cash provided by operating activities decreased by $ 1248 million to $ 3173 million in 2009 as compared to 2008 . the decline primarily was attributable to an increase in our contributions to the defined benefit pension plan of $ 1373 million as compared to 2008 and an increase in our operating working capital accounts of $ 147 million . partially offsetting these items was the impact of lower net income tax payments in 2009 as compared to 2008 in the amount of $ 319 million . the decline in cash provided by operating working capital primarily was due to growth of receivables on various programs in the ms2 and gt&l lines of business at electronic systems and an increase in inventories on combat aircraft programs at aeronautics , which partially were offset by increases in customer advances and amounts in excess of costs incurred on government satellite programs at space systems and the timing of accounts payable activities . investing activities capital expenditures 2013 the majority of our capital expenditures relate to facilities infrastructure and equipment that are incurred to support new and existing programs across all of our business segments . we also incur capital expenditures for it to support programs and general enterprise it infrastructure . capital expenditures for property , plant and equipment amounted to $ 820 million in 2010 , $ 852 million in 2009 , and $ 926 million in 2008 . we expect that our operating cash flows will continue to be sufficient to fund our annual capital expenditures over the next few years . acquisitions , divestitures and other activities 2013 acquisition activities include both the acquisition of businesses and investments in affiliates . amounts paid in 2010 of $ 148 million primarily related to investments in affiliates . we paid $ 435 million in 2009 for acquisition activities , compared with $ 233 million in 2008 . in 2010 , we received proceeds of $ 798 million from the sale of eig , net of $ 17 million in transaction costs ( see note 2 ) . there were no material divestiture activities in 2009 and 2008 . during 2010 , we increased our short-term investments by $ 171 million compared to an increase of $ 279 million in 2009 . financing activities share activity and dividends 2013 during 2010 , 2009 , and 2008 , we repurchased 33.0 million , 24.9 million , and 29.0 million shares of our common stock for $ 2483 million , $ 1851 million , and $ 2931 million . of the shares we repurchased in 2010 , 0.9 million shares for $ 63 million were repurchased in december but settled and were paid for in january 2011 . in october 2010 , our board of directors approved a new share repurchase program for the repurchase of our common stock from time-to-time , up to an authorized amount of $ 3.0 billion ( see note 12 ) . under the program , we have discretion to determine the dollar amount of shares to be repurchased and the timing of any repurchases in compliance with applicable law and regulation . we repurchased a total of 11.2 million shares under the program for $ 776 million , and as of december 31 , 2010 , there remained $ 2224 million available for additional share repurchases . in connection with their approval of the new share repurchase program , our board terminated our previous share repurchase program . cash received from the issuance of our common stock in connection with stock option exercises during 2010 , 2009 , and 2008 totaled $ 59 million , $ 40 million , and $ 250 million . those activities resulted in the issuance of 1.4 million shares , 1.0 million shares , and 4.7 million shares during the respective periods. .

2,010

42

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

what was the percentage change in capital expenditures for property , plant and equipment from 2009 to 2010?

-4%

divide(subtract(820, 852), 852)

( in millions ) 2010 2009 2008 .

operating activities net cash provided by operating activities increased by $ 374 million to $ 3547 million in 2010 as compared to 2009 . the increase primarily was attributable to an improvement in our operating working capital balances of $ 570 million as discussed below , and $ 187 million related to lower net income tax payments , as compared to 2009 . partially offsetting these improvements was a net reduction in cash from operations of $ 350 million related to our defined benefit pension plan . this reduction was the result of increased contributions to the pension trust of $ 758 million as compared to 2009 , partially offset by an increase in the cas costs recovered on our contracts . operating working capital accounts consists of receivables , inventories , accounts payable , and customer advances and amounts in excess of costs incurred . the improvement in cash provided by operating working capital was due to a decline in 2010 accounts receivable balances compared to 2009 , and an increase in 2010 customer advances and amounts in excess of costs incurred balances compared to 2009 . these improvements partially were offset by a decline in accounts payable balances in 2010 compared to 2009 . the decline in accounts receivable primarily was due to higher collections on various programs at electronic systems , is&gs , and space systems business areas . the increase in customer advances and amounts in excess of costs incurred primarily was attributable to an increase on government and commercial satellite programs at space systems and air mobility programs at aeronautics , partially offset by a decrease on various programs at electronic systems . the decrease in accounts payable was attributable to the timing of accounts payable activities across all segments . net cash provided by operating activities decreased by $ 1248 million to $ 3173 million in 2009 as compared to 2008 . the decline primarily was attributable to an increase in our contributions to the defined benefit pension plan of $ 1373 million as compared to 2008 and an increase in our operating working capital accounts of $ 147 million . partially offsetting these items was the impact of lower net income tax payments in 2009 as compared to 2008 in the amount of $ 319 million . the decline in cash provided by operating working capital primarily was due to growth of receivables on various programs in the ms2 and gt&l lines of business at electronic systems and an increase in inventories on combat aircraft programs at aeronautics , which partially were offset by increases in customer advances and amounts in excess of costs incurred on government satellite programs at space systems and the timing of accounts payable activities . investing activities capital expenditures 2013 the majority of our capital expenditures relate to facilities infrastructure and equipment that are incurred to support new and existing programs across all of our business segments . we also incur capital expenditures for it to support programs and general enterprise it infrastructure . capital expenditures for property , plant and equipment amounted to $ 820 million in 2010 , $ 852 million in 2009 , and $ 926 million in 2008 . we expect that our operating cash flows will continue to be sufficient to fund our annual capital expenditures over the next few years . acquisitions , divestitures and other activities 2013 acquisition activities include both the acquisition of businesses and investments in affiliates . amounts paid in 2010 of $ 148 million primarily related to investments in affiliates . we paid $ 435 million in 2009 for acquisition activities , compared with $ 233 million in 2008 . in 2010 , we received proceeds of $ 798 million from the sale of eig , net of $ 17 million in transaction costs ( see note 2 ) . there were no material divestiture activities in 2009 and 2008 . during 2010 , we increased our short-term investments by $ 171 million compared to an increase of $ 279 million in 2009 . financing activities share activity and dividends 2013 during 2010 , 2009 , and 2008 , we repurchased 33.0 million , 24.9 million , and 29.0 million shares of our common stock for $ 2483 million , $ 1851 million , and $ 2931 million . of the shares we repurchased in 2010 , 0.9 million shares for $ 63 million were repurchased in december but settled and were paid for in january 2011 . in october 2010 , our board of directors approved a new share repurchase program for the repurchase of our common stock from time-to-time , up to an authorized amount of $ 3.0 billion ( see note 12 ) . under the program , we have discretion to determine the dollar amount of shares to be repurchased and the timing of any repurchases in compliance with applicable law and regulation . we repurchased a total of 11.2 million shares under the program for $ 776 million , and as of december 31 , 2010 , there remained $ 2224 million available for additional share repurchases . in connection with their approval of the new share repurchase program , our board terminated our previous share repurchase program . cash received from the issuance of our common stock in connection with stock option exercises during 2010 , 2009 , and 2008 totaled $ 59 million , $ 40 million , and $ 250 million . those activities resulted in the issuance of 1.4 million shares , 1.0 million shares , and 4.7 million shares during the respective periods. .

| | ( in millions ) | 2010 | 2009 | 2008 | |---:|:------------------------------------------|:---------------|:---------------|:---------------| | 0 | net cash provided by operating activities | $ 3547 | $ 3173 | $ 4421 | | 1 | net cash used for investing activities | -319 ( 319 ) | -1518 ( 1518 ) | -907 ( 907 ) | | 2 | net cash used for financing activities | -3363 ( 3363 ) | -1476 ( 1476 ) | -3938 ( 3938 ) |

( in millions ) 2010 2009 2008 ._| | ( in millions ) | 2010 | 2009 | 2008 | |---:|:------------------------------------------|:---------------|:---------------|:---------------| | 0 | net cash provided by operating activities | $ 3547 | $ 3173 | $ 4421 | | 1 | net cash used for investing activities | -319 ( 319 ) | -1518 ( 1518 ) | -907 ( 907 ) | | 2 | net cash used for financing activities | -3363 ( 3363 ) | -1476 ( 1476 ) | -3938 ( 3938 ) |_operating activities net cash provided by operating activities increased by $ 374 million to $ 3547 million in 2010 as compared to 2009 . the increase primarily was attributable to an improvement in our operating working capital balances of $ 570 million as discussed below , and $ 187 million related to lower net income tax payments , as compared to 2009 . partially offsetting these improvements was a net reduction in cash from operations of $ 350 million related to our defined benefit pension plan . this reduction was the result of increased contributions to the pension trust of $ 758 million as compared to 2009 , partially offset by an increase in the cas costs recovered on our contracts . operating working capital accounts consists of receivables , inventories , accounts payable , and customer advances and amounts in excess of costs incurred . the improvement in cash provided by operating working capital was due to a decline in 2010 accounts receivable balances compared to 2009 , and an increase in 2010 customer advances and amounts in excess of costs incurred balances compared to 2009 . these improvements partially were offset by a decline in accounts payable balances in 2010 compared to 2009 . the decline in accounts receivable primarily was due to higher collections on various programs at electronic systems , is&gs , and space systems business areas . the increase in customer advances and amounts in excess of costs incurred primarily was attributable to an increase on government and commercial satellite programs at space systems and air mobility programs at aeronautics , partially offset by a decrease on various programs at electronic systems . the decrease in accounts payable was attributable to the timing of accounts payable activities across all segments . net cash provided by operating activities decreased by $ 1248 million to $ 3173 million in 2009 as compared to 2008 . the decline primarily was attributable to an increase in our contributions to the defined benefit pension plan of $ 1373 million as compared to 2008 and an increase in our operating working capital accounts of $ 147 million . partially offsetting these items was the impact of lower net income tax payments in 2009 as compared to 2008 in the amount of $ 319 million . the decline in cash provided by operating working capital primarily was due to growth of receivables on various programs in the ms2 and gt&l lines of business at electronic systems and an increase in inventories on combat aircraft programs at aeronautics , which partially were offset by increases in customer advances and amounts in excess of costs incurred on government satellite programs at space systems and the timing of accounts payable activities . investing activities capital expenditures 2013 the majority of our capital expenditures relate to facilities infrastructure and equipment that are incurred to support new and existing programs across all of our business segments . we also incur capital expenditures for it to support programs and general enterprise it infrastructure . capital expenditures for property , plant and equipment amounted to $ 820 million in 2010 , $ 852 million in 2009 , and $ 926 million in 2008 . we expect that our operating cash flows will continue to be sufficient to fund our annual capital expenditures over the next few years . acquisitions , divestitures and other activities 2013 acquisition activities include both the acquisition of businesses and investments in affiliates . amounts paid in 2010 of $ 148 million primarily related to investments in affiliates . we paid $ 435 million in 2009 for acquisition activities , compared with $ 233 million in 2008 . in 2010 , we received proceeds of $ 798 million from the sale of eig , net of $ 17 million in transaction costs ( see note 2 ) . there were no material divestiture activities in 2009 and 2008 . during 2010 , we increased our short-term investments by $ 171 million compared to an increase of $ 279 million in 2009 . financing activities share activity and dividends 2013 during 2010 , 2009 , and 2008 , we repurchased 33.0 million , 24.9 million , and 29.0 million shares of our common stock for $ 2483 million , $ 1851 million , and $ 2931 million . of the shares we repurchased in 2010 , 0.9 million shares for $ 63 million were repurchased in december but settled and were paid for in january 2011 . in october 2010 , our board of directors approved a new share repurchase program for the repurchase of our common stock from time-to-time , up to an authorized amount of $ 3.0 billion ( see note 12 ) . under the program , we have discretion to determine the dollar amount of shares to be repurchased and the timing of any repurchases in compliance with applicable law and regulation . we repurchased a total of 11.2 million shares under the program for $ 776 million , and as of december 31 , 2010 , there remained $ 2224 million available for additional share repurchases . in connection with their approval of the new share repurchase program , our board terminated our previous share repurchase program . cash received from the issuance of our common stock in connection with stock option exercises during 2010 , 2009 , and 2008 totaled $ 59 million , $ 40 million , and $ 250 million . those activities resulted in the issuance of 1.4 million shares , 1.0 million shares , and 4.7 million shares during the respective periods. .

2,010

42

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa329

what was the percentage growth in the stock price performance for tractor supply company from 2012 to 2013

74.14%

divide(subtract(174.14, 100.00), 100.00)

stock performance graph this performance graph shall not be deemed 201cfiled 201d for purposes of section 18 of the securities exchange act of 1934 , as amended ( the 201cexchange act 201d ) or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of tractor supply company under the securities act of 1933 , as amended , or the exchange act . the following graph compares the cumulative total stockholder return on our common stock from december 29 , 2012 to december 30 , 2017 ( the company 2019s fiscal year-end ) , with the cumulative total returns of the s&p 500 index and the s&p retail index over the same period . the comparison assumes that $ 100 was invested on december 29 , 2012 , in our common stock and in each of the foregoing indices and in each case assumes reinvestment of dividends . the historical stock price performance shown on this graph is not indicative of future performance. .

.

| | | 12/29/2012 | 12/28/2013 | 12/27/2014 | 12/26/2015 | 12/31/2016 | 12/30/2017 | |---:|:-----------------------|:-------------|:-------------|:-------------|:-------------|:-------------|:-------------| | 0 | tractor supply company | $ 100.00 | $ 174.14 | $ 181.29 | $ 201.04 | $ 179.94 | $ 180.52 | | 1 | s&p 500 | $ 100.00 | $ 134.11 | $ 155.24 | $ 156.43 | $ 173.74 | $ 211.67 | | 2 | s&p retail index | $ 100.00 | $ 147.73 | $ 164.24 | $ 207.15 | $ 219.43 | $ 286.13 |

stock performance graph this performance graph shall not be deemed 201cfiled 201d for purposes of section 18 of the securities exchange act of 1934 , as amended ( the 201cexchange act 201d ) or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of tractor supply company under the securities act of 1933 , as amended , or the exchange act . the following graph compares the cumulative total stockholder return on our common stock from december 29 , 2012 to december 30 , 2017 ( the company 2019s fiscal year-end ) , with the cumulative total returns of the s&p 500 index and the s&p retail index over the same period . the comparison assumes that $ 100 was invested on december 29 , 2012 , in our common stock and in each of the foregoing indices and in each case assumes reinvestment of dividends . the historical stock price performance shown on this graph is not indicative of future performance. ._| | | 12/29/2012 | 12/28/2013 | 12/27/2014 | 12/26/2015 | 12/31/2016 | 12/30/2017 | |---:|:-----------------------|:-------------|:-------------|:-------------|:-------------|:-------------|:-------------| | 0 | tractor supply company | $ 100.00 | $ 174.14 | $ 181.29 | $ 201.04 | $ 179.94 | $ 180.52 | | 1 | s&p 500 | $ 100.00 | $ 134.11 | $ 155.24 | $ 156.43 | $ 173.74 | $ 211.67 | | 2 | s&p retail index | $ 100.00 | $ 147.73 | $ 164.24 | $ 207.15 | $ 219.43 | $ 286.13 |_.

2,017

31

TSCO

Tractor Supply

Consumer Discretionary

Other Specialty Retail

Brentwood, Tennessee

2014-01-24

916,365

1938

what was the percentage growth in the stock price performance for tractor supply company from 2012 to 2013

74.14%

divide(subtract(174.14, 100.00), 100.00)

stock performance graph this performance graph shall not be deemed 201cfiled 201d for purposes of section 18 of the securities exchange act of 1934 , as amended ( the 201cexchange act 201d ) or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of tractor supply company under the securities act of 1933 , as amended , or the exchange act . the following graph compares the cumulative total stockholder return on our common stock from december 29 , 2012 to december 30 , 2017 ( the company 2019s fiscal year-end ) , with the cumulative total returns of the s&p 500 index and the s&p retail index over the same period . the comparison assumes that $ 100 was invested on december 29 , 2012 , in our common stock and in each of the foregoing indices and in each case assumes reinvestment of dividends . the historical stock price performance shown on this graph is not indicative of future performance. .

.

| | | 12/29/2012 | 12/28/2013 | 12/27/2014 | 12/26/2015 | 12/31/2016 | 12/30/2017 | |---:|:-----------------------|:-------------|:-------------|:-------------|:-------------|:-------------|:-------------| | 0 | tractor supply company | $ 100.00 | $ 174.14 | $ 181.29 | $ 201.04 | $ 179.94 | $ 180.52 | | 1 | s&p 500 | $ 100.00 | $ 134.11 | $ 155.24 | $ 156.43 | $ 173.74 | $ 211.67 | | 2 | s&p retail index | $ 100.00 | $ 147.73 | $ 164.24 | $ 207.15 | $ 219.43 | $ 286.13 |

stock performance graph this performance graph shall not be deemed 201cfiled 201d for purposes of section 18 of the securities exchange act of 1934 , as amended ( the 201cexchange act 201d ) or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of tractor supply company under the securities act of 1933 , as amended , or the exchange act . the following graph compares the cumulative total stockholder return on our common stock from december 29 , 2012 to december 30 , 2017 ( the company 2019s fiscal year-end ) , with the cumulative total returns of the s&p 500 index and the s&p retail index over the same period . the comparison assumes that $ 100 was invested on december 29 , 2012 , in our common stock and in each of the foregoing indices and in each case assumes reinvestment of dividends . the historical stock price performance shown on this graph is not indicative of future performance. ._| | | 12/29/2012 | 12/28/2013 | 12/27/2014 | 12/26/2015 | 12/31/2016 | 12/30/2017 | |---:|:-----------------------|:-------------|:-------------|:-------------|:-------------|:-------------|:-------------| | 0 | tractor supply company | $ 100.00 | $ 174.14 | $ 181.29 | $ 201.04 | $ 179.94 | $ 180.52 | | 1 | s&p 500 | $ 100.00 | $ 134.11 | $ 155.24 | $ 156.43 | $ 173.74 | $ 211.67 | | 2 | s&p retail index | $ 100.00 | $ 147.73 | $ 164.24 | $ 207.15 | $ 219.43 | $ 286.13 |_.

2,017

31

TSCO

Tractor Supply

Consumer Discretionary

Other Specialty Retail

Brentwood, Tennessee

2014-01-24

916,365

1938

null

finqa330

what was the ratio of the total loss due to instrument-specific credit risk for 2008 to 2007

0.2

divide(38, 188)

the notional amount of these unfunded letters of credit was $ 1.4 billion as of december 31 , 2008 and december 31 , 2007 . the amount funded was insignificant with no amounts 90 days or more past due or on a non-accrual status at december 31 , 2008 and december 31 , 2007 . these items have been classified appropriately in trading account assets or trading account liabilities on the consolidated balance sheet . changes in fair value of these items are classified in principal transactions in the company 2019s consolidated statement of income . other items for which the fair-value option was selected in accordance with sfas 159 the company has elected the fair-value option for the following eligible items , which did not affect opening retained earnings : 2022 certain credit products ; 2022 certain investments in private equity and real estate ventures and certain equity-method investments ; 2022 certain structured liabilities ; 2022 certain non-structured liabilities ; and 2022 certain mortgage loans certain credit products citigroup has elected the fair-value option for certain originated and purchased loans , including certain unfunded loan products , such as guarantees and letters of credit , executed by citigroup 2019s trading businesses . none of these credit products is a highly leveraged financing commitment . significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term , or transactions where the economic risks are hedged with derivative instruments such as purchased credit default swaps or total return swaps where the company pays the total return on the underlying loans to a third party . citigroup has elected the fair-value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications . fair value was not elected for most lending transactions across the company , including where those management objectives would not be met . the following table provides information about certain credit products carried at fair value: .

in millions of dollars trading assets loans trading assets loans carrying amount reported on the consolidated balance sheet $ 16254 $ 2315 $ 26020 $ 3038 aggregate unpaid principal balance in excess of fair value $ 6501 $ 3 $ 899 $ ( 5 ) balance on non-accrual loans or loans more than 90 days past due $ 77 $ 1113 $ 186 $ 1292 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 190 $ ( 4 ) $ 68 $ 2014 in addition to the amounts reported above , $ 72 million and $ 141 million of unfunded loan commitments related to certain credit products selected for fair-value accounting were outstanding as of december 31 , 2008 and december 31 , 2007 , respectively . changes in fair value of funded and unfunded credit products are classified in principal transactions in the company 2019s consolidated statement of income . related interest revenue is measured based on the contractual interest rates and reported as interest revenue on trading account assets or loans depending on their balance sheet classifications . the changes in fair value for the years ended december 31 , 2008 and 2007 due to instrument-specific credit risk totaled to a loss of $ 38 million and $ 188 million , respectively . certain investments in private equity and real estate ventures and certain equity method investments citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation . the company has elected the fair-value option for certain of these ventures , because such investments are considered similar to many private equity or hedge fund activities in our investment companies , which are reported at fair value . the fair-value option brings consistency in the accounting and evaluation of certain of these investments . as required by sfas 159 , all investments ( debt and equity ) in such private equity and real estate entities are accounted for at fair value . these investments are classified as investments on citigroup 2019s consolidated balance sheet . citigroup also holds various non-strategic investments in leveraged buyout funds and other hedge funds that previously were required to be accounted for under the equity method . the company elected fair-value accounting to reduce operational and accounting complexity . since the funds account for all of their underlying assets at fair value , the impact of applying the equity method to citigroup 2019s investment in these funds was equivalent to fair-value accounting . thus , this fair-value election had no impact on opening retained earnings . these investments are classified as other assets on citigroup 2019s consolidated balance sheet . changes in the fair values of these investments are classified in other revenue in the company 2019s consolidated statement of income . certain structured liabilities the company has elected the fair-value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) . the company elected the fair- value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis . these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form . for those structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 277 million as of december 31 , 2008 and $ 7 million as of december 31 , 2007 . the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income . related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement . certain non-structured liabilities the company has elected the fair-value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) . .

| | in millions of dollars | 2008 trading assets | 2008 loans | 2008 trading assets | loans | |---:|:--------------------------------------------------------------------------------------------------------------------|:----------------------|:-------------|:----------------------|:-----------| | 0 | carrying amount reported on the consolidated balance sheet | $ 16254 | $ 2315 | $ 26020 | $ 3038 | | 1 | aggregate unpaid principal balance in excess of fair value | $ 6501 | $ 3 | $ 899 | $ -5 ( 5 ) | | 2 | balance on non-accrual loans or loans more than 90 days past due | $ 77 | $ 1113 | $ 186 | $ 1292 | | 3 | aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days pastdue | $ 190 | $ -4 ( 4 ) | $ 68 | $ 2014 |

the notional amount of these unfunded letters of credit was $ 1.4 billion as of december 31 , 2008 and december 31 , 2007 . the amount funded was insignificant with no amounts 90 days or more past due or on a non-accrual status at december 31 , 2008 and december 31 , 2007 . these items have been classified appropriately in trading account assets or trading account liabilities on the consolidated balance sheet . changes in fair value of these items are classified in principal transactions in the company 2019s consolidated statement of income . other items for which the fair-value option was selected in accordance with sfas 159 the company has elected the fair-value option for the following eligible items , which did not affect opening retained earnings : 2022 certain credit products ; 2022 certain investments in private equity and real estate ventures and certain equity-method investments ; 2022 certain structured liabilities ; 2022 certain non-structured liabilities ; and 2022 certain mortgage loans certain credit products citigroup has elected the fair-value option for certain originated and purchased loans , including certain unfunded loan products , such as guarantees and letters of credit , executed by citigroup 2019s trading businesses . none of these credit products is a highly leveraged financing commitment . significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term , or transactions where the economic risks are hedged with derivative instruments such as purchased credit default swaps or total return swaps where the company pays the total return on the underlying loans to a third party . citigroup has elected the fair-value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications . fair value was not elected for most lending transactions across the company , including where those management objectives would not be met . the following table provides information about certain credit products carried at fair value: ._| | in millions of dollars | 2008 trading assets | 2008 loans | 2008 trading assets | loans | |---:|:--------------------------------------------------------------------------------------------------------------------|:----------------------|:-------------|:----------------------|:-----------| | 0 | carrying amount reported on the consolidated balance sheet | $ 16254 | $ 2315 | $ 26020 | $ 3038 | | 1 | aggregate unpaid principal balance in excess of fair value | $ 6501 | $ 3 | $ 899 | $ -5 ( 5 ) | | 2 | balance on non-accrual loans or loans more than 90 days past due | $ 77 | $ 1113 | $ 186 | $ 1292 | | 3 | aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days pastdue | $ 190 | $ -4 ( 4 ) | $ 68 | $ 2014 |_in millions of dollars trading assets loans trading assets loans carrying amount reported on the consolidated balance sheet $ 16254 $ 2315 $ 26020 $ 3038 aggregate unpaid principal balance in excess of fair value $ 6501 $ 3 $ 899 $ ( 5 ) balance on non-accrual loans or loans more than 90 days past due $ 77 $ 1113 $ 186 $ 1292 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 190 $ ( 4 ) $ 68 $ 2014 in addition to the amounts reported above , $ 72 million and $ 141 million of unfunded loan commitments related to certain credit products selected for fair-value accounting were outstanding as of december 31 , 2008 and december 31 , 2007 , respectively . changes in fair value of funded and unfunded credit products are classified in principal transactions in the company 2019s consolidated statement of income . related interest revenue is measured based on the contractual interest rates and reported as interest revenue on trading account assets or loans depending on their balance sheet classifications . the changes in fair value for the years ended december 31 , 2008 and 2007 due to instrument-specific credit risk totaled to a loss of $ 38 million and $ 188 million , respectively . certain investments in private equity and real estate ventures and certain equity method investments citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation . the company has elected the fair-value option for certain of these ventures , because such investments are considered similar to many private equity or hedge fund activities in our investment companies , which are reported at fair value . the fair-value option brings consistency in the accounting and evaluation of certain of these investments . as required by sfas 159 , all investments ( debt and equity ) in such private equity and real estate entities are accounted for at fair value . these investments are classified as investments on citigroup 2019s consolidated balance sheet . citigroup also holds various non-strategic investments in leveraged buyout funds and other hedge funds that previously were required to be accounted for under the equity method . the company elected fair-value accounting to reduce operational and accounting complexity . since the funds account for all of their underlying assets at fair value , the impact of applying the equity method to citigroup 2019s investment in these funds was equivalent to fair-value accounting . thus , this fair-value election had no impact on opening retained earnings . these investments are classified as other assets on citigroup 2019s consolidated balance sheet . changes in the fair values of these investments are classified in other revenue in the company 2019s consolidated statement of income . certain structured liabilities the company has elected the fair-value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) . the company elected the fair- value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis . these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form . for those structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 277 million as of december 31 , 2008 and $ 7 million as of december 31 , 2007 . the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income . related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement . certain non-structured liabilities the company has elected the fair-value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) . .

2,008

211

C

Citigroup

Financials

Diversified Banks

New York City, New York

1988-05-31

831,001

1998

what was the ratio of the total loss due to instrument-specific credit risk for 2008 to 2007

0.2

divide(38, 188)

the notional amount of these unfunded letters of credit was $ 1.4 billion as of december 31 , 2008 and december 31 , 2007 . the amount funded was insignificant with no amounts 90 days or more past due or on a non-accrual status at december 31 , 2008 and december 31 , 2007 . these items have been classified appropriately in trading account assets or trading account liabilities on the consolidated balance sheet . changes in fair value of these items are classified in principal transactions in the company 2019s consolidated statement of income . other items for which the fair-value option was selected in accordance with sfas 159 the company has elected the fair-value option for the following eligible items , which did not affect opening retained earnings : 2022 certain credit products ; 2022 certain investments in private equity and real estate ventures and certain equity-method investments ; 2022 certain structured liabilities ; 2022 certain non-structured liabilities ; and 2022 certain mortgage loans certain credit products citigroup has elected the fair-value option for certain originated and purchased loans , including certain unfunded loan products , such as guarantees and letters of credit , executed by citigroup 2019s trading businesses . none of these credit products is a highly leveraged financing commitment . significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term , or transactions where the economic risks are hedged with derivative instruments such as purchased credit default swaps or total return swaps where the company pays the total return on the underlying loans to a third party . citigroup has elected the fair-value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications . fair value was not elected for most lending transactions across the company , including where those management objectives would not be met . the following table provides information about certain credit products carried at fair value: .

in millions of dollars trading assets loans trading assets loans carrying amount reported on the consolidated balance sheet $ 16254 $ 2315 $ 26020 $ 3038 aggregate unpaid principal balance in excess of fair value $ 6501 $ 3 $ 899 $ ( 5 ) balance on non-accrual loans or loans more than 90 days past due $ 77 $ 1113 $ 186 $ 1292 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 190 $ ( 4 ) $ 68 $ 2014 in addition to the amounts reported above , $ 72 million and $ 141 million of unfunded loan commitments related to certain credit products selected for fair-value accounting were outstanding as of december 31 , 2008 and december 31 , 2007 , respectively . changes in fair value of funded and unfunded credit products are classified in principal transactions in the company 2019s consolidated statement of income . related interest revenue is measured based on the contractual interest rates and reported as interest revenue on trading account assets or loans depending on their balance sheet classifications . the changes in fair value for the years ended december 31 , 2008 and 2007 due to instrument-specific credit risk totaled to a loss of $ 38 million and $ 188 million , respectively . certain investments in private equity and real estate ventures and certain equity method investments citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation . the company has elected the fair-value option for certain of these ventures , because such investments are considered similar to many private equity or hedge fund activities in our investment companies , which are reported at fair value . the fair-value option brings consistency in the accounting and evaluation of certain of these investments . as required by sfas 159 , all investments ( debt and equity ) in such private equity and real estate entities are accounted for at fair value . these investments are classified as investments on citigroup 2019s consolidated balance sheet . citigroup also holds various non-strategic investments in leveraged buyout funds and other hedge funds that previously were required to be accounted for under the equity method . the company elected fair-value accounting to reduce operational and accounting complexity . since the funds account for all of their underlying assets at fair value , the impact of applying the equity method to citigroup 2019s investment in these funds was equivalent to fair-value accounting . thus , this fair-value election had no impact on opening retained earnings . these investments are classified as other assets on citigroup 2019s consolidated balance sheet . changes in the fair values of these investments are classified in other revenue in the company 2019s consolidated statement of income . certain structured liabilities the company has elected the fair-value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) . the company elected the fair- value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis . these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form . for those structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 277 million as of december 31 , 2008 and $ 7 million as of december 31 , 2007 . the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income . related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement . certain non-structured liabilities the company has elected the fair-value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) . .

| | in millions of dollars | 2008 trading assets | 2008 loans | 2008 trading assets | loans | |---:|:--------------------------------------------------------------------------------------------------------------------|:----------------------|:-------------|:----------------------|:-----------| | 0 | carrying amount reported on the consolidated balance sheet | $ 16254 | $ 2315 | $ 26020 | $ 3038 | | 1 | aggregate unpaid principal balance in excess of fair value | $ 6501 | $ 3 | $ 899 | $ -5 ( 5 ) | | 2 | balance on non-accrual loans or loans more than 90 days past due | $ 77 | $ 1113 | $ 186 | $ 1292 | | 3 | aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days pastdue | $ 190 | $ -4 ( 4 ) | $ 68 | $ 2014 |

the notional amount of these unfunded letters of credit was $ 1.4 billion as of december 31 , 2008 and december 31 , 2007 . the amount funded was insignificant with no amounts 90 days or more past due or on a non-accrual status at december 31 , 2008 and december 31 , 2007 . these items have been classified appropriately in trading account assets or trading account liabilities on the consolidated balance sheet . changes in fair value of these items are classified in principal transactions in the company 2019s consolidated statement of income . other items for which the fair-value option was selected in accordance with sfas 159 the company has elected the fair-value option for the following eligible items , which did not affect opening retained earnings : 2022 certain credit products ; 2022 certain investments in private equity and real estate ventures and certain equity-method investments ; 2022 certain structured liabilities ; 2022 certain non-structured liabilities ; and 2022 certain mortgage loans certain credit products citigroup has elected the fair-value option for certain originated and purchased loans , including certain unfunded loan products , such as guarantees and letters of credit , executed by citigroup 2019s trading businesses . none of these credit products is a highly leveraged financing commitment . significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term , or transactions where the economic risks are hedged with derivative instruments such as purchased credit default swaps or total return swaps where the company pays the total return on the underlying loans to a third party . citigroup has elected the fair-value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications . fair value was not elected for most lending transactions across the company , including where those management objectives would not be met . the following table provides information about certain credit products carried at fair value: ._| | in millions of dollars | 2008 trading assets | 2008 loans | 2008 trading assets | loans | |---:|:--------------------------------------------------------------------------------------------------------------------|:----------------------|:-------------|:----------------------|:-----------| | 0 | carrying amount reported on the consolidated balance sheet | $ 16254 | $ 2315 | $ 26020 | $ 3038 | | 1 | aggregate unpaid principal balance in excess of fair value | $ 6501 | $ 3 | $ 899 | $ -5 ( 5 ) | | 2 | balance on non-accrual loans or loans more than 90 days past due | $ 77 | $ 1113 | $ 186 | $ 1292 | | 3 | aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days pastdue | $ 190 | $ -4 ( 4 ) | $ 68 | $ 2014 |_in millions of dollars trading assets loans trading assets loans carrying amount reported on the consolidated balance sheet $ 16254 $ 2315 $ 26020 $ 3038 aggregate unpaid principal balance in excess of fair value $ 6501 $ 3 $ 899 $ ( 5 ) balance on non-accrual loans or loans more than 90 days past due $ 77 $ 1113 $ 186 $ 1292 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 190 $ ( 4 ) $ 68 $ 2014 in addition to the amounts reported above , $ 72 million and $ 141 million of unfunded loan commitments related to certain credit products selected for fair-value accounting were outstanding as of december 31 , 2008 and december 31 , 2007 , respectively . changes in fair value of funded and unfunded credit products are classified in principal transactions in the company 2019s consolidated statement of income . related interest revenue is measured based on the contractual interest rates and reported as interest revenue on trading account assets or loans depending on their balance sheet classifications . the changes in fair value for the years ended december 31 , 2008 and 2007 due to instrument-specific credit risk totaled to a loss of $ 38 million and $ 188 million , respectively . certain investments in private equity and real estate ventures and certain equity method investments citigroup invests in private equity and real estate ventures for the purpose of earning investment returns and for capital appreciation . the company has elected the fair-value option for certain of these ventures , because such investments are considered similar to many private equity or hedge fund activities in our investment companies , which are reported at fair value . the fair-value option brings consistency in the accounting and evaluation of certain of these investments . as required by sfas 159 , all investments ( debt and equity ) in such private equity and real estate entities are accounted for at fair value . these investments are classified as investments on citigroup 2019s consolidated balance sheet . citigroup also holds various non-strategic investments in leveraged buyout funds and other hedge funds that previously were required to be accounted for under the equity method . the company elected fair-value accounting to reduce operational and accounting complexity . since the funds account for all of their underlying assets at fair value , the impact of applying the equity method to citigroup 2019s investment in these funds was equivalent to fair-value accounting . thus , this fair-value election had no impact on opening retained earnings . these investments are classified as other assets on citigroup 2019s consolidated balance sheet . changes in the fair values of these investments are classified in other revenue in the company 2019s consolidated statement of income . certain structured liabilities the company has elected the fair-value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) . the company elected the fair- value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis . these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form . for those structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 277 million as of december 31 , 2008 and $ 7 million as of december 31 , 2007 . the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income . related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement . certain non-structured liabilities the company has elected the fair-value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) . .

2,008

211

C

Citigroup

Financials

Diversified Banks

New York City, New York

1988-05-31

831,001

1998

null

finqa331

what is the increase observed in the balance at the end of the year during 2005 and 2004?

11.49%

subtract(divide(663750000, 595338000), 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 increase observed in the balance at the end of the year during 2005 and 2004?

11.49%

subtract(divide(663750000, 595338000), 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

finqa332

as of december 31 , what was percent of the capital markets goodwill to the total

7.4%

divide(142.4, 1934.2)

judgments the valuation of goodwill and other intangible assets depends on a number of factors , including estimates of future market growth and trends , forecasted revenue and costs , expected useful lives of the assets , appropriate discount rates and other variables . goodwill is allocated to reporting units , which are components of the business that are one level below operating segments . each of these reporting units is tested for impairment individually during the annual evaluation . there is no goodwill assigned to reporting units within the balance sheet management segment . the following table shows the amount of goodwill allocated to each of the reporting units in the trading and investing segment ( dollars in millions ) : .

in connection with our annual impairment test of goodwill , we concluded that the goodwill was not impaired as the fair value of the reporting units was in excess of the book value of those reporting units as of december 31 , 2011 . the fair value of the reporting units exceeded the book value of those reporting units by substantial amounts ( fair value as a percent of book value ranged from approximately 150% ( 150 % ) to 700% ( 700 % ) ) and therefore did not indicate a significant risk of goodwill impairment based on current projections and valuations . we also evaluate the remaining useful lives on intangible assets each reporting period to determine whether events and circumstances warrant a revision to the remaining period of amortization . effects if actual results differ if our estimates of fair value for the reporting units change due to changes in our business or other factors , we may determine that an impairment charge is necessary . estimates of fair value are determined based on a complex model using cash flows and company comparisons . if management 2019s estimates of future cash flows are inaccurate , the fair value determined could be inaccurate and impairment would not be recognized in a timely manner . intangible assets are amortized over their estimated useful lives . if changes in the estimated underlying revenue occur , impairment or a change in the remaining life may need to be recognized. .

| | reporting unit | december 31 2011 | |---:|:-----------------|:-------------------| | 0 | u.s . brokerage | $ 1751.2 | | 1 | capital markets | 142.4 | | 2 | retail bank | 40.6 | | 3 | total goodwill | $ 1934.2 |

judgments the valuation of goodwill and other intangible assets depends on a number of factors , including estimates of future market growth and trends , forecasted revenue and costs , expected useful lives of the assets , appropriate discount rates and other variables . goodwill is allocated to reporting units , which are components of the business that are one level below operating segments . each of these reporting units is tested for impairment individually during the annual evaluation . there is no goodwill assigned to reporting units within the balance sheet management segment . the following table shows the amount of goodwill allocated to each of the reporting units in the trading and investing segment ( dollars in millions ) : ._| | reporting unit | december 31 2011 | |---:|:-----------------|:-------------------| | 0 | u.s . brokerage | $ 1751.2 | | 1 | capital markets | 142.4 | | 2 | retail bank | 40.6 | | 3 | total goodwill | $ 1934.2 |_in connection with our annual impairment test of goodwill , we concluded that the goodwill was not impaired as the fair value of the reporting units was in excess of the book value of those reporting units as of december 31 , 2011 . the fair value of the reporting units exceeded the book value of those reporting units by substantial amounts ( fair value as a percent of book value ranged from approximately 150% ( 150 % ) to 700% ( 700 % ) ) and therefore did not indicate a significant risk of goodwill impairment based on current projections and valuations . we also evaluate the remaining useful lives on intangible assets each reporting period to determine whether events and circumstances warrant a revision to the remaining period of amortization . effects if actual results differ if our estimates of fair value for the reporting units change due to changes in our business or other factors , we may determine that an impairment charge is necessary . estimates of fair value are determined based on a complex model using cash flows and company comparisons . if management 2019s estimates of future cash flows are inaccurate , the fair value determined could be inaccurate and impairment would not be recognized in a timely manner . intangible assets are amortized over their estimated useful lives . if changes in the estimated underlying revenue occur , impairment or a change in the remaining life may need to be recognized. .

2,011

82

ETFC

E*TRADE Financial Corporation

Financials

Investment Banking & Brokerage

Arlington, VA

2004-01-01

1,015,780

1982

as of december 31 , what was percent of the capital markets goodwill to the total

7.4%

divide(142.4, 1934.2)

judgments the valuation of goodwill and other intangible assets depends on a number of factors , including estimates of future market growth and trends , forecasted revenue and costs , expected useful lives of the assets , appropriate discount rates and other variables . goodwill is allocated to reporting units , which are components of the business that are one level below operating segments . each of these reporting units is tested for impairment individually during the annual evaluation . there is no goodwill assigned to reporting units within the balance sheet management segment . the following table shows the amount of goodwill allocated to each of the reporting units in the trading and investing segment ( dollars in millions ) : .

in connection with our annual impairment test of goodwill , we concluded that the goodwill was not impaired as the fair value of the reporting units was in excess of the book value of those reporting units as of december 31 , 2011 . the fair value of the reporting units exceeded the book value of those reporting units by substantial amounts ( fair value as a percent of book value ranged from approximately 150% ( 150 % ) to 700% ( 700 % ) ) and therefore did not indicate a significant risk of goodwill impairment based on current projections and valuations . we also evaluate the remaining useful lives on intangible assets each reporting period to determine whether events and circumstances warrant a revision to the remaining period of amortization . effects if actual results differ if our estimates of fair value for the reporting units change due to changes in our business or other factors , we may determine that an impairment charge is necessary . estimates of fair value are determined based on a complex model using cash flows and company comparisons . if management 2019s estimates of future cash flows are inaccurate , the fair value determined could be inaccurate and impairment would not be recognized in a timely manner . intangible assets are amortized over their estimated useful lives . if changes in the estimated underlying revenue occur , impairment or a change in the remaining life may need to be recognized. .

| | reporting unit | december 31 2011 | |---:|:-----------------|:-------------------| | 0 | u.s . brokerage | $ 1751.2 | | 1 | capital markets | 142.4 | | 2 | retail bank | 40.6 | | 3 | total goodwill | $ 1934.2 |

judgments the valuation of goodwill and other intangible assets depends on a number of factors , including estimates of future market growth and trends , forecasted revenue and costs , expected useful lives of the assets , appropriate discount rates and other variables . goodwill is allocated to reporting units , which are components of the business that are one level below operating segments . each of these reporting units is tested for impairment individually during the annual evaluation . there is no goodwill assigned to reporting units within the balance sheet management segment . the following table shows the amount of goodwill allocated to each of the reporting units in the trading and investing segment ( dollars in millions ) : ._| | reporting unit | december 31 2011 | |---:|:-----------------|:-------------------| | 0 | u.s . brokerage | $ 1751.2 | | 1 | capital markets | 142.4 | | 2 | retail bank | 40.6 | | 3 | total goodwill | $ 1934.2 |_in connection with our annual impairment test of goodwill , we concluded that the goodwill was not impaired as the fair value of the reporting units was in excess of the book value of those reporting units as of december 31 , 2011 . the fair value of the reporting units exceeded the book value of those reporting units by substantial amounts ( fair value as a percent of book value ranged from approximately 150% ( 150 % ) to 700% ( 700 % ) ) and therefore did not indicate a significant risk of goodwill impairment based on current projections and valuations . we also evaluate the remaining useful lives on intangible assets each reporting period to determine whether events and circumstances warrant a revision to the remaining period of amortization . effects if actual results differ if our estimates of fair value for the reporting units change due to changes in our business or other factors , we may determine that an impairment charge is necessary . estimates of fair value are determined based on a complex model using cash flows and company comparisons . if management 2019s estimates of future cash flows are inaccurate , the fair value determined could be inaccurate and impairment would not be recognized in a timely manner . intangible assets are amortized over their estimated useful lives . if changes in the estimated underlying revenue occur , impairment or a change in the remaining life may need to be recognized. .

2,011

82

ETFC

E*TRADE Financial Corporation

Financials

Investment Banking & Brokerage

Arlington, VA

2004-01-01

1,015,780

1982

null

finqa333

as of as of december 31 , 2007 what was the percent of the total debt maturities that was due in 2009

7.1%

divide(542, 7680)

debt maturities 2013 the following table presents aggregate debt maturities as of december 31 , 2007 , excluding market value adjustments . millions of dollars .

at december 31 , 2007 , we reclassified as long-term debt approximately $ 550 million of debt due within one year that we intend to refinance . this reclassification reflected our ability and intent to refinance any short- term borrowings and certain current maturities of long-term debt on a long-term basis . at december 31 , 2006 , we did not reclassify any short-term debt as long-term debt as we did not intend to refinance at that mortgaged properties 2013 equipment with a carrying value of approximately $ 2.8 billion at both december 31 , 2007 and 2006 serves as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire such railroad equipment . as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds . as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion . in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds . credit facilities 2013 on december 31 , 2007 , $ 1.9 billion of credit was available under our revolving credit facility ( the facility ) , which we entered into on april 20 , 2007 . the facility is designated for general corporate purposes and supports the issuance of commercial paper . we did not draw on the facility during 2007 . commitment fees and interest rates payable under the facility are similar to fees and rates available to comparably rated , investment-grade borrowers . the facility allows for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings . the facility requires the maintenance of a debt to net worth coverage ratio . at december 31 , 2007 , we were in compliance with this covenant . the facility does not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require us to post collateral . the facility , which expires in april 2012 , replaced two $ 1 billion , 5-year facilities with terms ending in march 2009 and march 2010 . the facility includes terms that are comparable with those of the prior facilities , although the minimum net worth requirement of $ 7.5 billion in prior facilities was removed , and the facility includes a change-of-control provision . in addition to our revolving credit facility , a $ 75 million uncommitted line of credit was available . the line of credit expires in april 2008 , and was not used in 2007 . we must have equivalent credit available under our five-year facility to draw on this $ 75 million line . dividend restrictions 2013 our revolving credit facility includes a debt-to-net worth covenant that , under certain circumstances , would restrict the payment of cash dividends to our shareholders . the amount of retained earnings available for dividends was $ 11.5 billion and $ 7.8 billion at december 31 , 2007 and december 31 , 2006 , respectively . this facility replaced two credit facilities that had minimum net worth covenants that were more restrictive with respect to the amount of retained earnings available for dividends at december 31 , 2006. .

| | 2008 | $ 689 | |---:|:-----------|:--------| | 0 | 2009 | 542 | | 1 | 2010 | 462 | | 2 | 2011 | 550 | | 3 | 2012 | 720 | | 4 | thereafter | 4717 | | 5 | total debt | $ 7680 |

debt maturities 2013 the following table presents aggregate debt maturities as of december 31 , 2007 , excluding market value adjustments . millions of dollars ._| | 2008 | $ 689 | |---:|:-----------|:--------| | 0 | 2009 | 542 | | 1 | 2010 | 462 | | 2 | 2011 | 550 | | 3 | 2012 | 720 | | 4 | thereafter | 4717 | | 5 | total debt | $ 7680 |_at december 31 , 2007 , we reclassified as long-term debt approximately $ 550 million of debt due within one year that we intend to refinance . this reclassification reflected our ability and intent to refinance any short- term borrowings and certain current maturities of long-term debt on a long-term basis . at december 31 , 2006 , we did not reclassify any short-term debt as long-term debt as we did not intend to refinance at that mortgaged properties 2013 equipment with a carrying value of approximately $ 2.8 billion at both december 31 , 2007 and 2006 serves as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire such railroad equipment . as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds . as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion . in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds . credit facilities 2013 on december 31 , 2007 , $ 1.9 billion of credit was available under our revolving credit facility ( the facility ) , which we entered into on april 20 , 2007 . the facility is designated for general corporate purposes and supports the issuance of commercial paper . we did not draw on the facility during 2007 . commitment fees and interest rates payable under the facility are similar to fees and rates available to comparably rated , investment-grade borrowers . the facility allows for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings . the facility requires the maintenance of a debt to net worth coverage ratio . at december 31 , 2007 , we were in compliance with this covenant . the facility does not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require us to post collateral . the facility , which expires in april 2012 , replaced two $ 1 billion , 5-year facilities with terms ending in march 2009 and march 2010 . the facility includes terms that are comparable with those of the prior facilities , although the minimum net worth requirement of $ 7.5 billion in prior facilities was removed , and the facility includes a change-of-control provision . in addition to our revolving credit facility , a $ 75 million uncommitted line of credit was available . the line of credit expires in april 2008 , and was not used in 2007 . we must have equivalent credit available under our five-year facility to draw on this $ 75 million line . dividend restrictions 2013 our revolving credit facility includes a debt-to-net worth covenant that , under certain circumstances , would restrict the payment of cash dividends to our shareholders . the amount of retained earnings available for dividends was $ 11.5 billion and $ 7.8 billion at december 31 , 2007 and december 31 , 2006 , respectively . this facility replaced two credit facilities that had minimum net worth covenants that were more restrictive with respect to the amount of retained earnings available for dividends at december 31 , 2006. .

2,007

65

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

as of as of december 31 , 2007 what was the percent of the total debt maturities that was due in 2009

7.1%

divide(542, 7680)

debt maturities 2013 the following table presents aggregate debt maturities as of december 31 , 2007 , excluding market value adjustments . millions of dollars .

at december 31 , 2007 , we reclassified as long-term debt approximately $ 550 million of debt due within one year that we intend to refinance . this reclassification reflected our ability and intent to refinance any short- term borrowings and certain current maturities of long-term debt on a long-term basis . at december 31 , 2006 , we did not reclassify any short-term debt as long-term debt as we did not intend to refinance at that mortgaged properties 2013 equipment with a carrying value of approximately $ 2.8 billion at both december 31 , 2007 and 2006 serves as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire such railroad equipment . as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds . as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion . in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds . credit facilities 2013 on december 31 , 2007 , $ 1.9 billion of credit was available under our revolving credit facility ( the facility ) , which we entered into on april 20 , 2007 . the facility is designated for general corporate purposes and supports the issuance of commercial paper . we did not draw on the facility during 2007 . commitment fees and interest rates payable under the facility are similar to fees and rates available to comparably rated , investment-grade borrowers . the facility allows for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings . the facility requires the maintenance of a debt to net worth coverage ratio . at december 31 , 2007 , we were in compliance with this covenant . the facility does not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require us to post collateral . the facility , which expires in april 2012 , replaced two $ 1 billion , 5-year facilities with terms ending in march 2009 and march 2010 . the facility includes terms that are comparable with those of the prior facilities , although the minimum net worth requirement of $ 7.5 billion in prior facilities was removed , and the facility includes a change-of-control provision . in addition to our revolving credit facility , a $ 75 million uncommitted line of credit was available . the line of credit expires in april 2008 , and was not used in 2007 . we must have equivalent credit available under our five-year facility to draw on this $ 75 million line . dividend restrictions 2013 our revolving credit facility includes a debt-to-net worth covenant that , under certain circumstances , would restrict the payment of cash dividends to our shareholders . the amount of retained earnings available for dividends was $ 11.5 billion and $ 7.8 billion at december 31 , 2007 and december 31 , 2006 , respectively . this facility replaced two credit facilities that had minimum net worth covenants that were more restrictive with respect to the amount of retained earnings available for dividends at december 31 , 2006. .

| | 2008 | $ 689 | |---:|:-----------|:--------| | 0 | 2009 | 542 | | 1 | 2010 | 462 | | 2 | 2011 | 550 | | 3 | 2012 | 720 | | 4 | thereafter | 4717 | | 5 | total debt | $ 7680 |

debt maturities 2013 the following table presents aggregate debt maturities as of december 31 , 2007 , excluding market value adjustments . millions of dollars ._| | 2008 | $ 689 | |---:|:-----------|:--------| | 0 | 2009 | 542 | | 1 | 2010 | 462 | | 2 | 2011 | 550 | | 3 | 2012 | 720 | | 4 | thereafter | 4717 | | 5 | total debt | $ 7680 |_at december 31 , 2007 , we reclassified as long-term debt approximately $ 550 million of debt due within one year that we intend to refinance . this reclassification reflected our ability and intent to refinance any short- term borrowings and certain current maturities of long-term debt on a long-term basis . at december 31 , 2006 , we did not reclassify any short-term debt as long-term debt as we did not intend to refinance at that mortgaged properties 2013 equipment with a carrying value of approximately $ 2.8 billion at both december 31 , 2007 and 2006 serves as collateral for capital leases and other types of equipment obligations in accordance with the secured financing arrangements utilized to acquire such railroad equipment . as a result of the merger of missouri pacific railroad company ( mprr ) with and into uprr on january 1 , 1997 , and pursuant to the underlying indentures for the mprr mortgage bonds , uprr must maintain the same value of assets after the merger in order to comply with the security requirements of the mortgage bonds . as of the merger date , the value of the mprr assets that secured the mortgage bonds was approximately $ 6.0 billion . in accordance with the terms of the indentures , this collateral value must be maintained during the entire term of the mortgage bonds irrespective of the outstanding balance of such bonds . credit facilities 2013 on december 31 , 2007 , $ 1.9 billion of credit was available under our revolving credit facility ( the facility ) , which we entered into on april 20 , 2007 . the facility is designated for general corporate purposes and supports the issuance of commercial paper . we did not draw on the facility during 2007 . commitment fees and interest rates payable under the facility are similar to fees and rates available to comparably rated , investment-grade borrowers . the facility allows for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings . the facility requires the maintenance of a debt to net worth coverage ratio . at december 31 , 2007 , we were in compliance with this covenant . the facility does not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require us to post collateral . the facility , which expires in april 2012 , replaced two $ 1 billion , 5-year facilities with terms ending in march 2009 and march 2010 . the facility includes terms that are comparable with those of the prior facilities , although the minimum net worth requirement of $ 7.5 billion in prior facilities was removed , and the facility includes a change-of-control provision . in addition to our revolving credit facility , a $ 75 million uncommitted line of credit was available . the line of credit expires in april 2008 , and was not used in 2007 . we must have equivalent credit available under our five-year facility to draw on this $ 75 million line . dividend restrictions 2013 our revolving credit facility includes a debt-to-net worth covenant that , under certain circumstances , would restrict the payment of cash dividends to our shareholders . the amount of retained earnings available for dividends was $ 11.5 billion and $ 7.8 billion at december 31 , 2007 and december 31 , 2006 , respectively . this facility replaced two credit facilities that had minimum net worth covenants that were more restrictive with respect to the amount of retained earnings available for dividends at december 31 , 2006. .

2,007

65

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa334

what is the percent change in annual long-term debt maturities ( excluding lease obligations ) and annual cash sinking fund requirements for debt outstanding from 2005 to 2004?

71.2%

divide(subtract(925005, 540372), 540372)

entergy corporation notes to consolidated financial statements ( d ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on october 1 , 2003 and will then be remarketed . ( e ) on june 1 , 2002 , entergy louisiana remarketed $ 55 million st . charles parish pollution control revenue refunding bonds due 2030 , resetting the interest rate to 4.9% ( 4.9 % ) through may 2005 . ( f ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on june 1 , 2005 and will then be remarketed . ( g ) the fair value excludes lease obligations , long-term doe obligations , and other long-term debt and includes debt due within one year . it is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms . the annual long-term debt maturities ( excluding lease obligations ) and annual cash sinking fund requirements for debt outstanding as of december 31 , 2002 , for the next five years are as follows ( in thousands ) : .

not included are other sinking fund requirements of approximately $ 30.2 million annually , which may be satisfied by cash or by certification of property additions at the rate of 167% ( 167 % ) of such requirements . in december 2002 , when the damhead creek project was sold , the buyer of the project assumed all obligations under the damhead creek credit facilities and the damhead creek interest rate swap agreements . in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . in accordance with the purchase agreement with nypa , the purchase of indian point 2 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . covenants in the entergy corporation 7.75% ( 7.75 % ) notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization . if entergy's debt ratio exceeds this limit , or if entergy or certain of the domestic utility companies default on other credit facilities or are in bankruptcy or insolvency proceedings , an acceleration of the facility's maturity may occur . in january 2003 , entergy paid in full , at maturity , the outstanding debt relating to the top of iowa wind project . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : fffd maintain system energy's equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short-term debt ) ; fffd permit the continued commercial operation of grand gulf 1 ; fffd pay in full all system energy indebtedness for borrowed money when due ; and fffd enable system energy to make payments on specific system energy debt , under supplements to the agreement assigning system energy's rights in the agreement as security for the specific debt. .

| | 2003 | $ 1150786 | |---:|-------:|:------------| | 0 | 2004 | $ 925005 | | 1 | 2005 | $ 540372 | | 2 | 2006 | $ 139952 | | 3 | 2007 | $ 475288 |

entergy corporation notes to consolidated financial statements ( d ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on october 1 , 2003 and will then be remarketed . ( e ) on june 1 , 2002 , entergy louisiana remarketed $ 55 million st . charles parish pollution control revenue refunding bonds due 2030 , resetting the interest rate to 4.9% ( 4.9 % ) through may 2005 . ( f ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on june 1 , 2005 and will then be remarketed . ( g ) the fair value excludes lease obligations , long-term doe obligations , and other long-term debt and includes debt due within one year . it is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms . the annual long-term debt maturities ( excluding lease obligations ) and annual cash sinking fund requirements for debt outstanding as of december 31 , 2002 , for the next five years are as follows ( in thousands ) : ._| | 2003 | $ 1150786 | |---:|-------:|:------------| | 0 | 2004 | $ 925005 | | 1 | 2005 | $ 540372 | | 2 | 2006 | $ 139952 | | 3 | 2007 | $ 475288 |_not included are other sinking fund requirements of approximately $ 30.2 million annually , which may be satisfied by cash or by certification of property additions at the rate of 167% ( 167 % ) of such requirements . in december 2002 , when the damhead creek project was sold , the buyer of the project assumed all obligations under the damhead creek credit facilities and the damhead creek interest rate swap agreements . in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . in accordance with the purchase agreement with nypa , the purchase of indian point 2 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . covenants in the entergy corporation 7.75% ( 7.75 % ) notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization . if entergy's debt ratio exceeds this limit , or if entergy or certain of the domestic utility companies default on other credit facilities or are in bankruptcy or insolvency proceedings , an acceleration of the facility's maturity may occur . in january 2003 , entergy paid in full , at maturity , the outstanding debt relating to the top of iowa wind project . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : fffd maintain system energy's equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short-term debt ) ; fffd permit the continued commercial operation of grand gulf 1 ; fffd pay in full all system energy indebtedness for borrowed money when due ; and fffd enable system energy to make payments on specific system energy debt , under supplements to the agreement assigning system energy's rights in the agreement as security for the specific debt. .

2,002

86

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what is the percent change in annual long-term debt maturities ( excluding lease obligations ) and annual cash sinking fund requirements for debt outstanding from 2005 to 2004?

71.2%

divide(subtract(925005, 540372), 540372)

entergy corporation notes to consolidated financial statements ( d ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on october 1 , 2003 and will then be remarketed . ( e ) on june 1 , 2002 , entergy louisiana remarketed $ 55 million st . charles parish pollution control revenue refunding bonds due 2030 , resetting the interest rate to 4.9% ( 4.9 % ) through may 2005 . ( f ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on june 1 , 2005 and will then be remarketed . ( g ) the fair value excludes lease obligations , long-term doe obligations , and other long-term debt and includes debt due within one year . it is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms . the annual long-term debt maturities ( excluding lease obligations ) and annual cash sinking fund requirements for debt outstanding as of december 31 , 2002 , for the next five years are as follows ( in thousands ) : .

not included are other sinking fund requirements of approximately $ 30.2 million annually , which may be satisfied by cash or by certification of property additions at the rate of 167% ( 167 % ) of such requirements . in december 2002 , when the damhead creek project was sold , the buyer of the project assumed all obligations under the damhead creek credit facilities and the damhead creek interest rate swap agreements . in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . in accordance with the purchase agreement with nypa , the purchase of indian point 2 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . covenants in the entergy corporation 7.75% ( 7.75 % ) notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization . if entergy's debt ratio exceeds this limit , or if entergy or certain of the domestic utility companies default on other credit facilities or are in bankruptcy or insolvency proceedings , an acceleration of the facility's maturity may occur . in january 2003 , entergy paid in full , at maturity , the outstanding debt relating to the top of iowa wind project . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : fffd maintain system energy's equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short-term debt ) ; fffd permit the continued commercial operation of grand gulf 1 ; fffd pay in full all system energy indebtedness for borrowed money when due ; and fffd enable system energy to make payments on specific system energy debt , under supplements to the agreement assigning system energy's rights in the agreement as security for the specific debt. .

| | 2003 | $ 1150786 | |---:|-------:|:------------| | 0 | 2004 | $ 925005 | | 1 | 2005 | $ 540372 | | 2 | 2006 | $ 139952 | | 3 | 2007 | $ 475288 |

entergy corporation notes to consolidated financial statements ( d ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on october 1 , 2003 and will then be remarketed . ( e ) on june 1 , 2002 , entergy louisiana remarketed $ 55 million st . charles parish pollution control revenue refunding bonds due 2030 , resetting the interest rate to 4.9% ( 4.9 % ) through may 2005 . ( f ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on june 1 , 2005 and will then be remarketed . ( g ) the fair value excludes lease obligations , long-term doe obligations , and other long-term debt and includes debt due within one year . it is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms . the annual long-term debt maturities ( excluding lease obligations ) and annual cash sinking fund requirements for debt outstanding as of december 31 , 2002 , for the next five years are as follows ( in thousands ) : ._| | 2003 | $ 1150786 | |---:|-------:|:------------| | 0 | 2004 | $ 925005 | | 1 | 2005 | $ 540372 | | 2 | 2006 | $ 139952 | | 3 | 2007 | $ 475288 |_not included are other sinking fund requirements of approximately $ 30.2 million annually , which may be satisfied by cash or by certification of property additions at the rate of 167% ( 167 % ) of such requirements . in december 2002 , when the damhead creek project was sold , the buyer of the project assumed all obligations under the damhead creek credit facilities and the damhead creek interest rate swap agreements . in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . in accordance with the purchase agreement with nypa , the purchase of indian point 2 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . covenants in the entergy corporation 7.75% ( 7.75 % ) notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization . if entergy's debt ratio exceeds this limit , or if entergy or certain of the domestic utility companies default on other credit facilities or are in bankruptcy or insolvency proceedings , an acceleration of the facility's maturity may occur . in january 2003 , entergy paid in full , at maturity , the outstanding debt relating to the top of iowa wind project . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : fffd maintain system energy's equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short-term debt ) ; fffd permit the continued commercial operation of grand gulf 1 ; fffd pay in full all system energy indebtedness for borrowed money when due ; and fffd enable system energy to make payments on specific system energy debt , under supplements to the agreement assigning system energy's rights in the agreement as security for the specific debt. .

2,002

86

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa335

what was the growth rate of maximum exposure to loss from vies from 2016 to 2017?

-42%

divide(subtract(412, 716), 716)

64 | 2017 form 10-k notes to consolidated financial statements 1 . operations and summary of significant accounting policies a . nature of operations information in our financial statements and related commentary are presented in the following categories : machinery , energy & transportation ( me&t ) 2013 represents the aggregate total of construction industries , resource industries , energy & transportation and all other operating segments and related corporate items and eliminations . financial products 2013 primarily includes the company 2019s financial products segment . this category includes caterpillar financial services corporation ( cat financial ) , caterpillar insurance holdings inc . ( insurance services ) and their respective subsidiaries . our products are sold primarily under the brands 201ccaterpillar , 201d 201ccat , 201d design versions of 201ccat 201d and 201ccaterpillar , 201d 201cemd , 201d 201cfg wilson , 201d 201cmak , 201d 201cmwm , 201d 201cperkins , 201d 201cprogress rail , 201d 201csem 201d and 201csolar turbines 201d . we conduct operations in our machinery , energy & transportation lines of business under highly competitive conditions , including intense price competition . we place great emphasis on the high quality and performance of our products and our dealers 2019 service support . although no one competitor is believed to produce all of the same types of equipment that we do , there are numerous companies , large and small , which compete with us in the sale of each of our products . our machines are distributed principally through a worldwide organization of dealers ( dealer network ) , 48 located in the united states and 123 located outside the united states , serving 192 countries . reciprocating engines are sold principally through the dealer network and to other manufacturers for use in products . some of the reciprocating engines manufactured by our subsidiary perkins engines company limited , are also sold through its worldwide network of 93 distributors covering 182 countries . the fg wilson branded electric power generation systems primarily manufactured by our subsidiary caterpillar northern ireland limited are sold through its worldwide network of 154 distributors covering 131 countries . some of the large , medium speed reciprocating engines are also sold a0 under the mak brand through a worldwide network of 20 distributors covering 130 countries . our dealers do not deal exclusively with our products ; however , in most cases sales and servicing of our products are the dealers 2019 principal business . some products , primarily turbines and locomotives , are sold directly to end customers through sales forces employed by the company . at times , these employees are assisted by independent sales representatives . the financial products line of business also conducts operations under highly competitive conditions . financing for users of caterpillar products is available through a variety of competitive sources , principally commercial banks and finance and leasing companies . we offer various financing plans designed to increase the opportunity for sales of our products and generate financing income for our company . a significant portion of financial products activity is conducted in north america , with additional offices in latin america , asia/pacific , europe , africa and middle east . b . basis of presentation the consolidated financial statements include the accounts of caterpillar a0 inc . and its subsidiaries where we have a controlling financial interest . investments in companies where our ownership exceeds 20 percent and we do not have a controlling interest or where the ownership is less than 20 percent and for which we have a significant influence are accounted for by the equity method . see note 9 for further discussion . we consolidate all variable interest entities ( vies ) where caterpillar inc . is the primary beneficiary . for vies , we assess whether we are the primary beneficiary as prescribed by the accounting guidance on the consolidation of vies . the primary beneficiary of a vie is the party that has both the power to direct the activities that most significantly impact the entity 2019s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the vie . see note 21 for further discussion on a consolidated vie . we have affiliates , suppliers and dealers that are vies of which we are not the primary beneficiary . although we have provided financial support , we do not have the power to direct the activities that most significantly impact the economic performance of each entity . our maximum exposure to loss from vies for which we are not the primary beneficiary was as follows: .

in addition , cat financial has end-user customers that are vies of which we are not the primary beneficiary . although we have provided financial support to these entities and therefore have a variable interest , we do not have the power to direct the activities that most significantly impact their economic performance . our maximum exposure to loss from our involvement with these vies is limited to the credit risk inherently present in the financial support that we have provided . these risks are evaluated and reflected in our financial statements as part of our overall portfolio of finance receivables and related allowance for credit losses. .

| | ( millions of dollars ) | december 31 , 2017 | december 31 , 2016 | |---:|:---------------------------------------------------|:---------------------|:---------------------| | 0 | receivables - trade and other | $ 34 | $ 55 | | 1 | receivables - finance | 42 | 174 | | 2 | long-term receivables - finance | 38 | 246 | | 3 | investments in unconsolidated affiliated companies | 39 | 31 | | 4 | guarantees | 259 | 210 | | 5 | total | $ 412 | $ 716 |

64 | 2017 form 10-k notes to consolidated financial statements 1 . operations and summary of significant accounting policies a . nature of operations information in our financial statements and related commentary are presented in the following categories : machinery , energy & transportation ( me&t ) 2013 represents the aggregate total of construction industries , resource industries , energy & transportation and all other operating segments and related corporate items and eliminations . financial products 2013 primarily includes the company 2019s financial products segment . this category includes caterpillar financial services corporation ( cat financial ) , caterpillar insurance holdings inc . ( insurance services ) and their respective subsidiaries . our products are sold primarily under the brands 201ccaterpillar , 201d 201ccat , 201d design versions of 201ccat 201d and 201ccaterpillar , 201d 201cemd , 201d 201cfg wilson , 201d 201cmak , 201d 201cmwm , 201d 201cperkins , 201d 201cprogress rail , 201d 201csem 201d and 201csolar turbines 201d . we conduct operations in our machinery , energy & transportation lines of business under highly competitive conditions , including intense price competition . we place great emphasis on the high quality and performance of our products and our dealers 2019 service support . although no one competitor is believed to produce all of the same types of equipment that we do , there are numerous companies , large and small , which compete with us in the sale of each of our products . our machines are distributed principally through a worldwide organization of dealers ( dealer network ) , 48 located in the united states and 123 located outside the united states , serving 192 countries . reciprocating engines are sold principally through the dealer network and to other manufacturers for use in products . some of the reciprocating engines manufactured by our subsidiary perkins engines company limited , are also sold through its worldwide network of 93 distributors covering 182 countries . the fg wilson branded electric power generation systems primarily manufactured by our subsidiary caterpillar northern ireland limited are sold through its worldwide network of 154 distributors covering 131 countries . some of the large , medium speed reciprocating engines are also sold a0 under the mak brand through a worldwide network of 20 distributors covering 130 countries . our dealers do not deal exclusively with our products ; however , in most cases sales and servicing of our products are the dealers 2019 principal business . some products , primarily turbines and locomotives , are sold directly to end customers through sales forces employed by the company . at times , these employees are assisted by independent sales representatives . the financial products line of business also conducts operations under highly competitive conditions . financing for users of caterpillar products is available through a variety of competitive sources , principally commercial banks and finance and leasing companies . we offer various financing plans designed to increase the opportunity for sales of our products and generate financing income for our company . a significant portion of financial products activity is conducted in north america , with additional offices in latin america , asia/pacific , europe , africa and middle east . b . basis of presentation the consolidated financial statements include the accounts of caterpillar a0 inc . and its subsidiaries where we have a controlling financial interest . investments in companies where our ownership exceeds 20 percent and we do not have a controlling interest or where the ownership is less than 20 percent and for which we have a significant influence are accounted for by the equity method . see note 9 for further discussion . we consolidate all variable interest entities ( vies ) where caterpillar inc . is the primary beneficiary . for vies , we assess whether we are the primary beneficiary as prescribed by the accounting guidance on the consolidation of vies . the primary beneficiary of a vie is the party that has both the power to direct the activities that most significantly impact the entity 2019s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the vie . see note 21 for further discussion on a consolidated vie . we have affiliates , suppliers and dealers that are vies of which we are not the primary beneficiary . although we have provided financial support , we do not have the power to direct the activities that most significantly impact the economic performance of each entity . our maximum exposure to loss from vies for which we are not the primary beneficiary was as follows: ._| | ( millions of dollars ) | december 31 , 2017 | december 31 , 2016 | |---:|:---------------------------------------------------|:---------------------|:---------------------| | 0 | receivables - trade and other | $ 34 | $ 55 | | 1 | receivables - finance | 42 | 174 | | 2 | long-term receivables - finance | 38 | 246 | | 3 | investments in unconsolidated affiliated companies | 39 | 31 | | 4 | guarantees | 259 | 210 | | 5 | total | $ 412 | $ 716 |_in addition , cat financial has end-user customers that are vies of which we are not the primary beneficiary . although we have provided financial support to these entities and therefore have a variable interest , we do not have the power to direct the activities that most significantly impact their economic performance . our maximum exposure to loss from our involvement with these vies is limited to the credit risk inherently present in the financial support that we have provided . these risks are evaluated and reflected in our financial statements as part of our overall portfolio of finance receivables and related allowance for credit losses. .

2,017

85

CAT

Caterpillar Inc.

Industrials

Construction Machinery & Heavy Transportation Equipment

Irving, Texas

1957-03-04

18,230

1925

what was the growth rate of maximum exposure to loss from vies from 2016 to 2017?

-42%

divide(subtract(412, 716), 716)

64 | 2017 form 10-k notes to consolidated financial statements 1 . operations and summary of significant accounting policies a . nature of operations information in our financial statements and related commentary are presented in the following categories : machinery , energy & transportation ( me&t ) 2013 represents the aggregate total of construction industries , resource industries , energy & transportation and all other operating segments and related corporate items and eliminations . financial products 2013 primarily includes the company 2019s financial products segment . this category includes caterpillar financial services corporation ( cat financial ) , caterpillar insurance holdings inc . ( insurance services ) and their respective subsidiaries . our products are sold primarily under the brands 201ccaterpillar , 201d 201ccat , 201d design versions of 201ccat 201d and 201ccaterpillar , 201d 201cemd , 201d 201cfg wilson , 201d 201cmak , 201d 201cmwm , 201d 201cperkins , 201d 201cprogress rail , 201d 201csem 201d and 201csolar turbines 201d . we conduct operations in our machinery , energy & transportation lines of business under highly competitive conditions , including intense price competition . we place great emphasis on the high quality and performance of our products and our dealers 2019 service support . although no one competitor is believed to produce all of the same types of equipment that we do , there are numerous companies , large and small , which compete with us in the sale of each of our products . our machines are distributed principally through a worldwide organization of dealers ( dealer network ) , 48 located in the united states and 123 located outside the united states , serving 192 countries . reciprocating engines are sold principally through the dealer network and to other manufacturers for use in products . some of the reciprocating engines manufactured by our subsidiary perkins engines company limited , are also sold through its worldwide network of 93 distributors covering 182 countries . the fg wilson branded electric power generation systems primarily manufactured by our subsidiary caterpillar northern ireland limited are sold through its worldwide network of 154 distributors covering 131 countries . some of the large , medium speed reciprocating engines are also sold a0 under the mak brand through a worldwide network of 20 distributors covering 130 countries . our dealers do not deal exclusively with our products ; however , in most cases sales and servicing of our products are the dealers 2019 principal business . some products , primarily turbines and locomotives , are sold directly to end customers through sales forces employed by the company . at times , these employees are assisted by independent sales representatives . the financial products line of business also conducts operations under highly competitive conditions . financing for users of caterpillar products is available through a variety of competitive sources , principally commercial banks and finance and leasing companies . we offer various financing plans designed to increase the opportunity for sales of our products and generate financing income for our company . a significant portion of financial products activity is conducted in north america , with additional offices in latin america , asia/pacific , europe , africa and middle east . b . basis of presentation the consolidated financial statements include the accounts of caterpillar a0 inc . and its subsidiaries where we have a controlling financial interest . investments in companies where our ownership exceeds 20 percent and we do not have a controlling interest or where the ownership is less than 20 percent and for which we have a significant influence are accounted for by the equity method . see note 9 for further discussion . we consolidate all variable interest entities ( vies ) where caterpillar inc . is the primary beneficiary . for vies , we assess whether we are the primary beneficiary as prescribed by the accounting guidance on the consolidation of vies . the primary beneficiary of a vie is the party that has both the power to direct the activities that most significantly impact the entity 2019s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the vie . see note 21 for further discussion on a consolidated vie . we have affiliates , suppliers and dealers that are vies of which we are not the primary beneficiary . although we have provided financial support , we do not have the power to direct the activities that most significantly impact the economic performance of each entity . our maximum exposure to loss from vies for which we are not the primary beneficiary was as follows: .

in addition , cat financial has end-user customers that are vies of which we are not the primary beneficiary . although we have provided financial support to these entities and therefore have a variable interest , we do not have the power to direct the activities that most significantly impact their economic performance . our maximum exposure to loss from our involvement with these vies is limited to the credit risk inherently present in the financial support that we have provided . these risks are evaluated and reflected in our financial statements as part of our overall portfolio of finance receivables and related allowance for credit losses. .

| | ( millions of dollars ) | december 31 , 2017 | december 31 , 2016 | |---:|:---------------------------------------------------|:---------------------|:---------------------| | 0 | receivables - trade and other | $ 34 | $ 55 | | 1 | receivables - finance | 42 | 174 | | 2 | long-term receivables - finance | 38 | 246 | | 3 | investments in unconsolidated affiliated companies | 39 | 31 | | 4 | guarantees | 259 | 210 | | 5 | total | $ 412 | $ 716 |

64 | 2017 form 10-k notes to consolidated financial statements 1 . operations and summary of significant accounting policies a . nature of operations information in our financial statements and related commentary are presented in the following categories : machinery , energy & transportation ( me&t ) 2013 represents the aggregate total of construction industries , resource industries , energy & transportation and all other operating segments and related corporate items and eliminations . financial products 2013 primarily includes the company 2019s financial products segment . this category includes caterpillar financial services corporation ( cat financial ) , caterpillar insurance holdings inc . ( insurance services ) and their respective subsidiaries . our products are sold primarily under the brands 201ccaterpillar , 201d 201ccat , 201d design versions of 201ccat 201d and 201ccaterpillar , 201d 201cemd , 201d 201cfg wilson , 201d 201cmak , 201d 201cmwm , 201d 201cperkins , 201d 201cprogress rail , 201d 201csem 201d and 201csolar turbines 201d . we conduct operations in our machinery , energy & transportation lines of business under highly competitive conditions , including intense price competition . we place great emphasis on the high quality and performance of our products and our dealers 2019 service support . although no one competitor is believed to produce all of the same types of equipment that we do , there are numerous companies , large and small , which compete with us in the sale of each of our products . our machines are distributed principally through a worldwide organization of dealers ( dealer network ) , 48 located in the united states and 123 located outside the united states , serving 192 countries . reciprocating engines are sold principally through the dealer network and to other manufacturers for use in products . some of the reciprocating engines manufactured by our subsidiary perkins engines company limited , are also sold through its worldwide network of 93 distributors covering 182 countries . the fg wilson branded electric power generation systems primarily manufactured by our subsidiary caterpillar northern ireland limited are sold through its worldwide network of 154 distributors covering 131 countries . some of the large , medium speed reciprocating engines are also sold a0 under the mak brand through a worldwide network of 20 distributors covering 130 countries . our dealers do not deal exclusively with our products ; however , in most cases sales and servicing of our products are the dealers 2019 principal business . some products , primarily turbines and locomotives , are sold directly to end customers through sales forces employed by the company . at times , these employees are assisted by independent sales representatives . the financial products line of business also conducts operations under highly competitive conditions . financing for users of caterpillar products is available through a variety of competitive sources , principally commercial banks and finance and leasing companies . we offer various financing plans designed to increase the opportunity for sales of our products and generate financing income for our company . a significant portion of financial products activity is conducted in north america , with additional offices in latin america , asia/pacific , europe , africa and middle east . b . basis of presentation the consolidated financial statements include the accounts of caterpillar a0 inc . and its subsidiaries where we have a controlling financial interest . investments in companies where our ownership exceeds 20 percent and we do not have a controlling interest or where the ownership is less than 20 percent and for which we have a significant influence are accounted for by the equity method . see note 9 for further discussion . we consolidate all variable interest entities ( vies ) where caterpillar inc . is the primary beneficiary . for vies , we assess whether we are the primary beneficiary as prescribed by the accounting guidance on the consolidation of vies . the primary beneficiary of a vie is the party that has both the power to direct the activities that most significantly impact the entity 2019s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the vie . see note 21 for further discussion on a consolidated vie . we have affiliates , suppliers and dealers that are vies of which we are not the primary beneficiary . although we have provided financial support , we do not have the power to direct the activities that most significantly impact the economic performance of each entity . our maximum exposure to loss from vies for which we are not the primary beneficiary was as follows: ._| | ( millions of dollars ) | december 31 , 2017 | december 31 , 2016 | |---:|:---------------------------------------------------|:---------------------|:---------------------| | 0 | receivables - trade and other | $ 34 | $ 55 | | 1 | receivables - finance | 42 | 174 | | 2 | long-term receivables - finance | 38 | 246 | | 3 | investments in unconsolidated affiliated companies | 39 | 31 | | 4 | guarantees | 259 | 210 | | 5 | total | $ 412 | $ 716 |_in addition , cat financial has end-user customers that are vies of which we are not the primary beneficiary . although we have provided financial support to these entities and therefore have a variable interest , we do not have the power to direct the activities that most significantly impact their economic performance . our maximum exposure to loss from our involvement with these vies is limited to the credit risk inherently present in the financial support that we have provided . these risks are evaluated and reflected in our financial statements as part of our overall portfolio of finance receivables and related allowance for credit losses. .

2,017

85

CAT

Caterpillar Inc.

Industrials

Construction Machinery & Heavy Transportation Equipment

Irving, Texas

1957-03-04

18,230

1925

null

finqa336

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

38%

divide(subtract(86, 53), 86)

the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 was dispatched starting in february 2018 . aes puerto rico continues to be the lowest cost and epa compliant energy provider in puerto rico . therefore , we expect aes puerto rico to continue to be a critical supplier to prepa . starting prior to the hurricanes , prepa has been facing economic challenges that could impact the company , and on july 2 , 2017 , filed for bankruptcy under title iii . as a result of the bankruptcy filing , aes puerto rico and aes ilumina 2019s non-recourse debt of $ 365 million and $ 36 million , respectively , is in default and has been classified as current as of december 31 , 2017 . in november 2017 , aes puerto rico signed a forbearance and standstill agreement with its lenders to prevent the lenders from taking any action against the company due to the default events . this agreement will expire on march 22 , 2018 . the company's receivable balances in puerto rico as of december 31 , 2017 totaled $ 86 million , of which $ 53 million was overdue . after the filing of title iii protection , and up until the disruption caused by the hurricanes , aes in puerto rico was collecting the overdue amounts from prepa in line with historic payment patterns . considering the information available as of the filing date , management believes the carrying amount of our assets in puerto rico of $ 627 million is recoverable as of december 31 , 2017 and no reserve on the receivables is required . foreign currency risks 2014 aes operates businesses in many foreign countries and such operations could be impacted by significant fluctuations in foreign currency exchange rates . fluctuations in currency exchange rate between u.s . dollar and the following currencies could create significant fluctuations in earnings and cash flows : the argentine peso , the brazilian real , the dominican republic peso , the euro , the chilean peso , the colombian peso , and the philippine peso . concentrations 2014 due to the geographical diversity of its operations , the company does not have any significant concentration of customers or sources of fuel supply . several of the company's generation businesses rely on ppas with one or a limited number of customers for the majority of , and in some cases all of , the relevant businesses' output over the term of the ppas . however , no single customer accounted for 10% ( 10 % ) or more of total revenue in 2017 , 2016 or 2015 . the cash flows and results of operations of our businesses depend on the credit quality of our customers and the continued ability of our customers and suppliers to meet their obligations under ppas and fuel supply agreements . if a substantial portion of the company's long-term ppas and/or fuel supply were modified or terminated , the company would be adversely affected to the extent that it would be unable to replace such contracts at equally favorable terms . 26 . related party transactions certain of our businesses in panama and the dominican republic are partially owned by governments either directly or through state-owned institutions . in the ordinary course of business , these businesses enter into energy purchase and sale transactions , and transmission agreements with other state-owned institutions which are controlled by such governments . at two of our generation businesses in mexico , the offtakers exercise significant influence , but not control , through representation on these businesses' boards of directors . these offtakers are also required to hold a nominal ownership interest in such businesses . in chile , we provide capacity and energy under contractual arrangements to our investment which is accounted for under the equity method of accounting . additionally , the company provides certain support and management services to several of its affiliates under various agreements . the company's consolidated statements of operations included the following transactions with related parties for the periods indicated ( in millions ) : .

.

| | years ended december 31, | 2017 | 2016 | 2015 | |---:|:--------------------------------|:-------|:-------|:-------| | 0 | revenue 2014non-regulated | $ 1297 | $ 1100 | $ 1099 | | 1 | cost of sales 2014non-regulated | 220 | 210 | 330 | | 2 | interest income | 8 | 4 | 25 | | 3 | interest expense | 36 | 39 | 33 |

the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 was dispatched starting in february 2018 . aes puerto rico continues to be the lowest cost and epa compliant energy provider in puerto rico . therefore , we expect aes puerto rico to continue to be a critical supplier to prepa . starting prior to the hurricanes , prepa has been facing economic challenges that could impact the company , and on july 2 , 2017 , filed for bankruptcy under title iii . as a result of the bankruptcy filing , aes puerto rico and aes ilumina 2019s non-recourse debt of $ 365 million and $ 36 million , respectively , is in default and has been classified as current as of december 31 , 2017 . in november 2017 , aes puerto rico signed a forbearance and standstill agreement with its lenders to prevent the lenders from taking any action against the company due to the default events . this agreement will expire on march 22 , 2018 . the company's receivable balances in puerto rico as of december 31 , 2017 totaled $ 86 million , of which $ 53 million was overdue . after the filing of title iii protection , and up until the disruption caused by the hurricanes , aes in puerto rico was collecting the overdue amounts from prepa in line with historic payment patterns . considering the information available as of the filing date , management believes the carrying amount of our assets in puerto rico of $ 627 million is recoverable as of december 31 , 2017 and no reserve on the receivables is required . foreign currency risks 2014 aes operates businesses in many foreign countries and such operations could be impacted by significant fluctuations in foreign currency exchange rates . fluctuations in currency exchange rate between u.s . dollar and the following currencies could create significant fluctuations in earnings and cash flows : the argentine peso , the brazilian real , the dominican republic peso , the euro , the chilean peso , the colombian peso , and the philippine peso . concentrations 2014 due to the geographical diversity of its operations , the company does not have any significant concentration of customers or sources of fuel supply . several of the company's generation businesses rely on ppas with one or a limited number of customers for the majority of , and in some cases all of , the relevant businesses' output over the term of the ppas . however , no single customer accounted for 10% ( 10 % ) or more of total revenue in 2017 , 2016 or 2015 . the cash flows and results of operations of our businesses depend on the credit quality of our customers and the continued ability of our customers and suppliers to meet their obligations under ppas and fuel supply agreements . if a substantial portion of the company's long-term ppas and/or fuel supply were modified or terminated , the company would be adversely affected to the extent that it would be unable to replace such contracts at equally favorable terms . 26 . related party transactions certain of our businesses in panama and the dominican republic are partially owned by governments either directly or through state-owned institutions . in the ordinary course of business , these businesses enter into energy purchase and sale transactions , and transmission agreements with other state-owned institutions which are controlled by such governments . at two of our generation businesses in mexico , the offtakers exercise significant influence , but not control , through representation on these businesses' boards of directors . these offtakers are also required to hold a nominal ownership interest in such businesses . in chile , we provide capacity and energy under contractual arrangements to our investment which is accounted for under the equity method of accounting . additionally , the company provides certain support and management services to several of its affiliates under various agreements . the company's consolidated statements of operations included the following transactions with related parties for the periods indicated ( in millions ) : ._| | years ended december 31, | 2017 | 2016 | 2015 | |---:|:--------------------------------|:-------|:-------|:-------| | 0 | revenue 2014non-regulated | $ 1297 | $ 1100 | $ 1099 | | 1 | cost of sales 2014non-regulated | 220 | 210 | 330 | | 2 | interest income | 8 | 4 | 25 | | 3 | interest expense | 36 | 39 | 33 |_.

2,017

175

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

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

38%

divide(subtract(86, 53), 86)

the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 was dispatched starting in february 2018 . aes puerto rico continues to be the lowest cost and epa compliant energy provider in puerto rico . therefore , we expect aes puerto rico to continue to be a critical supplier to prepa . starting prior to the hurricanes , prepa has been facing economic challenges that could impact the company , and on july 2 , 2017 , filed for bankruptcy under title iii . as a result of the bankruptcy filing , aes puerto rico and aes ilumina 2019s non-recourse debt of $ 365 million and $ 36 million , respectively , is in default and has been classified as current as of december 31 , 2017 . in november 2017 , aes puerto rico signed a forbearance and standstill agreement with its lenders to prevent the lenders from taking any action against the company due to the default events . this agreement will expire on march 22 , 2018 . the company's receivable balances in puerto rico as of december 31 , 2017 totaled $ 86 million , of which $ 53 million was overdue . after the filing of title iii protection , and up until the disruption caused by the hurricanes , aes in puerto rico was collecting the overdue amounts from prepa in line with historic payment patterns . considering the information available as of the filing date , management believes the carrying amount of our assets in puerto rico of $ 627 million is recoverable as of december 31 , 2017 and no reserve on the receivables is required . foreign currency risks 2014 aes operates businesses in many foreign countries and such operations could be impacted by significant fluctuations in foreign currency exchange rates . fluctuations in currency exchange rate between u.s . dollar and the following currencies could create significant fluctuations in earnings and cash flows : the argentine peso , the brazilian real , the dominican republic peso , the euro , the chilean peso , the colombian peso , and the philippine peso . concentrations 2014 due to the geographical diversity of its operations , the company does not have any significant concentration of customers or sources of fuel supply . several of the company's generation businesses rely on ppas with one or a limited number of customers for the majority of , and in some cases all of , the relevant businesses' output over the term of the ppas . however , no single customer accounted for 10% ( 10 % ) or more of total revenue in 2017 , 2016 or 2015 . the cash flows and results of operations of our businesses depend on the credit quality of our customers and the continued ability of our customers and suppliers to meet their obligations under ppas and fuel supply agreements . if a substantial portion of the company's long-term ppas and/or fuel supply were modified or terminated , the company would be adversely affected to the extent that it would be unable to replace such contracts at equally favorable terms . 26 . related party transactions certain of our businesses in panama and the dominican republic are partially owned by governments either directly or through state-owned institutions . in the ordinary course of business , these businesses enter into energy purchase and sale transactions , and transmission agreements with other state-owned institutions which are controlled by such governments . at two of our generation businesses in mexico , the offtakers exercise significant influence , but not control , through representation on these businesses' boards of directors . these offtakers are also required to hold a nominal ownership interest in such businesses . in chile , we provide capacity and energy under contractual arrangements to our investment which is accounted for under the equity method of accounting . additionally , the company provides certain support and management services to several of its affiliates under various agreements . the company's consolidated statements of operations included the following transactions with related parties for the periods indicated ( in millions ) : .

.

| | years ended december 31, | 2017 | 2016 | 2015 | |---:|:--------------------------------|:-------|:-------|:-------| | 0 | revenue 2014non-regulated | $ 1297 | $ 1100 | $ 1099 | | 1 | cost of sales 2014non-regulated | 220 | 210 | 330 | | 2 | interest income | 8 | 4 | 25 | | 3 | interest expense | 36 | 39 | 33 |

the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2017 , 2016 , and 2015 was dispatched starting in february 2018 . aes puerto rico continues to be the lowest cost and epa compliant energy provider in puerto rico . therefore , we expect aes puerto rico to continue to be a critical supplier to prepa . starting prior to the hurricanes , prepa has been facing economic challenges that could impact the company , and on july 2 , 2017 , filed for bankruptcy under title iii . as a result of the bankruptcy filing , aes puerto rico and aes ilumina 2019s non-recourse debt of $ 365 million and $ 36 million , respectively , is in default and has been classified as current as of december 31 , 2017 . in november 2017 , aes puerto rico signed a forbearance and standstill agreement with its lenders to prevent the lenders from taking any action against the company due to the default events . this agreement will expire on march 22 , 2018 . the company's receivable balances in puerto rico as of december 31 , 2017 totaled $ 86 million , of which $ 53 million was overdue . after the filing of title iii protection , and up until the disruption caused by the hurricanes , aes in puerto rico was collecting the overdue amounts from prepa in line with historic payment patterns . considering the information available as of the filing date , management believes the carrying amount of our assets in puerto rico of $ 627 million is recoverable as of december 31 , 2017 and no reserve on the receivables is required . foreign currency risks 2014 aes operates businesses in many foreign countries and such operations could be impacted by significant fluctuations in foreign currency exchange rates . fluctuations in currency exchange rate between u.s . dollar and the following currencies could create significant fluctuations in earnings and cash flows : the argentine peso , the brazilian real , the dominican republic peso , the euro , the chilean peso , the colombian peso , and the philippine peso . concentrations 2014 due to the geographical diversity of its operations , the company does not have any significant concentration of customers or sources of fuel supply . several of the company's generation businesses rely on ppas with one or a limited number of customers for the majority of , and in some cases all of , the relevant businesses' output over the term of the ppas . however , no single customer accounted for 10% ( 10 % ) or more of total revenue in 2017 , 2016 or 2015 . the cash flows and results of operations of our businesses depend on the credit quality of our customers and the continued ability of our customers and suppliers to meet their obligations under ppas and fuel supply agreements . if a substantial portion of the company's long-term ppas and/or fuel supply were modified or terminated , the company would be adversely affected to the extent that it would be unable to replace such contracts at equally favorable terms . 26 . related party transactions certain of our businesses in panama and the dominican republic are partially owned by governments either directly or through state-owned institutions . in the ordinary course of business , these businesses enter into energy purchase and sale transactions , and transmission agreements with other state-owned institutions which are controlled by such governments . at two of our generation businesses in mexico , the offtakers exercise significant influence , but not control , through representation on these businesses' boards of directors . these offtakers are also required to hold a nominal ownership interest in such businesses . in chile , we provide capacity and energy under contractual arrangements to our investment which is accounted for under the equity method of accounting . additionally , the company provides certain support and management services to several of its affiliates under various agreements . the company's consolidated statements of operations included the following transactions with related parties for the periods indicated ( in millions ) : ._| | years ended december 31, | 2017 | 2016 | 2015 | |---:|:--------------------------------|:-------|:-------|:-------| | 0 | revenue 2014non-regulated | $ 1297 | $ 1100 | $ 1099 | | 1 | cost of sales 2014non-regulated | 220 | 210 | 330 | | 2 | interest income | 8 | 4 | 25 | | 3 | interest expense | 36 | 39 | 33 |_.

2,017

175

AES

AES Corporation

Utilities

Independent Power Producers & Energy Traders

Arlington, Virginia

1998-10-02

874,761

1981

null

finqa337

what portion of total backlog is related to newport news segment?

50.6%

divide(9133, 18038)

uss abraham lincoln rcoh , the construction preparation contract for cvn-79 john f . kennedy and the inactivation contract for cvn-65 uss enterprise , partially offset by lower volumes on the execution contract for the cvn-71 uss theodore roosevelt rcoh and the construction and engineering contracts for cvn-78 gerald r . ford . higher revenues in fleet support services were primarily the result of volumes associated with repair work on ssn-765 uss montpelier . increased submarines revenues were related to the ssn-774 virginia-class submarine program , primarily driven by higher volumes on block iii boats and the advance procurement contract on block iv boats , partially offset by lower volumes on block ii boats following the delivery of ssn-783 uss minnesota . segment operating income 2014 - newport news operating income in 2014 was $ 415 million , compared to income of $ 402 million in 2013 . the increase was primarily related to the volume changes discussed above and higher risk retirement on the construction contract for cvn-78 gerald r . ford , offset by lower risk retirement on the cvn-71 uss theodore roosevelt rcoh . 2013 - newport news operating income in 2013 was $ 402 million , compared to income of $ 372 million in 2012 . the increase was primarily related to the ssn-774 virginia-class submarine program , driven by risk retirement , performance improvement and the favorable resolution of outstanding contract changes , as well as risk retirement on the execution contract for the cvn-71 uss theodore roosevelt rcoh and the absence in 2013 of the workers' compensation expense adjustment recorded in 2012 , partially offset by the favorable resolution in 2012 of outstanding contract changes on the cvn-65 uss enterprise edsra . revenues at our other segment for the year ended december 31 , 2014 , were $ 137 million , primarily due to the acquisition of upi on may 30 , 2014 . other operating loss for the year ended december 31 , 2014 , was $ 59 million , primarily due to the goodwill impairment charge of $ 47 million described above . backlog total backlog as of december 31 , 2014 , was approximately $ 21 billion . total backlog includes both funded backlog ( firm orders for which funding is contractually obligated by the customer ) and unfunded backlog ( firm orders for which funding is not currently contractually obligated by the customer ) . backlog excludes unexercised contract options and unfunded indefinite delivery/indefinite quantity orders . for contracts having no stated contract values , backlog includes only the amounts committed by the customer . the following table presents funded and unfunded backlog by segment as of december 31 , 2014 and 2013: .

we expect approximately 28% ( 28 % ) of the $ 21 billion total backlog as of december 31 , 2014 , to be converted into sales in 2015 . u.s . government orders comprised substantially all of the backlog as of december 31 , 2014 and 2013 . awards 2014 - the value of new contract awards during the year ended december 31 , 2014 , was approximately $ 10.1 billion . significant new awards in 2014 included contracts for block iv of the ssn-774 virginia-class submarine program , continued construction preparation for cvn-79 john f . kennedy and construction of nsc-7 kimball . 2013 - the value of new contract awards during the year ended december 31 , 2013 , was approximately $ 9.4 billion . significant new awards in 2013 included contracts for the construction of five ddg-51 arleigh burke-class this proof is printed at 96% ( 96 % ) of original size this line represents final trim and will not print .

| | ( $ in millions ) | december 31 2014 funded | december 31 2014 unfunded | december 31 2014 total backlog | december 31 2014 funded | december 31 2014 unfunded | total backlog | |---:|:--------------------|:--------------------------|:----------------------------|:---------------------------------|:--------------------------|:----------------------------|:----------------| | 0 | ingalls | $ 5609 | $ 1889 | $ 7498 | $ 6335 | $ 2570 | $ 8905 | | 1 | newport news | 6158 | 7709 | 13867 | 5495 | 3638 | 9133 | | 2 | other | 65 | 2014 | 65 | 2014 | 2014 | 2014 | | 3 | total backlog | $ 11832 | $ 9598 | $ 21430 | $ 11830 | $ 6208 | $ 18038 |

uss abraham lincoln rcoh , the construction preparation contract for cvn-79 john f . kennedy and the inactivation contract for cvn-65 uss enterprise , partially offset by lower volumes on the execution contract for the cvn-71 uss theodore roosevelt rcoh and the construction and engineering contracts for cvn-78 gerald r . ford . higher revenues in fleet support services were primarily the result of volumes associated with repair work on ssn-765 uss montpelier . increased submarines revenues were related to the ssn-774 virginia-class submarine program , primarily driven by higher volumes on block iii boats and the advance procurement contract on block iv boats , partially offset by lower volumes on block ii boats following the delivery of ssn-783 uss minnesota . segment operating income 2014 - newport news operating income in 2014 was $ 415 million , compared to income of $ 402 million in 2013 . the increase was primarily related to the volume changes discussed above and higher risk retirement on the construction contract for cvn-78 gerald r . ford , offset by lower risk retirement on the cvn-71 uss theodore roosevelt rcoh . 2013 - newport news operating income in 2013 was $ 402 million , compared to income of $ 372 million in 2012 . the increase was primarily related to the ssn-774 virginia-class submarine program , driven by risk retirement , performance improvement and the favorable resolution of outstanding contract changes , as well as risk retirement on the execution contract for the cvn-71 uss theodore roosevelt rcoh and the absence in 2013 of the workers' compensation expense adjustment recorded in 2012 , partially offset by the favorable resolution in 2012 of outstanding contract changes on the cvn-65 uss enterprise edsra . revenues at our other segment for the year ended december 31 , 2014 , were $ 137 million , primarily due to the acquisition of upi on may 30 , 2014 . other operating loss for the year ended december 31 , 2014 , was $ 59 million , primarily due to the goodwill impairment charge of $ 47 million described above . backlog total backlog as of december 31 , 2014 , was approximately $ 21 billion . total backlog includes both funded backlog ( firm orders for which funding is contractually obligated by the customer ) and unfunded backlog ( firm orders for which funding is not currently contractually obligated by the customer ) . backlog excludes unexercised contract options and unfunded indefinite delivery/indefinite quantity orders . for contracts having no stated contract values , backlog includes only the amounts committed by the customer . the following table presents funded and unfunded backlog by segment as of december 31 , 2014 and 2013: ._| | ( $ in millions ) | december 31 2014 funded | december 31 2014 unfunded | december 31 2014 total backlog | december 31 2014 funded | december 31 2014 unfunded | total backlog | |---:|:--------------------|:--------------------------|:----------------------------|:---------------------------------|:--------------------------|:----------------------------|:----------------| | 0 | ingalls | $ 5609 | $ 1889 | $ 7498 | $ 6335 | $ 2570 | $ 8905 | | 1 | newport news | 6158 | 7709 | 13867 | 5495 | 3638 | 9133 | | 2 | other | 65 | 2014 | 65 | 2014 | 2014 | 2014 | | 3 | total backlog | $ 11832 | $ 9598 | $ 21430 | $ 11830 | $ 6208 | $ 18038 |_we expect approximately 28% ( 28 % ) of the $ 21 billion total backlog as of december 31 , 2014 , to be converted into sales in 2015 . u.s . government orders comprised substantially all of the backlog as of december 31 , 2014 and 2013 . awards 2014 - the value of new contract awards during the year ended december 31 , 2014 , was approximately $ 10.1 billion . significant new awards in 2014 included contracts for block iv of the ssn-774 virginia-class submarine program , continued construction preparation for cvn-79 john f . kennedy and construction of nsc-7 kimball . 2013 - the value of new contract awards during the year ended december 31 , 2013 , was approximately $ 9.4 billion . significant new awards in 2013 included contracts for the construction of five ddg-51 arleigh burke-class this proof is printed at 96% ( 96 % ) of original size this line represents final trim and will not print .

2,014

69

HII

Huntington Ingalls Industries

Industrials

Aerospace & Defense

Newport News, Virginia

2018-01-03

1,501,585

2011

what portion of total backlog is related to newport news segment?

50.6%

divide(9133, 18038)

uss abraham lincoln rcoh , the construction preparation contract for cvn-79 john f . kennedy and the inactivation contract for cvn-65 uss enterprise , partially offset by lower volumes on the execution contract for the cvn-71 uss theodore roosevelt rcoh and the construction and engineering contracts for cvn-78 gerald r . ford . higher revenues in fleet support services were primarily the result of volumes associated with repair work on ssn-765 uss montpelier . increased submarines revenues were related to the ssn-774 virginia-class submarine program , primarily driven by higher volumes on block iii boats and the advance procurement contract on block iv boats , partially offset by lower volumes on block ii boats following the delivery of ssn-783 uss minnesota . segment operating income 2014 - newport news operating income in 2014 was $ 415 million , compared to income of $ 402 million in 2013 . the increase was primarily related to the volume changes discussed above and higher risk retirement on the construction contract for cvn-78 gerald r . ford , offset by lower risk retirement on the cvn-71 uss theodore roosevelt rcoh . 2013 - newport news operating income in 2013 was $ 402 million , compared to income of $ 372 million in 2012 . the increase was primarily related to the ssn-774 virginia-class submarine program , driven by risk retirement , performance improvement and the favorable resolution of outstanding contract changes , as well as risk retirement on the execution contract for the cvn-71 uss theodore roosevelt rcoh and the absence in 2013 of the workers' compensation expense adjustment recorded in 2012 , partially offset by the favorable resolution in 2012 of outstanding contract changes on the cvn-65 uss enterprise edsra . revenues at our other segment for the year ended december 31 , 2014 , were $ 137 million , primarily due to the acquisition of upi on may 30 , 2014 . other operating loss for the year ended december 31 , 2014 , was $ 59 million , primarily due to the goodwill impairment charge of $ 47 million described above . backlog total backlog as of december 31 , 2014 , was approximately $ 21 billion . total backlog includes both funded backlog ( firm orders for which funding is contractually obligated by the customer ) and unfunded backlog ( firm orders for which funding is not currently contractually obligated by the customer ) . backlog excludes unexercised contract options and unfunded indefinite delivery/indefinite quantity orders . for contracts having no stated contract values , backlog includes only the amounts committed by the customer . the following table presents funded and unfunded backlog by segment as of december 31 , 2014 and 2013: .

we expect approximately 28% ( 28 % ) of the $ 21 billion total backlog as of december 31 , 2014 , to be converted into sales in 2015 . u.s . government orders comprised substantially all of the backlog as of december 31 , 2014 and 2013 . awards 2014 - the value of new contract awards during the year ended december 31 , 2014 , was approximately $ 10.1 billion . significant new awards in 2014 included contracts for block iv of the ssn-774 virginia-class submarine program , continued construction preparation for cvn-79 john f . kennedy and construction of nsc-7 kimball . 2013 - the value of new contract awards during the year ended december 31 , 2013 , was approximately $ 9.4 billion . significant new awards in 2013 included contracts for the construction of five ddg-51 arleigh burke-class this proof is printed at 96% ( 96 % ) of original size this line represents final trim and will not print .

| | ( $ in millions ) | december 31 2014 funded | december 31 2014 unfunded | december 31 2014 total backlog | december 31 2014 funded | december 31 2014 unfunded | total backlog | |---:|:--------------------|:--------------------------|:----------------------------|:---------------------------------|:--------------------------|:----------------------------|:----------------| | 0 | ingalls | $ 5609 | $ 1889 | $ 7498 | $ 6335 | $ 2570 | $ 8905 | | 1 | newport news | 6158 | 7709 | 13867 | 5495 | 3638 | 9133 | | 2 | other | 65 | 2014 | 65 | 2014 | 2014 | 2014 | | 3 | total backlog | $ 11832 | $ 9598 | $ 21430 | $ 11830 | $ 6208 | $ 18038 |

uss abraham lincoln rcoh , the construction preparation contract for cvn-79 john f . kennedy and the inactivation contract for cvn-65 uss enterprise , partially offset by lower volumes on the execution contract for the cvn-71 uss theodore roosevelt rcoh and the construction and engineering contracts for cvn-78 gerald r . ford . higher revenues in fleet support services were primarily the result of volumes associated with repair work on ssn-765 uss montpelier . increased submarines revenues were related to the ssn-774 virginia-class submarine program , primarily driven by higher volumes on block iii boats and the advance procurement contract on block iv boats , partially offset by lower volumes on block ii boats following the delivery of ssn-783 uss minnesota . segment operating income 2014 - newport news operating income in 2014 was $ 415 million , compared to income of $ 402 million in 2013 . the increase was primarily related to the volume changes discussed above and higher risk retirement on the construction contract for cvn-78 gerald r . ford , offset by lower risk retirement on the cvn-71 uss theodore roosevelt rcoh . 2013 - newport news operating income in 2013 was $ 402 million , compared to income of $ 372 million in 2012 . the increase was primarily related to the ssn-774 virginia-class submarine program , driven by risk retirement , performance improvement and the favorable resolution of outstanding contract changes , as well as risk retirement on the execution contract for the cvn-71 uss theodore roosevelt rcoh and the absence in 2013 of the workers' compensation expense adjustment recorded in 2012 , partially offset by the favorable resolution in 2012 of outstanding contract changes on the cvn-65 uss enterprise edsra . revenues at our other segment for the year ended december 31 , 2014 , were $ 137 million , primarily due to the acquisition of upi on may 30 , 2014 . other operating loss for the year ended december 31 , 2014 , was $ 59 million , primarily due to the goodwill impairment charge of $ 47 million described above . backlog total backlog as of december 31 , 2014 , was approximately $ 21 billion . total backlog includes both funded backlog ( firm orders for which funding is contractually obligated by the customer ) and unfunded backlog ( firm orders for which funding is not currently contractually obligated by the customer ) . backlog excludes unexercised contract options and unfunded indefinite delivery/indefinite quantity orders . for contracts having no stated contract values , backlog includes only the amounts committed by the customer . the following table presents funded and unfunded backlog by segment as of december 31 , 2014 and 2013: ._| | ( $ in millions ) | december 31 2014 funded | december 31 2014 unfunded | december 31 2014 total backlog | december 31 2014 funded | december 31 2014 unfunded | total backlog | |---:|:--------------------|:--------------------------|:----------------------------|:---------------------------------|:--------------------------|:----------------------------|:----------------| | 0 | ingalls | $ 5609 | $ 1889 | $ 7498 | $ 6335 | $ 2570 | $ 8905 | | 1 | newport news | 6158 | 7709 | 13867 | 5495 | 3638 | 9133 | | 2 | other | 65 | 2014 | 65 | 2014 | 2014 | 2014 | | 3 | total backlog | $ 11832 | $ 9598 | $ 21430 | $ 11830 | $ 6208 | $ 18038 |_we expect approximately 28% ( 28 % ) of the $ 21 billion total backlog as of december 31 , 2014 , to be converted into sales in 2015 . u.s . government orders comprised substantially all of the backlog as of december 31 , 2014 and 2013 . awards 2014 - the value of new contract awards during the year ended december 31 , 2014 , was approximately $ 10.1 billion . significant new awards in 2014 included contracts for block iv of the ssn-774 virginia-class submarine program , continued construction preparation for cvn-79 john f . kennedy and construction of nsc-7 kimball . 2013 - the value of new contract awards during the year ended december 31 , 2013 , was approximately $ 9.4 billion . significant new awards in 2013 included contracts for the construction of five ddg-51 arleigh burke-class this proof is printed at 96% ( 96 % ) of original size this line represents final trim and will not print .

2,014

69

HII

Huntington Ingalls Industries

Industrials

Aerospace & Defense

Newport News, Virginia

2018-01-03

1,501,585

2011

null

finqa338

what was the value of the treasury stock as of december 312007

643822.11

multiply(14669, 43.89)

as of february 15 , 2008 , there were 138311810 shares of our common stock outstanding held by approximately 2979 stockholders of record . dividends and distributions we pay regular quarterly dividends to holders of our common stock . on february 13 , 2008 , our board of directors declared the first quarterly installment of our 2008 dividend in the amount of $ 0.5125 per share , payable on march 28 , 2008 to stockholders of record on march 6 , 2008 . we expect to distribute 100% ( 100 % ) or more of our taxable net income to our stockholders for 2008 . our board of directors normally makes decisions regarding the frequency and amount of our dividends on a quarterly basis . because the board considers a number of factors when making these decisions , we cannot assure you that we will maintain the policy stated above . please see 201ccautionary statements 201d and the risk factors included in part i , item 1a of this annual report on form 10-k for a description of other factors that may affect our distribution policy . our stockholders may reinvest all or a portion of any cash distribution on their shares of our common stock by participating in our distribution reinvestment and stock purchase plan , subject to the terms of the plan . see 201cnote 16 2014capital stock 201d of the notes to consolidated financial statements included in part ii , item 8 of this annual report on form 10-k . director and employee stock sales certain of our directors , executive officers and other employees have adopted and may , from time to time in the future , adopt non-discretionary , written trading plans that comply with rule 10b5-1 under the exchange act , or otherwise monetize their equity-based compensation . stock repurchases the table below summarizes repurchases of our common stock made during the quarter ended december 31 , 2007 : number of shares repurchased ( 1 ) average price per .

( 1 ) repurchases represent shares withheld to pay taxes on the vesting of restricted stock granted to employees. .

| | | number of shares repurchased ( 1 ) | average price per share | |---:|:-------------------------------|-------------------------------------:|:--------------------------| | 0 | october 1 through october 31 | 2014 | 2014 | | 1 | november 1 through november 30 | 2014 | 2014 | | 2 | december 1 through december 31 | 14669 | $ 43.89 |

as of february 15 , 2008 , there were 138311810 shares of our common stock outstanding held by approximately 2979 stockholders of record . dividends and distributions we pay regular quarterly dividends to holders of our common stock . on february 13 , 2008 , our board of directors declared the first quarterly installment of our 2008 dividend in the amount of $ 0.5125 per share , payable on march 28 , 2008 to stockholders of record on march 6 , 2008 . we expect to distribute 100% ( 100 % ) or more of our taxable net income to our stockholders for 2008 . our board of directors normally makes decisions regarding the frequency and amount of our dividends on a quarterly basis . because the board considers a number of factors when making these decisions , we cannot assure you that we will maintain the policy stated above . please see 201ccautionary statements 201d and the risk factors included in part i , item 1a of this annual report on form 10-k for a description of other factors that may affect our distribution policy . our stockholders may reinvest all or a portion of any cash distribution on their shares of our common stock by participating in our distribution reinvestment and stock purchase plan , subject to the terms of the plan . see 201cnote 16 2014capital stock 201d of the notes to consolidated financial statements included in part ii , item 8 of this annual report on form 10-k . director and employee stock sales certain of our directors , executive officers and other employees have adopted and may , from time to time in the future , adopt non-discretionary , written trading plans that comply with rule 10b5-1 under the exchange act , or otherwise monetize their equity-based compensation . stock repurchases the table below summarizes repurchases of our common stock made during the quarter ended december 31 , 2007 : number of shares repurchased ( 1 ) average price per ._| | | number of shares repurchased ( 1 ) | average price per share | |---:|:-------------------------------|-------------------------------------:|:--------------------------| | 0 | october 1 through october 31 | 2014 | 2014 | | 1 | november 1 through november 30 | 2014 | 2014 | | 2 | december 1 through december 31 | 14669 | $ 43.89 |_( 1 ) repurchases represent shares withheld to pay taxes on the vesting of restricted stock granted to employees. .

2,007

47

VTR

Ventas

Real Estate

Health Care REITs

Chicago, Illinois

2009-03-04

740,260

1998

what was the value of the treasury stock as of december 312007

643822.11

multiply(14669, 43.89)

as of february 15 , 2008 , there were 138311810 shares of our common stock outstanding held by approximately 2979 stockholders of record . dividends and distributions we pay regular quarterly dividends to holders of our common stock . on february 13 , 2008 , our board of directors declared the first quarterly installment of our 2008 dividend in the amount of $ 0.5125 per share , payable on march 28 , 2008 to stockholders of record on march 6 , 2008 . we expect to distribute 100% ( 100 % ) or more of our taxable net income to our stockholders for 2008 . our board of directors normally makes decisions regarding the frequency and amount of our dividends on a quarterly basis . because the board considers a number of factors when making these decisions , we cannot assure you that we will maintain the policy stated above . please see 201ccautionary statements 201d and the risk factors included in part i , item 1a of this annual report on form 10-k for a description of other factors that may affect our distribution policy . our stockholders may reinvest all or a portion of any cash distribution on their shares of our common stock by participating in our distribution reinvestment and stock purchase plan , subject to the terms of the plan . see 201cnote 16 2014capital stock 201d of the notes to consolidated financial statements included in part ii , item 8 of this annual report on form 10-k . director and employee stock sales certain of our directors , executive officers and other employees have adopted and may , from time to time in the future , adopt non-discretionary , written trading plans that comply with rule 10b5-1 under the exchange act , or otherwise monetize their equity-based compensation . stock repurchases the table below summarizes repurchases of our common stock made during the quarter ended december 31 , 2007 : number of shares repurchased ( 1 ) average price per .

( 1 ) repurchases represent shares withheld to pay taxes on the vesting of restricted stock granted to employees. .

| | | number of shares repurchased ( 1 ) | average price per share | |---:|:-------------------------------|-------------------------------------:|:--------------------------| | 0 | october 1 through october 31 | 2014 | 2014 | | 1 | november 1 through november 30 | 2014 | 2014 | | 2 | december 1 through december 31 | 14669 | $ 43.89 |

as of february 15 , 2008 , there were 138311810 shares of our common stock outstanding held by approximately 2979 stockholders of record . dividends and distributions we pay regular quarterly dividends to holders of our common stock . on february 13 , 2008 , our board of directors declared the first quarterly installment of our 2008 dividend in the amount of $ 0.5125 per share , payable on march 28 , 2008 to stockholders of record on march 6 , 2008 . we expect to distribute 100% ( 100 % ) or more of our taxable net income to our stockholders for 2008 . our board of directors normally makes decisions regarding the frequency and amount of our dividends on a quarterly basis . because the board considers a number of factors when making these decisions , we cannot assure you that we will maintain the policy stated above . please see 201ccautionary statements 201d and the risk factors included in part i , item 1a of this annual report on form 10-k for a description of other factors that may affect our distribution policy . our stockholders may reinvest all or a portion of any cash distribution on their shares of our common stock by participating in our distribution reinvestment and stock purchase plan , subject to the terms of the plan . see 201cnote 16 2014capital stock 201d of the notes to consolidated financial statements included in part ii , item 8 of this annual report on form 10-k . director and employee stock sales certain of our directors , executive officers and other employees have adopted and may , from time to time in the future , adopt non-discretionary , written trading plans that comply with rule 10b5-1 under the exchange act , or otherwise monetize their equity-based compensation . stock repurchases the table below summarizes repurchases of our common stock made during the quarter ended december 31 , 2007 : number of shares repurchased ( 1 ) average price per ._| | | number of shares repurchased ( 1 ) | average price per share | |---:|:-------------------------------|-------------------------------------:|:--------------------------| | 0 | october 1 through october 31 | 2014 | 2014 | | 1 | november 1 through november 30 | 2014 | 2014 | | 2 | december 1 through december 31 | 14669 | $ 43.89 |_( 1 ) repurchases represent shares withheld to pay taxes on the vesting of restricted stock granted to employees. .

2,007

47

VTR

Ventas

Real Estate

Health Care REITs

Chicago, Illinois

2009-03-04

740,260

1998

null

finqa339

considering the state of minnesota , what is the percentage of commercial/industrial customers concerning the total customers?

8.36%

divide(67489, 806357)

system and to use that system to conduct its electric delivery business and for other purposes that the franchises permit . the terms of the franchises , with various expiration dates , typically range from 30 to 50 years . natural gas distribution cerc corp . 2019s natural gas distribution business ( gas operations ) engages in regulated intrastate natural gas sales to , and natural gas transportation for , approximately 3.3 million residential , commercial and industrial customers in arkansas , louisiana , minnesota , mississippi , oklahoma and texas . the largest metropolitan areas served in each state by gas operations are houston , texas ; minneapolis , minnesota ; little rock , arkansas ; shreveport , louisiana ; biloxi , mississippi ; and lawton , oklahoma . in 2010 , approximately 42% ( 42 % ) of gas operations 2019 total throughput was to residential customers and approximately 58% ( 58 % ) was to commercial and industrial customers . the table below reflects the number of natural gas distribution customers by state as of december 31 , 2010 : residential commercial/ industrial total customers .

gas operations also provides unregulated services consisting of heating , ventilating and air conditioning ( hvac ) equipment and appliance repair , and sales of hvac , hearth and water heating equipment in minnesota . the demand for intrastate natural gas sales to residential customers and natural gas sales and transportation for commercial and industrial customers is seasonal . in 2010 , approximately 71% ( 71 % ) of the total throughput of gas operations 2019 business occurred in the first and fourth quarters . these patterns reflect the higher demand for natural gas for heating purposes during those periods . supply and transportation . in 2010 , gas operations purchased virtually all of its natural gas supply pursuant to contracts with remaining terms varying from a few months to four years . major suppliers in 2010 included bp canada energy marketing corp . ( 25.6% ( 25.6 % ) of supply volumes ) , conocophillips company ( 8.3% ( 8.3 % ) ) , tenaska marketing ventures ( 6.8% ( 6.8 % ) ) , kinder morgan ( 6.3% ( 6.3 % ) ) , oneok energy marketing company ( 4.7% ( 4.7 % ) ) , and cargill , inc . ( 4.6% ( 4.6 % ) ) . numerous other suppliers provided the remaining 43.7% ( 43.7 % ) of gas operations 2019 natural gas supply requirements . gas operations transports its natural gas supplies through various intrastate and interstate pipelines , including those owned by our other subsidiaries , under contracts with remaining terms , including extensions , varying from one to twelve years . gas operations anticipates that these gas supply and transportation contracts will be renewed or replaced prior to their expiration . gas operations actively engages in commodity price stabilization pursuant to annual gas supply plans presented to and/or filed with each of its state regulatory authorities . these price stabilization activities include use of storage gas , contractually establishing fixed prices with our physical gas suppliers and utilizing financial derivative instruments to achieve a variety of pricing structures ( e.g. , fixed price , costless collars and caps ) . its gas supply plans generally call for 25-50% ( 25-50 % ) of winter supplies to be hedged in some fashion . generally , the regulations of the states in which gas operations operates allow it to pass through changes in the cost of natural gas , including gains and losses on financial derivatives associated with the index-priced physical supply , to its customers under purchased gas adjustment provisions in its tariffs . depending upon the jurisdiction , the purchased gas adjustment factors are updated periodically , ranging from monthly to semi-annually , using estimated gas costs . the changes in the cost of gas billed to customers are subject to review by the applicable regulatory bodies. .

| | | residential | commercial/industrial | total customers | |---:|:---------------------|--------------:|------------------------:|------------------:| | 0 | arkansas | 390668 | 48033 | 438701 | | 1 | louisiana | 232135 | 17347 | 249482 | | 2 | minnesota | 738868 | 67489 | 806357 | | 3 | mississippi | 109608 | 12683 | 122291 | | 4 | oklahoma | 93388 | 10620 | 104008 | | 5 | texas | 1451666 | 90719 | 1542385 | | 6 | total gas operations | 3016333 | 246891 | 3263224 |

system and to use that system to conduct its electric delivery business and for other purposes that the franchises permit . the terms of the franchises , with various expiration dates , typically range from 30 to 50 years . natural gas distribution cerc corp . 2019s natural gas distribution business ( gas operations ) engages in regulated intrastate natural gas sales to , and natural gas transportation for , approximately 3.3 million residential , commercial and industrial customers in arkansas , louisiana , minnesota , mississippi , oklahoma and texas . the largest metropolitan areas served in each state by gas operations are houston , texas ; minneapolis , minnesota ; little rock , arkansas ; shreveport , louisiana ; biloxi , mississippi ; and lawton , oklahoma . in 2010 , approximately 42% ( 42 % ) of gas operations 2019 total throughput was to residential customers and approximately 58% ( 58 % ) was to commercial and industrial customers . the table below reflects the number of natural gas distribution customers by state as of december 31 , 2010 : residential commercial/ industrial total customers ._| | | residential | commercial/industrial | total customers | |---:|:---------------------|--------------:|------------------------:|------------------:| | 0 | arkansas | 390668 | 48033 | 438701 | | 1 | louisiana | 232135 | 17347 | 249482 | | 2 | minnesota | 738868 | 67489 | 806357 | | 3 | mississippi | 109608 | 12683 | 122291 | | 4 | oklahoma | 93388 | 10620 | 104008 | | 5 | texas | 1451666 | 90719 | 1542385 | | 6 | total gas operations | 3016333 | 246891 | 3263224 |_gas operations also provides unregulated services consisting of heating , ventilating and air conditioning ( hvac ) equipment and appliance repair , and sales of hvac , hearth and water heating equipment in minnesota . the demand for intrastate natural gas sales to residential customers and natural gas sales and transportation for commercial and industrial customers is seasonal . in 2010 , approximately 71% ( 71 % ) of the total throughput of gas operations 2019 business occurred in the first and fourth quarters . these patterns reflect the higher demand for natural gas for heating purposes during those periods . supply and transportation . in 2010 , gas operations purchased virtually all of its natural gas supply pursuant to contracts with remaining terms varying from a few months to four years . major suppliers in 2010 included bp canada energy marketing corp . ( 25.6% ( 25.6 % ) of supply volumes ) , conocophillips company ( 8.3% ( 8.3 % ) ) , tenaska marketing ventures ( 6.8% ( 6.8 % ) ) , kinder morgan ( 6.3% ( 6.3 % ) ) , oneok energy marketing company ( 4.7% ( 4.7 % ) ) , and cargill , inc . ( 4.6% ( 4.6 % ) ) . numerous other suppliers provided the remaining 43.7% ( 43.7 % ) of gas operations 2019 natural gas supply requirements . gas operations transports its natural gas supplies through various intrastate and interstate pipelines , including those owned by our other subsidiaries , under contracts with remaining terms , including extensions , varying from one to twelve years . gas operations anticipates that these gas supply and transportation contracts will be renewed or replaced prior to their expiration . gas operations actively engages in commodity price stabilization pursuant to annual gas supply plans presented to and/or filed with each of its state regulatory authorities . these price stabilization activities include use of storage gas , contractually establishing fixed prices with our physical gas suppliers and utilizing financial derivative instruments to achieve a variety of pricing structures ( e.g. , fixed price , costless collars and caps ) . its gas supply plans generally call for 25-50% ( 25-50 % ) of winter supplies to be hedged in some fashion . generally , the regulations of the states in which gas operations operates allow it to pass through changes in the cost of natural gas , including gains and losses on financial derivatives associated with the index-priced physical supply , to its customers under purchased gas adjustment provisions in its tariffs . depending upon the jurisdiction , the purchased gas adjustment factors are updated periodically , ranging from monthly to semi-annually , using estimated gas costs . the changes in the cost of gas billed to customers are subject to review by the applicable regulatory bodies. .

2,010

31

CNP

CenterPoint Energy

Utilities

Multi-Utilities

Houston, Texas

1985-07-31

1,130,310

1882

considering the state of minnesota , what is the percentage of commercial/industrial customers concerning the total customers?

8.36%

divide(67489, 806357)

system and to use that system to conduct its electric delivery business and for other purposes that the franchises permit . the terms of the franchises , with various expiration dates , typically range from 30 to 50 years . natural gas distribution cerc corp . 2019s natural gas distribution business ( gas operations ) engages in regulated intrastate natural gas sales to , and natural gas transportation for , approximately 3.3 million residential , commercial and industrial customers in arkansas , louisiana , minnesota , mississippi , oklahoma and texas . the largest metropolitan areas served in each state by gas operations are houston , texas ; minneapolis , minnesota ; little rock , arkansas ; shreveport , louisiana ; biloxi , mississippi ; and lawton , oklahoma . in 2010 , approximately 42% ( 42 % ) of gas operations 2019 total throughput was to residential customers and approximately 58% ( 58 % ) was to commercial and industrial customers . the table below reflects the number of natural gas distribution customers by state as of december 31 , 2010 : residential commercial/ industrial total customers .

gas operations also provides unregulated services consisting of heating , ventilating and air conditioning ( hvac ) equipment and appliance repair , and sales of hvac , hearth and water heating equipment in minnesota . the demand for intrastate natural gas sales to residential customers and natural gas sales and transportation for commercial and industrial customers is seasonal . in 2010 , approximately 71% ( 71 % ) of the total throughput of gas operations 2019 business occurred in the first and fourth quarters . these patterns reflect the higher demand for natural gas for heating purposes during those periods . supply and transportation . in 2010 , gas operations purchased virtually all of its natural gas supply pursuant to contracts with remaining terms varying from a few months to four years . major suppliers in 2010 included bp canada energy marketing corp . ( 25.6% ( 25.6 % ) of supply volumes ) , conocophillips company ( 8.3% ( 8.3 % ) ) , tenaska marketing ventures ( 6.8% ( 6.8 % ) ) , kinder morgan ( 6.3% ( 6.3 % ) ) , oneok energy marketing company ( 4.7% ( 4.7 % ) ) , and cargill , inc . ( 4.6% ( 4.6 % ) ) . numerous other suppliers provided the remaining 43.7% ( 43.7 % ) of gas operations 2019 natural gas supply requirements . gas operations transports its natural gas supplies through various intrastate and interstate pipelines , including those owned by our other subsidiaries , under contracts with remaining terms , including extensions , varying from one to twelve years . gas operations anticipates that these gas supply and transportation contracts will be renewed or replaced prior to their expiration . gas operations actively engages in commodity price stabilization pursuant to annual gas supply plans presented to and/or filed with each of its state regulatory authorities . these price stabilization activities include use of storage gas , contractually establishing fixed prices with our physical gas suppliers and utilizing financial derivative instruments to achieve a variety of pricing structures ( e.g. , fixed price , costless collars and caps ) . its gas supply plans generally call for 25-50% ( 25-50 % ) of winter supplies to be hedged in some fashion . generally , the regulations of the states in which gas operations operates allow it to pass through changes in the cost of natural gas , including gains and losses on financial derivatives associated with the index-priced physical supply , to its customers under purchased gas adjustment provisions in its tariffs . depending upon the jurisdiction , the purchased gas adjustment factors are updated periodically , ranging from monthly to semi-annually , using estimated gas costs . the changes in the cost of gas billed to customers are subject to review by the applicable regulatory bodies. .

| | | residential | commercial/industrial | total customers | |---:|:---------------------|--------------:|------------------------:|------------------:| | 0 | arkansas | 390668 | 48033 | 438701 | | 1 | louisiana | 232135 | 17347 | 249482 | | 2 | minnesota | 738868 | 67489 | 806357 | | 3 | mississippi | 109608 | 12683 | 122291 | | 4 | oklahoma | 93388 | 10620 | 104008 | | 5 | texas | 1451666 | 90719 | 1542385 | | 6 | total gas operations | 3016333 | 246891 | 3263224 |

system and to use that system to conduct its electric delivery business and for other purposes that the franchises permit . the terms of the franchises , with various expiration dates , typically range from 30 to 50 years . natural gas distribution cerc corp . 2019s natural gas distribution business ( gas operations ) engages in regulated intrastate natural gas sales to , and natural gas transportation for , approximately 3.3 million residential , commercial and industrial customers in arkansas , louisiana , minnesota , mississippi , oklahoma and texas . the largest metropolitan areas served in each state by gas operations are houston , texas ; minneapolis , minnesota ; little rock , arkansas ; shreveport , louisiana ; biloxi , mississippi ; and lawton , oklahoma . in 2010 , approximately 42% ( 42 % ) of gas operations 2019 total throughput was to residential customers and approximately 58% ( 58 % ) was to commercial and industrial customers . the table below reflects the number of natural gas distribution customers by state as of december 31 , 2010 : residential commercial/ industrial total customers ._| | | residential | commercial/industrial | total customers | |---:|:---------------------|--------------:|------------------------:|------------------:| | 0 | arkansas | 390668 | 48033 | 438701 | | 1 | louisiana | 232135 | 17347 | 249482 | | 2 | minnesota | 738868 | 67489 | 806357 | | 3 | mississippi | 109608 | 12683 | 122291 | | 4 | oklahoma | 93388 | 10620 | 104008 | | 5 | texas | 1451666 | 90719 | 1542385 | | 6 | total gas operations | 3016333 | 246891 | 3263224 |_gas operations also provides unregulated services consisting of heating , ventilating and air conditioning ( hvac ) equipment and appliance repair , and sales of hvac , hearth and water heating equipment in minnesota . the demand for intrastate natural gas sales to residential customers and natural gas sales and transportation for commercial and industrial customers is seasonal . in 2010 , approximately 71% ( 71 % ) of the total throughput of gas operations 2019 business occurred in the first and fourth quarters . these patterns reflect the higher demand for natural gas for heating purposes during those periods . supply and transportation . in 2010 , gas operations purchased virtually all of its natural gas supply pursuant to contracts with remaining terms varying from a few months to four years . major suppliers in 2010 included bp canada energy marketing corp . ( 25.6% ( 25.6 % ) of supply volumes ) , conocophillips company ( 8.3% ( 8.3 % ) ) , tenaska marketing ventures ( 6.8% ( 6.8 % ) ) , kinder morgan ( 6.3% ( 6.3 % ) ) , oneok energy marketing company ( 4.7% ( 4.7 % ) ) , and cargill , inc . ( 4.6% ( 4.6 % ) ) . numerous other suppliers provided the remaining 43.7% ( 43.7 % ) of gas operations 2019 natural gas supply requirements . gas operations transports its natural gas supplies through various intrastate and interstate pipelines , including those owned by our other subsidiaries , under contracts with remaining terms , including extensions , varying from one to twelve years . gas operations anticipates that these gas supply and transportation contracts will be renewed or replaced prior to their expiration . gas operations actively engages in commodity price stabilization pursuant to annual gas supply plans presented to and/or filed with each of its state regulatory authorities . these price stabilization activities include use of storage gas , contractually establishing fixed prices with our physical gas suppliers and utilizing financial derivative instruments to achieve a variety of pricing structures ( e.g. , fixed price , costless collars and caps ) . its gas supply plans generally call for 25-50% ( 25-50 % ) of winter supplies to be hedged in some fashion . generally , the regulations of the states in which gas operations operates allow it to pass through changes in the cost of natural gas , including gains and losses on financial derivatives associated with the index-priced physical supply , to its customers under purchased gas adjustment provisions in its tariffs . depending upon the jurisdiction , the purchased gas adjustment factors are updated periodically , ranging from monthly to semi-annually , using estimated gas costs . the changes in the cost of gas billed to customers are subject to review by the applicable regulatory bodies. .

2,010

31

CNP

CenterPoint Energy

Utilities

Multi-Utilities

Houston, Texas

1985-07-31

1,130,310

1882

null

finqa340

what was the change in millions of total long-term debt net from 2014 to 2015?

9119

subtract(15261, 6142)

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

revolving credit facilities on october 9 , 2015 , we entered into a new $ 2.5 billion revolving credit facility ( the 5-year facility ) with various banks and concurrently terminated our existing $ 1.5 billion revolving credit facility , which was scheduled to expire in august 2019 . the 5-year facility , which expires on october 9 , 2020 , is available for general corporate purposes . the undrawn portion of the 5-year facility is also available to serve as a backup facility for the issuance of commercial paper . we may request and the banks may grant , at their discretion , an increase in the borrowing capacity under the 5-year facility of up to an additional $ 500 million . there were no borrowings outstanding under the 5-year facility as of and during the year ended december 31 , in contemplation of our acquisition of sikorsky , on october 9 , 2015 , we also entered into a 364-day revolving credit facility ( the 364-day facility , and together with the 5-year facility , the facilities ) with various banks that provided $ 7.0 billion of funding for general corporate purposes , including the acquisition of sikorsky . concurrent with the consummation of the sikorsky acquisition , we borrowed $ 6.0 billion under the 364-day facility . on november 23 , 2015 , we repaid all outstanding borrowings under the 364-day facility with proceeds received from an issuance of new debt ( see below ) and terminated any remaining commitments of the lenders under the 364-day facility . borrowings under the facilities bear interest at rates based , at our option , on a eurodollar rate or a base rate , as defined in the facilities 2019 agreements . each bank 2019s obligation to make loans under the 5-year facility is subject to , among other things , our compliance with various representations , warranties , and covenants , including covenants limiting our ability and certain of our subsidiaries 2019 ability to encumber assets and a covenant not to exceed a maximum leverage ratio , as defined in the five-year facility agreement . as of december 31 , 2015 , we were in compliance with all covenants contained in the 5-year facility agreement , as well as in our debt agreements . long-term debt on november 23 , 2015 , we issued $ 7.0 billion of notes ( the november 2015 notes ) in a registered public offering . we received net proceeds of $ 6.9 billion from the offering , after deducting discounts and debt issuance costs , which are being amortized as interest expense over the life of the debt . the november 2015 notes consist of : 2022 $ 750 million maturing in 2018 with a fixed interest rate of 1.85% ( 1.85 % ) ( the 2018 notes ) ; 2022 $ 1.25 billion maturing in 2020 with a fixed interest rate of 2.50% ( 2.50 % ) ( the 2020 notes ) ; 2022 $ 500 million maturing in 2023 with a fixed interest rate of 3.10% ( 3.10 % ) the 2023 notes ) ; 2022 $ 2.0 billion maturing in 2026 with a fixed interest rate of 3.55% ( 3.55 % ) ( the 2026 notes ) ; 2022 $ 500 million maturing in 2036 with a fixed interest rate of 4.50% ( 4.50 % ) ( the 2036 notes ) ; and 2022 $ 2.0 billion maturing in 2046 with a fixed interest rate of 4.70% ( 4.70 % ) ( the 2046 notes ) . we may , at our option , redeem some or all of the november 2015 notes and unpaid interest at any time by paying the principal amount of notes being redeemed plus any make-whole premium and accrued and unpaid interest to the date of redemption . interest is payable on the 2018 notes and the 2020 notes on may 23 and november 23 of each year , beginning on may 23 , 2016 ; on the 2023 notes and the 2026 notes on january 15 and july 15 of each year , beginning on july 15 , 2016 ; and on the 2036 notes and the 2046 notes on may 15 and november 15 of each year , beginning on may 15 , 2016 . the november 2015 notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness . the proceeds of the november 2015 notes were used to repay $ 6.0 billion of borrowings under our 364-day facility and for general corporate purposes. .

| | | 2015 | 2014 | |---:|:----------------------------------------------------------------------------|:---------------|:-------------| | 0 | notes with rates from 1.85% ( 1.85 % ) to 3.80% ( 3.80 % ) due 2016 to 2045 | $ 8150 | $ 1400 | | 1 | notes with rates from 4.07% ( 4.07 % ) to 5.72% ( 5.72 % ) due 2019 to 2046 | 6089 | 3589 | | 2 | notes with rates from 6.15% ( 6.15 % ) to 9.13% ( 9.13 % ) due 2016 to 2036 | 1941 | 1941 | | 3 | other debt | 116 | 111 | | 4 | total long-term debt | 16296 | 7041 | | 5 | less : unamortized discounts and deferred financing costs | -1035 ( 1035 ) | -899 ( 899 ) | | 6 | total long-term debt net | $ 15261 | $ 6142 |

note 10 2013 debt our long-term debt consisted of the following ( in millions ) : ._| | | 2015 | 2014 | |---:|:----------------------------------------------------------------------------|:---------------|:-------------| | 0 | notes with rates from 1.85% ( 1.85 % ) to 3.80% ( 3.80 % ) due 2016 to 2045 | $ 8150 | $ 1400 | | 1 | notes with rates from 4.07% ( 4.07 % ) to 5.72% ( 5.72 % ) due 2019 to 2046 | 6089 | 3589 | | 2 | notes with rates from 6.15% ( 6.15 % ) to 9.13% ( 9.13 % ) due 2016 to 2036 | 1941 | 1941 | | 3 | other debt | 116 | 111 | | 4 | total long-term debt | 16296 | 7041 | | 5 | less : unamortized discounts and deferred financing costs | -1035 ( 1035 ) | -899 ( 899 ) | | 6 | total long-term debt net | $ 15261 | $ 6142 |_revolving credit facilities on october 9 , 2015 , we entered into a new $ 2.5 billion revolving credit facility ( the 5-year facility ) with various banks and concurrently terminated our existing $ 1.5 billion revolving credit facility , which was scheduled to expire in august 2019 . the 5-year facility , which expires on october 9 , 2020 , is available for general corporate purposes . the undrawn portion of the 5-year facility is also available to serve as a backup facility for the issuance of commercial paper . we may request and the banks may grant , at their discretion , an increase in the borrowing capacity under the 5-year facility of up to an additional $ 500 million . there were no borrowings outstanding under the 5-year facility as of and during the year ended december 31 , in contemplation of our acquisition of sikorsky , on october 9 , 2015 , we also entered into a 364-day revolving credit facility ( the 364-day facility , and together with the 5-year facility , the facilities ) with various banks that provided $ 7.0 billion of funding for general corporate purposes , including the acquisition of sikorsky . concurrent with the consummation of the sikorsky acquisition , we borrowed $ 6.0 billion under the 364-day facility . on november 23 , 2015 , we repaid all outstanding borrowings under the 364-day facility with proceeds received from an issuance of new debt ( see below ) and terminated any remaining commitments of the lenders under the 364-day facility . borrowings under the facilities bear interest at rates based , at our option , on a eurodollar rate or a base rate , as defined in the facilities 2019 agreements . each bank 2019s obligation to make loans under the 5-year facility is subject to , among other things , our compliance with various representations , warranties , and covenants , including covenants limiting our ability and certain of our subsidiaries 2019 ability to encumber assets and a covenant not to exceed a maximum leverage ratio , as defined in the five-year facility agreement . as of december 31 , 2015 , we were in compliance with all covenants contained in the 5-year facility agreement , as well as in our debt agreements . long-term debt on november 23 , 2015 , we issued $ 7.0 billion of notes ( the november 2015 notes ) in a registered public offering . we received net proceeds of $ 6.9 billion from the offering , after deducting discounts and debt issuance costs , which are being amortized as interest expense over the life of the debt . the november 2015 notes consist of : 2022 $ 750 million maturing in 2018 with a fixed interest rate of 1.85% ( 1.85 % ) ( the 2018 notes ) ; 2022 $ 1.25 billion maturing in 2020 with a fixed interest rate of 2.50% ( 2.50 % ) ( the 2020 notes ) ; 2022 $ 500 million maturing in 2023 with a fixed interest rate of 3.10% ( 3.10 % ) the 2023 notes ) ; 2022 $ 2.0 billion maturing in 2026 with a fixed interest rate of 3.55% ( 3.55 % ) ( the 2026 notes ) ; 2022 $ 500 million maturing in 2036 with a fixed interest rate of 4.50% ( 4.50 % ) ( the 2036 notes ) ; and 2022 $ 2.0 billion maturing in 2046 with a fixed interest rate of 4.70% ( 4.70 % ) ( the 2046 notes ) . we may , at our option , redeem some or all of the november 2015 notes and unpaid interest at any time by paying the principal amount of notes being redeemed plus any make-whole premium and accrued and unpaid interest to the date of redemption . interest is payable on the 2018 notes and the 2020 notes on may 23 and november 23 of each year , beginning on may 23 , 2016 ; on the 2023 notes and the 2026 notes on january 15 and july 15 of each year , beginning on july 15 , 2016 ; and on the 2036 notes and the 2046 notes on may 15 and november 15 of each year , beginning on may 15 , 2016 . the november 2015 notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness . the proceeds of the november 2015 notes were used to repay $ 6.0 billion of borrowings under our 364-day facility and for general corporate purposes. .

2,015

99

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

what was the change in millions of total long-term debt net from 2014 to 2015?

9119

subtract(15261, 6142)

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

revolving credit facilities on october 9 , 2015 , we entered into a new $ 2.5 billion revolving credit facility ( the 5-year facility ) with various banks and concurrently terminated our existing $ 1.5 billion revolving credit facility , which was scheduled to expire in august 2019 . the 5-year facility , which expires on october 9 , 2020 , is available for general corporate purposes . the undrawn portion of the 5-year facility is also available to serve as a backup facility for the issuance of commercial paper . we may request and the banks may grant , at their discretion , an increase in the borrowing capacity under the 5-year facility of up to an additional $ 500 million . there were no borrowings outstanding under the 5-year facility as of and during the year ended december 31 , in contemplation of our acquisition of sikorsky , on october 9 , 2015 , we also entered into a 364-day revolving credit facility ( the 364-day facility , and together with the 5-year facility , the facilities ) with various banks that provided $ 7.0 billion of funding for general corporate purposes , including the acquisition of sikorsky . concurrent with the consummation of the sikorsky acquisition , we borrowed $ 6.0 billion under the 364-day facility . on november 23 , 2015 , we repaid all outstanding borrowings under the 364-day facility with proceeds received from an issuance of new debt ( see below ) and terminated any remaining commitments of the lenders under the 364-day facility . borrowings under the facilities bear interest at rates based , at our option , on a eurodollar rate or a base rate , as defined in the facilities 2019 agreements . each bank 2019s obligation to make loans under the 5-year facility is subject to , among other things , our compliance with various representations , warranties , and covenants , including covenants limiting our ability and certain of our subsidiaries 2019 ability to encumber assets and a covenant not to exceed a maximum leverage ratio , as defined in the five-year facility agreement . as of december 31 , 2015 , we were in compliance with all covenants contained in the 5-year facility agreement , as well as in our debt agreements . long-term debt on november 23 , 2015 , we issued $ 7.0 billion of notes ( the november 2015 notes ) in a registered public offering . we received net proceeds of $ 6.9 billion from the offering , after deducting discounts and debt issuance costs , which are being amortized as interest expense over the life of the debt . the november 2015 notes consist of : 2022 $ 750 million maturing in 2018 with a fixed interest rate of 1.85% ( 1.85 % ) ( the 2018 notes ) ; 2022 $ 1.25 billion maturing in 2020 with a fixed interest rate of 2.50% ( 2.50 % ) ( the 2020 notes ) ; 2022 $ 500 million maturing in 2023 with a fixed interest rate of 3.10% ( 3.10 % ) the 2023 notes ) ; 2022 $ 2.0 billion maturing in 2026 with a fixed interest rate of 3.55% ( 3.55 % ) ( the 2026 notes ) ; 2022 $ 500 million maturing in 2036 with a fixed interest rate of 4.50% ( 4.50 % ) ( the 2036 notes ) ; and 2022 $ 2.0 billion maturing in 2046 with a fixed interest rate of 4.70% ( 4.70 % ) ( the 2046 notes ) . we may , at our option , redeem some or all of the november 2015 notes and unpaid interest at any time by paying the principal amount of notes being redeemed plus any make-whole premium and accrued and unpaid interest to the date of redemption . interest is payable on the 2018 notes and the 2020 notes on may 23 and november 23 of each year , beginning on may 23 , 2016 ; on the 2023 notes and the 2026 notes on january 15 and july 15 of each year , beginning on july 15 , 2016 ; and on the 2036 notes and the 2046 notes on may 15 and november 15 of each year , beginning on may 15 , 2016 . the november 2015 notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness . the proceeds of the november 2015 notes were used to repay $ 6.0 billion of borrowings under our 364-day facility and for general corporate purposes. .

| | | 2015 | 2014 | |---:|:----------------------------------------------------------------------------|:---------------|:-------------| | 0 | notes with rates from 1.85% ( 1.85 % ) to 3.80% ( 3.80 % ) due 2016 to 2045 | $ 8150 | $ 1400 | | 1 | notes with rates from 4.07% ( 4.07 % ) to 5.72% ( 5.72 % ) due 2019 to 2046 | 6089 | 3589 | | 2 | notes with rates from 6.15% ( 6.15 % ) to 9.13% ( 9.13 % ) due 2016 to 2036 | 1941 | 1941 | | 3 | other debt | 116 | 111 | | 4 | total long-term debt | 16296 | 7041 | | 5 | less : unamortized discounts and deferred financing costs | -1035 ( 1035 ) | -899 ( 899 ) | | 6 | total long-term debt net | $ 15261 | $ 6142 |

note 10 2013 debt our long-term debt consisted of the following ( in millions ) : ._| | | 2015 | 2014 | |---:|:----------------------------------------------------------------------------|:---------------|:-------------| | 0 | notes with rates from 1.85% ( 1.85 % ) to 3.80% ( 3.80 % ) due 2016 to 2045 | $ 8150 | $ 1400 | | 1 | notes with rates from 4.07% ( 4.07 % ) to 5.72% ( 5.72 % ) due 2019 to 2046 | 6089 | 3589 | | 2 | notes with rates from 6.15% ( 6.15 % ) to 9.13% ( 9.13 % ) due 2016 to 2036 | 1941 | 1941 | | 3 | other debt | 116 | 111 | | 4 | total long-term debt | 16296 | 7041 | | 5 | less : unamortized discounts and deferred financing costs | -1035 ( 1035 ) | -899 ( 899 ) | | 6 | total long-term debt net | $ 15261 | $ 6142 |_revolving credit facilities on october 9 , 2015 , we entered into a new $ 2.5 billion revolving credit facility ( the 5-year facility ) with various banks and concurrently terminated our existing $ 1.5 billion revolving credit facility , which was scheduled to expire in august 2019 . the 5-year facility , which expires on october 9 , 2020 , is available for general corporate purposes . the undrawn portion of the 5-year facility is also available to serve as a backup facility for the issuance of commercial paper . we may request and the banks may grant , at their discretion , an increase in the borrowing capacity under the 5-year facility of up to an additional $ 500 million . there were no borrowings outstanding under the 5-year facility as of and during the year ended december 31 , in contemplation of our acquisition of sikorsky , on october 9 , 2015 , we also entered into a 364-day revolving credit facility ( the 364-day facility , and together with the 5-year facility , the facilities ) with various banks that provided $ 7.0 billion of funding for general corporate purposes , including the acquisition of sikorsky . concurrent with the consummation of the sikorsky acquisition , we borrowed $ 6.0 billion under the 364-day facility . on november 23 , 2015 , we repaid all outstanding borrowings under the 364-day facility with proceeds received from an issuance of new debt ( see below ) and terminated any remaining commitments of the lenders under the 364-day facility . borrowings under the facilities bear interest at rates based , at our option , on a eurodollar rate or a base rate , as defined in the facilities 2019 agreements . each bank 2019s obligation to make loans under the 5-year facility is subject to , among other things , our compliance with various representations , warranties , and covenants , including covenants limiting our ability and certain of our subsidiaries 2019 ability to encumber assets and a covenant not to exceed a maximum leverage ratio , as defined in the five-year facility agreement . as of december 31 , 2015 , we were in compliance with all covenants contained in the 5-year facility agreement , as well as in our debt agreements . long-term debt on november 23 , 2015 , we issued $ 7.0 billion of notes ( the november 2015 notes ) in a registered public offering . we received net proceeds of $ 6.9 billion from the offering , after deducting discounts and debt issuance costs , which are being amortized as interest expense over the life of the debt . the november 2015 notes consist of : 2022 $ 750 million maturing in 2018 with a fixed interest rate of 1.85% ( 1.85 % ) ( the 2018 notes ) ; 2022 $ 1.25 billion maturing in 2020 with a fixed interest rate of 2.50% ( 2.50 % ) ( the 2020 notes ) ; 2022 $ 500 million maturing in 2023 with a fixed interest rate of 3.10% ( 3.10 % ) the 2023 notes ) ; 2022 $ 2.0 billion maturing in 2026 with a fixed interest rate of 3.55% ( 3.55 % ) ( the 2026 notes ) ; 2022 $ 500 million maturing in 2036 with a fixed interest rate of 4.50% ( 4.50 % ) ( the 2036 notes ) ; and 2022 $ 2.0 billion maturing in 2046 with a fixed interest rate of 4.70% ( 4.70 % ) ( the 2046 notes ) . we may , at our option , redeem some or all of the november 2015 notes and unpaid interest at any time by paying the principal amount of notes being redeemed plus any make-whole premium and accrued and unpaid interest to the date of redemption . interest is payable on the 2018 notes and the 2020 notes on may 23 and november 23 of each year , beginning on may 23 , 2016 ; on the 2023 notes and the 2026 notes on january 15 and july 15 of each year , beginning on july 15 , 2016 ; and on the 2036 notes and the 2046 notes on may 15 and november 15 of each year , beginning on may 15 , 2016 . the november 2015 notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness . the proceeds of the november 2015 notes were used to repay $ 6.0 billion of borrowings under our 364-day facility and for general corporate purposes. .

2,015

99

LMT

Lockheed Martin

Industrials

Aerospace & Defense

Bethesda, Maryland

1957-03-04

936,468

1995

null

finqa341

what was the number of shares of stockholders of record on december 29 , 2017 in millions

137.5

divide(55, 0.40)

humana inc . notes to consolidated financial statements 2014 ( continued ) 15 . stockholders 2019 equity dividends the following table provides details of dividend payments , excluding dividend equivalent rights , in 2015 , 2016 , and 2017 under our board approved quarterly cash dividend policy : payment amount per share amount ( in millions ) .

on november 2 , 2017 , the board declared a cash dividend of $ 0.40 per share that was paid on january 26 , 2018 to stockholders of record on december 29 , 2017 , for an aggregate amount of $ 55 million . declaration and payment of future quarterly dividends is at the discretion of our board and may be adjusted as business needs or market conditions change . stock repurchases in september 2014 , our board of directors replaced a previous share repurchase authorization of up to $ 1 billion ( of which $ 816 million remained unused ) with an authorization for repurchases of up to $ 2 billion of our common shares exclusive of shares repurchased in connection with employee stock plans , which expired on december 31 , 2016 . under the share repurchase authorization , shares may have been purchased from time to time at prevailing prices in the open market , by block purchases , through plans designed to comply with rule 10b5-1 under the securities exchange act of 1934 , as amended , or in privately-negotiated transactions ( including pursuant to accelerated share repurchase agreements with investment banks ) , subject to certain regulatory restrictions on volume , pricing , and timing . pursuant to the merger agreement , after july 2 , 2015 , we were prohibited from repurchasing any of our outstanding securities without the prior written consent of aetna , other than repurchases of shares of our common stock in connection with the exercise of outstanding stock options or the vesting or settlement of outstanding restricted stock awards . accordingly , as announced on july 3 , 2015 , we suspended our share repurchase program . on february 14 , 2017 , we and aetna agreed to mutually terminate the merger agreement . we also announced that the board had approved a new authorization for share repurchases of up to $ 2.25 billion of our common stock exclusive of shares repurchased in connection with employee stock plans , expiring on december 31 , 2017 . on february 16 , 2017 , we entered into an accelerated share repurchase agreement , the february 2017 asr , with goldman , sachs & co . llc , or goldman sachs , to repurchase $ 1.5 billion of our common stock as part of the $ 2.25 billion share repurchase program referred to above . on february 22 , 2017 , we made a payment of $ 1.5 billion to goldman sachs from available cash on hand and received an initial delivery of 5.83 million shares of our common stock from goldman sachs based on the then current market price of humana common stock . the payment to goldman sachs was recorded as a reduction to stockholders 2019 equity , consisting of a $ 1.2 billion increase in treasury stock , which reflected the value of the initial 5.83 million shares received upon initial settlement , and a $ 300 million decrease in capital in excess of par value , which reflected the value of stock held back by goldman sachs pending final settlement of the february 2017 asr . upon settlement of the february 2017 asr on august 28 , 2017 , we received an additional 0.84 million shares as determined by the average daily volume weighted-average share price of our common stock during the term of the agreement of $ 224.81 , bringing the total shares received under this program to 6.67 million . in addition , upon settlement we reclassified the $ 300 million value of stock initially held back by goldman sachs from capital in excess of par value to treasury stock . subsequent to settlement of the february 2017 asr , we repurchased an additional 3.04 million shares in the open market , utilizing the remaining $ 750 million of the $ 2.25 billion authorization prior to expiration. .

| | paymentdate | amountper share | totalamount ( in millions ) | |---:|--------------:|:------------------|:------------------------------| | 0 | 2015 | $ 1.14 | $ 170 | | 1 | 2016 | $ 1.16 | $ 172 | | 2 | 2017 | $ 1.49 | $ 216 |

humana inc . notes to consolidated financial statements 2014 ( continued ) 15 . stockholders 2019 equity dividends the following table provides details of dividend payments , excluding dividend equivalent rights , in 2015 , 2016 , and 2017 under our board approved quarterly cash dividend policy : payment amount per share amount ( in millions ) ._| | paymentdate | amountper share | totalamount ( in millions ) | |---:|--------------:|:------------------|:------------------------------| | 0 | 2015 | $ 1.14 | $ 170 | | 1 | 2016 | $ 1.16 | $ 172 | | 2 | 2017 | $ 1.49 | $ 216 |_on november 2 , 2017 , the board declared a cash dividend of $ 0.40 per share that was paid on january 26 , 2018 to stockholders of record on december 29 , 2017 , for an aggregate amount of $ 55 million . declaration and payment of future quarterly dividends is at the discretion of our board and may be adjusted as business needs or market conditions change . stock repurchases in september 2014 , our board of directors replaced a previous share repurchase authorization of up to $ 1 billion ( of which $ 816 million remained unused ) with an authorization for repurchases of up to $ 2 billion of our common shares exclusive of shares repurchased in connection with employee stock plans , which expired on december 31 , 2016 . under the share repurchase authorization , shares may have been purchased from time to time at prevailing prices in the open market , by block purchases , through plans designed to comply with rule 10b5-1 under the securities exchange act of 1934 , as amended , or in privately-negotiated transactions ( including pursuant to accelerated share repurchase agreements with investment banks ) , subject to certain regulatory restrictions on volume , pricing , and timing . pursuant to the merger agreement , after july 2 , 2015 , we were prohibited from repurchasing any of our outstanding securities without the prior written consent of aetna , other than repurchases of shares of our common stock in connection with the exercise of outstanding stock options or the vesting or settlement of outstanding restricted stock awards . accordingly , as announced on july 3 , 2015 , we suspended our share repurchase program . on february 14 , 2017 , we and aetna agreed to mutually terminate the merger agreement . we also announced that the board had approved a new authorization for share repurchases of up to $ 2.25 billion of our common stock exclusive of shares repurchased in connection with employee stock plans , expiring on december 31 , 2017 . on february 16 , 2017 , we entered into an accelerated share repurchase agreement , the february 2017 asr , with goldman , sachs & co . llc , or goldman sachs , to repurchase $ 1.5 billion of our common stock as part of the $ 2.25 billion share repurchase program referred to above . on february 22 , 2017 , we made a payment of $ 1.5 billion to goldman sachs from available cash on hand and received an initial delivery of 5.83 million shares of our common stock from goldman sachs based on the then current market price of humana common stock . the payment to goldman sachs was recorded as a reduction to stockholders 2019 equity , consisting of a $ 1.2 billion increase in treasury stock , which reflected the value of the initial 5.83 million shares received upon initial settlement , and a $ 300 million decrease in capital in excess of par value , which reflected the value of stock held back by goldman sachs pending final settlement of the february 2017 asr . upon settlement of the february 2017 asr on august 28 , 2017 , we received an additional 0.84 million shares as determined by the average daily volume weighted-average share price of our common stock during the term of the agreement of $ 224.81 , bringing the total shares received under this program to 6.67 million . in addition , upon settlement we reclassified the $ 300 million value of stock initially held back by goldman sachs from capital in excess of par value to treasury stock . subsequent to settlement of the february 2017 asr , we repurchased an additional 3.04 million shares in the open market , utilizing the remaining $ 750 million of the $ 2.25 billion authorization prior to expiration. .

2,017

133

HUM

Humana

Health Care

Managed Health Care

Louisville, Kentucky

2012-12-10

49,071

1961

what was the number of shares of stockholders of record on december 29 , 2017 in millions

137.5

divide(55, 0.40)

humana inc . notes to consolidated financial statements 2014 ( continued ) 15 . stockholders 2019 equity dividends the following table provides details of dividend payments , excluding dividend equivalent rights , in 2015 , 2016 , and 2017 under our board approved quarterly cash dividend policy : payment amount per share amount ( in millions ) .

on november 2 , 2017 , the board declared a cash dividend of $ 0.40 per share that was paid on january 26 , 2018 to stockholders of record on december 29 , 2017 , for an aggregate amount of $ 55 million . declaration and payment of future quarterly dividends is at the discretion of our board and may be adjusted as business needs or market conditions change . stock repurchases in september 2014 , our board of directors replaced a previous share repurchase authorization of up to $ 1 billion ( of which $ 816 million remained unused ) with an authorization for repurchases of up to $ 2 billion of our common shares exclusive of shares repurchased in connection with employee stock plans , which expired on december 31 , 2016 . under the share repurchase authorization , shares may have been purchased from time to time at prevailing prices in the open market , by block purchases , through plans designed to comply with rule 10b5-1 under the securities exchange act of 1934 , as amended , or in privately-negotiated transactions ( including pursuant to accelerated share repurchase agreements with investment banks ) , subject to certain regulatory restrictions on volume , pricing , and timing . pursuant to the merger agreement , after july 2 , 2015 , we were prohibited from repurchasing any of our outstanding securities without the prior written consent of aetna , other than repurchases of shares of our common stock in connection with the exercise of outstanding stock options or the vesting or settlement of outstanding restricted stock awards . accordingly , as announced on july 3 , 2015 , we suspended our share repurchase program . on february 14 , 2017 , we and aetna agreed to mutually terminate the merger agreement . we also announced that the board had approved a new authorization for share repurchases of up to $ 2.25 billion of our common stock exclusive of shares repurchased in connection with employee stock plans , expiring on december 31 , 2017 . on february 16 , 2017 , we entered into an accelerated share repurchase agreement , the february 2017 asr , with goldman , sachs & co . llc , or goldman sachs , to repurchase $ 1.5 billion of our common stock as part of the $ 2.25 billion share repurchase program referred to above . on february 22 , 2017 , we made a payment of $ 1.5 billion to goldman sachs from available cash on hand and received an initial delivery of 5.83 million shares of our common stock from goldman sachs based on the then current market price of humana common stock . the payment to goldman sachs was recorded as a reduction to stockholders 2019 equity , consisting of a $ 1.2 billion increase in treasury stock , which reflected the value of the initial 5.83 million shares received upon initial settlement , and a $ 300 million decrease in capital in excess of par value , which reflected the value of stock held back by goldman sachs pending final settlement of the february 2017 asr . upon settlement of the february 2017 asr on august 28 , 2017 , we received an additional 0.84 million shares as determined by the average daily volume weighted-average share price of our common stock during the term of the agreement of $ 224.81 , bringing the total shares received under this program to 6.67 million . in addition , upon settlement we reclassified the $ 300 million value of stock initially held back by goldman sachs from capital in excess of par value to treasury stock . subsequent to settlement of the february 2017 asr , we repurchased an additional 3.04 million shares in the open market , utilizing the remaining $ 750 million of the $ 2.25 billion authorization prior to expiration. .

| | paymentdate | amountper share | totalamount ( in millions ) | |---:|--------------:|:------------------|:------------------------------| | 0 | 2015 | $ 1.14 | $ 170 | | 1 | 2016 | $ 1.16 | $ 172 | | 2 | 2017 | $ 1.49 | $ 216 |

humana inc . notes to consolidated financial statements 2014 ( continued ) 15 . stockholders 2019 equity dividends the following table provides details of dividend payments , excluding dividend equivalent rights , in 2015 , 2016 , and 2017 under our board approved quarterly cash dividend policy : payment amount per share amount ( in millions ) ._| | paymentdate | amountper share | totalamount ( in millions ) | |---:|--------------:|:------------------|:------------------------------| | 0 | 2015 | $ 1.14 | $ 170 | | 1 | 2016 | $ 1.16 | $ 172 | | 2 | 2017 | $ 1.49 | $ 216 |_on november 2 , 2017 , the board declared a cash dividend of $ 0.40 per share that was paid on january 26 , 2018 to stockholders of record on december 29 , 2017 , for an aggregate amount of $ 55 million . declaration and payment of future quarterly dividends is at the discretion of our board and may be adjusted as business needs or market conditions change . stock repurchases in september 2014 , our board of directors replaced a previous share repurchase authorization of up to $ 1 billion ( of which $ 816 million remained unused ) with an authorization for repurchases of up to $ 2 billion of our common shares exclusive of shares repurchased in connection with employee stock plans , which expired on december 31 , 2016 . under the share repurchase authorization , shares may have been purchased from time to time at prevailing prices in the open market , by block purchases , through plans designed to comply with rule 10b5-1 under the securities exchange act of 1934 , as amended , or in privately-negotiated transactions ( including pursuant to accelerated share repurchase agreements with investment banks ) , subject to certain regulatory restrictions on volume , pricing , and timing . pursuant to the merger agreement , after july 2 , 2015 , we were prohibited from repurchasing any of our outstanding securities without the prior written consent of aetna , other than repurchases of shares of our common stock in connection with the exercise of outstanding stock options or the vesting or settlement of outstanding restricted stock awards . accordingly , as announced on july 3 , 2015 , we suspended our share repurchase program . on february 14 , 2017 , we and aetna agreed to mutually terminate the merger agreement . we also announced that the board had approved a new authorization for share repurchases of up to $ 2.25 billion of our common stock exclusive of shares repurchased in connection with employee stock plans , expiring on december 31 , 2017 . on february 16 , 2017 , we entered into an accelerated share repurchase agreement , the february 2017 asr , with goldman , sachs & co . llc , or goldman sachs , to repurchase $ 1.5 billion of our common stock as part of the $ 2.25 billion share repurchase program referred to above . on february 22 , 2017 , we made a payment of $ 1.5 billion to goldman sachs from available cash on hand and received an initial delivery of 5.83 million shares of our common stock from goldman sachs based on the then current market price of humana common stock . the payment to goldman sachs was recorded as a reduction to stockholders 2019 equity , consisting of a $ 1.2 billion increase in treasury stock , which reflected the value of the initial 5.83 million shares received upon initial settlement , and a $ 300 million decrease in capital in excess of par value , which reflected the value of stock held back by goldman sachs pending final settlement of the february 2017 asr . upon settlement of the february 2017 asr on august 28 , 2017 , we received an additional 0.84 million shares as determined by the average daily volume weighted-average share price of our common stock during the term of the agreement of $ 224.81 , bringing the total shares received under this program to 6.67 million . in addition , upon settlement we reclassified the $ 300 million value of stock initially held back by goldman sachs from capital in excess of par value to treasury stock . subsequent to settlement of the february 2017 asr , we repurchased an additional 3.04 million shares in the open market , utilizing the remaining $ 750 million of the $ 2.25 billion authorization prior to expiration. .

2,017

133

HUM

Humana

Health Care

Managed Health Care

Louisville, Kentucky

2012-12-10

49,071

1961

null

finqa342

what were net trading assets from derivatives in 2012 , in millions?

null

subtract(85744, 76162)

jpmorgan chase & co./2013 annual report 215 the firm does not estimate the fair value of consumer lending-related commitments . in many cases , the firm can reduce or cancel these commitments by providing the borrower notice or , in some cases , without notice as permitted by law . for a further discussion of the valuation of lending-related commitments , see page 198 of this note . trading assets and liabilities trading assets include debt and equity instruments owned by jpmorgan chase ( 201clong 201d positions ) that are held for client market-making and client-driven activities , as well as for certain risk management activities , certain loans managed on a fair value basis and for which the firm has elected the fair value option , and physical commodities inventories that are generally accounted for at the lower of cost or market ( market approximates fair value ) . trading liabilities include debt and equity instruments that the firm has sold to other parties but does not own ( 201cshort 201d positions ) . the firm is obligated to purchase instruments at a future date to cover the short positions . included in trading assets and trading liabilities are the reported receivables ( unrealized gains ) and payables ( unrealized losses ) related to derivatives . trading assets and liabilities are carried at fair value on the consolidated balance sheets . balances reflect the reduction of securities owned ( long positions ) by the amount of identical securities sold but not yet purchased ( short positions ) . trading assets and liabilities 2013 average balances average trading assets and liabilities were as follows for the periods indicated. .

( a ) primarily represent securities sold , not yet purchased . note 4 2013 fair value option the fair value option provides an option to elect fair value as an alternative measurement for selected financial assets , financial liabilities , unrecognized firm commitments , and written loan commitments not previously carried at fair value . elections elections were made by the firm to : 2022 mitigate income statement volatility caused by the differences in the measurement basis of elected instruments ( for example , certain instruments elected were previously accounted for on an accrual basis ) while the associated risk management arrangements are accounted for on a fair value basis ; 2022 eliminate the complexities of applying certain accounting models ( e.g. , hedge accounting or bifurcation accounting for hybrid instruments ) ; and/or 2022 better reflect those instruments that are managed on a fair value basis . elections include the following : 2022 loans purchased or originated as part of securitization warehousing activity , subject to bifurcation accounting , or managed on a fair value basis . 2022 securities financing arrangements with an embedded derivative and/or a maturity of greater than one year . 2022 owned beneficial interests in securitized financial assets that contain embedded credit derivatives , which would otherwise be required to be separately accounted for as a derivative instrument . 2022 certain investments that receive tax credits and other equity investments acquired as part of the washington mutual transaction . 2022 structured notes issued as part of cib 2019s client-driven activities . ( structured notes are predominantly financial instruments that contain embedded derivatives. ) 2022 long-term beneficial interests issued by cib 2019s consolidated securitization trusts where the underlying assets are carried at fair value. .

| | year ended december 31 ( in millions ) | 2013 | 2012 | 2011 | |---:|:-----------------------------------------------------------|:---------|:---------|:---------| | 0 | trading assets 2013 debt and equity instruments | $ 340449 | $ 349337 | $ 393890 | | 1 | trading assets 2013 derivative receivables | 72629 | 85744 | 90003 | | 2 | trading liabilities 2013 debt and equity instruments ( a ) | 77706 | 69001 | 81916 | | 3 | trading liabilities 2013 derivative payables | 64553 | 76162 | 71539 |

jpmorgan chase & co./2013 annual report 215 the firm does not estimate the fair value of consumer lending-related commitments . in many cases , the firm can reduce or cancel these commitments by providing the borrower notice or , in some cases , without notice as permitted by law . for a further discussion of the valuation of lending-related commitments , see page 198 of this note . trading assets and liabilities trading assets include debt and equity instruments owned by jpmorgan chase ( 201clong 201d positions ) that are held for client market-making and client-driven activities , as well as for certain risk management activities , certain loans managed on a fair value basis and for which the firm has elected the fair value option , and physical commodities inventories that are generally accounted for at the lower of cost or market ( market approximates fair value ) . trading liabilities include debt and equity instruments that the firm has sold to other parties but does not own ( 201cshort 201d positions ) . the firm is obligated to purchase instruments at a future date to cover the short positions . included in trading assets and trading liabilities are the reported receivables ( unrealized gains ) and payables ( unrealized losses ) related to derivatives . trading assets and liabilities are carried at fair value on the consolidated balance sheets . balances reflect the reduction of securities owned ( long positions ) by the amount of identical securities sold but not yet purchased ( short positions ) . trading assets and liabilities 2013 average balances average trading assets and liabilities were as follows for the periods indicated. ._| | year ended december 31 ( in millions ) | 2013 | 2012 | 2011 | |---:|:-----------------------------------------------------------|:---------|:---------|:---------| | 0 | trading assets 2013 debt and equity instruments | $ 340449 | $ 349337 | $ 393890 | | 1 | trading assets 2013 derivative receivables | 72629 | 85744 | 90003 | | 2 | trading liabilities 2013 debt and equity instruments ( a ) | 77706 | 69001 | 81916 | | 3 | trading liabilities 2013 derivative payables | 64553 | 76162 | 71539 |_( a ) primarily represent securities sold , not yet purchased . note 4 2013 fair value option the fair value option provides an option to elect fair value as an alternative measurement for selected financial assets , financial liabilities , unrecognized firm commitments , and written loan commitments not previously carried at fair value . elections elections were made by the firm to : 2022 mitigate income statement volatility caused by the differences in the measurement basis of elected instruments ( for example , certain instruments elected were previously accounted for on an accrual basis ) while the associated risk management arrangements are accounted for on a fair value basis ; 2022 eliminate the complexities of applying certain accounting models ( e.g. , hedge accounting or bifurcation accounting for hybrid instruments ) ; and/or 2022 better reflect those instruments that are managed on a fair value basis . elections include the following : 2022 loans purchased or originated as part of securitization warehousing activity , subject to bifurcation accounting , or managed on a fair value basis . 2022 securities financing arrangements with an embedded derivative and/or a maturity of greater than one year . 2022 owned beneficial interests in securitized financial assets that contain embedded credit derivatives , which would otherwise be required to be separately accounted for as a derivative instrument . 2022 certain investments that receive tax credits and other equity investments acquired as part of the washington mutual transaction . 2022 structured notes issued as part of cib 2019s client-driven activities . ( structured notes are predominantly financial instruments that contain embedded derivatives. ) 2022 long-term beneficial interests issued by cib 2019s consolidated securitization trusts where the underlying assets are carried at fair value. .

2,013

209

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

what were net trading assets from derivatives in 2012 , in millions?

null

subtract(85744, 76162)

jpmorgan chase & co./2013 annual report 215 the firm does not estimate the fair value of consumer lending-related commitments . in many cases , the firm can reduce or cancel these commitments by providing the borrower notice or , in some cases , without notice as permitted by law . for a further discussion of the valuation of lending-related commitments , see page 198 of this note . trading assets and liabilities trading assets include debt and equity instruments owned by jpmorgan chase ( 201clong 201d positions ) that are held for client market-making and client-driven activities , as well as for certain risk management activities , certain loans managed on a fair value basis and for which the firm has elected the fair value option , and physical commodities inventories that are generally accounted for at the lower of cost or market ( market approximates fair value ) . trading liabilities include debt and equity instruments that the firm has sold to other parties but does not own ( 201cshort 201d positions ) . the firm is obligated to purchase instruments at a future date to cover the short positions . included in trading assets and trading liabilities are the reported receivables ( unrealized gains ) and payables ( unrealized losses ) related to derivatives . trading assets and liabilities are carried at fair value on the consolidated balance sheets . balances reflect the reduction of securities owned ( long positions ) by the amount of identical securities sold but not yet purchased ( short positions ) . trading assets and liabilities 2013 average balances average trading assets and liabilities were as follows for the periods indicated. .

( a ) primarily represent securities sold , not yet purchased . note 4 2013 fair value option the fair value option provides an option to elect fair value as an alternative measurement for selected financial assets , financial liabilities , unrecognized firm commitments , and written loan commitments not previously carried at fair value . elections elections were made by the firm to : 2022 mitigate income statement volatility caused by the differences in the measurement basis of elected instruments ( for example , certain instruments elected were previously accounted for on an accrual basis ) while the associated risk management arrangements are accounted for on a fair value basis ; 2022 eliminate the complexities of applying certain accounting models ( e.g. , hedge accounting or bifurcation accounting for hybrid instruments ) ; and/or 2022 better reflect those instruments that are managed on a fair value basis . elections include the following : 2022 loans purchased or originated as part of securitization warehousing activity , subject to bifurcation accounting , or managed on a fair value basis . 2022 securities financing arrangements with an embedded derivative and/or a maturity of greater than one year . 2022 owned beneficial interests in securitized financial assets that contain embedded credit derivatives , which would otherwise be required to be separately accounted for as a derivative instrument . 2022 certain investments that receive tax credits and other equity investments acquired as part of the washington mutual transaction . 2022 structured notes issued as part of cib 2019s client-driven activities . ( structured notes are predominantly financial instruments that contain embedded derivatives. ) 2022 long-term beneficial interests issued by cib 2019s consolidated securitization trusts where the underlying assets are carried at fair value. .

| | year ended december 31 ( in millions ) | 2013 | 2012 | 2011 | |---:|:-----------------------------------------------------------|:---------|:---------|:---------| | 0 | trading assets 2013 debt and equity instruments | $ 340449 | $ 349337 | $ 393890 | | 1 | trading assets 2013 derivative receivables | 72629 | 85744 | 90003 | | 2 | trading liabilities 2013 debt and equity instruments ( a ) | 77706 | 69001 | 81916 | | 3 | trading liabilities 2013 derivative payables | 64553 | 76162 | 71539 |

jpmorgan chase & co./2013 annual report 215 the firm does not estimate the fair value of consumer lending-related commitments . in many cases , the firm can reduce or cancel these commitments by providing the borrower notice or , in some cases , without notice as permitted by law . for a further discussion of the valuation of lending-related commitments , see page 198 of this note . trading assets and liabilities trading assets include debt and equity instruments owned by jpmorgan chase ( 201clong 201d positions ) that are held for client market-making and client-driven activities , as well as for certain risk management activities , certain loans managed on a fair value basis and for which the firm has elected the fair value option , and physical commodities inventories that are generally accounted for at the lower of cost or market ( market approximates fair value ) . trading liabilities include debt and equity instruments that the firm has sold to other parties but does not own ( 201cshort 201d positions ) . the firm is obligated to purchase instruments at a future date to cover the short positions . included in trading assets and trading liabilities are the reported receivables ( unrealized gains ) and payables ( unrealized losses ) related to derivatives . trading assets and liabilities are carried at fair value on the consolidated balance sheets . balances reflect the reduction of securities owned ( long positions ) by the amount of identical securities sold but not yet purchased ( short positions ) . trading assets and liabilities 2013 average balances average trading assets and liabilities were as follows for the periods indicated. ._| | year ended december 31 ( in millions ) | 2013 | 2012 | 2011 | |---:|:-----------------------------------------------------------|:---------|:---------|:---------| | 0 | trading assets 2013 debt and equity instruments | $ 340449 | $ 349337 | $ 393890 | | 1 | trading assets 2013 derivative receivables | 72629 | 85744 | 90003 | | 2 | trading liabilities 2013 debt and equity instruments ( a ) | 77706 | 69001 | 81916 | | 3 | trading liabilities 2013 derivative payables | 64553 | 76162 | 71539 |_( a ) primarily represent securities sold , not yet purchased . note 4 2013 fair value option the fair value option provides an option to elect fair value as an alternative measurement for selected financial assets , financial liabilities , unrecognized firm commitments , and written loan commitments not previously carried at fair value . elections elections were made by the firm to : 2022 mitigate income statement volatility caused by the differences in the measurement basis of elected instruments ( for example , certain instruments elected were previously accounted for on an accrual basis ) while the associated risk management arrangements are accounted for on a fair value basis ; 2022 eliminate the complexities of applying certain accounting models ( e.g. , hedge accounting or bifurcation accounting for hybrid instruments ) ; and/or 2022 better reflect those instruments that are managed on a fair value basis . elections include the following : 2022 loans purchased or originated as part of securitization warehousing activity , subject to bifurcation accounting , or managed on a fair value basis . 2022 securities financing arrangements with an embedded derivative and/or a maturity of greater than one year . 2022 owned beneficial interests in securitized financial assets that contain embedded credit derivatives , which would otherwise be required to be separately accounted for as a derivative instrument . 2022 certain investments that receive tax credits and other equity investments acquired as part of the washington mutual transaction . 2022 structured notes issued as part of cib 2019s client-driven activities . ( structured notes are predominantly financial instruments that contain embedded derivatives. ) 2022 long-term beneficial interests issued by cib 2019s consolidated securitization trusts where the underlying assets are carried at fair value. .

2,013

209

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

null

finqa343

without the asset & wealth management segment in 2015 , what would total operating income have been in us$ millions?

9305

subtract(10521, 1216)

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)

without the asset & wealth management segment in 2015 , what would total operating income have been in us$ millions?

9305

subtract(10521, 1216)

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

finqa344

how much goodwill does the company have as a % ( % ) of current assets?

921%

divide(258.9, 28.1)

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 7 . acquisitions ( continued ) was recorded to goodwill . the following table summarizes the fair values of the assets acquired and liabilities assumed ( in millions ) : .

goodwill includes expected synergies and other benefits the company believes will result from the acquisition . goodwill was assigned to the company 2019s united states segment and is not deductible for tax purposes . ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods . the fair value of the ipr&d was determined using the income approach . this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return . the discount rate used to determine the fair value of the ipr&d was 16.5% ( 16.5 % ) . completion of successful design developments , bench testing , pre-clinical studies and human clinical studies are required prior to selling any product . the risks and uncertainties associated with completing development within a reasonable period of time include those related to the design , development , and manufacturability of the product , the success of pre-clinical and clinical studies , and the timing of regulatory approvals . the valuation assumed $ 97.7 million of additional research and development expenditures would be incurred prior to the date of product introduction , and the company does not currently anticipate significant changes to forecasted research and development expenditures associated with the cardiaq program . the company 2019s valuation model also assumed net cash inflows would commence in late 2018 , if successful clinical trial experiences lead to a ce mark approval . upon completion of development , the underlying research and development intangible asset will be amortized over its estimated useful life . the company disclosed in early february 2017 that it had voluntarily paused enrollment in its clinical trials for the edwards-cardiaq valve to perform further design validation testing on a feature of the valve . this testing has been completed and , in collaboration with clinical investigators , the company has decided to resume screening patients for enrollment in its clinical trials . the results of operations for cardiaq have been included in the accompanying consolidated financial statements from the date of acquisition . pro forma results have not been presented as the results of cardiaq are not material in relation to the consolidated financial statements of the company . 8 . goodwill and other intangible assets on july 3 , 2015 , the company acquired cardiaq ( see note 7 ) . this transaction resulted in an increase to goodwill of $ 258.9 million and ipr&d of $ 190.0 million. .

| | current assets | $ 28.1 | |---:|:-----------------------------------------------|:---------------| | 0 | property and equipment net | 0.2 | | 1 | goodwill | 258.9 | | 2 | ipr&d | 190.0 | | 3 | current liabilities assumed | -32.9 ( 32.9 ) | | 4 | deferred income taxes | -66.0 ( 66.0 ) | | 5 | contingent consideration | -30.3 ( 30.3 ) | | 6 | total cash purchase price | 348.0 | | 7 | less : cash acquired | -27.9 ( 27.9 ) | | 8 | total cash purchase price net of cash acquired | $ 320.1 |

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 7 . acquisitions ( continued ) was recorded to goodwill . the following table summarizes the fair values of the assets acquired and liabilities assumed ( in millions ) : ._| | current assets | $ 28.1 | |---:|:-----------------------------------------------|:---------------| | 0 | property and equipment net | 0.2 | | 1 | goodwill | 258.9 | | 2 | ipr&d | 190.0 | | 3 | current liabilities assumed | -32.9 ( 32.9 ) | | 4 | deferred income taxes | -66.0 ( 66.0 ) | | 5 | contingent consideration | -30.3 ( 30.3 ) | | 6 | total cash purchase price | 348.0 | | 7 | less : cash acquired | -27.9 ( 27.9 ) | | 8 | total cash purchase price net of cash acquired | $ 320.1 |_goodwill includes expected synergies and other benefits the company believes will result from the acquisition . goodwill was assigned to the company 2019s united states segment and is not deductible for tax purposes . ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods . the fair value of the ipr&d was determined using the income approach . this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return . the discount rate used to determine the fair value of the ipr&d was 16.5% ( 16.5 % ) . completion of successful design developments , bench testing , pre-clinical studies and human clinical studies are required prior to selling any product . the risks and uncertainties associated with completing development within a reasonable period of time include those related to the design , development , and manufacturability of the product , the success of pre-clinical and clinical studies , and the timing of regulatory approvals . the valuation assumed $ 97.7 million of additional research and development expenditures would be incurred prior to the date of product introduction , and the company does not currently anticipate significant changes to forecasted research and development expenditures associated with the cardiaq program . the company 2019s valuation model also assumed net cash inflows would commence in late 2018 , if successful clinical trial experiences lead to a ce mark approval . upon completion of development , the underlying research and development intangible asset will be amortized over its estimated useful life . the company disclosed in early february 2017 that it had voluntarily paused enrollment in its clinical trials for the edwards-cardiaq valve to perform further design validation testing on a feature of the valve . this testing has been completed and , in collaboration with clinical investigators , the company has decided to resume screening patients for enrollment in its clinical trials . the results of operations for cardiaq have been included in the accompanying consolidated financial statements from the date of acquisition . pro forma results have not been presented as the results of cardiaq are not material in relation to the consolidated financial statements of the company . 8 . goodwill and other intangible assets on july 3 , 2015 , the company acquired cardiaq ( see note 7 ) . this transaction resulted in an increase to goodwill of $ 258.9 million and ipr&d of $ 190.0 million. .

2,016

79

EW

Edwards Lifesciences

Health Care

Health Care Equipment

Irvine, California

2011-04-01

1,099,800

1958

how much goodwill does the company have as a % ( % ) of current assets?

921%

divide(258.9, 28.1)

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 7 . acquisitions ( continued ) was recorded to goodwill . the following table summarizes the fair values of the assets acquired and liabilities assumed ( in millions ) : .

goodwill includes expected synergies and other benefits the company believes will result from the acquisition . goodwill was assigned to the company 2019s united states segment and is not deductible for tax purposes . ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods . the fair value of the ipr&d was determined using the income approach . this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return . the discount rate used to determine the fair value of the ipr&d was 16.5% ( 16.5 % ) . completion of successful design developments , bench testing , pre-clinical studies and human clinical studies are required prior to selling any product . the risks and uncertainties associated with completing development within a reasonable period of time include those related to the design , development , and manufacturability of the product , the success of pre-clinical and clinical studies , and the timing of regulatory approvals . the valuation assumed $ 97.7 million of additional research and development expenditures would be incurred prior to the date of product introduction , and the company does not currently anticipate significant changes to forecasted research and development expenditures associated with the cardiaq program . the company 2019s valuation model also assumed net cash inflows would commence in late 2018 , if successful clinical trial experiences lead to a ce mark approval . upon completion of development , the underlying research and development intangible asset will be amortized over its estimated useful life . the company disclosed in early february 2017 that it had voluntarily paused enrollment in its clinical trials for the edwards-cardiaq valve to perform further design validation testing on a feature of the valve . this testing has been completed and , in collaboration with clinical investigators , the company has decided to resume screening patients for enrollment in its clinical trials . the results of operations for cardiaq have been included in the accompanying consolidated financial statements from the date of acquisition . pro forma results have not been presented as the results of cardiaq are not material in relation to the consolidated financial statements of the company . 8 . goodwill and other intangible assets on july 3 , 2015 , the company acquired cardiaq ( see note 7 ) . this transaction resulted in an increase to goodwill of $ 258.9 million and ipr&d of $ 190.0 million. .

| | current assets | $ 28.1 | |---:|:-----------------------------------------------|:---------------| | 0 | property and equipment net | 0.2 | | 1 | goodwill | 258.9 | | 2 | ipr&d | 190.0 | | 3 | current liabilities assumed | -32.9 ( 32.9 ) | | 4 | deferred income taxes | -66.0 ( 66.0 ) | | 5 | contingent consideration | -30.3 ( 30.3 ) | | 6 | total cash purchase price | 348.0 | | 7 | less : cash acquired | -27.9 ( 27.9 ) | | 8 | total cash purchase price net of cash acquired | $ 320.1 |

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 7 . acquisitions ( continued ) was recorded to goodwill . the following table summarizes the fair values of the assets acquired and liabilities assumed ( in millions ) : ._| | current assets | $ 28.1 | |---:|:-----------------------------------------------|:---------------| | 0 | property and equipment net | 0.2 | | 1 | goodwill | 258.9 | | 2 | ipr&d | 190.0 | | 3 | current liabilities assumed | -32.9 ( 32.9 ) | | 4 | deferred income taxes | -66.0 ( 66.0 ) | | 5 | contingent consideration | -30.3 ( 30.3 ) | | 6 | total cash purchase price | 348.0 | | 7 | less : cash acquired | -27.9 ( 27.9 ) | | 8 | total cash purchase price net of cash acquired | $ 320.1 |_goodwill includes expected synergies and other benefits the company believes will result from the acquisition . goodwill was assigned to the company 2019s united states segment and is not deductible for tax purposes . ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods . the fair value of the ipr&d was determined using the income approach . this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return . the discount rate used to determine the fair value of the ipr&d was 16.5% ( 16.5 % ) . completion of successful design developments , bench testing , pre-clinical studies and human clinical studies are required prior to selling any product . the risks and uncertainties associated with completing development within a reasonable period of time include those related to the design , development , and manufacturability of the product , the success of pre-clinical and clinical studies , and the timing of regulatory approvals . the valuation assumed $ 97.7 million of additional research and development expenditures would be incurred prior to the date of product introduction , and the company does not currently anticipate significant changes to forecasted research and development expenditures associated with the cardiaq program . the company 2019s valuation model also assumed net cash inflows would commence in late 2018 , if successful clinical trial experiences lead to a ce mark approval . upon completion of development , the underlying research and development intangible asset will be amortized over its estimated useful life . the company disclosed in early february 2017 that it had voluntarily paused enrollment in its clinical trials for the edwards-cardiaq valve to perform further design validation testing on a feature of the valve . this testing has been completed and , in collaboration with clinical investigators , the company has decided to resume screening patients for enrollment in its clinical trials . the results of operations for cardiaq have been included in the accompanying consolidated financial statements from the date of acquisition . pro forma results have not been presented as the results of cardiaq are not material in relation to the consolidated financial statements of the company . 8 . goodwill and other intangible assets on july 3 , 2015 , the company acquired cardiaq ( see note 7 ) . this transaction resulted in an increase to goodwill of $ 258.9 million and ipr&d of $ 190.0 million. .

2,016

79

EW

Edwards Lifesciences

Health Care

Health Care Equipment

Irvine, California

2011-04-01

1,099,800

1958

null

finqa345

what was the difference in operating profit for europe as a percentage of net sales between 2001 and 2003?

6.8%

subtract(26.3, 19.5)

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 the following table sets forth the operating profit margin by cost of products sold . included in cost of product sold are segment for the years ended december 31 , 2003 , losses on foreign exchange hedge contracts , which increased 2002 and 2001 : in 2003 relative to 2002 . in the fourth quarter , the company reported operating profit as a percent of net sales of percent of net sales 47.1 percent for asia pacific. .

operating profit for the americas as a percentage of net sales increased to 48.3 percent in 2002 from 47.4 percent in year ended december 31 , 2003 2001 , reflecting improved gross profit margins due to higher compared to year ended december 31 , 2002 average selling prices and increased sales of higher margin operating profit for the americas as a percentage of net products , and lower selling expenses as a percent of sales sales increased due to improved gross margins driven by due to lower costs associated with the u.s . distributor higher average selling prices and increased sales of higher network . the americas continued to invest in strategic margin products , leveraged operating expenses and the initiatives such as mis technologies , field sales personnel , favorable impact of the change in accounting principle for medical education programs and new product launches . instruments . the change in accounting principle for operating profit for asia pacific as a percentage of net instruments increased operating profit by 1.7 percentage sales increased to 46.1 percent in 2002 from 45.4 percent points . with respect to sales growth , increased zimmer in 2001 . this increase reflects lower selling , general and standalone average selling prices of 4 percent in 2003 and administrative expenses as a percent of sales in japan as favorable effects of volume and mix , 15 percent increase in a result of a sales force and dealer reorganization , partially 2003 , represent the most significant factors in improved offset by lower gross profit margins as a result of lower yen operating profit in the americas . as reconstructive implant hedge gains compared to 2001 . sales grow at a higher rate than trauma and orthopaedic operating profit for europe as a percentage of net sales surgical products , operating profit margins generally tend to increased to 24.4 percent in 2002 from 19.5 percent in 2001 , improve since reconstructive product sales generally earn due to improved gross profit margins as a result of higher higher gross margins . this was the case in 2003 , with zimmer average selling prices and favorable product and country mix , standalone reconstructive implant sales growth of 22 percent the leveraging of sales growth in europe on controlled as compared with total zimmer standalone sales growth of increases in operating expenses and improved efficiency 19 percent . in the fourth quarter , the company reported in the utilization of instruments ( more frequent use of operating profit as a percent of net sales of 50.4 percent for instruments resulted in fewer placements and less expense ) . the americas . operating profit for europe as a percentage of net sales liquidity and capital resources increased due to improved gross profit margins driven by cash flows provided by operations were $ 494.8 million higher zimmer standalone average selling prices and in 2003 , compared with $ 220.2 million in 2002 . the principal favorable product and country mix , leveraged operating source of cash was net earnings before cumulative effect of expenses and the favorable impact of the change in change in accounting principle of $ 291.2 million . non-cash accounting principle for instruments . the change in expenses for the period included depreciation and accounting for instruments increased operating profit by amortization expense of $ 103.3 million , centerpulse inventory 1.4 percentage points . increases in zimmer standalone step-up of $ 42.7 million and centerpulse in-process research average selling prices in europe of 2 percent in 2003 and the and development write-offs of $ 11.2 million . working capital effect of volume and mix , 19 percent increase in 2003 , were management , together with the collection of $ 20.0 million of the key factors in improved operating profit . also cash related to centerpulse tax loss carryforwards , contributing to the improvement was significantly lower contributed $ 80.4 million to operating cash flow . growth in operating expenses . in the fourth quarter , the working capital continues to be a key management focus . company reported operating profit as a percent of net sales at december 31 , 2003 , the company had 62 days of sales of 24.7 percent for europe . outstanding in accounts receivable , unfavorable to the prior operating profit for asia pacific as a percentage of year by 10 days . acquired centerpulse businesses had a net sales decreased primarily due to less favorable rates on negative impact of 10 days , due to centerpulse 2019s business hedge contracts during the year compared to the prior year , mix which has a greater proportion of european revenue with partially offset by increased zimmer standalone average payment terms generally longer than those in the u.s . at selling prices and leveraged operating expenses . the change december 31 , 2003 , the company had 232 days of inventory in accounting for instruments had an immaterial effect on on hand compared to 247 days reported at the end of 2002 . operating profit for asia pacific . increases in zimmer the reduction was principally due to improved inventory standalone average selling prices in asia pacific of 1 percent management and the acquired dental and spinal businesses and volume and mix improvements of 4 percent in 2003 carrying fewer days of inventory . contributed modest improvement but was offset by higher .

| | year ended december 31, | 2003 | 2002 | 2001 | |---:|:--------------------------|:-----------------|:-----------------|:-----------------| | 0 | americas | 51.2% ( 51.2 % ) | 48.3% ( 48.3 % ) | 47.4% ( 47.4 % ) | | 1 | europe | 26.3 | 24.4 | 19.5 | | 2 | asia pacific | 45.3 | 46.1 | 45.4 |

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 the following table sets forth the operating profit margin by cost of products sold . included in cost of product sold are segment for the years ended december 31 , 2003 , losses on foreign exchange hedge contracts , which increased 2002 and 2001 : in 2003 relative to 2002 . in the fourth quarter , the company reported operating profit as a percent of net sales of percent of net sales 47.1 percent for asia pacific. ._| | year ended december 31, | 2003 | 2002 | 2001 | |---:|:--------------------------|:-----------------|:-----------------|:-----------------| | 0 | americas | 51.2% ( 51.2 % ) | 48.3% ( 48.3 % ) | 47.4% ( 47.4 % ) | | 1 | europe | 26.3 | 24.4 | 19.5 | | 2 | asia pacific | 45.3 | 46.1 | 45.4 |_operating profit for the americas as a percentage of net sales increased to 48.3 percent in 2002 from 47.4 percent in year ended december 31 , 2003 2001 , reflecting improved gross profit margins due to higher compared to year ended december 31 , 2002 average selling prices and increased sales of higher margin operating profit for the americas as a percentage of net products , and lower selling expenses as a percent of sales sales increased due to improved gross margins driven by due to lower costs associated with the u.s . distributor higher average selling prices and increased sales of higher network . the americas continued to invest in strategic margin products , leveraged operating expenses and the initiatives such as mis technologies , field sales personnel , favorable impact of the change in accounting principle for medical education programs and new product launches . instruments . the change in accounting principle for operating profit for asia pacific as a percentage of net instruments increased operating profit by 1.7 percentage sales increased to 46.1 percent in 2002 from 45.4 percent points . with respect to sales growth , increased zimmer in 2001 . this increase reflects lower selling , general and standalone average selling prices of 4 percent in 2003 and administrative expenses as a percent of sales in japan as favorable effects of volume and mix , 15 percent increase in a result of a sales force and dealer reorganization , partially 2003 , represent the most significant factors in improved offset by lower gross profit margins as a result of lower yen operating profit in the americas . as reconstructive implant hedge gains compared to 2001 . sales grow at a higher rate than trauma and orthopaedic operating profit for europe as a percentage of net sales surgical products , operating profit margins generally tend to increased to 24.4 percent in 2002 from 19.5 percent in 2001 , improve since reconstructive product sales generally earn due to improved gross profit margins as a result of higher higher gross margins . this was the case in 2003 , with zimmer average selling prices and favorable product and country mix , standalone reconstructive implant sales growth of 22 percent the leveraging of sales growth in europe on controlled as compared with total zimmer standalone sales growth of increases in operating expenses and improved efficiency 19 percent . in the fourth quarter , the company reported in the utilization of instruments ( more frequent use of operating profit as a percent of net sales of 50.4 percent for instruments resulted in fewer placements and less expense ) . the americas . operating profit for europe as a percentage of net sales liquidity and capital resources increased due to improved gross profit margins driven by cash flows provided by operations were $ 494.8 million higher zimmer standalone average selling prices and in 2003 , compared with $ 220.2 million in 2002 . the principal favorable product and country mix , leveraged operating source of cash was net earnings before cumulative effect of expenses and the favorable impact of the change in change in accounting principle of $ 291.2 million . non-cash accounting principle for instruments . the change in expenses for the period included depreciation and accounting for instruments increased operating profit by amortization expense of $ 103.3 million , centerpulse inventory 1.4 percentage points . increases in zimmer standalone step-up of $ 42.7 million and centerpulse in-process research average selling prices in europe of 2 percent in 2003 and the and development write-offs of $ 11.2 million . working capital effect of volume and mix , 19 percent increase in 2003 , were management , together with the collection of $ 20.0 million of the key factors in improved operating profit . also cash related to centerpulse tax loss carryforwards , contributing to the improvement was significantly lower contributed $ 80.4 million to operating cash flow . growth in operating expenses . in the fourth quarter , the working capital continues to be a key management focus . company reported operating profit as a percent of net sales at december 31 , 2003 , the company had 62 days of sales of 24.7 percent for europe . outstanding in accounts receivable , unfavorable to the prior operating profit for asia pacific as a percentage of year by 10 days . acquired centerpulse businesses had a net sales decreased primarily due to less favorable rates on negative impact of 10 days , due to centerpulse 2019s business hedge contracts during the year compared to the prior year , mix which has a greater proportion of european revenue with partially offset by increased zimmer standalone average payment terms generally longer than those in the u.s . at selling prices and leveraged operating expenses . the change december 31 , 2003 , the company had 232 days of inventory in accounting for instruments had an immaterial effect on on hand compared to 247 days reported at the end of 2002 . operating profit for asia pacific . increases in zimmer the reduction was principally due to improved inventory standalone average selling prices in asia pacific of 1 percent management and the acquired dental and spinal businesses and volume and mix improvements of 4 percent in 2003 carrying fewer days of inventory . contributed modest improvement but was offset by higher .

2,003

40

ZBH

Zimmer Biomet

Health Care

Health Care Equipment

Warsaw, Indiana

2001-08-07

1,136,869

1927

what was the difference in operating profit for europe as a percentage of net sales between 2001 and 2003?

6.8%

subtract(26.3, 19.5)

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 the following table sets forth the operating profit margin by cost of products sold . included in cost of product sold are segment for the years ended december 31 , 2003 , losses on foreign exchange hedge contracts , which increased 2002 and 2001 : in 2003 relative to 2002 . in the fourth quarter , the company reported operating profit as a percent of net sales of percent of net sales 47.1 percent for asia pacific. .

operating profit for the americas as a percentage of net sales increased to 48.3 percent in 2002 from 47.4 percent in year ended december 31 , 2003 2001 , reflecting improved gross profit margins due to higher compared to year ended december 31 , 2002 average selling prices and increased sales of higher margin operating profit for the americas as a percentage of net products , and lower selling expenses as a percent of sales sales increased due to improved gross margins driven by due to lower costs associated with the u.s . distributor higher average selling prices and increased sales of higher network . the americas continued to invest in strategic margin products , leveraged operating expenses and the initiatives such as mis technologies , field sales personnel , favorable impact of the change in accounting principle for medical education programs and new product launches . instruments . the change in accounting principle for operating profit for asia pacific as a percentage of net instruments increased operating profit by 1.7 percentage sales increased to 46.1 percent in 2002 from 45.4 percent points . with respect to sales growth , increased zimmer in 2001 . this increase reflects lower selling , general and standalone average selling prices of 4 percent in 2003 and administrative expenses as a percent of sales in japan as favorable effects of volume and mix , 15 percent increase in a result of a sales force and dealer reorganization , partially 2003 , represent the most significant factors in improved offset by lower gross profit margins as a result of lower yen operating profit in the americas . as reconstructive implant hedge gains compared to 2001 . sales grow at a higher rate than trauma and orthopaedic operating profit for europe as a percentage of net sales surgical products , operating profit margins generally tend to increased to 24.4 percent in 2002 from 19.5 percent in 2001 , improve since reconstructive product sales generally earn due to improved gross profit margins as a result of higher higher gross margins . this was the case in 2003 , with zimmer average selling prices and favorable product and country mix , standalone reconstructive implant sales growth of 22 percent the leveraging of sales growth in europe on controlled as compared with total zimmer standalone sales growth of increases in operating expenses and improved efficiency 19 percent . in the fourth quarter , the company reported in the utilization of instruments ( more frequent use of operating profit as a percent of net sales of 50.4 percent for instruments resulted in fewer placements and less expense ) . the americas . operating profit for europe as a percentage of net sales liquidity and capital resources increased due to improved gross profit margins driven by cash flows provided by operations were $ 494.8 million higher zimmer standalone average selling prices and in 2003 , compared with $ 220.2 million in 2002 . the principal favorable product and country mix , leveraged operating source of cash was net earnings before cumulative effect of expenses and the favorable impact of the change in change in accounting principle of $ 291.2 million . non-cash accounting principle for instruments . the change in expenses for the period included depreciation and accounting for instruments increased operating profit by amortization expense of $ 103.3 million , centerpulse inventory 1.4 percentage points . increases in zimmer standalone step-up of $ 42.7 million and centerpulse in-process research average selling prices in europe of 2 percent in 2003 and the and development write-offs of $ 11.2 million . working capital effect of volume and mix , 19 percent increase in 2003 , were management , together with the collection of $ 20.0 million of the key factors in improved operating profit . also cash related to centerpulse tax loss carryforwards , contributing to the improvement was significantly lower contributed $ 80.4 million to operating cash flow . growth in operating expenses . in the fourth quarter , the working capital continues to be a key management focus . company reported operating profit as a percent of net sales at december 31 , 2003 , the company had 62 days of sales of 24.7 percent for europe . outstanding in accounts receivable , unfavorable to the prior operating profit for asia pacific as a percentage of year by 10 days . acquired centerpulse businesses had a net sales decreased primarily due to less favorable rates on negative impact of 10 days , due to centerpulse 2019s business hedge contracts during the year compared to the prior year , mix which has a greater proportion of european revenue with partially offset by increased zimmer standalone average payment terms generally longer than those in the u.s . at selling prices and leveraged operating expenses . the change december 31 , 2003 , the company had 232 days of inventory in accounting for instruments had an immaterial effect on on hand compared to 247 days reported at the end of 2002 . operating profit for asia pacific . increases in zimmer the reduction was principally due to improved inventory standalone average selling prices in asia pacific of 1 percent management and the acquired dental and spinal businesses and volume and mix improvements of 4 percent in 2003 carrying fewer days of inventory . contributed modest improvement but was offset by higher .

| | year ended december 31, | 2003 | 2002 | 2001 | |---:|:--------------------------|:-----------------|:-----------------|:-----------------| | 0 | americas | 51.2% ( 51.2 % ) | 48.3% ( 48.3 % ) | 47.4% ( 47.4 % ) | | 1 | europe | 26.3 | 24.4 | 19.5 | | 2 | asia pacific | 45.3 | 46.1 | 45.4 |

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 the following table sets forth the operating profit margin by cost of products sold . included in cost of product sold are segment for the years ended december 31 , 2003 , losses on foreign exchange hedge contracts , which increased 2002 and 2001 : in 2003 relative to 2002 . in the fourth quarter , the company reported operating profit as a percent of net sales of percent of net sales 47.1 percent for asia pacific. ._| | year ended december 31, | 2003 | 2002 | 2001 | |---:|:--------------------------|:-----------------|:-----------------|:-----------------| | 0 | americas | 51.2% ( 51.2 % ) | 48.3% ( 48.3 % ) | 47.4% ( 47.4 % ) | | 1 | europe | 26.3 | 24.4 | 19.5 | | 2 | asia pacific | 45.3 | 46.1 | 45.4 |_operating profit for the americas as a percentage of net sales increased to 48.3 percent in 2002 from 47.4 percent in year ended december 31 , 2003 2001 , reflecting improved gross profit margins due to higher compared to year ended december 31 , 2002 average selling prices and increased sales of higher margin operating profit for the americas as a percentage of net products , and lower selling expenses as a percent of sales sales increased due to improved gross margins driven by due to lower costs associated with the u.s . distributor higher average selling prices and increased sales of higher network . the americas continued to invest in strategic margin products , leveraged operating expenses and the initiatives such as mis technologies , field sales personnel , favorable impact of the change in accounting principle for medical education programs and new product launches . instruments . the change in accounting principle for operating profit for asia pacific as a percentage of net instruments increased operating profit by 1.7 percentage sales increased to 46.1 percent in 2002 from 45.4 percent points . with respect to sales growth , increased zimmer in 2001 . this increase reflects lower selling , general and standalone average selling prices of 4 percent in 2003 and administrative expenses as a percent of sales in japan as favorable effects of volume and mix , 15 percent increase in a result of a sales force and dealer reorganization , partially 2003 , represent the most significant factors in improved offset by lower gross profit margins as a result of lower yen operating profit in the americas . as reconstructive implant hedge gains compared to 2001 . sales grow at a higher rate than trauma and orthopaedic operating profit for europe as a percentage of net sales surgical products , operating profit margins generally tend to increased to 24.4 percent in 2002 from 19.5 percent in 2001 , improve since reconstructive product sales generally earn due to improved gross profit margins as a result of higher higher gross margins . this was the case in 2003 , with zimmer average selling prices and favorable product and country mix , standalone reconstructive implant sales growth of 22 percent the leveraging of sales growth in europe on controlled as compared with total zimmer standalone sales growth of increases in operating expenses and improved efficiency 19 percent . in the fourth quarter , the company reported in the utilization of instruments ( more frequent use of operating profit as a percent of net sales of 50.4 percent for instruments resulted in fewer placements and less expense ) . the americas . operating profit for europe as a percentage of net sales liquidity and capital resources increased due to improved gross profit margins driven by cash flows provided by operations were $ 494.8 million higher zimmer standalone average selling prices and in 2003 , compared with $ 220.2 million in 2002 . the principal favorable product and country mix , leveraged operating source of cash was net earnings before cumulative effect of expenses and the favorable impact of the change in change in accounting principle of $ 291.2 million . non-cash accounting principle for instruments . the change in expenses for the period included depreciation and accounting for instruments increased operating profit by amortization expense of $ 103.3 million , centerpulse inventory 1.4 percentage points . increases in zimmer standalone step-up of $ 42.7 million and centerpulse in-process research average selling prices in europe of 2 percent in 2003 and the and development write-offs of $ 11.2 million . working capital effect of volume and mix , 19 percent increase in 2003 , were management , together with the collection of $ 20.0 million of the key factors in improved operating profit . also cash related to centerpulse tax loss carryforwards , contributing to the improvement was significantly lower contributed $ 80.4 million to operating cash flow . growth in operating expenses . in the fourth quarter , the working capital continues to be a key management focus . company reported operating profit as a percent of net sales at december 31 , 2003 , the company had 62 days of sales of 24.7 percent for europe . outstanding in accounts receivable , unfavorable to the prior operating profit for asia pacific as a percentage of year by 10 days . acquired centerpulse businesses had a net sales decreased primarily due to less favorable rates on negative impact of 10 days , due to centerpulse 2019s business hedge contracts during the year compared to the prior year , mix which has a greater proportion of european revenue with partially offset by increased zimmer standalone average payment terms generally longer than those in the u.s . at selling prices and leveraged operating expenses . the change december 31 , 2003 , the company had 232 days of inventory in accounting for instruments had an immaterial effect on on hand compared to 247 days reported at the end of 2002 . operating profit for asia pacific . increases in zimmer the reduction was principally due to improved inventory standalone average selling prices in asia pacific of 1 percent management and the acquired dental and spinal businesses and volume and mix improvements of 4 percent in 2003 carrying fewer days of inventory . contributed modest improvement but was offset by higher .

2,003

40

ZBH

Zimmer Biomet

Health Care

Health Care Equipment

Warsaw, Indiana

2001-08-07

1,136,869

1927

null

finqa346

what is the current ratio?

-0.85

divide(28.1, -32.9)

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 7 . acquisitions ( continued ) was recorded to goodwill . the following table summarizes the fair values of the assets acquired and liabilities assumed ( in millions ) : .

goodwill includes expected synergies and other benefits the company believes will result from the acquisition . goodwill was assigned to the company 2019s united states segment and is not deductible for tax purposes . ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods . the fair value of the ipr&d was determined using the income approach . this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return . the discount rate used to determine the fair value of the ipr&d was 16.5% ( 16.5 % ) . completion of successful design developments , bench testing , pre-clinical studies and human clinical studies are required prior to selling any product . the risks and uncertainties associated with completing development within a reasonable period of time include those related to the design , development , and manufacturability of the product , the success of pre-clinical and clinical studies , and the timing of regulatory approvals . the valuation assumed $ 97.7 million of additional research and development expenditures would be incurred prior to the date of product introduction , and the company does not currently anticipate significant changes to forecasted research and development expenditures associated with the cardiaq program . the company 2019s valuation model also assumed net cash inflows would commence in late 2018 , if successful clinical trial experiences lead to a ce mark approval . upon completion of development , the underlying research and development intangible asset will be amortized over its estimated useful life . the company disclosed in early february 2017 that it had voluntarily paused enrollment in its clinical trials for the edwards-cardiaq valve to perform further design validation testing on a feature of the valve . this testing has been completed and , in collaboration with clinical investigators , the company has decided to resume screening patients for enrollment in its clinical trials . the results of operations for cardiaq have been included in the accompanying consolidated financial statements from the date of acquisition . pro forma results have not been presented as the results of cardiaq are not material in relation to the consolidated financial statements of the company . 8 . goodwill and other intangible assets on july 3 , 2015 , the company acquired cardiaq ( see note 7 ) . this transaction resulted in an increase to goodwill of $ 258.9 million and ipr&d of $ 190.0 million. .

| | current assets | $ 28.1 | |---:|:-----------------------------------------------|:---------------| | 0 | property and equipment net | 0.2 | | 1 | goodwill | 258.9 | | 2 | ipr&d | 190.0 | | 3 | current liabilities assumed | -32.9 ( 32.9 ) | | 4 | deferred income taxes | -66.0 ( 66.0 ) | | 5 | contingent consideration | -30.3 ( 30.3 ) | | 6 | total cash purchase price | 348.0 | | 7 | less : cash acquired | -27.9 ( 27.9 ) | | 8 | total cash purchase price net of cash acquired | $ 320.1 |

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 7 . acquisitions ( continued ) was recorded to goodwill . the following table summarizes the fair values of the assets acquired and liabilities assumed ( in millions ) : ._| | current assets | $ 28.1 | |---:|:-----------------------------------------------|:---------------| | 0 | property and equipment net | 0.2 | | 1 | goodwill | 258.9 | | 2 | ipr&d | 190.0 | | 3 | current liabilities assumed | -32.9 ( 32.9 ) | | 4 | deferred income taxes | -66.0 ( 66.0 ) | | 5 | contingent consideration | -30.3 ( 30.3 ) | | 6 | total cash purchase price | 348.0 | | 7 | less : cash acquired | -27.9 ( 27.9 ) | | 8 | total cash purchase price net of cash acquired | $ 320.1 |_goodwill includes expected synergies and other benefits the company believes will result from the acquisition . goodwill was assigned to the company 2019s united states segment and is not deductible for tax purposes . ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods . the fair value of the ipr&d was determined using the income approach . this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return . the discount rate used to determine the fair value of the ipr&d was 16.5% ( 16.5 % ) . completion of successful design developments , bench testing , pre-clinical studies and human clinical studies are required prior to selling any product . the risks and uncertainties associated with completing development within a reasonable period of time include those related to the design , development , and manufacturability of the product , the success of pre-clinical and clinical studies , and the timing of regulatory approvals . the valuation assumed $ 97.7 million of additional research and development expenditures would be incurred prior to the date of product introduction , and the company does not currently anticipate significant changes to forecasted research and development expenditures associated with the cardiaq program . the company 2019s valuation model also assumed net cash inflows would commence in late 2018 , if successful clinical trial experiences lead to a ce mark approval . upon completion of development , the underlying research and development intangible asset will be amortized over its estimated useful life . the company disclosed in early february 2017 that it had voluntarily paused enrollment in its clinical trials for the edwards-cardiaq valve to perform further design validation testing on a feature of the valve . this testing has been completed and , in collaboration with clinical investigators , the company has decided to resume screening patients for enrollment in its clinical trials . the results of operations for cardiaq have been included in the accompanying consolidated financial statements from the date of acquisition . pro forma results have not been presented as the results of cardiaq are not material in relation to the consolidated financial statements of the company . 8 . goodwill and other intangible assets on july 3 , 2015 , the company acquired cardiaq ( see note 7 ) . this transaction resulted in an increase to goodwill of $ 258.9 million and ipr&d of $ 190.0 million. .

2,016

79

EW

Edwards Lifesciences

Health Care

Health Care Equipment

Irvine, California

2011-04-01

1,099,800

1958

what is the current ratio?

-0.85

divide(28.1, -32.9)

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 7 . acquisitions ( continued ) was recorded to goodwill . the following table summarizes the fair values of the assets acquired and liabilities assumed ( in millions ) : .

goodwill includes expected synergies and other benefits the company believes will result from the acquisition . goodwill was assigned to the company 2019s united states segment and is not deductible for tax purposes . ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods . the fair value of the ipr&d was determined using the income approach . this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return . the discount rate used to determine the fair value of the ipr&d was 16.5% ( 16.5 % ) . completion of successful design developments , bench testing , pre-clinical studies and human clinical studies are required prior to selling any product . the risks and uncertainties associated with completing development within a reasonable period of time include those related to the design , development , and manufacturability of the product , the success of pre-clinical and clinical studies , and the timing of regulatory approvals . the valuation assumed $ 97.7 million of additional research and development expenditures would be incurred prior to the date of product introduction , and the company does not currently anticipate significant changes to forecasted research and development expenditures associated with the cardiaq program . the company 2019s valuation model also assumed net cash inflows would commence in late 2018 , if successful clinical trial experiences lead to a ce mark approval . upon completion of development , the underlying research and development intangible asset will be amortized over its estimated useful life . the company disclosed in early february 2017 that it had voluntarily paused enrollment in its clinical trials for the edwards-cardiaq valve to perform further design validation testing on a feature of the valve . this testing has been completed and , in collaboration with clinical investigators , the company has decided to resume screening patients for enrollment in its clinical trials . the results of operations for cardiaq have been included in the accompanying consolidated financial statements from the date of acquisition . pro forma results have not been presented as the results of cardiaq are not material in relation to the consolidated financial statements of the company . 8 . goodwill and other intangible assets on july 3 , 2015 , the company acquired cardiaq ( see note 7 ) . this transaction resulted in an increase to goodwill of $ 258.9 million and ipr&d of $ 190.0 million. .

| | current assets | $ 28.1 | |---:|:-----------------------------------------------|:---------------| | 0 | property and equipment net | 0.2 | | 1 | goodwill | 258.9 | | 2 | ipr&d | 190.0 | | 3 | current liabilities assumed | -32.9 ( 32.9 ) | | 4 | deferred income taxes | -66.0 ( 66.0 ) | | 5 | contingent consideration | -30.3 ( 30.3 ) | | 6 | total cash purchase price | 348.0 | | 7 | less : cash acquired | -27.9 ( 27.9 ) | | 8 | total cash purchase price net of cash acquired | $ 320.1 |

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 7 . acquisitions ( continued ) was recorded to goodwill . the following table summarizes the fair values of the assets acquired and liabilities assumed ( in millions ) : ._| | current assets | $ 28.1 | |---:|:-----------------------------------------------|:---------------| | 0 | property and equipment net | 0.2 | | 1 | goodwill | 258.9 | | 2 | ipr&d | 190.0 | | 3 | current liabilities assumed | -32.9 ( 32.9 ) | | 4 | deferred income taxes | -66.0 ( 66.0 ) | | 5 | contingent consideration | -30.3 ( 30.3 ) | | 6 | total cash purchase price | 348.0 | | 7 | less : cash acquired | -27.9 ( 27.9 ) | | 8 | total cash purchase price net of cash acquired | $ 320.1 |_goodwill includes expected synergies and other benefits the company believes will result from the acquisition . goodwill was assigned to the company 2019s united states segment and is not deductible for tax purposes . ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods . the fair value of the ipr&d was determined using the income approach . this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return . the discount rate used to determine the fair value of the ipr&d was 16.5% ( 16.5 % ) . completion of successful design developments , bench testing , pre-clinical studies and human clinical studies are required prior to selling any product . the risks and uncertainties associated with completing development within a reasonable period of time include those related to the design , development , and manufacturability of the product , the success of pre-clinical and clinical studies , and the timing of regulatory approvals . the valuation assumed $ 97.7 million of additional research and development expenditures would be incurred prior to the date of product introduction , and the company does not currently anticipate significant changes to forecasted research and development expenditures associated with the cardiaq program . the company 2019s valuation model also assumed net cash inflows would commence in late 2018 , if successful clinical trial experiences lead to a ce mark approval . upon completion of development , the underlying research and development intangible asset will be amortized over its estimated useful life . the company disclosed in early february 2017 that it had voluntarily paused enrollment in its clinical trials for the edwards-cardiaq valve to perform further design validation testing on a feature of the valve . this testing has been completed and , in collaboration with clinical investigators , the company has decided to resume screening patients for enrollment in its clinical trials . the results of operations for cardiaq have been included in the accompanying consolidated financial statements from the date of acquisition . pro forma results have not been presented as the results of cardiaq are not material in relation to the consolidated financial statements of the company . 8 . goodwill and other intangible assets on july 3 , 2015 , the company acquired cardiaq ( see note 7 ) . this transaction resulted in an increase to goodwill of $ 258.9 million and ipr&d of $ 190.0 million. .

2,016

79

EW

Edwards Lifesciences

Health Care

Health Care Equipment

Irvine, California

2011-04-01

1,099,800

1958

null

finqa347

what is the tax expense related to discontinued operations in 2012?

25

subtract(62, 37)

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 2012?

25

subtract(62, 37)

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

finqa348

for all of 2011 , approximately how much was spent on stock repurchases?

14739445000

multiply(15340810, 96.08)

five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 . the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2006 and that all dividends were reinvested . purchases of equity securities 2013 during 2011 , we repurchased 15340810 shares of our common stock at an average price of $ 96.08 . the following table presents common stock repurchases during each month for the fourth quarter of 2011 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares that may yet be purchased under the plan or program [b] .

[a] total number of shares purchased during the quarter includes approximately 30137 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] on april 1 , 2011 , our board of directors authorized the repurchase of up to 40 million shares of our common stock by march 31 , 2014 . these repurchases may be made on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions. .

| | period | total number ofsharespurchased [a] | averageprice paidper share | total number of sharespurchased as part ofapublicly announced planor program [b] | maximum number ofshares that may yetbe purchased under the planor program [b] | |---:|:-------------------------|-------------------------------------:|:-----------------------------|-----------------------------------------------------------------------------------:|:--------------------------------------------------------------------------------| | 0 | oct . 1 through oct . 31 | 379488 | 87.46 | 371639 | 31370427 | | 1 | nov . 1 through nov . 30 | 1748964 | 98.41 | 1733877 | 29636550 | | 2 | dec . 1 through dec . 31 | 1787343 | 100.26 | 1780142 | 27856408 | | 3 | total | 3915795 | $ 98.19 | 3885658 | n/a |

five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 . the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2006 and that all dividends were reinvested . purchases of equity securities 2013 during 2011 , we repurchased 15340810 shares of our common stock at an average price of $ 96.08 . the following table presents common stock repurchases during each month for the fourth quarter of 2011 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares that may yet be purchased under the plan or program [b] ._| | period | total number ofsharespurchased [a] | averageprice paidper share | total number of sharespurchased as part ofapublicly announced planor program [b] | maximum number ofshares that may yetbe purchased under the planor program [b] | |---:|:-------------------------|-------------------------------------:|:-----------------------------|-----------------------------------------------------------------------------------:|:--------------------------------------------------------------------------------| | 0 | oct . 1 through oct . 31 | 379488 | 87.46 | 371639 | 31370427 | | 1 | nov . 1 through nov . 30 | 1748964 | 98.41 | 1733877 | 29636550 | | 2 | dec . 1 through dec . 31 | 1787343 | 100.26 | 1780142 | 27856408 | | 3 | total | 3915795 | $ 98.19 | 3885658 | n/a |_[a] total number of shares purchased during the quarter includes approximately 30137 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] on april 1 , 2011 , our board of directors authorized the repurchase of up to 40 million shares of our common stock by march 31 , 2014 . these repurchases may be made on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions. .

2,011

21

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

for all of 2011 , approximately how much was spent on stock repurchases?

14739445000

multiply(15340810, 96.08)

five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 . the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2006 and that all dividends were reinvested . purchases of equity securities 2013 during 2011 , we repurchased 15340810 shares of our common stock at an average price of $ 96.08 . the following table presents common stock repurchases during each month for the fourth quarter of 2011 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares that may yet be purchased under the plan or program [b] .

[a] total number of shares purchased during the quarter includes approximately 30137 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] on april 1 , 2011 , our board of directors authorized the repurchase of up to 40 million shares of our common stock by march 31 , 2014 . these repurchases may be made on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions. .

| | period | total number ofsharespurchased [a] | averageprice paidper share | total number of sharespurchased as part ofapublicly announced planor program [b] | maximum number ofshares that may yetbe purchased under the planor program [b] | |---:|:-------------------------|-------------------------------------:|:-----------------------------|-----------------------------------------------------------------------------------:|:--------------------------------------------------------------------------------| | 0 | oct . 1 through oct . 31 | 379488 | 87.46 | 371639 | 31370427 | | 1 | nov . 1 through nov . 30 | 1748964 | 98.41 | 1733877 | 29636550 | | 2 | dec . 1 through dec . 31 | 1787343 | 100.26 | 1780142 | 27856408 | | 3 | total | 3915795 | $ 98.19 | 3885658 | n/a |

five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 . the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2006 and that all dividends were reinvested . purchases of equity securities 2013 during 2011 , we repurchased 15340810 shares of our common stock at an average price of $ 96.08 . the following table presents common stock repurchases during each month for the fourth quarter of 2011 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares that may yet be purchased under the plan or program [b] ._| | period | total number ofsharespurchased [a] | averageprice paidper share | total number of sharespurchased as part ofapublicly announced planor program [b] | maximum number ofshares that may yetbe purchased under the planor program [b] | |---:|:-------------------------|-------------------------------------:|:-----------------------------|-----------------------------------------------------------------------------------:|:--------------------------------------------------------------------------------| | 0 | oct . 1 through oct . 31 | 379488 | 87.46 | 371639 | 31370427 | | 1 | nov . 1 through nov . 30 | 1748964 | 98.41 | 1733877 | 29636550 | | 2 | dec . 1 through dec . 31 | 1787343 | 100.26 | 1780142 | 27856408 | | 3 | total | 3915795 | $ 98.19 | 3885658 | n/a |_[a] total number of shares purchased during the quarter includes approximately 30137 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] on april 1 , 2011 , our board of directors authorized the repurchase of up to 40 million shares of our common stock by march 31 , 2014 . these repurchases may be made on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions. .

2,011

21

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa349

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

2.1%

divide(subtract(97.90, 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 is the roi of an investment in pmi from 2013 to 2014?

2.1%

divide(subtract(97.90, 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

finqa350

what are the lease obligations to entergy louisiana as a percentage of long-term debt maturities in 2014?

38.7%

divide(149, divide(385373, const_1000))

entergy corporation and subsidiaries notes to financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , some of which are secured by collateral first mortgage bonds . ( b ) these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . ( c ) pursuant to the nuclear waste policy act of 1982 , entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service . the contracts include a one-time fee for generation prior to april 7 , 1983 . entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term ( d ) see note 10 to the financial statements for further discussion of the waterford 3 and grand gulf lease obligations . ( e ) the fair value excludes lease obligations of $ 149 million at entergy louisiana and $ 97 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 95 million at entergy , and includes debt due within one year . fair values are classified as level 2 in the fair value hierarchy discussed in note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades . the annual long-term debt maturities ( excluding lease obligations and long-term doe obligations ) for debt outstanding as of december 31 , 2013 , for the next five years are as follows : amount ( in thousands ) .

in november 2000 , entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . 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 in 2001 resulted in entergy becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . in july 2003 a payment of $ 102 million was made prior to maturity on the note payable to nypa . under a provision in a letter of credit supporting these notes , if certain of the utility operating companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit . entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2015 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2015 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2014 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : 2022 maintain system energy 2019s equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short- term debt ) ; .

| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2014 | $ 385373 | | 1 | 2015 | $ 1110566 | | 2 | 2016 | $ 270852 | | 3 | 2017 | $ 766801 | | 4 | 2018 | $ 1324616 |

entergy corporation and subsidiaries notes to financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , some of which are secured by collateral first mortgage bonds . ( b ) these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . ( c ) pursuant to the nuclear waste policy act of 1982 , entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service . the contracts include a one-time fee for generation prior to april 7 , 1983 . entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term ( d ) see note 10 to the financial statements for further discussion of the waterford 3 and grand gulf lease obligations . ( e ) the fair value excludes lease obligations of $ 149 million at entergy louisiana and $ 97 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 95 million at entergy , and includes debt due within one year . fair values are classified as level 2 in the fair value hierarchy discussed in note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades . the annual long-term debt maturities ( excluding lease obligations and long-term doe obligations ) for debt outstanding as of december 31 , 2013 , for the next five years are as follows : amount ( in thousands ) ._| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2014 | $ 385373 | | 1 | 2015 | $ 1110566 | | 2 | 2016 | $ 270852 | | 3 | 2017 | $ 766801 | | 4 | 2018 | $ 1324616 |_in november 2000 , entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . 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 in 2001 resulted in entergy becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . in july 2003 a payment of $ 102 million was made prior to maturity on the note payable to nypa . under a provision in a letter of credit supporting these notes , if certain of the utility operating companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit . entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2015 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2015 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2014 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : 2022 maintain system energy 2019s equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short- term debt ) ; .

2,013

118

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what are the lease obligations to entergy louisiana as a percentage of long-term debt maturities in 2014?

38.7%

divide(149, divide(385373, const_1000))

entergy corporation and subsidiaries notes to financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , some of which are secured by collateral first mortgage bonds . ( b ) these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . ( c ) pursuant to the nuclear waste policy act of 1982 , entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service . the contracts include a one-time fee for generation prior to april 7 , 1983 . entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term ( d ) see note 10 to the financial statements for further discussion of the waterford 3 and grand gulf lease obligations . ( e ) the fair value excludes lease obligations of $ 149 million at entergy louisiana and $ 97 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 95 million at entergy , and includes debt due within one year . fair values are classified as level 2 in the fair value hierarchy discussed in note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades . the annual long-term debt maturities ( excluding lease obligations and long-term doe obligations ) for debt outstanding as of december 31 , 2013 , for the next five years are as follows : amount ( in thousands ) .

in november 2000 , entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . 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 in 2001 resulted in entergy becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . in july 2003 a payment of $ 102 million was made prior to maturity on the note payable to nypa . under a provision in a letter of credit supporting these notes , if certain of the utility operating companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit . entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2015 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2015 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2014 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : 2022 maintain system energy 2019s equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short- term debt ) ; .

| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2014 | $ 385373 | | 1 | 2015 | $ 1110566 | | 2 | 2016 | $ 270852 | | 3 | 2017 | $ 766801 | | 4 | 2018 | $ 1324616 |

entergy corporation and subsidiaries notes to financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , some of which are secured by collateral first mortgage bonds . ( b ) these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . ( c ) pursuant to the nuclear waste policy act of 1982 , entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service . the contracts include a one-time fee for generation prior to april 7 , 1983 . entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term ( d ) see note 10 to the financial statements for further discussion of the waterford 3 and grand gulf lease obligations . ( e ) the fair value excludes lease obligations of $ 149 million at entergy louisiana and $ 97 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 95 million at entergy , and includes debt due within one year . fair values are classified as level 2 in the fair value hierarchy discussed in note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades . the annual long-term debt maturities ( excluding lease obligations and long-term doe obligations ) for debt outstanding as of december 31 , 2013 , for the next five years are as follows : amount ( in thousands ) ._| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2014 | $ 385373 | | 1 | 2015 | $ 1110566 | | 2 | 2016 | $ 270852 | | 3 | 2017 | $ 766801 | | 4 | 2018 | $ 1324616 |_in november 2000 , entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . 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 in 2001 resulted in entergy becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . in july 2003 a payment of $ 102 million was made prior to maturity on the note payable to nypa . under a provision in a letter of credit supporting these notes , if certain of the utility operating companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit . entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2015 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2015 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2014 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : 2022 maintain system energy 2019s equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short- term debt ) ; .

2,013

118

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa351

considering the years 2014-2016 , what is the lowest interest incurred observed?

148.4

table_min(interest incurred, none)

other income ( expense ) , net items recorded to other income ( expense ) , net arise from transactions and events not directly related to our principal income earning activities . the detail of other income ( expense ) , net is presented in note 24 , supplemental information , to the consolidated financial statements . 2016 vs . 2015 other income ( expense ) , net of $ 58.1 increased $ 10.8 primarily due to lower foreign exchange losses , favorable contract settlements , and receipt of a government subsidy . the prior year included a gain of $ 33.6 ( $ 28.3 after-tax , or $ .13 per share ) resulting from the sale of two parcels of land . no other individual items were significant in comparison to the prior year . 2015 vs . 2014 other income ( expense ) , net of $ 47.3 decreased $ 5.5 and included a gain of $ 33.6 ( $ 28.3 after-tax , or $ .13 per share ) resulting from the sale of two parcels of land . the gain was partially offset by unfavorable foreign exchange impacts and lower gains on other sales of assets and emissions credits . no other individual items were significant in comparison to fiscal year 2014 . interest expense .

2016 vs . 2015 interest incurred decreased $ 4.2 . the decrease primarily resulted from a stronger u.s . dollar on the translation of foreign currency interest of $ 6 , partially offset by a higher average debt balance of $ 2 . the change in capitalized interest was driven by a decrease in the carrying value of projects under construction , primarily as a result of our exit from the energy-from-waste business . 2015 vs . 2014 interest incurred decreased $ 5.5 . the decrease was driven by the impact of a stronger u.s . dollar on the translation of foreign currency interest of $ 12 , partially offset by a higher average debt balance of $ 7 . the change in capitalized interest was driven by a higher carrying value in construction in progress . loss on extinguishment of debt on 30 september 2016 , in anticipation of the versum spin-off , versum issued $ 425.0 of notes to air products , who then exchanged these notes with certain financial institutions for $ 418.3 of air products 2019 outstanding commercial paper . the exchange resulted in a loss of $ 6.9 ( $ 4.3 after-tax , or $ .02 per share ) . in september 2015 , we made a payment of $ 146.6 to redeem 3000000 unidades de fomento ( 201cuf 201d ) series e 6.30% ( 6.30 % ) bonds due 22 january 2030 that had a carrying value of $ 130.0 and resulted in a net loss of $ 16.6 ( $ 14.2 after-tax , or $ .07 per share ) . effective tax rate the effective tax rate equals the income tax provision divided by income from continuing operations before taxes . refer to note 23 , income taxes , to the consolidated financial statements for details on factors affecting the effective tax rate . 2016 vs . 2015 on a gaap basis , the effective tax rate was 27.5% ( 27.5 % ) and 24.0% ( 24.0 % ) in 2016 and 2015 , respectively . the change included a 240 bp impact from tax costs associated with business separation , primarily resulting from a dividend declared in 2016 to repatriate cash from a foreign subsidiary , as discussed above in 201cbusiness separation costs . 201d the remaining 110 bp change was primarily due to the increase in mix of income in jurisdictions with a higher effective tax rate and the impact of business separation costs for which a tax benefit was not available . on a non- gaap basis , the effective tax rate increased from 24.2% ( 24.2 % ) in 2015 to 24.8% ( 24.8 % ) in 2016 , primarily due to the increase in and mix of income in jurisdictions with a higher effective tax rate. .

| | | 2016 | 2015 | 2014 | |---:|:----------------------------|:--------|:--------|:--------| | 0 | interest incurred | $ 148.4 | $ 152.6 | $ 158.1 | | 1 | less : capitalized interest | 32.9 | 49.1 | 33.0 | | 2 | interest expense | $ 115.5 | $ 103.5 | $ 125.1 |

other income ( expense ) , net items recorded to other income ( expense ) , net arise from transactions and events not directly related to our principal income earning activities . the detail of other income ( expense ) , net is presented in note 24 , supplemental information , to the consolidated financial statements . 2016 vs . 2015 other income ( expense ) , net of $ 58.1 increased $ 10.8 primarily due to lower foreign exchange losses , favorable contract settlements , and receipt of a government subsidy . the prior year included a gain of $ 33.6 ( $ 28.3 after-tax , or $ .13 per share ) resulting from the sale of two parcels of land . no other individual items were significant in comparison to the prior year . 2015 vs . 2014 other income ( expense ) , net of $ 47.3 decreased $ 5.5 and included a gain of $ 33.6 ( $ 28.3 after-tax , or $ .13 per share ) resulting from the sale of two parcels of land . the gain was partially offset by unfavorable foreign exchange impacts and lower gains on other sales of assets and emissions credits . no other individual items were significant in comparison to fiscal year 2014 . interest expense ._| | | 2016 | 2015 | 2014 | |---:|:----------------------------|:--------|:--------|:--------| | 0 | interest incurred | $ 148.4 | $ 152.6 | $ 158.1 | | 1 | less : capitalized interest | 32.9 | 49.1 | 33.0 | | 2 | interest expense | $ 115.5 | $ 103.5 | $ 125.1 |_2016 vs . 2015 interest incurred decreased $ 4.2 . the decrease primarily resulted from a stronger u.s . dollar on the translation of foreign currency interest of $ 6 , partially offset by a higher average debt balance of $ 2 . the change in capitalized interest was driven by a decrease in the carrying value of projects under construction , primarily as a result of our exit from the energy-from-waste business . 2015 vs . 2014 interest incurred decreased $ 5.5 . the decrease was driven by the impact of a stronger u.s . dollar on the translation of foreign currency interest of $ 12 , partially offset by a higher average debt balance of $ 7 . the change in capitalized interest was driven by a higher carrying value in construction in progress . loss on extinguishment of debt on 30 september 2016 , in anticipation of the versum spin-off , versum issued $ 425.0 of notes to air products , who then exchanged these notes with certain financial institutions for $ 418.3 of air products 2019 outstanding commercial paper . the exchange resulted in a loss of $ 6.9 ( $ 4.3 after-tax , or $ .02 per share ) . in september 2015 , we made a payment of $ 146.6 to redeem 3000000 unidades de fomento ( 201cuf 201d ) series e 6.30% ( 6.30 % ) bonds due 22 january 2030 that had a carrying value of $ 130.0 and resulted in a net loss of $ 16.6 ( $ 14.2 after-tax , or $ .07 per share ) . effective tax rate the effective tax rate equals the income tax provision divided by income from continuing operations before taxes . refer to note 23 , income taxes , to the consolidated financial statements for details on factors affecting the effective tax rate . 2016 vs . 2015 on a gaap basis , the effective tax rate was 27.5% ( 27.5 % ) and 24.0% ( 24.0 % ) in 2016 and 2015 , respectively . the change included a 240 bp impact from tax costs associated with business separation , primarily resulting from a dividend declared in 2016 to repatriate cash from a foreign subsidiary , as discussed above in 201cbusiness separation costs . 201d the remaining 110 bp change was primarily due to the increase in mix of income in jurisdictions with a higher effective tax rate and the impact of business separation costs for which a tax benefit was not available . on a non- gaap basis , the effective tax rate increased from 24.2% ( 24.2 % ) in 2015 to 24.8% ( 24.8 % ) in 2016 , primarily due to the increase in and mix of income in jurisdictions with a higher effective tax rate. .

2,016

39

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

considering the years 2014-2016 , what is the lowest interest incurred observed?

148.4

table_min(interest incurred, none)

other income ( expense ) , net items recorded to other income ( expense ) , net arise from transactions and events not directly related to our principal income earning activities . the detail of other income ( expense ) , net is presented in note 24 , supplemental information , to the consolidated financial statements . 2016 vs . 2015 other income ( expense ) , net of $ 58.1 increased $ 10.8 primarily due to lower foreign exchange losses , favorable contract settlements , and receipt of a government subsidy . the prior year included a gain of $ 33.6 ( $ 28.3 after-tax , or $ .13 per share ) resulting from the sale of two parcels of land . no other individual items were significant in comparison to the prior year . 2015 vs . 2014 other income ( expense ) , net of $ 47.3 decreased $ 5.5 and included a gain of $ 33.6 ( $ 28.3 after-tax , or $ .13 per share ) resulting from the sale of two parcels of land . the gain was partially offset by unfavorable foreign exchange impacts and lower gains on other sales of assets and emissions credits . no other individual items were significant in comparison to fiscal year 2014 . interest expense .

2016 vs . 2015 interest incurred decreased $ 4.2 . the decrease primarily resulted from a stronger u.s . dollar on the translation of foreign currency interest of $ 6 , partially offset by a higher average debt balance of $ 2 . the change in capitalized interest was driven by a decrease in the carrying value of projects under construction , primarily as a result of our exit from the energy-from-waste business . 2015 vs . 2014 interest incurred decreased $ 5.5 . the decrease was driven by the impact of a stronger u.s . dollar on the translation of foreign currency interest of $ 12 , partially offset by a higher average debt balance of $ 7 . the change in capitalized interest was driven by a higher carrying value in construction in progress . loss on extinguishment of debt on 30 september 2016 , in anticipation of the versum spin-off , versum issued $ 425.0 of notes to air products , who then exchanged these notes with certain financial institutions for $ 418.3 of air products 2019 outstanding commercial paper . the exchange resulted in a loss of $ 6.9 ( $ 4.3 after-tax , or $ .02 per share ) . in september 2015 , we made a payment of $ 146.6 to redeem 3000000 unidades de fomento ( 201cuf 201d ) series e 6.30% ( 6.30 % ) bonds due 22 january 2030 that had a carrying value of $ 130.0 and resulted in a net loss of $ 16.6 ( $ 14.2 after-tax , or $ .07 per share ) . effective tax rate the effective tax rate equals the income tax provision divided by income from continuing operations before taxes . refer to note 23 , income taxes , to the consolidated financial statements for details on factors affecting the effective tax rate . 2016 vs . 2015 on a gaap basis , the effective tax rate was 27.5% ( 27.5 % ) and 24.0% ( 24.0 % ) in 2016 and 2015 , respectively . the change included a 240 bp impact from tax costs associated with business separation , primarily resulting from a dividend declared in 2016 to repatriate cash from a foreign subsidiary , as discussed above in 201cbusiness separation costs . 201d the remaining 110 bp change was primarily due to the increase in mix of income in jurisdictions with a higher effective tax rate and the impact of business separation costs for which a tax benefit was not available . on a non- gaap basis , the effective tax rate increased from 24.2% ( 24.2 % ) in 2015 to 24.8% ( 24.8 % ) in 2016 , primarily due to the increase in and mix of income in jurisdictions with a higher effective tax rate. .

| | | 2016 | 2015 | 2014 | |---:|:----------------------------|:--------|:--------|:--------| | 0 | interest incurred | $ 148.4 | $ 152.6 | $ 158.1 | | 1 | less : capitalized interest | 32.9 | 49.1 | 33.0 | | 2 | interest expense | $ 115.5 | $ 103.5 | $ 125.1 |

other income ( expense ) , net items recorded to other income ( expense ) , net arise from transactions and events not directly related to our principal income earning activities . the detail of other income ( expense ) , net is presented in note 24 , supplemental information , to the consolidated financial statements . 2016 vs . 2015 other income ( expense ) , net of $ 58.1 increased $ 10.8 primarily due to lower foreign exchange losses , favorable contract settlements , and receipt of a government subsidy . the prior year included a gain of $ 33.6 ( $ 28.3 after-tax , or $ .13 per share ) resulting from the sale of two parcels of land . no other individual items were significant in comparison to the prior year . 2015 vs . 2014 other income ( expense ) , net of $ 47.3 decreased $ 5.5 and included a gain of $ 33.6 ( $ 28.3 after-tax , or $ .13 per share ) resulting from the sale of two parcels of land . the gain was partially offset by unfavorable foreign exchange impacts and lower gains on other sales of assets and emissions credits . no other individual items were significant in comparison to fiscal year 2014 . interest expense ._| | | 2016 | 2015 | 2014 | |---:|:----------------------------|:--------|:--------|:--------| | 0 | interest incurred | $ 148.4 | $ 152.6 | $ 158.1 | | 1 | less : capitalized interest | 32.9 | 49.1 | 33.0 | | 2 | interest expense | $ 115.5 | $ 103.5 | $ 125.1 |_2016 vs . 2015 interest incurred decreased $ 4.2 . the decrease primarily resulted from a stronger u.s . dollar on the translation of foreign currency interest of $ 6 , partially offset by a higher average debt balance of $ 2 . the change in capitalized interest was driven by a decrease in the carrying value of projects under construction , primarily as a result of our exit from the energy-from-waste business . 2015 vs . 2014 interest incurred decreased $ 5.5 . the decrease was driven by the impact of a stronger u.s . dollar on the translation of foreign currency interest of $ 12 , partially offset by a higher average debt balance of $ 7 . the change in capitalized interest was driven by a higher carrying value in construction in progress . loss on extinguishment of debt on 30 september 2016 , in anticipation of the versum spin-off , versum issued $ 425.0 of notes to air products , who then exchanged these notes with certain financial institutions for $ 418.3 of air products 2019 outstanding commercial paper . the exchange resulted in a loss of $ 6.9 ( $ 4.3 after-tax , or $ .02 per share ) . in september 2015 , we made a payment of $ 146.6 to redeem 3000000 unidades de fomento ( 201cuf 201d ) series e 6.30% ( 6.30 % ) bonds due 22 january 2030 that had a carrying value of $ 130.0 and resulted in a net loss of $ 16.6 ( $ 14.2 after-tax , or $ .07 per share ) . effective tax rate the effective tax rate equals the income tax provision divided by income from continuing operations before taxes . refer to note 23 , income taxes , to the consolidated financial statements for details on factors affecting the effective tax rate . 2016 vs . 2015 on a gaap basis , the effective tax rate was 27.5% ( 27.5 % ) and 24.0% ( 24.0 % ) in 2016 and 2015 , respectively . the change included a 240 bp impact from tax costs associated with business separation , primarily resulting from a dividend declared in 2016 to repatriate cash from a foreign subsidiary , as discussed above in 201cbusiness separation costs . 201d the remaining 110 bp change was primarily due to the increase in mix of income in jurisdictions with a higher effective tax rate and the impact of business separation costs for which a tax benefit was not available . on a non- gaap basis , the effective tax rate increased from 24.2% ( 24.2 % ) in 2015 to 24.8% ( 24.8 % ) in 2016 , primarily due to the increase in and mix of income in jurisdictions with a higher effective tax rate. .

2,016

39

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

null

finqa352

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

-2.7%

divide(subtract(97.26, const_100), const_100)

stock price performance the following graph shows a comparison of the cumulative total return on our common stock , the standard & poor's 500 index and the standard & poor's 500 retail index . the graph assumes that the value of an investment in our common stock and in each such index was $ 100 on december 30 , 2006 , and that any dividends have been reinvested . the comparison in the graph below is based solely on historical data and is not intended to forecast the possible future performance of our common stock . comparison of cumulative total return among advance auto parts , inc. , s&p 500 index and s&p 500 retail index company/index advance auto parts s&p 500 index s&p retail index december 30 , $ 100.00 100.00 100.00 december 29 , $ 108.00 104.24 january 3 , $ 97.26 january 2 , $ 116.01 january 1 , $ 190.41 101.84 december 31 , $ 201.18 104.81 .

| | company/index | december 30 2006 | december 29 2007 | january 3 2009 | january 2 2010 | january 1 2011 | december 31 2011 | |---:|:-------------------|:-------------------|:-------------------|:-----------------|:-----------------|:-----------------|:-------------------| | 0 | advance auto parts | $ 100.00 | $ 108.00 | $ 97.26 | $ 116.01 | $ 190.41 | $ 201.18 | | 1 | s&p 500 index | 100.00 | 104.24 | 65.70 | 78.62 | 88.67 | 88.67 | | 2 | s&p retail index | 100.00 | 82.15 | 58.29 | 82.36 | 101.84 | 104.81 |

stock price performance the following graph shows a comparison of the cumulative total return on our common stock , the standard & poor's 500 index and the standard & poor's 500 retail index . the graph assumes that the value of an investment in our common stock and in each such index was $ 100 on december 30 , 2006 , and that any dividends have been reinvested . the comparison in the graph below is based solely on historical data and is not intended to forecast the possible future performance of our common stock . comparison of cumulative total return among advance auto parts , inc. , s&p 500 index and s&p 500 retail index company/index advance auto parts s&p 500 index s&p retail index december 30 , $ 100.00 100.00 100.00 december 29 , $ 108.00 104.24 january 3 , $ 97.26 january 2 , $ 116.01 january 1 , $ 190.41 101.84 december 31 , $ 201.18 104.81 ._| | company/index | december 30 2006 | december 29 2007 | january 3 2009 | january 2 2010 | january 1 2011 | december 31 2011 | |---:|:-------------------|:-------------------|:-------------------|:-----------------|:-----------------|:-----------------|:-------------------| | 0 | advance auto parts | $ 100.00 | $ 108.00 | $ 97.26 | $ 116.01 | $ 190.41 | $ 201.18 | | 1 | s&p 500 index | 100.00 | 104.24 | 65.70 | 78.62 | 88.67 | 88.67 | | 2 | s&p retail index | 100.00 | 82.15 | 58.29 | 82.36 | 101.84 | 104.81 |_stock price performance the following graph shows a comparison of the cumulative total return on our common stock , the standard & poor's 500 index and the standard & poor's 500 retail index . the graph assumes that the value of an investment in our common stock and in each such index was $ 100 on december 30 , 2006 , and that any dividends have been reinvested . the comparison in the graph below is based solely on historical data and is not intended to forecast the possible future performance of our common stock . comparison of cumulative total return among advance auto parts , inc. , s&p 500 index and s&p 500 retail index company/index advance auto parts s&p 500 index s&p retail index december 30 , $ 100.00 100.00 100.00 december 29 , $ 108.00 104.24 january 3 , $ 97.26 january 2 , $ 116.01 january 1 , $ 190.41 101.84 december 31 , $ 201.18 104.81 .

2,011

28

AAP

Advance Auto Parts, Inc.

Consumer Discretionary

Specialty Retail

Raleigh, NC

2015-01-01

1,158,449

1932

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

-2.7%

divide(subtract(97.26, const_100), const_100)

stock price performance the following graph shows a comparison of the cumulative total return on our common stock , the standard & poor's 500 index and the standard & poor's 500 retail index . the graph assumes that the value of an investment in our common stock and in each such index was $ 100 on december 30 , 2006 , and that any dividends have been reinvested . the comparison in the graph below is based solely on historical data and is not intended to forecast the possible future performance of our common stock . comparison of cumulative total return among advance auto parts , inc. , s&p 500 index and s&p 500 retail index company/index advance auto parts s&p 500 index s&p retail index december 30 , $ 100.00 100.00 100.00 december 29 , $ 108.00 104.24 january 3 , $ 97.26 january 2 , $ 116.01 january 1 , $ 190.41 101.84 december 31 , $ 201.18 104.81 .

| | company/index | december 30 2006 | december 29 2007 | january 3 2009 | january 2 2010 | january 1 2011 | december 31 2011 | |---:|:-------------------|:-------------------|:-------------------|:-----------------|:-----------------|:-----------------|:-------------------| | 0 | advance auto parts | $ 100.00 | $ 108.00 | $ 97.26 | $ 116.01 | $ 190.41 | $ 201.18 | | 1 | s&p 500 index | 100.00 | 104.24 | 65.70 | 78.62 | 88.67 | 88.67 | | 2 | s&p retail index | 100.00 | 82.15 | 58.29 | 82.36 | 101.84 | 104.81 |

stock price performance the following graph shows a comparison of the cumulative total return on our common stock , the standard & poor's 500 index and the standard & poor's 500 retail index . the graph assumes that the value of an investment in our common stock and in each such index was $ 100 on december 30 , 2006 , and that any dividends have been reinvested . the comparison in the graph below is based solely on historical data and is not intended to forecast the possible future performance of our common stock . comparison of cumulative total return among advance auto parts , inc. , s&p 500 index and s&p 500 retail index company/index advance auto parts s&p 500 index s&p retail index december 30 , $ 100.00 100.00 100.00 december 29 , $ 108.00 104.24 january 3 , $ 97.26 january 2 , $ 116.01 january 1 , $ 190.41 101.84 december 31 , $ 201.18 104.81 ._| | company/index | december 30 2006 | december 29 2007 | january 3 2009 | january 2 2010 | january 1 2011 | december 31 2011 | |---:|:-------------------|:-------------------|:-------------------|:-----------------|:-----------------|:-----------------|:-------------------| | 0 | advance auto parts | $ 100.00 | $ 108.00 | $ 97.26 | $ 116.01 | $ 190.41 | $ 201.18 | | 1 | s&p 500 index | 100.00 | 104.24 | 65.70 | 78.62 | 88.67 | 88.67 | | 2 | s&p retail index | 100.00 | 82.15 | 58.29 | 82.36 | 101.84 | 104.81 |_stock price performance the following graph shows a comparison of the cumulative total return on our common stock , the standard & poor's 500 index and the standard & poor's 500 retail index . the graph assumes that the value of an investment in our common stock and in each such index was $ 100 on december 30 , 2006 , and that any dividends have been reinvested . the comparison in the graph below is based solely on historical data and is not intended to forecast the possible future performance of our common stock . comparison of cumulative total return among advance auto parts , inc. , s&p 500 index and s&p 500 retail index company/index advance auto parts s&p 500 index s&p retail index december 30 , $ 100.00 100.00 100.00 december 29 , $ 108.00 104.24 january 3 , $ 97.26 january 2 , $ 116.01 january 1 , $ 190.41 101.84 december 31 , $ 201.18 104.81 .

2,011

28

AAP

Advance Auto Parts, Inc.

Consumer Discretionary

Specialty Retail

Raleigh, NC

2015-01-01

1,158,449

1932

null

finqa353

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

0.94

divide(subtract(108.4, 71.0), subtract(121.6, 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

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

0.94

divide(subtract(108.4, 71.0), subtract(121.6, 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

finqa354

what is the total difference , in millions , in 2015 between a 10% ( 10 % ) increase and 10% ( 10 % ) decrease in interest rates?

78.4

add(34.7, 33.7)

item 7a . quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items . from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks . derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes . interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations . the majority of our debt ( approximately 89% ( 89 % ) and 91% ( 91 % ) as of december 31 , 2015 and 2014 , respectively ) bears interest at fixed rates . we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows . the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below . increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .

we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates . we do not have any interest rate swaps outstanding as of december 31 , 2015 . we had $ 1509.7 of cash , cash equivalents and marketable securities as of december 31 , 2015 that we generally invest in conservative , short-term bank deposits or securities . the interest income generated from these investments is subject to both domestic and foreign interest rate movements . during 2015 and 2014 , we had interest income of $ 22.8 and $ 27.4 , respectively . based on our 2015 results , a 100-basis-point increase or decrease in interest rates would affect our interest income by approximately $ 15.0 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2015 levels . foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates . since we report revenues and expenses in u.s . dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s . dollars ) from foreign operations . the primary foreign currencies that impacted our results during 2015 included the australian dollar , brazilian real , british pound sterling and euro . based on 2015 exchange rates and operating results , if the u.s . dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2015 levels . the functional currency of our foreign operations is generally their respective local currency . assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented . the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets . our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk . however , certain subsidiaries may enter into transactions in currencies other than their functional currency . assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement . currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses . we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates arising from these exposures . we do not enter into foreign exchange contracts or other derivatives for speculative purposes. .

| | as of december 31, | increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates | increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates | |---:|---------------------:|:-------------------------------------------------------------------------------------|:-------------------------------------------------------------------------------------| | 0 | 2015 | $ -33.7 ( 33.7 ) | $ 34.7 | | 1 | 2014 | -35.5 ( 35.5 ) | 36.6 |

item 7a . quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items . from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks . derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes . interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations . the majority of our debt ( approximately 89% ( 89 % ) and 91% ( 91 % ) as of december 31 , 2015 and 2014 , respectively ) bears interest at fixed rates . we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows . the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below . increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates ._| | as of december 31, | increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates | increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates | |---:|---------------------:|:-------------------------------------------------------------------------------------|:-------------------------------------------------------------------------------------| | 0 | 2015 | $ -33.7 ( 33.7 ) | $ 34.7 | | 1 | 2014 | -35.5 ( 35.5 ) | 36.6 |_we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates . we do not have any interest rate swaps outstanding as of december 31 , 2015 . we had $ 1509.7 of cash , cash equivalents and marketable securities as of december 31 , 2015 that we generally invest in conservative , short-term bank deposits or securities . the interest income generated from these investments is subject to both domestic and foreign interest rate movements . during 2015 and 2014 , we had interest income of $ 22.8 and $ 27.4 , respectively . based on our 2015 results , a 100-basis-point increase or decrease in interest rates would affect our interest income by approximately $ 15.0 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2015 levels . foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates . since we report revenues and expenses in u.s . dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s . dollars ) from foreign operations . the primary foreign currencies that impacted our results during 2015 included the australian dollar , brazilian real , british pound sterling and euro . based on 2015 exchange rates and operating results , if the u.s . dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2015 levels . the functional currency of our foreign operations is generally their respective local currency . assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented . the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets . our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk . however , certain subsidiaries may enter into transactions in currencies other than their functional currency . assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement . currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses . we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates arising from these exposures . we do not enter into foreign exchange contracts or other derivatives for speculative purposes. .

2,015

48

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

what is the total difference , in millions , in 2015 between a 10% ( 10 % ) increase and 10% ( 10 % ) decrease in interest rates?

78.4

add(34.7, 33.7)

item 7a . quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items . from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks . derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes . interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations . the majority of our debt ( approximately 89% ( 89 % ) and 91% ( 91 % ) as of december 31 , 2015 and 2014 , respectively ) bears interest at fixed rates . we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows . the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below . increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .

we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates . we do not have any interest rate swaps outstanding as of december 31 , 2015 . we had $ 1509.7 of cash , cash equivalents and marketable securities as of december 31 , 2015 that we generally invest in conservative , short-term bank deposits or securities . the interest income generated from these investments is subject to both domestic and foreign interest rate movements . during 2015 and 2014 , we had interest income of $ 22.8 and $ 27.4 , respectively . based on our 2015 results , a 100-basis-point increase or decrease in interest rates would affect our interest income by approximately $ 15.0 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2015 levels . foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates . since we report revenues and expenses in u.s . dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s . dollars ) from foreign operations . the primary foreign currencies that impacted our results during 2015 included the australian dollar , brazilian real , british pound sterling and euro . based on 2015 exchange rates and operating results , if the u.s . dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2015 levels . the functional currency of our foreign operations is generally their respective local currency . assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented . the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets . our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk . however , certain subsidiaries may enter into transactions in currencies other than their functional currency . assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement . currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses . we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates arising from these exposures . we do not enter into foreign exchange contracts or other derivatives for speculative purposes. .

| | as of december 31, | increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates | increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates | |---:|---------------------:|:-------------------------------------------------------------------------------------|:-------------------------------------------------------------------------------------| | 0 | 2015 | $ -33.7 ( 33.7 ) | $ 34.7 | | 1 | 2014 | -35.5 ( 35.5 ) | 36.6 |

item 7a . quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items . from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks . derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes . interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations . the majority of our debt ( approximately 89% ( 89 % ) and 91% ( 91 % ) as of december 31 , 2015 and 2014 , respectively ) bears interest at fixed rates . we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows . the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below . increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates ._| | as of december 31, | increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates | increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates | |---:|---------------------:|:-------------------------------------------------------------------------------------|:-------------------------------------------------------------------------------------| | 0 | 2015 | $ -33.7 ( 33.7 ) | $ 34.7 | | 1 | 2014 | -35.5 ( 35.5 ) | 36.6 |_we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates . we do not have any interest rate swaps outstanding as of december 31 , 2015 . we had $ 1509.7 of cash , cash equivalents and marketable securities as of december 31 , 2015 that we generally invest in conservative , short-term bank deposits or securities . the interest income generated from these investments is subject to both domestic and foreign interest rate movements . during 2015 and 2014 , we had interest income of $ 22.8 and $ 27.4 , respectively . based on our 2015 results , a 100-basis-point increase or decrease in interest rates would affect our interest income by approximately $ 15.0 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2015 levels . foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates . since we report revenues and expenses in u.s . dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s . dollars ) from foreign operations . the primary foreign currencies that impacted our results during 2015 included the australian dollar , brazilian real , british pound sterling and euro . based on 2015 exchange rates and operating results , if the u.s . dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2015 levels . the functional currency of our foreign operations is generally their respective local currency . assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented . the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets . our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk . however , certain subsidiaries may enter into transactions in currencies other than their functional currency . assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement . currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses . we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates arising from these exposures . we do not enter into foreign exchange contracts or other derivatives for speculative purposes. .

2,015

48

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

null

finqa355

what was the change in industry segment operating profits between 2003 and 2004?

306

subtract(2040, 1734)

item 7 . management 2019s discussion and analysis of financial condition and results of operations executive summary international paper 2019s operating results in 2005 were strongly impacted by significantly higher costs for en- ergy , wood , caustic soda and other raw materials which reduced operating profits compared with 2004 by $ 586 million . lower sales volumes were also a negative factor versus 2004 as we took a significant amount of lack-of-order downtime in our u.s . uncoated paper and containerboard mills , and downtime in our eastern european operations to rebuild paper machines in po- land and russia to add needed uncoated paper and pa- perboard capacity . we were able to partially offset some of these negative impacts through operational improvements in our manufacturing operations , im- proved average pricing for our paper and packaging grades , a more favorable product mix , and higher earn- ings from forestland and real estate sales . looking forward to 2006 , we expect operating prof- its for the first quarter to be flat with the 2005 fourth quarter . sales volumes should be seasonally slow in the quarter , but should show some improvement as the quarter progresses . price realizations should also improve as previously announced price increases are im- plemented . while energy , wood and raw material price movements are mixed , their impact for the quarter is expected to be flat . however , we see favorable signs of positive mo- mentum for the remainder of 2006 . we anticipate that demand in north america for both uncoated paper and industrial packaging products will be stronger , and that we will realize 2005 fourth-quarter and 2006 first-quarter announced price increases . additionally , operating rates should improve in 2006 reflecting announced industry capacity reductions in uncoated papers and container- board . we are also starting to see some reductions in natural gas and southern wood costs that , if the trend continues , should benefit operations as the year pro- gresses . in connection with our overall strategic direction , we are evaluating options for the possible sale or spin-off of certain of our businesses as previously announced in our transformation plan , with decisions on certain businesses anticipated during 2006 . we also will con- tinue to improve our key operations in north america by realigning our uncoated and packaging mill oper- ations to reduce costs , improve our products and im- prove our overall profitability . results of operations industry segment operating profits are used by international paper 2019s management to measure the earn- ings performance of its businesses . management believes that this measure allows a better understanding of trends in costs , operating efficiencies , prices and volumes . in- dustry segment operating profits are defined as earnings before taxes and minority interest , interest expense , corporate items and corporate special items . industry segment operating profits are defined by the securities and exchange commission as a non-gaap financial measure , and are not gaap alternatives to net income or any other operating measure prescribed by accounting principles generally accepted in the united states . international paper operates in six segments : print- ing papers , industrial packaging , consumer packaging , distribution , forest products , and specialty businesses and other . the following table shows the components of net earnings ( loss ) for each of the last three years : in millions 2005 2004 2003 .

* special items include restructuring and other charges , net losses on sales and impair- ments of businesses held for sale , insurance recoveries and reversals of reserves no lon- ger required . industry segment operating profits were $ 117 mil- lion lower in 2005 due principally to the impact of higher energy and raw material costs ( $ 586 million ) , lower sales volume ( $ 251 million ) , and unfavorable for- eign currency translation rates ( $ 27 million ) which more than offset the benefits from higher average prices ( $ 478 million ) , cost reduction initiatives , improved operating performance and a more favorable product mix ( $ 235 million ) , and higher earnings from land sales ( $ 158 million ) . the impact of divestitures ( $ 32 million ) , principally the fine papers and industrial pa- pers businesses , and other items ( $ 36 million ) also had a negative impact in 2005 . segment operating profit ( in millions ) .

| | in millions | 2005 | 2004 | 2003 | |---:|:-----------------------------------|:-------------|:-------------|:-------------| | 0 | industry segment operating profits | $ 1923 | $ 2040 | $ 1734 | | 1 | corporate items | -597 ( 597 ) | -469 ( 469 ) | -466 ( 466 ) | | 2 | corporate special items* | -147 ( 147 ) | -142 ( 142 ) | -281 ( 281 ) | | 3 | interest expense net | -593 ( 593 ) | -710 ( 710 ) | -705 ( 705 ) | | 4 | minority interest | -12 ( 12 ) | -21 ( 21 ) | -80 ( 80 ) | | 5 | income tax benefit ( provision ) | 285 | -242 ( 242 ) | 56 | | 6 | discontinued operations | 241 | -491 ( 491 ) | 57 | | 7 | accounting changes | 2013 | 2013 | -13 ( 13 ) | | 8 | net earnings ( loss ) | $ 1100 | $ -35 ( 35 ) | $ 302 |

item 7 . management 2019s discussion and analysis of financial condition and results of operations executive summary international paper 2019s operating results in 2005 were strongly impacted by significantly higher costs for en- ergy , wood , caustic soda and other raw materials which reduced operating profits compared with 2004 by $ 586 million . lower sales volumes were also a negative factor versus 2004 as we took a significant amount of lack-of-order downtime in our u.s . uncoated paper and containerboard mills , and downtime in our eastern european operations to rebuild paper machines in po- land and russia to add needed uncoated paper and pa- perboard capacity . we were able to partially offset some of these negative impacts through operational improvements in our manufacturing operations , im- proved average pricing for our paper and packaging grades , a more favorable product mix , and higher earn- ings from forestland and real estate sales . looking forward to 2006 , we expect operating prof- its for the first quarter to be flat with the 2005 fourth quarter . sales volumes should be seasonally slow in the quarter , but should show some improvement as the quarter progresses . price realizations should also improve as previously announced price increases are im- plemented . while energy , wood and raw material price movements are mixed , their impact for the quarter is expected to be flat . however , we see favorable signs of positive mo- mentum for the remainder of 2006 . we anticipate that demand in north america for both uncoated paper and industrial packaging products will be stronger , and that we will realize 2005 fourth-quarter and 2006 first-quarter announced price increases . additionally , operating rates should improve in 2006 reflecting announced industry capacity reductions in uncoated papers and container- board . we are also starting to see some reductions in natural gas and southern wood costs that , if the trend continues , should benefit operations as the year pro- gresses . in connection with our overall strategic direction , we are evaluating options for the possible sale or spin-off of certain of our businesses as previously announced in our transformation plan , with decisions on certain businesses anticipated during 2006 . we also will con- tinue to improve our key operations in north america by realigning our uncoated and packaging mill oper- ations to reduce costs , improve our products and im- prove our overall profitability . results of operations industry segment operating profits are used by international paper 2019s management to measure the earn- ings performance of its businesses . management believes that this measure allows a better understanding of trends in costs , operating efficiencies , prices and volumes . in- dustry segment operating profits are defined as earnings before taxes and minority interest , interest expense , corporate items and corporate special items . industry segment operating profits are defined by the securities and exchange commission as a non-gaap financial measure , and are not gaap alternatives to net income or any other operating measure prescribed by accounting principles generally accepted in the united states . international paper operates in six segments : print- ing papers , industrial packaging , consumer packaging , distribution , forest products , and specialty businesses and other . the following table shows the components of net earnings ( loss ) for each of the last three years : in millions 2005 2004 2003 ._| | in millions | 2005 | 2004 | 2003 | |---:|:-----------------------------------|:-------------|:-------------|:-------------| | 0 | industry segment operating profits | $ 1923 | $ 2040 | $ 1734 | | 1 | corporate items | -597 ( 597 ) | -469 ( 469 ) | -466 ( 466 ) | | 2 | corporate special items* | -147 ( 147 ) | -142 ( 142 ) | -281 ( 281 ) | | 3 | interest expense net | -593 ( 593 ) | -710 ( 710 ) | -705 ( 705 ) | | 4 | minority interest | -12 ( 12 ) | -21 ( 21 ) | -80 ( 80 ) | | 5 | income tax benefit ( provision ) | 285 | -242 ( 242 ) | 56 | | 6 | discontinued operations | 241 | -491 ( 491 ) | 57 | | 7 | accounting changes | 2013 | 2013 | -13 ( 13 ) | | 8 | net earnings ( loss ) | $ 1100 | $ -35 ( 35 ) | $ 302 |_* special items include restructuring and other charges , net losses on sales and impair- ments of businesses held for sale , insurance recoveries and reversals of reserves no lon- ger required . industry segment operating profits were $ 117 mil- lion lower in 2005 due principally to the impact of higher energy and raw material costs ( $ 586 million ) , lower sales volume ( $ 251 million ) , and unfavorable for- eign currency translation rates ( $ 27 million ) which more than offset the benefits from higher average prices ( $ 478 million ) , cost reduction initiatives , improved operating performance and a more favorable product mix ( $ 235 million ) , and higher earnings from land sales ( $ 158 million ) . the impact of divestitures ( $ 32 million ) , principally the fine papers and industrial pa- pers businesses , and other items ( $ 36 million ) also had a negative impact in 2005 . segment operating profit ( in millions ) .

2,005

19

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

what was the change in industry segment operating profits between 2003 and 2004?

306

subtract(2040, 1734)

item 7 . management 2019s discussion and analysis of financial condition and results of operations executive summary international paper 2019s operating results in 2005 were strongly impacted by significantly higher costs for en- ergy , wood , caustic soda and other raw materials which reduced operating profits compared with 2004 by $ 586 million . lower sales volumes were also a negative factor versus 2004 as we took a significant amount of lack-of-order downtime in our u.s . uncoated paper and containerboard mills , and downtime in our eastern european operations to rebuild paper machines in po- land and russia to add needed uncoated paper and pa- perboard capacity . we were able to partially offset some of these negative impacts through operational improvements in our manufacturing operations , im- proved average pricing for our paper and packaging grades , a more favorable product mix , and higher earn- ings from forestland and real estate sales . looking forward to 2006 , we expect operating prof- its for the first quarter to be flat with the 2005 fourth quarter . sales volumes should be seasonally slow in the quarter , but should show some improvement as the quarter progresses . price realizations should also improve as previously announced price increases are im- plemented . while energy , wood and raw material price movements are mixed , their impact for the quarter is expected to be flat . however , we see favorable signs of positive mo- mentum for the remainder of 2006 . we anticipate that demand in north america for both uncoated paper and industrial packaging products will be stronger , and that we will realize 2005 fourth-quarter and 2006 first-quarter announced price increases . additionally , operating rates should improve in 2006 reflecting announced industry capacity reductions in uncoated papers and container- board . we are also starting to see some reductions in natural gas and southern wood costs that , if the trend continues , should benefit operations as the year pro- gresses . in connection with our overall strategic direction , we are evaluating options for the possible sale or spin-off of certain of our businesses as previously announced in our transformation plan , with decisions on certain businesses anticipated during 2006 . we also will con- tinue to improve our key operations in north america by realigning our uncoated and packaging mill oper- ations to reduce costs , improve our products and im- prove our overall profitability . results of operations industry segment operating profits are used by international paper 2019s management to measure the earn- ings performance of its businesses . management believes that this measure allows a better understanding of trends in costs , operating efficiencies , prices and volumes . in- dustry segment operating profits are defined as earnings before taxes and minority interest , interest expense , corporate items and corporate special items . industry segment operating profits are defined by the securities and exchange commission as a non-gaap financial measure , and are not gaap alternatives to net income or any other operating measure prescribed by accounting principles generally accepted in the united states . international paper operates in six segments : print- ing papers , industrial packaging , consumer packaging , distribution , forest products , and specialty businesses and other . the following table shows the components of net earnings ( loss ) for each of the last three years : in millions 2005 2004 2003 .

* special items include restructuring and other charges , net losses on sales and impair- ments of businesses held for sale , insurance recoveries and reversals of reserves no lon- ger required . industry segment operating profits were $ 117 mil- lion lower in 2005 due principally to the impact of higher energy and raw material costs ( $ 586 million ) , lower sales volume ( $ 251 million ) , and unfavorable for- eign currency translation rates ( $ 27 million ) which more than offset the benefits from higher average prices ( $ 478 million ) , cost reduction initiatives , improved operating performance and a more favorable product mix ( $ 235 million ) , and higher earnings from land sales ( $ 158 million ) . the impact of divestitures ( $ 32 million ) , principally the fine papers and industrial pa- pers businesses , and other items ( $ 36 million ) also had a negative impact in 2005 . segment operating profit ( in millions ) .

| | in millions | 2005 | 2004 | 2003 | |---:|:-----------------------------------|:-------------|:-------------|:-------------| | 0 | industry segment operating profits | $ 1923 | $ 2040 | $ 1734 | | 1 | corporate items | -597 ( 597 ) | -469 ( 469 ) | -466 ( 466 ) | | 2 | corporate special items* | -147 ( 147 ) | -142 ( 142 ) | -281 ( 281 ) | | 3 | interest expense net | -593 ( 593 ) | -710 ( 710 ) | -705 ( 705 ) | | 4 | minority interest | -12 ( 12 ) | -21 ( 21 ) | -80 ( 80 ) | | 5 | income tax benefit ( provision ) | 285 | -242 ( 242 ) | 56 | | 6 | discontinued operations | 241 | -491 ( 491 ) | 57 | | 7 | accounting changes | 2013 | 2013 | -13 ( 13 ) | | 8 | net earnings ( loss ) | $ 1100 | $ -35 ( 35 ) | $ 302 |

item 7 . management 2019s discussion and analysis of financial condition and results of operations executive summary international paper 2019s operating results in 2005 were strongly impacted by significantly higher costs for en- ergy , wood , caustic soda and other raw materials which reduced operating profits compared with 2004 by $ 586 million . lower sales volumes were also a negative factor versus 2004 as we took a significant amount of lack-of-order downtime in our u.s . uncoated paper and containerboard mills , and downtime in our eastern european operations to rebuild paper machines in po- land and russia to add needed uncoated paper and pa- perboard capacity . we were able to partially offset some of these negative impacts through operational improvements in our manufacturing operations , im- proved average pricing for our paper and packaging grades , a more favorable product mix , and higher earn- ings from forestland and real estate sales . looking forward to 2006 , we expect operating prof- its for the first quarter to be flat with the 2005 fourth quarter . sales volumes should be seasonally slow in the quarter , but should show some improvement as the quarter progresses . price realizations should also improve as previously announced price increases are im- plemented . while energy , wood and raw material price movements are mixed , their impact for the quarter is expected to be flat . however , we see favorable signs of positive mo- mentum for the remainder of 2006 . we anticipate that demand in north america for both uncoated paper and industrial packaging products will be stronger , and that we will realize 2005 fourth-quarter and 2006 first-quarter announced price increases . additionally , operating rates should improve in 2006 reflecting announced industry capacity reductions in uncoated papers and container- board . we are also starting to see some reductions in natural gas and southern wood costs that , if the trend continues , should benefit operations as the year pro- gresses . in connection with our overall strategic direction , we are evaluating options for the possible sale or spin-off of certain of our businesses as previously announced in our transformation plan , with decisions on certain businesses anticipated during 2006 . we also will con- tinue to improve our key operations in north america by realigning our uncoated and packaging mill oper- ations to reduce costs , improve our products and im- prove our overall profitability . results of operations industry segment operating profits are used by international paper 2019s management to measure the earn- ings performance of its businesses . management believes that this measure allows a better understanding of trends in costs , operating efficiencies , prices and volumes . in- dustry segment operating profits are defined as earnings before taxes and minority interest , interest expense , corporate items and corporate special items . industry segment operating profits are defined by the securities and exchange commission as a non-gaap financial measure , and are not gaap alternatives to net income or any other operating measure prescribed by accounting principles generally accepted in the united states . international paper operates in six segments : print- ing papers , industrial packaging , consumer packaging , distribution , forest products , and specialty businesses and other . the following table shows the components of net earnings ( loss ) for each of the last three years : in millions 2005 2004 2003 ._| | in millions | 2005 | 2004 | 2003 | |---:|:-----------------------------------|:-------------|:-------------|:-------------| | 0 | industry segment operating profits | $ 1923 | $ 2040 | $ 1734 | | 1 | corporate items | -597 ( 597 ) | -469 ( 469 ) | -466 ( 466 ) | | 2 | corporate special items* | -147 ( 147 ) | -142 ( 142 ) | -281 ( 281 ) | | 3 | interest expense net | -593 ( 593 ) | -710 ( 710 ) | -705 ( 705 ) | | 4 | minority interest | -12 ( 12 ) | -21 ( 21 ) | -80 ( 80 ) | | 5 | income tax benefit ( provision ) | 285 | -242 ( 242 ) | 56 | | 6 | discontinued operations | 241 | -491 ( 491 ) | 57 | | 7 | accounting changes | 2013 | 2013 | -13 ( 13 ) | | 8 | net earnings ( loss ) | $ 1100 | $ -35 ( 35 ) | $ 302 |_* special items include restructuring and other charges , net losses on sales and impair- ments of businesses held for sale , insurance recoveries and reversals of reserves no lon- ger required . industry segment operating profits were $ 117 mil- lion lower in 2005 due principally to the impact of higher energy and raw material costs ( $ 586 million ) , lower sales volume ( $ 251 million ) , and unfavorable for- eign currency translation rates ( $ 27 million ) which more than offset the benefits from higher average prices ( $ 478 million ) , cost reduction initiatives , improved operating performance and a more favorable product mix ( $ 235 million ) , and higher earnings from land sales ( $ 158 million ) . the impact of divestitures ( $ 32 million ) , principally the fine papers and industrial pa- pers businesses , and other items ( $ 36 million ) also had a negative impact in 2005 . segment operating profit ( in millions ) .

2,005

19

IP

International Paper

Materials

Paper & Plastic Packaging Products & Materials

Memphis, Tennessee

1957-03-04

51,434

1898

null

finqa356

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

2.04%

multiply(divide(subtract(848.2, 831.2), 831.2), const_100)

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 percentage increase from 2014-2015 in total cash flow data?

2.04%

multiply(divide(subtract(848.2, 831.2), 831.2), const_100)

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

finqa357

what is the amortized cost as a percent of the fair value of the securities in 2009?

103%

divide(74843, 72699)

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 is the amortized cost as a percent of the fair value of the securities in 2009?

103%

divide(74843, 72699)

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

finqa358

what are the higher charges related to tobacco and health judgments as a percentage of the operating companies income increase?

73.1%

divide(87, 119)

middleton's reported cigars shipment volume for 2012 decreased 0.7% ( 0.7 % ) due primarily to changes in trade inventories , partially offset by volume growth as a result of retail share gains . in the cigarette category , marlboro's 2012 retail share performance continued to benefit from the brand-building initiatives supporting marlboro's new architecture . marlboro's retail share for 2012 increased 0.6 share points versus 2011 to 42.6% ( 42.6 % ) . in january 2013 , pm usa expanded distribution of marlboro southern cut nationally . marlboro southern cut is part of the marlboro gold family . pm usa's 2012 retail share increased 0.8 share points versus 2011 , reflecting retail share gains by marlboro and by l&m in discount . these gains were partially offset by share losses on other portfolio brands . in the machine-made large cigars category , black & mild's retail share for 2012 increased 0.5 share points . the brand benefited from new untipped cigarillo varieties that were introduced in 2011 , black & mild seasonal offerings and the 2012 third-quarter introduction of black & mild jazz untipped cigarillos into select geographies . in december 2012 , middleton announced plans to launch nationally black & mild jazz cigars in both plastic tip and wood tip in the first quarter of 2013 . the following discussion compares smokeable products segment results for the year ended december 31 , 2011 with the year ended december 31 , 2010 . net revenues , which include excise taxes billed to customers , decreased $ 221 million ( 1.0% ( 1.0 % ) ) due to lower shipment volume ( $ 1051 million ) , partially offset by higher net pricing ( $ 830 million ) , which includes higher promotional investments . operating companies income increased $ 119 million ( 2.1% ( 2.1 % ) ) , due primarily to higher net pricing ( $ 831 million ) , which includes higher promotional investments , marketing , administration , and research savings reflecting cost reduction initiatives ( $ 198 million ) and 2010 implementation costs related to the closure of the cabarrus , north carolina manufacturing facility ( $ 75 million ) , partially offset by lower volume ( $ 527 million ) , higher asset impairment and exit costs due primarily to the 2011 cost reduction program ( $ 158 million ) , higher per unit settlement charges ( $ 120 million ) , higher charges related to tobacco and health judgments ( $ 87 million ) and higher fda user fees ( $ 73 million ) . for 2011 , total smokeable products shipment volume decreased 4.0% ( 4.0 % ) versus 2010 . pm usa's reported domestic cigarettes shipment volume declined 4.0% ( 4.0 % ) versus 2010 due primarily to retail share losses and one less shipping day , partially offset by changes in trade inventories . after adjusting for changes in trade inventories and one less shipping day , pm usa's 2011 domestic cigarette shipment volume was estimated to be down approximately 4% ( 4 % ) versus 2010 . pm usa believes that total cigarette category volume for 2011 decreased approximately 3.5% ( 3.5 % ) versus 2010 , when adjusted primarily for changes in trade inventories and one less shipping day . pm usa's total premium brands ( marlboro and other premium brands ) shipment volume decreased 4.3% ( 4.3 % ) . marlboro's shipment volume decreased 3.8% ( 3.8 % ) versus 2010 . in the discount brands , pm usa's shipment volume decreased 0.9% ( 0.9 % ) . pm usa's shipments of premium cigarettes accounted for 93.7% ( 93.7 % ) of its reported domestic cigarettes shipment volume for 2011 , down from 93.9% ( 93.9 % ) in 2010 . middleton's 2011 reported cigars shipment volume was unchanged versus 2010 . for 2011 , pm usa's retail share of the cigarette category declined 0.8 share points to 49.0% ( 49.0 % ) due primarily to retail share losses on marlboro . marlboro's 2011 retail share decreased 0.6 share points . in 2010 , marlboro delivered record full-year retail share results that were achieved at lower margin levels . middleton retained a leading share of the tipped cigarillo segment of the machine-made large cigars category , with a retail share of approximately 84% ( 84 % ) in 2011 . for 2011 , middleton's retail share of the cigar category increased 0.3 share points to 29.7% ( 29.7 % ) versus 2010 . black & mild's 2011 retail share increased 0.5 share points , as the brand benefited from new product introductions . during the fourth quarter of 2011 , middleton broadened its untipped cigarillo portfolio with new aroma wrap 2122 foil pouch packaging that accompanied the national introduction of black & mild wine . this new fourth- quarter packaging roll-out also included black & mild sweets and classic varieties . during the second quarter of 2011 , middleton entered into a contract manufacturing arrangement to source the production of a portion of its cigars overseas . middleton entered into this arrangement to access additional production capacity in an uncertain competitive environment and an excise tax environment that potentially benefits imported large cigars over those manufactured domestically . smokeless products segment the smokeless products segment's operating companies income grew during 2012 driven by higher pricing , copenhagen and skoal's combined volume and retail share performance and effective cost management . the following table summarizes smokeless products segment shipment volume performance : shipment volume for the years ended december 31 .

volume includes cans and packs sold , as well as promotional units , but excludes international volume , which is not material to the smokeless products segment . other includes certain usstc and pm usa smokeless products . new types of smokeless products , as well as new packaging configurations .

| | ( cans and packs in millions ) | shipment volumefor the years ended december 31 , 2012 | shipment volumefor the years ended december 31 , 2011 | shipment volumefor the years ended december 31 , 2010 | |---:|:---------------------------------|--------------------------------------------------------:|--------------------------------------------------------:|--------------------------------------------------------:| | 0 | copenhagen | 392.5 | 354.2 | 327.5 | | 1 | skoal | 288.4 | 286.8 | 274.4 | | 2 | copenhagenandskoal | 680.9 | 641 | 601.9 | | 3 | other | 82.4 | 93.6 | 122.5 | | 4 | total smokeless products | 763.3 | 734.6 | 724.4 |

middleton's reported cigars shipment volume for 2012 decreased 0.7% ( 0.7 % ) due primarily to changes in trade inventories , partially offset by volume growth as a result of retail share gains . in the cigarette category , marlboro's 2012 retail share performance continued to benefit from the brand-building initiatives supporting marlboro's new architecture . marlboro's retail share for 2012 increased 0.6 share points versus 2011 to 42.6% ( 42.6 % ) . in january 2013 , pm usa expanded distribution of marlboro southern cut nationally . marlboro southern cut is part of the marlboro gold family . pm usa's 2012 retail share increased 0.8 share points versus 2011 , reflecting retail share gains by marlboro and by l&m in discount . these gains were partially offset by share losses on other portfolio brands . in the machine-made large cigars category , black & mild's retail share for 2012 increased 0.5 share points . the brand benefited from new untipped cigarillo varieties that were introduced in 2011 , black & mild seasonal offerings and the 2012 third-quarter introduction of black & mild jazz untipped cigarillos into select geographies . in december 2012 , middleton announced plans to launch nationally black & mild jazz cigars in both plastic tip and wood tip in the first quarter of 2013 . the following discussion compares smokeable products segment results for the year ended december 31 , 2011 with the year ended december 31 , 2010 . net revenues , which include excise taxes billed to customers , decreased $ 221 million ( 1.0% ( 1.0 % ) ) due to lower shipment volume ( $ 1051 million ) , partially offset by higher net pricing ( $ 830 million ) , which includes higher promotional investments . operating companies income increased $ 119 million ( 2.1% ( 2.1 % ) ) , due primarily to higher net pricing ( $ 831 million ) , which includes higher promotional investments , marketing , administration , and research savings reflecting cost reduction initiatives ( $ 198 million ) and 2010 implementation costs related to the closure of the cabarrus , north carolina manufacturing facility ( $ 75 million ) , partially offset by lower volume ( $ 527 million ) , higher asset impairment and exit costs due primarily to the 2011 cost reduction program ( $ 158 million ) , higher per unit settlement charges ( $ 120 million ) , higher charges related to tobacco and health judgments ( $ 87 million ) and higher fda user fees ( $ 73 million ) . for 2011 , total smokeable products shipment volume decreased 4.0% ( 4.0 % ) versus 2010 . pm usa's reported domestic cigarettes shipment volume declined 4.0% ( 4.0 % ) versus 2010 due primarily to retail share losses and one less shipping day , partially offset by changes in trade inventories . after adjusting for changes in trade inventories and one less shipping day , pm usa's 2011 domestic cigarette shipment volume was estimated to be down approximately 4% ( 4 % ) versus 2010 . pm usa believes that total cigarette category volume for 2011 decreased approximately 3.5% ( 3.5 % ) versus 2010 , when adjusted primarily for changes in trade inventories and one less shipping day . pm usa's total premium brands ( marlboro and other premium brands ) shipment volume decreased 4.3% ( 4.3 % ) . marlboro's shipment volume decreased 3.8% ( 3.8 % ) versus 2010 . in the discount brands , pm usa's shipment volume decreased 0.9% ( 0.9 % ) . pm usa's shipments of premium cigarettes accounted for 93.7% ( 93.7 % ) of its reported domestic cigarettes shipment volume for 2011 , down from 93.9% ( 93.9 % ) in 2010 . middleton's 2011 reported cigars shipment volume was unchanged versus 2010 . for 2011 , pm usa's retail share of the cigarette category declined 0.8 share points to 49.0% ( 49.0 % ) due primarily to retail share losses on marlboro . marlboro's 2011 retail share decreased 0.6 share points . in 2010 , marlboro delivered record full-year retail share results that were achieved at lower margin levels . middleton retained a leading share of the tipped cigarillo segment of the machine-made large cigars category , with a retail share of approximately 84% ( 84 % ) in 2011 . for 2011 , middleton's retail share of the cigar category increased 0.3 share points to 29.7% ( 29.7 % ) versus 2010 . black & mild's 2011 retail share increased 0.5 share points , as the brand benefited from new product introductions . during the fourth quarter of 2011 , middleton broadened its untipped cigarillo portfolio with new aroma wrap 2122 foil pouch packaging that accompanied the national introduction of black & mild wine . this new fourth- quarter packaging roll-out also included black & mild sweets and classic varieties . during the second quarter of 2011 , middleton entered into a contract manufacturing arrangement to source the production of a portion of its cigars overseas . middleton entered into this arrangement to access additional production capacity in an uncertain competitive environment and an excise tax environment that potentially benefits imported large cigars over those manufactured domestically . smokeless products segment the smokeless products segment's operating companies income grew during 2012 driven by higher pricing , copenhagen and skoal's combined volume and retail share performance and effective cost management . the following table summarizes smokeless products segment shipment volume performance : shipment volume for the years ended december 31 ._| | ( cans and packs in millions ) | shipment volumefor the years ended december 31 , 2012 | shipment volumefor the years ended december 31 , 2011 | shipment volumefor the years ended december 31 , 2010 | |---:|:---------------------------------|--------------------------------------------------------:|--------------------------------------------------------:|--------------------------------------------------------:| | 0 | copenhagen | 392.5 | 354.2 | 327.5 | | 1 | skoal | 288.4 | 286.8 | 274.4 | | 2 | copenhagenandskoal | 680.9 | 641 | 601.9 | | 3 | other | 82.4 | 93.6 | 122.5 | | 4 | total smokeless products | 763.3 | 734.6 | 724.4 |_volume includes cans and packs sold , as well as promotional units , but excludes international volume , which is not material to the smokeless products segment . other includes certain usstc and pm usa smokeless products . new types of smokeless products , as well as new packaging configurations .

2,012

44

MO

Altria

Consumer Staples

Tobacco

Richmond, Virginia

1957-03-04

764,180

1985

what are the higher charges related to tobacco and health judgments as a percentage of the operating companies income increase?

73.1%

divide(87, 119)

middleton's reported cigars shipment volume for 2012 decreased 0.7% ( 0.7 % ) due primarily to changes in trade inventories , partially offset by volume growth as a result of retail share gains . in the cigarette category , marlboro's 2012 retail share performance continued to benefit from the brand-building initiatives supporting marlboro's new architecture . marlboro's retail share for 2012 increased 0.6 share points versus 2011 to 42.6% ( 42.6 % ) . in january 2013 , pm usa expanded distribution of marlboro southern cut nationally . marlboro southern cut is part of the marlboro gold family . pm usa's 2012 retail share increased 0.8 share points versus 2011 , reflecting retail share gains by marlboro and by l&m in discount . these gains were partially offset by share losses on other portfolio brands . in the machine-made large cigars category , black & mild's retail share for 2012 increased 0.5 share points . the brand benefited from new untipped cigarillo varieties that were introduced in 2011 , black & mild seasonal offerings and the 2012 third-quarter introduction of black & mild jazz untipped cigarillos into select geographies . in december 2012 , middleton announced plans to launch nationally black & mild jazz cigars in both plastic tip and wood tip in the first quarter of 2013 . the following discussion compares smokeable products segment results for the year ended december 31 , 2011 with the year ended december 31 , 2010 . net revenues , which include excise taxes billed to customers , decreased $ 221 million ( 1.0% ( 1.0 % ) ) due to lower shipment volume ( $ 1051 million ) , partially offset by higher net pricing ( $ 830 million ) , which includes higher promotional investments . operating companies income increased $ 119 million ( 2.1% ( 2.1 % ) ) , due primarily to higher net pricing ( $ 831 million ) , which includes higher promotional investments , marketing , administration , and research savings reflecting cost reduction initiatives ( $ 198 million ) and 2010 implementation costs related to the closure of the cabarrus , north carolina manufacturing facility ( $ 75 million ) , partially offset by lower volume ( $ 527 million ) , higher asset impairment and exit costs due primarily to the 2011 cost reduction program ( $ 158 million ) , higher per unit settlement charges ( $ 120 million ) , higher charges related to tobacco and health judgments ( $ 87 million ) and higher fda user fees ( $ 73 million ) . for 2011 , total smokeable products shipment volume decreased 4.0% ( 4.0 % ) versus 2010 . pm usa's reported domestic cigarettes shipment volume declined 4.0% ( 4.0 % ) versus 2010 due primarily to retail share losses and one less shipping day , partially offset by changes in trade inventories . after adjusting for changes in trade inventories and one less shipping day , pm usa's 2011 domestic cigarette shipment volume was estimated to be down approximately 4% ( 4 % ) versus 2010 . pm usa believes that total cigarette category volume for 2011 decreased approximately 3.5% ( 3.5 % ) versus 2010 , when adjusted primarily for changes in trade inventories and one less shipping day . pm usa's total premium brands ( marlboro and other premium brands ) shipment volume decreased 4.3% ( 4.3 % ) . marlboro's shipment volume decreased 3.8% ( 3.8 % ) versus 2010 . in the discount brands , pm usa's shipment volume decreased 0.9% ( 0.9 % ) . pm usa's shipments of premium cigarettes accounted for 93.7% ( 93.7 % ) of its reported domestic cigarettes shipment volume for 2011 , down from 93.9% ( 93.9 % ) in 2010 . middleton's 2011 reported cigars shipment volume was unchanged versus 2010 . for 2011 , pm usa's retail share of the cigarette category declined 0.8 share points to 49.0% ( 49.0 % ) due primarily to retail share losses on marlboro . marlboro's 2011 retail share decreased 0.6 share points . in 2010 , marlboro delivered record full-year retail share results that were achieved at lower margin levels . middleton retained a leading share of the tipped cigarillo segment of the machine-made large cigars category , with a retail share of approximately 84% ( 84 % ) in 2011 . for 2011 , middleton's retail share of the cigar category increased 0.3 share points to 29.7% ( 29.7 % ) versus 2010 . black & mild's 2011 retail share increased 0.5 share points , as the brand benefited from new product introductions . during the fourth quarter of 2011 , middleton broadened its untipped cigarillo portfolio with new aroma wrap 2122 foil pouch packaging that accompanied the national introduction of black & mild wine . this new fourth- quarter packaging roll-out also included black & mild sweets and classic varieties . during the second quarter of 2011 , middleton entered into a contract manufacturing arrangement to source the production of a portion of its cigars overseas . middleton entered into this arrangement to access additional production capacity in an uncertain competitive environment and an excise tax environment that potentially benefits imported large cigars over those manufactured domestically . smokeless products segment the smokeless products segment's operating companies income grew during 2012 driven by higher pricing , copenhagen and skoal's combined volume and retail share performance and effective cost management . the following table summarizes smokeless products segment shipment volume performance : shipment volume for the years ended december 31 .

volume includes cans and packs sold , as well as promotional units , but excludes international volume , which is not material to the smokeless products segment . other includes certain usstc and pm usa smokeless products . new types of smokeless products , as well as new packaging configurations .

| | ( cans and packs in millions ) | shipment volumefor the years ended december 31 , 2012 | shipment volumefor the years ended december 31 , 2011 | shipment volumefor the years ended december 31 , 2010 | |---:|:---------------------------------|--------------------------------------------------------:|--------------------------------------------------------:|--------------------------------------------------------:| | 0 | copenhagen | 392.5 | 354.2 | 327.5 | | 1 | skoal | 288.4 | 286.8 | 274.4 | | 2 | copenhagenandskoal | 680.9 | 641 | 601.9 | | 3 | other | 82.4 | 93.6 | 122.5 | | 4 | total smokeless products | 763.3 | 734.6 | 724.4 |

middleton's reported cigars shipment volume for 2012 decreased 0.7% ( 0.7 % ) due primarily to changes in trade inventories , partially offset by volume growth as a result of retail share gains . in the cigarette category , marlboro's 2012 retail share performance continued to benefit from the brand-building initiatives supporting marlboro's new architecture . marlboro's retail share for 2012 increased 0.6 share points versus 2011 to 42.6% ( 42.6 % ) . in january 2013 , pm usa expanded distribution of marlboro southern cut nationally . marlboro southern cut is part of the marlboro gold family . pm usa's 2012 retail share increased 0.8 share points versus 2011 , reflecting retail share gains by marlboro and by l&m in discount . these gains were partially offset by share losses on other portfolio brands . in the machine-made large cigars category , black & mild's retail share for 2012 increased 0.5 share points . the brand benefited from new untipped cigarillo varieties that were introduced in 2011 , black & mild seasonal offerings and the 2012 third-quarter introduction of black & mild jazz untipped cigarillos into select geographies . in december 2012 , middleton announced plans to launch nationally black & mild jazz cigars in both plastic tip and wood tip in the first quarter of 2013 . the following discussion compares smokeable products segment results for the year ended december 31 , 2011 with the year ended december 31 , 2010 . net revenues , which include excise taxes billed to customers , decreased $ 221 million ( 1.0% ( 1.0 % ) ) due to lower shipment volume ( $ 1051 million ) , partially offset by higher net pricing ( $ 830 million ) , which includes higher promotional investments . operating companies income increased $ 119 million ( 2.1% ( 2.1 % ) ) , due primarily to higher net pricing ( $ 831 million ) , which includes higher promotional investments , marketing , administration , and research savings reflecting cost reduction initiatives ( $ 198 million ) and 2010 implementation costs related to the closure of the cabarrus , north carolina manufacturing facility ( $ 75 million ) , partially offset by lower volume ( $ 527 million ) , higher asset impairment and exit costs due primarily to the 2011 cost reduction program ( $ 158 million ) , higher per unit settlement charges ( $ 120 million ) , higher charges related to tobacco and health judgments ( $ 87 million ) and higher fda user fees ( $ 73 million ) . for 2011 , total smokeable products shipment volume decreased 4.0% ( 4.0 % ) versus 2010 . pm usa's reported domestic cigarettes shipment volume declined 4.0% ( 4.0 % ) versus 2010 due primarily to retail share losses and one less shipping day , partially offset by changes in trade inventories . after adjusting for changes in trade inventories and one less shipping day , pm usa's 2011 domestic cigarette shipment volume was estimated to be down approximately 4% ( 4 % ) versus 2010 . pm usa believes that total cigarette category volume for 2011 decreased approximately 3.5% ( 3.5 % ) versus 2010 , when adjusted primarily for changes in trade inventories and one less shipping day . pm usa's total premium brands ( marlboro and other premium brands ) shipment volume decreased 4.3% ( 4.3 % ) . marlboro's shipment volume decreased 3.8% ( 3.8 % ) versus 2010 . in the discount brands , pm usa's shipment volume decreased 0.9% ( 0.9 % ) . pm usa's shipments of premium cigarettes accounted for 93.7% ( 93.7 % ) of its reported domestic cigarettes shipment volume for 2011 , down from 93.9% ( 93.9 % ) in 2010 . middleton's 2011 reported cigars shipment volume was unchanged versus 2010 . for 2011 , pm usa's retail share of the cigarette category declined 0.8 share points to 49.0% ( 49.0 % ) due primarily to retail share losses on marlboro . marlboro's 2011 retail share decreased 0.6 share points . in 2010 , marlboro delivered record full-year retail share results that were achieved at lower margin levels . middleton retained a leading share of the tipped cigarillo segment of the machine-made large cigars category , with a retail share of approximately 84% ( 84 % ) in 2011 . for 2011 , middleton's retail share of the cigar category increased 0.3 share points to 29.7% ( 29.7 % ) versus 2010 . black & mild's 2011 retail share increased 0.5 share points , as the brand benefited from new product introductions . during the fourth quarter of 2011 , middleton broadened its untipped cigarillo portfolio with new aroma wrap 2122 foil pouch packaging that accompanied the national introduction of black & mild wine . this new fourth- quarter packaging roll-out also included black & mild sweets and classic varieties . during the second quarter of 2011 , middleton entered into a contract manufacturing arrangement to source the production of a portion of its cigars overseas . middleton entered into this arrangement to access additional production capacity in an uncertain competitive environment and an excise tax environment that potentially benefits imported large cigars over those manufactured domestically . smokeless products segment the smokeless products segment's operating companies income grew during 2012 driven by higher pricing , copenhagen and skoal's combined volume and retail share performance and effective cost management . the following table summarizes smokeless products segment shipment volume performance : shipment volume for the years ended december 31 ._| | ( cans and packs in millions ) | shipment volumefor the years ended december 31 , 2012 | shipment volumefor the years ended december 31 , 2011 | shipment volumefor the years ended december 31 , 2010 | |---:|:---------------------------------|--------------------------------------------------------:|--------------------------------------------------------:|--------------------------------------------------------:| | 0 | copenhagen | 392.5 | 354.2 | 327.5 | | 1 | skoal | 288.4 | 286.8 | 274.4 | | 2 | copenhagenandskoal | 680.9 | 641 | 601.9 | | 3 | other | 82.4 | 93.6 | 122.5 | | 4 | total smokeless products | 763.3 | 734.6 | 724.4 |_volume includes cans and packs sold , as well as promotional units , but excludes international volume , which is not material to the smokeless products segment . other includes certain usstc and pm usa smokeless products . new types of smokeless products , as well as new packaging configurations .

2,012

44

MO

Altria

Consumer Staples

Tobacco

Richmond, Virginia

1957-03-04

764,180

1985

null

finqa359

what was the ratio of the debts to the assets in the purchase transaction

17.8%

divide(add(5829, 148527), 867558)

use of estimates the preparation of the financial statements requires management to make a number of estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period . actual results could differ from those estimates . ( 3 ) significant acquisitions and dispositions acquisitions we acquired total income producing real estate related assets of $ 219.9 million , $ 948.4 million and $ 295.6 million in 2007 , 2006 and 2005 , respectively . in december 2007 , in order to further establish our property positions around strategic port locations , we purchased a portfolio of five industrial buildings , in seattle , virginia and houston , as well as approximately 161 acres of undeveloped land and a 12-acre container storage facility in houston . the total price was $ 89.7 million and was financed in part through assumption of secured debt that had a fair value of $ 34.3 million . of the total purchase price , $ 66.1 million was allocated to in-service real estate assets , $ 20.0 million was allocated to undeveloped land and the container storage facility , $ 3.3 million was allocated to lease related intangible assets , and the remaining amount was allocated to acquired working capital related assets and liabilities . this allocation of purchase price based on the fair value of assets acquired is preliminary . the results of operations for the acquired properties since the date of acquisition have been included in continuing rental operations in our consolidated financial statements . in february 2007 , we completed the acquisition of bremner healthcare real estate ( 201cbremner 201d ) , a national health care development and management firm . the primary reason for the acquisition was to expand our development capabilities within the health care real estate market . the initial consideration paid to the sellers totaled $ 47.1 million , and the sellers may be eligible for further contingent payments over the next three years . approximately $ 39.0 million of the total purchase price was allocated to goodwill , which is attributable to the value of bremner 2019s overall development capabilities and its in-place workforce . the results of operations for bremner since the date of acquisition have been included in continuing operations in our consolidated financial statements . in february 2006 , we acquired the majority of a washington , d.c . metropolitan area portfolio of suburban office and light industrial properties ( the 201cmark winkler portfolio 201d ) . the assets acquired for a purchase price of approximately $ 867.6 million are comprised of 32 in-service properties with approximately 2.9 million square feet for rental , 166 acres of undeveloped land , as well as certain related assets of the mark winkler company , a real estate management company . the acquisition was financed primarily through assumed mortgage loans and new borrowings . the assets acquired and liabilities assumed were recorded at their estimated fair value at the date of acquisition , as summarized below ( in thousands ) : .

purchase price , net of assumed liabilities $ 713202 .

| | operating rental properties | $ 602011 | |---:|:------------------------------------------|:-------------------| | 0 | land held for development | 154300 | | 1 | total real estate investments | 756311 | | 2 | other assets | 10478 | | 3 | lease related intangible assets | 86047 | | 4 | goodwill | 14722 | | 5 | total assets acquired | 867558 | | 6 | debt assumed | -148527 ( 148527 ) | | 7 | other liabilities assumed | -5829 ( 5829 ) | | 8 | purchase price net of assumed liabilities | $ 713202 |

use of estimates the preparation of the financial statements requires management to make a number of estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period . actual results could differ from those estimates . ( 3 ) significant acquisitions and dispositions acquisitions we acquired total income producing real estate related assets of $ 219.9 million , $ 948.4 million and $ 295.6 million in 2007 , 2006 and 2005 , respectively . in december 2007 , in order to further establish our property positions around strategic port locations , we purchased a portfolio of five industrial buildings , in seattle , virginia and houston , as well as approximately 161 acres of undeveloped land and a 12-acre container storage facility in houston . the total price was $ 89.7 million and was financed in part through assumption of secured debt that had a fair value of $ 34.3 million . of the total purchase price , $ 66.1 million was allocated to in-service real estate assets , $ 20.0 million was allocated to undeveloped land and the container storage facility , $ 3.3 million was allocated to lease related intangible assets , and the remaining amount was allocated to acquired working capital related assets and liabilities . this allocation of purchase price based on the fair value of assets acquired is preliminary . the results of operations for the acquired properties since the date of acquisition have been included in continuing rental operations in our consolidated financial statements . in february 2007 , we completed the acquisition of bremner healthcare real estate ( 201cbremner 201d ) , a national health care development and management firm . the primary reason for the acquisition was to expand our development capabilities within the health care real estate market . the initial consideration paid to the sellers totaled $ 47.1 million , and the sellers may be eligible for further contingent payments over the next three years . approximately $ 39.0 million of the total purchase price was allocated to goodwill , which is attributable to the value of bremner 2019s overall development capabilities and its in-place workforce . the results of operations for bremner since the date of acquisition have been included in continuing operations in our consolidated financial statements . in february 2006 , we acquired the majority of a washington , d.c . metropolitan area portfolio of suburban office and light industrial properties ( the 201cmark winkler portfolio 201d ) . the assets acquired for a purchase price of approximately $ 867.6 million are comprised of 32 in-service properties with approximately 2.9 million square feet for rental , 166 acres of undeveloped land , as well as certain related assets of the mark winkler company , a real estate management company . the acquisition was financed primarily through assumed mortgage loans and new borrowings . the assets acquired and liabilities assumed were recorded at their estimated fair value at the date of acquisition , as summarized below ( in thousands ) : ._| | operating rental properties | $ 602011 | |---:|:------------------------------------------|:-------------------| | 0 | land held for development | 154300 | | 1 | total real estate investments | 756311 | | 2 | other assets | 10478 | | 3 | lease related intangible assets | 86047 | | 4 | goodwill | 14722 | | 5 | total assets acquired | 867558 | | 6 | debt assumed | -148527 ( 148527 ) | | 7 | other liabilities assumed | -5829 ( 5829 ) | | 8 | purchase price net of assumed liabilities | $ 713202 |_purchase price , net of assumed liabilities $ 713202 .

2,007

59

DRE

Duke Realty Corporation

Real Estate

Industrial REITs

Indianapolis, IN

2004-01-01

783,280

1972

what was the ratio of the debts to the assets in the purchase transaction

17.8%

divide(add(5829, 148527), 867558)

use of estimates the preparation of the financial statements requires management to make a number of estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period . actual results could differ from those estimates . ( 3 ) significant acquisitions and dispositions acquisitions we acquired total income producing real estate related assets of $ 219.9 million , $ 948.4 million and $ 295.6 million in 2007 , 2006 and 2005 , respectively . in december 2007 , in order to further establish our property positions around strategic port locations , we purchased a portfolio of five industrial buildings , in seattle , virginia and houston , as well as approximately 161 acres of undeveloped land and a 12-acre container storage facility in houston . the total price was $ 89.7 million and was financed in part through assumption of secured debt that had a fair value of $ 34.3 million . of the total purchase price , $ 66.1 million was allocated to in-service real estate assets , $ 20.0 million was allocated to undeveloped land and the container storage facility , $ 3.3 million was allocated to lease related intangible assets , and the remaining amount was allocated to acquired working capital related assets and liabilities . this allocation of purchase price based on the fair value of assets acquired is preliminary . the results of operations for the acquired properties since the date of acquisition have been included in continuing rental operations in our consolidated financial statements . in february 2007 , we completed the acquisition of bremner healthcare real estate ( 201cbremner 201d ) , a national health care development and management firm . the primary reason for the acquisition was to expand our development capabilities within the health care real estate market . the initial consideration paid to the sellers totaled $ 47.1 million , and the sellers may be eligible for further contingent payments over the next three years . approximately $ 39.0 million of the total purchase price was allocated to goodwill , which is attributable to the value of bremner 2019s overall development capabilities and its in-place workforce . the results of operations for bremner since the date of acquisition have been included in continuing operations in our consolidated financial statements . in february 2006 , we acquired the majority of a washington , d.c . metropolitan area portfolio of suburban office and light industrial properties ( the 201cmark winkler portfolio 201d ) . the assets acquired for a purchase price of approximately $ 867.6 million are comprised of 32 in-service properties with approximately 2.9 million square feet for rental , 166 acres of undeveloped land , as well as certain related assets of the mark winkler company , a real estate management company . the acquisition was financed primarily through assumed mortgage loans and new borrowings . the assets acquired and liabilities assumed were recorded at their estimated fair value at the date of acquisition , as summarized below ( in thousands ) : .

purchase price , net of assumed liabilities $ 713202 .

| | operating rental properties | $ 602011 | |---:|:------------------------------------------|:-------------------| | 0 | land held for development | 154300 | | 1 | total real estate investments | 756311 | | 2 | other assets | 10478 | | 3 | lease related intangible assets | 86047 | | 4 | goodwill | 14722 | | 5 | total assets acquired | 867558 | | 6 | debt assumed | -148527 ( 148527 ) | | 7 | other liabilities assumed | -5829 ( 5829 ) | | 8 | purchase price net of assumed liabilities | $ 713202 |

use of estimates the preparation of the financial statements requires management to make a number of estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period . actual results could differ from those estimates . ( 3 ) significant acquisitions and dispositions acquisitions we acquired total income producing real estate related assets of $ 219.9 million , $ 948.4 million and $ 295.6 million in 2007 , 2006 and 2005 , respectively . in december 2007 , in order to further establish our property positions around strategic port locations , we purchased a portfolio of five industrial buildings , in seattle , virginia and houston , as well as approximately 161 acres of undeveloped land and a 12-acre container storage facility in houston . the total price was $ 89.7 million and was financed in part through assumption of secured debt that had a fair value of $ 34.3 million . of the total purchase price , $ 66.1 million was allocated to in-service real estate assets , $ 20.0 million was allocated to undeveloped land and the container storage facility , $ 3.3 million was allocated to lease related intangible assets , and the remaining amount was allocated to acquired working capital related assets and liabilities . this allocation of purchase price based on the fair value of assets acquired is preliminary . the results of operations for the acquired properties since the date of acquisition have been included in continuing rental operations in our consolidated financial statements . in february 2007 , we completed the acquisition of bremner healthcare real estate ( 201cbremner 201d ) , a national health care development and management firm . the primary reason for the acquisition was to expand our development capabilities within the health care real estate market . the initial consideration paid to the sellers totaled $ 47.1 million , and the sellers may be eligible for further contingent payments over the next three years . approximately $ 39.0 million of the total purchase price was allocated to goodwill , which is attributable to the value of bremner 2019s overall development capabilities and its in-place workforce . the results of operations for bremner since the date of acquisition have been included in continuing operations in our consolidated financial statements . in february 2006 , we acquired the majority of a washington , d.c . metropolitan area portfolio of suburban office and light industrial properties ( the 201cmark winkler portfolio 201d ) . the assets acquired for a purchase price of approximately $ 867.6 million are comprised of 32 in-service properties with approximately 2.9 million square feet for rental , 166 acres of undeveloped land , as well as certain related assets of the mark winkler company , a real estate management company . the acquisition was financed primarily through assumed mortgage loans and new borrowings . the assets acquired and liabilities assumed were recorded at their estimated fair value at the date of acquisition , as summarized below ( in thousands ) : ._| | operating rental properties | $ 602011 | |---:|:------------------------------------------|:-------------------| | 0 | land held for development | 154300 | | 1 | total real estate investments | 756311 | | 2 | other assets | 10478 | | 3 | lease related intangible assets | 86047 | | 4 | goodwill | 14722 | | 5 | total assets acquired | 867558 | | 6 | debt assumed | -148527 ( 148527 ) | | 7 | other liabilities assumed | -5829 ( 5829 ) | | 8 | purchase price net of assumed liabilities | $ 713202 |_purchase price , net of assumed liabilities $ 713202 .

2,007

59

DRE

Duke Realty Corporation

Real Estate

Industrial REITs

Indianapolis, IN

2004-01-01

783,280

1972

null

finqa360

what percentage of long-term financing was classified as current at the end of 2005?

4%

divide(162153, 3613429)

american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the term of the economic rights agreement is seventy years ; however , tv azteca has the right to purchase , at fair market value , the economic rights from the company at any time during the last fifty years of the agreement . should tv azteca elect to purchase the economic rights ( in whole or in part ) , it would also be obligated to repay a proportional amount of the loan discussed above at the time of such election . the company 2019s obligation to pay tv azteca $ 1.5 million annually would also be reduced proportionally . the company has accounted for the annual payment of $ 1.5 million as a capital lease ( initially recording an asset and a corresponding liability of approximately $ 18.6 million ) . the capital lease asset and the discount on the note , which aggregate approximately $ 30.2 million , represent the cost to acquire the economic rights and are being amortized over the seventy-year life of the economic rights agreement . on a quarterly basis , the company assesses the recoverability of its note receivable from tv azteca . as of december 31 , 2005 and 2004 , the company has assessed the recoverability of the note receivable from tv azteca and concluded that no adjustment to its carrying value is required . an executive officer and former director of the company served as a director of tv azteca from december 1999 to february 2006 . as of december 31 , 2005 and 2004 , the company also had other long-term notes receivable outstanding of approximately $ 11.1 million and $ 11.2 million , respectively . 7 . financing arrangements outstanding amounts under the company 2019s long-term financing arrangements consisted of the following as of december 31 , ( in thousands ) : .

new credit facilities 2014in october 2005 , the company refinanced the two existing credit facilities of its principal operating subsidiaries . the company replaced the existing american tower $ 1.1 billion senior secured credit facility with a new $ 1.3 billion senior secured credit facility and replaced the existing spectrasite $ 900.0 million senior secured credit facility with a new $ 1.15 billion senior secured credit facility . as a result of the repayment of the previous credit facilities , the company recorded a net loss on retirement of long-term obligations of $ 9.8 million in the fourth quarter of 2005. .

| | | 2005 | 2004 | |---:|:-------------------------------------------------------------------------|:-------------------|:-------------------| | 0 | american tower credit facility | $ 793000 | $ 698000 | | 1 | spectrasite credit facility | 700000 | | | 2 | senior subordinated notes | 400000 | 400000 | | 3 | senior subordinated discount notes net of discount and warrant valuation | 160252 | 303755 | | 4 | senior notes net of discount and premium | 726754 | 1001817 | | 5 | convertible notes net of discount | 773058 | 830056 | | 6 | notes payable and capital leases | 60365 | 59986 | | 7 | total | 3613429 | 3293614 | | 8 | less current portion of other long-term obligations | -162153 ( 162153 ) | -138386 ( 138386 ) | | 9 | long-term debt | $ 3451276 | $ 3155228 |

american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the term of the economic rights agreement is seventy years ; however , tv azteca has the right to purchase , at fair market value , the economic rights from the company at any time during the last fifty years of the agreement . should tv azteca elect to purchase the economic rights ( in whole or in part ) , it would also be obligated to repay a proportional amount of the loan discussed above at the time of such election . the company 2019s obligation to pay tv azteca $ 1.5 million annually would also be reduced proportionally . the company has accounted for the annual payment of $ 1.5 million as a capital lease ( initially recording an asset and a corresponding liability of approximately $ 18.6 million ) . the capital lease asset and the discount on the note , which aggregate approximately $ 30.2 million , represent the cost to acquire the economic rights and are being amortized over the seventy-year life of the economic rights agreement . on a quarterly basis , the company assesses the recoverability of its note receivable from tv azteca . as of december 31 , 2005 and 2004 , the company has assessed the recoverability of the note receivable from tv azteca and concluded that no adjustment to its carrying value is required . an executive officer and former director of the company served as a director of tv azteca from december 1999 to february 2006 . as of december 31 , 2005 and 2004 , the company also had other long-term notes receivable outstanding of approximately $ 11.1 million and $ 11.2 million , respectively . 7 . financing arrangements outstanding amounts under the company 2019s long-term financing arrangements consisted of the following as of december 31 , ( in thousands ) : ._| | | 2005 | 2004 | |---:|:-------------------------------------------------------------------------|:-------------------|:-------------------| | 0 | american tower credit facility | $ 793000 | $ 698000 | | 1 | spectrasite credit facility | 700000 | | | 2 | senior subordinated notes | 400000 | 400000 | | 3 | senior subordinated discount notes net of discount and warrant valuation | 160252 | 303755 | | 4 | senior notes net of discount and premium | 726754 | 1001817 | | 5 | convertible notes net of discount | 773058 | 830056 | | 6 | notes payable and capital leases | 60365 | 59986 | | 7 | total | 3613429 | 3293614 | | 8 | less current portion of other long-term obligations | -162153 ( 162153 ) | -138386 ( 138386 ) | | 9 | long-term debt | $ 3451276 | $ 3155228 |_new credit facilities 2014in october 2005 , the company refinanced the two existing credit facilities of its principal operating subsidiaries . the company replaced the existing american tower $ 1.1 billion senior secured credit facility with a new $ 1.3 billion senior secured credit facility and replaced the existing spectrasite $ 900.0 million senior secured credit facility with a new $ 1.15 billion senior secured credit facility . as a result of the repayment of the previous credit facilities , the company recorded a net loss on retirement of long-term obligations of $ 9.8 million in the fourth quarter of 2005. .

2,005

85

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

what percentage of long-term financing was classified as current at the end of 2005?

4%

divide(162153, 3613429)

american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the term of the economic rights agreement is seventy years ; however , tv azteca has the right to purchase , at fair market value , the economic rights from the company at any time during the last fifty years of the agreement . should tv azteca elect to purchase the economic rights ( in whole or in part ) , it would also be obligated to repay a proportional amount of the loan discussed above at the time of such election . the company 2019s obligation to pay tv azteca $ 1.5 million annually would also be reduced proportionally . the company has accounted for the annual payment of $ 1.5 million as a capital lease ( initially recording an asset and a corresponding liability of approximately $ 18.6 million ) . the capital lease asset and the discount on the note , which aggregate approximately $ 30.2 million , represent the cost to acquire the economic rights and are being amortized over the seventy-year life of the economic rights agreement . on a quarterly basis , the company assesses the recoverability of its note receivable from tv azteca . as of december 31 , 2005 and 2004 , the company has assessed the recoverability of the note receivable from tv azteca and concluded that no adjustment to its carrying value is required . an executive officer and former director of the company served as a director of tv azteca from december 1999 to february 2006 . as of december 31 , 2005 and 2004 , the company also had other long-term notes receivable outstanding of approximately $ 11.1 million and $ 11.2 million , respectively . 7 . financing arrangements outstanding amounts under the company 2019s long-term financing arrangements consisted of the following as of december 31 , ( in thousands ) : .

new credit facilities 2014in october 2005 , the company refinanced the two existing credit facilities of its principal operating subsidiaries . the company replaced the existing american tower $ 1.1 billion senior secured credit facility with a new $ 1.3 billion senior secured credit facility and replaced the existing spectrasite $ 900.0 million senior secured credit facility with a new $ 1.15 billion senior secured credit facility . as a result of the repayment of the previous credit facilities , the company recorded a net loss on retirement of long-term obligations of $ 9.8 million in the fourth quarter of 2005. .

| | | 2005 | 2004 | |---:|:-------------------------------------------------------------------------|:-------------------|:-------------------| | 0 | american tower credit facility | $ 793000 | $ 698000 | | 1 | spectrasite credit facility | 700000 | | | 2 | senior subordinated notes | 400000 | 400000 | | 3 | senior subordinated discount notes net of discount and warrant valuation | 160252 | 303755 | | 4 | senior notes net of discount and premium | 726754 | 1001817 | | 5 | convertible notes net of discount | 773058 | 830056 | | 6 | notes payable and capital leases | 60365 | 59986 | | 7 | total | 3613429 | 3293614 | | 8 | less current portion of other long-term obligations | -162153 ( 162153 ) | -138386 ( 138386 ) | | 9 | long-term debt | $ 3451276 | $ 3155228 |

american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the term of the economic rights agreement is seventy years ; however , tv azteca has the right to purchase , at fair market value , the economic rights from the company at any time during the last fifty years of the agreement . should tv azteca elect to purchase the economic rights ( in whole or in part ) , it would also be obligated to repay a proportional amount of the loan discussed above at the time of such election . the company 2019s obligation to pay tv azteca $ 1.5 million annually would also be reduced proportionally . the company has accounted for the annual payment of $ 1.5 million as a capital lease ( initially recording an asset and a corresponding liability of approximately $ 18.6 million ) . the capital lease asset and the discount on the note , which aggregate approximately $ 30.2 million , represent the cost to acquire the economic rights and are being amortized over the seventy-year life of the economic rights agreement . on a quarterly basis , the company assesses the recoverability of its note receivable from tv azteca . as of december 31 , 2005 and 2004 , the company has assessed the recoverability of the note receivable from tv azteca and concluded that no adjustment to its carrying value is required . an executive officer and former director of the company served as a director of tv azteca from december 1999 to february 2006 . as of december 31 , 2005 and 2004 , the company also had other long-term notes receivable outstanding of approximately $ 11.1 million and $ 11.2 million , respectively . 7 . financing arrangements outstanding amounts under the company 2019s long-term financing arrangements consisted of the following as of december 31 , ( in thousands ) : ._| | | 2005 | 2004 | |---:|:-------------------------------------------------------------------------|:-------------------|:-------------------| | 0 | american tower credit facility | $ 793000 | $ 698000 | | 1 | spectrasite credit facility | 700000 | | | 2 | senior subordinated notes | 400000 | 400000 | | 3 | senior subordinated discount notes net of discount and warrant valuation | 160252 | 303755 | | 4 | senior notes net of discount and premium | 726754 | 1001817 | | 5 | convertible notes net of discount | 773058 | 830056 | | 6 | notes payable and capital leases | 60365 | 59986 | | 7 | total | 3613429 | 3293614 | | 8 | less current portion of other long-term obligations | -162153 ( 162153 ) | -138386 ( 138386 ) | | 9 | long-term debt | $ 3451276 | $ 3155228 |_new credit facilities 2014in october 2005 , the company refinanced the two existing credit facilities of its principal operating subsidiaries . the company replaced the existing american tower $ 1.1 billion senior secured credit facility with a new $ 1.3 billion senior secured credit facility and replaced the existing spectrasite $ 900.0 million senior secured credit facility with a new $ 1.15 billion senior secured credit facility . as a result of the repayment of the previous credit facilities , the company recorded a net loss on retirement of long-term obligations of $ 9.8 million in the fourth quarter of 2005. .

2,005

85

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

null

finqa361

in 2017 what was the percent of the common stock authorized that was issued and outstanding for the class a common stock

33.9%

divide(339235, 1000000)

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

in 2017 what was the percent of the common stock authorized that was issued and outstanding for the class a common stock

33.9%

divide(339235, 1000000)

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

finqa362

what percent of total commitments expire in less than 1 year?

82%

divide(2505, 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

what percent of total commitments expire in less than 1 year?

82%

divide(2505, 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

finqa363

what percentage of the total purchase price net of cash acquired is goodwill?

78%

divide(142.1, 182.2)

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 7 . acquisitions ( continued ) 12 months after the acquisition date will be disbursed to harpoon medical , inc . 2019s former shareholders . acquisition-related costs of $ 0.4 million were recorded in 201cselling , general , and administrative expenses 201d during the year ended december 31 , 2017 . harpoon medical , inc . is a medical technology company pioneering beating-heart repair for degenerative mitral regurgitation . the company plans to add this technology to its portfolio of mitral and tricuspid repair products . the acquisition was accounted for as a business combination . tangible and intangible assets acquired were recorded based on their estimated fair values at the acquisition date . the excess of the purchase price over the fair value of net assets acquired was recorded to goodwill . the following table summarizes the fair values of the assets acquired and liabilities assumed ( in millions ) : .

goodwill includes expected synergies and other benefits the company believes will result from the acquisition . goodwill was assigned to the company 2019s united states segment and is not deductible for tax purposes . ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods . the fair value of the ipr&d was determined using the income approach . this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return . the discount rates used to determine the fair value of the ipr&d ranged from 18.0% ( 18.0 % ) to 19.0% ( 19.0 % ) . completion of successful design developments , bench testing , pre-clinical studies and human clinical studies are required prior to selling any product . the risks and uncertainties associated with completing development within a reasonable period of time include those related to the design , development , and manufacturability of the product , the success of pre-clinical and clinical studies , and the timing of regulatory approvals . the valuation assumed $ 41.4 million of additional research and development expenditures would be incurred prior to the date of product introduction . in the valuation , net cash inflows were modeled to commence in europe in 2018 , and in the united states and japan in 2022 . upon completion of development , the underlying research and development asset will be amortized over its estimated useful life . the results of operations for harpoon medical , inc . have been included in the accompanying consolidated financial statements from the date of acquisition . pro forma results have not been presented as the results of harpoon medical , inc . are not material in relation to the consolidated financial statements of the company . valtech cardio ltd . on november 26 , 2016 , the company entered into an agreement and plan of merger to acquire valtech cardio ltd . ( 201cvaltech 201d ) for approximately $ 340.0 million , subject to certain adjustments , with the potential for up to an additional $ 350.0 million in pre-specified milestone-driven payments over the next 10 years . the .

| | current assets | $ 3.6 | |---:|:------------------------------------------|:---------------| | 0 | property and equipment net | 0.3 | | 1 | goodwill | 142.1 | | 2 | ipr&d | 53.1 | | 3 | other assets | 0.1 | | 4 | current liabilities assumed | -0.8 ( 0.8 ) | | 5 | deferred income taxes | -12.7 ( 12.7 ) | | 6 | total purchase price | 185.7 | | 7 | less : cash acquired | -3.5 ( 3.5 ) | | 8 | total purchase price net of cash acquired | $ 182.2 |

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 7 . acquisitions ( continued ) 12 months after the acquisition date will be disbursed to harpoon medical , inc . 2019s former shareholders . acquisition-related costs of $ 0.4 million were recorded in 201cselling , general , and administrative expenses 201d during the year ended december 31 , 2017 . harpoon medical , inc . is a medical technology company pioneering beating-heart repair for degenerative mitral regurgitation . the company plans to add this technology to its portfolio of mitral and tricuspid repair products . the acquisition was accounted for as a business combination . tangible and intangible assets acquired were recorded based on their estimated fair values at the acquisition date . the excess of the purchase price over the fair value of net assets acquired was recorded to goodwill . the following table summarizes the fair values of the assets acquired and liabilities assumed ( in millions ) : ._| | current assets | $ 3.6 | |---:|:------------------------------------------|:---------------| | 0 | property and equipment net | 0.3 | | 1 | goodwill | 142.1 | | 2 | ipr&d | 53.1 | | 3 | other assets | 0.1 | | 4 | current liabilities assumed | -0.8 ( 0.8 ) | | 5 | deferred income taxes | -12.7 ( 12.7 ) | | 6 | total purchase price | 185.7 | | 7 | less : cash acquired | -3.5 ( 3.5 ) | | 8 | total purchase price net of cash acquired | $ 182.2 |_goodwill includes expected synergies and other benefits the company believes will result from the acquisition . goodwill was assigned to the company 2019s united states segment and is not deductible for tax purposes . ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods . the fair value of the ipr&d was determined using the income approach . this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return . the discount rates used to determine the fair value of the ipr&d ranged from 18.0% ( 18.0 % ) to 19.0% ( 19.0 % ) . completion of successful design developments , bench testing , pre-clinical studies and human clinical studies are required prior to selling any product . the risks and uncertainties associated with completing development within a reasonable period of time include those related to the design , development , and manufacturability of the product , the success of pre-clinical and clinical studies , and the timing of regulatory approvals . the valuation assumed $ 41.4 million of additional research and development expenditures would be incurred prior to the date of product introduction . in the valuation , net cash inflows were modeled to commence in europe in 2018 , and in the united states and japan in 2022 . upon completion of development , the underlying research and development asset will be amortized over its estimated useful life . the results of operations for harpoon medical , inc . have been included in the accompanying consolidated financial statements from the date of acquisition . pro forma results have not been presented as the results of harpoon medical , inc . are not material in relation to the consolidated financial statements of the company . valtech cardio ltd . on november 26 , 2016 , the company entered into an agreement and plan of merger to acquire valtech cardio ltd . ( 201cvaltech 201d ) for approximately $ 340.0 million , subject to certain adjustments , with the potential for up to an additional $ 350.0 million in pre-specified milestone-driven payments over the next 10 years . the .

2,017

82

EW

Edwards Lifesciences

Health Care

Health Care Equipment

Irvine, California

2011-04-01

1,099,800

1958

what percentage of the total purchase price net of cash acquired is goodwill?

78%

divide(142.1, 182.2)

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 7 . acquisitions ( continued ) 12 months after the acquisition date will be disbursed to harpoon medical , inc . 2019s former shareholders . acquisition-related costs of $ 0.4 million were recorded in 201cselling , general , and administrative expenses 201d during the year ended december 31 , 2017 . harpoon medical , inc . is a medical technology company pioneering beating-heart repair for degenerative mitral regurgitation . the company plans to add this technology to its portfolio of mitral and tricuspid repair products . the acquisition was accounted for as a business combination . tangible and intangible assets acquired were recorded based on their estimated fair values at the acquisition date . the excess of the purchase price over the fair value of net assets acquired was recorded to goodwill . the following table summarizes the fair values of the assets acquired and liabilities assumed ( in millions ) : .

goodwill includes expected synergies and other benefits the company believes will result from the acquisition . goodwill was assigned to the company 2019s united states segment and is not deductible for tax purposes . ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods . the fair value of the ipr&d was determined using the income approach . this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return . the discount rates used to determine the fair value of the ipr&d ranged from 18.0% ( 18.0 % ) to 19.0% ( 19.0 % ) . completion of successful design developments , bench testing , pre-clinical studies and human clinical studies are required prior to selling any product . the risks and uncertainties associated with completing development within a reasonable period of time include those related to the design , development , and manufacturability of the product , the success of pre-clinical and clinical studies , and the timing of regulatory approvals . the valuation assumed $ 41.4 million of additional research and development expenditures would be incurred prior to the date of product introduction . in the valuation , net cash inflows were modeled to commence in europe in 2018 , and in the united states and japan in 2022 . upon completion of development , the underlying research and development asset will be amortized over its estimated useful life . the results of operations for harpoon medical , inc . have been included in the accompanying consolidated financial statements from the date of acquisition . pro forma results have not been presented as the results of harpoon medical , inc . are not material in relation to the consolidated financial statements of the company . valtech cardio ltd . on november 26 , 2016 , the company entered into an agreement and plan of merger to acquire valtech cardio ltd . ( 201cvaltech 201d ) for approximately $ 340.0 million , subject to certain adjustments , with the potential for up to an additional $ 350.0 million in pre-specified milestone-driven payments over the next 10 years . the .

| | current assets | $ 3.6 | |---:|:------------------------------------------|:---------------| | 0 | property and equipment net | 0.3 | | 1 | goodwill | 142.1 | | 2 | ipr&d | 53.1 | | 3 | other assets | 0.1 | | 4 | current liabilities assumed | -0.8 ( 0.8 ) | | 5 | deferred income taxes | -12.7 ( 12.7 ) | | 6 | total purchase price | 185.7 | | 7 | less : cash acquired | -3.5 ( 3.5 ) | | 8 | total purchase price net of cash acquired | $ 182.2 |

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 7 . acquisitions ( continued ) 12 months after the acquisition date will be disbursed to harpoon medical , inc . 2019s former shareholders . acquisition-related costs of $ 0.4 million were recorded in 201cselling , general , and administrative expenses 201d during the year ended december 31 , 2017 . harpoon medical , inc . is a medical technology company pioneering beating-heart repair for degenerative mitral regurgitation . the company plans to add this technology to its portfolio of mitral and tricuspid repair products . the acquisition was accounted for as a business combination . tangible and intangible assets acquired were recorded based on their estimated fair values at the acquisition date . the excess of the purchase price over the fair value of net assets acquired was recorded to goodwill . the following table summarizes the fair values of the assets acquired and liabilities assumed ( in millions ) : ._| | current assets | $ 3.6 | |---:|:------------------------------------------|:---------------| | 0 | property and equipment net | 0.3 | | 1 | goodwill | 142.1 | | 2 | ipr&d | 53.1 | | 3 | other assets | 0.1 | | 4 | current liabilities assumed | -0.8 ( 0.8 ) | | 5 | deferred income taxes | -12.7 ( 12.7 ) | | 6 | total purchase price | 185.7 | | 7 | less : cash acquired | -3.5 ( 3.5 ) | | 8 | total purchase price net of cash acquired | $ 182.2 |_goodwill includes expected synergies and other benefits the company believes will result from the acquisition . goodwill was assigned to the company 2019s united states segment and is not deductible for tax purposes . ipr&d has been capitalized at fair value as an intangible asset with an indefinite life and will be assessed for impairment in subsequent periods . the fair value of the ipr&d was determined using the income approach . this approach determines fair value based on cash flow projections which are discounted to present value using a risk-adjusted rate of return . the discount rates used to determine the fair value of the ipr&d ranged from 18.0% ( 18.0 % ) to 19.0% ( 19.0 % ) . completion of successful design developments , bench testing , pre-clinical studies and human clinical studies are required prior to selling any product . the risks and uncertainties associated with completing development within a reasonable period of time include those related to the design , development , and manufacturability of the product , the success of pre-clinical and clinical studies , and the timing of regulatory approvals . the valuation assumed $ 41.4 million of additional research and development expenditures would be incurred prior to the date of product introduction . in the valuation , net cash inflows were modeled to commence in europe in 2018 , and in the united states and japan in 2022 . upon completion of development , the underlying research and development asset will be amortized over its estimated useful life . the results of operations for harpoon medical , inc . have been included in the accompanying consolidated financial statements from the date of acquisition . pro forma results have not been presented as the results of harpoon medical , inc . are not material in relation to the consolidated financial statements of the company . valtech cardio ltd . on november 26 , 2016 , the company entered into an agreement and plan of merger to acquire valtech cardio ltd . ( 201cvaltech 201d ) for approximately $ 340.0 million , subject to certain adjustments , with the potential for up to an additional $ 350.0 million in pre-specified milestone-driven payments over the next 10 years . the .

2,017

82

EW

Edwards Lifesciences

Health Care

Health Care Equipment

Irvine, California

2011-04-01

1,099,800

1958

null

finqa364

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

10.8%

divide(subtract(110.78, 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 is the roi of nasdaq composite from 2008 to 2012?

10.8%

divide(subtract(110.78, 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

finqa365

in december 2011 what was the ratio of the receivables to the credit facility outstanding

2368.3

divide(118415, 50)

entergy louisiana , llc and subsidiaries management 2019s financial discussion and analysis all debt and common and preferred membership interest issuances by entergy louisiana require prior regulatory approval . preferred membership interest and debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements . entergy louisiana has sufficient capacity under these tests to meet its foreseeable capital needs . entergy louisiana 2019s receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years: .

see note 4 to the financial statements for a description of the money pool . entergy louisiana has a credit facility in the amount of $ 200 million scheduled to expire in august 2012 . as of december 31 , 2011 , $ 50 million was outstanding on the credit facility . entergy louisiana obtained short-term borrowing authorization from the ferc under which it may borrow through october 2013 , up to the aggregate amount , at any one time outstanding , of $ 250 million . see note 4 to the financial statements for further discussion of entergy louisiana 2019s short-term borrowing limits . entergy louisiana has also obtained an order from the ferc authorizing long-term securities issuances through july 2013 . in january 2012 , entergy louisiana issued $ 250 million of 1.875% ( 1.875 % ) series first mortgage bonds due december 2014 . entergy louisiana used the proceeds to repay short-term borrowings under the entergy system money pool . little gypsy repowering project in april 2007 , entergy louisiana announced that it intended to pursue the solid fuel repowering of a 538 mw unit at its little gypsy plant . in march 2009 the lpsc voted in favor of a motion directing entergy louisiana to temporarily suspend the repowering project and , based upon an analysis of the project 2019s economic viability , to make a recommendation regarding whether to proceed with the project . this action was based upon a number of factors including the recent decline in natural gas prices , as well as environmental concerns , the unknown costs of carbon legislation and changes in the capital/financial markets . in april 2009 , entergy louisiana complied with the lpsc 2019s directive and recommended that the project be suspended for an extended period of time of three years or more . in may 2009 the lpsc issued an order declaring that entergy louisiana 2019s decision to place the little gypsy project into a longer-term suspension of three years or more is in the public interest and prudent . in october 2009 , entergy louisiana made a filing with the lpsc seeking permission to cancel the little gypsy repowering project and seeking project cost recovery over a five-year period . in june 2010 and august 2010 , the lpsc staff and intervenors filed testimony . the lpsc staff ( 1 ) agreed that it was prudent to move the project from long-term suspension to cancellation and that the timing of the decision to suspend on a longer-term basis was not imprudent ; ( 2 ) indicated that , except for $ 0.8 million in compensation-related costs , the costs incurred should be deemed prudent ; ( 3 ) recommended recovery from customers over ten years but stated that the lpsc may want to consider 15 years ; ( 4 ) allowed for recovery of carrying costs and earning a return on project costs , but at a reduced rate approximating the cost of debt , while also acknowledging that the lpsc may consider ordering no return ; and ( 5 ) indicated that entergy louisiana should be directed to securitize project costs , if legally feasible and in the public interest . in the third quarter 2010 , in accordance with accounting standards , entergy louisiana determined that it was probable that the little gypsy repowering project would be abandoned and accordingly reclassified $ 199.8 million of project costs from construction work in progress to a regulatory asset . a hearing on the issues , except for cost allocation among customer classes , was held before the alj in november 2010 . in january 2011 all parties participated in a mediation on the disputed issues , resulting in a settlement of all disputed issues , including cost recovery and cost allocation . the settlement provides for entergy louisiana to recover $ 200 million as of march 31 , 2011 , and carrying costs on that amount on specified terms thereafter . the settlement also provides for entergy louisiana to recover the approved project costs by securitization . in april 2011 , entergy .

| | 2011 | 2010 | 2009 | 2008 | |---:|:-----------------|:-----------------|:-----------------|:-----------------| | 0 | ( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands ) | | 1 | ( $ 118415 ) | $ 49887 | $ 52807 | $ 61236 |

entergy louisiana , llc and subsidiaries management 2019s financial discussion and analysis all debt and common and preferred membership interest issuances by entergy louisiana require prior regulatory approval . preferred membership interest and debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements . entergy louisiana has sufficient capacity under these tests to meet its foreseeable capital needs . entergy louisiana 2019s receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years: ._| | 2011 | 2010 | 2009 | 2008 | |---:|:-----------------|:-----------------|:-----------------|:-----------------| | 0 | ( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands ) | | 1 | ( $ 118415 ) | $ 49887 | $ 52807 | $ 61236 |_see note 4 to the financial statements for a description of the money pool . entergy louisiana has a credit facility in the amount of $ 200 million scheduled to expire in august 2012 . as of december 31 , 2011 , $ 50 million was outstanding on the credit facility . entergy louisiana obtained short-term borrowing authorization from the ferc under which it may borrow through october 2013 , up to the aggregate amount , at any one time outstanding , of $ 250 million . see note 4 to the financial statements for further discussion of entergy louisiana 2019s short-term borrowing limits . entergy louisiana has also obtained an order from the ferc authorizing long-term securities issuances through july 2013 . in january 2012 , entergy louisiana issued $ 250 million of 1.875% ( 1.875 % ) series first mortgage bonds due december 2014 . entergy louisiana used the proceeds to repay short-term borrowings under the entergy system money pool . little gypsy repowering project in april 2007 , entergy louisiana announced that it intended to pursue the solid fuel repowering of a 538 mw unit at its little gypsy plant . in march 2009 the lpsc voted in favor of a motion directing entergy louisiana to temporarily suspend the repowering project and , based upon an analysis of the project 2019s economic viability , to make a recommendation regarding whether to proceed with the project . this action was based upon a number of factors including the recent decline in natural gas prices , as well as environmental concerns , the unknown costs of carbon legislation and changes in the capital/financial markets . in april 2009 , entergy louisiana complied with the lpsc 2019s directive and recommended that the project be suspended for an extended period of time of three years or more . in may 2009 the lpsc issued an order declaring that entergy louisiana 2019s decision to place the little gypsy project into a longer-term suspension of three years or more is in the public interest and prudent . in october 2009 , entergy louisiana made a filing with the lpsc seeking permission to cancel the little gypsy repowering project and seeking project cost recovery over a five-year period . in june 2010 and august 2010 , the lpsc staff and intervenors filed testimony . the lpsc staff ( 1 ) agreed that it was prudent to move the project from long-term suspension to cancellation and that the timing of the decision to suspend on a longer-term basis was not imprudent ; ( 2 ) indicated that , except for $ 0.8 million in compensation-related costs , the costs incurred should be deemed prudent ; ( 3 ) recommended recovery from customers over ten years but stated that the lpsc may want to consider 15 years ; ( 4 ) allowed for recovery of carrying costs and earning a return on project costs , but at a reduced rate approximating the cost of debt , while also acknowledging that the lpsc may consider ordering no return ; and ( 5 ) indicated that entergy louisiana should be directed to securitize project costs , if legally feasible and in the public interest . in the third quarter 2010 , in accordance with accounting standards , entergy louisiana determined that it was probable that the little gypsy repowering project would be abandoned and accordingly reclassified $ 199.8 million of project costs from construction work in progress to a regulatory asset . a hearing on the issues , except for cost allocation among customer classes , was held before the alj in november 2010 . in january 2011 all parties participated in a mediation on the disputed issues , resulting in a settlement of all disputed issues , including cost recovery and cost allocation . the settlement provides for entergy louisiana to recover $ 200 million as of march 31 , 2011 , and carrying costs on that amount on specified terms thereafter . the settlement also provides for entergy louisiana to recover the approved project costs by securitization . in april 2011 , entergy .

2,011

324

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

in december 2011 what was the ratio of the receivables to the credit facility outstanding

2368.3

divide(118415, 50)

entergy louisiana , llc and subsidiaries management 2019s financial discussion and analysis all debt and common and preferred membership interest issuances by entergy louisiana require prior regulatory approval . preferred membership interest and debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements . entergy louisiana has sufficient capacity under these tests to meet its foreseeable capital needs . entergy louisiana 2019s receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years: .

see note 4 to the financial statements for a description of the money pool . entergy louisiana has a credit facility in the amount of $ 200 million scheduled to expire in august 2012 . as of december 31 , 2011 , $ 50 million was outstanding on the credit facility . entergy louisiana obtained short-term borrowing authorization from the ferc under which it may borrow through october 2013 , up to the aggregate amount , at any one time outstanding , of $ 250 million . see note 4 to the financial statements for further discussion of entergy louisiana 2019s short-term borrowing limits . entergy louisiana has also obtained an order from the ferc authorizing long-term securities issuances through july 2013 . in january 2012 , entergy louisiana issued $ 250 million of 1.875% ( 1.875 % ) series first mortgage bonds due december 2014 . entergy louisiana used the proceeds to repay short-term borrowings under the entergy system money pool . little gypsy repowering project in april 2007 , entergy louisiana announced that it intended to pursue the solid fuel repowering of a 538 mw unit at its little gypsy plant . in march 2009 the lpsc voted in favor of a motion directing entergy louisiana to temporarily suspend the repowering project and , based upon an analysis of the project 2019s economic viability , to make a recommendation regarding whether to proceed with the project . this action was based upon a number of factors including the recent decline in natural gas prices , as well as environmental concerns , the unknown costs of carbon legislation and changes in the capital/financial markets . in april 2009 , entergy louisiana complied with the lpsc 2019s directive and recommended that the project be suspended for an extended period of time of three years or more . in may 2009 the lpsc issued an order declaring that entergy louisiana 2019s decision to place the little gypsy project into a longer-term suspension of three years or more is in the public interest and prudent . in october 2009 , entergy louisiana made a filing with the lpsc seeking permission to cancel the little gypsy repowering project and seeking project cost recovery over a five-year period . in june 2010 and august 2010 , the lpsc staff and intervenors filed testimony . the lpsc staff ( 1 ) agreed that it was prudent to move the project from long-term suspension to cancellation and that the timing of the decision to suspend on a longer-term basis was not imprudent ; ( 2 ) indicated that , except for $ 0.8 million in compensation-related costs , the costs incurred should be deemed prudent ; ( 3 ) recommended recovery from customers over ten years but stated that the lpsc may want to consider 15 years ; ( 4 ) allowed for recovery of carrying costs and earning a return on project costs , but at a reduced rate approximating the cost of debt , while also acknowledging that the lpsc may consider ordering no return ; and ( 5 ) indicated that entergy louisiana should be directed to securitize project costs , if legally feasible and in the public interest . in the third quarter 2010 , in accordance with accounting standards , entergy louisiana determined that it was probable that the little gypsy repowering project would be abandoned and accordingly reclassified $ 199.8 million of project costs from construction work in progress to a regulatory asset . a hearing on the issues , except for cost allocation among customer classes , was held before the alj in november 2010 . in january 2011 all parties participated in a mediation on the disputed issues , resulting in a settlement of all disputed issues , including cost recovery and cost allocation . the settlement provides for entergy louisiana to recover $ 200 million as of march 31 , 2011 , and carrying costs on that amount on specified terms thereafter . the settlement also provides for entergy louisiana to recover the approved project costs by securitization . in april 2011 , entergy .

| | 2011 | 2010 | 2009 | 2008 | |---:|:-----------------|:-----------------|:-----------------|:-----------------| | 0 | ( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands ) | | 1 | ( $ 118415 ) | $ 49887 | $ 52807 | $ 61236 |

entergy louisiana , llc and subsidiaries management 2019s financial discussion and analysis all debt and common and preferred membership interest issuances by entergy louisiana require prior regulatory approval . preferred membership interest and debt issuances are also subject to issuance tests set forth in its bond indentures and other agreements . entergy louisiana has sufficient capacity under these tests to meet its foreseeable capital needs . entergy louisiana 2019s receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years: ._| | 2011 | 2010 | 2009 | 2008 | |---:|:-----------------|:-----------------|:-----------------|:-----------------| | 0 | ( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands ) | | 1 | ( $ 118415 ) | $ 49887 | $ 52807 | $ 61236 |_see note 4 to the financial statements for a description of the money pool . entergy louisiana has a credit facility in the amount of $ 200 million scheduled to expire in august 2012 . as of december 31 , 2011 , $ 50 million was outstanding on the credit facility . entergy louisiana obtained short-term borrowing authorization from the ferc under which it may borrow through october 2013 , up to the aggregate amount , at any one time outstanding , of $ 250 million . see note 4 to the financial statements for further discussion of entergy louisiana 2019s short-term borrowing limits . entergy louisiana has also obtained an order from the ferc authorizing long-term securities issuances through july 2013 . in january 2012 , entergy louisiana issued $ 250 million of 1.875% ( 1.875 % ) series first mortgage bonds due december 2014 . entergy louisiana used the proceeds to repay short-term borrowings under the entergy system money pool . little gypsy repowering project in april 2007 , entergy louisiana announced that it intended to pursue the solid fuel repowering of a 538 mw unit at its little gypsy plant . in march 2009 the lpsc voted in favor of a motion directing entergy louisiana to temporarily suspend the repowering project and , based upon an analysis of the project 2019s economic viability , to make a recommendation regarding whether to proceed with the project . this action was based upon a number of factors including the recent decline in natural gas prices , as well as environmental concerns , the unknown costs of carbon legislation and changes in the capital/financial markets . in april 2009 , entergy louisiana complied with the lpsc 2019s directive and recommended that the project be suspended for an extended period of time of three years or more . in may 2009 the lpsc issued an order declaring that entergy louisiana 2019s decision to place the little gypsy project into a longer-term suspension of three years or more is in the public interest and prudent . in october 2009 , entergy louisiana made a filing with the lpsc seeking permission to cancel the little gypsy repowering project and seeking project cost recovery over a five-year period . in june 2010 and august 2010 , the lpsc staff and intervenors filed testimony . the lpsc staff ( 1 ) agreed that it was prudent to move the project from long-term suspension to cancellation and that the timing of the decision to suspend on a longer-term basis was not imprudent ; ( 2 ) indicated that , except for $ 0.8 million in compensation-related costs , the costs incurred should be deemed prudent ; ( 3 ) recommended recovery from customers over ten years but stated that the lpsc may want to consider 15 years ; ( 4 ) allowed for recovery of carrying costs and earning a return on project costs , but at a reduced rate approximating the cost of debt , while also acknowledging that the lpsc may consider ordering no return ; and ( 5 ) indicated that entergy louisiana should be directed to securitize project costs , if legally feasible and in the public interest . in the third quarter 2010 , in accordance with accounting standards , entergy louisiana determined that it was probable that the little gypsy repowering project would be abandoned and accordingly reclassified $ 199.8 million of project costs from construction work in progress to a regulatory asset . a hearing on the issues , except for cost allocation among customer classes , was held before the alj in november 2010 . in january 2011 all parties participated in a mediation on the disputed issues , resulting in a settlement of all disputed issues , including cost recovery and cost allocation . the settlement provides for entergy louisiana to recover $ 200 million as of march 31 , 2011 , and carrying costs on that amount on specified terms thereafter . the settlement also provides for entergy louisiana to recover the approved project costs by securitization . in april 2011 , entergy .

2,011

324

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa366

what is the fair value of all notes due by 2019 ? in millions $ .

2672

add(1134, add(753, 785))

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 is the fair value of all notes due by 2019 ? in millions $ .

2672

add(1134, add(753, 785))

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

finqa367

in 2002 what was the ratio of the annual cash sinking fund requirements for debt outstanding that was due in 2004 to 2005

1.7

divide(925005, 540372)

entergy corporation notes to consolidated financial statements ( d ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on october 1 , 2003 and will then be remarketed . ( e ) on june 1 , 2002 , entergy louisiana remarketed $ 55 million st . charles parish pollution control revenue refunding bonds due 2030 , resetting the interest rate to 4.9% ( 4.9 % ) through may 2005 . ( f ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on june 1 , 2005 and will then be remarketed . ( g ) the fair value excludes lease obligations , long-term doe obligations , and other long-term debt and includes debt due within one year . it is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms . the annual long-term debt maturities ( excluding lease obligations ) and annual cash sinking fund requirements for debt outstanding as of december 31 , 2002 , for the next five years are as follows ( in thousands ) : .

not included are other sinking fund requirements of approximately $ 30.2 million annually , which may be satisfied by cash or by certification of property additions at the rate of 167% ( 167 % ) of such requirements . in december 2002 , when the damhead creek project was sold , the buyer of the project assumed all obligations under the damhead creek credit facilities and the damhead creek interest rate swap agreements . in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . in accordance with the purchase agreement with nypa , the purchase of indian point 2 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . covenants in the entergy corporation 7.75% ( 7.75 % ) notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization . if entergy's debt ratio exceeds this limit , or if entergy or certain of the domestic utility companies default on other credit facilities or are in bankruptcy or insolvency proceedings , an acceleration of the facility's maturity may occur . in january 2003 , entergy paid in full , at maturity , the outstanding debt relating to the top of iowa wind project . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : fffd maintain system energy's equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short-term debt ) ; fffd permit the continued commercial operation of grand gulf 1 ; fffd pay in full all system energy indebtedness for borrowed money when due ; and fffd enable system energy to make payments on specific system energy debt , under supplements to the agreement assigning system energy's rights in the agreement as security for the specific debt. .

| | 2003 | $ 1150786 | |---:|-------:|:------------| | 0 | 2004 | $ 925005 | | 1 | 2005 | $ 540372 | | 2 | 2006 | $ 139952 | | 3 | 2007 | $ 475288 |

entergy corporation notes to consolidated financial statements ( d ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on october 1 , 2003 and will then be remarketed . ( e ) on june 1 , 2002 , entergy louisiana remarketed $ 55 million st . charles parish pollution control revenue refunding bonds due 2030 , resetting the interest rate to 4.9% ( 4.9 % ) through may 2005 . ( f ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on june 1 , 2005 and will then be remarketed . ( g ) the fair value excludes lease obligations , long-term doe obligations , and other long-term debt and includes debt due within one year . it is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms . the annual long-term debt maturities ( excluding lease obligations ) and annual cash sinking fund requirements for debt outstanding as of december 31 , 2002 , for the next five years are as follows ( in thousands ) : ._| | 2003 | $ 1150786 | |---:|-------:|:------------| | 0 | 2004 | $ 925005 | | 1 | 2005 | $ 540372 | | 2 | 2006 | $ 139952 | | 3 | 2007 | $ 475288 |_not included are other sinking fund requirements of approximately $ 30.2 million annually , which may be satisfied by cash or by certification of property additions at the rate of 167% ( 167 % ) of such requirements . in december 2002 , when the damhead creek project was sold , the buyer of the project assumed all obligations under the damhead creek credit facilities and the damhead creek interest rate swap agreements . in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . in accordance with the purchase agreement with nypa , the purchase of indian point 2 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . covenants in the entergy corporation 7.75% ( 7.75 % ) notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization . if entergy's debt ratio exceeds this limit , or if entergy or certain of the domestic utility companies default on other credit facilities or are in bankruptcy or insolvency proceedings , an acceleration of the facility's maturity may occur . in january 2003 , entergy paid in full , at maturity , the outstanding debt relating to the top of iowa wind project . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : fffd maintain system energy's equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short-term debt ) ; fffd permit the continued commercial operation of grand gulf 1 ; fffd pay in full all system energy indebtedness for borrowed money when due ; and fffd enable system energy to make payments on specific system energy debt , under supplements to the agreement assigning system energy's rights in the agreement as security for the specific debt. .

2,002

86

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

in 2002 what was the ratio of the annual cash sinking fund requirements for debt outstanding that was due in 2004 to 2005

1.7

divide(925005, 540372)

entergy corporation notes to consolidated financial statements ( d ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on october 1 , 2003 and will then be remarketed . ( e ) on june 1 , 2002 , entergy louisiana remarketed $ 55 million st . charles parish pollution control revenue refunding bonds due 2030 , resetting the interest rate to 4.9% ( 4.9 % ) through may 2005 . ( f ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on june 1 , 2005 and will then be remarketed . ( g ) the fair value excludes lease obligations , long-term doe obligations , and other long-term debt and includes debt due within one year . it is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms . the annual long-term debt maturities ( excluding lease obligations ) and annual cash sinking fund requirements for debt outstanding as of december 31 , 2002 , for the next five years are as follows ( in thousands ) : .

not included are other sinking fund requirements of approximately $ 30.2 million annually , which may be satisfied by cash or by certification of property additions at the rate of 167% ( 167 % ) of such requirements . in december 2002 , when the damhead creek project was sold , the buyer of the project assumed all obligations under the damhead creek credit facilities and the damhead creek interest rate swap agreements . in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . in accordance with the purchase agreement with nypa , the purchase of indian point 2 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . covenants in the entergy corporation 7.75% ( 7.75 % ) notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization . if entergy's debt ratio exceeds this limit , or if entergy or certain of the domestic utility companies default on other credit facilities or are in bankruptcy or insolvency proceedings , an acceleration of the facility's maturity may occur . in january 2003 , entergy paid in full , at maturity , the outstanding debt relating to the top of iowa wind project . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : fffd maintain system energy's equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short-term debt ) ; fffd permit the continued commercial operation of grand gulf 1 ; fffd pay in full all system energy indebtedness for borrowed money when due ; and fffd enable system energy to make payments on specific system energy debt , under supplements to the agreement assigning system energy's rights in the agreement as security for the specific debt. .

| | 2003 | $ 1150786 | |---:|-------:|:------------| | 0 | 2004 | $ 925005 | | 1 | 2005 | $ 540372 | | 2 | 2006 | $ 139952 | | 3 | 2007 | $ 475288 |

entergy corporation notes to consolidated financial statements ( d ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on october 1 , 2003 and will then be remarketed . ( e ) on june 1 , 2002 , entergy louisiana remarketed $ 55 million st . charles parish pollution control revenue refunding bonds due 2030 , resetting the interest rate to 4.9% ( 4.9 % ) through may 2005 . ( f ) the bonds are subject to mandatory tender for purchase from the holders at 100% ( 100 % ) of the principal amount outstanding on june 1 , 2005 and will then be remarketed . ( g ) the fair value excludes lease obligations , long-term doe obligations , and other long-term debt and includes debt due within one year . it is determined using bid prices reported by dealer markets and by nationally recognized investment banking firms . the annual long-term debt maturities ( excluding lease obligations ) and annual cash sinking fund requirements for debt outstanding as of december 31 , 2002 , for the next five years are as follows ( in thousands ) : ._| | 2003 | $ 1150786 | |---:|-------:|:------------| | 0 | 2004 | $ 925005 | | 1 | 2005 | $ 540372 | | 2 | 2006 | $ 139952 | | 3 | 2007 | $ 475288 |_not included are other sinking fund requirements of approximately $ 30.2 million annually , which may be satisfied by cash or by certification of property additions at the rate of 167% ( 167 % ) of such requirements . in december 2002 , when the damhead creek project was sold , the buyer of the project assumed all obligations under the damhead creek credit facilities and the damhead creek interest rate swap agreements . in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . in accordance with the purchase agreement with nypa , the purchase of indian point 2 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . covenants in the entergy corporation 7.75% ( 7.75 % ) notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization . if entergy's debt ratio exceeds this limit , or if entergy or certain of the domestic utility companies default on other credit facilities or are in bankruptcy or insolvency proceedings , an acceleration of the facility's maturity may occur . in january 2003 , entergy paid in full , at maturity , the outstanding debt relating to the top of iowa wind project . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : fffd maintain system energy's equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short-term debt ) ; fffd permit the continued commercial operation of grand gulf 1 ; fffd pay in full all system energy indebtedness for borrowed money when due ; and fffd enable system energy to make payments on specific system energy debt , under supplements to the agreement assigning system energy's rights in the agreement as security for the specific debt. .

2,002

86

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa368

what portion of total backlog is related to ingalls segment?

49.4%

divide(8905, 18038)

uss abraham lincoln rcoh , the construction preparation contract for cvn-79 john f . kennedy and the inactivation contract for cvn-65 uss enterprise , partially offset by lower volumes on the execution contract for the cvn-71 uss theodore roosevelt rcoh and the construction and engineering contracts for cvn-78 gerald r . ford . higher revenues in fleet support services were primarily the result of volumes associated with repair work on ssn-765 uss montpelier . increased submarines revenues were related to the ssn-774 virginia-class submarine program , primarily driven by higher volumes on block iii boats and the advance procurement contract on block iv boats , partially offset by lower volumes on block ii boats following the delivery of ssn-783 uss minnesota . segment operating income 2014 - newport news operating income in 2014 was $ 415 million , compared to income of $ 402 million in 2013 . the increase was primarily related to the volume changes discussed above and higher risk retirement on the construction contract for cvn-78 gerald r . ford , offset by lower risk retirement on the cvn-71 uss theodore roosevelt rcoh . 2013 - newport news operating income in 2013 was $ 402 million , compared to income of $ 372 million in 2012 . the increase was primarily related to the ssn-774 virginia-class submarine program , driven by risk retirement , performance improvement and the favorable resolution of outstanding contract changes , as well as risk retirement on the execution contract for the cvn-71 uss theodore roosevelt rcoh and the absence in 2013 of the workers' compensation expense adjustment recorded in 2012 , partially offset by the favorable resolution in 2012 of outstanding contract changes on the cvn-65 uss enterprise edsra . revenues at our other segment for the year ended december 31 , 2014 , were $ 137 million , primarily due to the acquisition of upi on may 30 , 2014 . other operating loss for the year ended december 31 , 2014 , was $ 59 million , primarily due to the goodwill impairment charge of $ 47 million described above . backlog total backlog as of december 31 , 2014 , was approximately $ 21 billion . total backlog includes both funded backlog ( firm orders for which funding is contractually obligated by the customer ) and unfunded backlog ( firm orders for which funding is not currently contractually obligated by the customer ) . backlog excludes unexercised contract options and unfunded indefinite delivery/indefinite quantity orders . for contracts having no stated contract values , backlog includes only the amounts committed by the customer . the following table presents funded and unfunded backlog by segment as of december 31 , 2014 and 2013: .

we expect approximately 28% ( 28 % ) of the $ 21 billion total backlog as of december 31 , 2014 , to be converted into sales in 2015 . u.s . government orders comprised substantially all of the backlog as of december 31 , 2014 and 2013 . awards 2014 - the value of new contract awards during the year ended december 31 , 2014 , was approximately $ 10.1 billion . significant new awards in 2014 included contracts for block iv of the ssn-774 virginia-class submarine program , continued construction preparation for cvn-79 john f . kennedy and construction of nsc-7 kimball . 2013 - the value of new contract awards during the year ended december 31 , 2013 , was approximately $ 9.4 billion . significant new awards in 2013 included contracts for the construction of five ddg-51 arleigh burke-class this proof is printed at 96% ( 96 % ) of original size this line represents final trim and will not print .

| | ( $ in millions ) | december 31 2014 funded | december 31 2014 unfunded | december 31 2014 total backlog | december 31 2014 funded | december 31 2014 unfunded | total backlog | |---:|:--------------------|:--------------------------|:----------------------------|:---------------------------------|:--------------------------|:----------------------------|:----------------| | 0 | ingalls | $ 5609 | $ 1889 | $ 7498 | $ 6335 | $ 2570 | $ 8905 | | 1 | newport news | 6158 | 7709 | 13867 | 5495 | 3638 | 9133 | | 2 | other | 65 | 2014 | 65 | 2014 | 2014 | 2014 | | 3 | total backlog | $ 11832 | $ 9598 | $ 21430 | $ 11830 | $ 6208 | $ 18038 |

uss abraham lincoln rcoh , the construction preparation contract for cvn-79 john f . kennedy and the inactivation contract for cvn-65 uss enterprise , partially offset by lower volumes on the execution contract for the cvn-71 uss theodore roosevelt rcoh and the construction and engineering contracts for cvn-78 gerald r . ford . higher revenues in fleet support services were primarily the result of volumes associated with repair work on ssn-765 uss montpelier . increased submarines revenues were related to the ssn-774 virginia-class submarine program , primarily driven by higher volumes on block iii boats and the advance procurement contract on block iv boats , partially offset by lower volumes on block ii boats following the delivery of ssn-783 uss minnesota . segment operating income 2014 - newport news operating income in 2014 was $ 415 million , compared to income of $ 402 million in 2013 . the increase was primarily related to the volume changes discussed above and higher risk retirement on the construction contract for cvn-78 gerald r . ford , offset by lower risk retirement on the cvn-71 uss theodore roosevelt rcoh . 2013 - newport news operating income in 2013 was $ 402 million , compared to income of $ 372 million in 2012 . the increase was primarily related to the ssn-774 virginia-class submarine program , driven by risk retirement , performance improvement and the favorable resolution of outstanding contract changes , as well as risk retirement on the execution contract for the cvn-71 uss theodore roosevelt rcoh and the absence in 2013 of the workers' compensation expense adjustment recorded in 2012 , partially offset by the favorable resolution in 2012 of outstanding contract changes on the cvn-65 uss enterprise edsra . revenues at our other segment for the year ended december 31 , 2014 , were $ 137 million , primarily due to the acquisition of upi on may 30 , 2014 . other operating loss for the year ended december 31 , 2014 , was $ 59 million , primarily due to the goodwill impairment charge of $ 47 million described above . backlog total backlog as of december 31 , 2014 , was approximately $ 21 billion . total backlog includes both funded backlog ( firm orders for which funding is contractually obligated by the customer ) and unfunded backlog ( firm orders for which funding is not currently contractually obligated by the customer ) . backlog excludes unexercised contract options and unfunded indefinite delivery/indefinite quantity orders . for contracts having no stated contract values , backlog includes only the amounts committed by the customer . the following table presents funded and unfunded backlog by segment as of december 31 , 2014 and 2013: ._| | ( $ in millions ) | december 31 2014 funded | december 31 2014 unfunded | december 31 2014 total backlog | december 31 2014 funded | december 31 2014 unfunded | total backlog | |---:|:--------------------|:--------------------------|:----------------------------|:---------------------------------|:--------------------------|:----------------------------|:----------------| | 0 | ingalls | $ 5609 | $ 1889 | $ 7498 | $ 6335 | $ 2570 | $ 8905 | | 1 | newport news | 6158 | 7709 | 13867 | 5495 | 3638 | 9133 | | 2 | other | 65 | 2014 | 65 | 2014 | 2014 | 2014 | | 3 | total backlog | $ 11832 | $ 9598 | $ 21430 | $ 11830 | $ 6208 | $ 18038 |_we expect approximately 28% ( 28 % ) of the $ 21 billion total backlog as of december 31 , 2014 , to be converted into sales in 2015 . u.s . government orders comprised substantially all of the backlog as of december 31 , 2014 and 2013 . awards 2014 - the value of new contract awards during the year ended december 31 , 2014 , was approximately $ 10.1 billion . significant new awards in 2014 included contracts for block iv of the ssn-774 virginia-class submarine program , continued construction preparation for cvn-79 john f . kennedy and construction of nsc-7 kimball . 2013 - the value of new contract awards during the year ended december 31 , 2013 , was approximately $ 9.4 billion . significant new awards in 2013 included contracts for the construction of five ddg-51 arleigh burke-class this proof is printed at 96% ( 96 % ) of original size this line represents final trim and will not print .

2,014

69

HII

Huntington Ingalls Industries

Industrials

Aerospace & Defense

Newport News, Virginia

2018-01-03

1,501,585

2011

what portion of total backlog is related to ingalls segment?

49.4%

divide(8905, 18038)

uss abraham lincoln rcoh , the construction preparation contract for cvn-79 john f . kennedy and the inactivation contract for cvn-65 uss enterprise , partially offset by lower volumes on the execution contract for the cvn-71 uss theodore roosevelt rcoh and the construction and engineering contracts for cvn-78 gerald r . ford . higher revenues in fleet support services were primarily the result of volumes associated with repair work on ssn-765 uss montpelier . increased submarines revenues were related to the ssn-774 virginia-class submarine program , primarily driven by higher volumes on block iii boats and the advance procurement contract on block iv boats , partially offset by lower volumes on block ii boats following the delivery of ssn-783 uss minnesota . segment operating income 2014 - newport news operating income in 2014 was $ 415 million , compared to income of $ 402 million in 2013 . the increase was primarily related to the volume changes discussed above and higher risk retirement on the construction contract for cvn-78 gerald r . ford , offset by lower risk retirement on the cvn-71 uss theodore roosevelt rcoh . 2013 - newport news operating income in 2013 was $ 402 million , compared to income of $ 372 million in 2012 . the increase was primarily related to the ssn-774 virginia-class submarine program , driven by risk retirement , performance improvement and the favorable resolution of outstanding contract changes , as well as risk retirement on the execution contract for the cvn-71 uss theodore roosevelt rcoh and the absence in 2013 of the workers' compensation expense adjustment recorded in 2012 , partially offset by the favorable resolution in 2012 of outstanding contract changes on the cvn-65 uss enterprise edsra . revenues at our other segment for the year ended december 31 , 2014 , were $ 137 million , primarily due to the acquisition of upi on may 30 , 2014 . other operating loss for the year ended december 31 , 2014 , was $ 59 million , primarily due to the goodwill impairment charge of $ 47 million described above . backlog total backlog as of december 31 , 2014 , was approximately $ 21 billion . total backlog includes both funded backlog ( firm orders for which funding is contractually obligated by the customer ) and unfunded backlog ( firm orders for which funding is not currently contractually obligated by the customer ) . backlog excludes unexercised contract options and unfunded indefinite delivery/indefinite quantity orders . for contracts having no stated contract values , backlog includes only the amounts committed by the customer . the following table presents funded and unfunded backlog by segment as of december 31 , 2014 and 2013: .

we expect approximately 28% ( 28 % ) of the $ 21 billion total backlog as of december 31 , 2014 , to be converted into sales in 2015 . u.s . government orders comprised substantially all of the backlog as of december 31 , 2014 and 2013 . awards 2014 - the value of new contract awards during the year ended december 31 , 2014 , was approximately $ 10.1 billion . significant new awards in 2014 included contracts for block iv of the ssn-774 virginia-class submarine program , continued construction preparation for cvn-79 john f . kennedy and construction of nsc-7 kimball . 2013 - the value of new contract awards during the year ended december 31 , 2013 , was approximately $ 9.4 billion . significant new awards in 2013 included contracts for the construction of five ddg-51 arleigh burke-class this proof is printed at 96% ( 96 % ) of original size this line represents final trim and will not print .

| | ( $ in millions ) | december 31 2014 funded | december 31 2014 unfunded | december 31 2014 total backlog | december 31 2014 funded | december 31 2014 unfunded | total backlog | |---:|:--------------------|:--------------------------|:----------------------------|:---------------------------------|:--------------------------|:----------------------------|:----------------| | 0 | ingalls | $ 5609 | $ 1889 | $ 7498 | $ 6335 | $ 2570 | $ 8905 | | 1 | newport news | 6158 | 7709 | 13867 | 5495 | 3638 | 9133 | | 2 | other | 65 | 2014 | 65 | 2014 | 2014 | 2014 | | 3 | total backlog | $ 11832 | $ 9598 | $ 21430 | $ 11830 | $ 6208 | $ 18038 |

uss abraham lincoln rcoh , the construction preparation contract for cvn-79 john f . kennedy and the inactivation contract for cvn-65 uss enterprise , partially offset by lower volumes on the execution contract for the cvn-71 uss theodore roosevelt rcoh and the construction and engineering contracts for cvn-78 gerald r . ford . higher revenues in fleet support services were primarily the result of volumes associated with repair work on ssn-765 uss montpelier . increased submarines revenues were related to the ssn-774 virginia-class submarine program , primarily driven by higher volumes on block iii boats and the advance procurement contract on block iv boats , partially offset by lower volumes on block ii boats following the delivery of ssn-783 uss minnesota . segment operating income 2014 - newport news operating income in 2014 was $ 415 million , compared to income of $ 402 million in 2013 . the increase was primarily related to the volume changes discussed above and higher risk retirement on the construction contract for cvn-78 gerald r . ford , offset by lower risk retirement on the cvn-71 uss theodore roosevelt rcoh . 2013 - newport news operating income in 2013 was $ 402 million , compared to income of $ 372 million in 2012 . the increase was primarily related to the ssn-774 virginia-class submarine program , driven by risk retirement , performance improvement and the favorable resolution of outstanding contract changes , as well as risk retirement on the execution contract for the cvn-71 uss theodore roosevelt rcoh and the absence in 2013 of the workers' compensation expense adjustment recorded in 2012 , partially offset by the favorable resolution in 2012 of outstanding contract changes on the cvn-65 uss enterprise edsra . revenues at our other segment for the year ended december 31 , 2014 , were $ 137 million , primarily due to the acquisition of upi on may 30 , 2014 . other operating loss for the year ended december 31 , 2014 , was $ 59 million , primarily due to the goodwill impairment charge of $ 47 million described above . backlog total backlog as of december 31 , 2014 , was approximately $ 21 billion . total backlog includes both funded backlog ( firm orders for which funding is contractually obligated by the customer ) and unfunded backlog ( firm orders for which funding is not currently contractually obligated by the customer ) . backlog excludes unexercised contract options and unfunded indefinite delivery/indefinite quantity orders . for contracts having no stated contract values , backlog includes only the amounts committed by the customer . the following table presents funded and unfunded backlog by segment as of december 31 , 2014 and 2013: ._| | ( $ in millions ) | december 31 2014 funded | december 31 2014 unfunded | december 31 2014 total backlog | december 31 2014 funded | december 31 2014 unfunded | total backlog | |---:|:--------------------|:--------------------------|:----------------------------|:---------------------------------|:--------------------------|:----------------------------|:----------------| | 0 | ingalls | $ 5609 | $ 1889 | $ 7498 | $ 6335 | $ 2570 | $ 8905 | | 1 | newport news | 6158 | 7709 | 13867 | 5495 | 3638 | 9133 | | 2 | other | 65 | 2014 | 65 | 2014 | 2014 | 2014 | | 3 | total backlog | $ 11832 | $ 9598 | $ 21430 | $ 11830 | $ 6208 | $ 18038 |_we expect approximately 28% ( 28 % ) of the $ 21 billion total backlog as of december 31 , 2014 , to be converted into sales in 2015 . u.s . government orders comprised substantially all of the backlog as of december 31 , 2014 and 2013 . awards 2014 - the value of new contract awards during the year ended december 31 , 2014 , was approximately $ 10.1 billion . significant new awards in 2014 included contracts for block iv of the ssn-774 virginia-class submarine program , continued construction preparation for cvn-79 john f . kennedy and construction of nsc-7 kimball . 2013 - the value of new contract awards during the year ended december 31 , 2013 , was approximately $ 9.4 billion . significant new awards in 2013 included contracts for the construction of five ddg-51 arleigh burke-class this proof is printed at 96% ( 96 % ) of original size this line represents final trim and will not print .

2,014

69

HII

Huntington Ingalls Industries

Industrials

Aerospace & Defense

Newport News, Virginia

2018-01-03

1,501,585

2011

null

finqa369

what is the number of shares outstanding based on the cash dividends paid during 2006 , in millions?

102.5

divide(41, divide(40, const_100))

page 31 of 94 other liquidity items cash payments required for long-term debt maturities , rental payments under noncancellable operating leases , purchase obligations and other commitments in effect at december 31 , 2007 , are summarized in the following table: .

total payments on contractual obligations $ 9517.7 $ 2918.1 $ 3985.2 $ 1947.0 $ 667.4 ( a ) amounts reported in local currencies have been translated at the year-end exchange rates . ( b ) for variable rate facilities , amounts are based on interest rates in effect at year end and do not contemplate the effects of hedging instruments . ( c ) the company 2019s purchase obligations include contracted amounts for aluminum , steel , plastic resin and other direct materials . also included are commitments for purchases of natural gas and electricity , aerospace and technologies contracts and other less significant items . in cases where variable prices and/or usage are involved , management 2019s best estimates have been used . depending on the circumstances , early termination of the contracts may not result in penalties and , therefore , actual payments could vary significantly . contributions to the company 2019s defined benefit pension plans , not including the unfunded german plans , are expected to be $ 49 million in 2008 . this estimate may change based on plan asset performance . benefit payments related to these plans are expected to be $ 66 million , $ 70 million , $ 74 million , $ 77 million and $ 82 million for the years ending december 31 , 2008 through 2012 , respectively , and a total of $ 473 million for the years 2013 through 2017 . payments to participants in the unfunded german plans are expected to be approximately $ 26 million in each of the years 2008 through 2012 and a total of $ 136 million for the years 2013 through 2017 . in accordance with united kingdom pension regulations , ball has provided an a38 million guarantee to the plan for its defined benefit plan in the united kingdom . if the company 2019s credit rating falls below specified levels , ball will be required to either : ( 1 ) contribute an additional a38 million to the plan ; ( 2 ) provide a letter of credit to the plan in that amount or ( 3 ) if imposed by the appropriate regulatory agency , provide a lien on company assets in that amount for the benefit of the plan . the guarantee can be removed upon approval by both ball and the pension plan trustees . our share repurchase program in 2007 was $ 211.3 million , net of issuances , compared to $ 45.7 million net repurchases in 2006 and $ 358.1 million in 2005 . the net repurchases included the $ 51.9 million settlement on january 5 , 2007 , of a forward contract entered into in december 2006 for the repurchase of 1200000 shares . however , the 2007 net repurchases did not include a forward contract entered into in december 2007 for the repurchase of 675000 shares . the contract was settled on january 7 , 2008 , for $ 31 million in cash . on december 12 , 2007 , in a privately negotiated transaction , ball entered into an accelerated share repurchase agreement to buy $ 100 million of its common shares using cash on hand and available borrowings . the company advanced the $ 100 million on january 7 , 2008 , and received approximately 2 million shares , which represented 90 percent of the total shares as calculated using the previous day 2019s closing price . the exact number of shares to be repurchased under the agreement , which will be determined on the settlement date ( no later than june 5 , 2008 ) , is subject to an adjustment based on a weighted average price calculation for the period between the initial purchase date and the settlement date . the company has the option to settle the contract in either cash or shares . including the settlements of the forward share purchase contract and the accelerated share repurchase agreement , we expect to repurchase approximately $ 300 million of our common shares , net of issuances , in 2008 . annual cash dividends paid on common stock were 40 cents per share in 2007 , 2006 and 2005 . total dividends paid were $ 40.6 million in 2007 , $ 41 million in 2006 and $ 42.5 million in 2005. .

| | ( $ in millions ) | payments due by period ( a ) total | payments due by period ( a ) less than 1 year | payments due by period ( a ) 1-3 years | payments due by period ( a ) 3-5 years | payments due by period ( a ) more than 5 years | |---:|:------------------------------------------|:-------------------------------------|:------------------------------------------------|:-----------------------------------------|:-----------------------------------------|:-------------------------------------------------| | 0 | long-term debt | $ 2302.6 | $ 126.1 | $ 547.6 | $ 1174.9 | $ 454.0 | | 1 | capital lease obligations | 4.4 | 1.0 | 0.8 | 0.5 | 2.1 | | 2 | interest payments on long-term debt ( b ) | 698.6 | 142.9 | 246.3 | 152.5 | 156.9 | | 3 | operating leases | 218.5 | 49.9 | 71.7 | 42.5 | 54.4 | | 4 | purchase obligations ( c ) | 6092.6 | 2397.2 | 3118.8 | 576.6 | 2013 | | 5 | common stock repurchase agreements | 131.0 | 131.0 | 2013 | 2013 | 2013 | | 6 | legal settlement | 70.0 | 70.0 | 2013 | 2013 | 2013 | | 7 | total payments on contractual obligations | $ 9517.7 | $ 2918.1 | $ 3985.2 | $ 1947.0 | $ 667.4 |

page 31 of 94 other liquidity items cash payments required for long-term debt maturities , rental payments under noncancellable operating leases , purchase obligations and other commitments in effect at december 31 , 2007 , are summarized in the following table: ._| | ( $ in millions ) | payments due by period ( a ) total | payments due by period ( a ) less than 1 year | payments due by period ( a ) 1-3 years | payments due by period ( a ) 3-5 years | payments due by period ( a ) more than 5 years | |---:|:------------------------------------------|:-------------------------------------|:------------------------------------------------|:-----------------------------------------|:-----------------------------------------|:-------------------------------------------------| | 0 | long-term debt | $ 2302.6 | $ 126.1 | $ 547.6 | $ 1174.9 | $ 454.0 | | 1 | capital lease obligations | 4.4 | 1.0 | 0.8 | 0.5 | 2.1 | | 2 | interest payments on long-term debt ( b ) | 698.6 | 142.9 | 246.3 | 152.5 | 156.9 | | 3 | operating leases | 218.5 | 49.9 | 71.7 | 42.5 | 54.4 | | 4 | purchase obligations ( c ) | 6092.6 | 2397.2 | 3118.8 | 576.6 | 2013 | | 5 | common stock repurchase agreements | 131.0 | 131.0 | 2013 | 2013 | 2013 | | 6 | legal settlement | 70.0 | 70.0 | 2013 | 2013 | 2013 | | 7 | total payments on contractual obligations | $ 9517.7 | $ 2918.1 | $ 3985.2 | $ 1947.0 | $ 667.4 |_total payments on contractual obligations $ 9517.7 $ 2918.1 $ 3985.2 $ 1947.0 $ 667.4 ( a ) amounts reported in local currencies have been translated at the year-end exchange rates . ( b ) for variable rate facilities , amounts are based on interest rates in effect at year end and do not contemplate the effects of hedging instruments . ( c ) the company 2019s purchase obligations include contracted amounts for aluminum , steel , plastic resin and other direct materials . also included are commitments for purchases of natural gas and electricity , aerospace and technologies contracts and other less significant items . in cases where variable prices and/or usage are involved , management 2019s best estimates have been used . depending on the circumstances , early termination of the contracts may not result in penalties and , therefore , actual payments could vary significantly . contributions to the company 2019s defined benefit pension plans , not including the unfunded german plans , are expected to be $ 49 million in 2008 . this estimate may change based on plan asset performance . benefit payments related to these plans are expected to be $ 66 million , $ 70 million , $ 74 million , $ 77 million and $ 82 million for the years ending december 31 , 2008 through 2012 , respectively , and a total of $ 473 million for the years 2013 through 2017 . payments to participants in the unfunded german plans are expected to be approximately $ 26 million in each of the years 2008 through 2012 and a total of $ 136 million for the years 2013 through 2017 . in accordance with united kingdom pension regulations , ball has provided an a38 million guarantee to the plan for its defined benefit plan in the united kingdom . if the company 2019s credit rating falls below specified levels , ball will be required to either : ( 1 ) contribute an additional a38 million to the plan ; ( 2 ) provide a letter of credit to the plan in that amount or ( 3 ) if imposed by the appropriate regulatory agency , provide a lien on company assets in that amount for the benefit of the plan . the guarantee can be removed upon approval by both ball and the pension plan trustees . our share repurchase program in 2007 was $ 211.3 million , net of issuances , compared to $ 45.7 million net repurchases in 2006 and $ 358.1 million in 2005 . the net repurchases included the $ 51.9 million settlement on january 5 , 2007 , of a forward contract entered into in december 2006 for the repurchase of 1200000 shares . however , the 2007 net repurchases did not include a forward contract entered into in december 2007 for the repurchase of 675000 shares . the contract was settled on january 7 , 2008 , for $ 31 million in cash . on december 12 , 2007 , in a privately negotiated transaction , ball entered into an accelerated share repurchase agreement to buy $ 100 million of its common shares using cash on hand and available borrowings . the company advanced the $ 100 million on january 7 , 2008 , and received approximately 2 million shares , which represented 90 percent of the total shares as calculated using the previous day 2019s closing price . the exact number of shares to be repurchased under the agreement , which will be determined on the settlement date ( no later than june 5 , 2008 ) , is subject to an adjustment based on a weighted average price calculation for the period between the initial purchase date and the settlement date . the company has the option to settle the contract in either cash or shares . including the settlements of the forward share purchase contract and the accelerated share repurchase agreement , we expect to repurchase approximately $ 300 million of our common shares , net of issuances , in 2008 . annual cash dividends paid on common stock were 40 cents per share in 2007 , 2006 and 2005 . total dividends paid were $ 40.6 million in 2007 , $ 41 million in 2006 and $ 42.5 million in 2005. .

2,007

47

BLL

Ball Corporation

Materials

Containers & Packaging

Westminster, CO

1970-01-01

9,389

1880

what is the number of shares outstanding based on the cash dividends paid during 2006 , in millions?

102.5

divide(41, divide(40, const_100))

page 31 of 94 other liquidity items cash payments required for long-term debt maturities , rental payments under noncancellable operating leases , purchase obligations and other commitments in effect at december 31 , 2007 , are summarized in the following table: .

total payments on contractual obligations $ 9517.7 $ 2918.1 $ 3985.2 $ 1947.0 $ 667.4 ( a ) amounts reported in local currencies have been translated at the year-end exchange rates . ( b ) for variable rate facilities , amounts are based on interest rates in effect at year end and do not contemplate the effects of hedging instruments . ( c ) the company 2019s purchase obligations include contracted amounts for aluminum , steel , plastic resin and other direct materials . also included are commitments for purchases of natural gas and electricity , aerospace and technologies contracts and other less significant items . in cases where variable prices and/or usage are involved , management 2019s best estimates have been used . depending on the circumstances , early termination of the contracts may not result in penalties and , therefore , actual payments could vary significantly . contributions to the company 2019s defined benefit pension plans , not including the unfunded german plans , are expected to be $ 49 million in 2008 . this estimate may change based on plan asset performance . benefit payments related to these plans are expected to be $ 66 million , $ 70 million , $ 74 million , $ 77 million and $ 82 million for the years ending december 31 , 2008 through 2012 , respectively , and a total of $ 473 million for the years 2013 through 2017 . payments to participants in the unfunded german plans are expected to be approximately $ 26 million in each of the years 2008 through 2012 and a total of $ 136 million for the years 2013 through 2017 . in accordance with united kingdom pension regulations , ball has provided an a38 million guarantee to the plan for its defined benefit plan in the united kingdom . if the company 2019s credit rating falls below specified levels , ball will be required to either : ( 1 ) contribute an additional a38 million to the plan ; ( 2 ) provide a letter of credit to the plan in that amount or ( 3 ) if imposed by the appropriate regulatory agency , provide a lien on company assets in that amount for the benefit of the plan . the guarantee can be removed upon approval by both ball and the pension plan trustees . our share repurchase program in 2007 was $ 211.3 million , net of issuances , compared to $ 45.7 million net repurchases in 2006 and $ 358.1 million in 2005 . the net repurchases included the $ 51.9 million settlement on january 5 , 2007 , of a forward contract entered into in december 2006 for the repurchase of 1200000 shares . however , the 2007 net repurchases did not include a forward contract entered into in december 2007 for the repurchase of 675000 shares . the contract was settled on january 7 , 2008 , for $ 31 million in cash . on december 12 , 2007 , in a privately negotiated transaction , ball entered into an accelerated share repurchase agreement to buy $ 100 million of its common shares using cash on hand and available borrowings . the company advanced the $ 100 million on january 7 , 2008 , and received approximately 2 million shares , which represented 90 percent of the total shares as calculated using the previous day 2019s closing price . the exact number of shares to be repurchased under the agreement , which will be determined on the settlement date ( no later than june 5 , 2008 ) , is subject to an adjustment based on a weighted average price calculation for the period between the initial purchase date and the settlement date . the company has the option to settle the contract in either cash or shares . including the settlements of the forward share purchase contract and the accelerated share repurchase agreement , we expect to repurchase approximately $ 300 million of our common shares , net of issuances , in 2008 . annual cash dividends paid on common stock were 40 cents per share in 2007 , 2006 and 2005 . total dividends paid were $ 40.6 million in 2007 , $ 41 million in 2006 and $ 42.5 million in 2005. .

| | ( $ in millions ) | payments due by period ( a ) total | payments due by period ( a ) less than 1 year | payments due by period ( a ) 1-3 years | payments due by period ( a ) 3-5 years | payments due by period ( a ) more than 5 years | |---:|:------------------------------------------|:-------------------------------------|:------------------------------------------------|:-----------------------------------------|:-----------------------------------------|:-------------------------------------------------| | 0 | long-term debt | $ 2302.6 | $ 126.1 | $ 547.6 | $ 1174.9 | $ 454.0 | | 1 | capital lease obligations | 4.4 | 1.0 | 0.8 | 0.5 | 2.1 | | 2 | interest payments on long-term debt ( b ) | 698.6 | 142.9 | 246.3 | 152.5 | 156.9 | | 3 | operating leases | 218.5 | 49.9 | 71.7 | 42.5 | 54.4 | | 4 | purchase obligations ( c ) | 6092.6 | 2397.2 | 3118.8 | 576.6 | 2013 | | 5 | common stock repurchase agreements | 131.0 | 131.0 | 2013 | 2013 | 2013 | | 6 | legal settlement | 70.0 | 70.0 | 2013 | 2013 | 2013 | | 7 | total payments on contractual obligations | $ 9517.7 | $ 2918.1 | $ 3985.2 | $ 1947.0 | $ 667.4 |

page 31 of 94 other liquidity items cash payments required for long-term debt maturities , rental payments under noncancellable operating leases , purchase obligations and other commitments in effect at december 31 , 2007 , are summarized in the following table: ._| | ( $ in millions ) | payments due by period ( a ) total | payments due by period ( a ) less than 1 year | payments due by period ( a ) 1-3 years | payments due by period ( a ) 3-5 years | payments due by period ( a ) more than 5 years | |---:|:------------------------------------------|:-------------------------------------|:------------------------------------------------|:-----------------------------------------|:-----------------------------------------|:-------------------------------------------------| | 0 | long-term debt | $ 2302.6 | $ 126.1 | $ 547.6 | $ 1174.9 | $ 454.0 | | 1 | capital lease obligations | 4.4 | 1.0 | 0.8 | 0.5 | 2.1 | | 2 | interest payments on long-term debt ( b ) | 698.6 | 142.9 | 246.3 | 152.5 | 156.9 | | 3 | operating leases | 218.5 | 49.9 | 71.7 | 42.5 | 54.4 | | 4 | purchase obligations ( c ) | 6092.6 | 2397.2 | 3118.8 | 576.6 | 2013 | | 5 | common stock repurchase agreements | 131.0 | 131.0 | 2013 | 2013 | 2013 | | 6 | legal settlement | 70.0 | 70.0 | 2013 | 2013 | 2013 | | 7 | total payments on contractual obligations | $ 9517.7 | $ 2918.1 | $ 3985.2 | $ 1947.0 | $ 667.4 |_total payments on contractual obligations $ 9517.7 $ 2918.1 $ 3985.2 $ 1947.0 $ 667.4 ( a ) amounts reported in local currencies have been translated at the year-end exchange rates . ( b ) for variable rate facilities , amounts are based on interest rates in effect at year end and do not contemplate the effects of hedging instruments . ( c ) the company 2019s purchase obligations include contracted amounts for aluminum , steel , plastic resin and other direct materials . also included are commitments for purchases of natural gas and electricity , aerospace and technologies contracts and other less significant items . in cases where variable prices and/or usage are involved , management 2019s best estimates have been used . depending on the circumstances , early termination of the contracts may not result in penalties and , therefore , actual payments could vary significantly . contributions to the company 2019s defined benefit pension plans , not including the unfunded german plans , are expected to be $ 49 million in 2008 . this estimate may change based on plan asset performance . benefit payments related to these plans are expected to be $ 66 million , $ 70 million , $ 74 million , $ 77 million and $ 82 million for the years ending december 31 , 2008 through 2012 , respectively , and a total of $ 473 million for the years 2013 through 2017 . payments to participants in the unfunded german plans are expected to be approximately $ 26 million in each of the years 2008 through 2012 and a total of $ 136 million for the years 2013 through 2017 . in accordance with united kingdom pension regulations , ball has provided an a38 million guarantee to the plan for its defined benefit plan in the united kingdom . if the company 2019s credit rating falls below specified levels , ball will be required to either : ( 1 ) contribute an additional a38 million to the plan ; ( 2 ) provide a letter of credit to the plan in that amount or ( 3 ) if imposed by the appropriate regulatory agency , provide a lien on company assets in that amount for the benefit of the plan . the guarantee can be removed upon approval by both ball and the pension plan trustees . our share repurchase program in 2007 was $ 211.3 million , net of issuances , compared to $ 45.7 million net repurchases in 2006 and $ 358.1 million in 2005 . the net repurchases included the $ 51.9 million settlement on january 5 , 2007 , of a forward contract entered into in december 2006 for the repurchase of 1200000 shares . however , the 2007 net repurchases did not include a forward contract entered into in december 2007 for the repurchase of 675000 shares . the contract was settled on january 7 , 2008 , for $ 31 million in cash . on december 12 , 2007 , in a privately negotiated transaction , ball entered into an accelerated share repurchase agreement to buy $ 100 million of its common shares using cash on hand and available borrowings . the company advanced the $ 100 million on january 7 , 2008 , and received approximately 2 million shares , which represented 90 percent of the total shares as calculated using the previous day 2019s closing price . the exact number of shares to be repurchased under the agreement , which will be determined on the settlement date ( no later than june 5 , 2008 ) , is subject to an adjustment based on a weighted average price calculation for the period between the initial purchase date and the settlement date . the company has the option to settle the contract in either cash or shares . including the settlements of the forward share purchase contract and the accelerated share repurchase agreement , we expect to repurchase approximately $ 300 million of our common shares , net of issuances , in 2008 . annual cash dividends paid on common stock were 40 cents per share in 2007 , 2006 and 2005 . total dividends paid were $ 40.6 million in 2007 , $ 41 million in 2006 and $ 42.5 million in 2005. .

2,007

47

BLL

Ball Corporation

Materials

Containers & Packaging

Westminster, CO

1970-01-01

9,389

1880

null

finqa370

what percentage of average common equity attribution in 2017 is made up of institutional securities?

58%

divide(40.2, 69.8)

management 2019s discussion and analysis environment , for example , to incorporate changes in stress testing or enhancements to modeling techniques . we will continue to evaluate the framework with respect to the impact of future regulatory requirements , as appropriate . average common equity attribution1 $ in billions 2017 2016 2015 .

1 . average common equity is a non-gaap financial measure . see 201cselected non-gaap financial information 201d herein . regulatory developments resolution and recovery planning pursuant to the dodd-frank act , we are required to periodi- cally submit to the federal reserve and the fdic a resolution plan that describes our strategy for a rapid and orderly resolu- tion under the u.s . bankruptcy code in the event of our material financial distress or failure . our preferred resolution strategy , which is set out in our 2017 resolution plan , is an spoe strategy . we submitted our full 2017 resolution plan on june 30 , 2017 . as indicated in our 2017 resolution plan , the parent company has amended and restated its support agreement with its material entities , as defined in our 2017 resolution plan . under the secured amended and restated support agreement , upon the occur- rence of a resolution scenario , the parent company would be obligated to contribute or loan on a subordinated basis all of its contributable material assets , other than shares in subsidi- aries of the parent company and certain intercompany receiv- ables , to provide capital and liquidity , as applicable , to our material entities . the obligations of the parent company under the secured amended and restated support agreement are in most cases secured on a senior basis by the assets of the parent company ( other than shares in subsidiaries of the parent company ) . as a result , claims of our material entities against the assets of the parent company ( other than shares in subsidiaries of the parent company ) are effectively senior to unsecured obliga- tions of the parent company . in december 2017 , we received joint feedback on our 2017 resolution plan from the federal reserve and the fdic . the feedback identified no deficiencies in our 2017 resolution plan but noted one shortcoming to be remediated in our next resolution plan submission . further , the federal reserve and the fdic have extended the next resolution plan filing deadline for eight large domestic banks , including us , by one year to july 1 , 2019 . for more information about resolution and recovery planning requirements and our activities in these areas , including the implications of such activities in a resolution scenario , see 201cbusiness 2014supervision and regulation 2014financial holding company 2014resolution and recovery planning 201d and 201crisk factors 2014legal , regulatory and compliance risk . 201d legacy covered funds under the volcker rule the volcker rule prohibits 201cbanking entities , 201d including us and our affiliates , from engaging in certain 201cproprietary trading 201d activities , as defined in the volcker rule , subject to exemptions for underwriting , market-making-related activities , risk-mitigating hedging and certain other activities . the volcker rule also prohibits certain investments and relation- ships by banking entities with 201ccovered funds , 201d with a number of exemptions and exclusions . in june 2017 , we received approval from the federal reserve of our application for a five-year extension of the transition period to conform invest- ments in certain legacy volcker covered funds that are also illiquid funds . the approval covered essentially all of our non-conforming investments in , and relationships with , legacy covered funds subject to the volcker rule . for more informa- tion about the volcker rule , see 201cbusiness 2014supervision and regulation 2014activities restrictions under the volcker rule . 201d u.s . department of labor conflict of interest rule the u.s . dol 2019s final conflict of interest rule under erisa went into effect on june 9 , 2017 , with certain aspects subject to phased-in compliance . full compliance with the rule 2019s related exemptions is currently scheduled to be required by july 1 , 2019 . in addition , the u.s . dol is undertaking an examination of the rule that may result in changes to the rule or its related exemptions or a change in the full compliance date . for a discussion of the u.s . dol conflict of interest rule , see 201cbusiness 2014supervision and regulation 2014instit- utional securities and wealth management . 201d u.k . referendum following the u.k . electorate vote to leave the e.u. , the u.k . invoked article 50 of the lisbon treaty on march 29 , 2017 , which triggered a two-year period , subject to extension ( which would need the unanimous approval of the e.u . member states ) , during which the u.k . government is expected to negotiate its withdrawal agreement with the e.u . for further discussion of u.k . referendum 2019s potential impact on our operations , see 201crisk factors 2014international risk . 201d for further information regarding our exposure to the u.k. , see also 201cquantitative and qualitative disclosures about market risk 2014risk management 2014credit risk 2014country risk exposure . 201d 69 december 2017 form 10-k .

| | $ in billions | 2017 | 2016 | 2015 | |---:|:-------------------------|:-------|:-------|:-------| | 0 | institutional securities | $ 40.2 | $ 43.2 | $ 34.6 | | 1 | wealth management | 17.2 | 15.3 | 11.2 | | 2 | investment management | 2.4 | 2.8 | 2.2 | | 3 | parent company | 10.0 | 7.6 | 18.9 | | 4 | total | $ 69.8 | $ 68.9 | $ 66.9 |

management 2019s discussion and analysis environment , for example , to incorporate changes in stress testing or enhancements to modeling techniques . we will continue to evaluate the framework with respect to the impact of future regulatory requirements , as appropriate . average common equity attribution1 $ in billions 2017 2016 2015 ._| | $ in billions | 2017 | 2016 | 2015 | |---:|:-------------------------|:-------|:-------|:-------| | 0 | institutional securities | $ 40.2 | $ 43.2 | $ 34.6 | | 1 | wealth management | 17.2 | 15.3 | 11.2 | | 2 | investment management | 2.4 | 2.8 | 2.2 | | 3 | parent company | 10.0 | 7.6 | 18.9 | | 4 | total | $ 69.8 | $ 68.9 | $ 66.9 |_1 . average common equity is a non-gaap financial measure . see 201cselected non-gaap financial information 201d herein . regulatory developments resolution and recovery planning pursuant to the dodd-frank act , we are required to periodi- cally submit to the federal reserve and the fdic a resolution plan that describes our strategy for a rapid and orderly resolu- tion under the u.s . bankruptcy code in the event of our material financial distress or failure . our preferred resolution strategy , which is set out in our 2017 resolution plan , is an spoe strategy . we submitted our full 2017 resolution plan on june 30 , 2017 . as indicated in our 2017 resolution plan , the parent company has amended and restated its support agreement with its material entities , as defined in our 2017 resolution plan . under the secured amended and restated support agreement , upon the occur- rence of a resolution scenario , the parent company would be obligated to contribute or loan on a subordinated basis all of its contributable material assets , other than shares in subsidi- aries of the parent company and certain intercompany receiv- ables , to provide capital and liquidity , as applicable , to our material entities . the obligations of the parent company under the secured amended and restated support agreement are in most cases secured on a senior basis by the assets of the parent company ( other than shares in subsidiaries of the parent company ) . as a result , claims of our material entities against the assets of the parent company ( other than shares in subsidiaries of the parent company ) are effectively senior to unsecured obliga- tions of the parent company . in december 2017 , we received joint feedback on our 2017 resolution plan from the federal reserve and the fdic . the feedback identified no deficiencies in our 2017 resolution plan but noted one shortcoming to be remediated in our next resolution plan submission . further , the federal reserve and the fdic have extended the next resolution plan filing deadline for eight large domestic banks , including us , by one year to july 1 , 2019 . for more information about resolution and recovery planning requirements and our activities in these areas , including the implications of such activities in a resolution scenario , see 201cbusiness 2014supervision and regulation 2014financial holding company 2014resolution and recovery planning 201d and 201crisk factors 2014legal , regulatory and compliance risk . 201d legacy covered funds under the volcker rule the volcker rule prohibits 201cbanking entities , 201d including us and our affiliates , from engaging in certain 201cproprietary trading 201d activities , as defined in the volcker rule , subject to exemptions for underwriting , market-making-related activities , risk-mitigating hedging and certain other activities . the volcker rule also prohibits certain investments and relation- ships by banking entities with 201ccovered funds , 201d with a number of exemptions and exclusions . in june 2017 , we received approval from the federal reserve of our application for a five-year extension of the transition period to conform invest- ments in certain legacy volcker covered funds that are also illiquid funds . the approval covered essentially all of our non-conforming investments in , and relationships with , legacy covered funds subject to the volcker rule . for more informa- tion about the volcker rule , see 201cbusiness 2014supervision and regulation 2014activities restrictions under the volcker rule . 201d u.s . department of labor conflict of interest rule the u.s . dol 2019s final conflict of interest rule under erisa went into effect on june 9 , 2017 , with certain aspects subject to phased-in compliance . full compliance with the rule 2019s related exemptions is currently scheduled to be required by july 1 , 2019 . in addition , the u.s . dol is undertaking an examination of the rule that may result in changes to the rule or its related exemptions or a change in the full compliance date . for a discussion of the u.s . dol conflict of interest rule , see 201cbusiness 2014supervision and regulation 2014instit- utional securities and wealth management . 201d u.k . referendum following the u.k . electorate vote to leave the e.u. , the u.k . invoked article 50 of the lisbon treaty on march 29 , 2017 , which triggered a two-year period , subject to extension ( which would need the unanimous approval of the e.u . member states ) , during which the u.k . government is expected to negotiate its withdrawal agreement with the e.u . for further discussion of u.k . referendum 2019s potential impact on our operations , see 201crisk factors 2014international risk . 201d for further information regarding our exposure to the u.k. , see also 201cquantitative and qualitative disclosures about market risk 2014risk management 2014credit risk 2014country risk exposure . 201d 69 december 2017 form 10-k .

2,017

74

MS

Morgan Stanley

Financials

Investment Banking & Brokerage

New York City, New York

1993-07-29

895,421

1935

what percentage of average common equity attribution in 2017 is made up of institutional securities?

58%

divide(40.2, 69.8)

management 2019s discussion and analysis environment , for example , to incorporate changes in stress testing or enhancements to modeling techniques . we will continue to evaluate the framework with respect to the impact of future regulatory requirements , as appropriate . average common equity attribution1 $ in billions 2017 2016 2015 .

1 . average common equity is a non-gaap financial measure . see 201cselected non-gaap financial information 201d herein . regulatory developments resolution and recovery planning pursuant to the dodd-frank act , we are required to periodi- cally submit to the federal reserve and the fdic a resolution plan that describes our strategy for a rapid and orderly resolu- tion under the u.s . bankruptcy code in the event of our material financial distress or failure . our preferred resolution strategy , which is set out in our 2017 resolution plan , is an spoe strategy . we submitted our full 2017 resolution plan on june 30 , 2017 . as indicated in our 2017 resolution plan , the parent company has amended and restated its support agreement with its material entities , as defined in our 2017 resolution plan . under the secured amended and restated support agreement , upon the occur- rence of a resolution scenario , the parent company would be obligated to contribute or loan on a subordinated basis all of its contributable material assets , other than shares in subsidi- aries of the parent company and certain intercompany receiv- ables , to provide capital and liquidity , as applicable , to our material entities . the obligations of the parent company under the secured amended and restated support agreement are in most cases secured on a senior basis by the assets of the parent company ( other than shares in subsidiaries of the parent company ) . as a result , claims of our material entities against the assets of the parent company ( other than shares in subsidiaries of the parent company ) are effectively senior to unsecured obliga- tions of the parent company . in december 2017 , we received joint feedback on our 2017 resolution plan from the federal reserve and the fdic . the feedback identified no deficiencies in our 2017 resolution plan but noted one shortcoming to be remediated in our next resolution plan submission . further , the federal reserve and the fdic have extended the next resolution plan filing deadline for eight large domestic banks , including us , by one year to july 1 , 2019 . for more information about resolution and recovery planning requirements and our activities in these areas , including the implications of such activities in a resolution scenario , see 201cbusiness 2014supervision and regulation 2014financial holding company 2014resolution and recovery planning 201d and 201crisk factors 2014legal , regulatory and compliance risk . 201d legacy covered funds under the volcker rule the volcker rule prohibits 201cbanking entities , 201d including us and our affiliates , from engaging in certain 201cproprietary trading 201d activities , as defined in the volcker rule , subject to exemptions for underwriting , market-making-related activities , risk-mitigating hedging and certain other activities . the volcker rule also prohibits certain investments and relation- ships by banking entities with 201ccovered funds , 201d with a number of exemptions and exclusions . in june 2017 , we received approval from the federal reserve of our application for a five-year extension of the transition period to conform invest- ments in certain legacy volcker covered funds that are also illiquid funds . the approval covered essentially all of our non-conforming investments in , and relationships with , legacy covered funds subject to the volcker rule . for more informa- tion about the volcker rule , see 201cbusiness 2014supervision and regulation 2014activities restrictions under the volcker rule . 201d u.s . department of labor conflict of interest rule the u.s . dol 2019s final conflict of interest rule under erisa went into effect on june 9 , 2017 , with certain aspects subject to phased-in compliance . full compliance with the rule 2019s related exemptions is currently scheduled to be required by july 1 , 2019 . in addition , the u.s . dol is undertaking an examination of the rule that may result in changes to the rule or its related exemptions or a change in the full compliance date . for a discussion of the u.s . dol conflict of interest rule , see 201cbusiness 2014supervision and regulation 2014instit- utional securities and wealth management . 201d u.k . referendum following the u.k . electorate vote to leave the e.u. , the u.k . invoked article 50 of the lisbon treaty on march 29 , 2017 , which triggered a two-year period , subject to extension ( which would need the unanimous approval of the e.u . member states ) , during which the u.k . government is expected to negotiate its withdrawal agreement with the e.u . for further discussion of u.k . referendum 2019s potential impact on our operations , see 201crisk factors 2014international risk . 201d for further information regarding our exposure to the u.k. , see also 201cquantitative and qualitative disclosures about market risk 2014risk management 2014credit risk 2014country risk exposure . 201d 69 december 2017 form 10-k .

| | $ in billions | 2017 | 2016 | 2015 | |---:|:-------------------------|:-------|:-------|:-------| | 0 | institutional securities | $ 40.2 | $ 43.2 | $ 34.6 | | 1 | wealth management | 17.2 | 15.3 | 11.2 | | 2 | investment management | 2.4 | 2.8 | 2.2 | | 3 | parent company | 10.0 | 7.6 | 18.9 | | 4 | total | $ 69.8 | $ 68.9 | $ 66.9 |

management 2019s discussion and analysis environment , for example , to incorporate changes in stress testing or enhancements to modeling techniques . we will continue to evaluate the framework with respect to the impact of future regulatory requirements , as appropriate . average common equity attribution1 $ in billions 2017 2016 2015 ._| | $ in billions | 2017 | 2016 | 2015 | |---:|:-------------------------|:-------|:-------|:-------| | 0 | institutional securities | $ 40.2 | $ 43.2 | $ 34.6 | | 1 | wealth management | 17.2 | 15.3 | 11.2 | | 2 | investment management | 2.4 | 2.8 | 2.2 | | 3 | parent company | 10.0 | 7.6 | 18.9 | | 4 | total | $ 69.8 | $ 68.9 | $ 66.9 |_1 . average common equity is a non-gaap financial measure . see 201cselected non-gaap financial information 201d herein . regulatory developments resolution and recovery planning pursuant to the dodd-frank act , we are required to periodi- cally submit to the federal reserve and the fdic a resolution plan that describes our strategy for a rapid and orderly resolu- tion under the u.s . bankruptcy code in the event of our material financial distress or failure . our preferred resolution strategy , which is set out in our 2017 resolution plan , is an spoe strategy . we submitted our full 2017 resolution plan on june 30 , 2017 . as indicated in our 2017 resolution plan , the parent company has amended and restated its support agreement with its material entities , as defined in our 2017 resolution plan . under the secured amended and restated support agreement , upon the occur- rence of a resolution scenario , the parent company would be obligated to contribute or loan on a subordinated basis all of its contributable material assets , other than shares in subsidi- aries of the parent company and certain intercompany receiv- ables , to provide capital and liquidity , as applicable , to our material entities . the obligations of the parent company under the secured amended and restated support agreement are in most cases secured on a senior basis by the assets of the parent company ( other than shares in subsidiaries of the parent company ) . as a result , claims of our material entities against the assets of the parent company ( other than shares in subsidiaries of the parent company ) are effectively senior to unsecured obliga- tions of the parent company . in december 2017 , we received joint feedback on our 2017 resolution plan from the federal reserve and the fdic . the feedback identified no deficiencies in our 2017 resolution plan but noted one shortcoming to be remediated in our next resolution plan submission . further , the federal reserve and the fdic have extended the next resolution plan filing deadline for eight large domestic banks , including us , by one year to july 1 , 2019 . for more information about resolution and recovery planning requirements and our activities in these areas , including the implications of such activities in a resolution scenario , see 201cbusiness 2014supervision and regulation 2014financial holding company 2014resolution and recovery planning 201d and 201crisk factors 2014legal , regulatory and compliance risk . 201d legacy covered funds under the volcker rule the volcker rule prohibits 201cbanking entities , 201d including us and our affiliates , from engaging in certain 201cproprietary trading 201d activities , as defined in the volcker rule , subject to exemptions for underwriting , market-making-related activities , risk-mitigating hedging and certain other activities . the volcker rule also prohibits certain investments and relation- ships by banking entities with 201ccovered funds , 201d with a number of exemptions and exclusions . in june 2017 , we received approval from the federal reserve of our application for a five-year extension of the transition period to conform invest- ments in certain legacy volcker covered funds that are also illiquid funds . the approval covered essentially all of our non-conforming investments in , and relationships with , legacy covered funds subject to the volcker rule . for more informa- tion about the volcker rule , see 201cbusiness 2014supervision and regulation 2014activities restrictions under the volcker rule . 201d u.s . department of labor conflict of interest rule the u.s . dol 2019s final conflict of interest rule under erisa went into effect on june 9 , 2017 , with certain aspects subject to phased-in compliance . full compliance with the rule 2019s related exemptions is currently scheduled to be required by july 1 , 2019 . in addition , the u.s . dol is undertaking an examination of the rule that may result in changes to the rule or its related exemptions or a change in the full compliance date . for a discussion of the u.s . dol conflict of interest rule , see 201cbusiness 2014supervision and regulation 2014instit- utional securities and wealth management . 201d u.k . referendum following the u.k . electorate vote to leave the e.u. , the u.k . invoked article 50 of the lisbon treaty on march 29 , 2017 , which triggered a two-year period , subject to extension ( which would need the unanimous approval of the e.u . member states ) , during which the u.k . government is expected to negotiate its withdrawal agreement with the e.u . for further discussion of u.k . referendum 2019s potential impact on our operations , see 201crisk factors 2014international risk . 201d for further information regarding our exposure to the u.k. , see also 201cquantitative and qualitative disclosures about market risk 2014risk management 2014credit risk 2014country risk exposure . 201d 69 december 2017 form 10-k .

2,017

74

MS

Morgan Stanley

Financials

Investment Banking & Brokerage

New York City, New York

1993-07-29

895,421

1935

null

finqa371

what was the percentage change in the fair value from 2010 to 2011

21.9%

divide(subtract(99832, 81881), 81881)

impairment the following table presents net unrealized losses on securities available for sale as of december 31: .

the net unrealized amounts presented above excluded the remaining net unrealized losses related to reclassifications of securities available for sale to securities held to maturity . these unrealized losses related to reclassifications totaled $ 303 million , or $ 189 million after-tax , and $ 523 million , or $ 317 million after-tax , as of december 31 , 2011 and 2010 , respectively , and were recorded in accumulated other comprehensive income , or oci . refer to note 12 to the consolidated financial statements included under item 8 . the decline in these remaining after-tax unrealized losses related to reclassifications from december 31 , 2010 to december 31 , 2011 resulted primarily from amortization . 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 recorded in our consolidated statement of income , and the non-credit component is recorded in oci to the extent that we do not intend to sell the security . our assessment of other-than-temporary impairment involves an evaluation , more fully described in note 3 , of economic and security-specific factors . such factors are based on 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 recorded in our consolidated statement of income . given the exposure of our investment securities portfolio , particularly mortgage- and asset-backed securities , to residential mortgage and other consumer credit risks , the performance of the u.s . housing market is a significant driver of the portfolio 2019s credit performance . as such , our assessment of other-than-temporary impairment relies to a significant extent on our estimates of trends in national housing prices . generally , indices that measure trends in national housing prices are published in arrears . as of september 30 , 2011 , national housing prices , according to the case-shiller national home price index , had declined by approximately 31.3% ( 31.3 % ) peak-to-current . overall , management 2019s expectation , for purposes of its evaluation of other-than-temporary impairment as of december 31 , 2011 , was that housing prices would decline by approximately 35% ( 35 % ) peak-to-trough . the performance of certain mortgage products and vintages of securities continues to deteriorate . in addition , management continues to believe that housing prices will decline further as indicated above . the combination of these factors has led to an increase in management 2019s overall loss expectations . our investment portfolio continues to be sensitive to management 2019s estimates of future cumulative losses . ultimately , other-than- temporary impairment is based on specific cusip-level detailed analysis of the unique characteristics of each security . in addition , we perform sensitivity analysis across each significant product type within the non-agency u.s . residential mortgage-backed portfolio . we estimate , for example , that other-than-temporary impairment of the investment portfolio could increase by approximately $ 10 million to $ 50 million , if national housing prices were to decline by 37% ( 37 % ) to 39% ( 39 % ) peak-to-trough , compared to management 2019s expectation of 35% ( 35 % ) described above . this sensitivity estimate is based on a number of factors , including , but not limited to , the level of housing prices and the timing of defaults . to the extent that such factors differ substantially from management 2019s current expectations , resulting loss estimates may differ materially from those stated . excluding the securities for which other-than-temporary impairment was recorded in 2011 , management considers the aggregate decline in fair value of the remaining .

| | ( in millions ) | 2011 | 2010 | |---:|:------------------------------|:---------------|:---------------| | 0 | fair value | $ 99832 | $ 81881 | | 1 | amortized cost | 100013 | 82329 | | 2 | net unrealized loss pre-tax | $ -181 ( 181 ) | $ -448 ( 448 ) | | 3 | net unrealized loss after-tax | $ -113 ( 113 ) | $ -270 ( 270 ) |

impairment the following table presents net unrealized losses on securities available for sale as of december 31: ._| | ( in millions ) | 2011 | 2010 | |---:|:------------------------------|:---------------|:---------------| | 0 | fair value | $ 99832 | $ 81881 | | 1 | amortized cost | 100013 | 82329 | | 2 | net unrealized loss pre-tax | $ -181 ( 181 ) | $ -448 ( 448 ) | | 3 | net unrealized loss after-tax | $ -113 ( 113 ) | $ -270 ( 270 ) |_the net unrealized amounts presented above excluded the remaining net unrealized losses related to reclassifications of securities available for sale to securities held to maturity . these unrealized losses related to reclassifications totaled $ 303 million , or $ 189 million after-tax , and $ 523 million , or $ 317 million after-tax , as of december 31 , 2011 and 2010 , respectively , and were recorded in accumulated other comprehensive income , or oci . refer to note 12 to the consolidated financial statements included under item 8 . the decline in these remaining after-tax unrealized losses related to reclassifications from december 31 , 2010 to december 31 , 2011 resulted primarily from amortization . 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 recorded in our consolidated statement of income , and the non-credit component is recorded in oci to the extent that we do not intend to sell the security . our assessment of other-than-temporary impairment involves an evaluation , more fully described in note 3 , of economic and security-specific factors . such factors are based on 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 recorded in our consolidated statement of income . given the exposure of our investment securities portfolio , particularly mortgage- and asset-backed securities , to residential mortgage and other consumer credit risks , the performance of the u.s . housing market is a significant driver of the portfolio 2019s credit performance . as such , our assessment of other-than-temporary impairment relies to a significant extent on our estimates of trends in national housing prices . generally , indices that measure trends in national housing prices are published in arrears . as of september 30 , 2011 , national housing prices , according to the case-shiller national home price index , had declined by approximately 31.3% ( 31.3 % ) peak-to-current . overall , management 2019s expectation , for purposes of its evaluation of other-than-temporary impairment as of december 31 , 2011 , was that housing prices would decline by approximately 35% ( 35 % ) peak-to-trough . the performance of certain mortgage products and vintages of securities continues to deteriorate . in addition , management continues to believe that housing prices will decline further as indicated above . the combination of these factors has led to an increase in management 2019s overall loss expectations . our investment portfolio continues to be sensitive to management 2019s estimates of future cumulative losses . ultimately , other-than- temporary impairment is based on specific cusip-level detailed analysis of the unique characteristics of each security . in addition , we perform sensitivity analysis across each significant product type within the non-agency u.s . residential mortgage-backed portfolio . we estimate , for example , that other-than-temporary impairment of the investment portfolio could increase by approximately $ 10 million to $ 50 million , if national housing prices were to decline by 37% ( 37 % ) to 39% ( 39 % ) peak-to-trough , compared to management 2019s expectation of 35% ( 35 % ) described above . this sensitivity estimate is based on a number of factors , including , but not limited to , the level of housing prices and the timing of defaults . to the extent that such factors differ substantially from management 2019s current expectations , resulting loss estimates may differ materially from those stated . excluding the securities for which other-than-temporary impairment was recorded in 2011 , management considers the aggregate decline in fair value of the remaining .

2,011

83

STT

State Street Corporation

Financials

Asset Management & Custody Banks

Boston, Massachusetts

2003-03-14

93,751

1792

what was the percentage change in the fair value from 2010 to 2011

21.9%

divide(subtract(99832, 81881), 81881)

impairment the following table presents net unrealized losses on securities available for sale as of december 31: .

the net unrealized amounts presented above excluded the remaining net unrealized losses related to reclassifications of securities available for sale to securities held to maturity . these unrealized losses related to reclassifications totaled $ 303 million , or $ 189 million after-tax , and $ 523 million , or $ 317 million after-tax , as of december 31 , 2011 and 2010 , respectively , and were recorded in accumulated other comprehensive income , or oci . refer to note 12 to the consolidated financial statements included under item 8 . the decline in these remaining after-tax unrealized losses related to reclassifications from december 31 , 2010 to december 31 , 2011 resulted primarily from amortization . 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 recorded in our consolidated statement of income , and the non-credit component is recorded in oci to the extent that we do not intend to sell the security . our assessment of other-than-temporary impairment involves an evaluation , more fully described in note 3 , of economic and security-specific factors . such factors are based on 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 recorded in our consolidated statement of income . given the exposure of our investment securities portfolio , particularly mortgage- and asset-backed securities , to residential mortgage and other consumer credit risks , the performance of the u.s . housing market is a significant driver of the portfolio 2019s credit performance . as such , our assessment of other-than-temporary impairment relies to a significant extent on our estimates of trends in national housing prices . generally , indices that measure trends in national housing prices are published in arrears . as of september 30 , 2011 , national housing prices , according to the case-shiller national home price index , had declined by approximately 31.3% ( 31.3 % ) peak-to-current . overall , management 2019s expectation , for purposes of its evaluation of other-than-temporary impairment as of december 31 , 2011 , was that housing prices would decline by approximately 35% ( 35 % ) peak-to-trough . the performance of certain mortgage products and vintages of securities continues to deteriorate . in addition , management continues to believe that housing prices will decline further as indicated above . the combination of these factors has led to an increase in management 2019s overall loss expectations . our investment portfolio continues to be sensitive to management 2019s estimates of future cumulative losses . ultimately , other-than- temporary impairment is based on specific cusip-level detailed analysis of the unique characteristics of each security . in addition , we perform sensitivity analysis across each significant product type within the non-agency u.s . residential mortgage-backed portfolio . we estimate , for example , that other-than-temporary impairment of the investment portfolio could increase by approximately $ 10 million to $ 50 million , if national housing prices were to decline by 37% ( 37 % ) to 39% ( 39 % ) peak-to-trough , compared to management 2019s expectation of 35% ( 35 % ) described above . this sensitivity estimate is based on a number of factors , including , but not limited to , the level of housing prices and the timing of defaults . to the extent that such factors differ substantially from management 2019s current expectations , resulting loss estimates may differ materially from those stated . excluding the securities for which other-than-temporary impairment was recorded in 2011 , management considers the aggregate decline in fair value of the remaining .

| | ( in millions ) | 2011 | 2010 | |---:|:------------------------------|:---------------|:---------------| | 0 | fair value | $ 99832 | $ 81881 | | 1 | amortized cost | 100013 | 82329 | | 2 | net unrealized loss pre-tax | $ -181 ( 181 ) | $ -448 ( 448 ) | | 3 | net unrealized loss after-tax | $ -113 ( 113 ) | $ -270 ( 270 ) |

impairment the following table presents net unrealized losses on securities available for sale as of december 31: ._| | ( in millions ) | 2011 | 2010 | |---:|:------------------------------|:---------------|:---------------| | 0 | fair value | $ 99832 | $ 81881 | | 1 | amortized cost | 100013 | 82329 | | 2 | net unrealized loss pre-tax | $ -181 ( 181 ) | $ -448 ( 448 ) | | 3 | net unrealized loss after-tax | $ -113 ( 113 ) | $ -270 ( 270 ) |_the net unrealized amounts presented above excluded the remaining net unrealized losses related to reclassifications of securities available for sale to securities held to maturity . these unrealized losses related to reclassifications totaled $ 303 million , or $ 189 million after-tax , and $ 523 million , or $ 317 million after-tax , as of december 31 , 2011 and 2010 , respectively , and were recorded in accumulated other comprehensive income , or oci . refer to note 12 to the consolidated financial statements included under item 8 . the decline in these remaining after-tax unrealized losses related to reclassifications from december 31 , 2010 to december 31 , 2011 resulted primarily from amortization . 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 recorded in our consolidated statement of income , and the non-credit component is recorded in oci to the extent that we do not intend to sell the security . our assessment of other-than-temporary impairment involves an evaluation , more fully described in note 3 , of economic and security-specific factors . such factors are based on 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 recorded in our consolidated statement of income . given the exposure of our investment securities portfolio , particularly mortgage- and asset-backed securities , to residential mortgage and other consumer credit risks , the performance of the u.s . housing market is a significant driver of the portfolio 2019s credit performance . as such , our assessment of other-than-temporary impairment relies to a significant extent on our estimates of trends in national housing prices . generally , indices that measure trends in national housing prices are published in arrears . as of september 30 , 2011 , national housing prices , according to the case-shiller national home price index , had declined by approximately 31.3% ( 31.3 % ) peak-to-current . overall , management 2019s expectation , for purposes of its evaluation of other-than-temporary impairment as of december 31 , 2011 , was that housing prices would decline by approximately 35% ( 35 % ) peak-to-trough . the performance of certain mortgage products and vintages of securities continues to deteriorate . in addition , management continues to believe that housing prices will decline further as indicated above . the combination of these factors has led to an increase in management 2019s overall loss expectations . our investment portfolio continues to be sensitive to management 2019s estimates of future cumulative losses . ultimately , other-than- temporary impairment is based on specific cusip-level detailed analysis of the unique characteristics of each security . in addition , we perform sensitivity analysis across each significant product type within the non-agency u.s . residential mortgage-backed portfolio . we estimate , for example , that other-than-temporary impairment of the investment portfolio could increase by approximately $ 10 million to $ 50 million , if national housing prices were to decline by 37% ( 37 % ) to 39% ( 39 % ) peak-to-trough , compared to management 2019s expectation of 35% ( 35 % ) described above . this sensitivity estimate is based on a number of factors , including , but not limited to , the level of housing prices and the timing of defaults . to the extent that such factors differ substantially from management 2019s current expectations , resulting loss estimates may differ materially from those stated . excluding the securities for which other-than-temporary impairment was recorded in 2011 , management considers the aggregate decline in fair value of the remaining .

2,011

83

STT

State Street Corporation

Financials

Asset Management & Custody Banks

Boston, Massachusetts

2003-03-14

93,751

1792

null

finqa372

what was the ratio of the s&p index to the e*trade financial corporation cumulative total return to a holder of the company 2019s common stock compared as of 2014

1.5

divide(205.14, 137.81)

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

table of contents .

| | | 12/09 | 12/10 | 12/11 | 12/12 | 12/13 | 12/14 | |---:|:------------------------------|--------:|--------:|--------:|--------:|--------:|--------:| | 0 | e*trade financial corporation | 100 | 90.91 | 45.23 | 50.85 | 111.59 | 137.81 | | 1 | s&p 500 index | 100 | 115.06 | 117.49 | 136.3 | 180.44 | 205.14 | | 2 | dow jones us financials index | 100 | 112.72 | 98.24 | 124.62 | 167.26 | 191.67 |

the following performance graph shows the cumulative total return to a holder of the company 2019s common stock , assuming dividend reinvestment , compared with the cumulative total return , assuming dividend reinvestment , of the standard & poor ( "s&p" ) 500 index and the dow jones us financials index during the period from december 31 , 2009 through december 31 , 2014. ._| | | 12/09 | 12/10 | 12/11 | 12/12 | 12/13 | 12/14 | |---:|:------------------------------|--------:|--------:|--------:|--------:|--------:|--------:| | 0 | e*trade financial corporation | 100 | 90.91 | 45.23 | 50.85 | 111.59 | 137.81 | | 1 | s&p 500 index | 100 | 115.06 | 117.49 | 136.3 | 180.44 | 205.14 | | 2 | dow jones us financials index | 100 | 112.72 | 98.24 | 124.62 | 167.26 | 191.67 |_table of contents .

2,014

26

ETFC

E*TRADE Financial Corporation

Financials

Investment Banking & Brokerage

Arlington, VA

2004-01-01

1,015,780

1982

what was the ratio of the s&p index to the e*trade financial corporation cumulative total return to a holder of the company 2019s common stock compared as of 2014

1.5

divide(205.14, 137.81)

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

table of contents .

| | | 12/09 | 12/10 | 12/11 | 12/12 | 12/13 | 12/14 | |---:|:------------------------------|--------:|--------:|--------:|--------:|--------:|--------:| | 0 | e*trade financial corporation | 100 | 90.91 | 45.23 | 50.85 | 111.59 | 137.81 | | 1 | s&p 500 index | 100 | 115.06 | 117.49 | 136.3 | 180.44 | 205.14 | | 2 | dow jones us financials index | 100 | 112.72 | 98.24 | 124.62 | 167.26 | 191.67 |

the following performance graph shows the cumulative total return to a holder of the company 2019s common stock , assuming dividend reinvestment , compared with the cumulative total return , assuming dividend reinvestment , of the standard & poor ( "s&p" ) 500 index and the dow jones us financials index during the period from december 31 , 2009 through december 31 , 2014. ._| | | 12/09 | 12/10 | 12/11 | 12/12 | 12/13 | 12/14 | |---:|:------------------------------|--------:|--------:|--------:|--------:|--------:|--------:| | 0 | e*trade financial corporation | 100 | 90.91 | 45.23 | 50.85 | 111.59 | 137.81 | | 1 | s&p 500 index | 100 | 115.06 | 117.49 | 136.3 | 180.44 | 205.14 | | 2 | dow jones us financials index | 100 | 112.72 | 98.24 | 124.62 | 167.26 | 191.67 |_table of contents .

2,014

26

ETFC

E*TRADE Financial Corporation

Financials

Investment Banking & Brokerage

Arlington, VA

2004-01-01

1,015,780

1982

null

finqa373

what is the average number of shares per registered holder as of february 11 , 2011?

858775

divide(397612895, 463)

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 2010 and 2009. .

on february 11 , 2011 , the closing price of our common stock was $ 56.73 per share as reported on the nyse . as of february 11 , 2011 , we had 397612895 outstanding shares of common stock and 463 registered holders . dividends we have not historically paid a dividend on our common stock . payment of dividends in the future , when , as and if authorized by our board of directors , would depend upon many factors , including our earnings and financial condition , restrictions under applicable law and our current and future loan agreements , our debt service requirements , our capital expenditure requirements and other factors that our board of directors may deem relevant from time to time , including the potential determination to elect reit status . in addition , the loan agreement for our revolving credit facility and term loan contain covenants that generally restrict our ability to pay dividends unless certain financial covenants are satisfied . 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 , 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. .

| | 2010 | high | low | |---:|:---------------------------|:--------|:--------| | 0 | quarter ended march 31 | $ 44.61 | $ 40.10 | | 1 | quarter ended june 30 | 45.33 | 38.86 | | 2 | quarter ended september 30 | 52.11 | 43.70 | | 3 | quarter ended december 31 | 53.14 | 49.61 | | 4 | 2009 | high | low | | 5 | quarter ended march 31 | $ 32.53 | $ 25.45 | | 6 | quarter ended june 30 | 34.52 | 27.93 | | 7 | quarter ended september 30 | 37.71 | 29.89 | | 8 | quarter ended december 31 | 43.84 | 35.03 |

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 2010 and 2009. ._| | 2010 | high | low | |---:|:---------------------------|:--------|:--------| | 0 | quarter ended march 31 | $ 44.61 | $ 40.10 | | 1 | quarter ended june 30 | 45.33 | 38.86 | | 2 | quarter ended september 30 | 52.11 | 43.70 | | 3 | quarter ended december 31 | 53.14 | 49.61 | | 4 | 2009 | high | low | | 5 | quarter ended march 31 | $ 32.53 | $ 25.45 | | 6 | quarter ended june 30 | 34.52 | 27.93 | | 7 | quarter ended september 30 | 37.71 | 29.89 | | 8 | quarter ended december 31 | 43.84 | 35.03 |_on february 11 , 2011 , the closing price of our common stock was $ 56.73 per share as reported on the nyse . as of february 11 , 2011 , we had 397612895 outstanding shares of common stock and 463 registered holders . dividends we have not historically paid a dividend on our common stock . payment of dividends in the future , when , as and if authorized by our board of directors , would depend upon many factors , including our earnings and financial condition , restrictions under applicable law and our current and future loan agreements , our debt service requirements , our capital expenditure requirements and other factors that our board of directors may deem relevant from time to time , including the potential determination to elect reit status . in addition , the loan agreement for our revolving credit facility and term loan contain covenants that generally restrict our ability to pay dividends unless certain financial covenants are satisfied . 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 , 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. .

2,010

34

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

what is the average number of shares per registered holder as of february 11 , 2011?

858775

divide(397612895, 463)

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 2010 and 2009. .

on february 11 , 2011 , the closing price of our common stock was $ 56.73 per share as reported on the nyse . as of february 11 , 2011 , we had 397612895 outstanding shares of common stock and 463 registered holders . dividends we have not historically paid a dividend on our common stock . payment of dividends in the future , when , as and if authorized by our board of directors , would depend upon many factors , including our earnings and financial condition , restrictions under applicable law and our current and future loan agreements , our debt service requirements , our capital expenditure requirements and other factors that our board of directors may deem relevant from time to time , including the potential determination to elect reit status . in addition , the loan agreement for our revolving credit facility and term loan contain covenants that generally restrict our ability to pay dividends unless certain financial covenants are satisfied . 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 , 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. .

| | 2010 | high | low | |---:|:---------------------------|:--------|:--------| | 0 | quarter ended march 31 | $ 44.61 | $ 40.10 | | 1 | quarter ended june 30 | 45.33 | 38.86 | | 2 | quarter ended september 30 | 52.11 | 43.70 | | 3 | quarter ended december 31 | 53.14 | 49.61 | | 4 | 2009 | high | low | | 5 | quarter ended march 31 | $ 32.53 | $ 25.45 | | 6 | quarter ended june 30 | 34.52 | 27.93 | | 7 | quarter ended september 30 | 37.71 | 29.89 | | 8 | quarter ended december 31 | 43.84 | 35.03 |

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 2010 and 2009. ._| | 2010 | high | low | |---:|:---------------------------|:--------|:--------| | 0 | quarter ended march 31 | $ 44.61 | $ 40.10 | | 1 | quarter ended june 30 | 45.33 | 38.86 | | 2 | quarter ended september 30 | 52.11 | 43.70 | | 3 | quarter ended december 31 | 53.14 | 49.61 | | 4 | 2009 | high | low | | 5 | quarter ended march 31 | $ 32.53 | $ 25.45 | | 6 | quarter ended june 30 | 34.52 | 27.93 | | 7 | quarter ended september 30 | 37.71 | 29.89 | | 8 | quarter ended december 31 | 43.84 | 35.03 |_on february 11 , 2011 , the closing price of our common stock was $ 56.73 per share as reported on the nyse . as of february 11 , 2011 , we had 397612895 outstanding shares of common stock and 463 registered holders . dividends we have not historically paid a dividend on our common stock . payment of dividends in the future , when , as and if authorized by our board of directors , would depend upon many factors , including our earnings and financial condition , restrictions under applicable law and our current and future loan agreements , our debt service requirements , our capital expenditure requirements and other factors that our board of directors may deem relevant from time to time , including the potential determination to elect reit status . in addition , the loan agreement for our revolving credit facility and term loan contain covenants that generally restrict our ability to pay dividends unless certain financial covenants are satisfied . 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 , 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. .

2,010

34

AMT

American Tower

Real Estate

Telecom Tower REITs

Boston, Massachusetts

2007-11-19

1,053,507

1995

null

finqa374

for us federal purposes , how many years are currently involved in irs controversies?

9

subtract(2008, 1999)

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

for us federal purposes , how many years are currently involved in irs controversies?

9

subtract(2008, 1999)

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

finqa375

what was the percent of the return on the e*trade financial corporation common stock from 2009 to 2014

37.81%

divide(subtract(137.81, const_100), const_100)

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

table of contents .

| | | 12/09 | 12/10 | 12/11 | 12/12 | 12/13 | 12/14 | |---:|:------------------------------|--------:|--------:|--------:|--------:|--------:|--------:| | 0 | e*trade financial corporation | 100 | 90.91 | 45.23 | 50.85 | 111.59 | 137.81 | | 1 | s&p 500 index | 100 | 115.06 | 117.49 | 136.3 | 180.44 | 205.14 | | 2 | dow jones us financials index | 100 | 112.72 | 98.24 | 124.62 | 167.26 | 191.67 |

the following performance graph shows the cumulative total return to a holder of the company 2019s common stock , assuming dividend reinvestment , compared with the cumulative total return , assuming dividend reinvestment , of the standard & poor ( "s&p" ) 500 index and the dow jones us financials index during the period from december 31 , 2009 through december 31 , 2014. ._| | | 12/09 | 12/10 | 12/11 | 12/12 | 12/13 | 12/14 | |---:|:------------------------------|--------:|--------:|--------:|--------:|--------:|--------:| | 0 | e*trade financial corporation | 100 | 90.91 | 45.23 | 50.85 | 111.59 | 137.81 | | 1 | s&p 500 index | 100 | 115.06 | 117.49 | 136.3 | 180.44 | 205.14 | | 2 | dow jones us financials index | 100 | 112.72 | 98.24 | 124.62 | 167.26 | 191.67 |_table of contents .

2,014

26

ETFC

E*TRADE Financial Corporation

Financials

Investment Banking & Brokerage

Arlington, VA

2004-01-01

1,015,780

1982

what was the percent of the return on the e*trade financial corporation common stock from 2009 to 2014

37.81%

divide(subtract(137.81, const_100), const_100)

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

table of contents .

| | | 12/09 | 12/10 | 12/11 | 12/12 | 12/13 | 12/14 | |---:|:------------------------------|--------:|--------:|--------:|--------:|--------:|--------:| | 0 | e*trade financial corporation | 100 | 90.91 | 45.23 | 50.85 | 111.59 | 137.81 | | 1 | s&p 500 index | 100 | 115.06 | 117.49 | 136.3 | 180.44 | 205.14 | | 2 | dow jones us financials index | 100 | 112.72 | 98.24 | 124.62 | 167.26 | 191.67 |

the following performance graph shows the cumulative total return to a holder of the company 2019s common stock , assuming dividend reinvestment , compared with the cumulative total return , assuming dividend reinvestment , of the standard & poor ( "s&p" ) 500 index and the dow jones us financials index during the period from december 31 , 2009 through december 31 , 2014. ._| | | 12/09 | 12/10 | 12/11 | 12/12 | 12/13 | 12/14 | |---:|:------------------------------|--------:|--------:|--------:|--------:|--------:|--------:| | 0 | e*trade financial corporation | 100 | 90.91 | 45.23 | 50.85 | 111.59 | 137.81 | | 1 | s&p 500 index | 100 | 115.06 | 117.49 | 136.3 | 180.44 | 205.14 | | 2 | dow jones us financials index | 100 | 112.72 | 98.24 | 124.62 | 167.26 | 191.67 |_table of contents .

2,014

26

ETFC

E*TRADE Financial Corporation

Financials

Investment Banking & Brokerage

Arlington, VA

2004-01-01

1,015,780

1982

null

finqa376

for the 4th quarter of 2011 approximately how much was spent on stock repurchases?

384491910

multiply(3915795, 98.19)

five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 . the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2006 and that all dividends were reinvested . purchases of equity securities 2013 during 2011 , we repurchased 15340810 shares of our common stock at an average price of $ 96.08 . the following table presents common stock repurchases during each month for the fourth quarter of 2011 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares that may yet be purchased under the plan or program [b] .

[a] total number of shares purchased during the quarter includes approximately 30137 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] on april 1 , 2011 , our board of directors authorized the repurchase of up to 40 million shares of our common stock by march 31 , 2014 . these repurchases may be made on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions. .

| | period | total number ofsharespurchased [a] | averageprice paidper share | total number of sharespurchased as part ofapublicly announced planor program [b] | maximum number ofshares that may yetbe purchased under the planor program [b] | |---:|:-------------------------|-------------------------------------:|:-----------------------------|-----------------------------------------------------------------------------------:|:--------------------------------------------------------------------------------| | 0 | oct . 1 through oct . 31 | 379488 | 87.46 | 371639 | 31370427 | | 1 | nov . 1 through nov . 30 | 1748964 | 98.41 | 1733877 | 29636550 | | 2 | dec . 1 through dec . 31 | 1787343 | 100.26 | 1780142 | 27856408 | | 3 | total | 3915795 | $ 98.19 | 3885658 | n/a |

five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 . the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2006 and that all dividends were reinvested . purchases of equity securities 2013 during 2011 , we repurchased 15340810 shares of our common stock at an average price of $ 96.08 . the following table presents common stock repurchases during each month for the fourth quarter of 2011 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares that may yet be purchased under the plan or program [b] ._| | period | total number ofsharespurchased [a] | averageprice paidper share | total number of sharespurchased as part ofapublicly announced planor program [b] | maximum number ofshares that may yetbe purchased under the planor program [b] | |---:|:-------------------------|-------------------------------------:|:-----------------------------|-----------------------------------------------------------------------------------:|:--------------------------------------------------------------------------------| | 0 | oct . 1 through oct . 31 | 379488 | 87.46 | 371639 | 31370427 | | 1 | nov . 1 through nov . 30 | 1748964 | 98.41 | 1733877 | 29636550 | | 2 | dec . 1 through dec . 31 | 1787343 | 100.26 | 1780142 | 27856408 | | 3 | total | 3915795 | $ 98.19 | 3885658 | n/a |_[a] total number of shares purchased during the quarter includes approximately 30137 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] on april 1 , 2011 , our board of directors authorized the repurchase of up to 40 million shares of our common stock by march 31 , 2014 . these repurchases may be made on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions. .

2,011

21

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

for the 4th quarter of 2011 approximately how much was spent on stock repurchases?

384491910

multiply(3915795, 98.19)

five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 . the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2006 and that all dividends were reinvested . purchases of equity securities 2013 during 2011 , we repurchased 15340810 shares of our common stock at an average price of $ 96.08 . the following table presents common stock repurchases during each month for the fourth quarter of 2011 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares that may yet be purchased under the plan or program [b] .

[a] total number of shares purchased during the quarter includes approximately 30137 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] on april 1 , 2011 , our board of directors authorized the repurchase of up to 40 million shares of our common stock by march 31 , 2014 . these repurchases may be made on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions. .

| | period | total number ofsharespurchased [a] | averageprice paidper share | total number of sharespurchased as part ofapublicly announced planor program [b] | maximum number ofshares that may yetbe purchased under the planor program [b] | |---:|:-------------------------|-------------------------------------:|:-----------------------------|-----------------------------------------------------------------------------------:|:--------------------------------------------------------------------------------| | 0 | oct . 1 through oct . 31 | 379488 | 87.46 | 371639 | 31370427 | | 1 | nov . 1 through nov . 30 | 1748964 | 98.41 | 1733877 | 29636550 | | 2 | dec . 1 through dec . 31 | 1787343 | 100.26 | 1780142 | 27856408 | | 3 | total | 3915795 | $ 98.19 | 3885658 | n/a |

five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 . the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2006 and that all dividends were reinvested . purchases of equity securities 2013 during 2011 , we repurchased 15340810 shares of our common stock at an average price of $ 96.08 . the following table presents common stock repurchases during each month for the fourth quarter of 2011 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares that may yet be purchased under the plan or program [b] ._| | period | total number ofsharespurchased [a] | averageprice paidper share | total number of sharespurchased as part ofapublicly announced planor program [b] | maximum number ofshares that may yetbe purchased under the planor program [b] | |---:|:-------------------------|-------------------------------------:|:-----------------------------|-----------------------------------------------------------------------------------:|:--------------------------------------------------------------------------------| | 0 | oct . 1 through oct . 31 | 379488 | 87.46 | 371639 | 31370427 | | 1 | nov . 1 through nov . 30 | 1748964 | 98.41 | 1733877 | 29636550 | | 2 | dec . 1 through dec . 31 | 1787343 | 100.26 | 1780142 | 27856408 | | 3 | total | 3915795 | $ 98.19 | 3885658 | n/a |_[a] total number of shares purchased during the quarter includes approximately 30137 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares . [b] on april 1 , 2011 , our board of directors authorized the repurchase of up to 40 million shares of our common stock by march 31 , 2014 . these repurchases may be made on the open market or through other transactions . our management has sole discretion with respect to determining the timing and amount of these transactions. .

2,011

21

UNP

Union Pacific Corporation

Industrials

Rail Transportation

Omaha, Nebraska

1957-03-04

100,885

1862

null

finqa377

what was the percentage change in net revenue in 2011

3.5%

add(add(18.9, -0.3), 536.7)

entergy mississippi , inc . management 2019s financial discussion and analysis 2010 compared to 2009 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2010 to 2009 . amount ( in millions ) .

the volume/weather variance is primarily due to an increase of 1046 gwh , or 8% ( 8 % ) , in billed electricity usage in all sectors , primarily due to the effect of more favorable weather on the residential sector . gross operating revenues , fuel and purchased power expenses , and other regulatory charges ( credits ) gross operating revenues increased primarily due to an increase of $ 22 million in power management rider revenue as the result of higher rates , the volume/weather variance discussed above , and an increase in grand gulf rider revenue as a result of higher rates and increased usage , offset by a decrease of $ 23.5 million in fuel cost recovery revenues due to lower fuel rates . fuel and purchased power expenses decreased primarily due to a decrease in deferred fuel expense as a result of prior over-collections , offset by an increase in the average market price of purchased power coupled with increased net area demand . other regulatory charges increased primarily due to increased recovery of costs associated with the power management recovery rider . other income statement variances 2011 compared to 2010 other operation and maintenance expenses decreased primarily due to : a $ 5.4 million decrease in compensation and benefits costs primarily resulting from an increase in the accrual for incentive-based compensation in 2010 and a decrease in stock option expense ; and the sale of $ 4.9 million of surplus oil inventory . the decrease was partially offset by an increase of $ 3.9 million in legal expenses due to the deferral in 2010 of certain litigation expenses in accordance with regulatory treatment . taxes other than income taxes increased primarily due to an increase in ad valorem taxes due to a higher 2011 assessment as compared to 2010 , partially offset by higher capitalized property taxes as compared with prior year . depreciation and amortization expenses increased primarily due to an increase in plant in service . interest expense decreased primarily due to a revision caused by ferc 2019s acceptance of a change in the treatment of funds received from independent power producers for transmission interconnection projects. .

| | | amount ( in millions ) | |---:|:-----------------|:-------------------------| | 0 | 2009 net revenue | $ 536.7 | | 1 | volume/weather | 18.9 | | 2 | other | -0.3 ( 0.3 ) | | 3 | 2010 net revenue | $ 555.3 |

entergy mississippi , inc . management 2019s financial discussion and analysis 2010 compared to 2009 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2010 to 2009 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:-----------------|:-------------------------| | 0 | 2009 net revenue | $ 536.7 | | 1 | volume/weather | 18.9 | | 2 | other | -0.3 ( 0.3 ) | | 3 | 2010 net revenue | $ 555.3 |_the volume/weather variance is primarily due to an increase of 1046 gwh , or 8% ( 8 % ) , in billed electricity usage in all sectors , primarily due to the effect of more favorable weather on the residential sector . gross operating revenues , fuel and purchased power expenses , and other regulatory charges ( credits ) gross operating revenues increased primarily due to an increase of $ 22 million in power management rider revenue as the result of higher rates , the volume/weather variance discussed above , and an increase in grand gulf rider revenue as a result of higher rates and increased usage , offset by a decrease of $ 23.5 million in fuel cost recovery revenues due to lower fuel rates . fuel and purchased power expenses decreased primarily due to a decrease in deferred fuel expense as a result of prior over-collections , offset by an increase in the average market price of purchased power coupled with increased net area demand . other regulatory charges increased primarily due to increased recovery of costs associated with the power management recovery rider . other income statement variances 2011 compared to 2010 other operation and maintenance expenses decreased primarily due to : a $ 5.4 million decrease in compensation and benefits costs primarily resulting from an increase in the accrual for incentive-based compensation in 2010 and a decrease in stock option expense ; and the sale of $ 4.9 million of surplus oil inventory . the decrease was partially offset by an increase of $ 3.9 million in legal expenses due to the deferral in 2010 of certain litigation expenses in accordance with regulatory treatment . taxes other than income taxes increased primarily due to an increase in ad valorem taxes due to a higher 2011 assessment as compared to 2010 , partially offset by higher capitalized property taxes as compared with prior year . depreciation and amortization expenses increased primarily due to an increase in plant in service . interest expense decreased primarily due to a revision caused by ferc 2019s acceptance of a change in the treatment of funds received from independent power producers for transmission interconnection projects. .

2,011

341

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what was the percentage change in net revenue in 2011

3.5%

add(add(18.9, -0.3), 536.7)

entergy mississippi , inc . management 2019s financial discussion and analysis 2010 compared to 2009 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2010 to 2009 . amount ( in millions ) .

the volume/weather variance is primarily due to an increase of 1046 gwh , or 8% ( 8 % ) , in billed electricity usage in all sectors , primarily due to the effect of more favorable weather on the residential sector . gross operating revenues , fuel and purchased power expenses , and other regulatory charges ( credits ) gross operating revenues increased primarily due to an increase of $ 22 million in power management rider revenue as the result of higher rates , the volume/weather variance discussed above , and an increase in grand gulf rider revenue as a result of higher rates and increased usage , offset by a decrease of $ 23.5 million in fuel cost recovery revenues due to lower fuel rates . fuel and purchased power expenses decreased primarily due to a decrease in deferred fuel expense as a result of prior over-collections , offset by an increase in the average market price of purchased power coupled with increased net area demand . other regulatory charges increased primarily due to increased recovery of costs associated with the power management recovery rider . other income statement variances 2011 compared to 2010 other operation and maintenance expenses decreased primarily due to : a $ 5.4 million decrease in compensation and benefits costs primarily resulting from an increase in the accrual for incentive-based compensation in 2010 and a decrease in stock option expense ; and the sale of $ 4.9 million of surplus oil inventory . the decrease was partially offset by an increase of $ 3.9 million in legal expenses due to the deferral in 2010 of certain litigation expenses in accordance with regulatory treatment . taxes other than income taxes increased primarily due to an increase in ad valorem taxes due to a higher 2011 assessment as compared to 2010 , partially offset by higher capitalized property taxes as compared with prior year . depreciation and amortization expenses increased primarily due to an increase in plant in service . interest expense decreased primarily due to a revision caused by ferc 2019s acceptance of a change in the treatment of funds received from independent power producers for transmission interconnection projects. .

| | | amount ( in millions ) | |---:|:-----------------|:-------------------------| | 0 | 2009 net revenue | $ 536.7 | | 1 | volume/weather | 18.9 | | 2 | other | -0.3 ( 0.3 ) | | 3 | 2010 net revenue | $ 555.3 |

entergy mississippi , inc . management 2019s financial discussion and analysis 2010 compared to 2009 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) . following is an analysis of the change in net revenue comparing 2010 to 2009 . amount ( in millions ) ._| | | amount ( in millions ) | |---:|:-----------------|:-------------------------| | 0 | 2009 net revenue | $ 536.7 | | 1 | volume/weather | 18.9 | | 2 | other | -0.3 ( 0.3 ) | | 3 | 2010 net revenue | $ 555.3 |_the volume/weather variance is primarily due to an increase of 1046 gwh , or 8% ( 8 % ) , in billed electricity usage in all sectors , primarily due to the effect of more favorable weather on the residential sector . gross operating revenues , fuel and purchased power expenses , and other regulatory charges ( credits ) gross operating revenues increased primarily due to an increase of $ 22 million in power management rider revenue as the result of higher rates , the volume/weather variance discussed above , and an increase in grand gulf rider revenue as a result of higher rates and increased usage , offset by a decrease of $ 23.5 million in fuel cost recovery revenues due to lower fuel rates . fuel and purchased power expenses decreased primarily due to a decrease in deferred fuel expense as a result of prior over-collections , offset by an increase in the average market price of purchased power coupled with increased net area demand . other regulatory charges increased primarily due to increased recovery of costs associated with the power management recovery rider . other income statement variances 2011 compared to 2010 other operation and maintenance expenses decreased primarily due to : a $ 5.4 million decrease in compensation and benefits costs primarily resulting from an increase in the accrual for incentive-based compensation in 2010 and a decrease in stock option expense ; and the sale of $ 4.9 million of surplus oil inventory . the decrease was partially offset by an increase of $ 3.9 million in legal expenses due to the deferral in 2010 of certain litigation expenses in accordance with regulatory treatment . taxes other than income taxes increased primarily due to an increase in ad valorem taxes due to a higher 2011 assessment as compared to 2010 , partially offset by higher capitalized property taxes as compared with prior year . depreciation and amortization expenses increased primarily due to an increase in plant in service . interest expense decreased primarily due to a revision caused by ferc 2019s acceptance of a change in the treatment of funds received from independent power producers for transmission interconnection projects. .

2,011

341

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa378

as of 2017 what was the ratio of the overall five-year cumulative total return for s&p 500 compared to citi

1.16

divide(subtract(208.1, const_100), subtract(193.5, const_100))

performance graph comparison of five-year cumulative total return the following graph and table compare the cumulative total return on citi 2019s common stock , which is listed on the nyse under the ticker symbol 201cc 201d and held by 65691 common stockholders of record as of january 31 , 2018 , with the cumulative total return of the s&p 500 index and the s&p financial index over the five-year period through december 31 , 2017 . the graph and table assume that $ 100 was invested on december 31 , 2012 in citi 2019s common stock , the s&p 500 index and the s&p financial index , and that all dividends were reinvested . comparison of five-year cumulative total return for the years ended date citi s&p 500 financials .

.

| | date | citi | s&p 500 | s&p financials | |---:|:------------|-------:|----------:|-----------------:| | 0 | 31-dec-2012 | 100 | 100 | 100 | | 1 | 31-dec-2013 | 131.8 | 132.4 | 135.6 | | 2 | 31-dec-2014 | 137 | 150.5 | 156.2 | | 3 | 31-dec-2015 | 131.4 | 152.6 | 153.9 | | 4 | 31-dec-2016 | 152.3 | 170.8 | 188.9 | | 5 | 31-dec-2017 | 193.5 | 208.1 | 230.9 |

performance graph comparison of five-year cumulative total return the following graph and table compare the cumulative total return on citi 2019s common stock , which is listed on the nyse under the ticker symbol 201cc 201d and held by 65691 common stockholders of record as of january 31 , 2018 , with the cumulative total return of the s&p 500 index and the s&p financial index over the five-year period through december 31 , 2017 . the graph and table assume that $ 100 was invested on december 31 , 2012 in citi 2019s common stock , the s&p 500 index and the s&p financial index , and that all dividends were reinvested . comparison of five-year cumulative total return for the years ended date citi s&p 500 financials ._| | date | citi | s&p 500 | s&p financials | |---:|:------------|-------:|----------:|-----------------:| | 0 | 31-dec-2012 | 100 | 100 | 100 | | 1 | 31-dec-2013 | 131.8 | 132.4 | 135.6 | | 2 | 31-dec-2014 | 137 | 150.5 | 156.2 | | 3 | 31-dec-2015 | 131.4 | 152.6 | 153.9 | | 4 | 31-dec-2016 | 152.3 | 170.8 | 188.9 | | 5 | 31-dec-2017 | 193.5 | 208.1 | 230.9 |_.

2,017

328

C

Citigroup

Financials

Diversified Banks

New York City, New York

1988-05-31

831,001

1998

as of 2017 what was the ratio of the overall five-year cumulative total return for s&p 500 compared to citi

1.16

divide(subtract(208.1, const_100), subtract(193.5, const_100))

performance graph comparison of five-year cumulative total return the following graph and table compare the cumulative total return on citi 2019s common stock , which is listed on the nyse under the ticker symbol 201cc 201d and held by 65691 common stockholders of record as of january 31 , 2018 , with the cumulative total return of the s&p 500 index and the s&p financial index over the five-year period through december 31 , 2017 . the graph and table assume that $ 100 was invested on december 31 , 2012 in citi 2019s common stock , the s&p 500 index and the s&p financial index , and that all dividends were reinvested . comparison of five-year cumulative total return for the years ended date citi s&p 500 financials .

.

| | date | citi | s&p 500 | s&p financials | |---:|:------------|-------:|----------:|-----------------:| | 0 | 31-dec-2012 | 100 | 100 | 100 | | 1 | 31-dec-2013 | 131.8 | 132.4 | 135.6 | | 2 | 31-dec-2014 | 137 | 150.5 | 156.2 | | 3 | 31-dec-2015 | 131.4 | 152.6 | 153.9 | | 4 | 31-dec-2016 | 152.3 | 170.8 | 188.9 | | 5 | 31-dec-2017 | 193.5 | 208.1 | 230.9 |

performance graph comparison of five-year cumulative total return the following graph and table compare the cumulative total return on citi 2019s common stock , which is listed on the nyse under the ticker symbol 201cc 201d and held by 65691 common stockholders of record as of january 31 , 2018 , with the cumulative total return of the s&p 500 index and the s&p financial index over the five-year period through december 31 , 2017 . the graph and table assume that $ 100 was invested on december 31 , 2012 in citi 2019s common stock , the s&p 500 index and the s&p financial index , and that all dividends were reinvested . comparison of five-year cumulative total return for the years ended date citi s&p 500 financials ._| | date | citi | s&p 500 | s&p financials | |---:|:------------|-------:|----------:|-----------------:| | 0 | 31-dec-2012 | 100 | 100 | 100 | | 1 | 31-dec-2013 | 131.8 | 132.4 | 135.6 | | 2 | 31-dec-2014 | 137 | 150.5 | 156.2 | | 3 | 31-dec-2015 | 131.4 | 152.6 | 153.9 | | 4 | 31-dec-2016 | 152.3 | 170.8 | 188.9 | | 5 | 31-dec-2017 | 193.5 | 208.1 | 230.9 |_.

2,017

328

C

Citigroup

Financials

Diversified Banks

New York City, New York

1988-05-31

831,001

1998

null

finqa379

based o n the review of the simultaneous investments of the jpmorgan chase common stock in the various index what was the ratio of the performance in the kbw bank index to the s&p financial index in 2010

1.1

divide(123.36, 112.13)

jpmorgan chase & co./2014 annual report 63 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co . ( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 index , the kbw bank index and the s&p financial index . the s&p 500 index is a commonly referenced u.s . equity benchmark consisting of leading companies from different economic sectors . the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s . and is composed of 24 leading national money center and regional banks and thrifts . the s&p financial index is an index of 85 financial companies , all of which are components of the s&p 500 . the firm is a component of all three industry indices . the following table and graph assume simultaneous investments of $ 100 on december 31 , 2009 , in jpmorgan chase common stock and in each of the above indices . the comparison assumes that all dividends are reinvested . december 31 , ( in dollars ) 2009 2010 2011 2012 2013 2014 .

.

| | december 31 ( in dollars ) | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |---:|:-----------------------------|:---------|:---------|:--------|:---------|:---------|:---------| | 0 | jpmorgan chase | $ 100.00 | $ 102.30 | $ 81.87 | $ 111.49 | $ 152.42 | $ 167.48 | | 1 | kbw bank index | 100.00 | 123.36 | 94.75 | 125.91 | 173.45 | 189.69 | | 2 | s&p financial index | 100.00 | 112.13 | 93.00 | 119.73 | 162.34 | 186.98 | | 3 | s&p 500 index | 100.00 | 115.06 | 117.48 | 136.27 | 180.39 | 205.07 |

jpmorgan chase & co./2014 annual report 63 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co . ( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 index , the kbw bank index and the s&p financial index . the s&p 500 index is a commonly referenced u.s . equity benchmark consisting of leading companies from different economic sectors . the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s . and is composed of 24 leading national money center and regional banks and thrifts . the s&p financial index is an index of 85 financial companies , all of which are components of the s&p 500 . the firm is a component of all three industry indices . the following table and graph assume simultaneous investments of $ 100 on december 31 , 2009 , in jpmorgan chase common stock and in each of the above indices . the comparison assumes that all dividends are reinvested . december 31 , ( in dollars ) 2009 2010 2011 2012 2013 2014 ._| | december 31 ( in dollars ) | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |---:|:-----------------------------|:---------|:---------|:--------|:---------|:---------|:---------| | 0 | jpmorgan chase | $ 100.00 | $ 102.30 | $ 81.87 | $ 111.49 | $ 152.42 | $ 167.48 | | 1 | kbw bank index | 100.00 | 123.36 | 94.75 | 125.91 | 173.45 | 189.69 | | 2 | s&p financial index | 100.00 | 112.13 | 93.00 | 119.73 | 162.34 | 186.98 | | 3 | s&p 500 index | 100.00 | 115.06 | 117.48 | 136.27 | 180.39 | 205.07 |_.

2,014

65

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

based o n the review of the simultaneous investments of the jpmorgan chase common stock in the various index what was the ratio of the performance in the kbw bank index to the s&p financial index in 2010

1.1

divide(123.36, 112.13)

jpmorgan chase & co./2014 annual report 63 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co . ( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 index , the kbw bank index and the s&p financial index . the s&p 500 index is a commonly referenced u.s . equity benchmark consisting of leading companies from different economic sectors . the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s . and is composed of 24 leading national money center and regional banks and thrifts . the s&p financial index is an index of 85 financial companies , all of which are components of the s&p 500 . the firm is a component of all three industry indices . the following table and graph assume simultaneous investments of $ 100 on december 31 , 2009 , in jpmorgan chase common stock and in each of the above indices . the comparison assumes that all dividends are reinvested . december 31 , ( in dollars ) 2009 2010 2011 2012 2013 2014 .

.

| | december 31 ( in dollars ) | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |---:|:-----------------------------|:---------|:---------|:--------|:---------|:---------|:---------| | 0 | jpmorgan chase | $ 100.00 | $ 102.30 | $ 81.87 | $ 111.49 | $ 152.42 | $ 167.48 | | 1 | kbw bank index | 100.00 | 123.36 | 94.75 | 125.91 | 173.45 | 189.69 | | 2 | s&p financial index | 100.00 | 112.13 | 93.00 | 119.73 | 162.34 | 186.98 | | 3 | s&p 500 index | 100.00 | 115.06 | 117.48 | 136.27 | 180.39 | 205.07 |

jpmorgan chase & co./2014 annual report 63 five-year stock performance the following table and graph compare the five-year cumulative total return for jpmorgan chase & co . ( 201cjpmorgan chase 201d or the 201cfirm 201d ) common stock with the cumulative return of the s&p 500 index , the kbw bank index and the s&p financial index . the s&p 500 index is a commonly referenced u.s . equity benchmark consisting of leading companies from different economic sectors . the kbw bank index seeks to reflect the performance of banks and thrifts that are publicly traded in the u.s . and is composed of 24 leading national money center and regional banks and thrifts . the s&p financial index is an index of 85 financial companies , all of which are components of the s&p 500 . the firm is a component of all three industry indices . the following table and graph assume simultaneous investments of $ 100 on december 31 , 2009 , in jpmorgan chase common stock and in each of the above indices . the comparison assumes that all dividends are reinvested . december 31 , ( in dollars ) 2009 2010 2011 2012 2013 2014 ._| | december 31 ( in dollars ) | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | |---:|:-----------------------------|:---------|:---------|:--------|:---------|:---------|:---------| | 0 | jpmorgan chase | $ 100.00 | $ 102.30 | $ 81.87 | $ 111.49 | $ 152.42 | $ 167.48 | | 1 | kbw bank index | 100.00 | 123.36 | 94.75 | 125.91 | 173.45 | 189.69 | | 2 | s&p financial index | 100.00 | 112.13 | 93.00 | 119.73 | 162.34 | 186.98 | | 3 | s&p 500 index | 100.00 | 115.06 | 117.48 | 136.27 | 180.39 | 205.07 |_.

2,014

65

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

null

finqa380

what is the weight of the property&casualty operations relative to the total statutory capital?

43.64%

divide(6012, 13777)

table of contents the table below sets forth statutory surplus for the company 2019s insurance companies . the statutory surplus amounts as of december 31 , 2007 in the table below are based on actual statutory filings with the applicable regulatory authorities . the statutory surplus amounts as of december 31 , 2008 are estimates , as the respective 2008 statutory filings have not yet been the company has received approval from the connecticut insurance department regarding the use of two permitted practices in the statutory financial statements of its connecticut-domiciled life insurance subsidiaries as of december 31 , 2008 . the first permitted practice relates to the statutory accounting for deferred income taxes . specifically , this permitted practice modifies the accounting for deferred income taxes prescribed by the naic by increasing the realization period for deferred tax assets from one year to three years and increasing the asset recognition limit from 10% ( 10 % ) to 15% ( 15 % ) of adjusted statutory capital and surplus . the benefits of this permitted practice may not be considered by the company when determining surplus available for dividends . the second permitted practice relates to the statutory reserving requirements for variable annuities with guaranteed living benefit riders . actuarial guidelines prescribed by the naic require a stand-alone asset adequacy analysis reflecting only benefits , expenses and charges that are associated with the riders for variable annuities with guaranteed living benefits . the permitted practice allows for all benefits , expenses and charges associated with the variable annuity contract to be reflected in the stand- alone asset adequacy test . these permitted practices resulted in an increase to life operations estimated statutory surplus of $ 987 as of december 31 , 2008 . the effects of these permitted practices are included in the 2008 life operations surplus amount in the table above . statutory capital the company 2019s stockholders 2019 equity , as prepared using u.s . gaap was $ 9.3 billion as of december 31 , 2008 . the company 2019s estimated aggregate statutory capital and surplus , as prepared in accordance with the national association of insurance commissioners 2019 accounting practices and procedures manual ( 201cus stat 201d ) was $ 13.8 billion as of december 31 , 2008 . significant differences between u.s . gaap stockholders 2019 equity and aggregate statutory capital and surplus prepared in accordance with us stat include the following: .

2022 costs incurred by the company to acquire insurance policies are deferred under u.s . gaap while those costs are expensed immediately under us stat . 2022 temporary differences between the book and tax basis of an asset or liability which are recorded as deferred tax assets are evaluated for recoverability under u.s . gaap while those amounts deferred are subject to limitations under us stat . 2022 certain assumptions used in the determination of life benefit reserves are prescribed under us stat and are intended to be conservative , while the assumptions used under u.s . gaap are generally the company 2019s best estimates . in addition , the methodologies used for determining life reserve amounts are different between us stat and u.s . gaap . annuity reserving and cash-flow testing for death and living benefit reserves under us stat are generally addressed by the commissioners 2019 annuity reserving valuation methodology and the related actuarial guidelines . under these actuarial guidelines , in general , future cash flows associated with the variable annuity business are included in these methodologies with estimates of future fee revenues , claim payments , expenses , reinsurance impacts and hedging impacts . at december 31 , 2008 , in determining the cash-flow impacts related to future hedging , assumptions were made in the scenarios that generate reserve requirements , about the potential future decreases in the hedge benefits and increases in hedge costs which resulted in increased reserve requirements . reserves for death and living benefits under u.s . gaap are either considered embedded derivatives and recorded at fair value or they may be considered sop 03-1 reserves . 2022 the difference between the amortized cost and fair value of fixed maturity and other investments , net of tax , is recorded as an increase or decrease to the carrying value of the related asset and to equity under u.s . gaap , while us stat only records certain securities at fair value , such as equity securities and certain lower rated bonds required by the naic to be recorded at the lower of amortized cost or fair value . in the case of the company 2019s market value adjusted ( mva ) fixed annuity products , invested assets are marked to fair value ( including the impact of credit spreads ) and liabilities are marked to fair value ( but generally actual credit spreads are not fully reflected ) for statutory purposes only . 2022 us stat for life insurance companies establishes a formula reserve for realized and unrealized losses due to default and equity risks associated with certain invested assets ( the asset valuation reserve ) , while u.s . gaap does not . also , for those realized gains and losses caused by changes in interest rates , us stat for life insurance companies defers and amortizes the gains and losses , caused by changes in interest rates , into income over the original life to maturity of the asset sold ( the interest maintenance reserve ) while u.s . gaap does not . 2022 goodwill arising from the acquisition of a business is tested for recoverability on an annual basis ( or more frequently , as necessary ) for u.s . gaap , while under us stat goodwill is amortized over a period not to exceed 10 years and the .

| | | 2008 | 2007 | |---:|:-------------------------------|:--------|:--------| | 0 | life operations | $ 6047 | $ 5786 | | 1 | japan life operations | 1718 | 1620 | | 2 | property & casualty operations | 6012 | 8509 | | 3 | total | $ 13777 | $ 15915 |

table of contents the table below sets forth statutory surplus for the company 2019s insurance companies . the statutory surplus amounts as of december 31 , 2007 in the table below are based on actual statutory filings with the applicable regulatory authorities . the statutory surplus amounts as of december 31 , 2008 are estimates , as the respective 2008 statutory filings have not yet been the company has received approval from the connecticut insurance department regarding the use of two permitted practices in the statutory financial statements of its connecticut-domiciled life insurance subsidiaries as of december 31 , 2008 . the first permitted practice relates to the statutory accounting for deferred income taxes . specifically , this permitted practice modifies the accounting for deferred income taxes prescribed by the naic by increasing the realization period for deferred tax assets from one year to three years and increasing the asset recognition limit from 10% ( 10 % ) to 15% ( 15 % ) of adjusted statutory capital and surplus . the benefits of this permitted practice may not be considered by the company when determining surplus available for dividends . the second permitted practice relates to the statutory reserving requirements for variable annuities with guaranteed living benefit riders . actuarial guidelines prescribed by the naic require a stand-alone asset adequacy analysis reflecting only benefits , expenses and charges that are associated with the riders for variable annuities with guaranteed living benefits . the permitted practice allows for all benefits , expenses and charges associated with the variable annuity contract to be reflected in the stand- alone asset adequacy test . these permitted practices resulted in an increase to life operations estimated statutory surplus of $ 987 as of december 31 , 2008 . the effects of these permitted practices are included in the 2008 life operations surplus amount in the table above . statutory capital the company 2019s stockholders 2019 equity , as prepared using u.s . gaap was $ 9.3 billion as of december 31 , 2008 . the company 2019s estimated aggregate statutory capital and surplus , as prepared in accordance with the national association of insurance commissioners 2019 accounting practices and procedures manual ( 201cus stat 201d ) was $ 13.8 billion as of december 31 , 2008 . significant differences between u.s . gaap stockholders 2019 equity and aggregate statutory capital and surplus prepared in accordance with us stat include the following: ._| | | 2008 | 2007 | |---:|:-------------------------------|:--------|:--------| | 0 | life operations | $ 6047 | $ 5786 | | 1 | japan life operations | 1718 | 1620 | | 2 | property & casualty operations | 6012 | 8509 | | 3 | total | $ 13777 | $ 15915 |_2022 costs incurred by the company to acquire insurance policies are deferred under u.s . gaap while those costs are expensed immediately under us stat . 2022 temporary differences between the book and tax basis of an asset or liability which are recorded as deferred tax assets are evaluated for recoverability under u.s . gaap while those amounts deferred are subject to limitations under us stat . 2022 certain assumptions used in the determination of life benefit reserves are prescribed under us stat and are intended to be conservative , while the assumptions used under u.s . gaap are generally the company 2019s best estimates . in addition , the methodologies used for determining life reserve amounts are different between us stat and u.s . gaap . annuity reserving and cash-flow testing for death and living benefit reserves under us stat are generally addressed by the commissioners 2019 annuity reserving valuation methodology and the related actuarial guidelines . under these actuarial guidelines , in general , future cash flows associated with the variable annuity business are included in these methodologies with estimates of future fee revenues , claim payments , expenses , reinsurance impacts and hedging impacts . at december 31 , 2008 , in determining the cash-flow impacts related to future hedging , assumptions were made in the scenarios that generate reserve requirements , about the potential future decreases in the hedge benefits and increases in hedge costs which resulted in increased reserve requirements . reserves for death and living benefits under u.s . gaap are either considered embedded derivatives and recorded at fair value or they may be considered sop 03-1 reserves . 2022 the difference between the amortized cost and fair value of fixed maturity and other investments , net of tax , is recorded as an increase or decrease to the carrying value of the related asset and to equity under u.s . gaap , while us stat only records certain securities at fair value , such as equity securities and certain lower rated bonds required by the naic to be recorded at the lower of amortized cost or fair value . in the case of the company 2019s market value adjusted ( mva ) fixed annuity products , invested assets are marked to fair value ( including the impact of credit spreads ) and liabilities are marked to fair value ( but generally actual credit spreads are not fully reflected ) for statutory purposes only . 2022 us stat for life insurance companies establishes a formula reserve for realized and unrealized losses due to default and equity risks associated with certain invested assets ( the asset valuation reserve ) , while u.s . gaap does not . also , for those realized gains and losses caused by changes in interest rates , us stat for life insurance companies defers and amortizes the gains and losses , caused by changes in interest rates , into income over the original life to maturity of the asset sold ( the interest maintenance reserve ) while u.s . gaap does not . 2022 goodwill arising from the acquisition of a business is tested for recoverability on an annual basis ( or more frequently , as necessary ) for u.s . gaap , while under us stat goodwill is amortized over a period not to exceed 10 years and the .

2,008

318

HIG

Hartford (The)

Financials

Property & Casualty Insurance

Hartford, Connecticut

1957-03-04

874,766

1810

what is the weight of the property&casualty operations relative to the total statutory capital?

43.64%

divide(6012, 13777)

table of contents the table below sets forth statutory surplus for the company 2019s insurance companies . the statutory surplus amounts as of december 31 , 2007 in the table below are based on actual statutory filings with the applicable regulatory authorities . the statutory surplus amounts as of december 31 , 2008 are estimates , as the respective 2008 statutory filings have not yet been the company has received approval from the connecticut insurance department regarding the use of two permitted practices in the statutory financial statements of its connecticut-domiciled life insurance subsidiaries as of december 31 , 2008 . the first permitted practice relates to the statutory accounting for deferred income taxes . specifically , this permitted practice modifies the accounting for deferred income taxes prescribed by the naic by increasing the realization period for deferred tax assets from one year to three years and increasing the asset recognition limit from 10% ( 10 % ) to 15% ( 15 % ) of adjusted statutory capital and surplus . the benefits of this permitted practice may not be considered by the company when determining surplus available for dividends . the second permitted practice relates to the statutory reserving requirements for variable annuities with guaranteed living benefit riders . actuarial guidelines prescribed by the naic require a stand-alone asset adequacy analysis reflecting only benefits , expenses and charges that are associated with the riders for variable annuities with guaranteed living benefits . the permitted practice allows for all benefits , expenses and charges associated with the variable annuity contract to be reflected in the stand- alone asset adequacy test . these permitted practices resulted in an increase to life operations estimated statutory surplus of $ 987 as of december 31 , 2008 . the effects of these permitted practices are included in the 2008 life operations surplus amount in the table above . statutory capital the company 2019s stockholders 2019 equity , as prepared using u.s . gaap was $ 9.3 billion as of december 31 , 2008 . the company 2019s estimated aggregate statutory capital and surplus , as prepared in accordance with the national association of insurance commissioners 2019 accounting practices and procedures manual ( 201cus stat 201d ) was $ 13.8 billion as of december 31 , 2008 . significant differences between u.s . gaap stockholders 2019 equity and aggregate statutory capital and surplus prepared in accordance with us stat include the following: .

2022 costs incurred by the company to acquire insurance policies are deferred under u.s . gaap while those costs are expensed immediately under us stat . 2022 temporary differences between the book and tax basis of an asset or liability which are recorded as deferred tax assets are evaluated for recoverability under u.s . gaap while those amounts deferred are subject to limitations under us stat . 2022 certain assumptions used in the determination of life benefit reserves are prescribed under us stat and are intended to be conservative , while the assumptions used under u.s . gaap are generally the company 2019s best estimates . in addition , the methodologies used for determining life reserve amounts are different between us stat and u.s . gaap . annuity reserving and cash-flow testing for death and living benefit reserves under us stat are generally addressed by the commissioners 2019 annuity reserving valuation methodology and the related actuarial guidelines . under these actuarial guidelines , in general , future cash flows associated with the variable annuity business are included in these methodologies with estimates of future fee revenues , claim payments , expenses , reinsurance impacts and hedging impacts . at december 31 , 2008 , in determining the cash-flow impacts related to future hedging , assumptions were made in the scenarios that generate reserve requirements , about the potential future decreases in the hedge benefits and increases in hedge costs which resulted in increased reserve requirements . reserves for death and living benefits under u.s . gaap are either considered embedded derivatives and recorded at fair value or they may be considered sop 03-1 reserves . 2022 the difference between the amortized cost and fair value of fixed maturity and other investments , net of tax , is recorded as an increase or decrease to the carrying value of the related asset and to equity under u.s . gaap , while us stat only records certain securities at fair value , such as equity securities and certain lower rated bonds required by the naic to be recorded at the lower of amortized cost or fair value . in the case of the company 2019s market value adjusted ( mva ) fixed annuity products , invested assets are marked to fair value ( including the impact of credit spreads ) and liabilities are marked to fair value ( but generally actual credit spreads are not fully reflected ) for statutory purposes only . 2022 us stat for life insurance companies establishes a formula reserve for realized and unrealized losses due to default and equity risks associated with certain invested assets ( the asset valuation reserve ) , while u.s . gaap does not . also , for those realized gains and losses caused by changes in interest rates , us stat for life insurance companies defers and amortizes the gains and losses , caused by changes in interest rates , into income over the original life to maturity of the asset sold ( the interest maintenance reserve ) while u.s . gaap does not . 2022 goodwill arising from the acquisition of a business is tested for recoverability on an annual basis ( or more frequently , as necessary ) for u.s . gaap , while under us stat goodwill is amortized over a period not to exceed 10 years and the .

| | | 2008 | 2007 | |---:|:-------------------------------|:--------|:--------| | 0 | life operations | $ 6047 | $ 5786 | | 1 | japan life operations | 1718 | 1620 | | 2 | property & casualty operations | 6012 | 8509 | | 3 | total | $ 13777 | $ 15915 |

table of contents the table below sets forth statutory surplus for the company 2019s insurance companies . the statutory surplus amounts as of december 31 , 2007 in the table below are based on actual statutory filings with the applicable regulatory authorities . the statutory surplus amounts as of december 31 , 2008 are estimates , as the respective 2008 statutory filings have not yet been the company has received approval from the connecticut insurance department regarding the use of two permitted practices in the statutory financial statements of its connecticut-domiciled life insurance subsidiaries as of december 31 , 2008 . the first permitted practice relates to the statutory accounting for deferred income taxes . specifically , this permitted practice modifies the accounting for deferred income taxes prescribed by the naic by increasing the realization period for deferred tax assets from one year to three years and increasing the asset recognition limit from 10% ( 10 % ) to 15% ( 15 % ) of adjusted statutory capital and surplus . the benefits of this permitted practice may not be considered by the company when determining surplus available for dividends . the second permitted practice relates to the statutory reserving requirements for variable annuities with guaranteed living benefit riders . actuarial guidelines prescribed by the naic require a stand-alone asset adequacy analysis reflecting only benefits , expenses and charges that are associated with the riders for variable annuities with guaranteed living benefits . the permitted practice allows for all benefits , expenses and charges associated with the variable annuity contract to be reflected in the stand- alone asset adequacy test . these permitted practices resulted in an increase to life operations estimated statutory surplus of $ 987 as of december 31 , 2008 . the effects of these permitted practices are included in the 2008 life operations surplus amount in the table above . statutory capital the company 2019s stockholders 2019 equity , as prepared using u.s . gaap was $ 9.3 billion as of december 31 , 2008 . the company 2019s estimated aggregate statutory capital and surplus , as prepared in accordance with the national association of insurance commissioners 2019 accounting practices and procedures manual ( 201cus stat 201d ) was $ 13.8 billion as of december 31 , 2008 . significant differences between u.s . gaap stockholders 2019 equity and aggregate statutory capital and surplus prepared in accordance with us stat include the following: ._| | | 2008 | 2007 | |---:|:-------------------------------|:--------|:--------| | 0 | life operations | $ 6047 | $ 5786 | | 1 | japan life operations | 1718 | 1620 | | 2 | property & casualty operations | 6012 | 8509 | | 3 | total | $ 13777 | $ 15915 |_2022 costs incurred by the company to acquire insurance policies are deferred under u.s . gaap while those costs are expensed immediately under us stat . 2022 temporary differences between the book and tax basis of an asset or liability which are recorded as deferred tax assets are evaluated for recoverability under u.s . gaap while those amounts deferred are subject to limitations under us stat . 2022 certain assumptions used in the determination of life benefit reserves are prescribed under us stat and are intended to be conservative , while the assumptions used under u.s . gaap are generally the company 2019s best estimates . in addition , the methodologies used for determining life reserve amounts are different between us stat and u.s . gaap . annuity reserving and cash-flow testing for death and living benefit reserves under us stat are generally addressed by the commissioners 2019 annuity reserving valuation methodology and the related actuarial guidelines . under these actuarial guidelines , in general , future cash flows associated with the variable annuity business are included in these methodologies with estimates of future fee revenues , claim payments , expenses , reinsurance impacts and hedging impacts . at december 31 , 2008 , in determining the cash-flow impacts related to future hedging , assumptions were made in the scenarios that generate reserve requirements , about the potential future decreases in the hedge benefits and increases in hedge costs which resulted in increased reserve requirements . reserves for death and living benefits under u.s . gaap are either considered embedded derivatives and recorded at fair value or they may be considered sop 03-1 reserves . 2022 the difference between the amortized cost and fair value of fixed maturity and other investments , net of tax , is recorded as an increase or decrease to the carrying value of the related asset and to equity under u.s . gaap , while us stat only records certain securities at fair value , such as equity securities and certain lower rated bonds required by the naic to be recorded at the lower of amortized cost or fair value . in the case of the company 2019s market value adjusted ( mva ) fixed annuity products , invested assets are marked to fair value ( including the impact of credit spreads ) and liabilities are marked to fair value ( but generally actual credit spreads are not fully reflected ) for statutory purposes only . 2022 us stat for life insurance companies establishes a formula reserve for realized and unrealized losses due to default and equity risks associated with certain invested assets ( the asset valuation reserve ) , while u.s . gaap does not . also , for those realized gains and losses caused by changes in interest rates , us stat for life insurance companies defers and amortizes the gains and losses , caused by changes in interest rates , into income over the original life to maturity of the asset sold ( the interest maintenance reserve ) while u.s . gaap does not . 2022 goodwill arising from the acquisition of a business is tested for recoverability on an annual basis ( or more frequently , as necessary ) for u.s . gaap , while under us stat goodwill is amortized over a period not to exceed 10 years and the .

2,008

318

HIG

Hartford (The)

Financials

Property & Casualty Insurance

Hartford, Connecticut

1957-03-04

874,766

1810

null

finqa381

what was the operating margin for 2012?

10.61%

divide(44.6, 420.1)

2014 vs . 2013 sales increased 9% ( 9 % ) , as higher volumes of 9% ( 9 % ) and favorable currency of 1% ( 1 % ) were partially offset by lower pricing of 1% ( 1 % ) . electronics sales increased 8% ( 8 % ) , as higher delivery systems equipment sales and materials volumes of 8% ( 8 % ) and favorable currency of 1% ( 1 % ) were partially offset by lower pricing of 1% ( 1 % ) . performance materials sales increased 10% ( 10 % ) , as higher volumes of 11% ( 11 % ) were partially offset by lower pricing of 1% ( 1 % ) . the higher volumes were across all product lines and major regions . the lower pricing was primarily due to unfavorable mix impacts . operating income of $ 425.3 increased 32% ( 32 % ) , or $ 104.0 , primarily from higher volumes of $ 93 , lower operating costs of $ 31 , and favorable currency impacts of $ 5 , partially offset by unfavorable price and mix impacts of $ 26 . operating margin of 17.4% ( 17.4 % ) increased 310 bp , primarily due to improved loading and leverage from the higher volumes and improved cost performance , partially offset by the unfavorable pricing impacts . 2013 vs . 2012 sales decreased 3% ( 3 % ) , as lower volumes of 4% ( 4 % ) and lower pricing of 1% ( 1 % ) were partially offset by acquisitions of 2% ( 2 % ) . electronics sales decreased 8% ( 8 % ) , as weaker materials volumes and equipment sales were partially offset by the acquisition of da nanomaterials . performance materials sales increased 2% ( 2 % ) , as higher volumes of 4% ( 4 % ) were partially offset by lower pricing of 2% ( 2 % ) . the increase in volumes was primarily due to strength in the automobile and u.s . housing markets partially offset by weaker volumes to certain construction markets and marine coatings . the lower pricing was primarily due to unfavorable mix impacts . operating income of $ 321.3 decreased 25% ( 25 % ) , or $ 104.3 , and operating margin of 14.3% ( 14.3 % ) decreased 400 bp , as 2012 included a gain on the previously held equity interest in da nanomaterials of $ 85.9 . on a non-gaap basis , operating income of $ 321.3 decreased 5% ( 5 % ) , or $ 18.4 , primarily from unfavorable price and mix impacts of $ 15 , lower volumes of $ 9 , and higher operating costs of $ 4 partially offset by higher acquisitions of $ 6 and favorable currency of $ 4 . operating margin decreased 30 bp , primarily due to lower volumes and unfavorable price mix . equipment and energy .

2014 vs . 2013 sales of $ 450.4 were relatively flat as higher liquefied natural gas ( lng ) project activity was offset by lower air separation ( asu ) project activity . operating income of $ 88.2 increased from the higher lng project activity . the sales backlog for the equipment business at 30 september 2014 was $ 520 , compared to $ 402 at 30 september 2013 . the increase was primarily due to new lng orders as global project development activity remains high . it is expected that approximately $ 320 of the backlog will be completed during 2015 . 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 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 . 2014 vs . 2013 other operating loss was $ 13.5 , compared to $ 4.7 in the prior year . the decrease was primarily due to unfavorable foreign exchange losses of $ 5 and lifo adjustments of $ 4 . 2013 vs . 2012 other operating loss was $ 4.7 , compared to $ 6.6 in the prior year . the other operating loss in 2013 includes an unfavorable lifo adjustment versus the prior year of $ 11 . the other operating loss in 2012 included stranded costs from discontinued operations of $ 10. .

| | | 2014 | 2013 | 2012 | |---:|:-----------------|:--------|:--------|:--------| | 0 | sales | $ 450.4 | $ 451.1 | $ 420.1 | | 1 | operating income | 88.2 | 65.5 | 44.6 |

2014 vs . 2013 sales increased 9% ( 9 % ) , as higher volumes of 9% ( 9 % ) and favorable currency of 1% ( 1 % ) were partially offset by lower pricing of 1% ( 1 % ) . electronics sales increased 8% ( 8 % ) , as higher delivery systems equipment sales and materials volumes of 8% ( 8 % ) and favorable currency of 1% ( 1 % ) were partially offset by lower pricing of 1% ( 1 % ) . performance materials sales increased 10% ( 10 % ) , as higher volumes of 11% ( 11 % ) were partially offset by lower pricing of 1% ( 1 % ) . the higher volumes were across all product lines and major regions . the lower pricing was primarily due to unfavorable mix impacts . operating income of $ 425.3 increased 32% ( 32 % ) , or $ 104.0 , primarily from higher volumes of $ 93 , lower operating costs of $ 31 , and favorable currency impacts of $ 5 , partially offset by unfavorable price and mix impacts of $ 26 . operating margin of 17.4% ( 17.4 % ) increased 310 bp , primarily due to improved loading and leverage from the higher volumes and improved cost performance , partially offset by the unfavorable pricing impacts . 2013 vs . 2012 sales decreased 3% ( 3 % ) , as lower volumes of 4% ( 4 % ) and lower pricing of 1% ( 1 % ) were partially offset by acquisitions of 2% ( 2 % ) . electronics sales decreased 8% ( 8 % ) , as weaker materials volumes and equipment sales were partially offset by the acquisition of da nanomaterials . performance materials sales increased 2% ( 2 % ) , as higher volumes of 4% ( 4 % ) were partially offset by lower pricing of 2% ( 2 % ) . the increase in volumes was primarily due to strength in the automobile and u.s . housing markets partially offset by weaker volumes to certain construction markets and marine coatings . the lower pricing was primarily due to unfavorable mix impacts . operating income of $ 321.3 decreased 25% ( 25 % ) , or $ 104.3 , and operating margin of 14.3% ( 14.3 % ) decreased 400 bp , as 2012 included a gain on the previously held equity interest in da nanomaterials of $ 85.9 . on a non-gaap basis , operating income of $ 321.3 decreased 5% ( 5 % ) , or $ 18.4 , primarily from unfavorable price and mix impacts of $ 15 , lower volumes of $ 9 , and higher operating costs of $ 4 partially offset by higher acquisitions of $ 6 and favorable currency of $ 4 . operating margin decreased 30 bp , primarily due to lower volumes and unfavorable price mix . equipment and energy ._| | | 2014 | 2013 | 2012 | |---:|:-----------------|:--------|:--------|:--------| | 0 | sales | $ 450.4 | $ 451.1 | $ 420.1 | | 1 | operating income | 88.2 | 65.5 | 44.6 |_2014 vs . 2013 sales of $ 450.4 were relatively flat as higher liquefied natural gas ( lng ) project activity was offset by lower air separation ( asu ) project activity . operating income of $ 88.2 increased from the higher lng project activity . the sales backlog for the equipment business at 30 september 2014 was $ 520 , compared to $ 402 at 30 september 2013 . the increase was primarily due to new lng orders as global project development activity remains high . it is expected that approximately $ 320 of the backlog will be completed during 2015 . 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 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 . 2014 vs . 2013 other operating loss was $ 13.5 , compared to $ 4.7 in the prior year . the decrease was primarily due to unfavorable foreign exchange losses of $ 5 and lifo adjustments of $ 4 . 2013 vs . 2012 other operating loss was $ 4.7 , compared to $ 6.6 in the prior year . the other operating loss in 2013 includes an unfavorable lifo adjustment versus the prior year of $ 11 . the other operating loss in 2012 included stranded costs from discontinued operations of $ 10. .

2,014

39

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

what was the operating margin for 2012?

10.61%

divide(44.6, 420.1)

2014 vs . 2013 sales increased 9% ( 9 % ) , as higher volumes of 9% ( 9 % ) and favorable currency of 1% ( 1 % ) were partially offset by lower pricing of 1% ( 1 % ) . electronics sales increased 8% ( 8 % ) , as higher delivery systems equipment sales and materials volumes of 8% ( 8 % ) and favorable currency of 1% ( 1 % ) were partially offset by lower pricing of 1% ( 1 % ) . performance materials sales increased 10% ( 10 % ) , as higher volumes of 11% ( 11 % ) were partially offset by lower pricing of 1% ( 1 % ) . the higher volumes were across all product lines and major regions . the lower pricing was primarily due to unfavorable mix impacts . operating income of $ 425.3 increased 32% ( 32 % ) , or $ 104.0 , primarily from higher volumes of $ 93 , lower operating costs of $ 31 , and favorable currency impacts of $ 5 , partially offset by unfavorable price and mix impacts of $ 26 . operating margin of 17.4% ( 17.4 % ) increased 310 bp , primarily due to improved loading and leverage from the higher volumes and improved cost performance , partially offset by the unfavorable pricing impacts . 2013 vs . 2012 sales decreased 3% ( 3 % ) , as lower volumes of 4% ( 4 % ) and lower pricing of 1% ( 1 % ) were partially offset by acquisitions of 2% ( 2 % ) . electronics sales decreased 8% ( 8 % ) , as weaker materials volumes and equipment sales were partially offset by the acquisition of da nanomaterials . performance materials sales increased 2% ( 2 % ) , as higher volumes of 4% ( 4 % ) were partially offset by lower pricing of 2% ( 2 % ) . the increase in volumes was primarily due to strength in the automobile and u.s . housing markets partially offset by weaker volumes to certain construction markets and marine coatings . the lower pricing was primarily due to unfavorable mix impacts . operating income of $ 321.3 decreased 25% ( 25 % ) , or $ 104.3 , and operating margin of 14.3% ( 14.3 % ) decreased 400 bp , as 2012 included a gain on the previously held equity interest in da nanomaterials of $ 85.9 . on a non-gaap basis , operating income of $ 321.3 decreased 5% ( 5 % ) , or $ 18.4 , primarily from unfavorable price and mix impacts of $ 15 , lower volumes of $ 9 , and higher operating costs of $ 4 partially offset by higher acquisitions of $ 6 and favorable currency of $ 4 . operating margin decreased 30 bp , primarily due to lower volumes and unfavorable price mix . equipment and energy .

2014 vs . 2013 sales of $ 450.4 were relatively flat as higher liquefied natural gas ( lng ) project activity was offset by lower air separation ( asu ) project activity . operating income of $ 88.2 increased from the higher lng project activity . the sales backlog for the equipment business at 30 september 2014 was $ 520 , compared to $ 402 at 30 september 2013 . the increase was primarily due to new lng orders as global project development activity remains high . it is expected that approximately $ 320 of the backlog will be completed during 2015 . 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 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 . 2014 vs . 2013 other operating loss was $ 13.5 , compared to $ 4.7 in the prior year . the decrease was primarily due to unfavorable foreign exchange losses of $ 5 and lifo adjustments of $ 4 . 2013 vs . 2012 other operating loss was $ 4.7 , compared to $ 6.6 in the prior year . the other operating loss in 2013 includes an unfavorable lifo adjustment versus the prior year of $ 11 . the other operating loss in 2012 included stranded costs from discontinued operations of $ 10. .

| | | 2014 | 2013 | 2012 | |---:|:-----------------|:--------|:--------|:--------| | 0 | sales | $ 450.4 | $ 451.1 | $ 420.1 | | 1 | operating income | 88.2 | 65.5 | 44.6 |

2014 vs . 2013 sales increased 9% ( 9 % ) , as higher volumes of 9% ( 9 % ) and favorable currency of 1% ( 1 % ) were partially offset by lower pricing of 1% ( 1 % ) . electronics sales increased 8% ( 8 % ) , as higher delivery systems equipment sales and materials volumes of 8% ( 8 % ) and favorable currency of 1% ( 1 % ) were partially offset by lower pricing of 1% ( 1 % ) . performance materials sales increased 10% ( 10 % ) , as higher volumes of 11% ( 11 % ) were partially offset by lower pricing of 1% ( 1 % ) . the higher volumes were across all product lines and major regions . the lower pricing was primarily due to unfavorable mix impacts . operating income of $ 425.3 increased 32% ( 32 % ) , or $ 104.0 , primarily from higher volumes of $ 93 , lower operating costs of $ 31 , and favorable currency impacts of $ 5 , partially offset by unfavorable price and mix impacts of $ 26 . operating margin of 17.4% ( 17.4 % ) increased 310 bp , primarily due to improved loading and leverage from the higher volumes and improved cost performance , partially offset by the unfavorable pricing impacts . 2013 vs . 2012 sales decreased 3% ( 3 % ) , as lower volumes of 4% ( 4 % ) and lower pricing of 1% ( 1 % ) were partially offset by acquisitions of 2% ( 2 % ) . electronics sales decreased 8% ( 8 % ) , as weaker materials volumes and equipment sales were partially offset by the acquisition of da nanomaterials . performance materials sales increased 2% ( 2 % ) , as higher volumes of 4% ( 4 % ) were partially offset by lower pricing of 2% ( 2 % ) . the increase in volumes was primarily due to strength in the automobile and u.s . housing markets partially offset by weaker volumes to certain construction markets and marine coatings . the lower pricing was primarily due to unfavorable mix impacts . operating income of $ 321.3 decreased 25% ( 25 % ) , or $ 104.3 , and operating margin of 14.3% ( 14.3 % ) decreased 400 bp , as 2012 included a gain on the previously held equity interest in da nanomaterials of $ 85.9 . on a non-gaap basis , operating income of $ 321.3 decreased 5% ( 5 % ) , or $ 18.4 , primarily from unfavorable price and mix impacts of $ 15 , lower volumes of $ 9 , and higher operating costs of $ 4 partially offset by higher acquisitions of $ 6 and favorable currency of $ 4 . operating margin decreased 30 bp , primarily due to lower volumes and unfavorable price mix . equipment and energy ._| | | 2014 | 2013 | 2012 | |---:|:-----------------|:--------|:--------|:--------| | 0 | sales | $ 450.4 | $ 451.1 | $ 420.1 | | 1 | operating income | 88.2 | 65.5 | 44.6 |_2014 vs . 2013 sales of $ 450.4 were relatively flat as higher liquefied natural gas ( lng ) project activity was offset by lower air separation ( asu ) project activity . operating income of $ 88.2 increased from the higher lng project activity . the sales backlog for the equipment business at 30 september 2014 was $ 520 , compared to $ 402 at 30 september 2013 . the increase was primarily due to new lng orders as global project development activity remains high . it is expected that approximately $ 320 of the backlog will be completed during 2015 . 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 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 . 2014 vs . 2013 other operating loss was $ 13.5 , compared to $ 4.7 in the prior year . the decrease was primarily due to unfavorable foreign exchange losses of $ 5 and lifo adjustments of $ 4 . 2013 vs . 2012 other operating loss was $ 4.7 , compared to $ 6.6 in the prior year . the other operating loss in 2013 includes an unfavorable lifo adjustment versus the prior year of $ 11 . the other operating loss in 2012 included stranded costs from discontinued operations of $ 10. .

2,014

39

APD

Air Products

Materials

Industrial Gases

Upper Macungie Township, Pennsylvania

1985-04-30

2,969

1940

null

finqa382

what was jpmorgan chase & co's tier 2 capital ratio ( cet2 ) ratio in 2008?

3.91%

divide(48616, 1244659)

jpmorgan chase & co . / 2008 annual report 83 credit risk capital credit risk capital is estimated separately for the wholesale business- es ( ib , cb , tss and am ) and consumer businesses ( rfs and cs ) . credit risk capital for the overall wholesale credit portfolio is defined in terms of unexpected credit losses , both from defaults and declines in the portfolio value due to credit deterioration , measured over a one-year period at a confidence level consistent with an 201caa 201d credit rating standard . unexpected losses are losses in excess of those for which provisions for credit losses are maintained . the capital methodology is based upon several principal drivers of credit risk : exposure at default ( or loan-equivalent amount ) , default likelihood , credit spreads , loss severity and portfolio correlation . credit risk capital for the consumer portfolio is based upon product and other relevant risk segmentation . actual segment level default and severity experience are used to estimate unexpected losses for a one-year horizon at a confidence level consistent with an 201caa 201d credit rating standard . statistical results for certain segments or portfolios are adjusted to ensure that capital is consistent with external bench- marks , such as subordination levels on market transactions or capital held at representative monoline competitors , where appropriate . market risk capital the firm calculates market risk capital guided by the principle that capital should reflect the risk of loss in the value of portfolios and financial instruments caused by adverse movements in market vari- ables , such as interest and foreign exchange rates , credit spreads , securities prices and commodities prices . daily value-at-risk ( 201cvar 201d ) , biweekly stress-test results and other factors are used to determine appropriate capital levels . the firm allocates market risk capital to each business segment according to a formula that weights that seg- ment 2019s var and stress-test exposures . see market risk management on pages 111 2013116 of this annual report for more information about these market risk measures . operational risk capital capital is allocated to the lines of business for operational risk using a risk-based capital allocation methodology which estimates opera- tional risk on a bottom-up basis . the operational risk capital model is based upon actual losses and potential scenario-based stress losses , with adjustments to the capital calculation to reflect changes in the quality of the control environment or the use of risk-transfer prod- ucts . the firm believes its model is consistent with the new basel ii framework . private equity risk capital capital is allocated to privately and publicly held securities , third-party fund investments and commitments in the private equity portfolio to cover the potential loss associated with a decline in equity markets and related asset devaluations . in addition to negative market fluctua- tions , potential losses in private equity investment portfolios can be magnified by liquidity risk . the capital allocation for the private equity portfolio is based upon measurement of the loss experience suffered by the firm and other market participants over a prolonged period of adverse equity market conditions . regulatory capital the board of governors of the federal reserve system ( the 201cfederal reserve 201d ) establishes capital requirements , including well-capitalized standards for the consolidated financial holding company . the office of the comptroller of the currency ( 201cocc 201d ) establishes similar capital requirements and standards for the firm 2019s national banks , including jpmorgan chase bank , n.a. , and chase bank usa , n.a . the federal reserve granted the firm , for a period of 18 months fol- lowing the bear stearns merger , relief up to a certain specified amount and subject to certain conditions from the federal reserve 2019s risk-based capital and leverage requirements with respect to bear stearns 2019 risk-weighted assets and other exposures acquired . the amount of such relief is subject to reduction by one-sixth each quarter subsequent to the merger and expires on october 1 , 2009 . the occ granted jpmorgan chase bank , n.a . similar relief from its risk-based capital and leverage requirements . jpmorgan chase maintained a well-capitalized position , based upon tier 1 and total capital ratios at december 31 , 2008 and 2007 , as indicated in the tables below . for more information , see note 30 on pages 212 2013213 of this annual report . risk-based capital components and assets .

( a ) the fasb has been deliberating certain amendments to both sfas 140 and fin 46r that may impact the accounting for transactions that involve qspes and vies . based on the provisions of the current proposal and the firm 2019s interpretation of the propos- al , the firm estimates that the impact of consolidation could be up to $ 70 billion of credit card receivables , $ 40 billion of assets related to firm-sponsored multi-seller conduits , and $ 50 billion of other loans ( including residential mortgages ) ; the decrease in the tier 1 capital ratio could be approximately 80 basis points . the ulti- mate impact could differ significantly due to the fasb 2019s continuing deliberations on the final requirements of the rule and market conditions. .

| | december 31 ( in millions ) | 2008 | 2007 | |---:|:------------------------------|:----------|:----------| | 0 | total tier 1capital ( a ) | $ 136104 | $ 88746 | | 1 | total tier 2 capital | 48616 | 43496 | | 2 | total capital | $ 184720 | $ 132242 | | 3 | risk-weighted assets | $ 1244659 | $ 1051879 | | 4 | total adjusted average assets | 1966895 | 1473541 |

jpmorgan chase & co . / 2008 annual report 83 credit risk capital credit risk capital is estimated separately for the wholesale business- es ( ib , cb , tss and am ) and consumer businesses ( rfs and cs ) . credit risk capital for the overall wholesale credit portfolio is defined in terms of unexpected credit losses , both from defaults and declines in the portfolio value due to credit deterioration , measured over a one-year period at a confidence level consistent with an 201caa 201d credit rating standard . unexpected losses are losses in excess of those for which provisions for credit losses are maintained . the capital methodology is based upon several principal drivers of credit risk : exposure at default ( or loan-equivalent amount ) , default likelihood , credit spreads , loss severity and portfolio correlation . credit risk capital for the consumer portfolio is based upon product and other relevant risk segmentation . actual segment level default and severity experience are used to estimate unexpected losses for a one-year horizon at a confidence level consistent with an 201caa 201d credit rating standard . statistical results for certain segments or portfolios are adjusted to ensure that capital is consistent with external bench- marks , such as subordination levels on market transactions or capital held at representative monoline competitors , where appropriate . market risk capital the firm calculates market risk capital guided by the principle that capital should reflect the risk of loss in the value of portfolios and financial instruments caused by adverse movements in market vari- ables , such as interest and foreign exchange rates , credit spreads , securities prices and commodities prices . daily value-at-risk ( 201cvar 201d ) , biweekly stress-test results and other factors are used to determine appropriate capital levels . the firm allocates market risk capital to each business segment according to a formula that weights that seg- ment 2019s var and stress-test exposures . see market risk management on pages 111 2013116 of this annual report for more information about these market risk measures . operational risk capital capital is allocated to the lines of business for operational risk using a risk-based capital allocation methodology which estimates opera- tional risk on a bottom-up basis . the operational risk capital model is based upon actual losses and potential scenario-based stress losses , with adjustments to the capital calculation to reflect changes in the quality of the control environment or the use of risk-transfer prod- ucts . the firm believes its model is consistent with the new basel ii framework . private equity risk capital capital is allocated to privately and publicly held securities , third-party fund investments and commitments in the private equity portfolio to cover the potential loss associated with a decline in equity markets and related asset devaluations . in addition to negative market fluctua- tions , potential losses in private equity investment portfolios can be magnified by liquidity risk . the capital allocation for the private equity portfolio is based upon measurement of the loss experience suffered by the firm and other market participants over a prolonged period of adverse equity market conditions . regulatory capital the board of governors of the federal reserve system ( the 201cfederal reserve 201d ) establishes capital requirements , including well-capitalized standards for the consolidated financial holding company . the office of the comptroller of the currency ( 201cocc 201d ) establishes similar capital requirements and standards for the firm 2019s national banks , including jpmorgan chase bank , n.a. , and chase bank usa , n.a . the federal reserve granted the firm , for a period of 18 months fol- lowing the bear stearns merger , relief up to a certain specified amount and subject to certain conditions from the federal reserve 2019s risk-based capital and leverage requirements with respect to bear stearns 2019 risk-weighted assets and other exposures acquired . the amount of such relief is subject to reduction by one-sixth each quarter subsequent to the merger and expires on october 1 , 2009 . the occ granted jpmorgan chase bank , n.a . similar relief from its risk-based capital and leverage requirements . jpmorgan chase maintained a well-capitalized position , based upon tier 1 and total capital ratios at december 31 , 2008 and 2007 , as indicated in the tables below . for more information , see note 30 on pages 212 2013213 of this annual report . risk-based capital components and assets ._| | december 31 ( in millions ) | 2008 | 2007 | |---:|:------------------------------|:----------|:----------| | 0 | total tier 1capital ( a ) | $ 136104 | $ 88746 | | 1 | total tier 2 capital | 48616 | 43496 | | 2 | total capital | $ 184720 | $ 132242 | | 3 | risk-weighted assets | $ 1244659 | $ 1051879 | | 4 | total adjusted average assets | 1966895 | 1473541 |_( a ) the fasb has been deliberating certain amendments to both sfas 140 and fin 46r that may impact the accounting for transactions that involve qspes and vies . based on the provisions of the current proposal and the firm 2019s interpretation of the propos- al , the firm estimates that the impact of consolidation could be up to $ 70 billion of credit card receivables , $ 40 billion of assets related to firm-sponsored multi-seller conduits , and $ 50 billion of other loans ( including residential mortgages ) ; the decrease in the tier 1 capital ratio could be approximately 80 basis points . the ulti- mate impact could differ significantly due to the fasb 2019s continuing deliberations on the final requirements of the rule and market conditions. .

2,008

85

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

what was jpmorgan chase & co's tier 2 capital ratio ( cet2 ) ratio in 2008?

3.91%

divide(48616, 1244659)

jpmorgan chase & co . / 2008 annual report 83 credit risk capital credit risk capital is estimated separately for the wholesale business- es ( ib , cb , tss and am ) and consumer businesses ( rfs and cs ) . credit risk capital for the overall wholesale credit portfolio is defined in terms of unexpected credit losses , both from defaults and declines in the portfolio value due to credit deterioration , measured over a one-year period at a confidence level consistent with an 201caa 201d credit rating standard . unexpected losses are losses in excess of those for which provisions for credit losses are maintained . the capital methodology is based upon several principal drivers of credit risk : exposure at default ( or loan-equivalent amount ) , default likelihood , credit spreads , loss severity and portfolio correlation . credit risk capital for the consumer portfolio is based upon product and other relevant risk segmentation . actual segment level default and severity experience are used to estimate unexpected losses for a one-year horizon at a confidence level consistent with an 201caa 201d credit rating standard . statistical results for certain segments or portfolios are adjusted to ensure that capital is consistent with external bench- marks , such as subordination levels on market transactions or capital held at representative monoline competitors , where appropriate . market risk capital the firm calculates market risk capital guided by the principle that capital should reflect the risk of loss in the value of portfolios and financial instruments caused by adverse movements in market vari- ables , such as interest and foreign exchange rates , credit spreads , securities prices and commodities prices . daily value-at-risk ( 201cvar 201d ) , biweekly stress-test results and other factors are used to determine appropriate capital levels . the firm allocates market risk capital to each business segment according to a formula that weights that seg- ment 2019s var and stress-test exposures . see market risk management on pages 111 2013116 of this annual report for more information about these market risk measures . operational risk capital capital is allocated to the lines of business for operational risk using a risk-based capital allocation methodology which estimates opera- tional risk on a bottom-up basis . the operational risk capital model is based upon actual losses and potential scenario-based stress losses , with adjustments to the capital calculation to reflect changes in the quality of the control environment or the use of risk-transfer prod- ucts . the firm believes its model is consistent with the new basel ii framework . private equity risk capital capital is allocated to privately and publicly held securities , third-party fund investments and commitments in the private equity portfolio to cover the potential loss associated with a decline in equity markets and related asset devaluations . in addition to negative market fluctua- tions , potential losses in private equity investment portfolios can be magnified by liquidity risk . the capital allocation for the private equity portfolio is based upon measurement of the loss experience suffered by the firm and other market participants over a prolonged period of adverse equity market conditions . regulatory capital the board of governors of the federal reserve system ( the 201cfederal reserve 201d ) establishes capital requirements , including well-capitalized standards for the consolidated financial holding company . the office of the comptroller of the currency ( 201cocc 201d ) establishes similar capital requirements and standards for the firm 2019s national banks , including jpmorgan chase bank , n.a. , and chase bank usa , n.a . the federal reserve granted the firm , for a period of 18 months fol- lowing the bear stearns merger , relief up to a certain specified amount and subject to certain conditions from the federal reserve 2019s risk-based capital and leverage requirements with respect to bear stearns 2019 risk-weighted assets and other exposures acquired . the amount of such relief is subject to reduction by one-sixth each quarter subsequent to the merger and expires on october 1 , 2009 . the occ granted jpmorgan chase bank , n.a . similar relief from its risk-based capital and leverage requirements . jpmorgan chase maintained a well-capitalized position , based upon tier 1 and total capital ratios at december 31 , 2008 and 2007 , as indicated in the tables below . for more information , see note 30 on pages 212 2013213 of this annual report . risk-based capital components and assets .

( a ) the fasb has been deliberating certain amendments to both sfas 140 and fin 46r that may impact the accounting for transactions that involve qspes and vies . based on the provisions of the current proposal and the firm 2019s interpretation of the propos- al , the firm estimates that the impact of consolidation could be up to $ 70 billion of credit card receivables , $ 40 billion of assets related to firm-sponsored multi-seller conduits , and $ 50 billion of other loans ( including residential mortgages ) ; the decrease in the tier 1 capital ratio could be approximately 80 basis points . the ulti- mate impact could differ significantly due to the fasb 2019s continuing deliberations on the final requirements of the rule and market conditions. .

| | december 31 ( in millions ) | 2008 | 2007 | |---:|:------------------------------|:----------|:----------| | 0 | total tier 1capital ( a ) | $ 136104 | $ 88746 | | 1 | total tier 2 capital | 48616 | 43496 | | 2 | total capital | $ 184720 | $ 132242 | | 3 | risk-weighted assets | $ 1244659 | $ 1051879 | | 4 | total adjusted average assets | 1966895 | 1473541 |

jpmorgan chase & co . / 2008 annual report 83 credit risk capital credit risk capital is estimated separately for the wholesale business- es ( ib , cb , tss and am ) and consumer businesses ( rfs and cs ) . credit risk capital for the overall wholesale credit portfolio is defined in terms of unexpected credit losses , both from defaults and declines in the portfolio value due to credit deterioration , measured over a one-year period at a confidence level consistent with an 201caa 201d credit rating standard . unexpected losses are losses in excess of those for which provisions for credit losses are maintained . the capital methodology is based upon several principal drivers of credit risk : exposure at default ( or loan-equivalent amount ) , default likelihood , credit spreads , loss severity and portfolio correlation . credit risk capital for the consumer portfolio is based upon product and other relevant risk segmentation . actual segment level default and severity experience are used to estimate unexpected losses for a one-year horizon at a confidence level consistent with an 201caa 201d credit rating standard . statistical results for certain segments or portfolios are adjusted to ensure that capital is consistent with external bench- marks , such as subordination levels on market transactions or capital held at representative monoline competitors , where appropriate . market risk capital the firm calculates market risk capital guided by the principle that capital should reflect the risk of loss in the value of portfolios and financial instruments caused by adverse movements in market vari- ables , such as interest and foreign exchange rates , credit spreads , securities prices and commodities prices . daily value-at-risk ( 201cvar 201d ) , biweekly stress-test results and other factors are used to determine appropriate capital levels . the firm allocates market risk capital to each business segment according to a formula that weights that seg- ment 2019s var and stress-test exposures . see market risk management on pages 111 2013116 of this annual report for more information about these market risk measures . operational risk capital capital is allocated to the lines of business for operational risk using a risk-based capital allocation methodology which estimates opera- tional risk on a bottom-up basis . the operational risk capital model is based upon actual losses and potential scenario-based stress losses , with adjustments to the capital calculation to reflect changes in the quality of the control environment or the use of risk-transfer prod- ucts . the firm believes its model is consistent with the new basel ii framework . private equity risk capital capital is allocated to privately and publicly held securities , third-party fund investments and commitments in the private equity portfolio to cover the potential loss associated with a decline in equity markets and related asset devaluations . in addition to negative market fluctua- tions , potential losses in private equity investment portfolios can be magnified by liquidity risk . the capital allocation for the private equity portfolio is based upon measurement of the loss experience suffered by the firm and other market participants over a prolonged period of adverse equity market conditions . regulatory capital the board of governors of the federal reserve system ( the 201cfederal reserve 201d ) establishes capital requirements , including well-capitalized standards for the consolidated financial holding company . the office of the comptroller of the currency ( 201cocc 201d ) establishes similar capital requirements and standards for the firm 2019s national banks , including jpmorgan chase bank , n.a. , and chase bank usa , n.a . the federal reserve granted the firm , for a period of 18 months fol- lowing the bear stearns merger , relief up to a certain specified amount and subject to certain conditions from the federal reserve 2019s risk-based capital and leverage requirements with respect to bear stearns 2019 risk-weighted assets and other exposures acquired . the amount of such relief is subject to reduction by one-sixth each quarter subsequent to the merger and expires on october 1 , 2009 . the occ granted jpmorgan chase bank , n.a . similar relief from its risk-based capital and leverage requirements . jpmorgan chase maintained a well-capitalized position , based upon tier 1 and total capital ratios at december 31 , 2008 and 2007 , as indicated in the tables below . for more information , see note 30 on pages 212 2013213 of this annual report . risk-based capital components and assets ._| | december 31 ( in millions ) | 2008 | 2007 | |---:|:------------------------------|:----------|:----------| | 0 | total tier 1capital ( a ) | $ 136104 | $ 88746 | | 1 | total tier 2 capital | 48616 | 43496 | | 2 | total capital | $ 184720 | $ 132242 | | 3 | risk-weighted assets | $ 1244659 | $ 1051879 | | 4 | total adjusted average assets | 1966895 | 1473541 |_( a ) the fasb has been deliberating certain amendments to both sfas 140 and fin 46r that may impact the accounting for transactions that involve qspes and vies . based on the provisions of the current proposal and the firm 2019s interpretation of the propos- al , the firm estimates that the impact of consolidation could be up to $ 70 billion of credit card receivables , $ 40 billion of assets related to firm-sponsored multi-seller conduits , and $ 50 billion of other loans ( including residential mortgages ) ; the decrease in the tier 1 capital ratio could be approximately 80 basis points . the ulti- mate impact could differ significantly due to the fasb 2019s continuing deliberations on the final requirements of the rule and market conditions. .

2,008

85

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

null

finqa383

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

103.1

divide(1031, const_10)

notes to consolidated financial statements 2014 ( continued ) in connection with these discover related purchases , we have sold the contractual rights to future commissions on discover transactions to certain of our isos . contractual rights sold totaled $ 7.6 million during the year ended may 31 , 2008 and $ 1.0 million during fiscal 2009 . such sale proceeds are generally collected in installments over periods ranging from three to nine months . during fiscal 2009 , we collected $ 4.4 million of such proceeds , which are included in the proceeds from sale of investment and contractual rights in our consolidated statement of cash flows . we do not recognize gains on these sales of contractual rights at the time of sale . proceeds are deferred and recognized as a reduction of the related commission expense . during fiscal 2009 , we recognized $ 1.2 million of such deferred sales proceeds as other long-term liabilities . other 2008 acquisitions during fiscal 2008 , we acquired a majority of the assets of euroenvios money transfer , s.a . and euroenvios conecta , s.l. , which we collectively refer to as lfs spain . lfs spain consisted of two privately- held corporations engaged in money transmittal and ancillary services from spain to settlement locations primarily in latin america . the purpose of the acquisition was to further our strategy of expanding our customer base and market share by opening additional branch locations . during fiscal 2008 , we acquired a series of money transfer branch locations in the united states . the purpose of these acquisitions was to increase the market presence of our dolex-branded money transfer offering . the following table summarizes the preliminary purchase price allocations of all these fiscal 2008 business acquisitions ( in thousands ) : .

the customer-related intangible assets have amortization periods of up to 14 years . the contract-based intangible assets have amortization periods of 3 to 10 years . these business acquisitions were not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to these acquisitions . in addition , during fiscal 2008 , we acquired a customer list and long-term merchant referral agreement in our canadian merchant services channel for $ 1.7 million . the value assigned to the customer list of $ 0.1 million was expensed immediately . the remaining value was assigned to the merchant referral agreement and is being amortized on a straight-line basis over its useful life of 10 years . fiscal 2007 on july 24 , 2006 , we completed the purchase of a fifty-six percent ownership interest in the asia-pacific merchant acquiring business of the hongkong and shanghai banking corporation limited , or hsbc asia pacific . this business provides card payment processing services to merchants in the asia-pacific region . the .

| | | total | |---:|:-----------------------------------------------------------------|:---------------| | 0 | goodwill | $ 13536 | | 1 | customer-related intangible assets | 4091 | | 2 | contract-based intangible assets | 1031 | | 3 | property and equipment | 267 | | 4 | other current assets | 502 | | 5 | total assets acquired | 19427 | | 6 | current liabilities | -2347 ( 2347 ) | | 7 | minority interest in equity of subsidiary ( at historical cost ) | -486 ( 486 ) | | 8 | net assets acquired | $ 16594 |

notes to consolidated financial statements 2014 ( continued ) in connection with these discover related purchases , we have sold the contractual rights to future commissions on discover transactions to certain of our isos . contractual rights sold totaled $ 7.6 million during the year ended may 31 , 2008 and $ 1.0 million during fiscal 2009 . such sale proceeds are generally collected in installments over periods ranging from three to nine months . during fiscal 2009 , we collected $ 4.4 million of such proceeds , which are included in the proceeds from sale of investment and contractual rights in our consolidated statement of cash flows . we do not recognize gains on these sales of contractual rights at the time of sale . proceeds are deferred and recognized as a reduction of the related commission expense . during fiscal 2009 , we recognized $ 1.2 million of such deferred sales proceeds as other long-term liabilities . other 2008 acquisitions during fiscal 2008 , we acquired a majority of the assets of euroenvios money transfer , s.a . and euroenvios conecta , s.l. , which we collectively refer to as lfs spain . lfs spain consisted of two privately- held corporations engaged in money transmittal and ancillary services from spain to settlement locations primarily in latin america . the purpose of the acquisition was to further our strategy of expanding our customer base and market share by opening additional branch locations . during fiscal 2008 , we acquired a series of money transfer branch locations in the united states . the purpose of these acquisitions was to increase the market presence of our dolex-branded money transfer offering . the following table summarizes the preliminary purchase price allocations of all these fiscal 2008 business acquisitions ( in thousands ) : ._| | | total | |---:|:-----------------------------------------------------------------|:---------------| | 0 | goodwill | $ 13536 | | 1 | customer-related intangible assets | 4091 | | 2 | contract-based intangible assets | 1031 | | 3 | property and equipment | 267 | | 4 | other current assets | 502 | | 5 | total assets acquired | 19427 | | 6 | current liabilities | -2347 ( 2347 ) | | 7 | minority interest in equity of subsidiary ( at historical cost ) | -486 ( 486 ) | | 8 | net assets acquired | $ 16594 |_the customer-related intangible assets have amortization periods of up to 14 years . the contract-based intangible assets have amortization periods of 3 to 10 years . these business acquisitions were not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to these acquisitions . in addition , during fiscal 2008 , we acquired a customer list and long-term merchant referral agreement in our canadian merchant services channel for $ 1.7 million . the value assigned to the customer list of $ 0.1 million was expensed immediately . the remaining value was assigned to the merchant referral agreement and is being amortized on a straight-line basis over its useful life of 10 years . fiscal 2007 on july 24 , 2006 , we completed the purchase of a fifty-six percent ownership interest in the asia-pacific merchant acquiring business of the hongkong and shanghai banking corporation limited , or hsbc asia pacific . this business provides card payment processing services to merchants in the asia-pacific region . the .

2,009

70

GPN

Global Payments

Financials

Transaction & Payment Processing Services

Atlanta, Georgia

2016-04-25

1,123,360

2000

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

103.1

divide(1031, const_10)

notes to consolidated financial statements 2014 ( continued ) in connection with these discover related purchases , we have sold the contractual rights to future commissions on discover transactions to certain of our isos . contractual rights sold totaled $ 7.6 million during the year ended may 31 , 2008 and $ 1.0 million during fiscal 2009 . such sale proceeds are generally collected in installments over periods ranging from three to nine months . during fiscal 2009 , we collected $ 4.4 million of such proceeds , which are included in the proceeds from sale of investment and contractual rights in our consolidated statement of cash flows . we do not recognize gains on these sales of contractual rights at the time of sale . proceeds are deferred and recognized as a reduction of the related commission expense . during fiscal 2009 , we recognized $ 1.2 million of such deferred sales proceeds as other long-term liabilities . other 2008 acquisitions during fiscal 2008 , we acquired a majority of the assets of euroenvios money transfer , s.a . and euroenvios conecta , s.l. , which we collectively refer to as lfs spain . lfs spain consisted of two privately- held corporations engaged in money transmittal and ancillary services from spain to settlement locations primarily in latin america . the purpose of the acquisition was to further our strategy of expanding our customer base and market share by opening additional branch locations . during fiscal 2008 , we acquired a series of money transfer branch locations in the united states . the purpose of these acquisitions was to increase the market presence of our dolex-branded money transfer offering . the following table summarizes the preliminary purchase price allocations of all these fiscal 2008 business acquisitions ( in thousands ) : .

the customer-related intangible assets have amortization periods of up to 14 years . the contract-based intangible assets have amortization periods of 3 to 10 years . these business acquisitions were not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to these acquisitions . in addition , during fiscal 2008 , we acquired a customer list and long-term merchant referral agreement in our canadian merchant services channel for $ 1.7 million . the value assigned to the customer list of $ 0.1 million was expensed immediately . the remaining value was assigned to the merchant referral agreement and is being amortized on a straight-line basis over its useful life of 10 years . fiscal 2007 on july 24 , 2006 , we completed the purchase of a fifty-six percent ownership interest in the asia-pacific merchant acquiring business of the hongkong and shanghai banking corporation limited , or hsbc asia pacific . this business provides card payment processing services to merchants in the asia-pacific region . the .

| | | total | |---:|:-----------------------------------------------------------------|:---------------| | 0 | goodwill | $ 13536 | | 1 | customer-related intangible assets | 4091 | | 2 | contract-based intangible assets | 1031 | | 3 | property and equipment | 267 | | 4 | other current assets | 502 | | 5 | total assets acquired | 19427 | | 6 | current liabilities | -2347 ( 2347 ) | | 7 | minority interest in equity of subsidiary ( at historical cost ) | -486 ( 486 ) | | 8 | net assets acquired | $ 16594 |

notes to consolidated financial statements 2014 ( continued ) in connection with these discover related purchases , we have sold the contractual rights to future commissions on discover transactions to certain of our isos . contractual rights sold totaled $ 7.6 million during the year ended may 31 , 2008 and $ 1.0 million during fiscal 2009 . such sale proceeds are generally collected in installments over periods ranging from three to nine months . during fiscal 2009 , we collected $ 4.4 million of such proceeds , which are included in the proceeds from sale of investment and contractual rights in our consolidated statement of cash flows . we do not recognize gains on these sales of contractual rights at the time of sale . proceeds are deferred and recognized as a reduction of the related commission expense . during fiscal 2009 , we recognized $ 1.2 million of such deferred sales proceeds as other long-term liabilities . other 2008 acquisitions during fiscal 2008 , we acquired a majority of the assets of euroenvios money transfer , s.a . and euroenvios conecta , s.l. , which we collectively refer to as lfs spain . lfs spain consisted of two privately- held corporations engaged in money transmittal and ancillary services from spain to settlement locations primarily in latin america . the purpose of the acquisition was to further our strategy of expanding our customer base and market share by opening additional branch locations . during fiscal 2008 , we acquired a series of money transfer branch locations in the united states . the purpose of these acquisitions was to increase the market presence of our dolex-branded money transfer offering . the following table summarizes the preliminary purchase price allocations of all these fiscal 2008 business acquisitions ( in thousands ) : ._| | | total | |---:|:-----------------------------------------------------------------|:---------------| | 0 | goodwill | $ 13536 | | 1 | customer-related intangible assets | 4091 | | 2 | contract-based intangible assets | 1031 | | 3 | property and equipment | 267 | | 4 | other current assets | 502 | | 5 | total assets acquired | 19427 | | 6 | current liabilities | -2347 ( 2347 ) | | 7 | minority interest in equity of subsidiary ( at historical cost ) | -486 ( 486 ) | | 8 | net assets acquired | $ 16594 |_the customer-related intangible assets have amortization periods of up to 14 years . the contract-based intangible assets have amortization periods of 3 to 10 years . these business acquisitions were not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to these acquisitions . in addition , during fiscal 2008 , we acquired a customer list and long-term merchant referral agreement in our canadian merchant services channel for $ 1.7 million . the value assigned to the customer list of $ 0.1 million was expensed immediately . the remaining value was assigned to the merchant referral agreement and is being amortized on a straight-line basis over its useful life of 10 years . fiscal 2007 on july 24 , 2006 , we completed the purchase of a fifty-six percent ownership interest in the asia-pacific merchant acquiring business of the hongkong and shanghai banking corporation limited , or hsbc asia pacific . this business provides card payment processing services to merchants in the asia-pacific region . the .

2,009

70

GPN

Global Payments

Financials

Transaction & Payment Processing Services

Atlanta, Georgia

2016-04-25

1,123,360

2000

null

finqa384

what is the percentage change in total gross amount of unrecognized tax benefits from 2016 to 2017?

-3.1%

divide(subtract(172945, 178413), 178413)

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 2016 to 2017?

-3.1%

divide(subtract(172945, 178413), 178413)

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

finqa385

how much of the securitizations that hold asf framework loans were issued by third parties?

98%

divide(19636, 20048)

jpmorgan chase & co . / 2007 annual report 145 subprime adjustable-rate mortgage loan modifications see the glossary of terms on page 183 of this annual report for the firm 2019s definition of subprime loans . within the confines of the limited decision-making abilities of a qspe under sfas 140 , the operating doc- uments that govern existing subprime securitizations generally authorize the servicer to modify loans for which default is reasonably foreseeable , provided that the modification is in the best interests of the qspe 2019s ben- eficial interest holders , and would not result in a remic violation . in december 2007 , the american securitization forum ( 201casf 201d ) issued the 201cstreamlined foreclosure and loss avoidance framework for securitized subprime adjustable rate mortgage loans 201d ( 201cthe framework 201d ) . the framework provides guidance for servicers to stream- line evaluation procedures for borrowers with certain subprime adjustable rate mortgage ( 201carm 201d ) loans to more efficiently provide modifications of such loans with terms that are more appropriate for the individual needs of such borrowers . the framework applies to all first-lien subprime arm loans that have a fixed rate of interest for an initial period of 36 months or less , are included in securitized pools , were originated between january 1 , 2005 , and july 31 , 2007 , and have an initial interest rate reset date between january 1 , 2008 , and july 31 , 2010 ( 201casf framework loans 201d ) . the framework categorizes the population of asf framework loans into three segments . segment 1 includes loans where the borrower is current and is likely to be able to refinance into any available mortgage product . segment 2 includes loans where the borrower is current , is unlikely to be able to refinance into any readily available mortgage industry product and meets certain defined criteria . segment 3 includes loans where the borrower is not current , as defined , and does not meet the criteria for segments 1 or 2 . asf framework loans in segment 2 of the framework are eligible for fast-track modification under which the interest rate will be kept at the existing initial rate , generally for five years following the interest rate reset date . the framework indicates that for segment 2 loans , jpmorgan chase , as servicer , may presume that the borrower will be unable to make payments pursuant to the original terms of the borrower 2019s loan after the initial interest rate reset date . thus , the firm may presume that a default on that loan by the borrower is reasonably foreseeable unless the terms of the loan are modified . jpmorgan chase has adopted the loss mitigation approaches under the framework for securitized sub- prime loans that meet the specific segment 2 screening criteria , and it expects to begin modifying segment 2 loans by the end of the first quar- ter of 2008 . the firm believes that the adoption of the framework will not affect the off-balance sheet accounting treatment of jpmorgan chase-sponsored qspes that hold segment 2 subprime loans . the total amount of assets owned by firm-sponsored qspes that hold asf framework loans ( including those loans that are not serviced by the firm ) as of december 31 , 2007 , was $ 20.0 billion . of this amount , $ 9.7 billion relates to asf framework loans serviced by the firm . based on current economic conditions , the firm estimates that approximately 20% ( 20 % ) , 10% ( 10 % ) and 70% ( 70 % ) of the asf framework loans it services that are owned by firm-sponsored qspes will fall within segments 1 , 2 and 3 , respectively . this estimate could change substantially as a result of unanticipated changes in housing values , economic conditions , investor/borrower behavior and other factors . the total principal amount of beneficial interests issued by firm-spon- sored securitizations that hold asf framework loans as of december 31 , 2007 , was as follows. .

.

| | december 31 2007 ( in millions ) | 2007 | |---:|:-----------------------------------|:--------| | 0 | third-party | $ 19636 | | 1 | retained interest | 412 | | 2 | total | $ 20048 |

jpmorgan chase & co . / 2007 annual report 145 subprime adjustable-rate mortgage loan modifications see the glossary of terms on page 183 of this annual report for the firm 2019s definition of subprime loans . within the confines of the limited decision-making abilities of a qspe under sfas 140 , the operating doc- uments that govern existing subprime securitizations generally authorize the servicer to modify loans for which default is reasonably foreseeable , provided that the modification is in the best interests of the qspe 2019s ben- eficial interest holders , and would not result in a remic violation . in december 2007 , the american securitization forum ( 201casf 201d ) issued the 201cstreamlined foreclosure and loss avoidance framework for securitized subprime adjustable rate mortgage loans 201d ( 201cthe framework 201d ) . the framework provides guidance for servicers to stream- line evaluation procedures for borrowers with certain subprime adjustable rate mortgage ( 201carm 201d ) loans to more efficiently provide modifications of such loans with terms that are more appropriate for the individual needs of such borrowers . the framework applies to all first-lien subprime arm loans that have a fixed rate of interest for an initial period of 36 months or less , are included in securitized pools , were originated between january 1 , 2005 , and july 31 , 2007 , and have an initial interest rate reset date between january 1 , 2008 , and july 31 , 2010 ( 201casf framework loans 201d ) . the framework categorizes the population of asf framework loans into three segments . segment 1 includes loans where the borrower is current and is likely to be able to refinance into any available mortgage product . segment 2 includes loans where the borrower is current , is unlikely to be able to refinance into any readily available mortgage industry product and meets certain defined criteria . segment 3 includes loans where the borrower is not current , as defined , and does not meet the criteria for segments 1 or 2 . asf framework loans in segment 2 of the framework are eligible for fast-track modification under which the interest rate will be kept at the existing initial rate , generally for five years following the interest rate reset date . the framework indicates that for segment 2 loans , jpmorgan chase , as servicer , may presume that the borrower will be unable to make payments pursuant to the original terms of the borrower 2019s loan after the initial interest rate reset date . thus , the firm may presume that a default on that loan by the borrower is reasonably foreseeable unless the terms of the loan are modified . jpmorgan chase has adopted the loss mitigation approaches under the framework for securitized sub- prime loans that meet the specific segment 2 screening criteria , and it expects to begin modifying segment 2 loans by the end of the first quar- ter of 2008 . the firm believes that the adoption of the framework will not affect the off-balance sheet accounting treatment of jpmorgan chase-sponsored qspes that hold segment 2 subprime loans . the total amount of assets owned by firm-sponsored qspes that hold asf framework loans ( including those loans that are not serviced by the firm ) as of december 31 , 2007 , was $ 20.0 billion . of this amount , $ 9.7 billion relates to asf framework loans serviced by the firm . based on current economic conditions , the firm estimates that approximately 20% ( 20 % ) , 10% ( 10 % ) and 70% ( 70 % ) of the asf framework loans it services that are owned by firm-sponsored qspes will fall within segments 1 , 2 and 3 , respectively . this estimate could change substantially as a result of unanticipated changes in housing values , economic conditions , investor/borrower behavior and other factors . the total principal amount of beneficial interests issued by firm-spon- sored securitizations that hold asf framework loans as of december 31 , 2007 , was as follows. ._| | december 31 2007 ( in millions ) | 2007 | |---:|:-----------------------------------|:--------| | 0 | third-party | $ 19636 | | 1 | retained interest | 412 | | 2 | total | $ 20048 |_.

2,007

147

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

how much of the securitizations that hold asf framework loans were issued by third parties?

98%

divide(19636, 20048)

jpmorgan chase & co . / 2007 annual report 145 subprime adjustable-rate mortgage loan modifications see the glossary of terms on page 183 of this annual report for the firm 2019s definition of subprime loans . within the confines of the limited decision-making abilities of a qspe under sfas 140 , the operating doc- uments that govern existing subprime securitizations generally authorize the servicer to modify loans for which default is reasonably foreseeable , provided that the modification is in the best interests of the qspe 2019s ben- eficial interest holders , and would not result in a remic violation . in december 2007 , the american securitization forum ( 201casf 201d ) issued the 201cstreamlined foreclosure and loss avoidance framework for securitized subprime adjustable rate mortgage loans 201d ( 201cthe framework 201d ) . the framework provides guidance for servicers to stream- line evaluation procedures for borrowers with certain subprime adjustable rate mortgage ( 201carm 201d ) loans to more efficiently provide modifications of such loans with terms that are more appropriate for the individual needs of such borrowers . the framework applies to all first-lien subprime arm loans that have a fixed rate of interest for an initial period of 36 months or less , are included in securitized pools , were originated between january 1 , 2005 , and july 31 , 2007 , and have an initial interest rate reset date between january 1 , 2008 , and july 31 , 2010 ( 201casf framework loans 201d ) . the framework categorizes the population of asf framework loans into three segments . segment 1 includes loans where the borrower is current and is likely to be able to refinance into any available mortgage product . segment 2 includes loans where the borrower is current , is unlikely to be able to refinance into any readily available mortgage industry product and meets certain defined criteria . segment 3 includes loans where the borrower is not current , as defined , and does not meet the criteria for segments 1 or 2 . asf framework loans in segment 2 of the framework are eligible for fast-track modification under which the interest rate will be kept at the existing initial rate , generally for five years following the interest rate reset date . the framework indicates that for segment 2 loans , jpmorgan chase , as servicer , may presume that the borrower will be unable to make payments pursuant to the original terms of the borrower 2019s loan after the initial interest rate reset date . thus , the firm may presume that a default on that loan by the borrower is reasonably foreseeable unless the terms of the loan are modified . jpmorgan chase has adopted the loss mitigation approaches under the framework for securitized sub- prime loans that meet the specific segment 2 screening criteria , and it expects to begin modifying segment 2 loans by the end of the first quar- ter of 2008 . the firm believes that the adoption of the framework will not affect the off-balance sheet accounting treatment of jpmorgan chase-sponsored qspes that hold segment 2 subprime loans . the total amount of assets owned by firm-sponsored qspes that hold asf framework loans ( including those loans that are not serviced by the firm ) as of december 31 , 2007 , was $ 20.0 billion . of this amount , $ 9.7 billion relates to asf framework loans serviced by the firm . based on current economic conditions , the firm estimates that approximately 20% ( 20 % ) , 10% ( 10 % ) and 70% ( 70 % ) of the asf framework loans it services that are owned by firm-sponsored qspes will fall within segments 1 , 2 and 3 , respectively . this estimate could change substantially as a result of unanticipated changes in housing values , economic conditions , investor/borrower behavior and other factors . the total principal amount of beneficial interests issued by firm-spon- sored securitizations that hold asf framework loans as of december 31 , 2007 , was as follows. .

.

| | december 31 2007 ( in millions ) | 2007 | |---:|:-----------------------------------|:--------| | 0 | third-party | $ 19636 | | 1 | retained interest | 412 | | 2 | total | $ 20048 |

jpmorgan chase & co . / 2007 annual report 145 subprime adjustable-rate mortgage loan modifications see the glossary of terms on page 183 of this annual report for the firm 2019s definition of subprime loans . within the confines of the limited decision-making abilities of a qspe under sfas 140 , the operating doc- uments that govern existing subprime securitizations generally authorize the servicer to modify loans for which default is reasonably foreseeable , provided that the modification is in the best interests of the qspe 2019s ben- eficial interest holders , and would not result in a remic violation . in december 2007 , the american securitization forum ( 201casf 201d ) issued the 201cstreamlined foreclosure and loss avoidance framework for securitized subprime adjustable rate mortgage loans 201d ( 201cthe framework 201d ) . the framework provides guidance for servicers to stream- line evaluation procedures for borrowers with certain subprime adjustable rate mortgage ( 201carm 201d ) loans to more efficiently provide modifications of such loans with terms that are more appropriate for the individual needs of such borrowers . the framework applies to all first-lien subprime arm loans that have a fixed rate of interest for an initial period of 36 months or less , are included in securitized pools , were originated between january 1 , 2005 , and july 31 , 2007 , and have an initial interest rate reset date between january 1 , 2008 , and july 31 , 2010 ( 201casf framework loans 201d ) . the framework categorizes the population of asf framework loans into three segments . segment 1 includes loans where the borrower is current and is likely to be able to refinance into any available mortgage product . segment 2 includes loans where the borrower is current , is unlikely to be able to refinance into any readily available mortgage industry product and meets certain defined criteria . segment 3 includes loans where the borrower is not current , as defined , and does not meet the criteria for segments 1 or 2 . asf framework loans in segment 2 of the framework are eligible for fast-track modification under which the interest rate will be kept at the existing initial rate , generally for five years following the interest rate reset date . the framework indicates that for segment 2 loans , jpmorgan chase , as servicer , may presume that the borrower will be unable to make payments pursuant to the original terms of the borrower 2019s loan after the initial interest rate reset date . thus , the firm may presume that a default on that loan by the borrower is reasonably foreseeable unless the terms of the loan are modified . jpmorgan chase has adopted the loss mitigation approaches under the framework for securitized sub- prime loans that meet the specific segment 2 screening criteria , and it expects to begin modifying segment 2 loans by the end of the first quar- ter of 2008 . the firm believes that the adoption of the framework will not affect the off-balance sheet accounting treatment of jpmorgan chase-sponsored qspes that hold segment 2 subprime loans . the total amount of assets owned by firm-sponsored qspes that hold asf framework loans ( including those loans that are not serviced by the firm ) as of december 31 , 2007 , was $ 20.0 billion . of this amount , $ 9.7 billion relates to asf framework loans serviced by the firm . based on current economic conditions , the firm estimates that approximately 20% ( 20 % ) , 10% ( 10 % ) and 70% ( 70 % ) of the asf framework loans it services that are owned by firm-sponsored qspes will fall within segments 1 , 2 and 3 , respectively . this estimate could change substantially as a result of unanticipated changes in housing values , economic conditions , investor/borrower behavior and other factors . the total principal amount of beneficial interests issued by firm-spon- sored securitizations that hold asf framework loans as of december 31 , 2007 , was as follows. ._| | december 31 2007 ( in millions ) | 2007 | |---:|:-----------------------------------|:--------| | 0 | third-party | $ 19636 | | 1 | retained interest | 412 | | 2 | total | $ 20048 |_.

2,007

147

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

null

finqa386

what was the percent of the change in the consulting segment revenue from 2008 2009\\n

-6.6%

divide(subtract(1267, 1356), 1356)

of exiting a business in japan , economic weakness in asia and political unrest in thailand , partially offset by growth in new zealand and certain emerging markets . reinsurance commissions , fees and other revenue increased 48% ( 48 % ) , due mainly to the benfield merger , partially offset by unfavorable foreign currency translation . organic revenue is even with 2008 , as growth in domestic treaty business and slightly higher pricing was offset by greater client retention , and declines in investment banking and facultative placements . operating income operating income increased $ 54 million or 6% ( 6 % ) from 2008 to $ 900 million in 2009 . in 2009 , operating income margins in this segment were 14.3% ( 14.3 % ) , up 60 basis points from 13.7% ( 13.7 % ) in 2008 . contributing to increased operating income and margins were the merger with benfield , lower e&o costs due to insurance recoveries , a pension curtailment gain of $ 54 million in 2009 versus a curtailment loss of $ 6 million in 2008 , declines in anti-corruption and compliance initiative costs of $ 35 million , restructuring savings , and other cost savings initiatives . these items were partially offset by an increase of $ 140 million in restructuring costs , $ 95 million of lower fiduciary investment income , benfield integration costs and higher amortization of intangible assets obtained in the merger , and unfavorable foreign currency translation . consulting .

our consulting segment generated 17% ( 17 % ) of our consolidated total revenues in 2009 and provides a broad range of human capital consulting services , as follows : consulting services : 1 . health and benefits advises clients about how to structure , fund , and administer employee benefit programs that attract , retain , and motivate employees . benefits consulting include health and welfare , executive benefits , workforce strategies and productivity , absence management , benefits administration , data-driven health , compliance , employee commitment , investment advisory and elective benefits services . 2 . retirement specializes in global actuarial services , defined contribution consulting , investment consulting , tax and erisa consulting , and pension administration . 3 . 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 . 4 . 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 . outsourcing offers employment processing , performance improvement , benefits administration and other employment-related services . beginning in late 2008 and continuing throughout 2009 , the disruption in the global credit markets and the deterioration of the financial markets has created significant uncertainty in the marketplace . the prolonged economic downturn is adversely impacting our clients 2019 financial condition and 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 depressing the price of those services , which is having an adverse effect on our new business and results of operations. .

| | years ended december 31, | 2009 | 2008 | 2007 | |---:|:--------------------------------|:-----------------|:-----------------|:-----------------| | 0 | segment revenue | $ 1267 | $ 1356 | $ 1345 | | 1 | segment operating income | 203 | 208 | 180 | | 2 | segment operating income margin | 16.0% ( 16.0 % ) | 15.3% ( 15.3 % ) | 13.4% ( 13.4 % ) |

of exiting a business in japan , economic weakness in asia and political unrest in thailand , partially offset by growth in new zealand and certain emerging markets . reinsurance commissions , fees and other revenue increased 48% ( 48 % ) , due mainly to the benfield merger , partially offset by unfavorable foreign currency translation . organic revenue is even with 2008 , as growth in domestic treaty business and slightly higher pricing was offset by greater client retention , and declines in investment banking and facultative placements . operating income operating income increased $ 54 million or 6% ( 6 % ) from 2008 to $ 900 million in 2009 . in 2009 , operating income margins in this segment were 14.3% ( 14.3 % ) , up 60 basis points from 13.7% ( 13.7 % ) in 2008 . contributing to increased operating income and margins were the merger with benfield , lower e&o costs due to insurance recoveries , a pension curtailment gain of $ 54 million in 2009 versus a curtailment loss of $ 6 million in 2008 , declines in anti-corruption and compliance initiative costs of $ 35 million , restructuring savings , and other cost savings initiatives . these items were partially offset by an increase of $ 140 million in restructuring costs , $ 95 million of lower fiduciary investment income , benfield integration costs and higher amortization of intangible assets obtained in the merger , and unfavorable foreign currency translation . consulting ._| | years ended december 31, | 2009 | 2008 | 2007 | |---:|:--------------------------------|:-----------------|:-----------------|:-----------------| | 0 | segment revenue | $ 1267 | $ 1356 | $ 1345 | | 1 | segment operating income | 203 | 208 | 180 | | 2 | segment operating income margin | 16.0% ( 16.0 % ) | 15.3% ( 15.3 % ) | 13.4% ( 13.4 % ) |_our consulting segment generated 17% ( 17 % ) of our consolidated total revenues in 2009 and provides a broad range of human capital consulting services , as follows : consulting services : 1 . health and benefits advises clients about how to structure , fund , and administer employee benefit programs that attract , retain , and motivate employees . benefits consulting include health and welfare , executive benefits , workforce strategies and productivity , absence management , benefits administration , data-driven health , compliance , employee commitment , investment advisory and elective benefits services . 2 . retirement specializes in global actuarial services , defined contribution consulting , investment consulting , tax and erisa consulting , and pension administration . 3 . 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 . 4 . 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 . outsourcing offers employment processing , performance improvement , benefits administration and other employment-related services . beginning in late 2008 and continuing throughout 2009 , the disruption in the global credit markets and the deterioration of the financial markets has created significant uncertainty in the marketplace . the prolonged economic downturn is adversely impacting our clients 2019 financial condition and 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 depressing the price of those services , which is having an adverse effect on our new business and results of operations. .

2,009

48

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

what was the percent of the change in the consulting segment revenue from 2008 2009\\n

-6.6%

divide(subtract(1267, 1356), 1356)

of exiting a business in japan , economic weakness in asia and political unrest in thailand , partially offset by growth in new zealand and certain emerging markets . reinsurance commissions , fees and other revenue increased 48% ( 48 % ) , due mainly to the benfield merger , partially offset by unfavorable foreign currency translation . organic revenue is even with 2008 , as growth in domestic treaty business and slightly higher pricing was offset by greater client retention , and declines in investment banking and facultative placements . operating income operating income increased $ 54 million or 6% ( 6 % ) from 2008 to $ 900 million in 2009 . in 2009 , operating income margins in this segment were 14.3% ( 14.3 % ) , up 60 basis points from 13.7% ( 13.7 % ) in 2008 . contributing to increased operating income and margins were the merger with benfield , lower e&o costs due to insurance recoveries , a pension curtailment gain of $ 54 million in 2009 versus a curtailment loss of $ 6 million in 2008 , declines in anti-corruption and compliance initiative costs of $ 35 million , restructuring savings , and other cost savings initiatives . these items were partially offset by an increase of $ 140 million in restructuring costs , $ 95 million of lower fiduciary investment income , benfield integration costs and higher amortization of intangible assets obtained in the merger , and unfavorable foreign currency translation . consulting .

our consulting segment generated 17% ( 17 % ) of our consolidated total revenues in 2009 and provides a broad range of human capital consulting services , as follows : consulting services : 1 . health and benefits advises clients about how to structure , fund , and administer employee benefit programs that attract , retain , and motivate employees . benefits consulting include health and welfare , executive benefits , workforce strategies and productivity , absence management , benefits administration , data-driven health , compliance , employee commitment , investment advisory and elective benefits services . 2 . retirement specializes in global actuarial services , defined contribution consulting , investment consulting , tax and erisa consulting , and pension administration . 3 . 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 . 4 . 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 . outsourcing offers employment processing , performance improvement , benefits administration and other employment-related services . beginning in late 2008 and continuing throughout 2009 , the disruption in the global credit markets and the deterioration of the financial markets has created significant uncertainty in the marketplace . the prolonged economic downturn is adversely impacting our clients 2019 financial condition and 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 depressing the price of those services , which is having an adverse effect on our new business and results of operations. .

| | years ended december 31, | 2009 | 2008 | 2007 | |---:|:--------------------------------|:-----------------|:-----------------|:-----------------| | 0 | segment revenue | $ 1267 | $ 1356 | $ 1345 | | 1 | segment operating income | 203 | 208 | 180 | | 2 | segment operating income margin | 16.0% ( 16.0 % ) | 15.3% ( 15.3 % ) | 13.4% ( 13.4 % ) |

of exiting a business in japan , economic weakness in asia and political unrest in thailand , partially offset by growth in new zealand and certain emerging markets . reinsurance commissions , fees and other revenue increased 48% ( 48 % ) , due mainly to the benfield merger , partially offset by unfavorable foreign currency translation . organic revenue is even with 2008 , as growth in domestic treaty business and slightly higher pricing was offset by greater client retention , and declines in investment banking and facultative placements . operating income operating income increased $ 54 million or 6% ( 6 % ) from 2008 to $ 900 million in 2009 . in 2009 , operating income margins in this segment were 14.3% ( 14.3 % ) , up 60 basis points from 13.7% ( 13.7 % ) in 2008 . contributing to increased operating income and margins were the merger with benfield , lower e&o costs due to insurance recoveries , a pension curtailment gain of $ 54 million in 2009 versus a curtailment loss of $ 6 million in 2008 , declines in anti-corruption and compliance initiative costs of $ 35 million , restructuring savings , and other cost savings initiatives . these items were partially offset by an increase of $ 140 million in restructuring costs , $ 95 million of lower fiduciary investment income , benfield integration costs and higher amortization of intangible assets obtained in the merger , and unfavorable foreign currency translation . consulting ._| | years ended december 31, | 2009 | 2008 | 2007 | |---:|:--------------------------------|:-----------------|:-----------------|:-----------------| | 0 | segment revenue | $ 1267 | $ 1356 | $ 1345 | | 1 | segment operating income | 203 | 208 | 180 | | 2 | segment operating income margin | 16.0% ( 16.0 % ) | 15.3% ( 15.3 % ) | 13.4% ( 13.4 % ) |_our consulting segment generated 17% ( 17 % ) of our consolidated total revenues in 2009 and provides a broad range of human capital consulting services , as follows : consulting services : 1 . health and benefits advises clients about how to structure , fund , and administer employee benefit programs that attract , retain , and motivate employees . benefits consulting include health and welfare , executive benefits , workforce strategies and productivity , absence management , benefits administration , data-driven health , compliance , employee commitment , investment advisory and elective benefits services . 2 . retirement specializes in global actuarial services , defined contribution consulting , investment consulting , tax and erisa consulting , and pension administration . 3 . 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 . 4 . 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 . outsourcing offers employment processing , performance improvement , benefits administration and other employment-related services . beginning in late 2008 and continuing throughout 2009 , the disruption in the global credit markets and the deterioration of the financial markets has created significant uncertainty in the marketplace . the prolonged economic downturn is adversely impacting our clients 2019 financial condition and 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 depressing the price of those services , which is having an adverse effect on our new business and results of operations. .

2,009

48

AON

Aon plc

Financials

Insurance Brokers

London, United Kingdom

1996-04-23

315,293

1982 (1919)

null

finqa387

what is the net change in net revenue during 2008?

21.7

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 is the net change in net revenue during 2008?

21.7

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

finqa388

what is the average cash provided by the operating activities during 2018 and 2019?

2758.55

table_average(operating activities, none)

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

what is the average cash provided by the operating activities during 2018 and 2019?

2758.55

table_average(operating activities, none)

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

finqa389

what was the percentage change in investment banking fees from 2006 to 2007?

20%

divide(subtract(6635, 5520), 5520)

jpmorgan chase & co . / 2007 annual report 31 the following section provides a comparative discussion of jpmorgan chase 2019s consolidated results of operations on a reported basis for the three-year period ended december 31 , 2007 . factors that relate primarily to a single business segment are discussed in more detail within that business segment than they are in this consolidated sec- tion . for a discussion of the critical accounting estimates used by the firm that affect the consolidated results of operations , see pages 96 201398 of this annual report . revenue .

2007 compared with 2006 total net revenue of $ 71.4 billion was up $ 9.4 billion , or 15% ( 15 % ) , from the prior year . higher net interest income , very strong private equity gains , record asset management , administration and commissions revenue , higher mortgage fees and related income and record investment banking fees contributed to the revenue growth . these increases were offset partially by lower trading revenue . investment banking fees grew in 2007 to a level higher than the pre- vious record set in 2006 . record advisory and equity underwriting fees drove the results , partially offset by lower debt underwriting fees . for a further discussion of investment banking fees , which are primarily recorded in ib , see the ib segment results on pages 40 201342 of this annual report . principal transactions revenue consists of trading revenue and private equity gains . trading revenue declined significantly from the 2006 level , primarily due to markdowns in ib of $ 1.4 billion ( net of hedges ) on subprime positions , including subprime cdos , and $ 1.3 billion ( net of fees ) on leveraged lending funded loans and unfunded commitments . also in ib , markdowns in securitized products on nonsubprime mortgages and weak credit trading performance more than offset record revenue in currencies and strong revenue in both rates and equities . equities benefited from strong client activity and record trading results across all products . ib 2019s credit portfolio results increased compared with the prior year , primarily driven by higher revenue from risk management activities . the increase in private equity gains from 2006 reflected a significantly higher level of gains , the classification of certain private equity carried interest as compensation expense and a fair value adjustment in the first quarter of 2007 on nonpublic private equity investments resulting from the adoption of sfas 157 ( 201cfair value measurements 201d ) . for a further discussion of principal transactions revenue , see the ib and corporate segment results on pages 40 201342 and 59 201360 , respectively , and note 6 on page 122 of this annual report . lending & deposit-related fees rose from the 2006 level , driven pri- marily by higher deposit-related fees and the bank of new york transaction . for a further discussion of lending & deposit-related fees , which are mostly recorded in rfs , tss and cb , see the rfs segment results on pages 43 201348 , the tss segment results on pages 54 201355 , and the cb segment results on pages 52 201353 of this annual report . asset management , administration and commissions revenue reached a level higher than the previous record set in 2006 . increased assets under management and higher performance and placement fees in am drove the record results . the 18% ( 18 % ) growth in assets under management from year-end 2006 came from net asset inflows and market appreciation across all segments : institutional , retail , private bank and private client services . tss also contributed to the rise in asset management , administration and commissions revenue , driven by increased product usage by new and existing clients and market appreciation on assets under custody . finally , commissions revenue increased , due mainly to higher brokerage transaction volume ( primarily included within fixed income and equity markets revenue of ib ) , which more than offset the sale of the insurance business by rfs in the third quarter of 2006 and a charge in the first quarter of 2007 resulting from accelerated surrenders of customer annuities . for additional information on these fees and commissions , see the segment discussions for ib on pages 40 201342 , rfs on pages 43 201348 , tss on pages 54 201355 , and am on pages 56 201358 , of this annual report . the favorable variance resulting from securities gains in 2007 compared with securities losses in 2006 was primarily driven by improvements in the results of repositioning of the treasury invest- ment securities portfolio . also contributing to the positive variance was a $ 234 million gain from the sale of mastercard shares . for a fur- ther discussion of securities gains ( losses ) , which are mostly recorded in the firm 2019s treasury business , see the corporate segment discussion on pages 59 201360 of this annual report . consol idated results of operat ions .

| | year ended december 31 ( in millions ) | 2007 | 2006 | 2005 | |---:|:------------------------------------------------|:--------|:-------------|:---------------| | 0 | investment banking fees | $ 6635 | $ 5520 | $ 4088 | | 1 | principal transactions | 9015 | 10778 | 8072 | | 2 | lending & deposit-related fees | 3938 | 3468 | 3389 | | 3 | asset management administration and commissions | 14356 | 11855 | 9988 | | 4 | securities gains ( losses ) | 164 | -543 ( 543 ) | -1336 ( 1336 ) | | 5 | mortgage fees and related income | 2118 | 591 | 1054 | | 6 | credit card income | 6911 | 6913 | 6754 | | 7 | other income | 1829 | 2175 | 2684 | | 8 | noninterest revenue | 44966 | 40757 | 34693 | | 9 | net interest income | 26406 | 21242 | 19555 | | 10 | total net revenue | $ 71372 | $ 61999 | $ 54248 |

jpmorgan chase & co . / 2007 annual report 31 the following section provides a comparative discussion of jpmorgan chase 2019s consolidated results of operations on a reported basis for the three-year period ended december 31 , 2007 . factors that relate primarily to a single business segment are discussed in more detail within that business segment than they are in this consolidated sec- tion . for a discussion of the critical accounting estimates used by the firm that affect the consolidated results of operations , see pages 96 201398 of this annual report . revenue ._| | year ended december 31 ( in millions ) | 2007 | 2006 | 2005 | |---:|:------------------------------------------------|:--------|:-------------|:---------------| | 0 | investment banking fees | $ 6635 | $ 5520 | $ 4088 | | 1 | principal transactions | 9015 | 10778 | 8072 | | 2 | lending & deposit-related fees | 3938 | 3468 | 3389 | | 3 | asset management administration and commissions | 14356 | 11855 | 9988 | | 4 | securities gains ( losses ) | 164 | -543 ( 543 ) | -1336 ( 1336 ) | | 5 | mortgage fees and related income | 2118 | 591 | 1054 | | 6 | credit card income | 6911 | 6913 | 6754 | | 7 | other income | 1829 | 2175 | 2684 | | 8 | noninterest revenue | 44966 | 40757 | 34693 | | 9 | net interest income | 26406 | 21242 | 19555 | | 10 | total net revenue | $ 71372 | $ 61999 | $ 54248 |_2007 compared with 2006 total net revenue of $ 71.4 billion was up $ 9.4 billion , or 15% ( 15 % ) , from the prior year . higher net interest income , very strong private equity gains , record asset management , administration and commissions revenue , higher mortgage fees and related income and record investment banking fees contributed to the revenue growth . these increases were offset partially by lower trading revenue . investment banking fees grew in 2007 to a level higher than the pre- vious record set in 2006 . record advisory and equity underwriting fees drove the results , partially offset by lower debt underwriting fees . for a further discussion of investment banking fees , which are primarily recorded in ib , see the ib segment results on pages 40 201342 of this annual report . principal transactions revenue consists of trading revenue and private equity gains . trading revenue declined significantly from the 2006 level , primarily due to markdowns in ib of $ 1.4 billion ( net of hedges ) on subprime positions , including subprime cdos , and $ 1.3 billion ( net of fees ) on leveraged lending funded loans and unfunded commitments . also in ib , markdowns in securitized products on nonsubprime mortgages and weak credit trading performance more than offset record revenue in currencies and strong revenue in both rates and equities . equities benefited from strong client activity and record trading results across all products . ib 2019s credit portfolio results increased compared with the prior year , primarily driven by higher revenue from risk management activities . the increase in private equity gains from 2006 reflected a significantly higher level of gains , the classification of certain private equity carried interest as compensation expense and a fair value adjustment in the first quarter of 2007 on nonpublic private equity investments resulting from the adoption of sfas 157 ( 201cfair value measurements 201d ) . for a further discussion of principal transactions revenue , see the ib and corporate segment results on pages 40 201342 and 59 201360 , respectively , and note 6 on page 122 of this annual report . lending & deposit-related fees rose from the 2006 level , driven pri- marily by higher deposit-related fees and the bank of new york transaction . for a further discussion of lending & deposit-related fees , which are mostly recorded in rfs , tss and cb , see the rfs segment results on pages 43 201348 , the tss segment results on pages 54 201355 , and the cb segment results on pages 52 201353 of this annual report . asset management , administration and commissions revenue reached a level higher than the previous record set in 2006 . increased assets under management and higher performance and placement fees in am drove the record results . the 18% ( 18 % ) growth in assets under management from year-end 2006 came from net asset inflows and market appreciation across all segments : institutional , retail , private bank and private client services . tss also contributed to the rise in asset management , administration and commissions revenue , driven by increased product usage by new and existing clients and market appreciation on assets under custody . finally , commissions revenue increased , due mainly to higher brokerage transaction volume ( primarily included within fixed income and equity markets revenue of ib ) , which more than offset the sale of the insurance business by rfs in the third quarter of 2006 and a charge in the first quarter of 2007 resulting from accelerated surrenders of customer annuities . for additional information on these fees and commissions , see the segment discussions for ib on pages 40 201342 , rfs on pages 43 201348 , tss on pages 54 201355 , and am on pages 56 201358 , of this annual report . the favorable variance resulting from securities gains in 2007 compared with securities losses in 2006 was primarily driven by improvements in the results of repositioning of the treasury invest- ment securities portfolio . also contributing to the positive variance was a $ 234 million gain from the sale of mastercard shares . for a fur- ther discussion of securities gains ( losses ) , which are mostly recorded in the firm 2019s treasury business , see the corporate segment discussion on pages 59 201360 of this annual report . consol idated results of operat ions .

2,007

33

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

what was the percentage change in investment banking fees from 2006 to 2007?

20%

divide(subtract(6635, 5520), 5520)

jpmorgan chase & co . / 2007 annual report 31 the following section provides a comparative discussion of jpmorgan chase 2019s consolidated results of operations on a reported basis for the three-year period ended december 31 , 2007 . factors that relate primarily to a single business segment are discussed in more detail within that business segment than they are in this consolidated sec- tion . for a discussion of the critical accounting estimates used by the firm that affect the consolidated results of operations , see pages 96 201398 of this annual report . revenue .

2007 compared with 2006 total net revenue of $ 71.4 billion was up $ 9.4 billion , or 15% ( 15 % ) , from the prior year . higher net interest income , very strong private equity gains , record asset management , administration and commissions revenue , higher mortgage fees and related income and record investment banking fees contributed to the revenue growth . these increases were offset partially by lower trading revenue . investment banking fees grew in 2007 to a level higher than the pre- vious record set in 2006 . record advisory and equity underwriting fees drove the results , partially offset by lower debt underwriting fees . for a further discussion of investment banking fees , which are primarily recorded in ib , see the ib segment results on pages 40 201342 of this annual report . principal transactions revenue consists of trading revenue and private equity gains . trading revenue declined significantly from the 2006 level , primarily due to markdowns in ib of $ 1.4 billion ( net of hedges ) on subprime positions , including subprime cdos , and $ 1.3 billion ( net of fees ) on leveraged lending funded loans and unfunded commitments . also in ib , markdowns in securitized products on nonsubprime mortgages and weak credit trading performance more than offset record revenue in currencies and strong revenue in both rates and equities . equities benefited from strong client activity and record trading results across all products . ib 2019s credit portfolio results increased compared with the prior year , primarily driven by higher revenue from risk management activities . the increase in private equity gains from 2006 reflected a significantly higher level of gains , the classification of certain private equity carried interest as compensation expense and a fair value adjustment in the first quarter of 2007 on nonpublic private equity investments resulting from the adoption of sfas 157 ( 201cfair value measurements 201d ) . for a further discussion of principal transactions revenue , see the ib and corporate segment results on pages 40 201342 and 59 201360 , respectively , and note 6 on page 122 of this annual report . lending & deposit-related fees rose from the 2006 level , driven pri- marily by higher deposit-related fees and the bank of new york transaction . for a further discussion of lending & deposit-related fees , which are mostly recorded in rfs , tss and cb , see the rfs segment results on pages 43 201348 , the tss segment results on pages 54 201355 , and the cb segment results on pages 52 201353 of this annual report . asset management , administration and commissions revenue reached a level higher than the previous record set in 2006 . increased assets under management and higher performance and placement fees in am drove the record results . the 18% ( 18 % ) growth in assets under management from year-end 2006 came from net asset inflows and market appreciation across all segments : institutional , retail , private bank and private client services . tss also contributed to the rise in asset management , administration and commissions revenue , driven by increased product usage by new and existing clients and market appreciation on assets under custody . finally , commissions revenue increased , due mainly to higher brokerage transaction volume ( primarily included within fixed income and equity markets revenue of ib ) , which more than offset the sale of the insurance business by rfs in the third quarter of 2006 and a charge in the first quarter of 2007 resulting from accelerated surrenders of customer annuities . for additional information on these fees and commissions , see the segment discussions for ib on pages 40 201342 , rfs on pages 43 201348 , tss on pages 54 201355 , and am on pages 56 201358 , of this annual report . the favorable variance resulting from securities gains in 2007 compared with securities losses in 2006 was primarily driven by improvements in the results of repositioning of the treasury invest- ment securities portfolio . also contributing to the positive variance was a $ 234 million gain from the sale of mastercard shares . for a fur- ther discussion of securities gains ( losses ) , which are mostly recorded in the firm 2019s treasury business , see the corporate segment discussion on pages 59 201360 of this annual report . consol idated results of operat ions .

| | year ended december 31 ( in millions ) | 2007 | 2006 | 2005 | |---:|:------------------------------------------------|:--------|:-------------|:---------------| | 0 | investment banking fees | $ 6635 | $ 5520 | $ 4088 | | 1 | principal transactions | 9015 | 10778 | 8072 | | 2 | lending & deposit-related fees | 3938 | 3468 | 3389 | | 3 | asset management administration and commissions | 14356 | 11855 | 9988 | | 4 | securities gains ( losses ) | 164 | -543 ( 543 ) | -1336 ( 1336 ) | | 5 | mortgage fees and related income | 2118 | 591 | 1054 | | 6 | credit card income | 6911 | 6913 | 6754 | | 7 | other income | 1829 | 2175 | 2684 | | 8 | noninterest revenue | 44966 | 40757 | 34693 | | 9 | net interest income | 26406 | 21242 | 19555 | | 10 | total net revenue | $ 71372 | $ 61999 | $ 54248 |

jpmorgan chase & co . / 2007 annual report 31 the following section provides a comparative discussion of jpmorgan chase 2019s consolidated results of operations on a reported basis for the three-year period ended december 31 , 2007 . factors that relate primarily to a single business segment are discussed in more detail within that business segment than they are in this consolidated sec- tion . for a discussion of the critical accounting estimates used by the firm that affect the consolidated results of operations , see pages 96 201398 of this annual report . revenue ._| | year ended december 31 ( in millions ) | 2007 | 2006 | 2005 | |---:|:------------------------------------------------|:--------|:-------------|:---------------| | 0 | investment banking fees | $ 6635 | $ 5520 | $ 4088 | | 1 | principal transactions | 9015 | 10778 | 8072 | | 2 | lending & deposit-related fees | 3938 | 3468 | 3389 | | 3 | asset management administration and commissions | 14356 | 11855 | 9988 | | 4 | securities gains ( losses ) | 164 | -543 ( 543 ) | -1336 ( 1336 ) | | 5 | mortgage fees and related income | 2118 | 591 | 1054 | | 6 | credit card income | 6911 | 6913 | 6754 | | 7 | other income | 1829 | 2175 | 2684 | | 8 | noninterest revenue | 44966 | 40757 | 34693 | | 9 | net interest income | 26406 | 21242 | 19555 | | 10 | total net revenue | $ 71372 | $ 61999 | $ 54248 |_2007 compared with 2006 total net revenue of $ 71.4 billion was up $ 9.4 billion , or 15% ( 15 % ) , from the prior year . higher net interest income , very strong private equity gains , record asset management , administration and commissions revenue , higher mortgage fees and related income and record investment banking fees contributed to the revenue growth . these increases were offset partially by lower trading revenue . investment banking fees grew in 2007 to a level higher than the pre- vious record set in 2006 . record advisory and equity underwriting fees drove the results , partially offset by lower debt underwriting fees . for a further discussion of investment banking fees , which are primarily recorded in ib , see the ib segment results on pages 40 201342 of this annual report . principal transactions revenue consists of trading revenue and private equity gains . trading revenue declined significantly from the 2006 level , primarily due to markdowns in ib of $ 1.4 billion ( net of hedges ) on subprime positions , including subprime cdos , and $ 1.3 billion ( net of fees ) on leveraged lending funded loans and unfunded commitments . also in ib , markdowns in securitized products on nonsubprime mortgages and weak credit trading performance more than offset record revenue in currencies and strong revenue in both rates and equities . equities benefited from strong client activity and record trading results across all products . ib 2019s credit portfolio results increased compared with the prior year , primarily driven by higher revenue from risk management activities . the increase in private equity gains from 2006 reflected a significantly higher level of gains , the classification of certain private equity carried interest as compensation expense and a fair value adjustment in the first quarter of 2007 on nonpublic private equity investments resulting from the adoption of sfas 157 ( 201cfair value measurements 201d ) . for a further discussion of principal transactions revenue , see the ib and corporate segment results on pages 40 201342 and 59 201360 , respectively , and note 6 on page 122 of this annual report . lending & deposit-related fees rose from the 2006 level , driven pri- marily by higher deposit-related fees and the bank of new york transaction . for a further discussion of lending & deposit-related fees , which are mostly recorded in rfs , tss and cb , see the rfs segment results on pages 43 201348 , the tss segment results on pages 54 201355 , and the cb segment results on pages 52 201353 of this annual report . asset management , administration and commissions revenue reached a level higher than the previous record set in 2006 . increased assets under management and higher performance and placement fees in am drove the record results . the 18% ( 18 % ) growth in assets under management from year-end 2006 came from net asset inflows and market appreciation across all segments : institutional , retail , private bank and private client services . tss also contributed to the rise in asset management , administration and commissions revenue , driven by increased product usage by new and existing clients and market appreciation on assets under custody . finally , commissions revenue increased , due mainly to higher brokerage transaction volume ( primarily included within fixed income and equity markets revenue of ib ) , which more than offset the sale of the insurance business by rfs in the third quarter of 2006 and a charge in the first quarter of 2007 resulting from accelerated surrenders of customer annuities . for additional information on these fees and commissions , see the segment discussions for ib on pages 40 201342 , rfs on pages 43 201348 , tss on pages 54 201355 , and am on pages 56 201358 , of this annual report . the favorable variance resulting from securities gains in 2007 compared with securities losses in 2006 was primarily driven by improvements in the results of repositioning of the treasury invest- ment securities portfolio . also contributing to the positive variance was a $ 234 million gain from the sale of mastercard shares . for a fur- ther discussion of securities gains ( losses ) , which are mostly recorded in the firm 2019s treasury business , see the corporate segment discussion on pages 59 201360 of this annual report . consol idated results of operat ions .

2,007

33

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

null

finqa390

in 2013 what was the net trading assets 2013 derivative receivables to the trading liabilities 2013 derivative payable

8076

subtract(72629, 64553)

jpmorgan chase & co./2013 annual report 215 the firm does not estimate the fair value of consumer lending-related commitments . in many cases , the firm can reduce or cancel these commitments by providing the borrower notice or , in some cases , without notice as permitted by law . for a further discussion of the valuation of lending-related commitments , see page 198 of this note . trading assets and liabilities trading assets include debt and equity instruments owned by jpmorgan chase ( 201clong 201d positions ) that are held for client market-making and client-driven activities , as well as for certain risk management activities , certain loans managed on a fair value basis and for which the firm has elected the fair value option , and physical commodities inventories that are generally accounted for at the lower of cost or market ( market approximates fair value ) . trading liabilities include debt and equity instruments that the firm has sold to other parties but does not own ( 201cshort 201d positions ) . the firm is obligated to purchase instruments at a future date to cover the short positions . included in trading assets and trading liabilities are the reported receivables ( unrealized gains ) and payables ( unrealized losses ) related to derivatives . trading assets and liabilities are carried at fair value on the consolidated balance sheets . balances reflect the reduction of securities owned ( long positions ) by the amount of identical securities sold but not yet purchased ( short positions ) . trading assets and liabilities 2013 average balances average trading assets and liabilities were as follows for the periods indicated. .

( a ) primarily represent securities sold , not yet purchased . note 4 2013 fair value option the fair value option provides an option to elect fair value as an alternative measurement for selected financial assets , financial liabilities , unrecognized firm commitments , and written loan commitments not previously carried at fair value . elections elections were made by the firm to : 2022 mitigate income statement volatility caused by the differences in the measurement basis of elected instruments ( for example , certain instruments elected were previously accounted for on an accrual basis ) while the associated risk management arrangements are accounted for on a fair value basis ; 2022 eliminate the complexities of applying certain accounting models ( e.g. , hedge accounting or bifurcation accounting for hybrid instruments ) ; and/or 2022 better reflect those instruments that are managed on a fair value basis . elections include the following : 2022 loans purchased or originated as part of securitization warehousing activity , subject to bifurcation accounting , or managed on a fair value basis . 2022 securities financing arrangements with an embedded derivative and/or a maturity of greater than one year . 2022 owned beneficial interests in securitized financial assets that contain embedded credit derivatives , which would otherwise be required to be separately accounted for as a derivative instrument . 2022 certain investments that receive tax credits and other equity investments acquired as part of the washington mutual transaction . 2022 structured notes issued as part of cib 2019s client-driven activities . ( structured notes are predominantly financial instruments that contain embedded derivatives. ) 2022 long-term beneficial interests issued by cib 2019s consolidated securitization trusts where the underlying assets are carried at fair value. .

| | year ended december 31 ( in millions ) | 2013 | 2012 | 2011 | |---:|:-----------------------------------------------------------|:---------|:---------|:---------| | 0 | trading assets 2013 debt and equity instruments | $ 340449 | $ 349337 | $ 393890 | | 1 | trading assets 2013 derivative receivables | 72629 | 85744 | 90003 | | 2 | trading liabilities 2013 debt and equity instruments ( a ) | 77706 | 69001 | 81916 | | 3 | trading liabilities 2013 derivative payables | 64553 | 76162 | 71539 |

jpmorgan chase & co./2013 annual report 215 the firm does not estimate the fair value of consumer lending-related commitments . in many cases , the firm can reduce or cancel these commitments by providing the borrower notice or , in some cases , without notice as permitted by law . for a further discussion of the valuation of lending-related commitments , see page 198 of this note . trading assets and liabilities trading assets include debt and equity instruments owned by jpmorgan chase ( 201clong 201d positions ) that are held for client market-making and client-driven activities , as well as for certain risk management activities , certain loans managed on a fair value basis and for which the firm has elected the fair value option , and physical commodities inventories that are generally accounted for at the lower of cost or market ( market approximates fair value ) . trading liabilities include debt and equity instruments that the firm has sold to other parties but does not own ( 201cshort 201d positions ) . the firm is obligated to purchase instruments at a future date to cover the short positions . included in trading assets and trading liabilities are the reported receivables ( unrealized gains ) and payables ( unrealized losses ) related to derivatives . trading assets and liabilities are carried at fair value on the consolidated balance sheets . balances reflect the reduction of securities owned ( long positions ) by the amount of identical securities sold but not yet purchased ( short positions ) . trading assets and liabilities 2013 average balances average trading assets and liabilities were as follows for the periods indicated. ._| | year ended december 31 ( in millions ) | 2013 | 2012 | 2011 | |---:|:-----------------------------------------------------------|:---------|:---------|:---------| | 0 | trading assets 2013 debt and equity instruments | $ 340449 | $ 349337 | $ 393890 | | 1 | trading assets 2013 derivative receivables | 72629 | 85744 | 90003 | | 2 | trading liabilities 2013 debt and equity instruments ( a ) | 77706 | 69001 | 81916 | | 3 | trading liabilities 2013 derivative payables | 64553 | 76162 | 71539 |_( a ) primarily represent securities sold , not yet purchased . note 4 2013 fair value option the fair value option provides an option to elect fair value as an alternative measurement for selected financial assets , financial liabilities , unrecognized firm commitments , and written loan commitments not previously carried at fair value . elections elections were made by the firm to : 2022 mitigate income statement volatility caused by the differences in the measurement basis of elected instruments ( for example , certain instruments elected were previously accounted for on an accrual basis ) while the associated risk management arrangements are accounted for on a fair value basis ; 2022 eliminate the complexities of applying certain accounting models ( e.g. , hedge accounting or bifurcation accounting for hybrid instruments ) ; and/or 2022 better reflect those instruments that are managed on a fair value basis . elections include the following : 2022 loans purchased or originated as part of securitization warehousing activity , subject to bifurcation accounting , or managed on a fair value basis . 2022 securities financing arrangements with an embedded derivative and/or a maturity of greater than one year . 2022 owned beneficial interests in securitized financial assets that contain embedded credit derivatives , which would otherwise be required to be separately accounted for as a derivative instrument . 2022 certain investments that receive tax credits and other equity investments acquired as part of the washington mutual transaction . 2022 structured notes issued as part of cib 2019s client-driven activities . ( structured notes are predominantly financial instruments that contain embedded derivatives. ) 2022 long-term beneficial interests issued by cib 2019s consolidated securitization trusts where the underlying assets are carried at fair value. .

2,013

209

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

in 2013 what was the net trading assets 2013 derivative receivables to the trading liabilities 2013 derivative payable

8076

subtract(72629, 64553)

jpmorgan chase & co./2013 annual report 215 the firm does not estimate the fair value of consumer lending-related commitments . in many cases , the firm can reduce or cancel these commitments by providing the borrower notice or , in some cases , without notice as permitted by law . for a further discussion of the valuation of lending-related commitments , see page 198 of this note . trading assets and liabilities trading assets include debt and equity instruments owned by jpmorgan chase ( 201clong 201d positions ) that are held for client market-making and client-driven activities , as well as for certain risk management activities , certain loans managed on a fair value basis and for which the firm has elected the fair value option , and physical commodities inventories that are generally accounted for at the lower of cost or market ( market approximates fair value ) . trading liabilities include debt and equity instruments that the firm has sold to other parties but does not own ( 201cshort 201d positions ) . the firm is obligated to purchase instruments at a future date to cover the short positions . included in trading assets and trading liabilities are the reported receivables ( unrealized gains ) and payables ( unrealized losses ) related to derivatives . trading assets and liabilities are carried at fair value on the consolidated balance sheets . balances reflect the reduction of securities owned ( long positions ) by the amount of identical securities sold but not yet purchased ( short positions ) . trading assets and liabilities 2013 average balances average trading assets and liabilities were as follows for the periods indicated. .

( a ) primarily represent securities sold , not yet purchased . note 4 2013 fair value option the fair value option provides an option to elect fair value as an alternative measurement for selected financial assets , financial liabilities , unrecognized firm commitments , and written loan commitments not previously carried at fair value . elections elections were made by the firm to : 2022 mitigate income statement volatility caused by the differences in the measurement basis of elected instruments ( for example , certain instruments elected were previously accounted for on an accrual basis ) while the associated risk management arrangements are accounted for on a fair value basis ; 2022 eliminate the complexities of applying certain accounting models ( e.g. , hedge accounting or bifurcation accounting for hybrid instruments ) ; and/or 2022 better reflect those instruments that are managed on a fair value basis . elections include the following : 2022 loans purchased or originated as part of securitization warehousing activity , subject to bifurcation accounting , or managed on a fair value basis . 2022 securities financing arrangements with an embedded derivative and/or a maturity of greater than one year . 2022 owned beneficial interests in securitized financial assets that contain embedded credit derivatives , which would otherwise be required to be separately accounted for as a derivative instrument . 2022 certain investments that receive tax credits and other equity investments acquired as part of the washington mutual transaction . 2022 structured notes issued as part of cib 2019s client-driven activities . ( structured notes are predominantly financial instruments that contain embedded derivatives. ) 2022 long-term beneficial interests issued by cib 2019s consolidated securitization trusts where the underlying assets are carried at fair value. .

| | year ended december 31 ( in millions ) | 2013 | 2012 | 2011 | |---:|:-----------------------------------------------------------|:---------|:---------|:---------| | 0 | trading assets 2013 debt and equity instruments | $ 340449 | $ 349337 | $ 393890 | | 1 | trading assets 2013 derivative receivables | 72629 | 85744 | 90003 | | 2 | trading liabilities 2013 debt and equity instruments ( a ) | 77706 | 69001 | 81916 | | 3 | trading liabilities 2013 derivative payables | 64553 | 76162 | 71539 |

jpmorgan chase & co./2013 annual report 215 the firm does not estimate the fair value of consumer lending-related commitments . in many cases , the firm can reduce or cancel these commitments by providing the borrower notice or , in some cases , without notice as permitted by law . for a further discussion of the valuation of lending-related commitments , see page 198 of this note . trading assets and liabilities trading assets include debt and equity instruments owned by jpmorgan chase ( 201clong 201d positions ) that are held for client market-making and client-driven activities , as well as for certain risk management activities , certain loans managed on a fair value basis and for which the firm has elected the fair value option , and physical commodities inventories that are generally accounted for at the lower of cost or market ( market approximates fair value ) . trading liabilities include debt and equity instruments that the firm has sold to other parties but does not own ( 201cshort 201d positions ) . the firm is obligated to purchase instruments at a future date to cover the short positions . included in trading assets and trading liabilities are the reported receivables ( unrealized gains ) and payables ( unrealized losses ) related to derivatives . trading assets and liabilities are carried at fair value on the consolidated balance sheets . balances reflect the reduction of securities owned ( long positions ) by the amount of identical securities sold but not yet purchased ( short positions ) . trading assets and liabilities 2013 average balances average trading assets and liabilities were as follows for the periods indicated. ._| | year ended december 31 ( in millions ) | 2013 | 2012 | 2011 | |---:|:-----------------------------------------------------------|:---------|:---------|:---------| | 0 | trading assets 2013 debt and equity instruments | $ 340449 | $ 349337 | $ 393890 | | 1 | trading assets 2013 derivative receivables | 72629 | 85744 | 90003 | | 2 | trading liabilities 2013 debt and equity instruments ( a ) | 77706 | 69001 | 81916 | | 3 | trading liabilities 2013 derivative payables | 64553 | 76162 | 71539 |_( a ) primarily represent securities sold , not yet purchased . note 4 2013 fair value option the fair value option provides an option to elect fair value as an alternative measurement for selected financial assets , financial liabilities , unrecognized firm commitments , and written loan commitments not previously carried at fair value . elections elections were made by the firm to : 2022 mitigate income statement volatility caused by the differences in the measurement basis of elected instruments ( for example , certain instruments elected were previously accounted for on an accrual basis ) while the associated risk management arrangements are accounted for on a fair value basis ; 2022 eliminate the complexities of applying certain accounting models ( e.g. , hedge accounting or bifurcation accounting for hybrid instruments ) ; and/or 2022 better reflect those instruments that are managed on a fair value basis . elections include the following : 2022 loans purchased or originated as part of securitization warehousing activity , subject to bifurcation accounting , or managed on a fair value basis . 2022 securities financing arrangements with an embedded derivative and/or a maturity of greater than one year . 2022 owned beneficial interests in securitized financial assets that contain embedded credit derivatives , which would otherwise be required to be separately accounted for as a derivative instrument . 2022 certain investments that receive tax credits and other equity investments acquired as part of the washington mutual transaction . 2022 structured notes issued as part of cib 2019s client-driven activities . ( structured notes are predominantly financial instruments that contain embedded derivatives. ) 2022 long-term beneficial interests issued by cib 2019s consolidated securitization trusts where the underlying assets are carried at fair value. .

2,013

209

JPM

JPMorgan Chase

Financials

Diversified Banks

New York City, New York

1975-06-30

19,617

2000 (1799 / 1871)

null

finqa391

what is the percent change in operating revenues from 2001 to 2002?

192%

divide(subtract(multiply(1.2, const_1000), 411.0), 411.0)

entergy corporation and subsidiaries management's financial discussion and analysis the decrease in interest income in 2002 was primarily due to : fffd interest recognized in 2001 on grand gulf 1's decommissioning trust funds resulting from the final order addressing system energy's rate proceeding ; fffd interest recognized in 2001 at entergy mississippi and entergy new orleans on the deferred system energy costs that were not being recovered through rates ; and fffd lower interest earned on declining deferred fuel balances . the decrease in interest charges in 2002 is primarily due to : fffd a decrease of $ 31.9 million in interest on long-term debt primarily due to the retirement of long-term debt in late 2001 and early 2002 ; and fffd a decrease of $ 76.0 million in other interest expense primarily due to interest recorded on system energy's reserve for rate refund in 2001 . the refund was made in december 2001 . 2001 compared to 2000 results for the year ended december 31 , 2001 for u.s . utility were also affected by an increase in interest charges of $ 61.5 million primarily due to : fffd the final ferc order addressing the 1995 system energy rate filing ; fffd debt issued at entergy arkansas in july 2001 , at entergy gulf states in june 2000 and august 2001 , at entergy mississippi in january 2001 , and at entergy new orleans in july 2000 and february 2001 ; and fffd borrowings under credit facilities during 2001 , primarily at entergy arkansas . non-utility nuclear the increase in earnings in 2002 for non-utility nuclear from $ 128 million to $ 201 million was primarily due to the operation of indian point 2 and vermont yankee , which were purchased in september 2001 and july 2002 , respectively . the increase in earnings in 2001 for non-utility nuclear from $ 49 million to $ 128 million was primarily due to the operation of fitzpatrick and indian point 3 for a full year , as each was purchased in november 2000 , and the operation of indian point 2 , which was purchased in september 2001 . following are key performance measures for non-utility nuclear: .

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

| | | 2002 | 2001 | 2000 | |---:|:-----------------------------------|:-------------|:-------------|:-------------| | 0 | net mw in operation at december 31 | 3955 | 3445 | 2475 | | 1 | generation in gwh for the year | 29953 | 22614 | 7171 | | 2 | capacity factor for the year | 93% ( 93 % ) | 93% ( 93 % ) | 94% ( 94 % ) |

entergy corporation and subsidiaries management's financial discussion and analysis the decrease in interest income in 2002 was primarily due to : fffd interest recognized in 2001 on grand gulf 1's decommissioning trust funds resulting from the final order addressing system energy's rate proceeding ; fffd interest recognized in 2001 at entergy mississippi and entergy new orleans on the deferred system energy costs that were not being recovered through rates ; and fffd lower interest earned on declining deferred fuel balances . the decrease in interest charges in 2002 is primarily due to : fffd a decrease of $ 31.9 million in interest on long-term debt primarily due to the retirement of long-term debt in late 2001 and early 2002 ; and fffd a decrease of $ 76.0 million in other interest expense primarily due to interest recorded on system energy's reserve for rate refund in 2001 . the refund was made in december 2001 . 2001 compared to 2000 results for the year ended december 31 , 2001 for u.s . utility were also affected by an increase in interest charges of $ 61.5 million primarily due to : fffd the final ferc order addressing the 1995 system energy rate filing ; fffd debt issued at entergy arkansas in july 2001 , at entergy gulf states in june 2000 and august 2001 , at entergy mississippi in january 2001 , and at entergy new orleans in july 2000 and february 2001 ; and fffd borrowings under credit facilities during 2001 , primarily at entergy arkansas . non-utility nuclear the increase in earnings in 2002 for non-utility nuclear from $ 128 million to $ 201 million was primarily due to the operation of indian point 2 and vermont yankee , which were purchased in september 2001 and july 2002 , respectively . the increase in earnings in 2001 for non-utility nuclear from $ 49 million to $ 128 million was primarily due to the operation of fitzpatrick and indian point 3 for a full year , as each was purchased in november 2000 , and the operation of indian point 2 , which was purchased in september 2001 . following are key performance measures for non-utility nuclear: ._| | | 2002 | 2001 | 2000 | |---:|:-----------------------------------|:-------------|:-------------|:-------------| | 0 | net mw in operation at december 31 | 3955 | 3445 | 2475 | | 1 | generation in gwh for the year | 29953 | 22614 | 7171 | | 2 | capacity factor for the year | 93% ( 93 % ) | 93% ( 93 % ) | 94% ( 94 % ) |_2002 compared to 2001 the following fluctuations in the results of operations for non-utility nuclear in 2002 were primarily caused by the acquisitions of indian point 2 and vermont yankee ( except as otherwise noted ) : fffd operating revenues increased $ 411.0 million to $ 1.2 billion ; fffd other operation and maintenance expenses increased $ 201.8 million to $ 596.3 million ; fffd depreciation and amortization expenses increased $ 25.1 million to $ 42.8 million ; fffd fuel expenses increased $ 29.4 million to $ 105.2 million ; fffd nuclear refueling outage expenses increased $ 23.9 million to $ 46.8 million , which was due primarily to a .

2,002

24

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

what is the percent change in operating revenues from 2001 to 2002?

192%

divide(subtract(multiply(1.2, const_1000), 411.0), 411.0)

entergy corporation and subsidiaries management's financial discussion and analysis the decrease in interest income in 2002 was primarily due to : fffd interest recognized in 2001 on grand gulf 1's decommissioning trust funds resulting from the final order addressing system energy's rate proceeding ; fffd interest recognized in 2001 at entergy mississippi and entergy new orleans on the deferred system energy costs that were not being recovered through rates ; and fffd lower interest earned on declining deferred fuel balances . the decrease in interest charges in 2002 is primarily due to : fffd a decrease of $ 31.9 million in interest on long-term debt primarily due to the retirement of long-term debt in late 2001 and early 2002 ; and fffd a decrease of $ 76.0 million in other interest expense primarily due to interest recorded on system energy's reserve for rate refund in 2001 . the refund was made in december 2001 . 2001 compared to 2000 results for the year ended december 31 , 2001 for u.s . utility were also affected by an increase in interest charges of $ 61.5 million primarily due to : fffd the final ferc order addressing the 1995 system energy rate filing ; fffd debt issued at entergy arkansas in july 2001 , at entergy gulf states in june 2000 and august 2001 , at entergy mississippi in january 2001 , and at entergy new orleans in july 2000 and february 2001 ; and fffd borrowings under credit facilities during 2001 , primarily at entergy arkansas . non-utility nuclear the increase in earnings in 2002 for non-utility nuclear from $ 128 million to $ 201 million was primarily due to the operation of indian point 2 and vermont yankee , which were purchased in september 2001 and july 2002 , respectively . the increase in earnings in 2001 for non-utility nuclear from $ 49 million to $ 128 million was primarily due to the operation of fitzpatrick and indian point 3 for a full year , as each was purchased in november 2000 , and the operation of indian point 2 , which was purchased in september 2001 . following are key performance measures for non-utility nuclear: .

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

| | | 2002 | 2001 | 2000 | |---:|:-----------------------------------|:-------------|:-------------|:-------------| | 0 | net mw in operation at december 31 | 3955 | 3445 | 2475 | | 1 | generation in gwh for the year | 29953 | 22614 | 7171 | | 2 | capacity factor for the year | 93% ( 93 % ) | 93% ( 93 % ) | 94% ( 94 % ) |

entergy corporation and subsidiaries management's financial discussion and analysis the decrease in interest income in 2002 was primarily due to : fffd interest recognized in 2001 on grand gulf 1's decommissioning trust funds resulting from the final order addressing system energy's rate proceeding ; fffd interest recognized in 2001 at entergy mississippi and entergy new orleans on the deferred system energy costs that were not being recovered through rates ; and fffd lower interest earned on declining deferred fuel balances . the decrease in interest charges in 2002 is primarily due to : fffd a decrease of $ 31.9 million in interest on long-term debt primarily due to the retirement of long-term debt in late 2001 and early 2002 ; and fffd a decrease of $ 76.0 million in other interest expense primarily due to interest recorded on system energy's reserve for rate refund in 2001 . the refund was made in december 2001 . 2001 compared to 2000 results for the year ended december 31 , 2001 for u.s . utility were also affected by an increase in interest charges of $ 61.5 million primarily due to : fffd the final ferc order addressing the 1995 system energy rate filing ; fffd debt issued at entergy arkansas in july 2001 , at entergy gulf states in june 2000 and august 2001 , at entergy mississippi in january 2001 , and at entergy new orleans in july 2000 and february 2001 ; and fffd borrowings under credit facilities during 2001 , primarily at entergy arkansas . non-utility nuclear the increase in earnings in 2002 for non-utility nuclear from $ 128 million to $ 201 million was primarily due to the operation of indian point 2 and vermont yankee , which were purchased in september 2001 and july 2002 , respectively . the increase in earnings in 2001 for non-utility nuclear from $ 49 million to $ 128 million was primarily due to the operation of fitzpatrick and indian point 3 for a full year , as each was purchased in november 2000 , and the operation of indian point 2 , which was purchased in september 2001 . following are key performance measures for non-utility nuclear: ._| | | 2002 | 2001 | 2000 | |---:|:-----------------------------------|:-------------|:-------------|:-------------| | 0 | net mw in operation at december 31 | 3955 | 3445 | 2475 | | 1 | generation in gwh for the year | 29953 | 22614 | 7171 | | 2 | capacity factor for the year | 93% ( 93 % ) | 93% ( 93 % ) | 94% ( 94 % ) |_2002 compared to 2001 the following fluctuations in the results of operations for non-utility nuclear in 2002 were primarily caused by the acquisitions of indian point 2 and vermont yankee ( except as otherwise noted ) : fffd operating revenues increased $ 411.0 million to $ 1.2 billion ; fffd other operation and maintenance expenses increased $ 201.8 million to $ 596.3 million ; fffd depreciation and amortization expenses increased $ 25.1 million to $ 42.8 million ; fffd fuel expenses increased $ 29.4 million to $ 105.2 million ; fffd nuclear refueling outage expenses increased $ 23.9 million to $ 46.8 million , which was due primarily to a .

2,002

24

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa392

what is the percentage difference in the fair value per share between 2015 and 2016?

71%

divide(subtract(31, 18.13), 18.13)

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 13 . common stock ( continued ) the company also maintains the nonemployee directors stock incentive compensation program ( the 2018 2018nonemployee directors program 2019 2019 ) . under the nonemployee directors program , upon a director 2019s initial election to the board , the director receives an initial grant of stock options or restricted stock units equal to a fair market value on grant date of $ 0.2 million , not to exceed 20000 shares . these grants vest over three years from the date of grant , subject to the director 2019s continued service . in addition , annually each nonemployee director may receive up to 40000 stock options or 16000 restricted stock units of the company 2019s common stock , or a combination thereof , provided that in no event may the total value of the combined annual award exceed $ 0.2 million . these grants generally vest over one year from the date of grant . under the nonemployee directors program , an aggregate of 2.8 million shares of the company 2019s common stock has been authorized for issuance . the company has an employee stock purchase plan for united states employees and a plan for international employees ( collectively 2018 2018espp 2019 2019 ) . under the espp , eligible employees may purchase shares of the company 2019s common stock at 85% ( 85 % ) of the lower of the fair market value of edwards lifesciences common stock on the effective date of subscription or the date of purchase . under the espp , employees can authorize the company to withhold up to 12% ( 12 % ) of their compensation for common stock purchases , subject to certain limitations . the espp is available to all active employees of the company paid from the united states payroll and to eligible employees of the company outside the united states , to the extent permitted by local law . the espp for united states employees is qualified under section 423 of the internal revenue code . the number of shares of common stock authorized for issuance under the espp was 13.8 million shares . the fair value of each option award and employee stock purchase subscription is estimated on the date of grant using the black-scholes option valuation model that uses the assumptions noted in the following tables . the risk-free interest rate is estimated using the u.s . treasury yield curve and is based on the expected term of the award . expected volatility is estimated based on a blend of the weighted-average of the historical volatility of edwards lifesciences 2019 stock and the implied volatility from traded options on edwards lifesciences 2019 stock . the expected term of awards granted is estimated from the vesting period of the award , as well as historical exercise behavior , and represents the period of time that awards granted are expected to be outstanding . the company uses historical data to estimate forfeitures and has estimated an annual forfeiture rate of 6.0% ( 6.0 % ) . the black-scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods : option awards .

.

| | | 2016 | 2015 | 2014 | |---:|:--------------------------------|:---------------|:---------------|:---------------| | 0 | average risk-free interest rate | 1.1% ( 1.1 % ) | 1.4% ( 1.4 % ) | 1.5% ( 1.5 % ) | | 1 | expected dividend yield | none | none | none | | 2 | expected volatility | 33% ( 33 % ) | 30% ( 30 % ) | 31% ( 31 % ) | | 3 | expected life ( years ) | 4.5 | 4.6 | 4.6 | | 4 | fair value per share | $ 31.00 | $ 18.13 | $ 11.75 |

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 13 . common stock ( continued ) the company also maintains the nonemployee directors stock incentive compensation program ( the 2018 2018nonemployee directors program 2019 2019 ) . under the nonemployee directors program , upon a director 2019s initial election to the board , the director receives an initial grant of stock options or restricted stock units equal to a fair market value on grant date of $ 0.2 million , not to exceed 20000 shares . these grants vest over three years from the date of grant , subject to the director 2019s continued service . in addition , annually each nonemployee director may receive up to 40000 stock options or 16000 restricted stock units of the company 2019s common stock , or a combination thereof , provided that in no event may the total value of the combined annual award exceed $ 0.2 million . these grants generally vest over one year from the date of grant . under the nonemployee directors program , an aggregate of 2.8 million shares of the company 2019s common stock has been authorized for issuance . the company has an employee stock purchase plan for united states employees and a plan for international employees ( collectively 2018 2018espp 2019 2019 ) . under the espp , eligible employees may purchase shares of the company 2019s common stock at 85% ( 85 % ) of the lower of the fair market value of edwards lifesciences common stock on the effective date of subscription or the date of purchase . under the espp , employees can authorize the company to withhold up to 12% ( 12 % ) of their compensation for common stock purchases , subject to certain limitations . the espp is available to all active employees of the company paid from the united states payroll and to eligible employees of the company outside the united states , to the extent permitted by local law . the espp for united states employees is qualified under section 423 of the internal revenue code . the number of shares of common stock authorized for issuance under the espp was 13.8 million shares . the fair value of each option award and employee stock purchase subscription is estimated on the date of grant using the black-scholes option valuation model that uses the assumptions noted in the following tables . the risk-free interest rate is estimated using the u.s . treasury yield curve and is based on the expected term of the award . expected volatility is estimated based on a blend of the weighted-average of the historical volatility of edwards lifesciences 2019 stock and the implied volatility from traded options on edwards lifesciences 2019 stock . the expected term of awards granted is estimated from the vesting period of the award , as well as historical exercise behavior , and represents the period of time that awards granted are expected to be outstanding . the company uses historical data to estimate forfeitures and has estimated an annual forfeiture rate of 6.0% ( 6.0 % ) . the black-scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods : option awards ._| | | 2016 | 2015 | 2014 | |---:|:--------------------------------|:---------------|:---------------|:---------------| | 0 | average risk-free interest rate | 1.1% ( 1.1 % ) | 1.4% ( 1.4 % ) | 1.5% ( 1.5 % ) | | 1 | expected dividend yield | none | none | none | | 2 | expected volatility | 33% ( 33 % ) | 30% ( 30 % ) | 31% ( 31 % ) | | 3 | expected life ( years ) | 4.5 | 4.6 | 4.6 | | 4 | fair value per share | $ 31.00 | $ 18.13 | $ 11.75 |_.

2,016

94

EW

Edwards Lifesciences

Health Care

Health Care Equipment

Irvine, California

2011-04-01

1,099,800

1958

what is the percentage difference in the fair value per share between 2015 and 2016?

71%

divide(subtract(31, 18.13), 18.13)

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 13 . common stock ( continued ) the company also maintains the nonemployee directors stock incentive compensation program ( the 2018 2018nonemployee directors program 2019 2019 ) . under the nonemployee directors program , upon a director 2019s initial election to the board , the director receives an initial grant of stock options or restricted stock units equal to a fair market value on grant date of $ 0.2 million , not to exceed 20000 shares . these grants vest over three years from the date of grant , subject to the director 2019s continued service . in addition , annually each nonemployee director may receive up to 40000 stock options or 16000 restricted stock units of the company 2019s common stock , or a combination thereof , provided that in no event may the total value of the combined annual award exceed $ 0.2 million . these grants generally vest over one year from the date of grant . under the nonemployee directors program , an aggregate of 2.8 million shares of the company 2019s common stock has been authorized for issuance . the company has an employee stock purchase plan for united states employees and a plan for international employees ( collectively 2018 2018espp 2019 2019 ) . under the espp , eligible employees may purchase shares of the company 2019s common stock at 85% ( 85 % ) of the lower of the fair market value of edwards lifesciences common stock on the effective date of subscription or the date of purchase . under the espp , employees can authorize the company to withhold up to 12% ( 12 % ) of their compensation for common stock purchases , subject to certain limitations . the espp is available to all active employees of the company paid from the united states payroll and to eligible employees of the company outside the united states , to the extent permitted by local law . the espp for united states employees is qualified under section 423 of the internal revenue code . the number of shares of common stock authorized for issuance under the espp was 13.8 million shares . the fair value of each option award and employee stock purchase subscription is estimated on the date of grant using the black-scholes option valuation model that uses the assumptions noted in the following tables . the risk-free interest rate is estimated using the u.s . treasury yield curve and is based on the expected term of the award . expected volatility is estimated based on a blend of the weighted-average of the historical volatility of edwards lifesciences 2019 stock and the implied volatility from traded options on edwards lifesciences 2019 stock . the expected term of awards granted is estimated from the vesting period of the award , as well as historical exercise behavior , and represents the period of time that awards granted are expected to be outstanding . the company uses historical data to estimate forfeitures and has estimated an annual forfeiture rate of 6.0% ( 6.0 % ) . the black-scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods : option awards .

.

| | | 2016 | 2015 | 2014 | |---:|:--------------------------------|:---------------|:---------------|:---------------| | 0 | average risk-free interest rate | 1.1% ( 1.1 % ) | 1.4% ( 1.4 % ) | 1.5% ( 1.5 % ) | | 1 | expected dividend yield | none | none | none | | 2 | expected volatility | 33% ( 33 % ) | 30% ( 30 % ) | 31% ( 31 % ) | | 3 | expected life ( years ) | 4.5 | 4.6 | 4.6 | | 4 | fair value per share | $ 31.00 | $ 18.13 | $ 11.75 |

edwards lifesciences corporation notes to consolidated financial statements ( continued ) 13 . common stock ( continued ) the company also maintains the nonemployee directors stock incentive compensation program ( the 2018 2018nonemployee directors program 2019 2019 ) . under the nonemployee directors program , upon a director 2019s initial election to the board , the director receives an initial grant of stock options or restricted stock units equal to a fair market value on grant date of $ 0.2 million , not to exceed 20000 shares . these grants vest over three years from the date of grant , subject to the director 2019s continued service . in addition , annually each nonemployee director may receive up to 40000 stock options or 16000 restricted stock units of the company 2019s common stock , or a combination thereof , provided that in no event may the total value of the combined annual award exceed $ 0.2 million . these grants generally vest over one year from the date of grant . under the nonemployee directors program , an aggregate of 2.8 million shares of the company 2019s common stock has been authorized for issuance . the company has an employee stock purchase plan for united states employees and a plan for international employees ( collectively 2018 2018espp 2019 2019 ) . under the espp , eligible employees may purchase shares of the company 2019s common stock at 85% ( 85 % ) of the lower of the fair market value of edwards lifesciences common stock on the effective date of subscription or the date of purchase . under the espp , employees can authorize the company to withhold up to 12% ( 12 % ) of their compensation for common stock purchases , subject to certain limitations . the espp is available to all active employees of the company paid from the united states payroll and to eligible employees of the company outside the united states , to the extent permitted by local law . the espp for united states employees is qualified under section 423 of the internal revenue code . the number of shares of common stock authorized for issuance under the espp was 13.8 million shares . the fair value of each option award and employee stock purchase subscription is estimated on the date of grant using the black-scholes option valuation model that uses the assumptions noted in the following tables . the risk-free interest rate is estimated using the u.s . treasury yield curve and is based on the expected term of the award . expected volatility is estimated based on a blend of the weighted-average of the historical volatility of edwards lifesciences 2019 stock and the implied volatility from traded options on edwards lifesciences 2019 stock . the expected term of awards granted is estimated from the vesting period of the award , as well as historical exercise behavior , and represents the period of time that awards granted are expected to be outstanding . the company uses historical data to estimate forfeitures and has estimated an annual forfeiture rate of 6.0% ( 6.0 % ) . the black-scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods : option awards ._| | | 2016 | 2015 | 2014 | |---:|:--------------------------------|:---------------|:---------------|:---------------| | 0 | average risk-free interest rate | 1.1% ( 1.1 % ) | 1.4% ( 1.4 % ) | 1.5% ( 1.5 % ) | | 1 | expected dividend yield | none | none | none | | 2 | expected volatility | 33% ( 33 % ) | 30% ( 30 % ) | 31% ( 31 % ) | | 3 | expected life ( years ) | 4.5 | 4.6 | 4.6 | | 4 | fair value per share | $ 31.00 | $ 18.13 | $ 11.75 |_.

2,016

94

EW

Edwards Lifesciences

Health Care

Health Care Equipment

Irvine, California

2011-04-01

1,099,800

1958

null

finqa393

at december 31 , 2010 what was the percent of the net allowance to the the carrying amount of the company 2019s purchased distressed loan portfolio

19.6%

divide(77, 392)

included in the corporate and consumer loan tables above are purchased distressed loans , which are loans that have evidenced significant credit deterioration subsequent to origination but prior to acquisition by citigroup . in accordance with sop 03-3 , the difference between the total expected cash flows for these loans and the initial recorded investments is recognized in income over the life of the loans using a level yield . accordingly , these loans have been excluded from the impaired loan information presented above . in addition , per sop 03-3 , subsequent decreases to the expected cash flows for a purchased distressed loan require a build of an allowance so the loan retains its level yield . however , increases in the expected cash flows are first recognized as a reduction of any previously established allowance and then recognized as income prospectively over the remaining life of the loan by increasing the loan 2019s level yield . where the expected cash flows cannot be reliably estimated , the purchased distressed loan is accounted for under the cost recovery method . the carrying amount of the company 2019s purchased distressed loan portfolio at december 31 , 2010 was $ 392 million , net of an allowance of $ 77 million as of december 31 , 2010 . the changes in the accretable yield , related allowance and carrying amount net of accretable yield for 2010 are as follows : in millions of dollars accretable carrying amount of loan receivable allowance .

( 1 ) the balance reported in the column 201ccarrying amount of loan receivable 201d consists of $ 130 million of purchased loans accounted for under the level-yield method and $ 0 under the cost-recovery method . these balances represent the fair value of these loans at their acquisition date . the related total expected cash flows for the level-yield loans were $ 131 million at their acquisition dates . ( 2 ) the balance reported in the column 201ccarrying amount of loan receivable 201d consists of $ 315 million of loans accounted for under the level-yield method and $ 154 million accounted for under the cost-recovery method. .

| | in millions of dollars | accretable yield | carrying amount of loan receivable | allowance | |---:|:---------------------------------------|:-------------------|:-------------------------------------|:------------| | 0 | beginning balance | $ 27 | $ 920 | $ 95 | | 1 | purchases ( 1 ) | 1 | 130 | 2014 | | 2 | disposals/payments received | -11 ( 11 ) | -594 ( 594 ) | 2014 | | 3 | accretion | -44 ( 44 ) | 44 | 2014 | | 4 | builds ( reductions ) to the allowance | 128 | 2014 | -18 ( 18 ) | | 5 | increase to expected cash flows | -2 ( 2 ) | 19 | 2014 | | 6 | fx/other | 17 | -50 ( 50 ) | 2014 | | 7 | balance at december 31 2010 ( 2 ) | $ 116 | $ 469 | $ 77 |

included in the corporate and consumer loan tables above are purchased distressed loans , which are loans that have evidenced significant credit deterioration subsequent to origination but prior to acquisition by citigroup . in accordance with sop 03-3 , the difference between the total expected cash flows for these loans and the initial recorded investments is recognized in income over the life of the loans using a level yield . accordingly , these loans have been excluded from the impaired loan information presented above . in addition , per sop 03-3 , subsequent decreases to the expected cash flows for a purchased distressed loan require a build of an allowance so the loan retains its level yield . however , increases in the expected cash flows are first recognized as a reduction of any previously established allowance and then recognized as income prospectively over the remaining life of the loan by increasing the loan 2019s level yield . where the expected cash flows cannot be reliably estimated , the purchased distressed loan is accounted for under the cost recovery method . the carrying amount of the company 2019s purchased distressed loan portfolio at december 31 , 2010 was $ 392 million , net of an allowance of $ 77 million as of december 31 , 2010 . the changes in the accretable yield , related allowance and carrying amount net of accretable yield for 2010 are as follows : in millions of dollars accretable carrying amount of loan receivable allowance ._| | in millions of dollars | accretable yield | carrying amount of loan receivable | allowance | |---:|:---------------------------------------|:-------------------|:-------------------------------------|:------------| | 0 | beginning balance | $ 27 | $ 920 | $ 95 | | 1 | purchases ( 1 ) | 1 | 130 | 2014 | | 2 | disposals/payments received | -11 ( 11 ) | -594 ( 594 ) | 2014 | | 3 | accretion | -44 ( 44 ) | 44 | 2014 | | 4 | builds ( reductions ) to the allowance | 128 | 2014 | -18 ( 18 ) | | 5 | increase to expected cash flows | -2 ( 2 ) | 19 | 2014 | | 6 | fx/other | 17 | -50 ( 50 ) | 2014 | | 7 | balance at december 31 2010 ( 2 ) | $ 116 | $ 469 | $ 77 |_( 1 ) the balance reported in the column 201ccarrying amount of loan receivable 201d consists of $ 130 million of purchased loans accounted for under the level-yield method and $ 0 under the cost-recovery method . these balances represent the fair value of these loans at their acquisition date . the related total expected cash flows for the level-yield loans were $ 131 million at their acquisition dates . ( 2 ) the balance reported in the column 201ccarrying amount of loan receivable 201d consists of $ 315 million of loans accounted for under the level-yield method and $ 154 million accounted for under the cost-recovery method. .

2,010

223

C

Citigroup

Financials

Diversified Banks

New York City, New York

1988-05-31

831,001

1998

at december 31 , 2010 what was the percent of the net allowance to the the carrying amount of the company 2019s purchased distressed loan portfolio

19.6%

divide(77, 392)

included in the corporate and consumer loan tables above are purchased distressed loans , which are loans that have evidenced significant credit deterioration subsequent to origination but prior to acquisition by citigroup . in accordance with sop 03-3 , the difference between the total expected cash flows for these loans and the initial recorded investments is recognized in income over the life of the loans using a level yield . accordingly , these loans have been excluded from the impaired loan information presented above . in addition , per sop 03-3 , subsequent decreases to the expected cash flows for a purchased distressed loan require a build of an allowance so the loan retains its level yield . however , increases in the expected cash flows are first recognized as a reduction of any previously established allowance and then recognized as income prospectively over the remaining life of the loan by increasing the loan 2019s level yield . where the expected cash flows cannot be reliably estimated , the purchased distressed loan is accounted for under the cost recovery method . the carrying amount of the company 2019s purchased distressed loan portfolio at december 31 , 2010 was $ 392 million , net of an allowance of $ 77 million as of december 31 , 2010 . the changes in the accretable yield , related allowance and carrying amount net of accretable yield for 2010 are as follows : in millions of dollars accretable carrying amount of loan receivable allowance .

( 1 ) the balance reported in the column 201ccarrying amount of loan receivable 201d consists of $ 130 million of purchased loans accounted for under the level-yield method and $ 0 under the cost-recovery method . these balances represent the fair value of these loans at their acquisition date . the related total expected cash flows for the level-yield loans were $ 131 million at their acquisition dates . ( 2 ) the balance reported in the column 201ccarrying amount of loan receivable 201d consists of $ 315 million of loans accounted for under the level-yield method and $ 154 million accounted for under the cost-recovery method. .

| | in millions of dollars | accretable yield | carrying amount of loan receivable | allowance | |---:|:---------------------------------------|:-------------------|:-------------------------------------|:------------| | 0 | beginning balance | $ 27 | $ 920 | $ 95 | | 1 | purchases ( 1 ) | 1 | 130 | 2014 | | 2 | disposals/payments received | -11 ( 11 ) | -594 ( 594 ) | 2014 | | 3 | accretion | -44 ( 44 ) | 44 | 2014 | | 4 | builds ( reductions ) to the allowance | 128 | 2014 | -18 ( 18 ) | | 5 | increase to expected cash flows | -2 ( 2 ) | 19 | 2014 | | 6 | fx/other | 17 | -50 ( 50 ) | 2014 | | 7 | balance at december 31 2010 ( 2 ) | $ 116 | $ 469 | $ 77 |

included in the corporate and consumer loan tables above are purchased distressed loans , which are loans that have evidenced significant credit deterioration subsequent to origination but prior to acquisition by citigroup . in accordance with sop 03-3 , the difference between the total expected cash flows for these loans and the initial recorded investments is recognized in income over the life of the loans using a level yield . accordingly , these loans have been excluded from the impaired loan information presented above . in addition , per sop 03-3 , subsequent decreases to the expected cash flows for a purchased distressed loan require a build of an allowance so the loan retains its level yield . however , increases in the expected cash flows are first recognized as a reduction of any previously established allowance and then recognized as income prospectively over the remaining life of the loan by increasing the loan 2019s level yield . where the expected cash flows cannot be reliably estimated , the purchased distressed loan is accounted for under the cost recovery method . the carrying amount of the company 2019s purchased distressed loan portfolio at december 31 , 2010 was $ 392 million , net of an allowance of $ 77 million as of december 31 , 2010 . the changes in the accretable yield , related allowance and carrying amount net of accretable yield for 2010 are as follows : in millions of dollars accretable carrying amount of loan receivable allowance ._| | in millions of dollars | accretable yield | carrying amount of loan receivable | allowance | |---:|:---------------------------------------|:-------------------|:-------------------------------------|:------------| | 0 | beginning balance | $ 27 | $ 920 | $ 95 | | 1 | purchases ( 1 ) | 1 | 130 | 2014 | | 2 | disposals/payments received | -11 ( 11 ) | -594 ( 594 ) | 2014 | | 3 | accretion | -44 ( 44 ) | 44 | 2014 | | 4 | builds ( reductions ) to the allowance | 128 | 2014 | -18 ( 18 ) | | 5 | increase to expected cash flows | -2 ( 2 ) | 19 | 2014 | | 6 | fx/other | 17 | -50 ( 50 ) | 2014 | | 7 | balance at december 31 2010 ( 2 ) | $ 116 | $ 469 | $ 77 |_( 1 ) the balance reported in the column 201ccarrying amount of loan receivable 201d consists of $ 130 million of purchased loans accounted for under the level-yield method and $ 0 under the cost-recovery method . these balances represent the fair value of these loans at their acquisition date . the related total expected cash flows for the level-yield loans were $ 131 million at their acquisition dates . ( 2 ) the balance reported in the column 201ccarrying amount of loan receivable 201d consists of $ 315 million of loans accounted for under the level-yield method and $ 154 million accounted for under the cost-recovery method. .

2,010

223

C

Citigroup

Financials

Diversified Banks

New York City, New York

1988-05-31

831,001

1998

null

finqa394

what was the average payment per year for the state tax settlement , in millions?

56

divide(168, const_3)

abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 14 . income taxes ( continued ) on april 1 , 2007 , the company adopted financial interpretation fin no . 48 , accounting for uncertainty in income taxes 2014an interpretation of fasb statement no . 109 ( 201cfin no . 48 201d ) , which clarifies the accounting for uncertainty in income taxes recognized in an enterprise 2019s financial statements in accordance with fasb statement no . 109 , accounting for income taxes . fin no . 48 prescribes a recognition threshold and measurement process for recording in the financial statements uncertain tax positions taken or expected to be taken in a tax return . fin no . 48 also provides guidance on derecognition , classification , interest and penalties , accounting in interim periods , disclosure , and transition and defines the criteria that must be met for the benefits of a tax position to be recognized . as a result of its adoption of fin no . 48 , the company recorded the cumulative effect of the change in accounting principle of $ 0.3 million as a decrease to opening retained earnings and an increase to other long-term liabilities as of april 1 , 2007 . this adjustment related to state nexus for failure to file tax returns in various states for the years ended march 31 , 2003 , 2004 , and 2005 . the company initiated a voluntary disclosure plan , which it completed in fiscal year 2009 . the company elected to recognize interest and/or penalties related to income tax matters in income tax expense in its consolidated statements of operations . as of march 31 , 2009 , the company had remitted all outstanding amounts owed to each of the states in connection with the outstanding taxes owed at march 31 , 2008 . as such , the company had no fin no . 48 liability at march 31 , 2009 . on a quarterly basis , the company accrues for the effects of uncertain tax positions and the related potential penalties and interest . it is reasonably possible that the amount of the unrecognized tax benefit with respect to certain of the unrecognized tax positions will increase or decrease during the next 12 months ; however , it is not expected that the change will have a significant effect on the company 2019s results of operations or financial position . a reconciliation of the beginning and ending balance of unrecognized tax benefits , excluding accrued interest recorded at march 31 , 2009 ( in thousands ) is as follows: .

the company and its subsidiaries are subject to u.s . federal income tax , as well as income tax of multiple state and foreign jurisdictions . the company has accumulated significant losses since its inception in 1981 . all tax years remain subject to examination by major tax jurisdictions , including the federal government and the commonwealth of massachusetts . however , since the company has net operating loss and tax credit carry forwards which may be utilized in future years to offset taxable income , those years may also be subject to review by relevant taxing authorities if the carry forwards are utilized . note 15 . commitments and contingencies the company 2019s acquisition of impella provided that abiomed was required to make contingent payments to impella 2019s former shareholders as follows : 2022 upon fda approval of the impella 2.5 device , a payment of $ 5583333 2022 upon fda approval of the impella 5.0 device , a payment of $ 5583333 , and 2022 upon the sale of 1000 units of impella 2019s products worldwide , a payment of $ 5583334 . the two milestones related to sales and fda approval of the impella 2.5 device were achieved and paid prior to march 31 , 2009 . in april 2009 , the company received fda 510 ( k ) clearance of its impella 5.0 product , triggering an obligation to pay the milestone related to the impella 5.0 device . in may 2009 , the company paid $ 1.8 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of common stock. .

| | balance at march 31 2008 | $ 168 | |---:|:----------------------------------------------------------------------------------|:-------------| | 0 | reductions for tax positions for closing of the applicable statute of limitations | -168 ( 168 ) | | 1 | balance at march 31 2009 | $ 2014 |

abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 14 . income taxes ( continued ) on april 1 , 2007 , the company adopted financial interpretation fin no . 48 , accounting for uncertainty in income taxes 2014an interpretation of fasb statement no . 109 ( 201cfin no . 48 201d ) , which clarifies the accounting for uncertainty in income taxes recognized in an enterprise 2019s financial statements in accordance with fasb statement no . 109 , accounting for income taxes . fin no . 48 prescribes a recognition threshold and measurement process for recording in the financial statements uncertain tax positions taken or expected to be taken in a tax return . fin no . 48 also provides guidance on derecognition , classification , interest and penalties , accounting in interim periods , disclosure , and transition and defines the criteria that must be met for the benefits of a tax position to be recognized . as a result of its adoption of fin no . 48 , the company recorded the cumulative effect of the change in accounting principle of $ 0.3 million as a decrease to opening retained earnings and an increase to other long-term liabilities as of april 1 , 2007 . this adjustment related to state nexus for failure to file tax returns in various states for the years ended march 31 , 2003 , 2004 , and 2005 . the company initiated a voluntary disclosure plan , which it completed in fiscal year 2009 . the company elected to recognize interest and/or penalties related to income tax matters in income tax expense in its consolidated statements of operations . as of march 31 , 2009 , the company had remitted all outstanding amounts owed to each of the states in connection with the outstanding taxes owed at march 31 , 2008 . as such , the company had no fin no . 48 liability at march 31 , 2009 . on a quarterly basis , the company accrues for the effects of uncertain tax positions and the related potential penalties and interest . it is reasonably possible that the amount of the unrecognized tax benefit with respect to certain of the unrecognized tax positions will increase or decrease during the next 12 months ; however , it is not expected that the change will have a significant effect on the company 2019s results of operations or financial position . a reconciliation of the beginning and ending balance of unrecognized tax benefits , excluding accrued interest recorded at march 31 , 2009 ( in thousands ) is as follows: ._| | balance at march 31 2008 | $ 168 | |---:|:----------------------------------------------------------------------------------|:-------------| | 0 | reductions for tax positions for closing of the applicable statute of limitations | -168 ( 168 ) | | 1 | balance at march 31 2009 | $ 2014 |_the company and its subsidiaries are subject to u.s . federal income tax , as well as income tax of multiple state and foreign jurisdictions . the company has accumulated significant losses since its inception in 1981 . all tax years remain subject to examination by major tax jurisdictions , including the federal government and the commonwealth of massachusetts . however , since the company has net operating loss and tax credit carry forwards which may be utilized in future years to offset taxable income , those years may also be subject to review by relevant taxing authorities if the carry forwards are utilized . note 15 . commitments and contingencies the company 2019s acquisition of impella provided that abiomed was required to make contingent payments to impella 2019s former shareholders as follows : 2022 upon fda approval of the impella 2.5 device , a payment of $ 5583333 2022 upon fda approval of the impella 5.0 device , a payment of $ 5583333 , and 2022 upon the sale of 1000 units of impella 2019s products worldwide , a payment of $ 5583334 . the two milestones related to sales and fda approval of the impella 2.5 device were achieved and paid prior to march 31 , 2009 . in april 2009 , the company received fda 510 ( k ) clearance of its impella 5.0 product , triggering an obligation to pay the milestone related to the impella 5.0 device . in may 2009 , the company paid $ 1.8 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of common stock. .

2,009

88

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

what was the average payment per year for the state tax settlement , in millions?

56

divide(168, const_3)

abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 14 . income taxes ( continued ) on april 1 , 2007 , the company adopted financial interpretation fin no . 48 , accounting for uncertainty in income taxes 2014an interpretation of fasb statement no . 109 ( 201cfin no . 48 201d ) , which clarifies the accounting for uncertainty in income taxes recognized in an enterprise 2019s financial statements in accordance with fasb statement no . 109 , accounting for income taxes . fin no . 48 prescribes a recognition threshold and measurement process for recording in the financial statements uncertain tax positions taken or expected to be taken in a tax return . fin no . 48 also provides guidance on derecognition , classification , interest and penalties , accounting in interim periods , disclosure , and transition and defines the criteria that must be met for the benefits of a tax position to be recognized . as a result of its adoption of fin no . 48 , the company recorded the cumulative effect of the change in accounting principle of $ 0.3 million as a decrease to opening retained earnings and an increase to other long-term liabilities as of april 1 , 2007 . this adjustment related to state nexus for failure to file tax returns in various states for the years ended march 31 , 2003 , 2004 , and 2005 . the company initiated a voluntary disclosure plan , which it completed in fiscal year 2009 . the company elected to recognize interest and/or penalties related to income tax matters in income tax expense in its consolidated statements of operations . as of march 31 , 2009 , the company had remitted all outstanding amounts owed to each of the states in connection with the outstanding taxes owed at march 31 , 2008 . as such , the company had no fin no . 48 liability at march 31 , 2009 . on a quarterly basis , the company accrues for the effects of uncertain tax positions and the related potential penalties and interest . it is reasonably possible that the amount of the unrecognized tax benefit with respect to certain of the unrecognized tax positions will increase or decrease during the next 12 months ; however , it is not expected that the change will have a significant effect on the company 2019s results of operations or financial position . a reconciliation of the beginning and ending balance of unrecognized tax benefits , excluding accrued interest recorded at march 31 , 2009 ( in thousands ) is as follows: .

the company and its subsidiaries are subject to u.s . federal income tax , as well as income tax of multiple state and foreign jurisdictions . the company has accumulated significant losses since its inception in 1981 . all tax years remain subject to examination by major tax jurisdictions , including the federal government and the commonwealth of massachusetts . however , since the company has net operating loss and tax credit carry forwards which may be utilized in future years to offset taxable income , those years may also be subject to review by relevant taxing authorities if the carry forwards are utilized . note 15 . commitments and contingencies the company 2019s acquisition of impella provided that abiomed was required to make contingent payments to impella 2019s former shareholders as follows : 2022 upon fda approval of the impella 2.5 device , a payment of $ 5583333 2022 upon fda approval of the impella 5.0 device , a payment of $ 5583333 , and 2022 upon the sale of 1000 units of impella 2019s products worldwide , a payment of $ 5583334 . the two milestones related to sales and fda approval of the impella 2.5 device were achieved and paid prior to march 31 , 2009 . in april 2009 , the company received fda 510 ( k ) clearance of its impella 5.0 product , triggering an obligation to pay the milestone related to the impella 5.0 device . in may 2009 , the company paid $ 1.8 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of common stock. .

| | balance at march 31 2008 | $ 168 | |---:|:----------------------------------------------------------------------------------|:-------------| | 0 | reductions for tax positions for closing of the applicable statute of limitations | -168 ( 168 ) | | 1 | balance at march 31 2009 | $ 2014 |

abiomed , inc . and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 14 . income taxes ( continued ) on april 1 , 2007 , the company adopted financial interpretation fin no . 48 , accounting for uncertainty in income taxes 2014an interpretation of fasb statement no . 109 ( 201cfin no . 48 201d ) , which clarifies the accounting for uncertainty in income taxes recognized in an enterprise 2019s financial statements in accordance with fasb statement no . 109 , accounting for income taxes . fin no . 48 prescribes a recognition threshold and measurement process for recording in the financial statements uncertain tax positions taken or expected to be taken in a tax return . fin no . 48 also provides guidance on derecognition , classification , interest and penalties , accounting in interim periods , disclosure , and transition and defines the criteria that must be met for the benefits of a tax position to be recognized . as a result of its adoption of fin no . 48 , the company recorded the cumulative effect of the change in accounting principle of $ 0.3 million as a decrease to opening retained earnings and an increase to other long-term liabilities as of april 1 , 2007 . this adjustment related to state nexus for failure to file tax returns in various states for the years ended march 31 , 2003 , 2004 , and 2005 . the company initiated a voluntary disclosure plan , which it completed in fiscal year 2009 . the company elected to recognize interest and/or penalties related to income tax matters in income tax expense in its consolidated statements of operations . as of march 31 , 2009 , the company had remitted all outstanding amounts owed to each of the states in connection with the outstanding taxes owed at march 31 , 2008 . as such , the company had no fin no . 48 liability at march 31 , 2009 . on a quarterly basis , the company accrues for the effects of uncertain tax positions and the related potential penalties and interest . it is reasonably possible that the amount of the unrecognized tax benefit with respect to certain of the unrecognized tax positions will increase or decrease during the next 12 months ; however , it is not expected that the change will have a significant effect on the company 2019s results of operations or financial position . a reconciliation of the beginning and ending balance of unrecognized tax benefits , excluding accrued interest recorded at march 31 , 2009 ( in thousands ) is as follows: ._| | balance at march 31 2008 | $ 168 | |---:|:----------------------------------------------------------------------------------|:-------------| | 0 | reductions for tax positions for closing of the applicable statute of limitations | -168 ( 168 ) | | 1 | balance at march 31 2009 | $ 2014 |_the company and its subsidiaries are subject to u.s . federal income tax , as well as income tax of multiple state and foreign jurisdictions . the company has accumulated significant losses since its inception in 1981 . all tax years remain subject to examination by major tax jurisdictions , including the federal government and the commonwealth of massachusetts . however , since the company has net operating loss and tax credit carry forwards which may be utilized in future years to offset taxable income , those years may also be subject to review by relevant taxing authorities if the carry forwards are utilized . note 15 . commitments and contingencies the company 2019s acquisition of impella provided that abiomed was required to make contingent payments to impella 2019s former shareholders as follows : 2022 upon fda approval of the impella 2.5 device , a payment of $ 5583333 2022 upon fda approval of the impella 5.0 device , a payment of $ 5583333 , and 2022 upon the sale of 1000 units of impella 2019s products worldwide , a payment of $ 5583334 . the two milestones related to sales and fda approval of the impella 2.5 device were achieved and paid prior to march 31 , 2009 . in april 2009 , the company received fda 510 ( k ) clearance of its impella 5.0 product , triggering an obligation to pay the milestone related to the impella 5.0 device . in may 2009 , the company paid $ 1.8 million of this final milestone in cash and elected to pay the remaining amount through the issuance of approximately 664612 shares of common stock. .

2,009

88

ABMD

Abiomed, Inc.

Healthcare

Medical Devices

Danvers, MA

2018-01-01

815,094

1981

null

finqa395

what percentage was andes sbu of total revenue in 2017?

26%

divide(2710, 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 andes sbu of total revenue in 2017?

26%

divide(2710, 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

finqa396

what is the combined number of equity compensation plans approved by security holders

4536446

add(448859, 4087587)

equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31 , 2017 . equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( a ) ( b ) ( c ) equity compensation plans approved by security holders 448859 $ 0.00 4087587 equity compensation plans not approved by security holders ( 2 ) 2014 2014 2014 .

( 1 ) includes grants made under the huntington ingalls industries , inc . 2012 long-term incentive stock plan ( the "2012 plan" ) , which was approved by our stockholders on may 2 , 2012 , and the huntington ingalls industries , inc . 2011 long-term incentive stock plan ( the "2011 plan" ) , which was approved by the sole stockholder of hii prior to its spin-off from northrop grumman corporation . of these shares , 27123 were stock rights granted under the 2011 plan . in addition , this number includes 28763 stock rights , 3075 restricted stock rights , and 389898 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement . ( 2 ) there are no awards made under plans not approved by security holders . item 13 . certain relationships and related transactions , and director independence information as to certain relationships and related transactions and director independence will be incorporated herein by reference to the proxy statement for our 2018 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year . item 14 . principal accountant fees and services information as to principal accountant fees and services will be incorporated herein by reference to the proxy statement for our 2018 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year. .

| | plan category | number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-average exercise price of outstanding optionswarrants and rights | number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c ) | |---:|:-----------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------:| | 0 | equity compensation plans approved by security holders | 448859 | $ 0.00 | 4087587 | | 1 | equity compensation plans not approved by security holders ( 2 ) | 2014 | 2014 | 2014 | | 2 | total | 448859 | $ 0.00 | 4087587 |

equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31 , 2017 . equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( a ) ( b ) ( c ) equity compensation plans approved by security holders 448859 $ 0.00 4087587 equity compensation plans not approved by security holders ( 2 ) 2014 2014 2014 ._| | plan category | number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-average exercise price of outstanding optionswarrants and rights | number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c ) | |---:|:-----------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------:| | 0 | equity compensation plans approved by security holders | 448859 | $ 0.00 | 4087587 | | 1 | equity compensation plans not approved by security holders ( 2 ) | 2014 | 2014 | 2014 | | 2 | total | 448859 | $ 0.00 | 4087587 |_( 1 ) includes grants made under the huntington ingalls industries , inc . 2012 long-term incentive stock plan ( the "2012 plan" ) , which was approved by our stockholders on may 2 , 2012 , and the huntington ingalls industries , inc . 2011 long-term incentive stock plan ( the "2011 plan" ) , which was approved by the sole stockholder of hii prior to its spin-off from northrop grumman corporation . of these shares , 27123 were stock rights granted under the 2011 plan . in addition , this number includes 28763 stock rights , 3075 restricted stock rights , and 389898 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement . ( 2 ) there are no awards made under plans not approved by security holders . item 13 . certain relationships and related transactions , and director independence information as to certain relationships and related transactions and director independence will be incorporated herein by reference to the proxy statement for our 2018 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year . item 14 . principal accountant fees and services information as to principal accountant fees and services will be incorporated herein by reference to the proxy statement for our 2018 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year. .

2,017

124

HII

Huntington Ingalls Industries

Industrials

Aerospace & Defense

Newport News, Virginia

2018-01-03

1,501,585

2011

what is the combined number of equity compensation plans approved by security holders

4536446

add(448859, 4087587)

equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31 , 2017 . equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( a ) ( b ) ( c ) equity compensation plans approved by security holders 448859 $ 0.00 4087587 equity compensation plans not approved by security holders ( 2 ) 2014 2014 2014 .

( 1 ) includes grants made under the huntington ingalls industries , inc . 2012 long-term incentive stock plan ( the "2012 plan" ) , which was approved by our stockholders on may 2 , 2012 , and the huntington ingalls industries , inc . 2011 long-term incentive stock plan ( the "2011 plan" ) , which was approved by the sole stockholder of hii prior to its spin-off from northrop grumman corporation . of these shares , 27123 were stock rights granted under the 2011 plan . in addition , this number includes 28763 stock rights , 3075 restricted stock rights , and 389898 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement . ( 2 ) there are no awards made under plans not approved by security holders . item 13 . certain relationships and related transactions , and director independence information as to certain relationships and related transactions and director independence will be incorporated herein by reference to the proxy statement for our 2018 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year . item 14 . principal accountant fees and services information as to principal accountant fees and services will be incorporated herein by reference to the proxy statement for our 2018 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year. .

| | plan category | number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-average exercise price of outstanding optionswarrants and rights | number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c ) | |---:|:-----------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------:| | 0 | equity compensation plans approved by security holders | 448859 | $ 0.00 | 4087587 | | 1 | equity compensation plans not approved by security holders ( 2 ) | 2014 | 2014 | 2014 | | 2 | total | 448859 | $ 0.00 | 4087587 |

equity compensation plan information the following table presents the equity securities available for issuance under our equity compensation plans as of december 31 , 2017 . equity compensation plan information plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( a ) ( b ) ( c ) equity compensation plans approved by security holders 448859 $ 0.00 4087587 equity compensation plans not approved by security holders ( 2 ) 2014 2014 2014 ._| | plan category | number of securities to be issued upon exercise of outstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-average exercise price of outstanding optionswarrants and rights | number of securities remaining available for future issuance under equity compensation plans ( excluding securitiesreflected in column ( a ) ) ( c ) | |---:|:-----------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------:|:----------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------:| | 0 | equity compensation plans approved by security holders | 448859 | $ 0.00 | 4087587 | | 1 | equity compensation plans not approved by security holders ( 2 ) | 2014 | 2014 | 2014 | | 2 | total | 448859 | $ 0.00 | 4087587 |_( 1 ) includes grants made under the huntington ingalls industries , inc . 2012 long-term incentive stock plan ( the "2012 plan" ) , which was approved by our stockholders on may 2 , 2012 , and the huntington ingalls industries , inc . 2011 long-term incentive stock plan ( the "2011 plan" ) , which was approved by the sole stockholder of hii prior to its spin-off from northrop grumman corporation . of these shares , 27123 were stock rights granted under the 2011 plan . in addition , this number includes 28763 stock rights , 3075 restricted stock rights , and 389898 restricted performance stock rights granted under the 2012 plan , assuming target performance achievement . ( 2 ) there are no awards made under plans not approved by security holders . item 13 . certain relationships and related transactions , and director independence information as to certain relationships and related transactions and director independence will be incorporated herein by reference to the proxy statement for our 2018 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year . item 14 . principal accountant fees and services information as to principal accountant fees and services will be incorporated herein by reference to the proxy statement for our 2018 annual meeting of stockholders , to be filed within 120 days after the end of the company 2019s fiscal year. .

2,017

124

HII

Huntington Ingalls Industries

Industrials

Aerospace & Defense

Newport News, Virginia

2018-01-03

1,501,585

2011

null

finqa397

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

1495.9

divide(add(385373, 1110566), const_1000)

entergy corporation and subsidiaries notes to financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , some of which are secured by collateral first mortgage bonds . ( b ) these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . ( c ) pursuant to the nuclear waste policy act of 1982 , entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service . the contracts include a one-time fee for generation prior to april 7 , 1983 . entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term ( d ) see note 10 to the financial statements for further discussion of the waterford 3 and grand gulf lease obligations . ( e ) the fair value excludes lease obligations of $ 149 million at entergy louisiana and $ 97 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 95 million at entergy , and includes debt due within one year . fair values are classified as level 2 in the fair value hierarchy discussed in note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades . the annual long-term debt maturities ( excluding lease obligations and long-term doe obligations ) for debt outstanding as of december 31 , 2013 , for the next five years are as follows : amount ( in thousands ) .

in november 2000 , entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . 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 in 2001 resulted in entergy becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . in july 2003 a payment of $ 102 million was made prior to maturity on the note payable to nypa . under a provision in a letter of credit supporting these notes , if certain of the utility operating companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit . entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2015 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2015 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2014 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : 2022 maintain system energy 2019s equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short- term debt ) ; .

| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2014 | $ 385373 | | 1 | 2015 | $ 1110566 | | 2 | 2016 | $ 270852 | | 3 | 2017 | $ 766801 | | 4 | 2018 | $ 1324616 |

entergy corporation and subsidiaries notes to financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , some of which are secured by collateral first mortgage bonds . ( b ) these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . ( c ) pursuant to the nuclear waste policy act of 1982 , entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service . the contracts include a one-time fee for generation prior to april 7 , 1983 . entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term ( d ) see note 10 to the financial statements for further discussion of the waterford 3 and grand gulf lease obligations . ( e ) the fair value excludes lease obligations of $ 149 million at entergy louisiana and $ 97 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 95 million at entergy , and includes debt due within one year . fair values are classified as level 2 in the fair value hierarchy discussed in note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades . the annual long-term debt maturities ( excluding lease obligations and long-term doe obligations ) for debt outstanding as of december 31 , 2013 , for the next five years are as follows : amount ( in thousands ) ._| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2014 | $ 385373 | | 1 | 2015 | $ 1110566 | | 2 | 2016 | $ 270852 | | 3 | 2017 | $ 766801 | | 4 | 2018 | $ 1324616 |_in november 2000 , entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . 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 in 2001 resulted in entergy becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . in july 2003 a payment of $ 102 million was made prior to maturity on the note payable to nypa . under a provision in a letter of credit supporting these notes , if certain of the utility operating companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit . entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2015 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2015 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2014 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : 2022 maintain system energy 2019s equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short- term debt ) ; .

2,013

118

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

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

1495.9

divide(add(385373, 1110566), const_1000)

entergy corporation and subsidiaries notes to financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , some of which are secured by collateral first mortgage bonds . ( b ) these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . ( c ) pursuant to the nuclear waste policy act of 1982 , entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service . the contracts include a one-time fee for generation prior to april 7 , 1983 . entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term ( d ) see note 10 to the financial statements for further discussion of the waterford 3 and grand gulf lease obligations . ( e ) the fair value excludes lease obligations of $ 149 million at entergy louisiana and $ 97 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 95 million at entergy , and includes debt due within one year . fair values are classified as level 2 in the fair value hierarchy discussed in note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades . the annual long-term debt maturities ( excluding lease obligations and long-term doe obligations ) for debt outstanding as of december 31 , 2013 , for the next five years are as follows : amount ( in thousands ) .

in november 2000 , entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . 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 in 2001 resulted in entergy becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . in july 2003 a payment of $ 102 million was made prior to maturity on the note payable to nypa . under a provision in a letter of credit supporting these notes , if certain of the utility operating companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit . entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2015 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2015 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2014 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : 2022 maintain system energy 2019s equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short- term debt ) ; .

| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2014 | $ 385373 | | 1 | 2015 | $ 1110566 | | 2 | 2016 | $ 270852 | | 3 | 2017 | $ 766801 | | 4 | 2018 | $ 1324616 |

entergy corporation and subsidiaries notes to financial statements ( a ) consists of pollution control revenue bonds and environmental revenue bonds , some of which are secured by collateral first mortgage bonds . ( b ) these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) . ( c ) pursuant to the nuclear waste policy act of 1982 , entergy 2019s nuclear owner/licensee subsidiaries have contracts with the doe for spent nuclear fuel disposal service . the contracts include a one-time fee for generation prior to april 7 , 1983 . entergy arkansas is the only entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee , plus accrued interest , in long-term ( d ) see note 10 to the financial statements for further discussion of the waterford 3 and grand gulf lease obligations . ( e ) the fair value excludes lease obligations of $ 149 million at entergy louisiana and $ 97 million at system energy , long-term doe obligations of $ 181 million at entergy arkansas , and the note payable to nypa of $ 95 million at entergy , and includes debt due within one year . fair values are classified as level 2 in the fair value hierarchy discussed in note 16 to the financial statements and are based on prices derived from inputs such as benchmark yields and reported trades . the annual long-term debt maturities ( excluding lease obligations and long-term doe obligations ) for debt outstanding as of december 31 , 2013 , for the next five years are as follows : amount ( in thousands ) ._| | | amount ( in thousands ) | |---:|-----:|:--------------------------| | 0 | 2014 | $ 385373 | | 1 | 2015 | $ 1110566 | | 2 | 2016 | $ 270852 | | 3 | 2017 | $ 766801 | | 4 | 2018 | $ 1324616 |_in november 2000 , entergy 2019s non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction . entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing . 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 in 2001 resulted in entergy becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 . this liability was recorded upon the purchase of indian point 2 in september 2001 . in july 2003 a payment of $ 102 million was made prior to maturity on the note payable to nypa . under a provision in a letter of credit supporting these notes , if certain of the utility operating companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit . entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy texas , and system energy have obtained long-term financing authorizations from the ferc that extend through october 2015 . entergy arkansas has obtained long-term financing authorization from the apsc that extends through december 2015 . entergy new orleans has obtained long-term financing authorization from the city council that extends through july 2014 . capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : 2022 maintain system energy 2019s equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short- term debt ) ; .

2,013

118

ETR

Entergy

Utilities

Electric Utilities

New Orleans, Louisiana

1957-03-04

65,984

1913

null

finqa398

what portion of the purchasing price is dedicated to goodwill?

18.5%

divide(5800, 31300)

hologic , inc . notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) the acquisition also provided for a one-year earn out of eur 1700 ( approximately $ 2000 usd ) which was payable in cash if aeg calendar year 2006 earnings , as defined , exceeded a pre-determined amount . aeg 2019s 2006 earnings did not exceed such pre-determined amounts and no payment was made . the components and allocation of the purchase price , consists of the following approximate amounts: .

the company implemented a plan to restructure certain of aeg 2019s historical activities . the company originally recorded a liability of approximately $ 2100 in accordance with eitf issue no . 95-3 , recognition of liabilities in connection with a purchase business combination , related to the termination of certain employees under this plan . upon completion of the plan in fiscal 2007 the company reduced this liability by approximately $ 241 with a corresponding reduction in goodwill . all amounts have been paid as of september 29 , 2007 . as part of the aeg acquisition the company acquired a minority interest in the equity securities of a private german company . the company estimated the fair value of these securities to be approximately $ 1400 in its original purchase price allocation . during the year ended september 29 , 2007 , the company sold these securities for proceeds of approximately $ 2150 . the difference of approximately $ 750 between the preliminary fair value estimate and proceeds upon sale was recorded as a reduction of goodwill . the final purchase price allocations were completed within one year of the acquisition and the adjustments did not have a material impact on the company 2019s financial position or results of operations . there have been no other material changes to the purchase price allocation . as part of the purchase price allocation , all intangible assets that were a part of the acquisition were identified and valued . it was determined that only customer relationship , trade name , developed technology and know how and in-process research and development had separately identifiable values . the fair value of these intangible assets was determined through the application of the income approach . customer relationship represents aeg 2019s high dependency on a small number of large accounts . aeg markets its products through distributors as well as directly to its own customers . trade name represents aeg 2019s product names that the company intends to continue to use . developed technology and know how represents currently marketable purchased products that the company continues to sell as well as utilize to enhance and incorporate into the company 2019s existing products . the intangible assets are expected to be amortized on a straight-line basis over the expected useful lives as the anticipated undiscounted cash flows are relatively consistent over the expected useful lives of the intangible assets . the estimated $ 600 of purchase price allocated to in-process research and development projects related to aeg 2019s organic photoconductor coating and selenium product lines . the deferred income tax liability relates to the tax effect of acquired identifiable intangible assets , and fair value adjustments to acquired inventory , land , building and related improvements as such amounts are not deductible for tax purposes . the company had an existing relationship with aeg as a supplier of inventory items . the supply agreement was entered into in prior years at arm 2019s length terms and conditions . no minimum purchase requirements existed and the pricing was consistent with other vendor agreements. .

| | net tangible assets acquired as of may 2 2006 | $ 24800 | |---:|:------------------------------------------------|:---------------| | 0 | in-process research and development | 600 | | 1 | developed technology and know-how | 1900 | | 2 | customer relationship | 800 | | 3 | trade name | 400 | | 4 | deferred income taxes | -3000 ( 3000 ) | | 5 | goodwill | 5800 | | 6 | final purchase price | $ 31300 |

hologic , inc . notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) the acquisition also provided for a one-year earn out of eur 1700 ( approximately $ 2000 usd ) which was payable in cash if aeg calendar year 2006 earnings , as defined , exceeded a pre-determined amount . aeg 2019s 2006 earnings did not exceed such pre-determined amounts and no payment was made . the components and allocation of the purchase price , consists of the following approximate amounts: ._| | net tangible assets acquired as of may 2 2006 | $ 24800 | |---:|:------------------------------------------------|:---------------| | 0 | in-process research and development | 600 | | 1 | developed technology and know-how | 1900 | | 2 | customer relationship | 800 | | 3 | trade name | 400 | | 4 | deferred income taxes | -3000 ( 3000 ) | | 5 | goodwill | 5800 | | 6 | final purchase price | $ 31300 |_the company implemented a plan to restructure certain of aeg 2019s historical activities . the company originally recorded a liability of approximately $ 2100 in accordance with eitf issue no . 95-3 , recognition of liabilities in connection with a purchase business combination , related to the termination of certain employees under this plan . upon completion of the plan in fiscal 2007 the company reduced this liability by approximately $ 241 with a corresponding reduction in goodwill . all amounts have been paid as of september 29 , 2007 . as part of the aeg acquisition the company acquired a minority interest in the equity securities of a private german company . the company estimated the fair value of these securities to be approximately $ 1400 in its original purchase price allocation . during the year ended september 29 , 2007 , the company sold these securities for proceeds of approximately $ 2150 . the difference of approximately $ 750 between the preliminary fair value estimate and proceeds upon sale was recorded as a reduction of goodwill . the final purchase price allocations were completed within one year of the acquisition and the adjustments did not have a material impact on the company 2019s financial position or results of operations . there have been no other material changes to the purchase price allocation . as part of the purchase price allocation , all intangible assets that were a part of the acquisition were identified and valued . it was determined that only customer relationship , trade name , developed technology and know how and in-process research and development had separately identifiable values . the fair value of these intangible assets was determined through the application of the income approach . customer relationship represents aeg 2019s high dependency on a small number of large accounts . aeg markets its products through distributors as well as directly to its own customers . trade name represents aeg 2019s product names that the company intends to continue to use . developed technology and know how represents currently marketable purchased products that the company continues to sell as well as utilize to enhance and incorporate into the company 2019s existing products . the intangible assets are expected to be amortized on a straight-line basis over the expected useful lives as the anticipated undiscounted cash flows are relatively consistent over the expected useful lives of the intangible assets . the estimated $ 600 of purchase price allocated to in-process research and development projects related to aeg 2019s organic photoconductor coating and selenium product lines . the deferred income tax liability relates to the tax effect of acquired identifiable intangible assets , and fair value adjustments to acquired inventory , land , building and related improvements as such amounts are not deductible for tax purposes . the company had an existing relationship with aeg as a supplier of inventory items . the supply agreement was entered into in prior years at arm 2019s length terms and conditions . no minimum purchase requirements existed and the pricing was consistent with other vendor agreements. .

2,008

142

HOLX

Hologic

Health Care

Health Care Equipment

Marlborough, Massachusetts

2016-03-30

859,737

1985

what portion of the purchasing price is dedicated to goodwill?

18.5%

divide(5800, 31300)

hologic , inc . notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) the acquisition also provided for a one-year earn out of eur 1700 ( approximately $ 2000 usd ) which was payable in cash if aeg calendar year 2006 earnings , as defined , exceeded a pre-determined amount . aeg 2019s 2006 earnings did not exceed such pre-determined amounts and no payment was made . the components and allocation of the purchase price , consists of the following approximate amounts: .

the company implemented a plan to restructure certain of aeg 2019s historical activities . the company originally recorded a liability of approximately $ 2100 in accordance with eitf issue no . 95-3 , recognition of liabilities in connection with a purchase business combination , related to the termination of certain employees under this plan . upon completion of the plan in fiscal 2007 the company reduced this liability by approximately $ 241 with a corresponding reduction in goodwill . all amounts have been paid as of september 29 , 2007 . as part of the aeg acquisition the company acquired a minority interest in the equity securities of a private german company . the company estimated the fair value of these securities to be approximately $ 1400 in its original purchase price allocation . during the year ended september 29 , 2007 , the company sold these securities for proceeds of approximately $ 2150 . the difference of approximately $ 750 between the preliminary fair value estimate and proceeds upon sale was recorded as a reduction of goodwill . the final purchase price allocations were completed within one year of the acquisition and the adjustments did not have a material impact on the company 2019s financial position or results of operations . there have been no other material changes to the purchase price allocation . as part of the purchase price allocation , all intangible assets that were a part of the acquisition were identified and valued . it was determined that only customer relationship , trade name , developed technology and know how and in-process research and development had separately identifiable values . the fair value of these intangible assets was determined through the application of the income approach . customer relationship represents aeg 2019s high dependency on a small number of large accounts . aeg markets its products through distributors as well as directly to its own customers . trade name represents aeg 2019s product names that the company intends to continue to use . developed technology and know how represents currently marketable purchased products that the company continues to sell as well as utilize to enhance and incorporate into the company 2019s existing products . the intangible assets are expected to be amortized on a straight-line basis over the expected useful lives as the anticipated undiscounted cash flows are relatively consistent over the expected useful lives of the intangible assets . the estimated $ 600 of purchase price allocated to in-process research and development projects related to aeg 2019s organic photoconductor coating and selenium product lines . the deferred income tax liability relates to the tax effect of acquired identifiable intangible assets , and fair value adjustments to acquired inventory , land , building and related improvements as such amounts are not deductible for tax purposes . the company had an existing relationship with aeg as a supplier of inventory items . the supply agreement was entered into in prior years at arm 2019s length terms and conditions . no minimum purchase requirements existed and the pricing was consistent with other vendor agreements. .

| | net tangible assets acquired as of may 2 2006 | $ 24800 | |---:|:------------------------------------------------|:---------------| | 0 | in-process research and development | 600 | | 1 | developed technology and know-how | 1900 | | 2 | customer relationship | 800 | | 3 | trade name | 400 | | 4 | deferred income taxes | -3000 ( 3000 ) | | 5 | goodwill | 5800 | | 6 | final purchase price | $ 31300 |

hologic , inc . notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) the acquisition also provided for a one-year earn out of eur 1700 ( approximately $ 2000 usd ) which was payable in cash if aeg calendar year 2006 earnings , as defined , exceeded a pre-determined amount . aeg 2019s 2006 earnings did not exceed such pre-determined amounts and no payment was made . the components and allocation of the purchase price , consists of the following approximate amounts: ._| | net tangible assets acquired as of may 2 2006 | $ 24800 | |---:|:------------------------------------------------|:---------------| | 0 | in-process research and development | 600 | | 1 | developed technology and know-how | 1900 | | 2 | customer relationship | 800 | | 3 | trade name | 400 | | 4 | deferred income taxes | -3000 ( 3000 ) | | 5 | goodwill | 5800 | | 6 | final purchase price | $ 31300 |_the company implemented a plan to restructure certain of aeg 2019s historical activities . the company originally recorded a liability of approximately $ 2100 in accordance with eitf issue no . 95-3 , recognition of liabilities in connection with a purchase business combination , related to the termination of certain employees under this plan . upon completion of the plan in fiscal 2007 the company reduced this liability by approximately $ 241 with a corresponding reduction in goodwill . all amounts have been paid as of september 29 , 2007 . as part of the aeg acquisition the company acquired a minority interest in the equity securities of a private german company . the company estimated the fair value of these securities to be approximately $ 1400 in its original purchase price allocation . during the year ended september 29 , 2007 , the company sold these securities for proceeds of approximately $ 2150 . the difference of approximately $ 750 between the preliminary fair value estimate and proceeds upon sale was recorded as a reduction of goodwill . the final purchase price allocations were completed within one year of the acquisition and the adjustments did not have a material impact on the company 2019s financial position or results of operations . there have been no other material changes to the purchase price allocation . as part of the purchase price allocation , all intangible assets that were a part of the acquisition were identified and valued . it was determined that only customer relationship , trade name , developed technology and know how and in-process research and development had separately identifiable values . the fair value of these intangible assets was determined through the application of the income approach . customer relationship represents aeg 2019s high dependency on a small number of large accounts . aeg markets its products through distributors as well as directly to its own customers . trade name represents aeg 2019s product names that the company intends to continue to use . developed technology and know how represents currently marketable purchased products that the company continues to sell as well as utilize to enhance and incorporate into the company 2019s existing products . the intangible assets are expected to be amortized on a straight-line basis over the expected useful lives as the anticipated undiscounted cash flows are relatively consistent over the expected useful lives of the intangible assets . the estimated $ 600 of purchase price allocated to in-process research and development projects related to aeg 2019s organic photoconductor coating and selenium product lines . the deferred income tax liability relates to the tax effect of acquired identifiable intangible assets , and fair value adjustments to acquired inventory , land , building and related improvements as such amounts are not deductible for tax purposes . the company had an existing relationship with aeg as a supplier of inventory items . the supply agreement was entered into in prior years at arm 2019s length terms and conditions . no minimum purchase requirements existed and the pricing was consistent with other vendor agreements. .

2,008

142

HOLX

Hologic

Health Care

Health Care Equipment

Marlborough, Massachusetts

2016-03-30

859,737

1985

null

finqa399

what is the total percentage decrease in future contingent acquisition obligations payable in cash from 2009-2013?

1.56%

multiply(divide(subtract(76.7, 75.6), 76.7), const_100)

notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) guarantees we have certain contingent obligations under guarantees of certain of our subsidiaries ( 201cparent company guarantees 201d ) relating principally to credit facilities , guarantees of certain media payables and operating leases . the amount of such parent company guarantees was $ 255.7 and $ 327.1 as of december 31 , 2008 and 2007 , respectively . in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee , we would be obligated to pay the amounts covered by that guarantee . as of december 31 , 2008 , there are no material assets pledged as security for such parent company guarantees . contingent acquisition obligations we have structured certain acquisitions with additional contingent purchase price obligations in order to reduce the potential risk associated with negative future performance of the acquired entity . in addition , we have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries . the amounts relating to these transactions are based on estimates of the future financial performance of the acquired entity , the timing of the exercise of these rights , changes in foreign currency exchange rates and other factors . we have not recorded a liability for these items since the definitive amounts payable are not determinable or distributable . when the contingent acquisition obligations have been met and consideration is determinable and distributable , we record the fair value of this consideration as an additional cost of the acquired entity . however , certain acquisitions contain deferred payments that are fixed and determinable on the acquisition date . in such cases , we record a liability for the payment and record this consideration as an additional cost of the acquired entity on the acquisition date . if deferred payments and purchases of additional interests after the effective date of purchase are contingent upon the future employment of the former owners then we recognize these payments as compensation expense . compensation expense is determined based on the terms and conditions of the respective acquisition agreements and employment terms of the former owners of the acquired businesses . this future expense will not be allocated to the assets and liabilities acquired and is amortized over the required employment terms of the former owners . the following table details the estimated liability with respect to our contingent acquisition obligations and the estimated amount that would be paid in the event of exercise at the earliest exercise date . we have certain put options that are exercisable at the discretion of the minority owners as of december 31 , 2008 . as such , these estimated acquisition payments of $ 5.5 have been included within the total payments expected to be made in 2009 in the table below and , if not made in 2009 , will continue to carry forward into 2010 or beyond until they are exercised or expire . all payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revisions as the earn-out periods progress . as of december 31 , 2008 , our estimated future contingent acquisition obligations payable in cash are as follows: .

1 we have entered into certain acquisitions that contain both put and call options with similar terms and conditions . in such instances , we have included the related estimated contingent acquisition obligation in the period when the earliest related option is exercisable . as a result of revisions made during 2008 to eitf topic no . d-98 , classification and measurement of redeemable securities ( 201ceitf d-98 201d ) .

| | | 2009 | 2010 | 2011 | 2012 | 2013 | thereafter | total | |---:|:----------------------------------------------|:-------|:-------|:--------|:-------|:-------|:-------------|:--------| | 0 | deferred acquisition payments | $ 67.5 | $ 32.1 | $ 30.1 | $ 4.5 | $ 5.7 | $ 2014 | $ 139.9 | | 1 | put and call options with affiliates1 | 11.8 | 34.3 | 73.6 | 70.8 | 70.2 | 2.2 | 262.9 | | 2 | total contingent acquisition payments | 79.3 | 66.4 | 103.7 | 75.3 | 75.9 | 2.2 | 402.8 | | 3 | less cash compensation expense included above | 2.6 | 1.3 | 0.7 | 0.7 | 0.3 | 2014 | 5.6 | | 4 | total | $ 76.7 | $ 65.1 | $ 103.0 | $ 74.6 | $ 75.6 | $ 2.2 | $ 397.2 |

notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) guarantees we have certain contingent obligations under guarantees of certain of our subsidiaries ( 201cparent company guarantees 201d ) relating principally to credit facilities , guarantees of certain media payables and operating leases . the amount of such parent company guarantees was $ 255.7 and $ 327.1 as of december 31 , 2008 and 2007 , respectively . in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee , we would be obligated to pay the amounts covered by that guarantee . as of december 31 , 2008 , there are no material assets pledged as security for such parent company guarantees . contingent acquisition obligations we have structured certain acquisitions with additional contingent purchase price obligations in order to reduce the potential risk associated with negative future performance of the acquired entity . in addition , we have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries . the amounts relating to these transactions are based on estimates of the future financial performance of the acquired entity , the timing of the exercise of these rights , changes in foreign currency exchange rates and other factors . we have not recorded a liability for these items since the definitive amounts payable are not determinable or distributable . when the contingent acquisition obligations have been met and consideration is determinable and distributable , we record the fair value of this consideration as an additional cost of the acquired entity . however , certain acquisitions contain deferred payments that are fixed and determinable on the acquisition date . in such cases , we record a liability for the payment and record this consideration as an additional cost of the acquired entity on the acquisition date . if deferred payments and purchases of additional interests after the effective date of purchase are contingent upon the future employment of the former owners then we recognize these payments as compensation expense . compensation expense is determined based on the terms and conditions of the respective acquisition agreements and employment terms of the former owners of the acquired businesses . this future expense will not be allocated to the assets and liabilities acquired and is amortized over the required employment terms of the former owners . the following table details the estimated liability with respect to our contingent acquisition obligations and the estimated amount that would be paid in the event of exercise at the earliest exercise date . we have certain put options that are exercisable at the discretion of the minority owners as of december 31 , 2008 . as such , these estimated acquisition payments of $ 5.5 have been included within the total payments expected to be made in 2009 in the table below and , if not made in 2009 , will continue to carry forward into 2010 or beyond until they are exercised or expire . all payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revisions as the earn-out periods progress . as of december 31 , 2008 , our estimated future contingent acquisition obligations payable in cash are as follows: ._| | | 2009 | 2010 | 2011 | 2012 | 2013 | thereafter | total | |---:|:----------------------------------------------|:-------|:-------|:--------|:-------|:-------|:-------------|:--------| | 0 | deferred acquisition payments | $ 67.5 | $ 32.1 | $ 30.1 | $ 4.5 | $ 5.7 | $ 2014 | $ 139.9 | | 1 | put and call options with affiliates1 | 11.8 | 34.3 | 73.6 | 70.8 | 70.2 | 2.2 | 262.9 | | 2 | total contingent acquisition payments | 79.3 | 66.4 | 103.7 | 75.3 | 75.9 | 2.2 | 402.8 | | 3 | less cash compensation expense included above | 2.6 | 1.3 | 0.7 | 0.7 | 0.3 | 2014 | 5.6 | | 4 | total | $ 76.7 | $ 65.1 | $ 103.0 | $ 74.6 | $ 75.6 | $ 2.2 | $ 397.2 |_1 we have entered into certain acquisitions that contain both put and call options with similar terms and conditions . in such instances , we have included the related estimated contingent acquisition obligation in the period when the earliest related option is exercisable . as a result of revisions made during 2008 to eitf topic no . d-98 , classification and measurement of redeemable securities ( 201ceitf d-98 201d ) .

2,008

93

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

what is the total percentage decrease in future contingent acquisition obligations payable in cash from 2009-2013?

1.56%

multiply(divide(subtract(76.7, 75.6), 76.7), const_100)

notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) guarantees we have certain contingent obligations under guarantees of certain of our subsidiaries ( 201cparent company guarantees 201d ) relating principally to credit facilities , guarantees of certain media payables and operating leases . the amount of such parent company guarantees was $ 255.7 and $ 327.1 as of december 31 , 2008 and 2007 , respectively . in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee , we would be obligated to pay the amounts covered by that guarantee . as of december 31 , 2008 , there are no material assets pledged as security for such parent company guarantees . contingent acquisition obligations we have structured certain acquisitions with additional contingent purchase price obligations in order to reduce the potential risk associated with negative future performance of the acquired entity . in addition , we have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries . the amounts relating to these transactions are based on estimates of the future financial performance of the acquired entity , the timing of the exercise of these rights , changes in foreign currency exchange rates and other factors . we have not recorded a liability for these items since the definitive amounts payable are not determinable or distributable . when the contingent acquisition obligations have been met and consideration is determinable and distributable , we record the fair value of this consideration as an additional cost of the acquired entity . however , certain acquisitions contain deferred payments that are fixed and determinable on the acquisition date . in such cases , we record a liability for the payment and record this consideration as an additional cost of the acquired entity on the acquisition date . if deferred payments and purchases of additional interests after the effective date of purchase are contingent upon the future employment of the former owners then we recognize these payments as compensation expense . compensation expense is determined based on the terms and conditions of the respective acquisition agreements and employment terms of the former owners of the acquired businesses . this future expense will not be allocated to the assets and liabilities acquired and is amortized over the required employment terms of the former owners . the following table details the estimated liability with respect to our contingent acquisition obligations and the estimated amount that would be paid in the event of exercise at the earliest exercise date . we have certain put options that are exercisable at the discretion of the minority owners as of december 31 , 2008 . as such , these estimated acquisition payments of $ 5.5 have been included within the total payments expected to be made in 2009 in the table below and , if not made in 2009 , will continue to carry forward into 2010 or beyond until they are exercised or expire . all payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revisions as the earn-out periods progress . as of december 31 , 2008 , our estimated future contingent acquisition obligations payable in cash are as follows: .

1 we have entered into certain acquisitions that contain both put and call options with similar terms and conditions . in such instances , we have included the related estimated contingent acquisition obligation in the period when the earliest related option is exercisable . as a result of revisions made during 2008 to eitf topic no . d-98 , classification and measurement of redeemable securities ( 201ceitf d-98 201d ) .

| | | 2009 | 2010 | 2011 | 2012 | 2013 | thereafter | total | |---:|:----------------------------------------------|:-------|:-------|:--------|:-------|:-------|:-------------|:--------| | 0 | deferred acquisition payments | $ 67.5 | $ 32.1 | $ 30.1 | $ 4.5 | $ 5.7 | $ 2014 | $ 139.9 | | 1 | put and call options with affiliates1 | 11.8 | 34.3 | 73.6 | 70.8 | 70.2 | 2.2 | 262.9 | | 2 | total contingent acquisition payments | 79.3 | 66.4 | 103.7 | 75.3 | 75.9 | 2.2 | 402.8 | | 3 | less cash compensation expense included above | 2.6 | 1.3 | 0.7 | 0.7 | 0.3 | 2014 | 5.6 | | 4 | total | $ 76.7 | $ 65.1 | $ 103.0 | $ 74.6 | $ 75.6 | $ 2.2 | $ 397.2 |

notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) guarantees we have certain contingent obligations under guarantees of certain of our subsidiaries ( 201cparent company guarantees 201d ) relating principally to credit facilities , guarantees of certain media payables and operating leases . the amount of such parent company guarantees was $ 255.7 and $ 327.1 as of december 31 , 2008 and 2007 , respectively . in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee , we would be obligated to pay the amounts covered by that guarantee . as of december 31 , 2008 , there are no material assets pledged as security for such parent company guarantees . contingent acquisition obligations we have structured certain acquisitions with additional contingent purchase price obligations in order to reduce the potential risk associated with negative future performance of the acquired entity . in addition , we have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries . the amounts relating to these transactions are based on estimates of the future financial performance of the acquired entity , the timing of the exercise of these rights , changes in foreign currency exchange rates and other factors . we have not recorded a liability for these items since the definitive amounts payable are not determinable or distributable . when the contingent acquisition obligations have been met and consideration is determinable and distributable , we record the fair value of this consideration as an additional cost of the acquired entity . however , certain acquisitions contain deferred payments that are fixed and determinable on the acquisition date . in such cases , we record a liability for the payment and record this consideration as an additional cost of the acquired entity on the acquisition date . if deferred payments and purchases of additional interests after the effective date of purchase are contingent upon the future employment of the former owners then we recognize these payments as compensation expense . compensation expense is determined based on the terms and conditions of the respective acquisition agreements and employment terms of the former owners of the acquired businesses . this future expense will not be allocated to the assets and liabilities acquired and is amortized over the required employment terms of the former owners . the following table details the estimated liability with respect to our contingent acquisition obligations and the estimated amount that would be paid in the event of exercise at the earliest exercise date . we have certain put options that are exercisable at the discretion of the minority owners as of december 31 , 2008 . as such , these estimated acquisition payments of $ 5.5 have been included within the total payments expected to be made in 2009 in the table below and , if not made in 2009 , will continue to carry forward into 2010 or beyond until they are exercised or expire . all payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revisions as the earn-out periods progress . as of december 31 , 2008 , our estimated future contingent acquisition obligations payable in cash are as follows: ._| | | 2009 | 2010 | 2011 | 2012 | 2013 | thereafter | total | |---:|:----------------------------------------------|:-------|:-------|:--------|:-------|:-------|:-------------|:--------| | 0 | deferred acquisition payments | $ 67.5 | $ 32.1 | $ 30.1 | $ 4.5 | $ 5.7 | $ 2014 | $ 139.9 | | 1 | put and call options with affiliates1 | 11.8 | 34.3 | 73.6 | 70.8 | 70.2 | 2.2 | 262.9 | | 2 | total contingent acquisition payments | 79.3 | 66.4 | 103.7 | 75.3 | 75.9 | 2.2 | 402.8 | | 3 | less cash compensation expense included above | 2.6 | 1.3 | 0.7 | 0.7 | 0.3 | 2014 | 5.6 | | 4 | total | $ 76.7 | $ 65.1 | $ 103.0 | $ 74.6 | $ 75.6 | $ 2.2 | $ 397.2 |_1 we have entered into certain acquisitions that contain both put and call options with similar terms and conditions . in such instances , we have included the related estimated contingent acquisition obligation in the period when the earliest related option is exercisable . as a result of revisions made during 2008 to eitf topic no . d-98 , classification and measurement of redeemable securities ( 201ceitf d-98 201d ) .

2,008

93

IPG

Interpublic Group of Companies (The)

Communication Services

Advertising

New York City, New York

1992-10-01

51,644

1961 (1930)

null